Exhibit 8.1

|                                                                    |  |                  |  |                                            |  |                                                       |  |                                            |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                 |  
|------------------------------------------------------------------- |  | ---------------- |  | ------------------------------------------ |  | ----------------------------------------------------- |  | ------------------------------------------ |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007                |  |                  |  |                                            |  |                                                       |  |                                            | 
|                                                                    |  |                  |  |                                            |  |                                                       | 
|                                                                    |  |                  |  |                                            |  |                                                       |  |                                            |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                                |  | Country          |  | Parent                                     |  | OtherShareholders (1)                                 |  | Line of business                           |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Repsol Petróleo, S.A.                                               |  | Spain            |  | Repsol YPF,S.A.                            |  |                                                       |  | Refining                                   |  | F.C.                    |  | 99.97               |  | 99.97                        |  | 217.6        |  | 640.0    |   |  | 612.4            |   |  | (492.2          | ) |  | 977.5           |  
|Repsol YPF Lubricantes y Especialidades, S.A.                       |  | Spain            |  | RepsolPetróleo, S.A.                       |  | RepsolComercialde ProductosPetrolíferos,S.A.          |  | Productionandmarketingofderivativeproducts |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 5.4          |  | (0.4     | ) |  | (6.4             | ) |  |                |   |  | (1.4            | )
|Euroboxes, S.A.                                                     |  | Spain            |  | Repsol YPFLubricantes yEspecialidades,S.A. |  | RepsolComercialde ProductosPetrolíferos,S.A.          |  | Operationofworkshopsand otheractivities    |  | E.M.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 0.2      |   |  | 0.2              |   |  |                |   |  | 0.5             |  
|Repsol YPF Productos y Servicios Petrolíferos, S.A                  |  | Spain            |  | Repsol YPFLubricantes yEspecialidades,S.A. |  | RepsolComercialde ProductosPetrolíferos,S.A.          |  | Airportservices                            |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 0.4      |   |  | 0.8              |   |  |                |   |  | 1.3             |  
|Repsol Eléctrica de Distribución, S.L.                              |  | Spain            |  | RepsolPetróleo, S.A.                       |  | Repsol YPF,S.A.                                       |  | Distributionand supplyof electricpower     |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 1.9      |   |  | 1.0              |   |  |                |   |  | 3.0             |  
|Asfaltos Españoles, S.A.                                            |  | Spain            |  | RepsolPetróleo, S.A.                       |  |                                                       |  | Asphalts                                   |  | P.C.                    |  | 50.00               |  | 50.00                        |  | 8.5          |  | 9.3      |   |  | 2.0              |   |  |                |   |  | 9.9             |  
|Servicios de seguridad Mancomunados (SESEMA)                        |  | Spain            |  | RepsolPetróleo, S.A.                       |  | RepsolButano, S.A.y RepsolQuímica,S.A.                |  | Security                                   |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.4          |  | (0.2     | ) |  | 0.1              |   |  |                |   |  | 0.3             |  
|Compañía Auxiliar de Remolcadores y Buques Especiales, S.A. (CARSA) |  | Spain            |  | RepsolPetróleo, S.A.                       |  | RepsolComercialde ProductosPetrolíferos,S.A./PETRONOR |  | Tug boats                                  |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 2.5      |   |  | 3.2              |   |  |                |   |  | 5.8             |  
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)                     |  | Spain            |  | Repsol YPF,S.A.                            |  | RepsolPetróleo,S.A.                                   |  | Trading ofoil products                     |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 57.0     |   |  | (19.0            | ) |  |                |   |  | 38.1            |  
|RYTTSA Singapur                                                     |  | CaymanIsland     |  | Repsol YPFTrading yTransportes,S.A.        |  |                                                       |  | Trading ofoil products                     |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | (1.2     | ) |  | (0.7             | ) |  |                |   |  | (1.8            | )
|Repsol Overzee Finance, B.V.                                        |  | Netherlands      |  | Repsol YPF,S.A.                            |  |                                                       |  | Portfoliocompany                           |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 121.1        |  | 1.0      |   |  | 38.2             |   |  |                |   |  | 160.3           |  
|Atlantic 2/3 Holdings, Llc.                                         |  | Trinidad &Tobago |  | RepsolOverzeeFinance, B.V.                 |  |                                                       |  | Portfoliocompany                           |  | P.C.                    |  | 25.00               |  | 25.00                        |  | 94.6         |  |          |   |  | 74.7             |   |  | (74.7           | ) |  | 23.6            |  
|Atlantic LNG 2/3 Company of Trinidad & Tobago (2)                   |  | Trinidad &Tobago |  | Atlantic 2/3Holdings, Llc.                 |  |                                                       |  | Supply and/ordistributionof naturalgas     |  | P.C.                    |  | 25.00               |  | 100.00                       |  | 94.6         |  | 32.4     |   |  | 58.2             |   |  | (74.7           | ) |  | 27.6            |  



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|--------------------------------------------------------------- |  | --------------- |  | ------------------------- |  | ---------------------------------- |  | ------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007            |  |                 |  |                           |  |                                    |  |                                       | 
|                                                                |  |                 |  |                           |  |                                    | 
|                                                                |  |                 |  |                           |  |                                    |  |                                       |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                            |  | Country         |  | Parent                    |  | OtherShareholders (1)              |  | Line of business                      |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Atlantic 4 Holdings, Llc.                                       |  | Trinidad&Tobago |  | RepsolOverzeeFinance,B.V. |  |                                    |  | Portfoliocompany                      |  | E.M.                    |  | 22.22               |  | 22.22                        |  | 171.2        |  |         |   |  |                 |   |  |                |   |  | 38.0            |  
|Atlantic 4 LNG Company of Trinidad & Tobago(3)                  |  | Trinidad&Tobago |  | Atlantic4Holdings,Llc.    |  |                                    |  | Constructionofliquefactionplant       |  | E.M.                    |  | 22.22               |  | 100.00                       |  | 171.2        |  | (72.3    | ) |  | (5.2             | ) |  |                |   |  | 20.8            |  
|Repsol LNG T & T, Ltd.                                          |  | Trinidad&Tobago |  | RepsolOverzeeFinance,B.V. |  |                                    |  | Marketingof naturalgas                |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 3.6          |  | (2.9     | ) |  | 5.5              |   |  |                |   |  | 6.2             |  
|Repsol E&P T&T Limited                                          |  | Trinidad&Tobago |  | RepsolOverzeeFinance,B.V. |  |                                    |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 51.5         |  | (12.7    | ) |  | 15.6             |   |  |                |   |  | 54.4            |  
|Repsol LNG, S.L.                                                |  | Spain           |  | RepsolYPF,S.A.            |  | Repsolcomercializadorade Gas, S.A. |  | Marketingof naturalgas                |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 0.2      |   |  | (0.7             | ) |  |                |   |  | (0.4            | )
|Gastream México S.A. de C.V.                                    |  | Mexico          |  | RepsolYPF,S.A.            |  | Repsol LNG,S.L.                    |  | Otheractivities                       |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 19.6         |  | (5.6     | ) |  | (14.0            | ) |  |                |   |  | 0.0             |  
|Repsol Gas Natural LNG                                          |  | Spain           |  | RepsolYPF,S.A.            |  | Gas Natural,SGA                    |  | Marketingof G.N.L.                    |  | P.C.                    |  | 50.00               |  | 100.00                       |  | 2.0          |  | 0.1      |   |  | 0.1              |   |  |                |   |  | 1.1             |  
|Pacific LNG Bolivia S.R.L.                                      |  | Bolivia         |  | RepsolYPF,S.A.            |  |                                    |  | Explorationandproductionof oil andgas |  | E.M.                    |  | 37.50               |  | 37.50                        |  | 0.9          |  | (0.8     | ) |  |                 |   |  |                |   |  | 0.0             |  
|Repsol Comercializadora de Gas, S.A.                            |  | Spain           |  | RepsolYPF,S.A.            |  | Repsol Petróleo,S.A.               |  | Marketingof naturalgas                |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 3.0      |   |  | 11.4             |   |  |                |   |  | 14.5            |  
|Repsol Butano, S.A.                                             |  | Spain           |  | RepsolYPF,S.A.            |  | Repsol Petróleo,S.A.               |  | Marketingof LPG                       |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 58.7         |  | 350.9    |   |  | 78.9             |   |  | (48.9           | ) |  | 439.6           |  
|Repsol Maroc, S.A.                                              |  | Morocco         |  | RepsolButano,S.A.         |  |                                    |  | Marketingof naturalgas                |  | E.M.                    |  | 100.00              |  | 100.00                       |  | 1.3          |  | (1.9     | ) |  |                 |   |  |                |   |  | (0.6            | )
|National Gaz                                                    |  | Morocco         |  | RepsolButano,S.A.         |  |                                    |  | Marketingof LPG                       |  | E.M.                    |  | 100.00              |  | 100.00                       |  | 0.4          |  | 1.2      |   |  | 0.4              |   |  |                |   |  | 2.0             |  
|Repsol YPF Gas, S.A.                                            |  | Argentina       |  | RepsolButano,S.A.         |  |                                    |  | Marketingof LPG                       |  | F.C.                    |  | 85.00               |  | 85.00                        |  | 17.4         |  | 2.9      |   |  | 4.3              |   |  |                |   |  | 20.9            |  
|Comsergas, Compañía Servicios Industriales de Gas Licuado, S.A. |  | Argentina       |  | RepsolYPF Gas,S.A.        |  |                                    |  | Gasinstallationwork                   |  | F.C.                    |  | 52.70               |  | 62.00                        |  | 0.5          |  | (0.1     | ) |  | 0.0              |   |  |                |   |  | 0.2             |  
|Gas Austral, S.A.                                               |  | Argentina       |  | RepsolYPF Gas,S.A.        |  |                                    |  | Marketingof LPG                       |  | E.M.                    |  | 42.50               |  | 50.00                        |  |             |  | 0.6      |   |  |                  |   |  |                |   |  | 0.3             |  
|Mejorgas, S.A.                                                  |  | Argentina       |  | RepsolYPF Gas,S.A.        |  | Poligas Luján,S.A.                 |  | Marketingof LPG                       |  | E.M.                    |  | 75.73               |  | 100.00                       |  | 0.2          |  | (0.6     | ) |  | 0.0              |   |  |                |   |  | (0.3            | )



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|---------------------------------------------------- |  | -------- |  | ---------------------------- |  | ------------------------------------------------------ |  | --------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |          |  |                              |  |                                                        |  |                                        
|                                                     |  |          |  |                              |  |                                                        | 
|                                                     |  |          |  |                              |  |                                                        |  |                                         |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country  |  | Parent                       |  | OtherShareholders (1)                                  |  | Line of business                        |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5)
|Duragas, S.A.                                        |  | Ecuador  |  | RepsolButano,S.A.            |  |                                                        |  | Marketingof LPG                         |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 5.0          |  | 5.8      |   |  | 5.3              |   |  |                |   |  | 16.1           
|Servicio de Mantenimiento y Personal - SEMAPESA      |  | Ecuador  |  | RepsolButano,S.A.            |  |                                                        |  | Maintenanceandpersonnelservices         |  | F.C.                    |  | 100.00              |  | 100.00                       |  |             |  | 0.1      |   |  |                 |   |  |                |   |  | 0.1            
|Repsol Gas Portugal, S.A.                            |  | Portugal |  | RepsolButano,S.A.            |  |                                                        |  | Marketingof LPG                         |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.9          |  | 25.7     |   |  | 14.5             |   |  |                |   |  | 41.1           
|Spelta Soc. Unipessoal Lda.                          |  | Portugal |  | RepsolGasPortugal,S.A.       |  |                                                        |  | Marketingof LPG                         |  | E.M.                    |  | 100.00              |  | 100.00                       |  |             |  | 0.8      |   |  | 0.3              |   |  |                |   |  | 1.1            
|Saaga, S.A.                                          |  | Portugal |  | RepsolGasPortugal,S.A.       |  |                                                        |  | Marketingof LPG                         |  | E.M.                    |  | 25.07               |  | 25.07                        |  | 1.0          |  | 4.8      |   |  | 0.2              |   |  |                |   |  | 1.5            
|Repsol Butano Chile, S.A.                            |  | Chile    |  | RepsolButano,S.A.            |  | Repsol YPFChile,Limitada                               |  | Portfoliocompany                        |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 100.6        |  | 32.3     |   |  | 19.6             |   |  |                |   |  | 152.5          
|Empresas Lipigas, S.A.                               |  | Chile    |  | RepsolButanoChile,S.A.       |  |                                                        |  | Marketingof LPG                         |  | P.C.                    |  | 45.00               |  | 45.00                        |  | 73.0         |  | 0.2      |   |  | 53.1             |   |  | (30.1           | ) |  | 43.3           
|Repsol YPF Comercial del Perú, S.A.                  |  | Peru     |  | RepsolButano,S.A.            |  |                                                        |  | Marketingof LPG                         |  | F.C.                    |  | 99.61               |  | 99.61                        |  | 38.7         |  | 1.8      |   |  | 11.0             |   |  |                |   |  | 51.3           
|Repsol YPF Comercial de la Amazonia, SAC             |  | Peru     |  | RepsolYPFComercialPerú, S.A. |  | GrupoRepsol YPFdel Perú                                |  | Distributionof L.P.G.                   |  | F.C.                    |  | 99.61               |  | 100.00                       |  | 0.5          |  | (0.3     | ) |  | (0.1             | ) |  |                |   |  | 0.1            
|Repsol YPF GLP de Bolivia, S.A.                      |  | Bolivia  |  | RepsolButano,S.A.            |  | R. YPF E&Pde Bolivia,S.A./R. YPFBolivia, S.A.          |  | Marketingof LPG                         |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.7          |  | 6.9      |   |  | (0.6             | ) |  |                |   |  | 8.0            
|Repsol YPF Gas de Bolivia, S.A.                      |  | Bolivia  |  | RepsolYPF GLPde BoliviaS.A.  |  | Repsol YPFE&P S.A.                                     |  | Marketingof LPG                         |  | F.C.                    |  | 51.00               |  | 51.00                        |  | 1.3          |  | 3.0      |   |  | (1.2             | ) |  |                |   |  | 1.6            
|Repsol France                                        |  | France   |  | RepsolButano,S.A.            |  | RepsolQuímica,S.A./RepsolYPF, S.A./RepsolPetróleo,S.A. |  | Distributionandmarketing ofoil products |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 11.9         |  | (2.5     | ) |  | (1.6             | ) |  |                |   |  | 7.8            
|Repsol Gas Brasil, S.A.                              |  | Brazil   |  | RepsolButano,S.A.            |  | Repsol YPFBrasil, S.A.                                 |  | Marketingof LPG                         |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 9.1          |  | (4.4     | ) |  | (2.7             | ) |  |                |   |  | 2.0            



