EXHIBIT 8.1



Page 1



MAIN REPSOL YPF GROUP INVESTEES AS OF DECEMBER 31, 2004



|                                                                |  |                  |  |                                               |  |                                                  |  |                                             |  |                      |     |          |                     |  |                              |  |        |                  |        |   |                 |        |   |                     |         |   |  |        |   |  |        |  
|--------------------------------------------------------------- |  | ---------------- |  | --------------------------------------------- |  | ------------------------------------------------ |  | ------------------------------------------- |  | -------------------- | --- | -------- | ------------------- |  | ---------------------------- |  | ------ | ---------------- | ------ | - | --------------- | ------ | - | ------------------- | ------- | - |  | ------ | - |  | ------ | -
|Name                                                            |  | Country          |  | Parent Company                                |  | Other Shareholders(1)                            |  | Line of Business                            |  | Consolidation Method |     |          | Total % ofOwnership |  | Amounts in Millions of Euros | 
|                                                                |  |                  |  |                                               |  | % of Direct Ownership                            |  | % Control                                   |  | Capital              |     | Reserves |                     |  | Income (Loss)                |  |        | Interim Dividend |        |   | Assets Owned(2) |        |   | Investment Value(3) |        
|Repsol Petróleo, S.A.                                           |  | Spain            |  | Repsol YPF, S.A.                              |  |                                                  |  | Refining                                    |  | I.G.                 |     |          | 99.97               |  | 99.97                        |  | 217.64 |                  | 526.77 |   |                 | 525.72 |   |                     | (441.07 | ) |  | 828.81 |   |  | 613.00 |  
|Repsol YPF Lubricantes y Especialidades, S.A.                   |  | Spain            |  | Repsol Petróleo, S.A.                         |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Distribution and marketing of by-products   |  | I.G.                 |     |          | 99.97               |  | 100                          |  | 5.38   |                  | 21.93  |   |                 | 20.91  |   |                     |        |   |  | 48.23  |   |  | 5.49   |  
|Estasur, S.A.                                                   |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Distribution and marketing of lubricants    |  | I.G.                 |     |          | 99.97               |  | 100                          |  | 0.15   |                  | 0.89   |   |                 | 0.71   |   |                     |        |   |  | 1.75   |   |  | 1.24   |  
|Euroboxes, S.A.                                                 |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Operation of workshops and other activities |  | P.E.                 |     |          | 99.94               |  | 100                          |  | 0.06   |                  | *      |   |                 | 0.03   |   |                     |        |   |  | 0.09   |   |  | 0.06   |  
|Repsol YPF Productos y Servicios Petrolíferos, S.A              |  | Spain            |  | Repsol YPF Lubricantes y Especialidades, S.A. |  |                                                  |  | Other business activities                   |  | P.E.                 |     |          | 99.97               |  | 100                          |  | 0.14   |                  | 0.37   |   |                 | *      |   |                     |        |   |  | 0.52   |   |  | 0.27   |  
|Repsol Eléctrica de Distribución, S.A.                          |  | Spain            |  | Repsol Petróleo, S.A.                         |  | Repsol YPF, S.A.                                 |  | Electric power distribution and supply      |  | P.E.                 |     |          | 99.97               |  | 100                          |  | 0.06   |                  | 0.56   |   |                 | 0.79   |   |                     |        |   |  | 1.41   |   |  | 0.06   |  
|Asfaltos Españoles, S.A.                                        |  | Spain            |  | Repsol Petróleo, S.A.                         |  |                                                  |  | Asphalts                                    |  | P.E.                 |     |          | 49.99               |  | 50.00                        |  | 8.53   |                  | 8.18   |   |                 | 0.81   |   |                     | (0.60   | ) |  | 8.46   |   |  | 8.46   |  
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)                 |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                            |  | Trading of oil products                     |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.06   |                  | *      |   |                 | 50.90  |   |                     |        |   |  | 50.97  |   |  | *      |  
|RYTTSA Singapur                                                 |  | CaymanIslands    |  | Repsol YPF Trading y Transportes, S.A.        |  |                                                  |  | Trading of oil products                     |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.05   |                  | 0.56   |   |                 | (0.52  | ) |                     |        |   |  | 0.09   |   |  | 0.12   |  
|Repsol Overzee Finance, B.V.                                    |  | Netherlands      |  | Repsol YPF, S.A.                              |  |                                                  |  | Portfolio company                           |  | I.G.                 |     |          | 100                 |  | 100                          |  |       |                  | (10.60 | ) |                 | (2.00  | ) |                     |        |   |  | (12.60 | ) |  | 0.02   |  
|Atlantic 2/3 Holdings, Llc.                                     |  | Trinidad &Tobago |  | Repsol Overzee Finance, B.V.                  |  |                                                  |  | Portfolio company                           |  | I.P.                 |     |          | 25.00               |  | 25.00                        |  | 102.90 |                  |       |   |                 |       |   |                     |        |   |  | 25.73  |   |  | 25.73  |  
|Atlantic LNG 2/3 Company of Trinidad & Tobago                   |  | Trinidad &Tobago |  | Atlantic 2/3 Holdings, Llc.                   |  |                                                  |  | Gas supply and logistics                    |  | I.P.                 | (6) |          | 25.00               |  | 100                          |  | 102.90 |                  | 19.90  |   |                 | 40.60  |   |                     |        |   |  | 163.40 |   |  | 102.92 |  
|Repsol LNG T & T, Ltd.                                          |  | Trinidad &Tobago |  | Repsol Overzee Finance, B.V.                  |  |                                                  |  | L.P.G. distribution                         |  | I.G.                 |     |          | 100.00              |  | 100                          |  |       |                  | (0.20  | ) |                 | (1.10  | ) |                     |        |   |  | (1.30  | ) |  |       |  
|Repsol LNG, S.L.                                                |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Comercializadora de Gas, S.A.             |  | Marketing of gas                            |  | I.G.                 |     |          | 100.00              |  | 100                          |  | 0.10   |                  | (0.10  | ) |                 | (4.40  | ) |                     |        |   |  | (4.40  | ) |  | 0.13   |  
|Gastream México S.A. de C.V.                                    |  | Mexico           |  | Repsol YPF, S.A.                              |  | Repsol LNG, S.L.                                 |  | Other business activities                   |  | I.G.                 |     |          | 100.00              |  | 100                          |  | 6.80   |                  |       |   |                 | (0.90  | ) |                     |        |   |  | 5.90   |   |  | 7.19   |  
|Pacific LNG Bolivia S.R.L.                                      |  | Bolivia          |  | Repsol YPF, S.A.                              |  |                                                  |  | Marketing of oil products                   |  | P.E.                 |     |          | 37.50               |  | 37.5                         |  | 1.13   |                  | (0.67  | ) |                 | (0.35  | ) |                     |        |   |  | 0.04   |   |  | 0.40   |  
|Repsol Comercializadora de Gas, S.A.                            |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                            |  | L.P.G. distribution                         |  | I.G.                 |     |          | 100.00              |  | 100                          |  | 0.40   |                  | (0.40  | ) |                 | 0.10   |   |                     |        |   |  | 0.10   |   |  | 0.48   |  
|Repsol Butano, S.A.                                             |  | Spain            |  | Repsol YPF, S.A.                              |  | Repsol Petróleo, S.A.                            |  | L.P.G. marketing                            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 58.70  |                  | 197.40 |   |                 | 35.10  |   |                     |        |   |  | 291.20 |   |  | 87.00  |  
|Repsol Maroc                                                    |  | Morocco          |  | Repsol Butano, S.A.                           |  |                                                  |  | Marketing of gas                            |  | P.E.                 |     |          | 99.88               |  | 100                          |  | 1.34   |                  | (1.34  | ) |                 | (0.28  | ) |                     |        |   |  | (0.28  | ) |  | (3.73  | )
|National Gaz                                                    |  | Morocco          |  | Repsol Maroc                                  |  |                                                  |  | L.P.G. marketing                            |  | P.E.                 |     |          | 99.86               |  | 100                          |  | 0.45   |                  | 0.82   |   |                 | 0.24   |   |                     |        |   |  | 1.51   |   |  |       |  
|Repsol YPF Gas, S.A.                                            |  | Argentina        |  | Repsol Butano, S.A.                           |  |                                                  |  |                                             |  | I.G.                 |     |          | 85                  |  | 85                           |  | 19.99  |                  | 6.16   |   |                 | 0.97   |   |                     |        |   |  | 23.05  |   |  | 27.86  |  
|Comsergas, Compañía Servicios Industriales de Gas Licuado, S.A. |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  |                                                  |  | Gas installation work                       |  | I.G.                 |     |          | 52.70               |  | 62.00                        |  | 0.50   |                  | 0.14   |   |                 | (0.06  | ) |                     |        |   |  | 0.36   |   |  | 0.36   |  
|Gas Austral, S.A.                                               |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  |                                                  |  | L.P.G. marketing                            |  | P.E.                 |     |          | 42.50               |  | 50.00                        |  | *      |                  | 0.60   |   |                 | 0.10   |   |                     |        |   |  | 0.35   |   |  | 0.35   |  
|Mejorgas, S.A.                                                  |  | Argentina        |  | Repsol YPF Gas, S.A.                          |  | Poligas Luján, S.A.                              |  | L.P.G. distribution                         |  | P.E.                 |     |          | 75.73               |  | 100                          |  | 0.02   |                  | (0.40  | ) |                 | (0.01  | ) |                     |        |   |  | (0.39  | ) |  | (0.29  | )
|Duragas, S.A.                                                   |  | Ecuador          |  | Repsol Butano, S.A.                           |  |                                                  |  | L.P.G. marketing                            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 5.42   |                  | 3.63   |   |                 | 2.29   |   |                     |        |   |  | 11.34  |   |  | 21.31  |  
|Autogas, S.A.                                                   |  | Ecuador          |  | Duragas, S.A.                                 |  |                                                  |  | L.P.G. marketing                            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.93   |                  | 0.03   |   |                 | (0.23  | ) |                     |        |   |  | 0.73   |   |  | 0.72   |  
|Servicio de Mantenimiento y PersonalSEMAPESA                   |  | Ecuador          |  | Repsol Butano, S.A.                           |  |                                                  |  | Maintenance and personnel services          |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.04   |                  | 0.47   |   |                 | (0.13  | ) |                     |        |   |  | 0.39   |   |  | 0.35   |  
|Repsol Butano Chile, S.A.                                       |  | Chile            |  | Repsol Butano, S.A.                           |  | YPF S.A.                                         |  | Portfolio company                           |  | I.G.                 |     |          | 100                 |  | 100                          |  | 126.13 |                  | 3.45   |   |                 | 4.86   |   |                     |        |   |  | 134.44 |   |  | 40.45  |  
|Repsol YPF Gas Chile, Ltda.                                     |  | Chile            |  | Repsol Butano Chile, S.A.                     |  | OPESSA                                           |  | Portfolio company                           |  | I.G.                 |     |          | 100                 |  | 100                          |  | 134.48 |                  | (4.90  | ) |                 | 4.86   |   |                     |        |   |  | 134.44 |   |  | 134.44 |  
|Empresas Lipigas, S.A.                                          |  | Chile            |  | Repsol YPF Gas Chile, Ltda.                   |  |                                                  |  | L.P.G. marketing                            |  | I.P.                 |     |          | 45.00               |  | 45.00                        |  | 72.35  |                  | (3.00  | ) |                 | 23.92  |   |                     | (15.73  | ) |  | 34.89  |   |  | 34.89  |  
