EXHIBIT 8.1



Page 1



MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2005



|                                                                |  |                  |  |                                               |  |                                                    |  |                                             |  |                     |  |                     |  |                             |                   |       |  |                 |   |  |                |   |  |        |   |  |         |  
|--------------------------------------------------------------- |  | ---------------- |  | --------------------------------------------- |  | -------------------------------------------------- |  | ------------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------- | -
|Name                                                            |  | Country          |  | Parent                                        |  | Other Shareholders(1)                              |  | Line of Business                            |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                                                |  |                  |  |                                               |  | % of DirectOwnership                               |  | % ofControl                                 |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   |  | AssetsOwned(2) |  
|Repsol Petróleo, S.A.                                           |  | Spain            |  | Repsol YPF, S.A.                              |  |                                                    |  | Refining                                    |  | F.C.                |  | 99.97               |  | 99.97                       |                   | 217.6 |  | 553.1           |   |  | 873.3          |   |  | (600.1 | ) |  | 1,043.6 |  
|Repsol YPF Lubricantes y Especialidades, S.A.                   |  | Spain            |  | Repsol Petróleo, S.A.                         |  | Repsol Comercial de Productos Petrolíferos, S.A.   |  | Production and marketing of by-products     |  | F.C.                |  | 100                 |  | 100                         |                   | 5.4   |  | 25.6            |   |  | 16.4           |   |  |        |   |  | 47.4    |  
|Estasur, S.A.                                                   |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  | Repsol Comercial de Productos Petrolíferos, S.A.   |  | Distribution and marketing of lubricants    |  | F.C.                |  | 100                 |  | 100                         |                   | 0.1   |  | 0.8             |   |  | 1.4            |   |  |        |   |  | 2.3     |  
|Euroboxes, S.A.                                                 |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  | Repsol Comercial de Productos Petrolíferos, S.A.   |  | Operation of workshops and other activities |  | E.M.                |  | 100                 |  | 100                         |                   | 0.1   |  | 0.03            |   |  | 0.03           |   |  |       |   |  | 0.1     |  
|Repsol YPF Productos y Servicios Petrolíferos, S.A              |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  |                                                    |  | Airport services                            |  | E.M.                |  | 100                 |  | 100                         |                   | 0.1   |  | 0.4             |   |  | 0.1            |   |  |       |   |  | 0.6     |  
|Repsol Eléctrica de Distribución, S.A.                          |  | Spain            |  | Repsol Petróleo, S.A.                         |  | Repsol YPF, S.A.                                   |  | Electric power distribution and supply      |  | E.M.                |  | 100                 |  | 100                         |                   | 0.1   |  | 0.6             |   |  | 0.7            |   |  |       |   |  | 1.3     |  
|Asfaltos Españoles, S.A.                                        |  | Spain            |  | Repsol Petróleo, S.A.                         |  |                                                    |  | Asphalts                                    |  | P.C.                |  | 49.99               |  | 50.00                       |                   | 8.5   |  | 8.2             |   |  | 1.2            |   |  |       |   |  | 8.9     |  
|Red Eléctrica de Distribución, S.L.                             |  | Spain            |  | Repsol Petróleo, S.A.                         |  | Repsol YPF, S.A.                                   |  | Electricity                                 |  | E.M.                |  | 100.00              |  | 100.00                      |                   | 0.1   |  | 0.6             |   |  | 0.7            |   |  |       |   |  | 1.3     |  
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)                 |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                              |  | Trading of oil products                     |  | F.C.                |  | 99.99               |  | 100.00                      |                   | 0.1   |  | 31.1            |   |  | 49.7           |   |  |       |   |  | 80.9    |  
|RYTTSA Singapur                                                 |  | CaymanIslands    |  | Repsol YPF Trading y Transportes, S.A.        |  |                                                    |  | Trading of oil products                     |  | F.C.                |  | 99.99               |  | 100.00                      |                   | 0.1   |  |                |   |  | (0.7           | ) |  |       |   |  | (0.6    | )
|Repsol Overzee Finance, B.V.                                    |  | Netherlands      |  | Repsol YPF, S.A.                              |  |                                                    |  | Portfolio company                           |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 0.0   |  | (14.4           | ) |  | (8.9           | ) |  |       |   |  | (23.2   | )
|Atlantic 2/3 Holdings, Llc.                                     |  | Trinidad &Tobago |  | Repsol Overzee Finance, B.V.                  |  |                                                    |  | Portfolio company                           |  | P.C.                |  | 25.00               |  | 25.00                       |                   | 117.6 |  |                 |   |  |                |   |  |        |   |  | 29.4    |  
|Atlantic LNG 2/3 Company of Trinidad & Tobago                   |  | Trinidad &Tobago |  | Atlantic 2/3 Holdings, Llc.                   |  |                                                    |  | Gas supply and logistics                    |  | P.C.                |  | 25.00               |  | 100.00                      |                   | 117.6 |  | 69.5            |   |  | 70.4           |   |  |       |   |  | 64.4    |  
|Atlantic 4 Holdings, Llc.                                       |  | Trinidad &Tobago |  | Repsol Overzee Finance, B.V.                  |  |                                                    |  | Portfolio company                           |  | E.M.                |  | 22.22               |  | 22.22                       |                   | 203.7 |  |                 |   |  |                |   |  |        |   |  | 45.3    |  
|Atlantic 4 LNG Company of Trinidad & Tobago                     |  | Trinidad &Tobago |  | Atlantic 4 Holdings, Llc.                     |  |                                                    |  | Construction of liquefaction plant          |  | P.C.                |  | 22.22               |  | 100.00                      |                   | 203.7 |  |                |   |  | (4.5           | ) |  |        |   |  | 44.3    |  
|Repsol LNG T & T, Ltd.                                          |  | Trinidad &Tobago |  | Repsol Overzee Finance, B.V.                  |  |                                                    |  | Marketing of natural gas                    |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 4.3   |  | (1.5            | ) |  | (2.7           | ) |  |       |   |  | 0.1     |  
|Repsol LNG, S.L.                                                |  | Spain            |  | Repsol YPF, S.A.                              |  | Atlantic LNG 4 Company of Trinidad & Tobago, Ultd. |  | Marketing of gas                            |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 0.1   |  |                |   |  | (5.4           | ) |  |       |   |  | (5.3    | )
|Gastream México S.A. de C.V.                                    |  | Mexico           |  | Repsol YPF, S.A.                              |  | Repsol LNG, S.L.                                   |  | Other                                       |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 4.6   |  | (1.0            | ) |  | (2.4           | ) |  |       |   |  | 1.2     |  
|Pacific LNG Bolivia S.R.L.                                      |  | Bolivia          |  | Repsol YPF, S.A.                              |  |                                                    |  | Oil and gas exploration and production      |  | E.M.                |  | 37.50               |  | 37.50                       |                   | 1.2   |  | (0.9            | ) |  | (0.3           | ) |  |       |   |  | (0.00   | )
|Repsol Comercializadora de Gas, S.A.                            |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                              |  | Marketing of natural gas                    |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 0.4   |  | (0.3            | ) |  | 0.7            |   |  |       |   |  | 0.8     |  
|Repsol Butano, S.A.                                             |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                              |  | L.P.G. marketing                            |  | F.C.                |  | 100                 |  | 100                         |                   | 58.7  |  | 240.0           |   |  | 81.5           |   |  |       |   |  | 380.2   |  
|Repsol Maroc                                                    |  | Morocco          |  | Repsol Butano, S.A.                           |  |                                                    |  | Marketing of gas                            |  | E.M.                |  | 100                 |  | 100                         |                   | 1.4   |  | (1.7            | ) |  | (0.3           | ) |  |       |   |  | (0.6    | )
|National Gaz                                                    |  | Morocco          |  | Repsol Maroc                                  |  |                                                    |  | L.P.G. marketing                            |  | E.M.                |  | 100.00              |  | 100                         |                   | 0.5   |  | 1.1             |   |  | 0.4            |   |  |       |   |  | 2.0     |  
|Repsol YPF Gas, S.A.                                            |  | Argentina        |  | Repsol Butano, S.A.                           |  |                                                    |  | L.P.G. marketing                            |  | F.C.                |  | 85                  |  | 85                          |                   | 22.5  |  | 5.5             |   |  | 5.5            |   |  |       |   |  | 28.5    |  
|Comsergas, Compañía Servicios Industriales de Gas Licuado, S.A. |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  |                                                    |  | Gas installation work                       |  | F.C.                |  | 52.70               |  | 62.00                       |                   | 0.6   |  | 0.1             |   |  | (0.2           | ) |  |       |   |  | 0.3     |  
|Gas Austral, S.A.                                               |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  |                                                    |  | L.P.G. marketing                            |  | E.M.                |  | 42.50               |  | 50.00                       |                   |      |  | 0.7             |   |  | 0.2            |   |  |       |   |  | 0.4     |  
|Mejorgas, S.A.                                                  |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  | Poligas Luján, S.A.                                |  | Marketing of natural gas                    |  | E.M.                |  | 75.73               |  | 75.73                       |                   |      |  | (0.5            | ) |  | (0.1           | ) |  |       |   |  | (0.5    | )
|Duragas, S.A.                                                   |  | Ecuador          |  | Repsol Butano, S.A.                           |  |                                                    |  | L.P.G. marketing                            |  | F.C.                |  | 100                 |  | 100                         |                   | 6.2   |  | 6.2             |   |  | 3.6            |   |  |       |   |  | 16.0    |  
|Autogas, S.A.                                                   |  | Ecuador          |  | Duragas, S.A.                                 |  |                                                    |  | L.P.G. marketing                            |  | F.C.                |  | 100                 |  | 100                         |                   | 1.1   |  | (0.3            | ) |  |               |   |  |       |   |  | 0.8     |  
|Servicio de Mantenimiento y PersonalSEMAPESA                   |  | Ecuador          |  | Repsol Butano, S.A.                           |  |                                                    |  | Maintenance and personnel services          |  | F.C.                |  | 100                 |  | 100                         |                   |      |  | 0.4             |   |  | (0.2           | ) |  |       |   |  | 0.2     |  
|Repsol Butano Portugal R.B., S.A.                               |  |                  |  | Repsol Butano, S.A.                           |  |                                                    |  | L.P.G. marketing                            |  | F.C.                |  | 100                 |  | 100                         |                   | 0.8   |  | 21.8            |   |  | 7.4            |   |  |       |   |  | 30.0    |  