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|                                                     |  |         |  |                                             |  |                                              |  |                                          |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                
|---------------------------------------------------- |  | ------- |  | ------------------------------------------- |  | -------------------------------------------- |  | ---------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |         |  |                                             |  |                                              |  |                                         
|                                                     |  |         |  |                                             |  |                                              | 
|                                                     |  |         |  |                                             |  |                                              |  |                                          |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country |  | Parent                                      |  | OtherShareholders (1)                        |  | Line of business                         |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5)
|Solgas Distribuidora de Gas, S.L.                    |  | Spain   |  | RepsolButano,S.A.                           |  | RepsolComercial deProductosPetrolíferos,S.A. |  | Marketingof LPG                          |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.1          |  | (0.1     | ) |  | (0.2             | ) |  |                |   |  | 0.8            
|Vía Red Servicios Logísticos, S.A.                   |  | Spain   |  | RepsolButano,S.A.                           |  |                                              |  | Supply and/ordistributionof naturalgas   |  | E.M.                    |  | 51.00               |  | 51.00                        |  | 1.5          |  |         |   |  | (0.1             | ) |  |                |   |  | 0.7            
|Repsol Comercial de Productos Petrolíferos, S.A.     |  | Spain   |  | RepsolPetróleo,S.A.                         |  | Repsol YPF,S.A./PETRONOR                     |  | Marketingof oilproducts                  |  | F.C.                    |  | 96.65               |  | 99.76                        |  | 334.8        |  | 531.6    |   |  | 201.1            |   |  | (82.0           | ) |  | 952.4          
|Repsol Directo, S.A.                                 |  | Spain   |  | RepsolComercialdeProductosPetrolíferos,S.A. |  | CampsaEstaciones deServicio, S.A.-CAMPSARED  |  | Distributionandmarketingof oilproducts   |  | F.C.                    |  | 96.65               |  | 100.00                       |  | 0.1          |  | 0.8      |   |  | 1.9              |   |  |                |   |  | 2.7            
|Campsa Estaciones de Servicio, S.A. - CAMPSARED      |  | Spain   |  | RepsolComercialdeProductosPetrolíferos,S.A. |  | RepsolPetróleo, S.A.                         |  | Operationandmanagementof servicestations |  | F.C.                    |  | 96.65               |  | 100.00                       |  | 8.4          |  | 18.0     |   |  | 40.4             |   |  | (37.4           | ) |  | 28.4           
|Societat Catalana de Petrolis, S.A. (PETROCAT)       |  | Spain   |  | RepsolComercialdeProductosPetrolíferos,S.A. |  | RepsolPetróleo, S.A.                         |  | Distributionandmarketingof oilproducts   |  | E.M.                    |  | 43.68               |  | 45.00                        |  | 15.1         |  | (6.6     | ) |  | (0.1             | ) |  |                |   |  | 3.7            
|Air Miles España, S.A.                               |  | Spain   |  | RepsolComercialdeProductosPetrolíferos,S.A. |  |                                              |  | Loyalty-buildingprograms                 |  | E.M.                    |  | 21.75               |  | 22.50                        |  | 0.1          |  | 1.7      |   |  | 1.3              |   |  |                |   |  | 0.7            
|Carburants i Derivats, S.A. (CADESA)                 |  | Andorra |  | RepsolComercialdeProductosPetrolíferos,S.A. |  |                                              |  | Distributionof oilderivativeproducts     |  | E.M.                    |  | 32.14               |  | 33.25                        |  | 0.1          |  | 1.4      |   |  | 0.4              |   |  |                |   |  | 0.6            
|Euro 24, S.L.                                        |  | Spain   |  | AutoclubRepsol,S.L.                         |  |                                              |  | Automotiveservices                       |  | F.C.                    |  | 100.00              |  | 100.00                       |  |             |  | 0.8      |   |  | 0.1              |   |  |                |   |  | 0.9            
|Noroil, S.A.                                         |  | Spain   |  | RepsolComercialdeProductosPetrolíferos,S.A. |  | PETRONOR                                     |  | Distributionandmarketingof oilproducts   |  | F.C.                    |  | 67.66               |  | 70.00                        |  | 1.5          |  | 0.3      |   |  | 0.6              |   |  |                |   |  | 1.6            



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|                                                      |  |          |  |                                             |  |                                   |  |                                                |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                 |  
|----------------------------------------------------- |  | -------- |  | ------------------------------------------- |  | --------------------------------- |  | ---------------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007  |  |          |  |                                             |  |                                   |  |                                                | 
|                                                      |  |          |  |                                             |  |                                   | 
|                                                      |  |          |  |                                             |  |                                   |  |                                                |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                  |  | Country  |  | Parent                                      |  | OtherShareholders (1)             |  | Line of business                               |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Solred, S.A.                                          |  | Spain    |  | RepsolComercialdeProductosPetrolíferos,S.A. |  | Repsol YPF,S.A.                   |  | Managementof means ofpayment atservicestations |  | F.C.                    |  | 96.65               |  | 100.00                       |  | 7.3          |  | 22.0     |   |  | 16.1             |   |  | (12.8           | ) |  | 31.5            |  
|Gestión de Puntos de Venta, Gespevesa, S.A.           |  | Spain    |  | RepsolComercialdeProductosPetrolíferos,S.A. |  |                                   |  | Managementof servicestations                   |  | P.C.                    |  | 48.33               |  | 50.00                        |  | 15.4         |  | 4.3      |   |  | 1.4              |   |  |                |   |  | 10.2            |  
|Terminales Canarios, S.L.                             |  | Spain    |  | RepsolComercialdeProductosPetrolíferos,S.A. |  |                                   |  | Storage anddistributionof oilproducts          |  | P.C.                    |  | 48.33               |  | 50.00                        |  | 20.8         |  | 2.2      |   |  | 1.1              |   |  |                |   |  | 11.6            |  
|Servicios Logísticos de Combustibles de Aviación, SLU |  | Spain    |  | TerminalesCanarios,S.L.                     |  |                                   |  | Warehousinganddistributionof aviationproducts  |  | P.C.                    |  | 48.33               |  | 100.00                       |  | 1.0          |  | (0.2     | ) |  | 0.8              |   |  |                |   |  | 0.8             |  
|Compañía Logística de Hidrocarburos CLH, S.A.         |  | Spain    |  | RepsolYPF, S.A.                             |  | PETRONOR                          |  | Transportand storageof oilproducts             |  | E.M.                    |  | 15.00               |  | 15.00                        |  | 84.1         |  | 318.9    |   |  | 390.2            |   |  | (421.6          | ) |  | 55.7            |  
|CLH Aviación, S.A.(3)                                 |  | Spain    |  | CLH, S.A.                                   |  |                                   |  | Transportand storageof oilproducts             |  | E.M.                    |  | 15.00               |  | 100.00                       |  | 31.7         |  | 26.1     |   |  | 6.0              |   |  |                |   |  | 9.6             |  
|Carbon Black Española, S.A. (CARBESA)                 |  | Spain    |  | RepsolYPF, S.A.                             |  | RepsolQuímica,S.A.                |  | No activity                                    |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.2          |  | 13.2     |   |  | 1.8              |   |  |                |   |  | 15.2            |  
|The Repsol Company of Portugal Ltd.                   |  | Portugal |  | RepsolYPF, S.A.                             |  | CarbonBlackEspañola,S.A.(CARBESA) |  | Marketing ofoil products                       |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.2          |  | 2.9      |   |  | 0.1              |   |  |                |   |  | 3.2             |  
|Repsol Portuguesa, S.A.                               |  | Portugal |  | RepsolYPF, S.A.                             |  | CarbonBlackEspañola,S.A.(CARBESA) |  | Distributionandmarketing ofoil products        |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 59.0         |  | 292.8    |   |  | 49.0             |   |  |                |   |  | 400.8           |  
|Repsol Directo LDA                                    |  | Portugal |  | RepsolPortuguesa,S.A.                       |  |                                   |  | Distributionandmarketing ofoil products        |  | F.C.                    |  | 51.00               |  | 51.00                        |  | 0.0          |  |         |   |  | (0.2             | ) |  |                |   |  | (0.1            | )
|Gespost                                               |  | Portugal |  | RepsolPortuguesa,S.A.                       |  |                                   |  | Marketing ofoil products                       |  | F.C.                    |  | 100.00              |  | 99.67                        |  | 0.0          |  | 0.5      |   |  | 0.7              |   |  |                |   |  | 1.2             |  



---

|                                                     |  |          |  |                        |  |                        |  |                                            |  |                         |  |                     |  |                              |  |              |  |          |  |                  |   |  |                 |   |  |                
|---------------------------------------------------- |  | -------- |  | ---------------------- |  | ---------------------- |  | ------------------------------------------ |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- |  | ---------------- | - |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |          |  |                        |  |                        |  |                                           
|                                                     |  |          |  |                        |  |                        | 
|                                                     |  |          |  |                        |  |                        |  |                                            |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country  |  | Parent                 |  | OtherShareholders (1)  |  | Line of business                           |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5)
|Caiageste - Gestao de Areas de Servicios Ltda.       |  | Portugal |  | Gespost                |  |                        |  | Operationandmanagementof servicestations   |  | E.M.                    |  | 50.00               |  | 50.00                        |  | 0.0          |  |         |  | (0.1             | ) |  |                |   |  | 0.0            
|Abastecimientos e Serviços de Avia - ASA             |  | Portugal |  | RepsolPortuguesa,S.A.  |  |                        |  | Marketingof oilproducts                    |  | E.M.                    |  | 50.00               |  | 50.00                        |  | 0.0          |  |         |  |                 |   |  |                |   |  | 0.0            
|Sociedade Abastecedora de Aeronaves, Lda. - SABA     |  | Portugal |  | RepsolPortuguesa,S.A.  |  |                        |  | Marketingof oilproducts                    |  | E.M.                    |  | 25.00               |  | 25.00                        |  | 0.0          |  | 0.0      |  | 0.0              |   |  |                |   |  | 0.0            
|Tecnicontrol y Gestión Integral, S.L.                |  | Spain    |  | Repsol YPF,S.A.        |  | RepsolExploración,S.A. |  | Propertydevelopment                        |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 3.5          |  | 28.0     |  | 0.9              |   |  |                |   |  | 32.4           
|Bahía Bizkaia Electricidad, S.L.                     |  | Spain    |  | Repsol YPF,S.A.        |  |                        |  | Energyproduction                           |  | P.C.                    |  | 25.00               |  | 25.00                        |  | 3.6          |  | 152.0    |  | 47.3             |   |  |                |   |  | 50.7           
|Bahía Bizkaia Gas, S.L.                              |  | Spain    |  | Repsol YPF,S.A.        |  |                        |  | Maintenanceofgasificationplants            |  | P.C.                    |  | 25.00               |  | 25.00                        |  | 6.0          |  | 72.7     |  | 23.2             |   |  | (12.4           | ) |  | 22.4           
|Repsol YPF Tesorería y Gestión Financiera, S.A       |  | Spain    |  | Repsol YPF,S.A.        |  | RepsolPetroleo,S.A     |  | Treasuryservices                           |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  |          |  | 9.2              |   |  |                |   |  | 9.3            
|Petróleos del Norte, S.A. (PETRONOR)                 |  | Spain    |  | Repsol YPF,S.A.        |  |                        |  | Refining                                   |  | F.C.                    |  | 85.98               |  | 85.98                        |  | 120.5        |  | 400.9    |  | 296.4            |   |  | (120.1          | ) |  | 599.9          
|Asfalnor, S.A.                                       |  | Spain    |  | PETRONOR               |  |                        |  | Distributionandmarketing ofasphaltproducts |  | F.C.                    |  | 85.98               |  | 100.00                       |  | 0.1          |  |          |  | 0.2              |   |  |                |   |  | 0.3            
|Repsol Exploración, S.A.                             |  | Spain    |  | Repsol YPF,S.A.        |  | RepsolPetróleo,S.A.    |  | Explorationandproductionof oil andgas      |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 24.6         |  | 1,467.6  |  | 126.8            |   |  |                |   |  | 1,619.0        
|Repsol Exploración Trinidad, S.A.                    |  | Spain    |  | RepsolExploración,S.A. |  | Repsol YPF,S.A.        |  | Explorationandproductionof oil andgas      |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.8          |  | 12.6     |  | 0.7              |   |  |                |   |  | 15.1           