|Repsol YPF Comercial del Perú, S.A.                             |  | Peru             |  | Repsol Butano, S.A.                           |  |                                                  |  | L.P.G. marketing                            |  | I.G.                 |     |          | 99.61               |  | 99.61                        |  | 42.12  |                  | (12.65 | ) |                 | 1.12   |   |                     |        |   |  | 30.46  |   |  | 66.60  |  



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|------------------------------------------------ |  | -------- |  | ------------------------------------------------ |  | ------------------------------------------------ |  | -------------------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ------ |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------ | - |  | ----- | -
|Name                                             |  | Country  |  | Parent Company                                   |  | Other Shareholders(1)                            |  | Line of Business                                   |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros |              
|                                                 |  |          |  |                                                  |  | % of Direct Ownership                            |  | % Control                                          |  | Capital              |  | Reserves            |  |                              | Income (Loss) |        |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3) |  
|Limagás, S.A.                                    |  | Peru     |  | Repsol YPF Comercial Perú, S.A.                  |  |                                                  |  | L.P.G. distribution                                |  | P.E.                 |  | 29.85               |  | 29.97                        |               | 3.54   |  | 3.92             |   |  | 0.45            |   |  |                    |   |  | 2.37   |   |  | 1.78  |  
|Repsol YPF Comercial de la Amazonia, SAC         |  | Peru     |  | Repsol YPF Comercial Perú, S.A.                  |  | Grupo Repsol YPF del Perú                        |  | L.P.G. distribution                                |  | I.G.                 |  | 99.61               |  | 100                          |               | 0.11   |  | (0.12            | ) |  | (0.16           | ) |  |                    |   |  | (0.17  | ) |  | 0.11  |  
|Repsol YPF GLP de Bolivia, S.A.                  |  | Bolivia  |  | Repsol Butano, S.A.                              |  | R. YPF E&P de Bolivia, S.A./R. YPF Bolivia, S.A. |  | L.P.G. marketing                                   |  | I.G.                 |  | 100                 |  | 100                          |               | 1.88   |  | 5.74             |   |  | 2.46            |   |  |                    |   |  | 10.08  |   |  | 1.70  |  
|Repsol YPF Gas de Bolivia, S.A.                  |  | Bolivia  |  | Repsol YPF GLP de Bolivia, S.A.                  |  | Repsol YPF E&P de Bolivia, S.A.                  |  | L.P.G. marketing                                   |  | I.G.                 |  | 51.00               |  | 51.00                        |               | 0.14   |  | 3.46             |   |  | 0.52            |   |  |                    |   |  | 2.10   |   |  | 2.10  |  
|Repsol France                                    |  | France   |  | Repsol Butano, S.A.                              |  | Repsol Química, S.A./Repsol YPF, S.A.            |  | Distribution and marketing of oil products         |  | P.E.                 |  | 100                 |  | 100                          |               | 1.30   |  | (2.80            | ) |  | (0.60           | ) |  |                    |   |  | (2.10  | ) |  | (2.00 | )
|Repsol Gas Brasil, S.A.                          |  | Brazil   |  | Repsol Butano, S.A.                              |  | Repsol YPF Brasil, S.A.                          |  | L.P.G. marketing                                   |  | I.G.                 |  | 100                 |  | 100                          |               | 1.47   |  | (0.14            | ) |  | (0.49           | ) |  |                    |   |  | 0.83   |   |  | 0.83  |  
|Repsol Portugal Gas de Petróleo Liquefeito, S.A. |  | Portugal |  | Repsol Butano, S.A.                              |  | R. YPF Lubricantes y Especialidades              |  | L.P.G. distribution and marketing                  |  | I.G.                 |  | 100                 |  | 100                          |               | 0.10   |  | 11.10            |   |  | (0.50           | ) |  |                    |   |  | 10.70  |   |  | 10.43 |  
|Vía Red Servicios Logísticos, S.A.               |  | Spain    |  | Repsol Butano, S.A.                              |  |                                                  |  | Gas supply and logistics natural                   |  | P.E.                 |  | 51                  |  | 51                           |               | 2.50   |  | (1.00            | ) |  | (0.68           | ) |  |                    |   |  | 0.42   |   |  | 1.03  |  
|Repsol Comercial de Productos Petrolíferos, S.A. |  | Spain    |  | Repsol Petróleo, S.A.                            |  | Repsol YPF, S.A./PETRONOR                        |  | Marketing of oil products                          |  | I.G.                 |  | 96.65               |  | 99.76                        |               | 334.76 |  | 515.54           |   |  | 95.14           |   |  | (24.91              | ) |  | 918.32 |   |  | 46.00 |  
|Gasóleos y Lubricantes, GASOLUBE, S.A.           |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution and marketing of oil products         |  | I.G.                 |  | 96.65               |  | 100                          |               | 0.06   |  | 0.15             |   |  | (0.35           | ) |  |                    |   |  | (0.13  | ) |  |      |  
|Gasolube Noroeste, S.A.                          |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution and marketing of oil products         |  | I.G.                 |  | 96.65               |  | 100                          |               | 0.10   |  | 0.02             |   |  | 0.03            |   |  |                    |   |  | 0.15   |   |  | 1.50  |  
|Gasolube Andalucía, S.L.                         |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution and marketing of oil products         |  | I.G.                 |  | 96.65               |  | 100                          |               | *      |  | *                |   |  | 0.30            |   |  |                    |   |  | 0.30   |   |  | 0.70  |  
|Gasolube Castilla y León, S.L.                   |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution and marketing of oil products         |  | I.G.                 |  | 96.65               |  | 100                          |               | 0.04   |  | 0.03             |   |  | 0.15            |   |  |                    |   |  | 0.21   |   |  | 0.26  |  
|Campsa Estaciones de Servicio, S.A.CAMPSARED    |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                            |  | Operation and management of service stations       |  | I.G.                 |  | 96.65               |  | 100                          |               | 8.41   |  | 18.00            |   |  | 21.90           |   |  |                    |   |  | 48.32  |   |  | 34.26 |  
|Sociedad Catalana de Petrolis, S.A. (PETROCAT)   |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                            |  | Distribution and marketing of oil products         |  | P.E.                 |  | 43.69               |  | 45.00                        |               | 15.09  |  | (5.98            | ) |  | 0.31            |   |  |                    |   |  | 4.24   |   |  | 4.71  |  
|Air Miles España, S.A.                           |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Management of Travel Club membership card        |  | P.E.                 |  | 21.75               |  | 22.50                        |               | 0.07   |  | 0.37             |   |  | 0.61            |   |  |                    |   |  | 0.24   |   |  | 0.02  |  
|Carburants i Derivats, S.A. (CADESA)             |  | Andorra  |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution of oil-by products                    |  | P.E.                 |  | 32.14               |  | 33.25                        |               | 0.12   |  | 0.55             |   |  | 0.25            |   |  |                    |   |  | 0.31   |   |  | 0.43  |  
|Hinia, S.A.                                      |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF Lubricantes y Especialidades, S.A.    |  | Distribution and marketing of oil products         |  | I.G.                 |  | 96.68               |  | 100                          |               | 0.60   |  | 2.57             |   |  | 0.36            |   |  |                    |   |  | 3.53   |   |  | 1.06  |  
|Autoclub Repsol S.L.                             |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Automotive services                                |  | P.E.                 |  | 48.42               |  | 50.10                        |               | 3.59   |  | 3.95             |   |  | (5.08           | ) |  |                     |   |  | 1.23   |   |  |      |  
|Euro 24, S.L.                                    |  | Spain    |  | Autoclub Repsol S.L.                             |  |                                                  |  | Road assistance                                    |  | P.E.                 |  | 48.42               |  | 100                          |               | 0.03   |  | 0.04             |   |  | 0.78            |   |  | (0.60               | ) |  | 0.20   |   |  | 0.07  |  
|Autoclub Repsol Servicios S.L.                   |  | Spain    |  | Autoclub Repsol S.L.                             |  |                                                  |  | Automotive services                                |  | P.E.                 |  | 48.42               |  | 100                          |               | *      |  | *                |   |  | 0.07            |   |  |                    |   |  | 0.08   |   |  | 0.02  |  
|Autoclub Repsol Correduría de Seguros S.L.       |  | Spain    |  | Autoclub Repsol S.L.                             |  |                                                  |  | Insurance brokerage                                |  | P.E.                 |  | 57.99               |  | 100                          |               | 0.02   |  | *                |   |  | 0.95            |   |  |                    |   |  | 0.96   |   |  | 0.19  |  
|Asiru, S.A.                                      |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Operation and management of service stations       |  |                      |  | 96.65               |  | 100                          |               | 1.14   |  | 0.30             |   |  | 0.06            |   |  |                    |   |  | 1.51   |   |  | 5.44  |  
|Noroil, S.A.                                     |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | PETRONOR                                         |  | Distribution and marketing of oil products         |  | I.G.                 |  | 67.66               |  | 70.00                        |               | 1.51   |  | 0.30             |   |  | 0.45            |   |  |                    |   |  | 1.58   |   |  | 1.06  |  
|Solred, S.A.                                     |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF, S.A.                                 |  | Management of means of payment at serv. stations   |  | I.G.                 |  | 96.65               |  | 100                          |               | 7.28   |  | 6.46             |   |  | 10.20           |   |  |                    |   |  | 23.95  |   |  | 7.76  |  
|Gestión de Puntos de Venta, Gespevesa, S.A.      |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Mark. of prod. at serv. st. and convenience stores |  | P.E.                 |  | 48.33               |  | 50.00                        |               | 15.40  |  | 2.39             |   |  | 0.83            |   |  |                    |   |  | 9.31   |   |  | 7.70  |  
|Terminales Canarios, S.L.                        |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                                  |  | Distribution of oil-by products                    |  | P.E.                 |  | 48.33               |  | 50.00                        |               | 20.82  |  | 1.25             |   |  | 0.35            |   |  |                    |   |  | 11.21  |   |  | 10.41 |  
|Falk s.p.a.                                      |  | Italy    |  | Repsol YPF, S.A.                                 |  |                                                  |  | Distribution and marketing of oil products         |  | P.E.                 |  | 100                 |  | 100                          |               | 0.50   |  | 3.45             |   |  |                |   |  |                    |   |  | 0.50   |   |  | 32.00 |  





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|                                                  |  |               |  |                                 |  |                                       |  |                                                    |  |                      |     |          |                     |  |                              |  |        |                  |        |   |                 |        |   |                     |        |   |  |        |   |  |       
|------------------------------------------------- |  | ------------- |  | ------------------------------- |  | ------------------------------------- |  | -------------------------------------------------- |  | -------------------- | --- | -------- | ------------------- |  | ---------------------------- |  | ------ | ---------------- | ------ | - | --------------- | ------ | - | ------------------- | ------ | - |  | ------ | - |  | ------
|Name                                              |  | Country       |  | Parent Company                  |  | Other Shareholders(1)                 |  | Line of Business                                   |  | Consolidation Method |     |          | Total % ofOwnership |  | Amounts in Millions of Euros
|                                                  |  |               |  |                                 |  | % of Direct Ownership                 |  | % Control                                          |  | Capital              |     | Reserves |                     |  | Income (Loss)                |  |        | Interim Dividend |        |   | Assets Owned(2) |        |   | Investment Value(3)
|Compañía Logística de Hidrocarburos CLH, S.A.     |  | Spain         |  | Repsol YPF, S.A.                |  | PETRONOR                              |  | Transport and storage of oil products              |  | P.E.                 |     |          | 24.25               |  | 25                           |  | 84.10  |                  | 144.60 |   |                 | 103.00 |   |                     | (66.60 | ) |  | 66.28  |   |  | 107.00
|CLH Aviación, S.A.                                |  | Spain         |  | CLH, S.A.                       |  |                                       |  | Transport and storage of oil products              |  | I.G.                 | (6) |          | 24.25               |  | 100                          |  | 21.00  |                  | 9.19   |   |                 | 7.72   |   |                     |       |   |  | 37.91  |   |  | n.a.  