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|------------------------------------------------ |  | ----------- |  | ------------------------------------------------ |  | ---------------------------------------------------------- |  | -------------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ----- | -
|Name                                             |  | Country     |  | Parent                                           |  | Other Shareholders(1)                                      |  | Line of Business                             |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                                 |  |             |  |                                                  |  | % of DirectOwnership                                       |  | % ofControl                                  |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   |  | AssetsOwned(2) |  
|Spelta Soc. Unipessoal Lda.                      |  | Portugal    |  | Repsol Butano Portugal R.B., S.A.                |  |                                                            |  | L.P.G. marketing                             |  | E.M.                |  | 100                 |  | 100                         |                   | 0.1   |  |                |   |  | 0.4            |   |  |      |   |  | 0.5   |  
|Saaga, S.A.                                      |  | Portugal    |  | Repsol Butano Portugal R.B., S.A.                |  |                                                            |  | L.P.G. marketing                             |  | E.M.                |  | 25.07               |  | 25.07                       |                   | 1.0   |  | 4.3             |   |  | 0.5            |   |  |      |   |  | 1.5   |  
|Repsol Butano Chile, S.A.                        |  | Chile       |  | Repsol Butano, S.A.                              |  | Repsol YPF Gas de Chile, S.A.                              |  | Portfolio company                            |  | F.C.                |  | 100                 |  | 100                         |                   | 121.2 |  | 9.3             |   |  | 13.2           |   |  |      |   |  | 143.7 |  
|Repsol YPF Gas Chile, Ltda.                      |  | Chile       |  | Repsol Butano Chile, S.A.                        |  | OPESSA                                                     |  | Portfolio company                            |  | F.C.                |  | 100                 |  | 100                         |                   | 167.2 |  | (1.4            | ) |  | 13.4           |   |  |      |   |  | 179.2 |  
|Empresas Lipigas, S.A.                           |  | Chile       |  | Repsol YPF Gas Chile, Ltda.                      |  |                                                            |  | L.P.G. marketing                             |  | P.C.                |  | 45.00               |  | 45.00                       |                   | 87.9  |  | (2.6            | ) |  | 36.1           |   |  | (17.4 | ) |  | 46.8  |  
|Repsol YPF Comercial del Perú, S.A.              |  | Peru        |  | Repsol Butano, S.A.                              |  |                                                            |  | L.P.G. marketing                             |  | F.C.                |  | 99.61               |  | 99.61                       |                   | 48.2  |  | (12.4           | ) |  | 4.0            |   |  |      |   |  | 39.6  |  
|Limagás, S.A.                                    |  | Peru        |  | Repsol YPF Comercial Perú, S.A.                  |  |                                                            |  | L.P.G. distribution                          |  | E.M.                |  | 29.85               |  | 29.97                       |                   | 4.0   |  | 5.0             |   |  | 0.2            |   |  |      |   |  | 2.7   |  
|Repsol YPF Comercial de la Amazonia, SAC         |  | Peru        |  | Repsol YPF Comercial Perú, S.A.                  |  | Grupo Repsol YPF del Perú                                  |  | L.P.G. distribution                          |  | F.C.                |  | 99.61               |  | 100                         |                   | 1.0   |  | (0.3            | ) |  | (0.2           | ) |  |      |   |  | 0.5   |  
|Repsol YPF GLP de Bolivia, S.A.                  |  | Bolivia     |  | Repsol Butano, S.A.                              |  | R. YPF E&P de Bolivia, S.A./R. YPF Bolivia, S.A.           |  | L.P.G. marketing                             |  | F.C.                |  | 100.00              |  | 100                         |                   | 2.1   |  | 9.3             |   |  | (1.6           | ) |  |      |   |  | 9.8   |  
|Repsol YPF Gas de Bolivia, S.A.                  |  | Bolivia     |  | Repsol YPF GLP de Bolivia S.A.                   |  | Repsol YPF E&P S.A.                                        |  | L.P.G. marketing                             |  | F.C.                |  | 51.00               |  | 51                          |                   | 1.6   |  | 3.0             |   |  | 0.9            |   |  |      |   |  | 2.8   |  
|Repsol France                                    |  | France      |  | Repsol Butano, S.A.                              |  | Repsol Química, S.A./Repsol YPF, S.A./Repsol Petróleo,S.A. |  | Distribution and marketing of oil products   |  | F.C.                |  | 100                 |  | 100                         |                   | 11.9  |  | (0.3            | ) |  | (0.7           | ) |  |      |   |  | 10.9  |  
|Repsol Gas Brasil, S.A.                          |  | Brazil      |  | Repsol Butano, S.A.                              |  | Repsol YPF Brasil, S.A.                                    |  | L.P.G. marketing                             |  | F.C.                |  | 100                 |  | 100                         |                   | 1.9   |  | (0.8            | ) |  | (1.3           | ) |  |      |   |  | (0.2  | )
|Repsol Portugal Gas de Petróleo Liquefeito, S.A. |  | Portugal    |  | Repsol Butano, S.A.                              |  | R. YPF Lubricantes y Especialidades                        |  | L.P.G. distribution and marketing            |  | F.C.                |  | 100                 |  | 100                         |                   | 0.1   |  | 10.6            |   |  |               |   |  |      |   |  | 10.7  |  
|Solgas Distribuidora de Gas, S.L.                |  | Spain       |  | Repsol Butano, S.A.                              |  | Repsol Comercial de Productos Petrolíferos, S.A.           |  | L.P.G. marketing                             |  | F.C.                |  | 100                 |  | 100                         |                   | 1.1   |  | (0.4            | ) |  |               |   |  |      |   |  | 0.7   |  
|Vía Red Servicios Logísticos, S.A.               |  | Spain       |  | Repsol Butano, S.A.                              |  |                                                            |  | Natural gas supply and logistics             |  | E.M.                |  | 51                  |  | 51                          |                   | 2.5   |  | (1.1            | ) |  | (0.3           | ) |  |      |   |  | 0.6   |  
|Energy Infraestructure Asia, B.V.                |  | Netherlands |  | Repsol Butano, S.A.                              |  |                                                            |  | Portfolio company                            |  | P.C.                |  | 51.00               |  | 51                          |                   | 12.1  |  | 26.9            |   |  | (2.8           | ) |  |      |   |  | 18.5  |  
|Energy Infraestructure India, Ltd.               |  | India       |  | Energy Infraestructure Asia, B.V.                |  |                                                            |  | L.P.G. marketing                             |  | P.C.                |  | 51.00               |  | 100                         |                   | 18.4  |  | (2.4            | ) |  | (2.6           | ) |  |      |   |  | 6.8   |  
|Repsol Comercial de Productos Petrolíferos, S.A. |  | Spain       |  | Repsol Petróleo, S.A.                            |  | Repsol YPF, S.A./PETRONOR                                  |  | Marketing of oil products                    |  | F.C.                |  | 96.64               |  | 97                          |                   | 334.8 |  | 522.2           |   |  | 107.5          |   |  | (31.6 | ) |  | 901.6 |  
|Gasóleos y Lubricantes, GASOLUBE, S.A.           |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A.CAMPSARED              |  | Distribution and marketing of oil products   |  | F.C.                |  | 96.65               |  | 100                         |                   | 0.1   |  | (0.1            | ) |  | 0.1            |   |  |       |   |  | 0.1   |  
|Gasolube Noroeste, S.A.                          |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A.CAMPSARED              |  | Distribution and marketing of oil products   |  | F.C.                |  | 96.65               |  | 100                         |                   | 0.1   |  | 0.2             |   |  | 0.4            |   |  |       |   |  | 0.7   |  
|Gasolube Andalucía, S.L.                         |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A.CAMPSARED              |  | Distribution and marketing of oil products   |  | F.C.                |  | 96.65               |  | 100                         |                   |      |  | (0.1            | ) |  | 0.6            |   |  |       |   |  | 0.5   |  
|Gasolube Castilla y León, S.L.                   |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A.CAMPSARED              |  | Distribution and marketing of oil products   |  | F.C.                |  | 96.65               |  | 100                         |                   |      |  | (0.2            | ) |  | 0.1            |   |  |       |   |  | (0.1  | )
|Campsa Estaciones de Servicio, S.A.CAMPSARED    |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                                      |  | Operation and management of service stations |  | F.C.                |  | 96.64               |  | 100                         |                   | 8.4   |  | 18.0            |   |  | 29.8           |   |  | (20.0 | ) |  | 35.0  |  
|Societat Catalana de Petrolis, S.A. (PETROCAT)   |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                                      |  | Distribution and marketing of oil products   |  | E.M.                |  | 43.71               |  | 45.00                       |                   | 15.2  |  | (5.8            | ) |  | 0.2            |   |  |       |   |  | 4.2   |  
|Air Miles España, S.A.                           |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                            |  | Loyalty building programs                    |  | E.M.                |  | 21.75               |  | 22.50                       |                   | 0.1   |  | 1.0             |   |  | 0.5            |   |  |      |   |  | 0.3   |  
|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                       |                   | 0.1   |  | 0.7             |   |  | 0.7            |   |  |      |   |  | 0.5   |  
|Hinia, S.A.                                      |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF Lubricantes y Especialidades, S.A.              |  | Distribution and marketing of oil products   |  | F.C.                |  | 96.67               |  | 100                         |                   | 0.6   |  | 2.5             |   |  | (0.2           | ) |  |       |   |  | 2.8   |  
|Autoclub Repsol S.L.                             |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                            |  | Automotive services                          |  | F.C.                |  | 48.42               |  | 50.1                        |                   | 3.6   |  | (1.2            | ) |  | 2.1            |   |  |       |   |  | 2.2   |  
|Euro 24, S.L.                                    |  | Spain       |  | Autoclub Repsol S.L.                             |  |                                                            |  | Automotive services                          |  | F.C.                |  | 48.42               |  | 100                         |                   |      |  | 0.2             |   |  | 0.7            |   |  |      |   |  | 0.4   |  
|Autoclub Repsol Servicios S.L.                   |  | Spain       |  | Autoclub Repsol S.L.                             |  |                                                            |  | Automotive services                          |  | F.C.                |  | 48.42               |  | 100                         |                   |      |  | 0.1             |   |  | 0.1            |   |  |      |   |  | 0.1   |  
|Autoclub Repsol Correduría de Seguros S.L.       |  | Spain       |  | Autoclub Repsol S.L.                             |  |                                                            |  | Insurance brokerage                          |  | F.C.                |  | 48.42               |  | 100                         |                   |      |  | 0.3             |   |  | 2.1            |   |  |      |   |  | 1.2   |  
|Noroil, S.A.                                     |  | Spain       |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | PETRONOR                                                   |  | Distribution and marketing of oil products   |  | F.C.                |  | 67.66               |  | 70                          |                   | 1.5   |  | 0.6             |   |  | 0.3            |   |  |       |   |  | 1.6   |  



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|                                              |  |               |  |                                                  |  |                                       |  |                                                    |  |                     |  |                     |  |                             |                   |       |  |                 |   |  |                |   |  |        |   |  |        |  
|--------------------------------------------- |  | ------------- |  | ------------------------------------------------ |  | ------------------------------------- |  | -------------------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------ | -
|Name                                          |  | Country       |  | Parent                                           |  | Other Shareholders(1)                 |  | Line of Business                                   |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                              |  |               |  |                                                  |  | % of DirectOwnership                  |  | % ofControl                                        |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   |  | AssetsOwned(2) |  
|Solred, S.A.                                  |  | Spain         |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF, S.A.                      |  | Management of means of payment at service stations |  | F.C.                |  | 96.65               |  | 100                         |                   | 7.3   |  | 6.5             |   |  | 14.6           |   |  |        |   |  | 27.4   |  
|Gestión de Puntos de Venta, Gespevesa, S.A.   |  | Spain         |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Management of service stations                     |  | P.C.                |  | 48.33               |  | 50                          |                   | 15.4  |  | 3.2             |   |  | 0.4            |   |  |       |   |  | 9.2    |  
|Terminales Canarios, S.L.                     |  | Spain         |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Storage and distribution of oil products           |  | P.C.                |  | 48.33               |  | 50                          |                   | 20.8  |  | 1.3             |   |  | 1.1            |   |  |       |   |  | 11.2   |  
|Compañía Logística de Hidrocarburos CLH, S.A. |  | Spain         |  | Repsol YPF, S.A.                                 |  | PETRONOR                              |  | Transport and storage of oil products              |  | E.M.                |  | 24.25               |  | 25                          |                   | 0.1   |  | 0.2             |   |  | 0.1            |   |  | (0.1   | ) |  | 0.1    |  
|CLH Aviación, S.A.                            |  | Spain         |  | CLH, S.A.                                        |  |                                       |  | Transport and storage of oil products              |  | F.C.(3)             |  | 100.00              |  | 100                         |                   | 31.7  |  | 16.9            |   |  | 9.9            |   |  |       |   |  | 58.5   |  
|Carbon Black Española, S.A. (CARBESA)         |  | Spain         |  | Repsol YPF, S.A.                                 |  |                                       |  | No activity                                        |  | F.C.                |  | 100.00              |  | 100                         |                   | 0.2   |  | (0.1            | ) |  | (3.5           | ) |  |        |   |  | (3.4   | )
|Repsol Company of Portugal Ltd.               |  | Portugal      |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA) |  | Marketing of oil products                          |  | F.C.                |  | 100.00              |  | 100                         |                   | 0.2   |  | 2.5             |   |  | 0.4            |   |  |        |   |  | 3.1    |  
|Repsol Portuguesa, A.A.                       |  | Portugal      |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA) |  | Distribution and marketing of oil products         |  | F.C.                |  | 100.00              |  | 100                         |                   | 59.0  |  | 176.0           |   |  | (13.9          | ) |  |       |   |  | 221.1  |  
|Concha ICombustiveis e Lubrificantes, Lda    |  | Portugal      |  | Repsol Portuguesa, A.A.                          |  |                                       |  | Distribution and marketing of oil products         |  | F.C.                |  | 51.00               |  | 51                          |                   |      |  |                |   |  | 0.1            |   |  |        |   |  | 0.1    |  
|Gespost                                       |  | Portugal      |  | Repsol Portuguesa, A.A.                          |  |                                       |  | Marketing of oil products                          |  | F.C.                |  | 99.67               |  | 100                         |                   |      |  |                |   |  | 0.3            |   |  |        |   |  | 0.3    |  
|CaiagesteGestao de Areas de Servicios Ltda.  |  | Portugal      |  | Gespost                                          |  |                                       |  | Operation and management of service stations       |  | E.M.                |  | 50.00               |  | 50                          |                   |      |  | 0.3             |   |  |               |   |  |        |   |  | 0.1    |  
|ParmadSGPS, S.A.                             |  | Portugal      |  | Repsol Butano Portugal R.B., S.A.                |  | Repsol Portuguesa, A.A.               |  | Portfolio company                                  |  | E.M.                |  | 100.00              |  | 100                         |                   | 0.1   |  |                |   |  |               |   |  |       |   |  | 0.1    |  
|Tecnicontrol y Gestión Integral, S.L.         |  | Spain         |  | Repsol YPF, S.A.                                 |  | Repsol Exploración, S.A.              |  | Property development                               |  | F.C.                |  | 100                 |  | 100                         |                   | 3.5   |  | 28.0            |   |  | 0.3            |   |  |       |   |  | 31.8   |  
|Bahía Bizkaia Electricidad, S.L.              |  | Spain         |  | Repsol YPF, S.A.                                 |  |                                       |  | Energy production                                  |  | P.C.                |  | 25                  |  | 25                          |                   | 3.6   |  | 38.4            |   |  | 102.7          |   |  |       |   |  | 36.2   |  
|Bahía Bizkaia Gas, S.L.                       |  | Spain         |  | Repsol YPF, S.A.                                 |  |                                       |  | Maintenance of regasification plants               |  | P.C.                |  | 25                  |  | 25                          |                   | 3.6   |  | 21.6            |   |  | 11.4           |   |  |       |   |  | 9.2    |  
|Petróleos del Norte, S.A. (PETRONOR)          |  | Spain         |  | Repsol YPF, S.A.                                 |  |                                       |  | Refining                                           |  | F.C.                |  | 85.98               |  | 85.98                       |                   | 120.5 |  | 314.7           |   |  | 314.4          |   |  | (100.1 | ) |  | 558.4  |  
|Asfalnor, S.A.                                |  | Spain         |  | PETRONOR                                         |  |                                       |  | Distribution and marketing of asphalt products     |  | F.C.                |  | 85.98               |  | 100                         |                   | 0.1   |  |                |   |  | 0.1            |   |  |       |   |  | 0.2    |  
|Repsol Exploración, S.A.                      |  | Spain         |  | Repsol YPF, S.A.                                 |  | Repsol Petróleo, S.A.                 |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 24.6  |  | 504.7           |   |  | 395.3          |   |  |       |   |  | 924.6  |  
|Repsol Exploración Trinidad, S.A.             |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 1.8   |  | 12.2            |   |  | 0.2            |   |  |       |   |  | 14.2   |  
|Repsol YPF Cuba, S.A.                         |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 1.9   |  | (0.7            | ) |  | (5.3           | ) |  |       |   |  | (4.0   | )
|Repsol Exploración Colombia, S.A.             |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 1.9   |  | (0.7            | ) |  | (9.5           | ) |  |       |   |  | (8.2   | )
|Repsol Exploración Argelia, S.A.              |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 4.0   |  | 201.8           |   |  | 60.3           |   |  |       |   |  | 266.1  |  
|Repsol Exploración Murzuq, S.A.               |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 7.8   |  | 299.3           |   |  | 332.8          |   |  |       |   |  | 639.9  |  
|Repsol Oil Operations AG                      |  | Libya         |  | Repsol Exploración Murzuq, S.A.                  |  |                                       |  | Oil and gas exploration and production             |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 0.1   |  | 0.8             |   |  | 0.2            |   |  |       |   |  | 1.1    |  
|Repsol Inco AG                                |  | Switzerland   |  | Repsol Exploración Murzuq, S.A.                  |  |                                       |  | Oil and gas exploration and production             |  | E.M.                |  | 40.00               |  | 40.00                       |                   | 0.1   |  | 0.3             |   |  |               |   |  |       |   |  | 0.1    |  
|Repsol YPF Ecuador, S.A.                      |  | Spain         |  | Repsol Exploración, S.A.                         |  | Repsol Petróleo, S.A.                 |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 4.7   |  | 15.9            |   |  | (144.8         | ) |  |       |   |  | (124.2 | )
|Repsol YPF OCP de Ecuador, S.A.               |  | Spain         |  | Repsol YPF Ecuador, S.A.                         |  | Repsol Exploración Tobago, S.A.       |  | Portfolio company                                  |  | F.C.                |  | 100                 |  | 100                         |                   | 0.1   |  | 2.0             |   |  | 14.8           |   |  |       |   |  | 16.9   |  
|Oleoducto de Crudos Pesados, Ltd.             |  | CaymanIslands |  | Repsol YPF OCP de Ecuador, S.A.                  |  |                                       |  | Other                                              |  | E.M.                |  | 29.66               |  | 29.66                       |                   | 84.8  |  | (13.3           | ) |  | 14.1           |   |  |        |   |  | 25.4   |  