---

|                                                     |  |              |  |                                |  |                              |  |                                       |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                 |  
|---------------------------------------------------- |  | ------------ |  | ------------------------------ |  | ---------------------------- |  | ------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |              |  |                                |  |                              |  |                                       | 
|                                                     |  |              |  |                                |  |                              | 
|                                                     |  |              |  |                                |  |                              |  |                                       |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                 |  | Country      |  | Parent                         |  | OtherShareholders (1)        |  | Line of business                      |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Repsol YPF Cuba, S.A.                                |  | Spain        |  | RepsolExploración,S.A.         |  | RepsolYPF, S.A.              |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.9          |  | 6.8      |   |  | (0.3             | ) |  |                |   |  | 8.5             |  
|Repsol Exploración Colombia, S.A.                    |  | Spain        |  | RepsolExploración,S.A.         |  | RepsolYPF, S.A.              |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.9          |  | (0.8     | ) |  | (7.1             | ) |  |                |   |  | (5.9            | )
|Repsol Exploración Argelia, S.A.                     |  | Spain        |  | RepsolExploración,S.A.         |  | RepsolYPF, S.A.              |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 4.0          |  | 235.1    |   |  | (28.0            | ) |  |                |   |  | 211.1           |  
|Repsol Exploración Murzuq, S.A.                      |  | Spain        |  | RepsolExploración,S.A.         |  | RepsolYPF, S.A.              |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 7.8          |  | 899.8    |   |  | 342.6            |   |  | (318.3          | ) |  | 931.9           |  
|Akakus Oil Operations AG                             |  | Libya        |  | RepsolExploraciónMurzuq,S.A.   |  |                              |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 1.2      |   |  | 0.4              |   |  |                |   |  | 1.7             |  
|Repsol Inco AG                                       |  | Switzerland  |  | RepsolExploraciónMurzuq,S.A.   |  |                              |  | Explorationandproductionof oil andgas |  | E.M.                    |  | 40.00               |  | 40.00                        |  | 0.1          |  | 0.3      |   |  |                 |   |  |                |   |  | 0.1             |  
|Repsol YPF Ecuador, S.A.                             |  | Spain        |  | RepsolExploración,S.A.         |  | RepsolPetróleo,S.A.          |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 4.7          |  | (8.4     | ) |  | (32.0            | ) |  |                |   |  | (35.7           | )
|Repsol YPF OCP de Ecuador, S.A.                      |  | Spain        |  | Repsol YPFEcuador,S.A.         |  | RepsolExploraciónTobago,S.A. |  | Portfoliocompany                      |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.1          |  | 21.2     |   |  | 4.2              |   |  |                |   |  | 25.4            |  
|Oleoducto de Crudos Pesados, Ltd.                    |  | CaymanIsland |  | Repsol YPFOCP deEcuador,S.A.   |  |                              |  | Otheractivities                       |  | E.M.                    |  | 29.66               |  | 29.66                        |  | 68.2         |  | (9.5     | ) |  | 21.7             |   |  | (5.7            | ) |  | 22.2            |  
|Oleoducto de Crudos Pesados Ecuador, S.A.(3)         |  | CaymanIsland |  | Oleoductode CrudosPesados,Ltd. |  |                              |  | Otheractivities                       |  | E.M.                    |  | 29.66               |  | 100.00                       |  |              |  |          |   |  |                  |   |  |                 |   |  |                |  



---

|                                                        |  |            |  |                                  |  |                       |  |                                       |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |  |                 |  
|------------------------------------------------------- |  | ---------- |  | -------------------------------- |  | --------------------- |  | ------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007    |  |            |  |                                  |  |                       |  |                                       | 
|                                                        |  |            |  |                                  |  |                       | 
|                                                        |  |            |  |                                  |  |                       |  |                                       |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                    |  | Country    |  | Parent                           |  | OtherShareholders (1) |  | Line of business                      |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |  | AssetsOwned (5) |  
|Repsol Exploración Securé, S.A.                         |  | Spain      |  | RepsolExploración,S.A.           |  | RepsolYPF,S.A.        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 1.9          |  | (0.5     | ) |  | (0.2             | ) |  |                |  | 1.2             |  
|Repsol Exploración Perú, S.A.                           |  | Spain      |  | RepsolExploración,S.A.           |  | RepsolYPF,S.A.        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 15.8         |  | 156.4    |   |  | (17.7            | ) |  |                |  | 154.5           |  
|Perú LNG Company, Llc.                                  |  | Peru       |  | RepsolExploraciónPerú, S.A.      |  |                       |  | Supplyand/ordistributionof naturalgas |  | E.M.                    |  | 20.00               |  | 20.00                        |  | 705.0        |  | 35.3     |   |  | (19.2            | ) |  |                |  | 144.2           |  
|TGP, S.A.                                               |  | Peru       |  | PerúPipelineHolding Co.LLC       |  |                       |  | Supplyand/ordistributionof naturalgas |  | E.M.                    |  | 10.00               |  | 10.00                        |  | 141.5        |  | 205.5    |   |  | 4.2              |   |  |                |  | 35.1            |  
|Repsol YPF Oriente Medio, S.A.                          |  | Spain      |  | RepsolExploración,S.A.           |  | RepsolYPF,S.A.        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.2          |  | (0.1     | ) |  | (20.4            | ) |  |                |  | (20.3           | )
|Repsol Exploración México S.A. de C.V.                  |  | Mexico     |  | RepsolExploración,S.A.           |  |                       |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 15.2         |  | 4.4      |   |  | 2.0              |   |  |                |  | 21.6            |  
|Servicios Administrativos Cuenca de Burgos S.A. de C.V. |  | Mexico     |  | RepsolExploración,S.A.           |  |                       |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  |             |  | 0.1      |   |  | 0.0              |   |  |                |  | 0.1             |  
|Repsol Exploración Kazakhstán, S.A.                     |  | Spain      |  | RepsolExploración,S.A.           |  | RepsolYPF,S.A.        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.2          |  | (0.1     | ) |  | (1.2             | ) |  |                |  | (1.1            | )
|Zhambai LLP                                             |  | Kazakhstan |  | RepsolExploraciónKazakhstan,S.A. |  |                       |  | Explorationandproductionof oil andgas |  | E.M.                    |  | 25.00               |  | 25.00                        |  | 0.0          |  | 18.3     |   |  | 0.0              |   |  |                |  | 4.6             |  



---

|                                                     |  |                   |  |                                    |  |                                 |  |                                           |  |                         |  |                      |  |                              |                  |         |  |                 |   |                |        |   |  |   |  |         |  
|---------------------------------------------------- |  | ----------------- |  | ---------------------------------- |  | ------------------------------- |  | ----------------------------------------- |  | ----------------------- |  | -------------------- |  | ---------------------------- | ---------------- | ------- |  | --------------- | - | -------------- | ------ | - |  | - |  | ------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |                   |  |                                    |  |                                 |  |                                           | 
|Name                                                 |  | Country           |  | Parent                             |  | Other Shareholders (1)          |  | Line of Business                          |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amounts in Millions of Euros |                 
|                                                     |  |                   |  |                                    |  | % ofDirectOwnership             |  | % ofControl(5)                            |  | ShareCapital            |  | Reserves             |  |                              | 2007Profit(Loss) |         |  | InterimDividend |   | AssetsOwned(5) |       
|Repsol Exploración Tobago, S.A.                      |  | Spain             |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.2     |  | (0.4            | ) |                | (0.3   | ) |  |  |  | (0.5    | )
|Repsol Exploración Sierra Leona, S.L.                |  | Spain             |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2.8     |  | (1.4            | ) |                | (0.7   | ) |  |  |  | 0.7     |  
|Repsol Exploración Suriname, S.L.                    |  | Spain             |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  |        |  | 4.3             |   |                | (0.2   | ) |  |  |  | 4.1     |  
|Repsol Exploración Venezuela, B.V.                   |  | Netherlands       |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 233.3   |  | (93.0           | ) |                | 9.0    |   |  |  |  | 149.4   |  
|Calio LLC                                            |  | Venezuela         |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 14.1    |  | 5.6             |   |                |       |   |  |  |  | 19.8    |  
|Repsol YPF Venezuela, S.A.                           |  | Venezuela         |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 11.2    |  | 98.2            |   |                | (50.9  | ) |  |  |  | 58.6    |  
|Repsol YPF Venezuela Gas                             |  | Venezuela         |  | Repsol YPF Venezuela, S.A.         |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  |        |  | (2.1            | ) |                | (3.1   | ) |  |  |  | (5.2    | )
|Cardón IV                                            |  | Venezuela         |  | Repsol YPF Venezuela Gas S.A.      |  |                                 |  | Exploration and production of oil and gas |  | P.C.                    |  | 50.00                |  | 50.00                        |                  |        |  | (8.8            | ) |                | (7.6   | ) |  |  |  | (8.2    | )
|Petroquiriquire, S.A.                                |  | Venezuela         |  | Repsol YPF Venezuela, S.A.         |  |                                 |  | Exploration and production of oil and gas |  | P.C.                    |  | 40.00                |  | 40.00                        |                  | 3.7     |  | 301.9           |   |                | 101.8  |   |  |  |  | 163.0   |  
|Quiriquire Gas, S.A.                                 |  | Venezuela         |  | Repsol YPF Venezuela, S.A.         |  |                                 |  | Exploration and production of oil and gas |  | P.C.                    |  | 60.00                |  | 60.00                        |                  | 0.3     |  | 94.1            |   |                | 45.1   |   |  |  |  | 83.7    |  
|Repsol Exploración Guinea, S.A.                      |  | Spain             |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.1     |  | 0.2             |   |                | (4.4   | ) |  |  |  | (4.1    | )
|BPRY Caribbean Ventures LLC                          |  | Trinidad & Tobago |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                         |  | P.C.                    |  | 30.00                |  | 30.00                        |                  | 831.4   |  | (716.6          | ) |                | 407.6  |   |  |  |  | 156.7   |  
|BP Amoco Trinidad & Tobago, LLG                      |  | Trinidad & Tobago |  | BPRY Caribbean Ventures LLC        |  |                                 |  | Exploration and production of oil and gas |  | P.C.                    |  | 30.00                |  | 100.00                       |                  | 114.8   |  | (146.1          | ) |                | 642.3  |   |  |  |  | 183.3   |  
|Dubai Marine Areas, Ltd. (DUMA)                      |  | UK                |  | Repsol Exploración, S.A.           |  |                                 |  | Exploration and production of oil and gas |  | P.C.                    |  | 50.00                |  | 50.00                        |                  | 0.1     |  | 16.1            |   |                | (14.7  | ) |  |  |  | 0.7     |  
|Repsol Investigaciones Petrolíferas, S.A.            |  | Spain             |  | Repsol Exploración, S.A.           |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 225.9   |  | 376.6           |   |                | 30.1   |   |  |  |  | 632.5   |  
|EniRepsa Gas Limited                                 |  | Saudi Arabia      |  | Repsol Exploración, S.A.           |  |                                 |  | Supply and/or distribution of natural gas |  | E.M.                    |  | 30.00                |  | 30.00                        |                  | 139.9   |  | (29.5           | ) |                | (17.5  | ) |  |  |  | 27.9    |  
|Repsol USA Holdings Corp                             |  | U.S.A.            |  | Repsol Exploración, S.A.           |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2,105.3 |  | (51.4           | ) |                | (40.3  | ) |  |  |  | 2,013.5 |  
|Repsol Services Company                              |  | U.S.A.            |  | Repsol USA Holdings Corp           |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 26.9    |  | 0.0             |   |                | 0.0    |   |  |  |  | 26.9    |  
|Repsol E&P USA, Inc                                  |  | U.S.A.            |  | Repsol USA Holdings Corp           |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2,074.1 |  | (50.3           | ) |                | (47.5  | ) |  |  |  | 1,976.4 |  
|Repsol Energy North America Corp.                    |  | U.S.A.            |  | Repsol USA Holdings Corp           |  |                                 |  | Marketing of LNG                          |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.7     |  | (1.1            | ) |                | (0.4   | ) |  |  |  | (0.8    | )
|Repsol Offshore E&P Inc.                             |  | U.S.A.            |  | Repsol USA Holdings Corp           |  |                                 |  | Exploration and production of oil and gas |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2.4     |  |                |   |                | (14.0  | ) |  |  |  | (11.6   | )
|West Siberian Resources LTD                          |  | Russia            |  | Repsol Exploración, S.A.           |  |                                 |  | Supply and/or distribution of natural gas |  | E.M.                    |  | 10.00                |  | 10.00                        |                  | 347.2   |  | 351.2           |   |                | (188.5 | ) |  |  |  | 51.0    |  



---

|                                                     |  |                   |  |                                    |  |                            |  |                                           |  |                         |  |                      |  |                              |                  |       |  |                 |   |  |                |   |  |        |   |  |         |  
|---------------------------------------------------- |  | ----------------- |  | ---------------------------------- |  | -------------------------- |  | ----------------------------------------- |  | ----------------------- |  | -------------------- |  | ---------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |                   |  |                                    |  |                            |  |                                           | 
|Name                                                 |  | Country           |  | Parent                             |  | Other Shareholders (1)     |  | Line of Business                          |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amounts in Millions of Euros |                 
|                                                     |  |                   |  |                                    |  | % ofDirectOwnership        |  | % ofControl(5)                            |  | ShareCapital            |  | Reserves             |  |                              | 2007Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Repsol YPF Perú, BV                                  |  | Netherlands       |  | Repsol YPF, S.A.                   |  |                            |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 85.1  |  | 64.5            |   |  | 5.7            |   |  |       |   |  | 155.3   |  
|Grupo Repsol YPF del Perú, S.A.C.                    |  | Peru              |  | Repsol YPF Perú, B.V.              |  |                            |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.3   |  | 0.1             |   |  | 0.2            |   |  |       |   |  | 0.6     |  
|Refinería La Pampilla, S.A.                          |  | Peru              |  | Repsol YPF Perú, B.V.              |  |                            |  | Refining                                  |  | F.C.                    |  | 51.03                |  | 51.03                        |                  | 99.9  |  | 61.8            |   |  | 54.8           |   |  |       |   |  | 110.5   |  
|Repsol Comercial, S.A.C.                             |  | Peru              |  | Refinería La Pampilla, S.A.        |  |                            |  | Marketing of fuels                        |  | F.C.                    |  | 51.03                |  | 100.00                       |                  | 57.0  |  | (7.2            | ) |  | 15.6           |   |  |       |   |  | 33.4    |  
|Repsol YPF Marketing S.A.C.                          |  | Peru              |  | Repsol YPF Perú, B.V.              |  |                            |  | Marketing of fuels and specialties        |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2.2   |  | 2.8             |   |  | 5.3            |   |  |       |   |  | 10.3    |  
|Servicios y Operaciones Perú S.A.C                   |  | Peru              |  | Repsol YPF Perú, B.V.              |  |                            |  | Other activities                          |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.0   |  |                |   |  | 0.0            |   |  |       |   |  | 0.0     |  
|Repsol YPF Comercial del Ecuador, S.A.               |  | Ecuador           |  | Repsol YPF, S.A.                   |  | Duragas, S.A.              |  | Marketing of oil and gas                  |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 47.5  |  | (8.6            | ) |  | 1.3            |   |  |       |   |  | 40.2    |  
|Combustibles Industriales Oil Trader, S.A.           |  | Ecuador           |  | Repsol YPF Comercial Ecuador, S.A. |  |                            |  | Marketing of oil and gas                  |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 7.5   |  | (1.1            | ) |  | (7.0           | ) |  |       |   |  | (0.6    | )
|Repsol International Finance B.V.                    |  | Netherlands       |  | Repsol YPF, S.A.                   |  |                            |  | Finance and holding company               |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 242.1 |  | 837.8           |   |  | 221.6          |   |  |       |   |  | 1,301.5 |  
|Repsol LNG Port of Spain, BV                         |  | Netherlands       |  | Repsol International Finance, B.V. |  |                            |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.0   |  | 80.9            |   |  | 64.1           |   |  |       |   |  | 145.0   |  
|Atlantic 1 Holdings, LLC                             |  | Trinidad & Tobago |  | Repsol LNG Port of Spain, BV       |  |                            |  | Portfolio company                         |  | E.M.                    |  | 20.00                |  | 20.00                        |                  | 165.7 |  |                 |   |  | 320.2          |   |  | (320.2 | ) |  | 33.1    |  
|Atlantic LNG Co. of Trinidad & Tobago (3)            |  | Trinidad & Tobago |  | Atlantic 1 Holdings, LLC           |  |                            |  | Supply and/or distribution of natural gas |  | E.M.                    |  | 20.00                |  | 100.00                       |                  | 165.7 |  | 97.3            |   |  | 312.7          |   |  | (320.2 | ) |  | 51.1    |  
|Repsol International Capital, Ltd                    |  | Cayman Island     |  | Repsol International Finance, B.V. |  |                            |  | Finance                                   |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.7   |  | (293.2          | ) |  | 35.7           |   |  |       |   |  | (256.8  | )
|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                       |                  |      |  | (27.5           | ) |  | 7.8            |   |  |       |   |  | (19.7   | )
|Repsol YPF Capital, S.L.                             |  | Spain             |  | Repsol International Finance, B.V. |  | Repsol YPF, S.A.           |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 463.8 |  | 29.3            |   |  | 15.2           |   |  |       |   |  | 508.3   |  
|Caveant, S.A.                                        |  | Argentina         |  | Repsol YPF Capital, S.L.           |  | Repsol YPF, S.A.           |  | Investment company                        |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 7.6   |  | 58.9            |   |  | 7.3            |   |  |       |   |  | 73.8    |  