|Carbon Black Española, S.A. (CARBESA)             |  | Spain         |  | Repsol YPF, S.A.                |  | Repsol Química, S.A.                  |  | Non-activity                                       |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.18   |                  | 0.31   |   |                 | (1.30  | ) |                     |       |   |  | (0.82  | ) |  |      
|Repsol Combustiveis, S.A.                         |  | Portugal      |  | Repsol YPF, S.A.                |  | Carbon Black Española, S.A. (CARBESA) |  | Distribution and marketing of oil products         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 15.00  |                  | 123.56 |   |                 | (1.00  | ) |                     |       |   |  | 137.56 |   |  | 364.60
|Rodogeste Gestao de Postos Rodoviarios, Lda.      |  | Portugal      |  | Repsol Combustiveis, S.A.       |  |                                       |  | Distribution and marketing of oil products         |  | I.G.                 |     |          | 99.96               |  | 99.96                        |  | 0.25   |                  | 2.74   |   |                 | 0.10   |   |                     |       |   |  | 3.09   |   |  | n.a.  
|Repsol Betumes Com. de Prod. Petroliferos, S.A.   |  | Portugal      |  | Repsol YPF, S.A.                |  | Carbon Black Española, S.A. (CARBESA) |  | Distribution and marketing of oil products         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.05   |                  | 13.67  |   |                 | (0.50  | ) |                     |       |   |  | 13.22  |   |  | 14.20 
|Repsol Abastecimientos e Serviços á Aviaçao, S.A. |  | Portugal      |  | Repsol YPF, S.A.                |  | Carbon Black Española, S.A. (CARBESA) |  | Distribution and marketing of oil products         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.50   |                  | 6.37   |   |                 | (0.50  | ) |                     |       |   |  | 6.37   |   |  | 23.10 
|Repsol Company of Portugal Ltd.                   |  | U.K.          |  | Repsol YPF, S.A.                |  | Carbon Black Española, S.A. (CARBESA) |  |                                                    |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.20   |                  | 2.49   |   |                 |       |   |                     |       |   |  | 2.69   |   |  | 0.73  
|Tecnicontrol y Gestión Integral, S.L.             |  | Spain         |  | Repsol YPF, S.A.                |  | Repsol Exploración, S.A.              |  | Real estate development                            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 3.53   |                  | 27.95  |   |                 | 0.83   |   |                     | (0.59  | ) |  | 31.72  |   |  | 31.60 
|Petróleos del Norte, S.A. (PETRONOR)              |  | Spain         |  | Repsol YPF, S.A.                |  |                                       |  | Refining                                           |  | I.G.                 |     |          | 85.98               |  | 85.98                        |  | 120.50 |                  | 296.00 |   |                 | 213.90 |   |                     | (80.10 | ) |  | 473.15 |   |  | 258.00
|Asfalnor, S.A.                                    |  | Spain         |  | PETRONOR                        |  |                                       |  | Distribuc. y comercialización de pdtos. asfálticos |  | I.G.                 |     |          | 85.98               |  | 100                          |  | 0.10   |                  |       |   |                 | 0.10   |   |                     |       |   |  | 0.20   |   |  | 0.20  
|Repsol Exploración, S.A.                          |  | Spain         |  | Repsol YPF, S.A.                |  | Repsol Petróleo, S.A.                 |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 24.62  |                  | 504.73 |   |                 | 27.98  |   |                     |       |   |  | 557.33 |   |  | 258.37
|Repsol Exploración Trinidad, S.A.                 |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 1.81   |                  | 13.20  |   |                 | (0.96  | ) |                     |       |   |  | 14.05  |   |  | 14.05 
|Repsol YPF Cuba, S.A.                             |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 1.94   |                  | (0.65  | ) |                 | (31.27 | ) |                     |       |   |  | (29.98 | ) |  |      
|Repsol Exploración Colombia, S.A.                 |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 1.94   |                  | (0.65  | ) |                 | (2.20  | ) |                     |       |   |  | (0.91  | ) |  |      
|Repsol Exploración Argelia, S.A.                  |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 3.97   |                  | 201.84 |   |                 | 60.86  |   |                     |       |   |  | 266.67 |   |  | 117.20
|Repsol Exploración Murzuq, S.A.                   |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 7.83   |                  | 299.25 |   |                 | 187.86 |   |                     |       |   |  | 494.94 |   |  | 393.05
|Repsol Oil Operations AG                          |  | Switzerland   |  | Repsol Exploración Murzuq, S.A. |  |                                       |  | Oil and gas exploration and production             |  | P.E.                 |     |          | 40.00               |  | 40.00                        |  | 0.06   |                  | 0.36   |   |                 | 0.42   |   |                     |       |   |  | 0.34   |   |  | 0.02  
|Repsol Inco AG                                    |  | Switzerland   |  | Repsol Exploración Murzuq, S.A. |  |                                       |  | Oil and gas exploration and production             |  | P.E.                 |     |          | 40.00               |  | 40.00                        |  | 0.06   |                  | 0.30   |   |                 | (0.02  | ) |                     |       |   |  | 0.14   |   |  | 0.02  
|Repsol YPF Ecuador, S.A.                          |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol Petróleo, S.A.                 |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 4.74   |                  | 43.80  |   |                 | (27.93 | ) |                     |       |   |  | 20.61  |   |  |      
|Repsol YPF OCP de Ecuador, S.A.                   |  | Spain         |  | Repsol YPF Ecuador, S.A.        |  | Repsol Exploración Tobago, S.A.       |  | Portfolio company                                  |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.06   |                  | (0.02  | ) |                 | 2.03   |   |                     |       |   |  | 2.07   |   |  | 2.05  
|Oleoducto de Crudos Pesados, Ltd.                 |  | CaymanIslands |  | Repsol YPF OCP de Ecuador, S.A. |  |                                       |  | Other business activities                          |  | P.E.                 |     |          | 29.66               |  | 29.66                        |  | 74.20  |                  | (14.21 | ) |                 | 2.75   |   |                     |       |   |  | 18.61  |   |  | 18.61 
|Repsol Exploración Securé, S.A.                   |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 1.87   |                  | (0.62  | ) |                 | (0.08  | ) |                     |       |   |  | 1.17   |   |  | 1.17  
|Repsol Exploración Perú, S.A.                     |  | Spain         |  | Repsol Exploración, S.A.        |  | Repsol YPF, S.A.                      |  | Oil and gas exploration and production             |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.67   |                  | (0.22  | ) |                 | (2.54  | ) |                     |       |   |  | (2.09  | ) |  |      





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|                                                        |  |                  |  |                                    |  |                                 |  |                                        |  |                      |  |                     |  |                              |               |        |  |                  |   |  |                 |   |  |                     |   |  |        |   |  |         
|------------------------------------------------------- |  | ---------------- |  | ---------------------------------- |  | ------------------------------- |  | -------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ------ |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------ | - |  | --------
|Name                                                    |  | Country          |  | Parent Company                     |  | Other Shareholders(1)           |  | Line of Business                       |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros
|                                                        |  |                  |  |                                    |  | % of Direct Ownership           |  | % Control                              |  | Capital              |  | Reserves            |  |                              | Income (Loss) |        |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3)
|Repsol YPF Oriente Medio, S.A.                          |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.18   |  | (0.06            | ) |  | (3.92           | ) |  |                    |   |  | (3.80  | ) |  |        
|Repsol Exploración México S.A. De C.V.                  |  | Mexico           |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               |       |  | (0.05            | ) |  | (0.79           | ) |  |                    |   |  | (0.84  | ) |  |        
|Servicios Administrativos Cuenca de Burgos S.A. de C.V. |  | Mexico           |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               |       |  |                 |   |  | (0.04           | ) |  |                    |   |  | (0.04  | ) |  |        
|Repsol Exploración Kazakhstán, S.A.                     |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.18   |  | (0.06            | ) |  | (1.62           | ) |  |                    |   |  | (1.50  | ) |  |        
|Repsol Exploración Tobago, S.A.                         |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.18   |  | (0.06            | ) |  | (0.21           | ) |  |                    |   |  | (0.09  | ) |  |        
|Repsol YPF Eléctrica de Brasil, S.A.                    |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.18   |  | 0.90             |   |  | *               |   |  |                    |   |  | 1.09   |   |  | 1.02    
|Repsol Exploración Azerbaiyan, S.A.                     |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.07   |  | (0.02            | ) |  | 0.12            |   |  |                    |   |  | 0.17   |   |  | 0.15    
|Repsol Exploración Sierra Leona, S.L.                   |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 2.81   |  |                 |   |  | (2.29           | ) |  |                    |   |  | 0.52   |   |  | 0.52    
|Repsol Exploración Suriname, S.L.                       |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol Exploración Tobago, S.A. |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               |       |  |                 |   |  | (1.96           | ) |  |                    |   |  | (1.96  | ) |  |        
|Repsol Exploración Venezuela, B.V.                      |  | Netherlands      |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                      |  | I.G.                 |  | 100                 |  | 100                          |               | 215.64 |  | (224.15          | ) |  | 108.45          |   |  |                    |   |  | 99.94  |   |  | 197.79  
|Flawin S.A.F.I.                                         |  | Venezuela        |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Portfolio company                      |  | I.G.                 |  | 100                 |  | 100                          |               |       |  |                 |   |  |                |   |  |                    |   |  |       |   |  |        
|Repsol YPF Venezuela, S.A.                              |  | Venezuela        |  | Repsol Exploración Venezuela, B.V. |  |                                 |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 12.18  |  | (39.70           | ) |  | 213.41          |   |  |                    |   |  | 185.89 |   |  | 82.31   
|Repsol Exploración Guinea, S.A.                         |  | Spain            |  | Repsol Exploración, S.A.           |  | Repsol YPF, S.A.                |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 0.07   |  | 60.04            |   |  | (43.97          | ) |  |                     |   |  | 16.14  |   |  | 16.13   