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|                                                        |  |                  |  |                                    |  |                                 |  |                                        |  |                     |  |                     |  |                             |                   |         |  |                 |   |  |                |   |  |        |   |  |       |  
|------------------------------------------------------- |  | ---------------- |  | ---------------------------------- |  | ------------------------------- |  | -------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ------- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ----- | -
|Name                                                    |  | Country          |  | Parent                             |  | Other Shareholders(1)           |  | Line of Business                       |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                                        |  |                  |  |                                    |  | % of DirectOwnership            |  | % ofControl                            |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |         |  | InterimDividend |   |  | AssetsOwned(2) |  
|Repsol Exploración Securé, S.A.                         |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 1.9     |  | (0.6            | ) |  | 0.1            |   |  |       |   |  | 1.4   |  
|Repsol Exploración Perú, S.A.                           |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.7     |  | (0.2            | ) |  | 15.0           |   |  |       |   |  | 15.5  |  
|Perú LNG Company, Llc.                                  |  | Peru             |  | Repsol Exploración Perú, S.A.      |  |                                 |  | Liquification                          |  | E.M.                |  | 20                  |  | 20                          |                   | 47.6    |  | (9.1            | ) |  | (7.7           | ) |  |        |   |  | 6.2   |  
|TGP, S.A.                                               |  | Peru             |  | Repsol Exploración Perú, S.A.      |  |                                 |  | Transmissions through gas pipelines    |  | E.M.                |  | 10                  |  | 10                          |                   | 175.9   |  | (13.9           | ) |  | 20.1           |   |  |        |   |  | 18.2  |  
|Repsol YPF Oriente Medio, S.A.                          |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.2     |  | (0.1            | ) |  | (8.9           | ) |  |       |   |  | (8.8  | )
|Repsol Exploración México S.A. de C.V.                  |  | Mexico           |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 18.8    |  | (1.0            | ) |  | 16.8           |   |  |       |   |  | 34.7  |  
|Servicios Administrativos Cuenca de Burgos S.A. de C.V. |  | Mexico           |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   |        |  |                |   |  | 0.1            |   |  |       |   |  | 0.1   |  
|Repsol Exploración Kazakhstán, S.A.                     |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.2     |  | (0.1            | ) |  | (1.8           | ) |  |       |   |  | (1.7  | )
|Repsol Exploración Tobago, S.A.                         |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.2     |  | (0.1            | ) |  | (0.8           | ) |  |       |   |  | (0.7  | )
|Repsol YPF Eléctrica de Brasil, S.A.                    |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.2     |  | 0.9             |   |  | *              |   |  |       |   |  |       |  
|Repsol Exploración Azerbaiyan, S.A.                     |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.1     |  | 0.1             |   |  |               |   |  |       |   |  | 0.2   |  
|Repsol Exploración Sierra Leona, S.L.                   |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 2.8     |  | (1.4            | ) |  | (1.4           | ) |  |       |   |  | 0.1   |  
|Repsol Exploración Suriname, S.L.                       |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   |        |  |                |   |  | (5.4           | ) |  |       |   |  | (5.4  | )
|Termobarrancas, C.A.                                    |  | Venezuela        |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 51                  |  | 51                          |                   | 6.0     |  |                |   |  | (1.1           | ) |  |        |   |  | 2.5   |  
|Repsol Exploración Venezuela, B.V.                      |  | Netherlands      |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                      |  | F.C.                |  | 100                 |  | 100                         |                   | 246.5   |  | (132.3          | ) |  | (34.2          | ) |  |       |   |  | 80.1  |  
|Calio LLC                                               |  | Venezuela        |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 17.6    |  |                |   |  |               |   |  |       |   |  | 17.6  |  
|Repsol YPF Venezuela, S.A.                              |  | Venezuela        |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 13.9    |  | 198.6           |   |  | (157.7         | ) |  |       |   |  | 54.8  |  
|Repsol YPF Venezuela Gas                                |  | Venezuela        |  | Repsol YPF Venezuela, S.A.         |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   |        |  |                |   |  | 0.4            |   |  |       |   |  | 0.4   |  
|Repsol Exploración Guinea, S.A.                         |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 0.1     |  | 16.1            |   |  | (14.2          | ) |  |        |   |  | 1.9   |  
|BPRY Caribbean Ventures LLC                             |  | Trinidad &Tobago |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                      |  | P.C.                |  | 30.00               |  | 30.00                       |                   | 1,033.5 |  | (1,256.9        | ) |  | 366.1          |   |  |       |   |  | 42.8  |  
|BP Amoco Trinidad & Tobago                              |  | Trinidad &Tobago |  | BPRY Caribbean Ventures LLC        |  |                                 |  | Oil and gas exploration and production |  | P.C.                |  | 30.00               |  | 100                         |                   | 142.7   |  | 113.5           |   |  | 505.5          |   |  | (337.8 | ) |  | 127.1 |  
|Dubai Marine Areas, Ltd. (DUMA)                         |  | UK               |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | P.C.                |  | 50.00               |  | 50.00                       |                   | 0.1     |  | 134.6           |   |  | 0.6            |   |  |        |   |  | 67.6  |  
|Repsol Investigaciones Petrolíferas, S.A.               |  | Spain            |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | F.C.                |  | 100                 |  | 100                         |                   | 225.9   |  | 312.3           |   |  | 17.0           |   |  |        |   |  | 555.2 |  
|EniRepsa Gas Limited                                    |  | SaudiArabia      |  | Repsol Exploración, S.A.           |  |                                 |  | Gas supply and logistics               |  | E.M.                |  | 30.00               |  | 30.00                       |                   | 27.9    |  | (4.7            | ) |  | (28.1          | ) |  |       |   |  | (1.5  | )