---

|                                                     |  |            |  |                                    |  |                                          |  |                                           |  |                         |  |                      |  |                              |                  |       |  |                 |   |  |                |   |  |        |   |  |       |  
|---------------------------------------------------- |  | ---------- |  | ---------------------------------- |  | ---------------------------------------- |  | ----------------------------------------- |  | ----------------------- |  | -------------------- |  | ---------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ----- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |            |  |                                    |  |                                          |  |                                           | 
|Name                                                 |  | Country    |  | Parent                             |  | Other Shareholders (1)                   |  | Line of Business                          |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amounts in Millions of Euros |                 
|                                                     |  |            |  |                                    |  | % ofDirectOwnership                      |  | % ofControl(5)                            |  | ShareCapital            |  | Reserves             |  |                              | 2007Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Gaviota RE                                           |  | Luxembourg |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V.               |  | Reinsurance                               |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 13.6  |  | 37.9            |   |  | 6.3            |   |  |       |   |  | 57.8  |  
|Greenstone Assurance, Ltd.                           |  | Bermuda    |  | Gaviota RE                         |  |                                          |  | Reinsurance                               |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 4.8   |  |                |   |  | 2.7            |   |  |       |   |  | 7.5   |  
|Repsol Canada Ltd.                                   |  | Canada     |  | Repsol International Finance, B.V. |  |                                          |  | Regasification of L.N.G.                  |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 3.3   |  | (1.8            | ) |  | 1.0            |   |  |       |   |  | 2.5   |  
|Repsol Canada LNG, Ltd.                              |  | Canada     |  | Repsol International Finance, B.V. |  |                                          |  | Regasification of L.N.G.                  |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 114.4 |  | (16.2           | ) |  | 7.2            |   |  |       |   |  | 105.4 |  
|Repsol Energy Canada, Ltd.                           |  | Canada     |  | Repsol International Finance, B.V. |  |                                          |  | Marketing of LNG                          |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 12.9  |  | (1.8            | ) |  | (1.0           | ) |  |       |   |  | 10.1  |  
|Repsol Occidental Corporation                        |  | U.S.A.     |  | Repsol International Finance, B.V. |  |                                          |  | Exploration and production of oil and gas |  | P.C.                    |  | 25.00                |  | 25.00                        |                  | 0.3   |  | 35.2            |   |  | 220.2          |   |  | (144.7 | ) |  | 27.8  |  
|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  |  | (9.6            | ) |  | (37.0          | ) |  |       |   |  | 13.9  |  
|Polidux, S.A.                                        |  | Spain      |  | Repsol Química, S.A.               |  | Repsol YPF, S.A.                         |  | Production and sale of petrochemicals     |  | F.C.                    |  | 99.99                |  | 100.00                       |                  | 17.4  |  | (5.8            | ) |  | (1.6           | ) |  |       |   |  | 10.0  |  
|Repsol Bronderslev A/S                               |  | Denmark    |  | Repsol Química, S.A.               |  |                                          |  | Production and sale of petrochemicals     |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 4.0   |  | 3.3             |   |  | 0.5            |   |  |       |   |  | 7.8   |  
|Repsol Polívar, SPA                                  |  | Italy      |  | Repsol Bronderslev, A/S            |  |                                          |  | Production and sale of petrochemicals     |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.5   |  | (0.1            | ) |  | (1.0           | ) |  |       |   |  | (0.6  | )
|General Química, S.A.                                |  | Spain      |  | Repsol Química, S.A.               |  | Repsol Investigaciones Petrolíferas S.A. |  | Production and sale of petrochemicals     |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 3.0   |  | 28.5            |   |  | (11.2          | ) |  |       |   |  | 20.3  |  
|Cogeneración Gequisa, S.A.                           |  | Spain      |  | General Química, S.A.              |  |                                          |  | Production of electricity and steam       |  | E.M.                    |  | 39.00                |  | 39.00                        |                  | 1.8   |  | 2.0             |   |  | (0.2           | ) |  |       |   |  | 1.4   |  
|Dynasol Elastómeros, S.A.                            |  | Spain      |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals     |  | P.C.                    |  | 50.01                |  | 50.01                        |                  | 16.8  |  | 32.4            |   |  | (11.5          | ) |  |       |   |  | 18.8  |  
|Dynasol Elastómeros, S.A. de C.V.                    |  | Mexico     |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals     |  | E.M.                    |  | 49.99                |  | 49.99                        |                  | 58.7  |  | (9.0            | ) |  | 4.6            |   |  |       |   |  | 27.1  |  
|Dynasol Gestión, S.A.                                |  | Spain      |  | Repsol Química, S.A.               |  |                                          |  | Production of quemicals                   |  | E.M.                    |  | 50.00                |  | 50.00                        |                  | 0.1   |  | 0.5             |   |  | 0.3            |   |  |       |   |  | 0.5   |  
|Dynasol LLC                                          |  | U.S.A.     |  | Repsol Química, S.A.               |  |                                          |  | Marketing of petrochemicals               |  | E.M.                    |  | 50.00                |  | 50.00                        |                  |      |  |                |   |  |               |   |  |       |   |  |      |  
|Repsol Polimeros LDA                                 |  | Portugal   |  | Repsol Química, S.A.               |  | Repsol Lusitania, S.L.                   |  | Production and sale of petrochemicals     |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 268.4 |  | 67.3            |   |  | 36.3           |   |  |       |   |  | 372.0 |  
|Repsol Electricidade e Calor, ACE                    |  | Portugal   |  | Repsol Polimeros LDA               |  |                                          |  | Production of electricity                 |  | E.M.                    |  | 66.67                |  | 66.67                        |                  | 0.0   |  | 0.0             |   |  |                |   |  |       |   |  | 0.0   |  
|Repsol Chemie Deutchland GmbH                        |  | Germany    |  | Repsol Química, S.A.               |  |                                          |  | Marketing of chemicals                    |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 0.1   |  | 0.7             |   |  | 0.5            |   |  |       |   |  | 1.3   |  
|Repsol Lusitania, S.L.                               |  | Spain      |  | Repsol YPF, S.A.                   |  | Repsol Química, S.A.                     |  | Portfolio company                         |  | F.C.                    |  | 100.00               |  | 100.00                       |                  |      |  | 0.9             |   |  | (2.1           | ) |  |       |   |  | (1.2  | )
|Repsol Italia, SpA                                   |  | Italy      |  | Repsol YPF, S.A.                   |  |                                          |  | Marketing of oil products                 |  | F.C.                    |  | 100.00               |  | 100.00                       |                  | 2.4   |  | 19.3            |   |  | 5.4            |   |  |       |   |  | 27.1  |  



---

|                                                     |  |         |  |                                          |  |                                                |  |                                        |  |                         |  |                      |  |                              |                  |       |  |                 |   |  |                |   |  |        |   |  |        
|---------------------------------------------------- |  | ------- |  | ---------------------------------------- |  | ---------------------------------------------- |  | -------------------------------------- |  | ----------------------- |  | -------------------- |  | ---------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | -------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |         |  |                                          |  |                                                |  |                                       
|Name                                                 |  | Country |  | Parent                                   |  | Other Shareholders (1)                         |  | Line of Business                       |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amounts in Millions of Euros
|                                                     |  |         |  |                                          |  | % ofDirectOwnership                            |  | % ofControl(5)                         |  | ShareCapital            |  | Reserves             |  |                              | 2007Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5)
|Gas Natural SDG, S.A.                                |  | Spain   |  | Repsol YPF, S.A.                         |  | Repsol Petróleo, S.A./Repsol Exploracion, S.A. |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 30.85                        |                  | 447.8 |  | 4,167.3         |   |  | 738.1          |   |  | (192.5 | ) |  | 1,591.8
|Sagane, S.A.(2)                                      |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Supply of natural gas                  |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 94.8  |  | 13.5            |   |  | 119.6          |   |  |       |   |  | 70.3   
|Europe Maghreb Pipeline, Ltd. (EMPL)(2)              |  | UK      |  | Sagane, S.A.                             |  |                                                |  | Transmission of gas                    |  | P.C.                    |  | 22.39                |  | 72.60                        |                  | 0.1   |  | 47.2            |   |  | 113.1          |   |  | (50.0  | ) |  | 24.7   
|Metragaz, S.A. (2)                                   |  | Morocco |  | Sagane, S.A.                             |  |                                                |  | Transmission of gas                    |  | P.C.                    |  | 22.30                |  | 72.30                        |                  | 3.4   |  | 0.8             |   |  | 1.0            |   |  |       |   |  | 1.2    
|Gas Natural transporte SDG, S.L.(2)                  |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 14.9  |  | 43.1            |   |  | 9.0            |   |  | (5.8   | ) |  | 18.9   
|Gas Natural Exploración, S.L. (2)                    |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Energía, S.A.                               |  | Oil and gas research and exploration   |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 15.4  |  | 2.4             |   |  | (12.3          | ) |  |       |   |  | 1.7    
|Gas Natural West Africa, S.L. (2)                    |  | Spain   |  | Gas Natural Exploración, S. L.           |  |                                                |  | Oil and gas research and exploration   |  | P.C.                    |  | 30.85                |  | 100.00                       |                  |      |  |                |   |  |               |   |  |       |   |  |       
|El Andalus LNG SPA (3)                               |  | Algeria |  | Gas Natural Exploración, S. L.           |  |                                                |  | Liquefaction                           |  | E.M.                    |  | 9.87                 |  | 32.00                        |                  | 79.8  |  | (6.5            | ) |  | 0.6            |   |  |       |   |  |       
|Repsol-Gas Natural LNG                               |  | Spain   |  | Repsol YPF, S.A.                         |  | Gas Natural SDG, S.A.                          |  | Supply and distribution of natural gas |  | P.C.                    |  | 65.42                |  | 50.00                        |                  | 2.0   |  | 0.1             |   |  | 0.1            |   |  |       |   |  | 1.4    
|Gas Natural Soluciones, S.L.(2)                      |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Services                               |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 6.2   |  | 3.4             |   |  | 0.7            |   |  |       |   |  | 3.2    
|Kromschroeder, S.A. (3)                              |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                                |  | Finances and other activities          |  | E.M.                    |  | 13.11                |  | 42.50                        |                  | 0.7   |  | 10.9            |   |  | 0.5            |   |  |       |   |  | 1.6    
|Gas Natural Castilla y León, S.A.(2)                 |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 27.79                |  | 90.10                        |                  | 6.3   |  | 78.5            |   |  | 18.3           |   |  |       |   |  | 28.7   
|Gas Natural Castilla La Mancha, S.A. (2)             |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                                |  | Distribution of gas                    |  | P.C.                    |  | 29.30                |  | 95.00                        |                  | 26.8  |  | 16.9            |   |  | 4.6            |   |  |       |   |  | 14.2   
|Gas Natural Distribución SDG, S.A. (2)               |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 101.0 |  | 1,031.8         |   |  | 277.0          |   |  | (237.3 | ) |  | 361.7  
|Gas Natural Distribución Eléctrica, S.A.(2)          |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.                   |  | Distribution of electricity            |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 1.2   |  | 0.4             |   |  | (0.4           | ) |  |       |   |  | 0.4    
|Electra de Abusejo, S.L.(2)                          |  | Spain   |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.                   |  | Distribution of electricity            |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 0.7   |  |                |   |  |               |   |  |       |   |  | 0.2    
|Distribuidora eléctrica Navasfrías, S.L.(2)          |  | Spain   |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.                   |  | Distribution of electricity            |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 0.2   |  |                |   |  |               |   |  |       |   |  | 0.1    
|Gas Natural Rioja, S.A.(2)                           |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                                |  | Distribution of gas                    |  | P.C.                    |  | 26.99                |  | 87.50                        |                  | 2.7   |  | 8.9             |   |  | 2.7            |   |  |       |   |  | 3.9    