|BPRY Caribbean Ventures LLC                             |  | Trinidad &Tobago |  | Repsol Exploración, S.A.           |  |                                 |  | Portfolio company                      |  | I.P.                 |  | 30.00               |  | 30.00                        |               | 904.04 |  | 340.03           |   |  | 422.10          |   |  |                    |   |  | 499.85 |   |  | 1,293.48
|BP Amoco Trinidad & Tobago                              |  | Trinidad &Tobago |  | BPRY Caribbean Ventures LLC        |  |                                 |  | Oil and gas exploration and production |  | I.P.                 |  | 30.00               |  | 100                          |               | 199.81 |  | 108.61           |   |  | 391.63          |   |  | (406.26             | ) |  | 293.79 |   |  | 199.81  
|Dubai Marine Areas, Ltd. (DUMA)                         |  | U.K.             |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | I.P.                 |  | 50.00               |  | 50.00                        |               | 0.06   |  | 117.69           |   |  |                |   |  |                    |   |  | 58.88  |   |  | 10.51   
|Repsol Investigaciones Petrolíferas, S.A.               |  | Spain            |  | Repsol Exploración, S.A.           |  |                                 |  | Oil and gas exploration and production |  | I.G.                 |  | 100                 |  | 100                          |               | 225.89 |  | 307.21           |   |  | 25.28           |   |  |                    |   |  | 558.38 |   |  | 530.39  
|EniRepsa Gas Limited                                    |  | ArabiaSaudita    |  | Repsol Exploración, S.A.           |  |                                 |  | Gas supply and logistics               |  | P.E.                 |  | 30.00               |  | 30.00                        |               | 3.69   |  |                 |   |  | (3.41           | ) |  |                    |   |  | 0.08   |   |  | 0.09    
|Repsol YPF Perú, BV                                     |  | Netherlands      |  | Repsol YPF, S.A.                   |  |                                 |  | Portfolio company                      |  | I.G.                 |  | 100                 |  | 100                          |               | 92.57  |  | 54.07            |   |  | (0.19           | ) |  |                    |   |  | 146.45 |   |  | 146.00  
|Grupo Repsol YPF del Perú, S.A.C.                       |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                 |  | Portfolio company                      |  | I.G.                 |  | 100                 |  | 100                          |               | 0.37   |  | (0.09            | ) |  | 0.09            |   |  |                    |   |  | 0.37   |   |  | 0.37    
|Refinería La Pampilla, S.A.                             |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                 |  | Refining                               |  | I.G.                 |  | 51.03               |  | 51.03                        |               | 108.58 |  | 22.23            |   |  | (7.69           | ) |  |                    |   |  | 62.83  |   |  | 99.15   
|Repsol Comercial, S.A.C.                                |  | Peru             |  | Repsol YPF Perú, B.V.              |  |                                 |  | Marketing of fuels                     |  | I.G.                 |  | 100                 |  | 100                          |               | 23.06  |  | (0.43            | ) |  | (6.04           | ) |  |                    |   |  | 16.60  |   |  | 23.49   
|Repsol YPF Comercial del Ecuador, S.A.                  |  | Ecuador          |  | Repsol YPF, S.A.                   |  |                                 |  | Marketing of fuels                     |  | I.G.                 |  | 100                 |  | 100                          |               | 51.65  |  | (11.83           | ) |  | 0.94            |   |  |                    |   |  | 40.75  |   |  | 45.00   
|Combustibles Industriales Oil Trader, S.A.              |  | Ecuador          |  | Repsol YPF Comercial Ecuador, S.A. |  |                                 |  | Marketing of fuels                     |  | I.G.                 |  | 100                 |  | 100                          |               | 3.77   |  | (3.49            | ) |  | (0.25           | ) |  |                    |   |  | 0.03   |   |  |        





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|                                            |  |                  |  |                                             |  |                                          |  |                                        |  |                      |     |          |                     |  |                              |  |        |                  |          |   |                 |        |   |                     |         |   |  |          |   |  |       
|------------------------------------------- |  | ---------------- |  | ------------------------------------------- |  | ---------------------------------------- |  | -------------------------------------- |  | -------------------- | --- | -------- | ------------------- |  | ---------------------------- |  | ------ | ---------------- | -------- | - | --------------- | ------ | - | ------------------- | ------- | - |  | -------- | - |  | ------
|Name                                        |  | Country          |  | Parent Company                              |  | Other Shareholders(1)                    |  | Line of Business                       |  | Consolidation Method |     |          | Total % ofOwnership |  | Amounts in Millions of Euros
|                                            |  |                  |  |                                             |  | % of Direct Ownership                    |  | % Control                              |  | Capital              |     | Reserves |                     |  | Income (Loss)                |  |        | Interim Dividend |          |   | Assets Owned(2) |        |   | Investment Value(3)
|Repsol International Finance B.V.           |  | Netherlands      |  | Repsol YPF, S.A.                            |  |                                          |  | Finance and holding company            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 263.20 |                  | 515.75   |   |                 | 91.50  |   |                     |        |   |  | 870.45   |   |  | 564.00
|Repsol LNG Port of Spain, BV                |  | Netherlands      |  | Repsol International Finance, B.V.          |  |                                          |  | Portfolio company                      |  | I.G.                 |     |          | 100                 |  | 100                          |  |       |                  | 60.10    |   |                 | 28.10  |   |                     |        |   |  | 88.20    |   |  |      
|Atlantic 1 Holdings, LLC                    |  | U.S.A.           |  | Repsol LNG Port of Spain, BV                |  |                                          |  | Portfolio company                      |  | I.P.                 |     |          | 20.00               |  | 20.00                        |  | 180.20 |                  |         |   |                 | 148.50 |   |                     | (148.50 | ) |  | 36.04    |   |  | 36.00 
|Atlantic LNG Co. of Trinidad & Tobago       |  | Trinidad &Tobago |  | Atlantic 1 Holdings, LLC                    |  |                                          |  | Gas supply and logistics               |  | I.G.                 | (6) |          | 20.00               |  | 100                          |  | 180.20 |                  | 77.60    |   |                 | 194.90 |   |                     | (148.50 | ) |  | 304.20   |   |  | 180.00
|Repsol International Capital                |  | CaymanIslands    |  | Repsol International Finance, B.V.          |  |                                          |  | Finance                                |  | I.G.                 |     |          | 100                 |  | 100                          |  | 0.70   |                  | (167.60  | ) |                 | (0.10  | ) |                     |        |   |  | (167.00  | ) |  |      
|Repsol Investeringen, BV                    |  | Netherlands      |  | Repsol International Finance, B.V.          |  |                                          |  | Portfolio company                      |  | I.G.                 |     |          | 100                 |  | 100                          |  | *      |                  | *        |   |                 |        |   |                     |        |   |  | *        |   |  |      
|Repsol Netherlands Finance, BV              |  | Netherlands      |  | Repsol International Finance, B.V.          |  | Repsol Investeringen, B.V.               |  | Finance                                |  | I.G.                 |     |          | 100                 |  | 100                          |  |        |                  | 46.41    |   |                 | (30.03 | ) |                     |        |   |  | 16.38    |   |  |      
|Repsol YPF Capital, S.L.                    |  | Spain            |  | Repsol International Finance, B.V.          |  | Repsol YPF, S.A.                         |  | Portfolio company                      |  | I.G.                 |     |          | 100                 |  | 100                          |  | 463.80 |                  | (3.50    | ) |                 | 112.20 |   |                     |        |   |  | 576.00   |   |  | 349.70
|CAVEANT                                     |  | Argentina        |  | Repsol YPF Capital, S.L.                    |  | Repsol YPF, S.A.                         |  | Finance                                |  | I.G.                 |     |          | 100                 |  | 100                          |  | 8.46   |                  | 53.99    |   |                 | 16.18  |   |                     |        |   |  | 78.64    |   |  | 95.20 
|Gaviota RE                                  |  | Luxembourg       |  | Repsol International Finance, B.V.          |  | Repsol Investeringen, B.V.               |  | Reinsurance                            |  | I.G.                 |     |          | 100                 |  | 100                          |  | 3.30   |                  |         |   |                 |       |   |                     |        |   |  | 3.30     |   |  | 3.30  
|Repsol (UK) Ltd.                            |  | U.K.             |  | Repsol International Finance, B.V.          |  |                                          |  | Portfolio company                      |  | P.E.                 |     |          | 100                 |  | 100                          |  |        |                  |         |   |                 |       |   |                     |        |   |  |         |   |  | 1.20  
|Repsol Occidental Corporation               |  | U.S.A.           |  | Repsol International Finance, B.V.          |  |                                          |  | Oil and gas exploration and production |  | I.P.                 |     |          | 25.00               |  | 25.00                        |  | 0.07   |                  | 2.13     |   |                 | 18.49  |   |                     | (15.33  | ) |  | 5.37     |   |  | 12.50 
|Repsol Química, S.A.                        |  | Spain            |  | Repsol YPF, S.A.                            |  | Repsol Petróleo, S.A.                    |  | Petrochemicals                         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 60.46  |                  | 5.94     |   |                 | (36.81 | ) |                     |        |   |  | 29.59    |   |  | 61.79 
|Polidux, S.A.                               |  | Spain            |  | Repsol Química, S.A.                        |  | Repsol YPF, S.A.                         |  | Petrochemicals                         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 17.42  |                  | (3.08    | ) |                 | (3.32  | ) |                     |        |   |  | 11.02    |   |  | 11.02 
|Repsol Bronderslev A/S                      |  | Denmark          |  | Repsol Química, S.A.                        |  |                                          |  | Chemicals                              |  | P.E.                 |     |          | 100                 |  | 100                          |  | 3.10   |                  | 5.49     |   |                 | 0.01   |   |                     |        |   |  | 8.60     |   |  | 4.76  
|Repsol Polívar, SPA                         |  | Italy            |  | Repsol Bronderslev, A/S                     |  |                                          |  | Petrochemicals                         |  | P.E.                 |     |          | 100                 |  | 100                          |  | 0.51   |                  | (0.14    | ) |                 | (0.19  | ) |                     |        |   |  | 0.18     |   |  | 0.54  