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|                                           |  |                  |  |                                    |  |                                          |  |                                        |  |                     |     |          |                     |  |                             |  |       |                 |        |   |                |       |   |  |        |   |  |         |  
|------------------------------------------ |  | ---------------- |  | ---------------------------------- |  | ---------------------------------------- |  | -------------------------------------- |  | ------------------- | --- | -------- | ------------------- |  | --------------------------- |  | ----- | --------------- | ------ | - | -------------- | ----- | - |  | ------ | - |  | ------- | -
|Name                                       |  | Country          |  | Parent                             |  | Other Shareholders(1)                    |  | Line of Business                       |  | ConsolidationMethod |     |          | % of TotalOwnership |  | Amount in Millions of Euros | 
|                                           |  |                  |  |                                    |  | % of DirectOwnership                     |  | % ofControl                            |  | ShareCapital        |     | Reserves |                     |  | 2005Income (Loss)           |  |       | InterimDividend |        |   | AssetsOwned(2) |      
|Repsol E&P USA                             |  | US               |  | Repsol Exploración, S.A.           |  |                                          |  | Oil and gas exploration and production |  | F.C.                |     |          | 100.00              |  | 100.00                      |  |      |                 |       |   |                | (8.0  | ) |  |       |   |  | (8.0    | )
|Repsol Energy North America Corp.          |  | US               |  | Repsol Exploración, S.A.           |  |                                          |  | L.N.G. marketing                       |  | F.C.                |     |          | 100.00              |  | 100.00                      |  |      |                 |       |   |                | (0.3  | ) |  |       |   |  | (0.3    | )
|Repsol YPF Perú, BV                        |  | Netherlands      |  | Repsol YPF, S.A.                   |  |                                          |  | Portfolio company                      |  | F.C.                |     |          | 100                 |  | 100                         |  | 0.1   |                 | 0.1    |   |                | 0.00  |   |  |       |   |  | 0.2     |  
|Grupo Repsol YPF del Perú, S.A.C.          |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                          |  | Portfolio company                      |  | F.C.                |     |          | 100                 |  | 100                         |  | 0.0   |                 |       |   |                | 0.00  |   |  |       |   |  | 0.0     |  
|Refinería La Pampilla, S.A.                |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                          |  | Refining                               |  | F.C.                |     |          | 51.03               |  | 51.03                       |  | 0.1   |                 | 0.0    |   |                | 0.08  |   |  |       |   |  | 0.1     |  
|Repsol Comercial, S.A.C.                   |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                          |  | Marketing of fuels                     |  | F.C.                |     |          | 100                 |  | 100                         |  | 0.0   |                 | (0.0   | ) |                | -0.01 |   |  |       |   |  | 0.0     |  
|Repsol YPF Comercial del Ecuador, S.A.     |  | Ecuador          |  | Repsol YPF, S.A.                   |  |                                          |  | Marketing of oil and gas               |  | F.C.                |     |          | 100                 |  | 100                         |  | 0.1   |                 | (0.0   | ) |                | 0.00  |   |  |       |   |  | 0.1     |  
|Combustibles Industriales Oil Trader, S.A. |  | Ecuador          |  | Repsol YPF Comercial Ecuador, S.A. |  |                                          |  | Marketing of oil and gas               |  | F.C.                |     |          | 100                 |  | 100                         |  | 0.0   |                 | (0.0   | ) |                | 0.00  |   |  |       |   |  | 0.0     |  
|Repsol International Finance B.V.          |  | Netherlands      |  | Repsol YPF, S.A.                   |  |                                          |  | Finance and holding company            |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 279.6 |                 | 723.2  |   |                | 151.2 |   |  |        |   |  | 1,154.0 |  
|Repsol LNG Port of Spain, BV               |  | Netherlands      |  | Repsol International Finance, B.V. |  |                                          |  | Portfolio company                      |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 0.0   |                 | 101.4  |   |                | 47.4  |   |  |       |   |  | 148.9   |  
|Atlantic 1 Holdings, LLC                   |  | Trinidad &Tobago |  | Repsol LNG Port of Spain, BV       |  |                                          |  | Portfolio company                      |  | E.M.                |     |          | 20.00               |  | 20.00                       |  | 206.0 |                 |        |   |                | 242.4 |   |  | (242.4 | ) |  | 41.2    |  
|Atlantic LNG Co. of Trinidad & Tobago      |  | Trinidad &Tobago |  | Atlantic 1 Holdings, LLC           |  |                                          |  | Gas supply and logistics               |  | F.C.                | (4) |          | 20.00               |  | 100.00                      |  | 206.0 |                 | 141.8  |   |                | 323.2 |   |  | (242.4 | ) |  | 85.7    |  
|Repsol International Capital               |  | CaymanIslands    |  | Repsol International Finance, B.V. |  |                                          |  | Finance and holding company            |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 0.7   |                 | (221.0 | ) |                | (12.0 | ) |  |        |   |  | (232.3  | )
|Repsol Investeringen, BV                   |  | Netherlands      |  | Repsol International Finance, B.V. |  |                                          |  | Portfolio company                      |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | *     |                 | *      |   |                |       |   |  |       |   |  | *       |  
|Repsol Netherlands Finance, BV             |  | Netherlands      |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V.               |  | Finance                                |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 1.0   |                 | 49.2   |   |                | (32.8 | ) |  |        |   |  | 17.4    |  
|Repsol YPF Capital, S.L.                   |  | Spain            |  | Repsol International Finance, B.V. |  | Repsol YPF, S.A.                         |  | Portfolio company                      |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 463.7 |                 | 16.6   |   |                | 95.7  |   |  |        |   |  | 576.0   |  
|Caveant, S.A.                              |  | Argentina        |  | Repsol YPF Capital, S.L.           |  | Repsol YPF, S.A.                         |  | Investment company                     |  | F.C.                |     |          | 100                 |  | 100                         |  | 9.5   |                 | 0.6    |   |                | 20.1  |   |  |       |   |  | 30.1    |  
|Gaviota RE                                 |  | Luxembourg       |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V.               |  | Reinsurance                            |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 5.1   |                 | (1.8   | ) |                |       |   |  |        |   |  | 3.3     |  
|Repsol (UK) Ltd.                           |  | UK               |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V.               |  | In liquidation                         |  | E.M.                |     |          | 100.00              |  | 100.00                      |  | 20.3  |                 | (18.9  | ) |                | (0.2  | ) |  |        |   |  | 1.2     |  
|Repsol Canada Ltd.                         |  | Canada           |  | Repsol International Finance, B.V. |  |                                          |  | L.N.G. regasification                  |  | F.C.                |     |          | 100.00              |  | 100.00                      |  |      |                 |       |   |                |      |   |  |       |   |  |        |  
|Repsol Canada LNG, Ltd.                    |  | Canada           |  | Repsol International Finance, B.V. |  |                                          |  | L.N.G. regasification                  |  | F.C.                |     |          | 100.00              |  | 100.00                      |  |      |                 |       |   |                | (6.0  | ) |  |       |   |  | (6.0    | )
|Repsol Energy Canada, Ltd.                 |  | Canada           |  | Repsol International Finance, B.V. |  |                                          |  | L.N.G. marketing                       |  | F.C.                |     |          | 100.00              |  | 100.00                      |  |      |                 |       |   |                | (0.9  | ) |  |       |   |  | (0.9    | )
|Repsol Occidental Corporation              |  | US               |  | Repsol International Finance, B.V. |  |                                          |  | Oil and gas exploration and production |  | P.C.                |     |          | 25.00               |  | 25.00                       |  | 0.3   |                 | 24.2   |   |                | 117.8 |   |  | (93.3  | ) |  | 12.3    |  
|Repsol Química, S.A.                       |  | Spain            |  | Repsol YPF, S.A.                   |  | Repsol Petróleo, S.A.                    |  | Production and sale of petrochemicals  |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 60.5  |                 | (20.1  | ) |                | (24.9 | ) |  |        |   |  | 15.5    |  
|Polidux, S.A.                              |  | Spain            |  | Repsol Química, S.A.               |  | Repsol YPF, S.A.                         |  | Production and sale of petrochemicals  |  | F.C.                |     |          | 99.99               |  | 100.00                      |  | 17.5  |                 | (5.9   | ) |                | (1.9  | ) |  |        |   |  | 9.7     |  
|Repsol Bronderslev A/S                     |  | Denmark          |  | Repsol Química, S.A.               |  |                                          |  | Production and sale of petrochemicals  |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 3.1   |                 | 5.6    |   |                | (0.3  | ) |  |        |   |  | 8.4     |  
|Repsol Polívar, SPA                        |  | Italy            |  | Repsol Bronderslev, A/S            |  |                                          |  | Production and sale of petrochemicals  |  | F.C.                |     |          | 100.00              |  | 100.00                      |  | 0.5   |                 | 0.7    |   |                | (0.6  | ) |  |        |   |  | 0.6     |  
|General Química, S.A.                      |  | Spain            |  | Repsol Química, S.A.               |  | Repsol Investigaciones Petrolíferas S.A. |  | Production and sale of petrochemicals  |  | F.C.                |     |          | 99.00               |  | 100.00                      |  | 3.0   |                 | 38.6   |   |                | (2.9  | ) |  |        |   |  | 38.3    |  
|Cogeneración Gequisa, S.A.                 |  | Spain            |  | General Química, S.A.              |  |                                          |  | Production of electricity and steam    |  | E.M.                |     |          | 39.00               |  | 39.00                       |  | 1.8   |                 | 1.8    |   |                | 0.7   |   |  |        |   |  | 1.7     |  
|Dynasol Elastómeros, S.A.                  |  | Spain            |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals  |  | P.C.                |     |          | 50.01               |  | 50.01                       |  | 16.8  |                 | 34.4   |   |                |      |   |  |       |   |  | 25.6    |  
|Dynasol Elastómeros, S.A. de C.V.          |  | Mexico           |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals  |  | E.M.                |     |          | 49.99               |  | 50.01                       |  | 58.6  |                 | 3.8    |   |                | 5.7   |   |  |        |   |  | 34.0    |  



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|                                             |  |           |  |                                          |  |                                 |  |                                             |  |                     |  |                     |  |                             |                   |       |  |                 |   |  |                |   |  |        |   |  |         |  
|-------------------------------------------- |  | --------- |  | ---------------------------------------- |  | ------------------------------- |  | ------------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------- | -
|Name                                         |  | Country   |  | Parent                                   |  | Other Shareholders(1)           |  | Line of Business                            |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                             |  |           |  |                                          |  | % of DirectOwnership            |  | % ofControl                                 |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   |  | AssetsOwned(2) |  
|Dynasol Gestión, S.A.                        |  | Spain     |  | Repsol Química, S.A.                     |  |                                 |  | Production of chemicals                     |  | E.M.                |  | 50.00               |  | 50.00                       |                   | 0.1   |  | 0.3             |   |  | 0.1            |   |  |        |   |  | 0.3     |  
|Dynasol LLC                                  |  | US        |  | Repsol Química, S.A.                     |  |                                 |  | Marketing of petrochemicals                 |  | E.M.                |  | 50.00               |  | 50.00                       |                   |      |  | 2.7             |   |  | 1.2            |   |  |       |   |  | 2.0     |  
|Repsol Polimeros LDA                         |  | Portugal  |  | Repsol Química, S.A.                     |  | Repsol Lusitania, S.L.          |  | Production and sale of petrochemicals       |  | F.C.                |  | 70.00               |  | 100.00                      |                   | 268.3 |  | 0.4             |   |  | 22.3           |   |  |        |   |  | 203.7   |  
|Polymer Technology Inc.                      |  | US        |  | Repsol Química, S.A.                     |  |                                 |  | Technology license                          |  | E.M.                |  | 70                  |  | 70                          |                   |      |  |                |   |  |               |   |  |       |   |  |        |  
|Polymed                                      |  | Algeria   |  | Repsol Química, S.A.                     |  |                                 |  | Production of polyethylene                  |  | E.M.                |  | 26.95               |  | 26.95                       |                   | 45.3  |  |                 |   |  | (20.6          | ) |  |        |   |  | 6.7     |  
|Repsol Chemie Deutchland GmbH                |  | Germany   |  | Repsol Química, S.A.                     |  |                                 |  | Marketing of chemicals                      |  | E.M.                |  | 100.00              |  | 100.00                      |                   | 0.1   |  | 0.6             |   |  | 0.3            |   |  |        |   |  | 1.0     |  
|Repsol Lusitania, S.L.                       |  | Spain     |  | Repsol YPF, S.A.                         |  | Repsol Química, S.A.            |  | Portfolio company                           |  | F.C.                |  | 100.00              |  | 100.00                      |                   |       |  |                |   |  | (1.0           | ) |  |       |   |  | (1.0    | )
|Repsol Italia, SpA                           |  | Italy     |  | Repsol YPF, S.A.                         |  |                                 |  | Marketing of oil products                   |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 2.4   |  | 7.9             |   |  | 5.6            |   |  |        |   |  | 15.9    |  
|Gas Natural SDG, S.A.                        |  | Spain     |  | Repsol YPF, S.A.                         |  | Repsol Petróleo, S.A.           |  | Distribution of gas                         |  | P.C.                |  | 30.85               |  | 30.85                       |                   | 447.8 |  | 3,496.1         |   |  | 766.5          |   |  | (138.8 | ) |  | 1,410.1 |  
|Sagane, S.A.                                 |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Gas supply                                  |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 94.8  |  | 29.0            |   |  | 76.3           |   |  |       |   |  | 61.7    |  
|Europe Maghreb Pipeline, Ltd. (EMPL)         |  | UK        |  | Sagane, S.A.                             |  |                                 |  | Gas transmission                            |  | P.C.                |  | 22.39               |  | 72.60                       |                   | 0.1   |  | 102.4           |   |  | 115.9          |   |  | (82.6  | ) |  | 30.4    |  
|Metragaz, S.A.                               |  | Morocco   |  | Sagane, S.A.                             |  |                                 |  | Gas transmission                            |  | P.C.                |  | 22.31               |  | 72.33                       |                   | 3.4   |  | 1.0             |   |  | 1.4            |   |  |       |   |  | 1.3     |  
|Gas Natural transporte SDG, S.L.             |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Distribution of gas                         |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 15.0  |  | 42.0            |   |  | 1.5            |   |  |       |   |  | 18.0    |  
|Gas Natural Exploración, S.L.                |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Energía, S.A.                |  | Gas transmission                            |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 6.3   |  | 0.1             |   |  | (0.7           | ) |  |       |   |  | 1.8     |  
|Repsol-Gas Natural LNG                       |  | Spain     |  | Repsol YPF, S.A.                         |  | Gas Natural SDG, S.A.           |  | Gas transmission                            |  | P.C.                |  | 65.42               |  | 100.00                      |                   | 2.0   |  |                |   |  | (0.4           | ) |  |       |   |  | 1.0     |  
|Gas Natural Soluciones, S.L.                 |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Marketing of gas                            |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 6.2   |  | 2.0             |   |  | 1.3            |   |  |       |   |  | 2.9     |  
|Iradia Climatización AIE                     |  | Spain     |  | Gas Natural Soluciones, S.L.             |  | Gas Natural Servicios SDG, S.A. |  | Energy management                           |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.3   |  | 0.1             |   |  |               |   |  |       |   |  | 0.1     |  
|Kromschroeder, S.A. (3)                      |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Meters                                      |  | E.M.                |  | 13.12               |  | 42.52                       |                   | 0.7   |  | 10.5            |   |  | (0.2           | ) |  |       |   |  | 1.4     |  
|Natural Energy, S.A.                         |  | Argentina |  | Kromschroeder, S.A.                      |  | La Propagadora del Gas, S.A.    |  | Marketing of gas                            |  | P.C.                |  | 15.38               |  | 72.00                       |                   |      |  | 0.2             |   |  | 1.4            |   |  |       |   |  | 0.2     |  
|Gas Natural Castilla y León, S.A.            |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Distribution of gas                         |  | P.C.                |  | 27.79               |  | 90.10                       |                   | 6.3   |  | 78.4            |   |  | 17.0           |   |  |       |   |  | 28.3    |  
|Gas Natural Castilla La Mancha, S.A.         |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | P.C.                |  | 29.30               |  | 95.00                       |                   | 26.9  |  | 15.1            |   |  | 1.6            |   |  |       |   |  | 12.8    |  
|Gas Natural Distribución SDG, S.A.           |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Distribution of gas                         |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 101.0 |  | 997.6           |   |  | 61.0           |   |  |       |   |  | 357.7   |  
|Gas Natural de Alava, S.A. (3)               |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | E.M.                |  | 3.08                |  | 10.00                       |                   | 10.3  |  | 10.3            |   |  | 4.3            |   |  |       |   |  | 0.8     |  
|Gas Natural Distribución Eléctrica, S.A.     |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1   |  | (0.1            | ) |  | (0.2           | ) |  |       |   |  | (0.1    | )
|Electra de Abusejo, S.L.                     |  | Spain     |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1   |  |                |   |  |               |   |  |       |   |  | 0.0     |  
|Distribuidora eléctrica Navasfrías, S.L.     |  | Spain     |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.2   |  |                |   |  |               |   |  |       |   |  | 0.1     |  
|Gas Natural Rioja, S.A.                      |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | P.C.                |  | 26.99               |  | 87.50                       |                   | 2.7   |  | 8.9             |   |  | 2.2            |   |  |       |   |  | 3.7     |  
|Gas Navarra, S.A.                            |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | P.C.                |  | 27.76               |  | 89.99                       |                   | 3.6   |  | 27.1            |   |  | 5.2            |   |  |       |   |  | 10.0    |  
|Gas Galicia SDG, S.A.                        |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | P.C.                |  | 19.12               |  | 62.00                       |                   | 32.6  |  | 4.7             |   |  | 0.7            |   |  |       |   |  | 7.3     |  
|Gas Natural La Coruña, S.A.                  |  | Spain     |  | Gas Galicia SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | P.C.                |  | 17.40               |  | 91.00                       |                   | 2.3   |  | (0.6            | ) |  | 0.2            |   |  |       |   |  | 0.3     |  
|Gas Aragón, S.A.                             |  | Spain     |  | Gas Natural SDG, S.A.                    |  |                                 |  | Distribution of gas                         |  | E.M.                |  | 10.80               |  | 35.00                       |                   | 5.9   |  | 16.2            |   |  | 8.5            |   |  | (3.9   | ) |  | 2.9     |  
|La Propagadora del Gas, S.A.                 |  | Spain     |  | Gas Natural SDG, S.A.                    |  | Holding Gas Natural, S.A.       |  | Portfolio company                           |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.2   |  | 0.9             |   |  | 0.3            |   |  |       |   |  | 0.4     |  
|Gas Natural Informática, S.A.                |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Computer services                           |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 19.9  |  | 3.5             |   |  | 1.4            |   |  |       |   |  | 7.6     |  
|Gas Natural Andalucía, S.A.                  |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Distribution of gas                         |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 12.4  |  | 30.7            |   |  | 10.6           |   |  |       |   |  | 16.6    |  
|Compañía Auxiliar de Industrias Varias, S.A. |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Services                                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.3   |  | 1.7             |   |  | (0.3           | ) |  |       |   |  | 0.5     |  
|La Energía, S.A.                             |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Electricity cogeneration                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 10.7  |  | 0.8             |   |  | 0.1            |   |  |       |   |  | 3.6     |  
|A.I.E. Ciudad Sanitaria Vall d Hebrón       |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 25.06               |  | 81.25                       |                   | 1.7   |  | 0.2             |   |  | (0.1           | ) |  |       |   |  | 0.5     |  
|Sociedad de Tratamiento Hornillos, S.L.      |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 24.68               |  | 80.00                       |                   | 1.2   |  | (0.1            | ) |  | 1.1            |   |  |       |   |  | 0.5     |  
|UTE La Energía-SPA                           |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 18.51               |  | 60.00                       |                   | 1.3   |  |                |   |  | 0.1            |   |  |       |   |  | 0.3     |  
|AECS Hospital Trias i Pujol AIE              |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 0.9   |  | 0.1             |   |  |               |   |  |       |   |  | 0.2     |  
|Sociedad de Tratamiento La Andaya, S.L.      |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 13.88               |  | 45.00                       |                   | 1.1   |  | 0.2             |   |  | 1.0            |   |  |       |   |  | 0.3     |  
|AECS Hospital Bellvitge AIE                  |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 0.8   |  | (0.6            | ) |  | (0.2           | ) |  |       |   |  | 0.0     |  
|Tratamiento Almazán, S.L.                    |  | Spain     |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                    |  | P.C.                |  | 27.76               |  | 90.00                       |                   |      |  |                |   |  |               |   |  |       |   |  |        |  
|Gas Natural Comercializadora, S.A.           |  | Spain     |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Retailing of gas and industrial electricity |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 2.4   |  | 29.6            |   |  | 4.1            |   |  |       |   |  | 11.1    |  