---

|                                                     |  |         |  |                       |  |                                    |  |                          |  |                         |  |                      |  |                              |                  |      |  |                 |   |  |                |   |  |      |   |  |     
|---------------------------------------------------- |  | ------- |  | --------------------- |  | ---------------------------------- |  | ------------------------ |  | ----------------------- |  | -------------------- |  | ---------------------------- | ---------------- | ---- |  | --------------- | - |  | -------------- | - |  | ---- | - |  | ----
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |         |  |                       |  |                                    |  |                         
|Name                                                 |  | Country |  | Parent                |  | Other Shareholders (1)             |  | Line of Business         |  | ConsolidationMethod (4) |  | % of Total Ownership |  | Amounts in Millions of Euros
|                                                     |  |         |  |                       |  | % ofDirectOwnership                |  | % ofControl(5)           |  | ShareCapital            |  | Reserves             |  |                              | 2007Profit(Loss) |      |  | InterimDividend |   |  | AssetsOwned(5)
|Gas Navarra, S.A. (2)                                |  | Spain   |  | Gas Natural SDG, S.A. |  |                                    |  | Distribution of gas      |  | P.C.                    |  | 27.76                |  | 90.00                        |                  | 3.6  |  | 27.1            |   |  | 6.6            |   |  |     |   |  | 10.4
|Gas Galicia SDG, S.A.(2)                             |  | Spain   |  | Gas Natural SDG, S.A. |  |                                    |  | Distribution of gas      |  | P.C.                    |  | 19.12                |  | 62.00                        |                  | 32.6 |  | 5.7             |   |  | 0.1            |   |  |     |   |  | 7.3 
|Gas Natural La Coruña, S.A.(2)                       |  | Spain   |  | Gas Galicia SDG, S.A. |  |                                    |  | Distribution of gas      |  | P.C.                    |  | 17.40                |  | 91.00                        |                  | 2.3  |  | (0.9            | ) |  | 0.2            |   |  |     |   |  | 0.3 
|Gas Aragón, S.A. (3)                                 |  | Spain   |  | Gas Natural SDG, S.A. |  |                                    |  | Distribution of gas      |  | E.M.                    |  | 10.80                |  | 35.00                        |                  | 5.9  |  | 26.2            |   |  | 16.9           |   |  | (3.9 | ) |  | 4.9 
|La Propagadora del Gas, S.A.(2)                      |  | Spain   |  | Gas Natural SDG, S.A. |  | Holding Gas Natural, S.A.          |  | Portfolio company        |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 0.2  |  | 1.3             |   |  | 0.5            |   |  |     |   |  | 0.6 
|Gas Natural Informática, S.A.(2)                     |  | Spain   |  | Gas Natural SDG, S.A. |  | La Propagadora del Gas, S.A.       |  | Computer services        |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 19.9 |  | 5.7             |   |  | (1.4           | ) |  |     |   |  | 7.5 
|Gas Natural Andalucía, S.A.(2)                       |  | Spain   |  | Gas Natural SDG, S.A. |  | La Propagadora del Gas, S.A.       |  | Distribution of gas      |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 12.4 |  | 41.3            |   |  | 4.4            |   |  |     |   |  | 17.9
|Compañía Auxiliar de Industrias Varias, S.A.(2)      |  | Spain   |  | Gas Natural SDG, S.A. |  | La Propagadora del Gas, S.A.       |  | services                 |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 0.3  |  | 1.4             |   |  |               |   |  |     |   |  | 0.5 
|La Energía, S.A.(2)                                  |  | Spain   |  | Gas Natural SDG, S.A. |  | La Propagadora del Gas, S.A.       |  | Electricity cogeneration |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 10.7 |  | 0.7             |   |  | 0.8            |   |  |     |   |  | 3.8 
|Sociedad de Tratamiento Hornillos, S.L.(2)           |  | Spain   |  | La Energía, S.A.      |  |                                    |  | Electricity cogeneration |  | P.C.                    |  | 24.68                |  | 80.00                        |                  | 1.2  |  | 1.3             |   |  | 0.2            |   |  |     |   |  | 0.7 
|UTE La Energía-GNE (2)                               |  | Spain   |  | La Energía, S.A.      |  | Gas Natural Electricidad SDG, S.A. |  | Electricity cogeneration |  | P.C.                    |  | 30.85                |  | 100.00                       |                  | 1.7  |  |                |   |  | 0.2            |   |  |     |   |  | 0.6 
|AECS Hospital Trias i Pujol AIE                      |  | Spain   |  | La Energía, S.A.      |  |                                    |  | Electricity cogeneration |  | P.C.                    |  | 15.42                |  | 50.00                        |                  | 0.9  |  | (0.1            | ) |  | (0.3           | ) |  |     |   |  | 0.1 
|Sociedad de Tratamiento La Andaya, S.L.              |  | Spain   |  | La Energía, S.A.      |  |                                    |  | Electricity cogeneration |  | P.C.                    |  | 13.88                |  | 45.00                        |                  | 1.1  |  | 1.8             |   |  | 0.1            |   |  |     |   |  | 0.4 



---

|                                                     |  |              |  |                                    |  |                           |  |                                               |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                 |  
|---------------------------------------------------- |  | ------------ |  | ---------------------------------- |  | ------------------------- |  | --------------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |              | 
|                                                     |  |              |  |                                    |  |                           | 
|                                                     |  |              |  |                                    |  |                           |  |                                               |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                 |  | Country      |  | Parent                             |  | OtherShareholders (1)     |  | Line of business                              |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Tratamiento Almazán, S.L. (2)                        |  | Spain        |  | La Energía,S.A.                    |  |                           |  | Electricitycogeneration                       |  | P.C.                    |  | 27.76               |  | 90.00                        |  | 2.7          |  |         |   |  | (0.1             | ) |  |                |   |  | 0.7             |  
|Tratamientos Cinca Medio, S.L. (2)                   |  | Spain        |  | La Energía,S.A.                    |  |                           |  | Productionof windpower                        |  | P.C.                    |  | 24.68               |  | 80.00                        |  | 2.0          |  |         |   |  |                 |   |  |                |   |  |                |  
|Gas Natural Comercializadora, S.A.(2)                |  | Spain        |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas,S.A. |  | Marketingof gas andindustrialelectricity      |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.4          |  | 29.7     |   |  | 118.8            |   |  |                |   |  | 46.5            |  
|Invergas Puerto Rico, S.A.(2)                        |  | Spain        |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas,S.A. |  | Portfoliocompany                              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 5.0          |  | (2.4     | ) |  | (1.3             | ) |  |                |   |  | 0.4             |  
|Buenergía Gas & Power Ltd (2)                        |  | CaymanIsland |  | InvergasPuerto Rico,S.A.           |  |                           |  | Portfoliocompany                              |  | P.C.                    |  | 29.30               |  | 95.00                        |  | 0.1          |  | (57.6    | ) |  | 17.4             |   |  |                |   |  | (11.8           | )
|Ecoeléctrica Holdings Ltd.                           |  | CaymanIsland |  | BuenergíaGas &Power Ltd            |  |                           |  | Portfoliocompany                              |  | P.C.                    |  | 14.65               |  | 50.00                        |  | 63.2         |  | 19.0     |   |  |                 |   |  | (20.4           | ) |  | 9.1             |  
|Ecoeléctrica Ltd.                                    |  | CaymanIsland |  | EcoeléctricaHoldingsLtd.           |  |                           |  | Portfoliocompany                              |  | P.C.                    |  | 14.65               |  | 100.00                       |  | 0.6          |  | 0.1      |   |  |                 |   |  | (0.2            | ) |  | 0.1             |  
|Ecoeléctrica LP Ltd.                                 |  | PuertoRico   |  | EcoeléctricaHoldingsLtd.           |  | EcoeléctricaLtd.          |  | Electricitycogeneration                       |  | P.C.                    |  | 14.65               |  | 100.00                       |  | 63.2         |  | (19.4    | ) |  | 51.2             |   |  | (12.1           | ) |  | 12.1            |  
|Gas Natural Servicios SDG, S.A.(2)                   |  | Spain        |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas,S.A. |  | Marketingof gas,electricity yEnergymanagement |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.9          |  | 2.4      |   |  | 4.2              |   |  |                |   |  | 2.9             |  
|UTE GNS-Dalkia Energia                               |  | Spain        |  | Gas NaturalServiciosSDG,S.A.       |  |                           |  | Energymanagement                              |  | P.C.                    |  | 15.42               |  | 50.00                        |  |             |  | (0.2     | ) |  |                 |   |  |                |   |  | 0.0             |  
|Gas Natural Electricidad SDG, S.A.(2)                |  | Spain        |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas,S.A. |  | Electricitygenerationand trading              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 32.8         |  | (6.6     | ) |  | 1.9              |   |  |                |   |  | 8.7             |  
|Gas Natural Corporación Eólica, S.L.(2)              |  | Spain        |  | Gas NaturalElectricidadSDG,S.A.    |  | La Energía,S.A.           |  | Portfoliocompany                              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 5.5          |  | (1.3     | ) |  | 4.5              |   |  |                |   |  | 2.7             |  
|Gas Natural Eólica, S.A.(2)                          |  | Spain        |  | Gas NaturalCorporaciónEólica, S.L. |  | LaPropagadoradel Gas,S.A. |  | Portfoliocompany                              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 6.0          |  | 0.5      |   |  | 0.5              |   |  |                |   |  | 2.2             |  
|Corporación Eólica Zaragoza, S.L.(2)                 |  | Spain        |  | Gas NaturalEólica,S.A.             |  |                           |  | Production ofwindpower                        |  | P.C.                    |  | 20.98               |  | 68.00                        |  | 2.5          |  | 0.3      |   |  | 0.7              |   |  |                |   |  | 0.7             |  
|Montouto 2000, S.A.                                  |  | Spain        |  | Gas NaturalEólica,S.A.             |  |                           |  | Production ofwindpower                        |  | P.C.                    |  | 15.12               |  | 49.00                        |  | 6.0          |  | 1.4      |   |  | 2.3              |   |  |                |   |  | 1.5             |  
|Explotaciones Eólicas Sierra de Utrera               |  | Spain        |  | Gas NaturalEólica,S.A.             |  |                           |  | Production ofwindpower                        |  | P.C.                    |  | 15.42               |  | 50.00                        |  | 2.7          |  | 2.8      |   |  | 2.4              |   |  |                |   |  | 1.2             |  



---

|                                                              |  |         |  |                                      |  |                       |  |                        |  |                         |  |                     |  |                              |  |              |  |          |  |                  |  |                 |   |  |                
|------------------------------------------------------------- |  | ------- |  | ------------------------------------ |  | --------------------- |  | ---------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- |  | ---------------- |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007          |  |        
|                                                              |  |         |  |                                      |  |                       | 
|                                                              |  |         |  |                                      |  |                       |  |                        |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                          |  | Country |  | Parent                               |  | OtherShareholders (1) |  | Line of business       |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |  | 2007Profit(Loss) |  | InterimDividend |   |  | AssetsOwned (5)
|Enervent, S.A. (3)                                            |  | Spain   |  | Gas NaturalEólica,S.A.               |  |                       |  | Productionof windpower |  | E.M.                    |  | 8.02                |  | 26.00                        |  | 2.4          |  | 1.0      |  | 1.9              |  | (0.5            | ) |  | 0.4            
|Desarrollo de Energías Renovables, S.A.(2)                    |  | Spain   |  | Gas NaturalCorporaciónEólica, S.L.   |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 42.2         |  | 129.2    |  | 12.8             |  | (11.3           | ) |  | 53.3           
|Aplicaciones y Proyectos energéticos, S.A. (2)                |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.1          |  | 0.1      |  |                 |  |                |   |  | 0.1            
|Boreas Eólica, S.A.(2)                                        |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.70               |  | 99.50                        |  | 5.2          |  | 5.3      |  | 2.2              |  |                |   |  | 3.9            
|Los Castrios, S.A.                                            |  | Spain   |  | Boreas Eólica,S.A.                   |  |                       |  | Productionof windpower |  | P.C.                    |  | 10.16               |  | 33.10                        |  | 2.2          |  | 0.6      |  | 0.8              |  |                |   |  | 0.4            
|Molinos de Valdebezana, S.A. (2)                              |  | Spain   |  | Boreas Eólica,S.A.                   |  |                       |  | Productionof windpower |  | P.C.                    |  | 18.42               |  | 60.00                        |  | 0.1          |  |         |  |                 |  |                |   |  | 0.0            
|Desarrollo de Energias Renovables Castilla La Mancha, S.A.(2) |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.1          |  | 0.3      |  | 1.1              |  |                |   |  | 0.5            
|Sistemas Energéticos La Muela, S.A. (3)                       |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | E.M.                    |  | 6.17                |  | 20.00                        |  | 3.1          |  | 4.1      |  | 2.5              |  | (1.7            | ) |  | 0.5            
|Sistemas Energéticos Mas Garullo, S.A. (3)                    |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | E.M.                    |  | 5.55                |  | 18.00                        |  | 1.5          |  | 2.5      |  | 2.2              |  | (1.5            | ) |  | 0.3            
|Boreas Eólica 2, S.A.(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 27.76               |  | 90.00                        |  | 2.6          |  | 4.5      |  | 1.7              |  |                |   |  | 2.4            
|Desarrollo de Energías Renovables de Navarra, S.A.            |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 15.42               |  | 50.00                        |  | 9.9          |  | 29.1     |  | 12.9             |  |                |   |  | 8.0            
|Desarrollo de Energías Renovables de La Rioja, S.A.           |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 11.20               |  | 36.30                        |  | 16.5         |  | 2.1      |  | 6.4              |  |                |   |  | 2.8            