|General Química, S.A.                       |  | Spain            |  | Repsol Química, S.A.                        |  | Repsol Investigaciones Petrolíferas S.A. |  | Chemicals                              |  | I.G.                 |     |          | 100                 |  | 100                          |  | 3.01   |                  | 39.59    |   |                 | (0.93  | ) |                     |        |   |  | 41.67    |   |  | 27.58 
|Cogeneración Gequisa, S.A.                  |  | Spain            |  | General Química, S.A.                       |  |                                          |  | Electricity cogeneration               |  | P.E.                 |     |          | 39.00               |  | 39.00                        |  | 1.80   |                  | 1.75     |   |                 | 0.16   |   |                     | (0.10   | ) |  | 1.41     |   |  | 1.45  
|Dynasol Elastómeros, S.A.                   |  | Spain            |  | Repsol Química, S.A.                        |  |                                          |  | Production and marketing of chemicals  |  | I.P.                 |     |          | 50.01               |  | 50.01                        |  | 16.80  |                  | 41.47    |   |                 | (7.07  | ) |                     |        |   |  | 25.61    |   |  | 8.40  
|Dynasol Elastómeros, S.A. de C.V.           |  | Mexico           |  | Repsol Química, S.A.                        |  |                                          |  | Production and marketing of chemicals  |  | P.E.                 |     |          | 49.99               |  | 49.99                        |  | 58.73  |                  | (11.23   | ) |                 | 2.67   |   |                     |        |   |  | 25.08    |   |  | 25.08 
|Dynasol Gestión, S.A.                       |  | Spain            |  | Repsol Química, S.A.                        |  |                                          |  | Management of Dynasol Elastómetros     |  | P.E.                 |     |          | 50.00               |  | 50.00                        |  | 0.10   |                  | 0.20     |   |                 | 0.02   |   |                     |        |   |  | 0.16     |   |  | 0.05  
|Dynasol LLC                                 |  | USA              |  | Repsol Química, S.A.                        |  |                                          |  | Marketing of petrochemicals            |  | P.E.                 |     |          | 50.00               |  | 50.00                        |  |       |                  | 1.95     |   |                 | 0.37   |   |                     |        |   |  | 1.16     |   |  |      
|Repsol Polimeros LDA                        |  | Portugal         |  | Repsol Química, S.A.                        |  | Repsol Lusitania, S.L.                   |  | Petrochemicals                         |  | I.G.                 |     |          | 100                 |  | 100                          |  | 268.35 |                  | (17.12   | ) |                 | 0.03   |   |                     |        |   |  | 251.26   |   |  | 146.41
|Repsol Lusitania, S.L.                      |  | Spain            |  | Repsol YPF, S.A.                            |  | Repsol Química, S.A.                     |  |                                        |  | I.G.                 |     |          | 100                 |  | 100                          |  | *      |                  |         |   |                 | 0.08   |   |                     |        |   |  | 0.09     |   |  | *     
|Repsol Portugal Petróleo e Derivados, Ltda. |  | Portugal         |  | Repsol YPF, S.A.                            |  | R. YPF Lubricantes y Especialidades      |  | Marketing of oil products              |  | I.G.                 |     |          | 100                 |  | 100                          |  | 43.45  |                  | 59.20    |   |                 | (3.60  | ) |                     |        |   |  | 99.05    |   |  | 95.00 
|Gespost                                     |  | Portugal         |  | Repsol Portugal Petróleo e Derivados, Ltda. |  |                                          |  | Marketing of oil products              |  | I.G.                 |     |          | 99.67               |  | 100                          |  | 0.03   |                  | 0.05     |   |                 | 0.20   |   |                     |        |   |  | 0.28     |   |  |      
|Repsol Italia                               |  | Italy            |  | Repsol YPF, S.A.                            |  | R. YPF Lubricantes y Especialidades      |  | Marketing of oil products              |  | I.G.                 |     |          | 100                 |  | 100                          |  | 1.86   |                  | 1.10     |   |                 | 2.40   |   |                     |        |   |  | 5.35     |   |  | 4.00  
|Gas Natural SDG, S.A.                       |  | Spain            |  | Repsol YPF, S.A.                            |  | Repsol Petróleo, S.A.                    |  | Gas distribution                       |  | I.P.                 |     |          | 30.85               |  | 30.85                        |  | 447.78 |                  | 3,109.35 |   |                 | 670.22 |   |                     | (120.90 | ) |  | 1,266.71 |   |  | 952.60
|Sagane, S.A.                                |  | Spain            |  | Gas Natural SDG, S.A.                       |  | La Propagadora del Gas, S.A.             |  | Gas supply                             |  | I.P.                 |     |          | 30.85               |  | 100                          |  | 94.80  |                  | 16.93    |   |                 | 87.97  |   |                     | (41.18  | ) |  | 158.52   |   |  | 42.00 
|Europe Maghreb Pipeline, Ltd. (EMPL)        |  | U.K.             |  | Sagane, S.A.                                |  |                                          |  | Gas transmission                       |  | I.P.                 |     |          | 22.39               |  | 72.60                        |  | 0.09   |                  | 88.53    |   |                 | 61.90  |   |                     | (47.62  | ) |  | 74.71    |   |  | 74.50 
|Metragaz, S.A.                              |  | Morocco          |  | Sagane, S.A.                                |  |                                          |  | Gas transmission                       |  | I.P.                 |     |          | 22.31               |  | 72.33                        |  | 3.44   |                  | 0.86     |   |                 | 0.88   |   |                     |        |   |  | 3.74     |   |  | 2.90  
|Gas Natural Transporte SDG, S.L.            |  | Spain            |  | Gas Natural SDG, S.A.                       |  | La Propagadora del Gas, S.A.             |  | Gas transmission                       |  | I.P.                 |     |          | 30.85               |  | 100                          |  | *      |                  |         |   |                 |       |   |                     |        |   |  | *        |   |  |      
|Grupo Enagás, S.A. (5)                      |  | Spain            |  | Gas Natural SDG, S.A.                       |  |                                          |  | Gas supply and logistics               |  | P.E.                 |     |          | 8.05                |  | 26.13                        |  | 358.10 |                  | 532.10   |   |                 | 158.13 |   |                     | (31.04  | ) |  | 265.82   |   |  | 73.00 
|Gas Natural Soluciones, S.L.                |  | Spain            |  | Gas Natural SDG, S.A.                       |  | La Propagadora del Gas, S.A.             |  | Services                               |  | I.P.                 |     |          | 30.85               |  | 100                          |  | *      |                  | 6.03     |   |                 | (4.01  | ) |                     |        |   |  | 2.03     |   |  | 5.00  





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|                                             |  |            |  |                                          |  |                                 |  |                                                          |  |                      |  |                     |  |                              |               |       |  |                  |   |  |                 |   |  |                     |   |  |        |   |  |      
|-------------------------------------------- |  | ---------- |  | ---------------------------------------- |  | ------------------------------- |  | -------------------------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ----- |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------ | - |  | -----
|Name                                         |  | Country    |  | Parent Company                           |  | Other Shareholders(1)           |  | Line of Business                                         |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros
|                                             |  |            |  |                                          |  | % of Direct Ownership           |  | % Control                                                |  | Capital              |  | Reserves            |  |                              | Income (Loss) |       |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3)
|Iradia Climatización AIE                     |  | Spain      |  | Gas Natural Soluciones, S.L.             |  | Gas Natural Servicios SDG, S.A. |  | Energy management                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.31  |  | 0.07             |   |  | 0.03            |   |  |                    |   |  | 0.41   |   |  | 0.30 
|Kromschroeder, S.A. (8)                      |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Meters                                                   |  | P.E.                 |  | 13.12               |  | 42.52                        |               | 0.66  |  | 10.90            |   |  | (0.18           | ) |  |                    |   |  | 4.84   |   |  | 3.60 
|Natural Energy, S.A.                         |  | Argentina  |  | Kromschroeder, S.A.                      |  | La Propagadora del Gas, S.A.    |  | Marketing of gas                                         |  | I.P.                 |  | 9.45                |  | 72.00                        |               | 0.03  |  | (0.35            | ) |  | 1.27            |   |  |                    |   |  | 0.69   |   |  |     
|Gas Natural Castilla y León, S.A.            |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Gas distribution                                         |  | I.P.                 |  | 27.79               |  | 90.10                        |               | 6.33  |  | 78.66            |   |  | 13.36           |   |  |                    |   |  | 88.61  |   |  | 6.30 
|Gas Natural Castilla La Mancha, S.A.         |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | I.P.                 |  | 29.30               |  | 95.00                        |               | 26.90 |  | 14.72            |   |  | 0.55            |   |  |                    |   |  | 40.06  |   |  | 25.40
|Gas Natural Distribución SDG, S.A.           |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Gas distribution                                         |  | I.P.                 |  | 30.85               |  | 100                          |               | 1.00  |  |                 |   |  | 0.00            |   |  |                    |   |  | 1.00   |   |  | 1.00 
|Gas Natural de Alava, S.A.                   |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | P.E.                 |  | 3.08                |  | 10.00                        |               | 10.35 |  | 10.29            |   |  | 4.15            |   |  | (2.60               | ) |  | 2.22   |   |  | 1.10 
|Gas Natural Distribución Eléctrica, S.A.     |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                                 |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.15  |  | (0.00            | ) |  | (0.13           | ) |  |                    |   |  | 0.02   |   |  | 0.20 
|Electra de Abusejo, S.L.                     |  | Spain      |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                                 |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.09  |  | (0.02            | ) |  | 0.00            |   |  |                    |   |  | 0.08   |   |  | 0.20 
|Distribuidora Eléctrica Navasfrías, S.L.     |  | Spain      |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.    |  | Electricity distribution                                 |  | I.P.                 |  | 30.85               |  | 100                          |               | n.a.  |  | n.a.             |   |  | n.a.            |   |  | n.a.                |   |  |       |   |  | n.a. 