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|                                                           |  |            |  |                                         |  |                              |  |                                           |  |                     |  |                     |  |                             |                   |      |  |                 |   |  |                |   |  |       |   |  |       |  
|---------------------------------------------------------- |  | ---------- |  | --------------------------------------- |  | ---------------------------- |  | ----------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ---- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ----- | -
|Name                                                       |  | Country    |  | Parent                                  |  | Other Shareholders(1)        |  | Line of Business                          |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                                           |  |            |  |                                         |  | % of DirectOwnership         |  | % ofControl                               |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |      |  | InterimDividend |   |  | AssetsOwned(2) |  
|Invergas Puerto Rico,S.A.                                  |  | Spain      |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A. |  | Portfolio company                         |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 5.1  |  | (1.0            | ) |  | (0.6           | ) |  |      |   |  | 1.1   |  
|Buenergía Gas & Power Ltd                                  |  | PuertoRico |  | Invergas Puerto Rico,S.A.               |  |                              |  | Portfolio company                         |  | P.C.                |  | 29.30               |  | 95.00                       |                   | 0.1  |  | (88.1           | ) |  | (0.6           | ) |  |      |   |  | (26.0 | )
|Ecoeléctrica Holdings Ltd.                                 |  | PuertoRico |  | Buenergía Gas & Power Ltd               |  |                              |  | Portfolio company                         |  | P.C.                |  | 14.65               |  | 50.00                       |                   | 63.2 |  | 12.2            |   |  | 8.5            |   |  | (20.4 | ) |  | 9.3   |  
|Ecoeléctrica Ltd.                                          |  | PuertoRico |  | Ecoeléctrica Holdings Ltd.              |  |                              |  | Portfolio company                         |  | P.C.                |  | 14.65               |  | 100.00                      |                   | 0.6  |  | 0.1             |   |  | 0.1            |   |  | (0.2  | ) |  | 0.1   |  
|Ecoeléctrica LP Ltd.                                       |  | PuertoRico |  | Ecoeléctrica Holdings Ltd.              |  | Ecoeléctrica Ltd.            |  | Electricity production                    |  | P.C.                |  | 14.65               |  | 100.00                      |                   | 63.2 |  | 4.8             |   |  | 47.2           |   |  | (28.6 | ) |  | 12.7  |  
|Gas Natural Servicios SDG, S.A.                            |  | Spain      |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A. |  | Retailing of domestic gas and electricity |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 2.9  |  | 2.7             |   |  |               |   |  |      |   |  | 1.7   |  
|UTE Dalkia GN Servicios                                    |  | Spain      |  | Gas Natural Servicios SDG, S.A.         |  |                              |  | Energy management                         |  | P.C.                |  | 15.42               |  | 50.00                       |                   |     |  | (0.3            | ) |  |               |   |  |      |   |  | (0.0  | )
|Gas Natural Electricidad SDG, S.A.                         |  | Spain      |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A. |  | Electricity production and retailing      |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 33.1 |  | (0.9            | ) |  | 0.2            |   |  |      |   |  | 10.0  |  
|Gas Natural Corporación Eólica, S.L.                       |  | Spain      |  | Gas Natural Electricidad SDG, S.A.      |  | La Energía, S.A.             |  | Wind power production                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 1.0  |  | (0.1            | ) |  | (3.5           | ) |  |      |   |  | (0.8  | )
|Sinia XXI, S.A.                                            |  | Spain      |  | Gas Natural Corporación Eólica, S.L.    |  | La Propagadora del Gas, S.A. |  | Wind power production                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 6.0  |  | (0.3            | ) |  | 0.6            |   |  |      |   |  | 1.9   |  
|Corporación Eólica Zaragoza, S.L.                          |  | Spain      |  | Sinia XXI, S.A.                         |  |                              |  | Wind power production                     |  | P.C.                |  | 20.98               |  | 68.00                       |                   | 2.5  |  | 0.1             |   |  | 0.7            |   |  |      |   |  | 0.7   |  
|Montouto 2000, S.A.                                        |  | Spain      |  | Sinia XXI, S.A.                         |  |                              |  | Wind power production                     |  | P.C.                |  | 15.11               |  | 49.00                       |                   | 6.0  |  | (2.2            | ) |  | 2.5            |   |  |      |   |  | 1.0   |  
|Explotaciones Eólicas Sierra de Utrera                     |  | Spain      |  | Sinia XXI, S.A.                         |  |                              |  | Wind power production                     |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 2.7  |  | 2.4             |   |  | 4.5            |   |  |      |   |  | 1.5   |  
|Enervent, S.A. (3)                                         |  | Spain      |  | Sinia XXI, S.A.                         |  |                              |  | Wind power production                     |  | E.M.                |  | 8.02                |  | 26.00                       |                   | 2.4  |  | 0.4             |   |  | 1.7            |   |  |      |   |  | 0.4   |  
|Burgalesa de Generación Eólica, S.A.                       |  | Spain      |  | Sinia XXI, S.A.                         |  |                              |  | Wind power production                     |  | E.M.                |  | 7.48                |  | 24.24                       |                   | 1.5  |  | 0.1             |   |  | 0.3            |   |  |      |   |  | 0.1   |  
|Desarrollo de Energías Renovables, S.A.                    |  | Spain      |  | Gas Natural Corporación Eólica, S.L.    |  |                              |  | Wind power production                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 42.3 |  | 120.9           |   |  | 3.9            |   |  |      |   |  | 51.5  |  
|Aplicaciones y Proyectos energéticos, S.A.                 |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1  |  | 0.1             |   |  |               |   |  |      |   |  | 0.1   |  
|Boreas Eólica, S.A.                                        |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 30.70               |  | 99.52                       |                   | 5.2  |  | 2.5             |   |  | 2.4            |   |  |      |   |  | 3.1   |  
|Los Castrios, S.A.                                         |  | Spain      |  | Boreas Eólica, S.A.                     |  |                              |  | Wind power production                     |  | P.C.                |  | 10.23               |  | 33.33                       |                   | 2.2  |  |                |   |  |               |   |  |      |   |  | 0.2   |  
|Molinos de Valdebezana, S.A.                               |  | Spain      |  | Boreas Eólica, S.A.                     |  |                              |  | Wind power production                     |  | P.C.                |  | 18.42               |  | 60.00                       |                   | 0.1  |  |                |   |  |               |   |  |      |   |  | 0.0   |  
|Boreas Eólica 2, S.A.                                      |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 27.76               |  | 90.00                       |                   | 2.6  |  | 2.7             |   |  | 1.8            |   |  |      |   |  | 2.0   |  
|Desarrollo de Energias Renovables Castilla La Mancha, S.A. |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1  |  |                |   |  |               |   |  |      |   |  | 0.0   |  
|Desarrollo de Energías Renovables de Navarra, S.A.         |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 9.9  |  | 18.1            |   |  | 7.6            |   |  |      |   |  | 5.5   |  
|Desarrollo de Energías Renovables de La Rioja, S.A.        |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 11.18               |  | 36.25                       |                   | 16.5 |  | 2.4             |   |  | 5.6            |   |  | (1.0  | ) |  | 2.6   |  
|Molinos del Cidacos, S.A.                                  |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 10.2 |  | 3.6             |   |  | 9.9            |   |  |      |   |  | 3.7   |  
|Molinos de La Rioja, S.A.                                  |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | P.C.                |  | 10.28               |  | 33.33                       |                   | 3.0  |  | 1.0             |   |  | 1.7            |   |  |      |   |  | 0.6   |  
|Molinos de Linares, S.A.                                   |  | Spain      |  | Molinos de La Rioja, S.A.               |  |                              |  | Wind power production                     |  | P.C.                |  | 7.71                |  | 75.00                       |                   | 1.0  |  |                |   |  |               |   |  |      |   |  | 0.1   |  
|Sistemas Energéticos La Muela, S.A.                        |  | Spain      |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Wind power production                     |  | E.M.                |  | 6.17                |  | 20.00                       |                   | 3.1  |  | 2.5             |   |  | 1.8            |   |  |      |   |  | 0.5   |  