---

|                                                     |  |         |  |                                      |  |                       |  |                        |  |                         |  |                     |  |                              |  |              |  |          |  |                  |  |                 |  |                
|---------------------------------------------------- |  | ------- |  | ------------------------------------ |  | --------------------- |  | ---------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- |  | ---------------- |  | --------------- |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |        
|                                                     |  |         |  |                                      |  |                       | 
|                                                     |  |         |  |                                      |  |                       |  |                        |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country |  | Parent                               |  | OtherShareholders (1) |  | Line of business       |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |  | 2007Profit(Loss) |  | InterimDividend |  | AssetsOwned (5)
|Molinos del Cidacos, S.A.                            |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 15.42               |  | 50.00                        |  | 10.3         |  | 8.4      |  | 11.0             |  |                |  | 4.6            
|Molinos de La Rioja, S.A.                            |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 10.27               |  | 33.30                        |  | 3.0          |  | 2.4      |  | 2.8              |  |                |  | 0.8            
|Molinos de Linares, S.A.                             |  | Spain   |  | Molinos deLa Rioja,S.A.              |  |                       |  | Productionof windpower |  | P.C.                    |  | 7.71                |  | 75.00                        |  | 0.1          |  |         |  |                 |  |                |  | 0.0            
|GN Wind SL(2)                                        |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind SL 2(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind SL 3(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind SL 4(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind SL 5(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind SL 6(2)                                      |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Wind Canarias SL(2)                               |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               
|GN Energy Canarias SL(2)                             |  | Spain   |  | Desarrollo deEnergíasRenovables,S.A. |  |                       |  | Productionof windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |  |                 |  |                |  |               



---

|                                                     |  |                    |  |                                      |  |                               |  |                         |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                
|---------------------------------------------------- |  | ------------------ |  | ------------------------------------ |  | ----------------------------- |  | ----------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |                   
|                                                     |  |                    |  |                                      |  |                               | 
|                                                     |  |                    |  |                                      |  |                               |  |                         |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country            |  | Parent                               |  | OtherShareholders (1)         |  | Line of business        |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5)
|Energías Eólicas Fuerteventura, S.L.(3)              |  | Spain              |  | Desarrollo deEnergíasRenovables,S.A. |  |                               |  | Production of windpower |  | P.C.                    |  | 15.43               |  | 50.00                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Energías Eólicas de Lanzarote, S.L.(3)               |  | Spain              |  | Desarrollo deEnergíasRenovables,S.A. |  |                               |  | Production of windpower |  | P.C.                    |  | 15.43               |  | 50.00                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Alas Capital & GN, S.A.(3)                           |  | Spain              |  | Desarrollo deEnergíasRenovables,S.A. |  |                               |  | Production of windpower |  | E.M.                    |  | 12.34               |  | 40.00                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Energy way Produçao de energía, LDA (2)              |  | Portugal           |  | Gas NaturalElectricidadSDG,S.A.      |  |                               |  | Production of windpower |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Lantarón Energía S.L. (2)                            |  | Spain              |  | Gas NaturalElectricidadSDG,S.A.      |  | LaPropagadoradel Gas,S.A.     |  | Electricitycogeneration |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Desarrollo del Cable, S.A.(2)                        |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Telecommunications      |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 21.1         |  | 20.6     |   |  | 9.9              |   |  |                |   |  | 15.9           
|Gas Natural Cantabria SDG, S.A.(2)                   |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Distribution of gas     |  | P.C.                    |  | 27.88               |  | 90.40                        |  | 3.2          |  | 28.0     |   |  | 2.7              |   |  |                |   |  | 9.5            
|Gas Natural Murcia SDG, S.A.(2)                      |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Distribution of gas     |  | P.C.                    |  | 30.81               |  | 99.90                        |  | 19.3         |  | (5.5     | ) |  | (3.7             | ) |  |                |   |  | 3.1            
|Gas Natural Cegas S.A.(2)                            |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Distribution of gas     |  | P.C.                    |  | 30.75               |  | 99.70                        |  | 25.4         |  | 68.0     |   |  | 8.1              |   |  |                |   |  | 31.2           
|Gas Natural Aprovisionamientos SDG, S.A. (2)         |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | Sagane,S.A.                   |  | Supply of naturalgas    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.6          |  | 14.3     |   |  | 96.7             |   |  |                |   |  | 34.4           
|Gas Natural Finance, BV (2)                          |  | Netherlands        |  | Gas NaturalSDG, S.A.                 |  |                               |  | Finance                 |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  | 2.2      |   |  | 0.3              |   |  |                |   |  | 0.8            
|Holding Gas Natural, S.A.(2)                         |  | Spain              |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Portfolio company       |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.3          |  | 0.2      |   |  |                 |   |  |                |   |  | 0.2            
|Gas Natural Sao Paulo Sul, S.A.(2)                   |  | Brazil             |  | Gas NaturalSDG, S.A.                 |  | Gas NaturalServiciosSDG, S.A. |  | Distribution of gas     |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 347.5        |  | (169.7   | ) |  | 6.7              |   |  | (3.7            | ) |  | 55.8           
|Gas Natural International, Ltd. (2)                  |  | Republic ofIreland |  | Gas NaturalSDG, S.A.                 |  | LaPropagadoradel Gas,S.A.     |  | Finance                 |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 25.4         |  | 8.9      |   |  | 1.3              |   |  |                |   |  | 11.0           
|Natural RE, S.A.(2)                                  |  | Luxembourg         |  | Gas NaturalInternational,Ltd.        |  | Holding GasNatural,S.A.       |  | Insurance               |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  | 5.0      |   |  | 2.9              |   |  |                |   |  | 2.4            



---

|                                                          |  |            |  |                                    |  |                                                   |  |                                     |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                 |  
|--------------------------------------------------------- |  | ---------- |  | ---------------------------------- |  | ------------------------------------------------- |  | ----------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007      |  |            | 
|                                                          |  |            |  |                                    |  |                                                   | 
|                                                          |  |            |  |                                    |  |                                                   |  |                                     |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                      |  | Country    |  | Parent                             |  | OtherShareholders (1)                             |  | Line of business                    |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5) |  
|Gas Natural Internacional SDG, S.A. (2)                   |  | Spain      |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas, S.A.                        |  | Portfoliocompany                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 349.5        |  | 19.7     |   |  | 25.1             |   |  |                |   |  | 121.6           |  
|Natural Energy, S.A.(2)                                   |  | Argentina  |  | Gas NaturalInternacionalSDG, S.A.  |  | La Propagadoradel Gas,S.A.                        |  | Marketing ofnaturalgas              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.2          |  | 1.0      |   |  | 1.6              |   |  |                |   |  | 0.6             |  
|CEG Rio, S.A. (2)                                         |  | Brazil     |  | Gas NaturalInternacionalSDG, S.A.  |  | Gas NaturalSDG, S.A.                              |  | Distributionof gas                  |  | P.C.                    |  | 18.38               |  | 59.60                        |  | 24.7         |  | 31.7     |   |  | 11.1             |   |  | (6.0            | ) |  | 11.3            |  
|Companhia Distribuidora de Gás do Rio de Janeiro S.A. (2) |  | Brazil     |  | Gas NaturalInternacionalSDG, S.A.  |  | Gas NaturalSDG, S.A.                              |  | Distributionof gas                  |  | P.C.                    |  | 16.72               |  | 54.20                        |  | 153.3        |  | 112.5    |   |  | 37.8             |   |  | (32.4           | ) |  | 45.3            |  
|Gas Natural Commercialisation France, S.A.S.(2)           |  | France     |  | Gas NaturalInternacionalSDG        |  |                                                   |  | Marketing ofnaturalgas              |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  | 2.8      |   |  | 1.7              |   |  |                |   |  | 1.4             |  
|Gas Natural Puerto Rico, INC(2)                           |  | PuertoRico |  | Gas NaturalInternacionalSDG, S.A.  |  |                                                   |  | Portfoliocompany                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.1          |  | (0.7     | ) |  | (0.9             | ) |  |                |   |  | 0.2             |  
|Invergas, S.A. (2)                                        |  | Argentina  |  | Gas NaturalInternacional,SDG, S.A. |  |                                                   |  | Portfoliocompany                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 48.9         |  | 60.6     |   |  |                 |   |  |                |   |  | 33.8            |  
|Gas Natural Ban, S.A.(2)                                  |  | Argentina  |  | Invergas, S.A.                     |  | Gas NaturalArgentinaSDG, S.A.                     |  | Distributionof gas                  |  | P.C.                    |  | 21.59               |  | 70.00                        |  | 214.7        |  | (153.0   | ) |  | 15.9             |   |  | (13.4           | ) |  | 13.9            |  
|Gas Natural Argentina SDG, S.A. (2)                       |  | Argentina  |  | Gas NaturalInternacional,SDG, S.A. |  |                                                   |  | Portfoliocompany                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 105.0        |  | (23.5    | ) |  |                 |   |  |                |   |  | 25.1            |  
|Gas Natural do Brasil S.A. (2)                            |  | Brazil     |  | Gas NaturalInternacional,SDG, S.A. |  | Gas NaturalServiciosSDG, S.A.                     |  | Productionandmarketingofelectricity |  | P.C.                    |  | 30.84               |  | 100.00                       |  | 0.6          |  | (1.7     | ) |  | (0.2             | ) |  |                |   |  | (0.4            | )
|Gas Natural Serviços, S.A.(2)                             |  | Brazil     |  | Gas NaturalInternacional,SDG, S.A. |  | Gas Natural doBrasil S.A.                         |  | services                            |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 1.8          |  | 1.1      |   |  | 1.2              |   |  | (0.2            | ) |  | 1.2             |  
|Gas Natural México, S.A. de CV (2)                        |  | Mexico     |  | Gas NaturalInternacional,SDG, S.A. |  | Gas NaturalSDG, S.A.                              |  | Distributionof gas                  |  | P.C.                    |  | 26.78               |  | 86.80                        |  | 470.7        |  | (183.4   | ) |  | 7.1              |   |  |                |   |  | 78.8            |  
|Comercializadora Metrogas S.A. de CV (2)                  |  | Mexico     |  | Gas NaturalMéxico, S.A. deC.V.     |  | Sistemas deAdministracióny Servicios,S.A. de C.V. |  | Distributionof gas                  |  | P.C.                    |  | 26.78               |  | 100.00                       |  | 128.1        |  | (67.5    | ) |  | (0.9             | ) |  |                |   |  | 16.0            |  
|Adm. Servicios Energía México, S.A. de CV (2)             |  | Mexico     |  | ComercializadoraMetrogas S.A. deCV |  |                                                   |  | services                            |  | P.C.                    |  | 26.76               |  | 100.00                       |  |             |  | (0.3     | ) |  |                 |   |  |                |   |  | (0.1            | )
|Energía y Confort Admón. de Personal, S.A. de CV(2)       |  | Mexico     |  | Gas NaturalMéxico, S.A. deCV       |  | Gas NaturalInternacionalSDG, S.A.                 |  | services                            |  | P.C.                    |  | 26.84               |  | 100.00                       |  |             |  | (0.1     | ) |  | (0.1             | ) |  |                |   |  | (0.1            | )



---

|                                                       |  |         |  |                                   |  |                                                |  |                                        |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |  |                 |  
|------------------------------------------------------ |  | ------- |  | --------------------------------- |  | ---------------------------------------------- |  | -------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007   |  |         | 
|                                                       |  |         |  |                                   |  |                                                | 
|                                                       |  |         |  |                                   |  |                                                |  |                                        |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                   |  | Country |  | Parent                            |  | OtherShareholders (1)                          |  | Line of business                       |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |  | AssetsOwned (5) |  
|Gas Natural Servicios, S.A. de C.V. (2)                |  | Mexico  |  | Gas NaturalMéxico, S.A.de CV      |  | Gas NaturalInternacionalSDG,S.A.               |  | services                               |  | P.C.                    |  | 26.76               |  | 100.00                       |  | 6.1          |  | (2.2     | ) |  | 2.2              |   |  |                |  | 1.6             |  
|Gas Natural Vehicular del Norte A en P (3)             |  | Mexico  |  | Gas NaturalServicios,S.A. de C.V. |  | Gas NaturalInternacionalSDG, S.A.              |  | Distributionof gas                     |  | P.C.                    |  | 13.67               |  | 44.30                        |  | 0.4          |  |         |   |  |                 |   |  |                |  |                |  
|Transnatural, SRL de CV.                               |  | Mexico  |  | Gas NaturalMéxico, S.A.de CV      |  |                                                |  | Transmissionand marketingof gas        |  | P.C.                    |  | 13.38               |  | 50.00                        |  | 10.4         |  | (13.0    | ) |  | (4.2             | ) |  |                |  | (0.9            | )
|CH4 Energía, S.A de CV.                                |  | Mexico  |  | Gas NaturalMéxico, S.A.de CV      |  |                                                |  | Transmissionand marketingof gas        |  | P.C.                    |  | 13.38               |  | 50.00                        |  | 0.6          |  | 1.0      |   |  | 0.7              |   |  |                |  | 0.3             |  
|Gas Natural Vendita Italia, SPA (2)                    |  | Italy   |  | Gas NaturalInternacionalSDG,S.A.  |  |                                                |  | Marketing ofnatural gas                |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.1          |  | 12.8     |   |  | (7.7             | ) |  |                |  | 2.2             |  
|Gas Natural Distribuzione S.p.A. (2)                   |  | Italy   |  | Gas NaturalInternacionalSDG,S.A.  |  |                                                |  | Portfoliocompany anddistribution ofgas |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 4.7          |  | 116.7    |   |  | (0.9             | ) |  |                |  | 37.2            |  
|Gasdotti Azienda Siciliana, S.P.A. (2)                 |  | Italy   |  | Gas NaturalDistribuzioneS.p.A.    |  | Autocartera                                    |  | Distribution ofgas                     |  | P.C.                    |  | 27.76               |  | 90.00                        |  | 0.5          |  | 19.9     |   |  | 1.7              |   |  |                |  | 6.1             |  
|Agragas, S.P.A. (2)                                    |  | Italy   |  | Gas NaturalDistribuzioneS.p.A.    |  | Autocartera                                    |  | Distribution ofgas                     |  | P.C.                    |  | 27.76               |  | 90.00                        |  | 0.1          |  | 34.6     |   |  | 0.4              |   |  |                |  | 9.7             |  
|Normanna Gas, S.P.A.(2)                                |  | Italy   |  | Gas NaturalDistribuzioneS.p.A.    |  | Autocartera                                    |  | Distribution ofgas                     |  | P.C.                    |  | 27.76               |  | 90.00                        |  | 0.1          |  | 28.4     |   |  | 0.7              |   |  |                |  | 8.1             |  
|Congas Servizi Consorzio Gas Acqua Servizi, S.p.A. (2) |  | Italy   |  | NormannaGas, S.P.A.               |  | Agragas,S.P.A./GasdottiAziendaSiciliana,S.P.A. |  | Marketing ofnatural gas                |  | P.C.                    |  | 27.77               |  | 100.00                       |  | 0.1          |  | 1.0      |   |  |                 |   |  |                |  | 0.3             |  
|Gas Natural Italia SpA (2)                             |  | Italy   |  | Gas NaturalDistribuzioneS.p.A.    |  |                                                |  | Portfoliocompany                       |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.1          |  | 0.3      |   |  |                 |   |  |                |  | 0.1             |  
|Smedigas, S.P.A. (2)                                   |  | Italy   |  | Gas NaturalInternacionalSDG,S.A.  |  |                                                |  | Distribution ofgas                     |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.6          |  | 20.1     |   |  | (0.6             | ) |  |                |  | 6.2             |  
|Gas Natural Rigassificazione Italia, SPA (2)           |  | Italy   |  | Gas NaturalInternacionalSDG,S.A.  |  |                                                |  | Regasificationof gas                   |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.1          |  |         |   |  |                 |   |  |                |  | 0.0             |  