|Gas Natural Rioja, S.A.                      |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | I.P.                 |  | 26.99               |  | 87.50                        |               | 2.70  |  | 8.92             |   |  | 2.75            |   |  |                    |   |  | 12.57  |   |  | 2.60 
|Gas Navarra, S.A.                            |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | I.P.                 |  | 27.76               |  | 90.00                        |               | 3.60  |  | 27.23            |   |  | 5.06            |   |  |                    |   |  | 32.30  |   |  | 15.60
|Gas Galicia SDG, S.A.                        |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | I.P.                 |  | 19.13               |  | 62.00                        |               | 32.65 |  | 3.52             |   |  | 1.39            |   |  |                    |   |  | 23.28  |   |  | 26.20
|Gas Natural La Coruña, S.A.                  |  | Spain      |  | Gas Galicia SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | I.P.                 |  | 17.40               |  | 91.00                        |               | 2.30  |  | (0.54            | ) |  | 0.02            |   |  |                    |   |  | 1.61   |   |  | 3.00 
|Gas Aragón, S.A. (3)                         |  | Spain      |  | Gas Natural SDG, S.A.                    |  |                                 |  | Gas distribution                                         |  | P.E.                 |  | 10.80               |  | 35.00                        |               | 5.89  |  | 15.58            |   |  | 6.82            |   |  |                    |   |  | 9.90   |   |  | 2.90 
|La Propagadora del Gas, S.A.                 |  | Spain      |  | Gas Natural SDG, S.A.                    |  | Holding Gas Natural, S.A.       |  | Portfolio company                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.16  |  | 0.85             |   |  | 0.12            |   |  |                    |   |  | 1.12   |   |  | 0.30 
|Gas Natural Informática, S.A.                |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Computer services                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 19.92 |  | 2.39             |   |  | 1.09            |   |  |                    |   |  | 23.39  |   |  | 19.90
|Gas Natural Andalucía, S.A.                  |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Gas distribution                                         |  | I.P.                 |  | 30.85               |  | 100                          |               | 12.41 |  | 30.72            |   |  | 8.98            |   |  |                    |   |  | 52.11  |   |  | 27.30
|Compañía Auxiliar de Industrias Varias, S.A. |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Services                                                 |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.30  |  | 1.67             |   |  | 0.01            |   |  |                    |   |  | 1.98   |   |  | 6.10 
|La Energía, S.A.                             |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Electricity cogeneration                                 |  | I.P.                 |  | 30.85               |  | 100                          |               | 10.65 |  | 0.14             |   |  | 0.59            |   |  |                    |   |  | 11.38  |   |  | 11.00
|A.I.E. Ciudad Sanitaria Vall d Hebrón       |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 25.06               |  | 81.25                        |               | 1.71  |  | 0.27             |   |  | (0.02           | ) |  |                    |   |  | 1.59   |   |  | 1.40 
|Sociedad de Tratamiento Hornillos, S.L.      |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 24.68               |  | 80.00                        |               | 1.25  |  | 0.00             |   |  | 0.00            |   |  |                    |   |  | 1.00   |   |  | 1.00 
|UTE La Energía-SPA                           |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 18.51               |  | 60.00                        |               | 1.26  |  | 0.08             |   |  |                |   |  |                    |   |  | 0.80   |   |  | 0.60 
|AECS Hospital Trias i Pujol AIE              |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 15.42               |  | 50.00                        |               | 0.90  |  | 0.11             |   |  | 0.07            |   |  |                    |   |  | 0.54   |   |  | 0.50 
|Sociedad de Tratamiento La Andaya, S.L.      |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 13.88               |  | 45.00                        |               | 1.12  |  | 0.14             |   |  | 0.08            |   |  |                    |   |  | 0.60   |   |  | 0.50 
|AECS Hospital Bellvitge AIE                  |  | Spain      |  | La Energía, S.A.                         |  |                                 |  | Electricity cogeneration                                 |  | I.P.                 |  | 15.42               |  | 50.00                        |               | 0.84  |  | (0.44            | ) |  | (0.17           | ) |  |                    |   |  | 0.12   |   |  | 0.40 
|Gas Natural Comercializadora, S.A.           |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Retailing of gas and industrial electricity              |  | I.P.                 |  | 30.85               |  | 100                          |               | 2.40  |  | 26.64            |   |  | 7.76            |   |  |                    |   |  | 36.80  |   |  | 0.60 
|Gas Natural Puerto Rico, INC                 |  | PuertoRico |  | Gas Natural Internacional SDG, S.A.      |  |                                 |  | Portfolio company                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.46  |  | (0.03            | ) |  | (0.12           | ) |  |                    |   |  | 0.31   |   |  | 0.50 
|Invergas Puerto Rico,S.A.                    |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Portfolio company                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.06  |  | (0.21            | ) |  | (0.76           | ) |  |                    |   |  | (0.91  | ) |  | 0.40 
|Buenergía Gas & Power Ltd                    |  | PuertoRico |  | Invergas Puerto Rico,S.A.                |  |                                 |  | Portfolio company                                        |  | I.P.                 |  | 29.30               |  | 95.00                        |               | 0.09  |  | (70.65           | ) |  | (2.46           | ) |  |                    |   |  | (69.37 | ) |  | 44.10
|Ecoeléctrica Holdings Ltd.                   |  | PuertoRico |  | Buenergía Gas & Power Ltd                |  |                                 |  | Portfolio company                                        |  | I.P.                 |  | 14.65               |  | 50.00                        |               | 63.24 |  | (0.05            | ) |  | 12.29           |   |  | (12.25              | ) |  | 31.62  |   |  | 29.30
|Ecoeléctrica Ltd.                            |  | PuertoRico |  | Ecoeléctrica Holdings Ltd.               |  |                                 |  | Portfolio company                                        |  | I.P.                 |  | 14.65               |  | 100.00                       |               | 0.63  |  | (0.04            | ) |  | 0.12            |   |  | (0.12               | ) |  | 0.59   |   |  | 0.30 
|Ecoeléctrica LP Ltd.                         |  | PuertoRico |  | Ecoeléctrica Holdings Ltd.               |  | Ecoeléctrica Ltd.               |  | Electricity production                                   |  | I.P.                 |  | 14.65               |  | 100.00                       |               | 63.24 |  | (54.02           | ) |  | 47.38           |   |  | (12.25              | ) |  | 44.36  |   |  | 31.60
|Gas Natural Servicios SDG, S.A.              |  | Spain      |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.    |  | Retailing of domestic gas and electricity and management |  | I.P.                 |  | 30.85               |  | 100.00                       |               | 2.90  |  | 0.14             |   |  | 2.71            |   |  |                    |   |  | 5.75   |   |  | 1.40 





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|                                                      |  |             |  |                                      |  |                                                     |  |                                      |  |                      |  |                     |  |                              |               |        |  |                  |   |  |                 |   |  |                     |   |  |        |   |  |       
|----------------------------------------------------- |  | ----------- |  | ------------------------------------ |  | --------------------------------------------------- |  | ------------------------------------ |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ------ |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------ | - |  | ------
|Name                                                  |  | Country     |  | Parent Company                       |  | Other Shareholders(1)                               |  | Line of Business                     |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros
|                                                      |  |             |  |                                      |  | % of Direct Ownership                               |  | % Control                            |  | Capital              |  | Reserves            |  |                              | Income (Loss) |        |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3)
|UTE Dalkia GN Servicios                               |  | Spain       |  | Gas Natural Servicios SDG, S.A.      |  |                                                     |  | Energy management                    |  | I.P.                 |  | 15.42               |  | 50.00                        |               | *      |  | (0.25            | ) |  | (0.03           | ) |  |                    |   |  | (0.14  | ) |  |      
|Gas Natural Electricidad SDG, S.A.                    |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Electricity production and retailing |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.06   |  | (0.02            | ) |  | (0.34           | ) |  |                    |   |  | (0.29  | ) |  | 0.10  
|Gas Natural Corporación Eólica, S.L.                  |  | Spain       |  | Gas Natural Electricidad SDG, S.A.   |  | La Energía, S.A.                                    |  | Eolian Generation                    |  | I.P.                 |  | 30.85               |  | 100                          |               | 1.00   |  |                 |   |  | (0.07           | ) |  |                    |   |  | 0.94   |   |  | 1.00  
|Sinia XXI, S.A.                                       |  | Spain       |  | Gas Natural Corporación Eólica, S.L. |  | La Propagadora del Gas, S.A.                        |  | Eolian Generation                    |  | I.P.                 |  | 30.85               |  | 100                          |               | 6.00   |  | (0.51            | ) |  | 0.17            |   |  |                    |   |  | 5.66   |   |  | 5.60  
|Corporación Eólica Zaragoza, S.L.                     |  | Spain       |  | Sinia XXI, S.A.                      |  |                                                     |  | Eolian Generation                    |  | I.P.                 |  | 20.05               |  | 65.00                        |               | 2.52   |  | 0.07             |   |  | 0.31            |   |  |                    |   |  | 1.89   |   |  | 14.80 
|Montouto 2000, S.A.                                   |  | Spain       |  | Sinia XXI, S.A.                      |  |                                                     |  | Eolian Generation                    |  | I.P.                 |  | 15.12               |  | 49.00                        |               | 6.00   |  | (0.00            | ) |  | 0.75            |   |  |                    |   |  | 3.31   |   |  | 4.50  
|Explotaciones Eólicas Sierra de Utrera                |  | Spain       |  | Sinia XXI, S.A.                      |  |                                                     |  | Eolian Generation                    |  | I.P.                 |  | 15.42               |  | 50.00                        |               | 2.70   |  | 2.57             |   |  | 1.22            |   |  |                    |   |  | 3.25   |   |  | 10.30 
|Enervent, S.A. (8)                                    |  | Spain       |  | Sinia XXI, S.A.                      |  |                                                     |  | Eolian Generation                    |  | P.E.                 |  | 8.02                |  | 26.00                        |               | 2.40   |  | 0.28             |   |  | 0.69            |   |  |                    |   |  | 0.88   |   |  | 1.50  