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Page 8



|                                                      |  |                    |  |                                         |  |                                     |  |                                      |  |                     |  |                     |  |                             |                   |       |  |                 |   |  |                |   |  |       |   |  |       |  
|----------------------------------------------------- |  | ------------------ |  | --------------------------------------- |  | ----------------------------------- |  | ------------------------------------ |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ----- | -
|Name                                                  |  | Country            |  | Parent                                  |  | Other Shareholders(1)               |  | Line of Business                     |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                                      |  |                    |  |                                         |  | % of DirectOwnership                |  | % ofControl                          |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   |  | AssetsOwned(2) |  
|Sistemas Energéticos Mas Garullo, S.A.                |  | Spain              |  | Desarrollo de Energías Renovables, S.A. |  |                                     |  | Wind power production                |  | E.M.                |  | 5.55                |  | 18.00                       |                   | 1.5   |  | 1.4             |   |  | 1.5            |   |  |      |   |  | 0.2   |  
|Energy way Produçao de energía, LDA                   |  | Portugal           |  | Gas Natural Electricidad SDG, S.A.      |  |                                     |  | Wind power production                |  | P.C.                |  | 30.85               |  | 100.00                      |                   |      |  |                |   |  |               |   |  |      |   |  |      |  
|Desarrollo del Cable, S.A.                            |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Telecommunications                   |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 21.1  |  | 20.5            |   |  | 8.0            |   |  |      |   |  | 15.3  |  
|Gas Natural Cantabria SDG, S.A.                       |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Distribution of gas                  |  | P.C.                |  | 27.89               |  | 90.41                       |                   | 3.2   |  | 27.9            |   |  | 2.1            |   |  |      |   |  | 9.3   |  
|Gas Natural Murcia SDG, S.A.                          |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Distribution of gas                  |  | P.C.                |  | 30.83               |  | 99.94                       |                   | 19.4  |  | (2.2            | ) |  | (0.2           | ) |  |      |   |  | 5.2   |  
|Gas Natural Cegas S.A.                                |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Distribution of gas                  |  | P.C.                |  | 30.75               |  | 99.99                       |                   | 25.5  |  | 60.3            |   |  | 7.6            |   |  |      |   |  | 28.7  |  
|Gas Natural Aprovisionamientos SDG, S.A.              |  | Spain              |  | Gas Natural SDG, S.A.                   |  | Sagane, S.A.                        |  | Gas supply                           |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.6   |  | 18.3            |   |  | (44.6          | ) |  |      |   |  | (7.9  | )
|Gas Natural Finance, BV                               |  | Netherlands        |  | Gas Natural SDG, S.A.                   |  |                                     |  | Finance                              |  | P.C.                |  | 30.85               |  | 100.00                      |                   |      |  | 2.5             |   |  | 0.7            |   |  |      |   |  | 1.0   |  
|Holding Gas Natural, S.A.                             |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Portfolio company                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.3   |  | 0.2             |   |  |               |   |  |      |   |  | 0.2   |  
|Gas Natural Sao Paulo Sul, S.A.                       |  | Brazil             |  | Gas Natural, SDG, S.A.                  |  |                                     |  | Distribution of gas                  |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 346.4 |  | (175.6          | ) |  | (5.5           | ) |  |      |   |  | 51.0  |  
|Gas Natural International, Ltd.                       |  | Republic ofIreland |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Finance                              |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 25.4  |  | 15.5            |   |  | 0.2            |   |  |      |   |  | 12.7  |  
|Gas Natural Internacional SDG, S.A.                   |  | Spain              |  | Gas Natural SDG, S.A.                   |  | La Propagadora del Gas, S.A.        |  | Portfolio company                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 349.5 |  | (60.0           | ) |  | 64.4           |   |  |      |   |  | 109.2 |  
|CEG Rio, S.A.                                         |  |                    |  | Gas Natural Internacional SDG, S.A.     |  | Gas Natural SDG, S.A.               |  | Marketing of gas                     |  | P.C.                |  | 18.38               |  | 59.59                       |                   | 20.1  |  | (0.1            | ) |  | 7.3            |   |  | (5.2  | ) |  | 4.1   |  
|Companhia Distribuidora de Gás do Rio de Janeiro S.A. |  |                    |  | Gas Natural Internacional SDG, S.A.     |  | Gas Natural SDG, S.A.               |  | Distribution of gas                  |  | P.C.                |  | 16.71               |  | 54.17                       |                   | 147.7 |  | (85.8           | ) |  | 19.6           |   |  | (11.1 | ) |  | 11.8  |  
|Gas Natural Commercialisation France                  |  | France             |  | Gas Natural Internacional SDG           |  |                                     |  | Marketing of gas                     |  | P.C.                |  | 30.85               |  | 100.00                      |                   |      |  |                |   |  | (1.4           | ) |  |      |   |  | (0.4  | )
|Gas Natural Puerto Rico, INC                          |  | Puerto Rico        |  | Gas Natural Internacional SDG, S.A.     |  |                                     |  | Portfolio company                    |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 1.0   |  | (0.1            | ) |  | (0.2           | ) |  |      |   |  | 0.2   |  
|Invergas, S.A.                                        |  | Argentina          |  | Gas Natural Internacional, SDG, S.A.    |  |                                     |  | Portfolio company                    |  | P.C.                |  | 22.21               |  | 72.00                       |                   | 48.9  |  | 60.6            |   |  |               |   |  |      |   |  | 24.3  |  
|Gas Natural Ban, S.A.                                 |  | Argentina          |  | Invergas, S.A.                          |  | Gas Natural Argentina SDG, S.A.     |  | Transmission and distribution of gas |  | P.C.                |  | 15.55               |  | 70.00                       |                   | 214.7 |  | (152.2          | ) |  | 10.4           |   |  | (13.4 | ) |  | 9.2   |  
|Gas Natural Argentina SDG, S.A.                       |  | Argentina          |  | Gas Natural Internacional, SDG, S.A.    |  |                                     |  | Portfolio company                    |  | P.C.                |  | 22.21               |  | 72.00                       |                   | 105.0 |  | (23.4           | ) |  |               |   |  |      |   |  | 18.1  |  
|Gas Natural do Brasil S.A.                            |  | Brazil             |  | Gas Natural Internacional, SDG, S.A.    |  |                                     |  | Electricity production and retailing |  | P.C.                |  | 30.84               |  | 99.99                       |                   | 0.6   |  | (1.5            | ) |  | (0.4           | ) |  |      |   |  | (0.4  | )
|Gas Natural Serviços, S.A.                            |  | Brazil             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural do Brasil S.A.          |  | Services                             |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 1.7   |  | 0.3             |   |  | 0.1            |   |  |      |   |  | 0.6   |  
|Gas Natural México, S.A. de CV                        |  | Mexico             |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural SDG, S.A.               |  | Transmission and distribution of gas |  | P.C.                |  | 26.76               |  | 86.75                       |                   | 470.7 |  | (148.2          | ) |  | 3.5            |   |  |      |   |  | 87.2  |  
|Comercializadora Metrogas S.A. de CV                  |  | Mexico             |  | Gas Natural México, S.A. de C.V.        |  | Sistemas de Admin. y Servicios      |  | Distribution of gas                  |  | P.C.                |  | 26.76               |  | 100.00                      |                   | 128.1 |  | (56.1           | ) |  | 2.9            |   |  |      |   |  | 20.0  |  
|Adm. Servicios Energía México, S.A. de CV             |  | Mexico             |  | Comercializadora Metrogas S.A. de CV    |  | Gas Natural México, S.A. de C.V.    |  | Services                             |  | P.C.                |  | 26.76               |  | 100.00                      |                   |      |  | (0.4            | ) |  |               |   |  |      |   |  | (0.1  | )
|Energía y Confort Admón. de Personal, S.A. de CV      |  | Mexico             |  | Gas Natural México, S.A. de CV          |  | Gas Natural Internacional SDG, S.A. |  | Services                             |  | P.C.                |  | 26.76               |  | 100.00                      |                   |      |  | 0.1             |   |  | 0.1            |   |  |      |   |  | 0.1   |  
|Gas Natural Servicios, S.A. de C.V.                   |  | Mexico             |  | Gas Natural México, S.A. de CV          |  | Gas Natural Internacional SDG, S.A. |  | Services                             |  | P.C.                |  | 26.76               |  | 100.00                      |                   | 6.1   |  | (2.8            | ) |  | (0.2           | ) |  |      |   |  | 0.8   |  