---

|                                                     |  |           |  |                                    |  |                                    |  |                            |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |  |                 |   |  |                
|---------------------------------------------------- |  | --------- |  | ---------------------------------- |  | ---------------------------------- |  | -------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |          
|                                                     |  |           |  |                                    |  |                                    | 
|                                                     |  |           |  |                                    |  |                                    |  |                            |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country   |  | Parent                             |  | OtherShareholders (1)              |  | Line of business           |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |  | InterimDividend |   |  | AssetsOwned (5)
|Sistemas Administración y Servicios, S.A. de CV (2)  |  | Mexico    |  | Gas NaturalInternacional,SDG,S.A.  |  | Gas NaturalSDG,S.A.                |  | services                   |  | P.C.                    |  | 26.84               |  | 87.00                        |  |             |  | 0.2      |   |  |                 |  |                |   |  | 0.1            
|Natural Servicios, S.A. (2)                          |  | Argentina |  | Gas NaturalInternacional,SDG,S.A.  |  |                                    |  | Gas installationwork       |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.1          |  | (1.1     | ) |  | 0.3              |  |                |   |  | 0.4            
|Serviconfort Colombia S.A.(2)                        |  | Colombia  |  | Gas NaturalInternacional,SDG,S.A.  |  | La Propagadoradel Gas,S.A.         |  | services                   |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.2          |  | 0.1      |   |  | 0.6              |  |                |   |  | 0.3            
|Gas Natural, S.A. ESP(2)                             |  | Colombia  |  | Gas NaturalInternacional,SDG,S.A.  |  |                                    |  | Distribution ofgas         |  | P.C.                    |  | 18.23               |  | 59.10                        |  | 10.9         |  | 141.6    |   |  | 64.4             |  |                |   |  | 39.5           
|Gas Natural Cundiboyacense, S.A. ESP (2)             |  | Colombia  |  | Gas Natural,S.A. ESP               |  |                                    |  | Distributionof gas         |  | P.C.                    |  | 14.13               |  | 77.50                        |  | 1.1          |  | 9.3      |   |  | 4.5              |  |                |   |  | 2.1            
|Gas Natural del Oriente, S.A. ESP(2)                 |  | Colombia  |  | Gas Natural,S.A. ESP               |  |                                    |  | Distributionof gas         |  | P.C.                    |  | 9.94                |  | 54.50                        |  | 9.2          |  | 25.7     |   |  | 7.6              |  | (9.4            | ) |  | 3.3            
|Gases de Barrancabermeja, S.A. ESP (2)               |  | Colombia  |  | Gas Naturaldel Oriente,S.A. ESP    |  |                                    |  | Distributionof gas         |  | P.C.                    |  | 9.93                |  | 100.00                       |  | 1.3          |  | 1.5      |   |  | 0.5              |  |                |   |  | 0.3            
|Portal del Instalador, S.A.(2)                       |  | Spain     |  | Gas NaturalInformáticaS.A.         |  | Repsol YPF,S.A.                    |  | services                   |  | P.C.                    |  | 33.14               |  | 75.00                        |  | 1.3          |  | (0.1     | ) |  | 0.2              |  |                |   |  | 0.5            
|Central Anahuac, SA de CV(2)                         |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V. |  | Cogenerationof electricity |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 254.8        |  | (86.6    | ) |  |                 |  |                |   |  |               
|Controladora del Golfo SA de CV (2)                  |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  |                                    |  | Cogenerationof electricity |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 122.7        |  |         |   |  |                 |  |                |   |  |               
|Central Lomas del Real, SA de CV (2)                 |  | Mexico    |  | Controladoradel Golfo,S.A. de C.V. |  | Gas NaturalInternacional,SDG, S.A. |  | Cogenerationof electricity |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 37.5         |  | 121.0    |   |  |                 |  |                |   |  |               
|Central Saltillo S.A. de C.V. (2)                    |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V. |  | Cogenerationof electricity |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 150.7        |  | (49.5    | ) |  |                 |  |                |   |  |               



---

|                                                       |  |           |  |                                    |  |                                         |  |                                       |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |  |                 |  |                
|------------------------------------------------------ |  | --------- |  | ---------------------------------- |  | --------------------------------------- |  | ------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- |  | --------------- |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007   |  |          
|                                                       |  |           |  |                                    |  |                                         | 
|                                                       |  |           |  |                                    |  |                                         |  |                                       |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                   |  | Country   |  | Parent                             |  | OtherShareholders (1)                   |  | Line of business                      |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |  | InterimDividend |  | AssetsOwned (5)
|Central Vallehermoso SA de CV (2)                      |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V.      |  | Cogenerationof electricity            |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 43.4         |  | 146.9    |   |  |                 |  |                |  |               
|Compañía Mexicana de Gerencia y Operación SA de CV (2) |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V.      |  | Cogenerationof electricity            |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  | 0.1      |   |  |                 |  |                |  |               
|Electricidad Aguila de Altamira SA de CV (2)           |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V.      |  | Cogenerationof electricity            |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 159.7        |  | (44.1    | ) |  |                 |  |                |  |               
|Gasoducto del Río SA de CV (2)                         |  | Mexico    |  | Gas NaturalInternacional,SDG, S.A. |  | Controladoradel Golfo,S.A. de C.V.      |  | Cogenerationof electricity            |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 2.7          |  | 6.2      |   |  |                 |  |                |  |               
|Italmeco S.R.L. (2)                                    |  | Italy     |  | Gas NaturalInternacional,SDG, S.A. |  |                                         |  | Distributionof gas                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 22.4         |  | (0.9     | ) |  |                 |  |                |  |               
|Calgas SCARL (2)                                       |  | Italy     |  | ItalmecoS.R.L.                     |  |                                         |  | Distributionof gas                    |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 1.7          |  |         |   |  |                 |  |                |  |               
|Mecogas SRL (2)                                        |  | Italy     |  | ItalmecoS.R.L.                     |  |                                         |  | Marketing ofnatural gas               |  | P.C.                    |  | 30.85               |  | 100.00                       |  |             |  | 0.2      |   |  |                 |  |                |  |               
|Torre Marenostrum, S.A. (3)                            |  | Spain     |  | Gas NaturalSDG, S.A.               |  |                                         |  | Finances yotheractivities             |  | E.M.                    |  | 13.88               |  | 45.00                        |  | 5.3          |  | 15.7     |   |  | 0.1              |  |                |  | 2.9            
|Central Térmica la Torrecilla, S.A.                    |  | Spain     |  | Gas NaturalSDG, S.A.               |  |                                         |  | Cogenerationof electricity            |  | P.C.                    |  | 15.42               |  | 50.00                        |  | 1.2          |  |         |   |  |                 |  |                |  | 0.2            
|Gas Natural Capital Markets, S.A. (2)                  |  | Spain     |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas, S.A.              |  | Finance                               |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 0.1          |  | 1.6      |   |  | 0.1              |  |                |  | 0.6            
|Gas Natural Comercial SDG, S.L.                        |  | Spain     |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas, S.A.              |  | Marketing ofdomestic gas              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 4.5          |  | 0.2      |   |  | 3.3              |  |                |  | 2.5            
|Petroleum Oil & Gas España, S.A. (2)                   |  | Spain     |  | Gas NaturalSDG, S.A.               |  | LaPropagadoradel Gas, S.A.              |  | Explorationof oil andgas              |  | P.C.                    |  | 30.85               |  | 100.00                       |  | 3.9          |  | 51.1     |   |  | 0.5              |  |                |  | 17.1           
|YPF, S.A.                                              |  | Argentina |  | Repsol YPF,S.A.                    |  | Repsol YPFCapital/CAVEANT/R.Exploración |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 99.04                        |  | 3,696.2      |  | 1,184.8  |   |  | 816.0            |  |                |  | 5,642.3        



---

|                                                     |  |              |  |                        |  |                                        |  |                                       |  |                         |  |                     |  |                              |  |              |   |  |          |   |  |                  |   |  |                 |  |                 |  
|---------------------------------------------------- |  | ------------ |  | ---------------------- |  | -------------------------------------- |  | ------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ | - |  | -------- | - |  | ---------------- | - |  | --------------- |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |              |  |                       
|                                                     |  |              |  |                        |  |                                        | 
|                                                     |  |              |  |                        |  |                                        |  |                                       |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                 |  | Country      |  | Parent                 |  | OtherShareholders (1)                  |  | Line of business                      |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |   |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |  | AssetsOwned (5) |  
|YPF International, S.A.                              |  | Bolivia      |  | YPF, S.A.              |  | Repsol YPFBolivia/Repsol YPFE&PBolivia |  | Portfoliocompany                      |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 162.6        |   |  | (79.6    | ) |  | 4.9              |   |  |                |  | 87.0            |  
|YPF Ecuador Inc.                                     |  | CaymanIsland |  | YPFInternational,S.A.  |  |                                        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 0.7          |   |  | (0.8     | ) |  |                 |   |  |                |  | (0.1            | )
|YPF Malaysia, Ltd.                                   |  | CaymanIsland |  | YPFInternational,S.A.  |  |                                        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 0.0          |   |  | (13.5    | ) |  | 0.2              |   |  |                |  | (13.2           | )
|YPF Guyana, Ltd.                                     |  | CaymanIsland |  | YPFInternational,S.A.  |  |                                        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 0.0          |   |  | (2.8     | ) |  | (0.3             | ) |  |                |  | (3.1            | )
|Oil Enterprise, Ltd. (SPE)                           |  | CaymanIsland |  | YPF, S.A.              |  |                                        |  | Specialpurposeentity                  |  | F.C.                    |  | 99.04               |  | 100.00                       |  |             |   |  | (9.4     | ) |  | 3.8              |   |  |                |  | (5.6            | )
|YPF Holdings Inc.                                    |  | U.S.A.       |  | YPF, S.A.              |  |                                        |  | Portfoliocompany                      |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 379.0        |   |  | (526.1   | ) |  | (76.5            | ) |  |                |  | (221.5          | )
|CLH Holdings                                         |  | U.S.A.       |  | YPFHoldingsInc.        |  |                                        |  | Finance                               |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 102.7        |   |  | (192.3   | ) |  | (28.6            | ) |  |                |  | (117.1          | )
|Tierra Solutions Inc.                                |  | U.S.A.       |  | CLHHoldings            |  |                                        |  | Otheractivities                       |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 102.7        |   |  | (192.3   | ) |  | (28.6            | ) |  |                |  | (117.1          | )
|Maxus Energy Corporation                             |  | U.S.A.       |  | YPFHoldingsInc.        |  |                                        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 190.9        |   |  | (316.9   | ) |  | (37.6            | ) |  |                |  | (162.0          | )
|Maxus US Exploration Co.                             |  | U.S.A.       |  | MaxusEnergyCorporation |  |                                        |  | Explorationandproductionof oil andgas |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 1.3          |   |  | (102.5   | ) |  | (7.6             | ) |  |                |  | (107.8          | )
|Maxus International Energy Co.                       |  | U.S.A.       |  | MaxusEnergyCorporation |  |                                        |  | Otheractivities                       |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 22.0         |   |  | (26.7    | ) |  | 0.0              |   |  |                |  | (4.6            | )
|Gateway Coal Company                                 |  | U.S.A.       |  | MaxusEnergyCorporation |  |                                        |  | Otheractivities                       |  | F.C.                    |  | 99.04               |  | 100.00                       |  | (7.7         | ) |  | 0.2      |   |  | (0.5             | ) |  |                |  | (7.9            | )
|Compañía Mega                                        |  | Argentina    |  | YPF, S.A.              |  |                                        |  | Fractionationof gas                   |  | P.C.                    |  | 37.64               |  | 38.00                        |  | 137.9        |   |  | 26.4     |   |  | 148.7            |   |  |                |  | 117.8           |  
|Operadora de Estaciones de Servicio, S.A. OPESSA     |  | Argentina    |  | YPF, S.A.              |  | Repsol YPFGas, S.A.                    |  | Marketing ofoil and gas               |  | F.C.                    |  | 98.90               |  | 99.85                        |  | 81.2         |   |  | (46.0    | ) |  | 16.0             |   |  |                |  | 50.6            |  
|YPF Inversora Energética, S.A.                       |  | Argentina    |  | YPF, S.A.              |  | AstraEvangelista,S.A.                  |  | Portfoliocompany                      |  | F.C.                    |  | 99.04               |  | 100.00                       |  |             |   |  |         |   |  |                 |   |  |                |  |                |  