|Burgalesa de Generación Eólica, S.A. (8)              |  | Spain       |  | Sinia XXI, S.A.                      |  |                                                     |  | Eolian Generation                    |  | P.E.                 |  | 6.17                |  | 20.00                        |               | 1.50   |  | (0.08            | ) |  | 0.14            |   |  |                    |   |  | 0.31   |   |  | 1.90  
|Desarrollo del Cable, S.A.                            |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Telecommunications                   |  | I.P.                 |  | 30.85               |  | 100                          |               | 21.06  |  | 19.66            |   |  | 8.07            |   |  |                    |   |  | 48.79  |   |  | 21.10 
|Gas Natural Cantabria SDG, S.A.                       |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Gas distribution                     |  | I.P.                 |  | 27.89               |  | 90.40                        |               | 3.16   |  | 27.91            |   |  | 3.64            |   |  |                    |   |  | 31.39  |   |  | 5.80  
|Gas Natural Murcia SDG, S.A.                          |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Gas distribution                     |  | I.P.                 |  | 30.83               |  | 99.94                        |               | 19.41  |  | (2.03            | ) |  | (0.20           | ) |  |                    |   |  | 17.18  |   |  | 20.80 
|Gas Natural Cegas S.A.                                |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Gas distribution                     |  | I.P.                 |  | 30.73               |  | 99.69                        |               | 25.46  |  | 60.17            |   |  | 4.71            |   |  |                    |   |  | 90.06  |   |  | 53.10 
|Gas Natural Aprovisionamientos SDG, S.A.              |  | Spain       |  | Gas Natural SDG, S.A.                |  | Sagane, S.A.                                        |  | Gas supply                           |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.60   |  | 32.03            |   |  | (4.98           | ) |  |                    |   |  | 27.65  |   |  | 0.60  
|Gas Natural Finance, BV                               |  | Netherlands |  | Gas Natural SDG, S.A.                |  |                                                     |  | Finance                              |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.02   |  | 2.10             |   |  | 0.40            |   |  |                    |   |  | 2.52   |   |  |      
|Holding Gas Natural, S.A.                             |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Portfolio company                    |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.30   |  | 0.16             |   |  | *               |   |  |                    |   |  | 0.46   |   |  | 0.30  
|CEG Rio, S.A.                                         |  | Brazil      |  | Gas Natural SDG, S.A.                |  | Gas Natural Internacional SDG, S.A.                 |  | Marketing of gas                     |  | I.P.                 |  | 22.21               |  | 72.00                        |               | 16.90  |  | (4.25            | ) |  | 9.89            |   |  | (4.93               | ) |  | 12.67  |   |  | 112.20
|Companhia Distribuidora de Gás do Rio de Janeiro S.A. |  | Brazil      |  | Gas Natural SDG, S.A.                |  | Gas Natural Internacional SDG, S.A.                 |  | Gas distribution                     |  | I.P.                 |  | 16.72               |  | 54.20                        |               | 147.74 |  | (92.46           | ) |  | 32.45           |   |  | (8.83               | ) |  | 42.77  |   |  | 302.30
|Gas Natural Sao Paulo Sul, S.A.                       |  | Brazil      |  | Gas Natural, SDG, S.A.               |  |                                                     |  | Gas distribution                     |  | I.P.                 |  | 30.85               |  | 100                          |               | 346.37 |  | (201.38          | ) |  | (7.30           | ) |  |                    |   |  | 137.69 |   |  | 346.40
|Gas Natural International, Ltd.                       |  | Ireland     |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Finance                              |  | I.P.                 |  | 30.85               |  | 100                          |               | 25.36  |  | 10.31            |   |  | 0.12            |   |  |                    |   |  | 35.80  |   |  | 25.40 
|Gas Natural Internacional SDG, S.A.                   |  | Spain       |  | Gas Natural SDG, S.A.                |  | La Propagadora del Gas, S.A.                        |  | Portfolio company                    |  | I.P.                 |  | 30.85               |  | 100                          |               | 349.50 |  | (77.52           | ) |  | 17.59           |   |  |                    |   |  | 289.57 |   |  | 374.00
|Invergas, S.A.                                        |  | Argentina   |  | Gas Natural Internacional, SDG, S.A. |  |                                                     |  | Portfolio company                    |  | I.P.                 |  | 22.21               |  | 72.00                        |               | 48.87  |  | 60.70            |   |  | (0.05           | ) |  |                    |   |  | 78.85  |   |  | 60.30 
|Gas Natural Ban, S.A.                                 |  | Argentina   |  | Invergas, S.A.                       |  | Gas Natural Argentina SDG, S.A.                     |  | Gas distribution                     |  | I.P.                 |  | 15.55               |  | 50.40                        |               | 214.67 |  | (164.68          | ) |  | 10.24           |   |  | (13.39              | ) |  | 23.61  |   |  | 191.00
|Gas Natural SDG Argentina, S.A.                       |  | Argentina   |  | Gas Natural Internacional, SDG, S.A. |  |                                                     |  | Portfolio company                    |  | I.P.                 |  | 22.21               |  | 72.00                        |               | 104.95 |  | (23.41           | ) |  | (0.02           | ) |  |                    |   |  | 58.70  |   |  | 73.00 
|Gas Natural do Brasil S.A.                            |  | Brazil      |  | Gas Natural Internacional, SDG, S.A. |  |                                                     |  | Electricity production and retailing |  | I.P.                 |  | 30.84               |  | 99.99                        |               | 0.59   |  | (1.01            | ) |  | (0.24           | ) |  |                    |   |  | (0.66  | ) |  | 0.60  
|Serviconfort Brasil, S.A.                             |  | Brazil      |  | Gas Natural do Brasil S.A.           |  |                                                     |  | Services                             |  | I.P.                 |  | 30.85               |  | 100                          |               | 1.67   |  | (0.22            | ) |  | 0.11            |   |  |                    |   |  | 1.56   |   |  | 1.70  
|Gas Natural México, S.A. de CV                        |  | Mexico      |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural SDG, S.A.                               |  | Gas distribution                     |  | I.P.                 |  | 26.76               |  | 86.75                        |               | 487.07 |  | (208.69          | ) |  | 19.37           |   |  |                    |   |  | 258.30 |   |  | 302.30
|Comercializadora Metrogas S.A. de CV                  |  | Mexico      |  | Gas Natural México, S.A. de C.V.     |  | Sisitemas de Administración y Servicios, S.A. de CV |  | Gas distribution                     |  | I.P.                 |  | 26.76               |  | 100.00                       |               | 130.84 |  | (76.90           | ) |  | 6.29            |   |  |                    |   |  | 60.23  |   |  | 125.40





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|                                                 |  |           |  |                                         |  |                                         |  |                                        |  |                      |  |                     |  |                              |               |       |  |                  |   |  |                 |   |  |                     |   |  |        |   |  |       
|------------------------------------------------ |  | --------- |  | --------------------------------------- |  | --------------------------------------- |  | -------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ----- |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------ | - |  | ------
|Name                                             |  | Country   |  | Parent Company                          |  | Other Shareholders(1)                   |  | Line of Business                       |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros
|                                                 |  |           |  |                                         |  | % of Direct Ownership                   |  | % Control                              |  | Capital              |  | Reserves            |  |                              | Income (Loss) |       |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3)
|Adm. Servicios Energía México, S.A. de CV        |  | Mexico    |  | Comercializadora Metrogas S.A. de CV    |  | Gas Natural México, S.A. de C.V.        |  | Services                               |  | I.P.                 |  | 26.76               |  | 100.00                       |               | 0.01  |  | (0.32            | ) |  | 0.02            |   |  |                    |   |  | (0.30  | ) |  |      
|Energía y Confort Admón. de Personal, S.A. de CV |  | Mexico    |  | Gas Natural México, S.A. de CV          |  | Gas Natural Internacional SDG, S.A.     |  | Services                               |  | I.P.                 |  | 26.84               |  | 100.00                       |               | 0.01  |  | 0.05             |   |  | 0.02            |   |  |                    |   |  | 0.08   |   |  |      
|Gas Natural Servicios, S.A. de C.V.              |  | Mexico    |  | Gas Natural México, S.A. de CV          |  | Gas Natural Internacional SDG, S.A.     |  | Services                               |  | I.P.                 |  | 26.76               |  | 100.00                       |               | 6.34  |  | (3.93            | ) |  | 0.41            |   |  |                    |   |  | 2.82   |   |  | 5.80  
|Transnatural, SRL de CV.                         |  | Mexico    |  | Gas Natural México, S.A. de CV          |  |                                         |  | Transmission and marketing of gas      |  | I.P.                 |  | 13.38               |  | 50.00                        |               | 10.36 |  | (10.00           | ) |  | 1.51            |   |  |                    |   |  | 0.93   |   |  | 5.20  
|CH4 Energía, S.A de CV.                          |  | Mexico    |  | Gas Natural México, S.A. de CV          |  |                                         |  | Transmission and marketing of gas      |  | I.P.                 |  | 13.38               |  | 50.00                        |               | 0.65  |  | (0.67            | ) |  | 0.56            |   |  |                    |   |  | 0.27   |   |  | 0.30  
|Gas Natural Vendita Italia, SPA                  |  | Italy     |  | Gas Natural Internacional SDG, S.A.     |  |                                         |  | Marketing of gas                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 2.10  |  | 1.52             |   |  | 4.35            |   |  |                    |   |  | 7.96   |   |  | 2.10  
|GEA, S.P.A.                                      |  | Italy     |  | Gas Natural Vendita Italia, SPA         |  |                                         |  | Marketing of gas                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.12  |  | 0.61             |   |  | 0.71            |   |  |                    |   |  | 1.44   |   |  | 7.00  
|Gas Natural Distribuzione Italia S.P.A.          |  | Italy     |  | Gas Natural Internacional SDG, S.A.     |  |                                         |  | Portfolio company                      |  | I.P.                 |  | 30.85               |  | 100                          |               | 39.12 |  | 39.00            |   |  | (0.24           | ) |  |                    |   |  | 77.87  |   |  | 78.10 
|Gas Fondaria, S.P.A.                             |  | Italy     |  | Gas Natural Distribuzione Italia S.P.A. |  |                                         |  | Portfolio company                      |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.12  |  | 6.03             |   |  | (0.05           | ) |  |                    |   |  | 6.10   |   |  | 41.10 