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|                                                |  |               |  |                                      |  |                                                     |  |                                           |  |                     |  |                     |  |                             |                   |         |  |                 |   |  |                |   |  |      |   |  |        
|----------------------------------------------- |  | ------------- |  | ------------------------------------ |  | --------------------------------------------------- |  | ----------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ------- |  | --------------- | - |  | -------------- | - |  | ---- | - |  | -------
|Name                                            |  | Country       |  | Parent                               |  | Other Shareholders(1)                               |  | Line of Business                          |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros
|                                                |  |               |  |                                      |  | % of DirectOwnership                                |  | % ofControl                               |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |         |  | InterimDividend |   |  | AssetsOwned(2)
|Transnatural, SRL de CV.                        |  | Mexico        |  | Gas Natural México, S.A. de CV       |  |                                                     |  | Transmission and marketing of gas         |  | P.C.                |  | 13.38               |  | 50.00                       |                   | 10.4    |  | (8.4            | ) |  | (1.9           | ) |  |     |   |  | 0.0    
|CH4 Energía, S.A de CV.                         |  | Mexico        |  | Gas Natural México, S.A. de CV       |  |                                                     |  | Transmission and marketing of gas         |  | P.C.                |  | 13.38               |  | 50.00                       |                   | 0.6     |  | 0.1             |   |  | 0.9            |   |  |     |   |  | 0.2    
|Gas Natural Vendita Italia, SPA                 |  | Italy         |  | Gas Natural Internacional SDG, S.A.  |  |                                                     |  | Marketing of gas                          |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 2.1     |  | 6.9             |   |  | (1.1           | ) |  |     |   |  | 2.4    
|Nettis Impianti, S.P.A.                         |  | Italy         |  | Gas Natural Internacional SDG, S.A.  |  |                                                     |  | Portfolio company and distribution of gas |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 3.1     |  | 123.1           |   |  | (0.4           | ) |  |     |   |  | 38.8   
|Gasdotti Azienda Siciliana, S.P.A.              |  | Italy         |  | Nettis Impianti, S.P.A.              |  | Autocartera                                         |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 90.00                       |                   | 0.5     |  | 27.1            |   |  | (4.1           | ) |  |     |   |  | 7.2    
|Agragas, S.P.A.                                 |  | Italy         |  | Nettis Impianti, S.P.A.              |  | Autocartera                                         |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 90.00                       |                   | 0.1     |  | 35.7            |   |  | (0.5           | ) |  |     |   |  | 10.9   
|Normanna Gas, S.P.A.                            |  | Italy         |  | Nettis Impianti, S.P.A.              |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 90.00                       |                   | 0.1     |  | 28.9            |   |  | (0.2           | ) |  |     |   |  | 8.9    
|Gas Natural Servici e Logistica Italia, S.P.A.  |  | Italy         |  | Nettis Impianti, S.P.A.              |  |                                                     |  | Portfolio company                         |  | P.C.                |  | 30.85               |  | 90.00                       |                   | 0.1     |  | 0.4             |   |  | (0.3           | ) |  |     |   |  | 0.1    
|Congas, S.P.A.                                  |  | Italy         |  | Normanna Gas, S.P.A.                 |  | Agragas, S.P.A., Gasdotti Azienda Siciliana, S.P.A. |  | Marketing of gas                          |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1     |  | 1.2             |   |  | (0.1           | ) |  |     |   |  | 0.4    
|Nettis Gestioni, S.R.L.                         |  | Italy         |  | Nettis Impianti, S.P.A.              |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1     |  | 1.7             |   |  | 0.2            |   |  |     |   |  | 0.6    
|Nettis Gas Plus, S.P.A.                         |  | Italy         |  | Nettis Impianti, S.P.A.              |  | Nettis Gestioni, S.R.L.                             |  | Marketing of gas                          |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 2.6     |  | 2.6             |   |  | 1.9            |   |  |     |   |  | 2.2    
|SCM, S.R.L.                                     |  | Italy         |  | Nettis Impianti, S.P.A.              |  | Nettis Gestioni, S.R.L.                             |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.8     |  | (0.2            | ) |  | 0.2            |   |  |     |   |  | 0.2    
|SCM Gas Plus, S.R.L.                            |  | Italy         |  | SCM, S.R.L.                          |  |                                                     |  | Marketing of gas                          |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.2     |  | 0.1             |   |  | (0.2           | ) |  |     |   |  | 0.0    
|Smedigas, S.P.A.                                |  | Italy         |  | Gas Natural Internacional SDG, S.A.  |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.6     |  | 20.7            |   |  | 0.9            |   |  |     |   |  | 6.8    
|Gas Natural Rigassificazione Italia, SPA        |  | Italy         |  | Gas Natural Internacional SDG, S.A.  |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1     |  |                |   |  |               |   |  |     |   |  | 0.0    
|Sistemas Administración y Servicios, S.A. de CV |  | Mexico        |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural SDG, S.A.                               |  | Services                                  |  | P.C.                |  | 26.84               |  | 87.00                       |                   |        |  | 0.2             |   |  |               |   |  |     |   |  | 0.1    
|Natural Servicios, S.A.                         |  | Argentina     |  | Gas Natural Internacional, SDG, S.A. |  |                                                     |  | Gas installation work                     |  | P.C.                |  | 24.46               |  | 79.31                       |                   | 2.3     |  | (1.3            | ) |  | 0.3            |   |  |     |   |  | 0.3    
|Serviconfort Colombia S.A.                      |  | Colombia      |  | Gas Natural Internacional, SDG, S.A. |  | La Propagadora del Gas, S.A.                        |  | Services                                  |  | P.C.                |  | 30.85               |  | 95.00                       |                   | 0.2     |  | 0.3             |   |  | 0.5            |   |  |     |   |  | 0.3    
|Gas Natural, S.A. ESP                           |  | Colombia      |  | Gas Natural Internacional, SDG, S.A. |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 18.22               |  | 59.06                       |                   | 10.9    |  | 159.2           |   |  | 43.9           |   |  |     |   |  | 39.0   
|Gas Natural Cundiboyacense, S.A. ESP            |  | Colombia      |  | Gas Natural, S.A. ESP                |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 23.89               |  | 77.45                       |                   | 1.1     |  | 5.2             |   |  | 2.4            |   |  |     |   |  | 2.1    
|Gasoriente, S.A. ESP                            |  | Colombia      |  | Gas Natural, S.A. ESP                |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 9.93                |  | 54.50                       |                   | 9.2     |  | 24.6            |   |  | 6.7            |   |  | (9.4 | ) |  | 3.1    
|Gases de Barrancabermeja, S.A. ESP              |  | Colombia      |  | Gasoriente, S.A. ESP                 |  |                                                     |  | Distribution of gas                       |  | P.C.                |  | 9.93                |  | 99.99                       |                   | 1.3     |  | 1.6             |   |  | 0.3            |   |  |     |   |  | 0.3    
|Portal Gas Natural S.A.                         |  | Spain         |  | Gas Natural SDG, S.A.                |  |                                                     |  | e-business                                |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 8.0     |  | 0.4             |   |  | 0.1            |   |  |     |   |  | 2.6    
|Portal del Instalador, S.A.                     |  | Spain         |  | Portal Gas Natural                   |  | Repsol YPF, S.A.                                    |  | Services                                  |  | P.C.                |  | 23.14               |  | 85.00                       |                   | 1.3     |  | (0.1            | ) |  | (0.1           | ) |  |     |   |  | 0.3    
|Torre Marenostrum, S.A.                         |  | Spain         |  | Gas Natural SDG, S.A.                |  |                                                     |  | Real estate                               |  | E.M.                |  | 13.88               |  | 45.00                       |                   | 5.3     |  | 14.5            |   |  | (0.1           | ) |  |     |   |  | 2.7    
|Central Térmica la Torrecilla, S.A.             |  | Spain         |  | Gas Natural SDG, S.A.                |  |                                                     |  | Electricity cogeneration                  |  | P.C.                |  | 15.42               |  | 50.00                       |                   | 2.1     |  |                |   |  |               |   |  |     |   |  | 0.3    
|Natural RE, S.A.                                |  | Luxembourg    |  | Gas Natural International, Ltd.      |  | Holding Gas Natural, S.A.                           |  | Finance                                   |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 3.1     |  |                |   |  | (0.4           | ) |  |     |   |  | 0.8    
|Gas Natural Capital Markets, S.A.               |  | Spain         |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Finance                                   |  | P.C.                |  | 30.85               |  | 100.00                      |                   | 0.1     |  |                |   |  |               |   |  |     |   |  | 0.0    
|Proyectos Integrados Energéticos, S.A.          |  | Spain         |  | Repsol YPF, S.A.                     |  | Repsol Petróleo, S.A.                               |  | Electricity and natural gas               |  | F.C.                |  | 100                 |  | 100                         |                   | 6.0     |  | 6.4             |   |  | 2.6            |   |  |      |   |  | 15.0   
|YPF, S.A. 7                                     |  | Argentina     |  | Repsol YPF, S.A.                     |  | Repsol YPF Capital/ CAVEANT/R.Exploración           |  | Oil and gas exploration and production    |  | F.C.                |  | 99.04               |  | 99.04                       |                   | 4,594.8 |  | (3.2            | ) |  | 1,640.7        |   |  |     |   |  | 6,172.5
|YPF International, S.A.                         |  | Bolivia       |  | YPF, S.A.                            |  | Repsol YPF Bolivia/Repsol YPF E&P Bolivia           |  | Portfolio company                         |  | F.C.                |  | 99.04               |  | 100                         |                   | 202.2   |  | (114.5          | ) |  | 4.7            |   |  |     |   |  | 91.5   
|YPF Energy Holdings N.V.                        |  | Neth.Antilles |  | YPF International, S.A.              |  |                                                     |  | Portfolio company                         |  | F.C.                |  | 99.04               |  | 100                         |                   | 354.7   |  | (284.8          | ) |  | 2.4            |   |  |     |   |  | 71.6   
|YPF Jambi Merang, B.V.                          |  | Netherlands   |  | YPF International, S.A.              |  |                                                     |  | Oil and gas exploration and production    |  | F.C.                |  | 99.04               |  | 100                         |                   | 0.1     |  |                |   |  |               |   |  |     |   |  | 0.1    



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|                                                 |  |               |  |                                |  |                          |  |                                                |  |                     |  |                     |          |                             |  |                   |   |  |                 |   |  |                |   |  |       |   |  |        |  
|------------------------------------------------ |  | ------------- |  | ------------------------------ |  | ------------------------ |  | ---------------------------------------------- |  | ------------------- |  | ------------------- | -------- | --------------------------- |  | ----------------- | - |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ------ | -
|Name                                             |  | Country       |  | Parent                         |  | Other Shareholders(1)    |  | Line of Business                               |  | ConsolidationMethod |  | % of TotalOwnership |          | Amount in Millions of Euros | 
|                                                 |  |               |  |                                |  | % of DirectOwnership     |  | % ofControl                                    |  | ShareCapital        |  |                     | Reserves |                             |  | 2005Income (Loss) |   |  | InterimDividend |   |  | AssetsOwned(2) |  
|YPF Ecuador Inc.                                 |  | CaymanIslands |  | YPF International, S.A.        |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  | 0.9               |   |  | (0.9            | ) |  |               |   |  |      |   |  |       |  
|Greenstone Assurance, Ltd.                       |  | Bermuda       |  | YPF International, S.A.        |  |                          |  | Reinsurance                                    |  | F.C.                |  | 99.04               |          | 100                         |  | 14.2              |   |  | (12.4           | ) |  | 1.4            |   |  |      |   |  | 3.2    |  
|YPF Malaysia, Ltd.                               |  | CaymanIslands |  | YPF International, S.A.        |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  |                  |   |  | (16.8           | ) |  |               |   |  |      |   |  | (16.6  | )
|Maxus Guyana, Ltd.                               |  | CaymanIslands |  | YPF International, S.A.        |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  |                  |   |  | (3.0            | ) |  | (0.3           | ) |  |      |   |  | (3.3   | )
|Oil Enterprise, Ltd. (SPE)                       |  |               |  | YPF, S.A.                      |  |                          |  | Special Porpouse Entity                        |  | F.C.                |  | 99.04               |          | 100                         |  |                  |   |  | (26.0           | ) |  | 2.9            |   |  |      |   |  | (22.9  | )
|Oil International, Ltd. (SPE)                    |  |               |  | YPF, S.A.                      |  |                          |  | Special Porpouse Entity                        |  | F.C.                |  | 99.04               |          | 100                         |  |                  |   |  | (10.6           | ) |  | 10.6           |   |  |      |   |  |       |  
|YPF Holdings Inc.                                |  | US            |  | YPF, S.A.                      |  |                          |  | Portfolio company                              |  | F.C.                |  | 99.04               |          | 100                         |  | 458.9             |   |  | (549.1          | ) |  | (38.8          | ) |  |      |   |  | (127.8 | )
|CLH Holdings                                     |  | US            |  | YPF Holdings Inc.              |  |                          |  | Finance                                        |  | F.C.                |  | 99.04               |          | 100                         |  | 124.4             |   |  | (187.1          | ) |  | (9.3           | ) |  |      |   |  | (71.3  | )
|Tierra Solutions Inc.                            |  | US            |  | CLH Holdings                   |  |                          |  | Other                                          |  | F.C.                |  | 99.04               |          | 100                         |  | 124.4             |   |  | (187.1          | ) |  | (9.3           | ) |  |      |   |  | (71.3  | )
|Maxus Energy Corporation                         |  | US            |  | YPF Holdings Inc.              |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  | 237.3             |   |  | (356.5          | ) |  | (21.0          | ) |  |      |   |  | (138.9 | )
|Maxus US Exploration Co.                         |  | US            |  | Maxus Energy Corporation       |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  | 1.6               |   |  | (109.0          | ) |  | (9.4           | ) |  |      |   |  | (115.7 | )
|Midgard Energy Co.                               |  | US            |  | Maxus Energy Corporation       |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  |                   |   |  |                 |   |  |                |   |  |       |   |  |       |  
|Diamond Gateway Coal Co.                         |  | US            |  | Maxus Energy Corporation       |  |                          |  | Other                                          |  | F.C.                |  | 99.04               |          | 100                         |  | (9.6              | ) |  | 0.8             |   |  | (0.1           | ) |  |      |   |  | (8.8   | )
|Wheeling Gateway Coal Co.                        |  | US            |  | Maxus Energy Corporation       |  |                          |  | Other                                          |  | F.C.                |  | 99.04               |          | 100                         |  |                   |   |  |                 |   |  |                |   |  |       |   |  |       |  
|Gateway Coal Co.                                 |  | US            |  | Maxus Energy Corporation       |  | Diamond Gateway Coal Co. |  | Other                                          |  | F.C.                |  | 99.04               |          | 100                         |  |                   |   |  |                 |   |  |                |   |  |       |   |  |       |  
|Ryttsa USA Inc.                                  |  | US            |  | YPF Holdings Inc.              |  |                          |  | Marketing of oil products                      |  | F.C.                |  | 99.04               |          | 100                         |  |                   |   |  |                 |   |  |                |   |  |       |   |  |       |  
|Compañía Mega                                    |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Gas fractionation                              |  | P.C.                |  | 37.64               |          | 38.00                       |  | 171.3             |   |  | 57.2            |   |  | 103.1          |   |  |      |   |  | 124.8  |  
|Operadora de Estaciones de Servicio, S.A. OPESSA |  | Argentina     |  | YPF, S.A.                      |  | Repsol YPF Gas, S.A.     |  | Marketing of oil and gas                       |  | F.C.                |  | 98.90               |          | 99.85                       |  | 101.0             |   |  | (58.5           | ) |  | 9.4            |   |  |      |   |  | 51.3   |  
|YPF Inversora Energética, S.A.                   |  | Argentina     |  | YPF, S.A.                      |  | Astra Evangelista, S.A.  |  | Portfolio company                              |  | E.M.                |  | 99.04               |          | 100                         |  |                  |   |  |                |   |  |               |   |  |      |   |  |       |  
|Gas Argentino, S.A. (GASA)                       |  | Argentina     |  | YPF Inversora Energética, S.A. |  |                          |  | Portfolio company                              |  | E.M.                |  | 44.89               |          | 45.33                       |  | 260.8             |   |  | (344.5          | ) |  | 8.7            |   |  |      |   |  | (33.7  | )
|Metrogas, S.A.                                   |  | Argentina     |  | Gas Argentino, S.A. (GASA)     |  |                          |  | Distribution of gas                            |  | E.M.                |  | 31.43               |          | 70.00                       |  | 480.7             |   |  | (721.2          | ) |  | 19.2           |   |  |      |   |  | (69.5  | )
|Oiltanking Ebytem, S.A.                          |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Transmission and storage of oil and gas        |  | E.M.                |  | 29.71               |          | 30.00                       |  | 9.9               |   |  | (1.0            | ) |  | 6.9            |   |  |      |   |  | 4.7    |  
|A&C Pipeline Holding                             |  | CaymanIslands |  | YPF, S.A.                      |  |                          |  | Finance                                        |  | E.M.                |  | 17.83               |          | 18.00                       |  | 0.8               |   |  |                |   |  |               |   |  |      |   |  | 0.1    |  
|Oleoducto Transandino Argentino, S.A.            |  | Argentina     |  | A&C Pipeline Holding           |  |                          |  | Oil pipeline construction and operation        |  | E.M.                |  | 17.83               |          | 100                         |  | 38.3              |   |  |                |   |  |               |   |  |      |   |  | 6.8    |  
|Oleoducto Trasandino Chile, S.A.                 |  | Chile         |  | A&C Pipeline Holding           |  |                          |  | Oil pipeline construction and operation        |  | E.M.                |  | 17.83               |          | 100                         |  |                  |   |  |                |   |  |               |   |  |      |   |  |       |  
|Gasoducto del Pacífico Argentina, S.A.           |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Gas pipeline construction and operation        |  | E.M.                |  | 8.67                |          | 10.00                       |  | 104.6             |   |  | (42.0           | ) |  | 4.6            |   |  |      |   |  | 5.8    |  
|Profertil, S.A.                                  |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Production and sale of gas products            |  | P.C.                |  | 49.52               |          | 50.00                       |  | 300.6             |   |  | (65.7           | ) |  | 84.8           |   |  |      |   |  | 158.3  |  
|Refinerías del Norte, S.A. (REFINOR)             |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Refining and marketing of oil products         |  | P.C.                |  | 49.52               |          | 50.00                       |  | 85.2              |   |  | 15.6            |   |  | 45.5           |   |  | (26.7 | ) |  | 59.2   |  
|Terminales Marítimas Patagónicas, S.A.           |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Logistics of oil by-products                   |  | E.M.                |  | 32.83               |          | 33.15                       |  | 12.1              |   |  | 24.7            |   |  | 1.9            |   |  |      |   |  | 12.7   |  
|Oleoductos del Valle, S.A. (OLDELVAL)            |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Logistics of oil by-products                   |  | E.M.                |  | 36.64               |          | 37.00                       |  | 93.0              |   |  | (10.4           | ) |  | 6.9            |   |  |      |   |  | 32.8   |  
|Poligas Luján, S.A.                              |  | Argentina     |  | YPF, S.A.                      |  |                          |  | Bottling, transmission and marketing of L.P.G. |  | F.C.                |  | 50.01               |          | 50.49                       |  |                  |   |  |                |   |  |               |   |  |      |   |  |       |  
|Argentine Private Development Company (APDC)     |  | CaymanIslands |  | YPF, S.A.                      |  |                          |  | Oil and gas exploration and production         |  | F.C.                |  | 99.04               |          | 100                         |  | 25.4              |   |  | (13.8           | ) |  |               |   |  |      |   |  | 11.5   |  
|Astra Evangelista, S.A.                          |  | Argentina     |  | YPF, S.A.                      |  | OPESSA                   |  | Engineering and construction                   |  | F.C.                |  | 99.04               |          | 100                         |  | 7.3               |   |  | 10.4            |   |  | (2.5           | ) |  |      |   |  | 15.1   |  
|AESA Construcciones y Servicios                  |  | Brazil        |  | Astra Evangelista, S.A.        |  | YPF, S.A.                |  | Engineering and construction                   |  | F.C.                |  | 99.04               |          | 100                         |  | 2.3               |   |  | (0.6            | ) |  |               |   |  |      |   |  | 1.7    |  