---

|                                                     |  |              |  |                                  |  |                       |  |                                          |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |   |  |                
|---------------------------------------------------- |  | ------------ |  | -------------------------------- |  | --------------------- |  | ---------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- | - |  | ---------------
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |             
|                                                     |  |              |  |                                  |  |                       | 
|                                                     |  |              |  |                                  |  |                       |  |                                          |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros
|Name                                                 |  | Country      |  | Parent                           |  | OtherShareholders (1) |  | Line of business                         |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |   |  | AssetsOwned (5)
|Gas Argentino, S.A. (GASA)                           |  | Argentina    |  | YPFInversoraEnergética,S.A.      |  |                       |  | Portfoliocompany                         |  | E.M.                    |  | 44.89               |  | 45.33                        |  | 210.4        |  | (254.4   | ) |  | 3.7              |   |  |                |   |  |               
|Metrogas, S.A.                                       |  | Argentina    |  | GasArgentino,S.A.(GASA)          |  |                       |  | Distributionof gas                       |  | E.M.                    |  | 31.43               |  | 70.00                        |  | 386.7        |  | (381.6   | ) |  | 43.2             |   |  |                |   |  |               
|Oiltanking Ebytem, S.A.                              |  | Argentina    |  | YPF, S.A.                        |  |                       |  | Transmissionand storageof oil andgas     |  | E.M.                    |  | 29.71               |  | 30.00                        |  | 8.0          |  | 3.7      |   |  | 4.5              |   |  | (3.4            | ) |  | 3.8            
|A&C Pipeline Holding                                 |  | CaymanIsland |  | YPF, S.A.                        |  |                       |  | Finance                                  |  | E.M.                    |  | 35.65               |  | 35.65                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Oleoducto Transandino Argentino, S.A. (3)            |  | Argentina    |  | A&CPipelineHolding               |  |                       |  | Constructionandoperation ofoil pipelines |  | E.M.                    |  | 35.65               |  | 100.00                       |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Oleoducto Trasandino Chile, S.A.(3)                  |  | Chile        |  | A&CPipelineHolding               |  |                       |  | Constructionandoperation ofoil pipelines |  | E.M.                    |  | 35.65               |  | 100.00                       |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Oleoducto Transandino Argentina Accs preferidas      |  | Argentina    |  | YPF, S.A.                        |  |                       |  | Constructionandoperation ofoil pipelines |  | E.M.                    |  | 35.65               |  | 35.65                        |  | 30.9         |  | (23.2    | ) |  |                 |   |  |                |   |  | 2.7            
|Oleoducto Transandino Chile Acciones preferidas      |  | Chile        |  | YPF, S.A.                        |  | RepsolYPFChile        |  | Constructionandoperation ofoil pipelines |  | E.M.                    |  | 35.65               |  | 35.65                        |  | 9.9          |  | 1.1      |   |  | (0.1             | ) |  |                |   |  | 3.9            
|Gasoducto del Pacifico Caiman                        |  | CaymanIsland |  | YPF, S.A.                        |  |                       |  | Finance                                  |  | E.M.                    |  | 10.00               |  | 10.00                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Gasoducto del Pacifico Chile (Ordinarias)            |  | Chile        |  | GasoductodelPacificoCaiman       |  |                       |  | Constructionandoperation ofgas pipelines |  | F.C.                    |  | 87.50               |  | 87.50                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Gasoducto del Pacífico Argentina, S.A. (Ordinarias)  |  | Argentina    |  | GasoductodelPacificoCaiman       |  |                       |  | Constructionandoperation ofgas pipelines |  | F.C.                    |  | 87.50               |  | 87.50                        |  |             |  |         |   |  |                 |   |  |                |   |  |               
|Gasoducto del Pacífico Argentina, S.A.(Preferidas)   |  | Argentina    |  | GasoductodelPacífico(Cayman)S.A. |  | YPF,S.A.              |  | Constructionandoperation ofgas pipelines |  | E.M.                    |  | 10.00               |  | 10.00                        |  | 55,6         |  | (27.4    | ) |  | (8.5             | ) |  |                |   |  | 2.0            
|Profertil, S.A.                                      |  | Argentina    |  | YPF, S.A.                        |  |                       |  | Productionand sale ofgas products        |  | P.C.                    |  | 49.52               |  | 50.00                        |  | 241.8        |  | (61.3    | ) |  | 72.9             |   |  |                |   |  | 125.5          
|Refinerías del Norte, S.A. (REFINOR)                 |  | Argentina    |  | YPF, S.A.                        |  |                       |  | Refining andmarketing ofoil products     |  | P.C.                    |  | 49.52               |  | 50.00                        |  | 68.5         |  | 22.0     |   |  | 34.3             |   |  |                |   |  | 61.8           



---

|                                                     |  |           |  |                             |  |                                                    |  |                                            |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |  |                 |  
|---------------------------------------------------- |  | --------- |  | --------------------------- |  | -------------------------------------------------- |  | ------------------------------------------ |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |           | 
|                                                     |  |           |  |                             |  |                                                    | 
|                                                     |  |           |  |                             |  |                                                    |  |                                            |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                 |  | Country   |  | Parent                      |  | OtherShareholders (1)                              |  | Line of business                           |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |  | AssetsOwned (5) |  
|Terminales Marítimas Patagónicas, S.A.               |  | Argentina |  | YPF, S.A.                   |  |                                                    |  | Logistics of oilderivativeproducts         |  | E.M.                    |  | 32.83               |  | 33.15                        |  | 9.8          |  | 15.1     |   |  | 4.5              |   |  |                |  | 9.7             |  
|Oleoductos del Valle, S.A. (OLDELVAL)                |  | Argentina |  | YPF, S.A.                   |  |                                                    |  | Logistics of oilderivativeproducts         |  | E.M.                    |  | 36.64               |  | 37.00                        |  | 74.8         |  | (23.6    | ) |  | (4.4             | ) |  |                |  | 17.1            |  
|Poligas Luján, S.A.                                  |  | Argentina |  | YPF, S.A.                   |  |                                                    |  | Bottling,transport andmarketing ofL.P.G.   |  | F.C.                    |  | 50.01               |  | 50.49                        |  |             |  |         |   |  |                 |   |  |                |  |                |  
|Astra Evangelista, S.A.                              |  | Argentina |  | YPF, S.A.                   |  | OPESSA                                             |  | Engineeringandconstruction                 |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 5.9          |  | (3.2     | ) |  | 21.9             |   |  |                |  | 24.4            |  
|AESA Construcciones y Servicios                      |  | Brazil    |  | AstraEvangelista,S.A.       |  | YPF,S.A.                                           |  | Engineeringandconstruction                 |  | F.C.                    |  | 99.04               |  | 100.00                       |  | 1.9          |  | (1.8     | ) |  | 0.0              |   |  |                |  | 0.1             |  
|Adicor, S.A.                                         |  | Uruguay   |  | AstraEvangelista,S.A.       |  |                                                    |  | Otheractivities                            |  | F.C.                    |  | 99.04               |  | 100.00                       |  |             |  |         |   |  |                 |   |  |                |  |                |  
|Gasoducto Oriental, S.A.                             |  | Argentina |  | AstraEvangelista,S.A.       |  |                                                    |  | Distribution ofgas                         |  | E.M.                    |  | 16.50               |  | 16.66                        |  | 0.0          |  |         |   |  |                 |   |  |                |  | 0.0             |  
|Inversora Dock Sud, S.A.                             |  | Argentina |  | YPF, S.A.                   |  |                                                    |  | Portfoliocompany                           |  | E.M.                    |  | 42.45               |  | 42.86                        |  | 63.9         |  | (102.8   | ) |  | (1.6             | ) |  |                |  | (17.2           | )
|Central Dock Sud, S.A.                               |  | Argentina |  | InversoraDock Sud,S.A.      |  | YPF,S.A.                                           |  | Constructionand operationof a powerstation |  | E.M.                    |  | 39.53               |  | 79.83                        |  | 106.8        |  | (179.4   | ) |  | (1.5             | ) |  |                |  | (29.3           | )
|Pluspetrol Energy, S.A.                              |  | Argentina |  | YPF, S.A.                   |  |                                                    |  | Explorationand productionof oil and gas    |  | P.C.                    |  | 44.57               |  | 45.00                        |  | 165.3        |  | (177.8   | ) |  | 94.6             |   |  |                |  | 36.6            |  
|Repsol YPF Chile, S.A                                |  | Chile     |  | RepsolYPF, S.A.             |  | OPESSA                                             |  | Administrationof YPFsinvestments inChile  |  | F.C.                    |  | 100.00              |  | 100.00                       |  |             |  | (22.6    | ) |  | 43.3             |   |  |                |  | 20.7            |  
|Repsol YPF Bolivia, S.A.                             |  | Bolivia   |  | RepsolYPF, S.A.             |  | R.Ex.plorac./Rex.Perú/Rex.Colombia/R.YPFE&PBolivia |  | Portfoliocompany                           |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 726.7        |  | (259.0   | ) |  | 47.4             |   |  |                |  | 515.1           |  
|Empresa Petrolera Andina, S.A.                       |  | Bolivia   |  | Repsol YPFBolivia,S.A.      |  |                                                    |  | Explorationand productionof oil and gas    |  | F.C.                    |  | 50.00               |  | 50.00                        |  | 184.1        |  | (725.2   | ) |  | 84.2             |   |  |                |  | (228.4          | )
|Transierra S.A.                                      |  | Bolivia   |  | EmpresaPetroleraAndina,S.A. |  |                                                    |  | Transmissionof oil and gas                 |  | E.M.                    |  | 22.25               |  | 44.50                        |  | 54.3         |  | 14.6     |   |  | 9.2              |   |  |                |  | 17.4            |  
|Maxus Bolivia Inc.                                   |  | Bolivia   |  | Repsol YPFBolivia,S.A.      |  |                                                    |  | Explorationand productionof oil and gas    |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 90.3         |  | 74.3     |   |  | 13.0             |   |  |                |  | 177.6           |  



---

|                                                     |  |         |  |                                   |  |                                                         |  |                                          |  |                         |  |                     |  |                              |  |              |  |          |   |  |                  |   |  |                 |  |                 |  
|---------------------------------------------------- |  | ------- |  | --------------------------------- |  | ------------------------------------------------------- |  | ---------------------------------------- |  | ----------------------- |  | ------------------- |  | ---------------------------- |  | ------------ |  | -------- | - |  | ---------------- | - |  | --------------- |  | --------------- | -
|MAIN REPSOL YPF GROUP INVESTEES AT DECEMBER 31, 2007 |  |         | 
|                                                     |  |         |  |                                   |  |                                                         | 
|                                                     |  |         |  |                                   |  |                                                         |  |                                          |  |                         |  | % of TotalOwnership |  | Amounts in Millions of Euros | 
|Name                                                 |  | Country |  | Parent                            |  | OtherShareholders (1)                                   |  | Line of business                         |  | ConsolidationMethod (4) |  | % ofDirectOwnership |  | % ofControl(5)               |  | ShareCapital |  | Reserves |   |  | 2007Profit(Loss) |   |  | InterimDividend |  | AssetsOwned (5) |  
|Repsol YPF E&P de Bolivia, S.A.                      |  | Bolivia |  | MaxusBolivia Inc.                 |  | R. YPFBolivia, S.A./ Rex. Perú,S.A. / Rex.Colombia,S.A. |  | Explorationand productionof oil and gas  |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 103.2        |  | 59.9     |   |  | 13.5             |   |  |                |  | 176.5           |  
|AESA Construcciones y Servicios Bolivia              |  | Bolivia |  | Repsol YPFBolivia, S.A.           |  | R. YPF E&Pde Bolivia,S.A. / AstraEvangelista            |  | Transmissionof oil and gas               |  | F.C.                    |  | 100.00              |  | 100.00                       |  |             |  | 1.3      |   |  | 0.4              |   |  |                |  | 1.6             |  
|Repsol YPF Brasil, S.A.                              |  | Brazil  |  | Repsol YPF,S.A.                   |  | OPESSA                                                  |  | Operation andmarketing ofoil and gas     |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 935.6        |  | (522.0   | ) |  | 113.9            |   |  |                |  | 527.4           |  
|Repsol YPF Distribuidora, S.A.                       |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  | Repsol YPFImportadorade Productos,Ltda.                 |  | Logistics of oilderivativeproducts       |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 129.6        |  | (117.1   | ) |  | (10.8            | ) |  |                |  | 1.7             |  
|Transportadora Sul Brasileira do Gas, S.A.           |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  |                                                         |  | Constructionand operationof gaspipelines |  | P.C.                    |  | 25.00               |  | 25.00                        |  | 30.9         |  | (30.9    | ) |  |                  |   |  |                |  |                |  
|Refinaria de Petróleos Manguinhos, S.A.              |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  |                                                         |  | Refining andmarketing ofoil products     |  | P.C.                    |  | 31.13               |  | 31.13                        |  | 12.6         |  | (0.7     | ) |  | 0.4              |   |  |                |  | 3.8             |  
|Manguinhos Distribuidora, S.A.                       |  | Brazil  |  | RefinariaPetróleosManguinhos,S.A. |  |                                                         |  | Marketing ofoil products                 |  | P.C.                    |  | 31.13               |  | 100.00                       |  | 11.7         |  | (9.2     | ) |  | 5.7              |   |  |                |  | 2.5             |  
|Manguinhos Química, S.A.                             |  | Brazil  |  | RefinariaPetróleosManguinhos,S.A. |  | ManguinhosDistribuidora,S.A.                            |  | Marketing ofpetrochemicals               |  | P.C.                    |  | 31.13               |  | 100.00                       |  | 2.2          |  | (0.2     | ) |  | (0.1             | ) |  |                |  | 0.6             |  
|Alberto Pasqualini REFAP, S.A.                       |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  |                                                         |  | Refining andmarketing ofoil products     |  | P.C.                    |  | 30.00               |  | 30.00                        |  | 345.1        |  | 258.0    |   |  | 101.6            |   |  |                |  | 211.4           |  
|Operadora de Postos de Servicos Ltda.                |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  | Repsol YPFImportadorade Productos,Ltda.                 |  | Operation ofservicestations              |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 33.7         |  | (37.7    | ) |  | (3.2             | ) |  |                |  | (7.2            | )
|Repsol YPF Importadora de Productos, Ltda.           |  | Brazil  |  | Repsol YPFBrasil, S.A.            |  | Repsol GasBrasil, S.A.                                  |  | Marketing ofoil products                 |  | F.C.                    |  | 100.00              |  | 100.00                       |  | 0.4          |  | 0.1      |   |  | 0.0              |   |  |                |  | 0.5             |  



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

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

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

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

F.C.: Full consolidation

P.C.: Proportionate consolidation

E.M.: Equity method

|(5) | Percentage of the Parent shareholding over the Shareholder.
|--- | -----------------------------------------------------------

Note:
Companies which currency is not euro have been converted at close balance exchange rate.