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|                                           |  |           |  |                                      |  |                                                              |  |                                                    |  |                     |  |                     |  |                             |                   |       |  |                 |   |                |       |   |  |   |  |       |  
|------------------------------------------ |  | --------- |  | ------------------------------------ |  | ------------------------------------------------------------ |  | -------------------------------------------------- |  | ------------------- |  | ------------------- |  | --------------------------- | ----------------- | ----- |  | --------------- | - | -------------- | ----- | - |  | - |  | ----- | -
|Name                                       |  | Country   |  | Parent                               |  | Other Shareholders(1)                                        |  | Line of Business                                   |  | ConsolidationMethod |  | % of TotalOwnership |  | Amount in Millions of Euros |                  
|                                           |  |           |  |                                      |  | % of DirectOwnership                                         |  | % ofControl                                        |  | ShareCapital        |  | Reserves            |  |                             | 2005Income (Loss) |       |  | InterimDividend |   | AssetsOwned(2) |      
|Adicor, S.A.                               |  | Uruguay   |  | Astra Evangelista, S.A.              |  |                                                              |  | Other                                              |  | F.C.                |  | 99.04               |  | 100                         |                   | 0.1   |  | 6.8             |   |                |      |   |  |  |  | 6.8   |  
|Gasoducto Oriental, S.A.                   |  | Argentina |  | Astra Evangelista, S.A.              |  |                                                              |  | Distribution of natural gas                        |  | E.M.                |  | 16.50               |  | 16.66                       |                   |      |  | 2.0             |   |                | (0.1  | ) |  |   |  | 0.3   |  
|Inversora Dock Sud, S.A.                   |  | Argentina |  | YPF, S.A.                            |  |                                                              |  | Portfolio company                                  |  | E.M.                |  | 42.45               |  | 42.86                       |                   | 79.4  |  |                |   |                | 5.1   |   |  |  |  | 35.9  |  
|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                       |                   | 132.8 |  |                |   |                | 5.1   |   |  |  |  | 54.5  |  
|Pluspetrol Energy, S.A.                    |  | Argentina |  | YPF, S.A.                            |  |                                                              |  | Oil and gas exploration and production             |  | P.C.                |  | 44.57               |  | 45.00                       |                   | 81.3  |  | (50.2           | ) |                | 30.0  |   |  |  |  | 27.2  |  
|Repsol YPF Chile, Limitada                 |  | Chile     |  | Repsol YPF, S.A.                     |  | OPESSA                                                       |  | Administration of YPFs investments in Chile       |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 113.6 |  | 44.6            |   |                | 3.3   |   |  |  |  | 161.4 |  
|Operaciones y Servicios YPF, Ltda.         |  | Chile     |  | Repsol YPF Chile, Limitada           |  | Petróleos Transandinos, S.A.                                 |  | Operation of service stations                      |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 1.3   |  | (0.6            | ) |                | 0.3   |   |  |  |  | 1.0   |  
|Petróleos Transandinos YPF, S.A.           |  | Chile     |  | Repsol YPF Chile, Limitada           |  | YPF, S.A. / OPESSA                                           |  | Marketing and distribution of fuels and lubricants |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 49.6  |  | 33.6            |   |                | 2.1   |   |  |  |  | 85.3  |  
|Repsol YPF Bolivia, S.A.                   |  | Bolivia   |  | Repsol YPF, S.A.                     |  | R. Ex.plorac./Rex. Perú/Rex. Colombia/ R.YPF E&P Bolivia     |  | Portfolio company                                  |  | F.C.                |  | 100                 |  | 100                         |                   | 449.5 |  | 8.9             |   |                | (1.1  | ) |  |  |  | 457.3 |  
|Empresa Petrolera Andina, S.A.             |  | Bolivia   |  | Repsol YPF Bolivia, S.A.             |  |                                                              |  | Oil and gas exploration and production             |  | F.C.                |  | 50.00               |  | 50.00                       |                   | 472.4 |  | (105.9          | ) |                | (43.6 | ) |  |  |  | 161.5 |  
|Transierra S.A.                            |  | Bolivia   |  | Empresa Petrolera Andina, S.A.       |  |                                                              |  | Oil and gas transmission                           |  | E.M.                |  | 44.50               |  | 44.50                       |                   | 80.0  |  | 10.1            |   |                | 6.9   |   |  |  |  | 43.2  |  
|Maxus Bolivia Inc.                         |  | Bolivia   |  | Repsol YPF Bolivia, S.A.             |  |                                                              |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 112.3 |  | 62.4            |   |                | 20.0  |   |  |  |  | 194.7 |  
|Repsol YPF E&P de Bolivia, S.A.            |  | Bolivia   |  | Maxus Bolivia Inc.                   |  | R. YPF Bolivia, S.A. / Rex. Perú, S.A. / Rex. Colombia, S.A. |  | Oil and gas exploration and production             |  | F.C.                |  | 100                 |  | 100                         |                   | 128.3 |  | 61.5            |   |                | 23.7  |   |  |  |  | 213.5 |  
|AESA Construcciones y Servicios Bolivia    |  | Bolivia   |  | Repsol YPF Bolivia, S.A.             |  | R. YPF E&P de Bolivia, S.A. / Astra Evangelista              |  | Oil and gas transmission                           |  | F.C.                |  | 100                 |  | 100                         |                   |      |  | (5.9            | ) |                | 7.2   |   |  |  |  | 1.3   |  
|Repsol YPF Brasil, S.A.                    |  | Brazil    |  | Repsol YPF, S.A.                     |  | OPESSA                                                       |  | Exploitation and marketing of oil and gas          |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 882.2 |  | (354.7          | ) |                | (47.7 | ) |  |  |  | 479.8 |  
|Repsol YPF Distribuidora, S.A.             |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  | Repsol YPF Importadora de Productos, Ltda.                   |  | Logistics of oil by-products                       |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 70.7  |  | (82.1           | ) |                | 3.8   |   |  |  |  | (7.5  | )
|Transportadora Sul Brasileira do Gas, S.A. |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  |                                                              |  | Construction and operation of a gas pipeline       |  | E.M.                |  | 15.00               |  | 15.00                       |                   | 29.0  |  | (9.1            | ) |                | (6.4  | ) |  |  |  | 2.0   |  
|TermogauchaUsina Termeléctrica, S.A.      |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  |                                                              |  | Construction and operation of a power station      |  | E.M.                |  | 26.00               |  | 26.00                       |                   | 119.2 |  | 2.2             |   |                | (8.6  | ) |  |  |  | 29.3  |  
|Refinaria de Petróleos Manguinhos, S.A.    |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  |                                                              |  | Refining and marketing of oil products             |  | P.C.                |  | 30.71               |  | 30.71                       |                   | 11.9  |  | 62.9            |   |                | (21.8 | ) |  |  |  | 16.3  |  
|Manguinhos Distribuidora, S.A.             |  | Brazil    |  | Refinaria Petróleos Manguinhos, S.A. |  |                                                              |  | Marketing of oil products                          |  | P.C.                |  | 30.71               |  | 100.00                      |                   | 11.0  |  | (0.3            | ) |                | (0.3  | ) |  |  |  | 3.2   |  
|Manguinhos Química, S.A.                   |  | Brazil    |  | Refinaria Petróleos Manguinhos, S.A. |  | Manguinhos Distribuidora, S.A.                               |  | Marketing of petrochemicals                        |  | P.C.                |  | 30.71               |  | 100.00                      |                   | 2.1   |  | (0.2            | ) |                | 0.0   |   |  |  |  | 0.6   |  
|Alberto Pasqualini REFAP, S.A.             |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  |                                                              |  | Refining and marketing of oil products             |  | P.C.                |  | 30.00               |  | 30.00                       |                   | 324.7 |  | 132.8           |   |                | 75.6  |   |  |  |  | 159.9 |  
|Operadora de Postos de Servicos Ltda.      |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  | Repsol YPF Importadora de Productos, Ltda.                   |  | Operation of service stations                      |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 17.3  |  | (19.0           | ) |                | (10.3 | ) |  |  |  | (12.0 | )
|Repsol YPF Importadora de Productos, Ltda. |  | Brazil    |  | Repsol YPF Brasil, S.A.              |  | Repsol Gas Brasil, S.A.                                      |  | Marketing of oil products                          |  | F.C.                |  | 100.00              |  | 100.00                      |                   | 0.4   |  |                |   |                | 0.1   |   |  |  |  | 0.5   |  



|                      |  |                                   |  |  |  |     |  |                                                                                                                            
|--------------------- |  | --------------------------------- |  |  |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------
|Consolidation method: |  |                                   |  |  |  |    
|F.C.:                 |  | Full consolidation                |  |  |  | (*) |  | Amount less than EUR 20,000.                                                                                               
|P.C.:                 |  | Proportional consolidation        |  |  |  |     |  |                                                                                                                            
|E.M.:                 |  | Equity method                     |  |  |  | (1) |  | Other Group companies with ownership interests of less than that of the Parent in the companys share capital.             
|n/a:                  |  | Not available                     |  |  |  | (2) |  | Based on the percentage of ownership of the related Parent.                                                                
|                      |  | Information to be verified by DCA |  |  |  | (3) |  | This company is fully consolidated by its Parent. The Parent is accounted for by the equity method in the Repsol YPF Group.
|                      |  | Awaiting information              |  |  |  |     |  |                                                                                                                            



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