|Gasdotti Azienda Siciliana, S.P.A.               |  | Italy     |  | Gas Natural Distribuzione Italia S.P.A. |  | Gas Fondaria, S.P.A.                    |  | Portfolio company                      |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.53  |  | 18.57            |   |  | 3.03            |   |  |                    |   |  | 22.13  |   |  | 26.40 
|Agragas, S.P.A.                                  |  | Italy     |  | Gas Natural Distribuzione Italia S.P.A. |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.10  |  | 35.23            |   |  | 0.50            |   |  |                    |   |  | 35.83  |   |  | 27.80 
|Normanna Gas, S.P.A.                             |  | Italy     |  | Gas Natural Distribuzione Italia S.P.A. |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.10  |  | 28.90            |   |  | 0.42            |   |  |                    |   |  | 29.43  |   |  | 23.40 
|Gas Natural Servizi e Logistica Italia, S.P.A.   |  | Italy     |  | Gas Natural Distribuzione Italia S.P.A. |  |                                         |  | Portfolio company                      |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.12  |  | 0.26             |   |  | 0.13            |   |  |                    |   |  | 0.51   |   |  | 1.60  
|Congas, S.P.A.                                   |  | Italy     |  | Normanna Gas, S.P.A.                    |  | Gas Natural Servici e Logistica, S.P.A. |  | Marketing of gas                       |  | I.P.                 |  | 30.85               |  | 100                          |               | n.a.  |  | 0.83             |   |  | (0.17           | ) |  |                    |   |  |       |   |  |      
|Smedigas, S.P.A.                                 |  | Italy     |  | Gas Natural Internacional SDG, S.A.     |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.62  |  | 19.28            |   |  | 0.54            |   |  |                    |   |  | 20.44  |   |  | 31.50 
|Smedigas, S.R.L.                                 |  | Italy     |  | Gas Natural Internacional SDG, S.A.     |  |                                         |  | Marketing of gas                       |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.10  |  | 0.29             |   |  | (0.04           | ) |  |                    |   |  | 0.35   |   |  | 21.30 
|Nettis Impianti, S.P.A.                          |  | Italy     |  | Gas Natural Internacional SDG, S.A.     |  |                                         |  | Portfolio company and marketing of gas |  | I.P.                 |  | 30.85               |  | 100                          |               | 3.12  |  | 27.16            |   |  | 0.10            |   |  |                    |   |  | 30.38  |   |  | 137.20
|Nettis Gestioni, S.R.L.                          |  | Italy     |  | Nettis Impianti, S.P.A.                 |  |                                         |  |                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.07  |  | 1.46             |   |  | 0.22            |   |  |                    |   |  | 1.75   |   |  | 0.30  
|Impianti Sicuri, S.R.L.                          |  | Italy     |  | Nettis Impianti, S.P.A.                 |  | Nettis Gestioni, S.R.L.                 |  |                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.19  |  | (0.04            | ) |  | (0.02           | ) |  |                    |   |  | 0.12   |   |  | 0.20  
|Nettis Gas Plus, S.P.A.                          |  | Italy     |  | Nettis Impianti, S.P.A.                 |  | Nettis Gestioni, S.R.L.                 |  |                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 2.60  |  | 0.18             |   |  | 0.95            |   |  |                    |   |  | 3.73   |   |  | 5.60  
|SCM, S.R.L.                                      |  | Italy     |  | Nettis Impianti, S.P.A.                 |  | Nettis Gestioni, S.R.L.                 |  |                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.80  |  | (2.39            | ) |  | 0.01            |   |  |                    |   |  | (1.58  | ) |  | 11.40 
|SCM Gas Plus, S.R.L.                             |  | Italy     |  | SCM, S.R.L.                             |  |                                         |  |                                        |  | I.P.                 |  | 30.85               |  | 100                          |               | 0.19  |  | 0.03             |   |  | 0.04            |   |  |                    |   |  | 0.26   |   |  | 0.50  
|Sistemas Administración y Servicios, S.A. de CV  |  | Mexico    |  | Gas Natural Internacional, SDG, S.A.    |  | Gas Natural SDG, S.A.                   |  | Services                               |  | I.P.                 |  | 26.84               |  | 87.00                        |               | *     |  | 0.17             |   |  | *               |   |  |                    |   |  | 0.16   |   |  |      
|Natural Servicios, S.A.                          |  | Argentina |  | Gas Natural Internacional, SDG, S.A.    |  |                                         |  | Gas installation work                  |  | I.P.                 |  | 24.46               |  | 79.31                        |               | 2.31  |  | (1.65            | ) |  | 0.23            |   |  |                    |   |  | 0.71   |   |  | 1.70  
|Serviconfort Colombia S.A.                       |  | Colombia  |  | Gas Natural Internacional, SDG, S.A.    |  | La Propagadora del Gas, S.A.            |  | Services                               |  | I.P.                 |  | 30.48               |  | 99.99                        |               | 0.22  |  | 0.14             |   |  | 0.36            |   |  |                    |   |  | 0.71   |   |  | 0.20  
|Gas Natural, S.A. ESP                            |  | Colombia  |  | Gas Natural Internacional, SDG, S.A.    |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 18.22               |  | 59.06                        |               | 54.52 |  | 144.08           |   |  | 31.58           |   |  |                    |   |  | 135.95 |   |  | 193.50
|Gas Natural Cundiboyacense, S.A. ESP             |  | Colombia  |  | Gas Natural, S.A. ESP                   |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 14.11               |  | 77.45                        |               | 1.13  |  | 3.07             |   |  | 1.75            |   |  |                    |   |  | 4.61   |   |  | 1.50  
|Gasoriente, S.A. ESP                             |  | Colombia  |  | Gas Natural, S.A. ESP                   |  |                                         |  | Gas distribution                       |  | I.P.                 |  | 9.93                |  | 54.50                        |               | 9.21  |  | 34.42            |   |  | 5.13            |   |  | (4.16               | ) |  | 24.31  |   |  | 75.50 





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|                                                 |  |                 |  |                               |  |                                           |  |                                         |  |                      |  |                     |          |                              |  |               |   |  |                  |   |                 |          |   |                     |   |  |          |   |  |           |  
|------------------------------------------------ |  | --------------- |  | ----------------------------- |  | ----------------------------------------- |  | --------------------------------------- |  | -------------------- |  | ------------------- | -------- | ---------------------------- |  | ------------- | - |  | ---------------- | - | --------------- | -------- | - | ------------------- | - |  | -------- | - |  | --------- | -
|Name                                             |  | Country         |  | Parent Company                |  | Other Shareholders(1)                     |  | Line of Business                        |  | Consolidation Method |  | Total % ofOwnership |          | Amounts in Millions of Euros | 
|                                                 |  |                 |  |                               |  | % of Direct Ownership                     |  | % Control                               |  | Capital              |  |                     | Reserves |                              |  | Income (Loss) |   |  | Interim Dividend |   | Assets Owned(2) |          |   | Investment Value(3) |  
|Gases de Barrancabermeja, S.A. ESP               |  | Colombia        |  | Gasoriente, S.A. ESP          |  |                                           |  | Gas distribution                        |  | I.P.                 |  | 9.93                |          | 99.99                        |  | 1.33          |   |  | 4.24             |   |                 | 0.16     |   |                     |  |  | 5.73     |   |  | 10.20     |  
|Gas Natural Commercialisation France             |  | France          |  | Gas Natural Internacional SDG |  |                                           |  | Marketing of gas                        |  | I.P.                 |  | 30.85               |          | 100                          |  | 0.04          |   |  |                 |   |                 |         |   |                     |  |  | 0.04     |   |  |          |  
|Portal Gas Natural S.A.                          |  | Spain           |  | Gas Natural SDG, S.A.         |  |                                           |  | e-business                              |  | I.P.                 |  | 19.48               |          | 63.16                        |  | 7.98          |   |  | (0.81            | ) |                 | 0.34     |   |                     |  |  | 4.75     |   |  | 7.20      |  
|Portal del Instalador, S.A.                      |  | Spain           |  | Portal Gas Natural            |  | Repsol YPF, S.A.                          |  | Services                                |  | I.P.                 |  | 26.56               |          | 85.00                        |  | 1.29          |   |  | (0.13            | ) |                 | 0.05     |   |                     |  |  | 1.03     |   |  | 1.00      |  
|Torre Marenostrum, S.L.                          |  | Spain           |  | Gas Natural SDG, S.A.         |  |                                           |  | Real estate                             |  | P.E.                 |  | 13.88               |          | 45.00                        |  | 5.33          |   |  | 15.79            |   |                 | (0.16    | ) |                     |  |  | 9.44     |   |  | 9.60      |  
|Central Térmica la Torrecilla, S.A.              |  | Spain           |  | Gas Natural SDG, S.A.         |  |                                           |  | Electricity cogeneration                |  | I.P.                 |  | 15.42               |          | 50.00                        |  | 2.10          |   |  | *                |   |                 |         |   |                     |  |  | 1.05     |   |  | 1.50      |  
|Proyectos Integrados Energéticos, S.A.           |  | Spain           |  | Repsol YPF, S.A.              |  | Repsol Petróleo, S.A.                     |  | Electricity and gas                     |  | I.G.                 |  | 100                 |          | 100                          |  | 24.04         |   |  | 3.04             |   |                 | 3.36     |   |                     |  |  | 30.44    |   |  | 24.00     |  
|YPF, S.A. 7                                      |  | Argentina       |  | Repsol YPF, S.A.              |  | Repsol YPF Capital/ CAVEANT/R.Exploración |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 99.04                        |  | 4,021.79      |   |  | 982.10           |   |                 | 1,108.90 |   |                     |  |  | 6,054.10 |   |  | 10,724.00 |  
|YPF International, S.A.                          |  | Bolivia         |  | YPF, S.A.                     |  | Repsol YPF Bolivia/Repsol YPF E&P Bolivia |  | Portfolio company                       |  | I.G.                 |  | 99.04               |          | 100                          |  |              |   |  | (90.83           | ) |                 | 21.78    |   |                     |  |  | (69.05   | ) |  | 107.82    |  
|YPF South Sokang, Ltd.                           |  | CaymanIslands   |  | YPF International, S.A.       |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | *             |   |  | (0.82            | ) |                 | *        |   |                     |  |  | (0.82    | ) |  | (0.82     | )
|YPF Energy Holdings N.V.                         |  | Neth.Antilles   |  | YPF International, S.A.       |  |                                           |  | Portfolio company                       |  | I.G.                 |  | 99.04               |          | 100                          |  | 310.26        |   |  | (250.10          | ) |                 | 0.99     |   |                     |  |  | 61.14    |   |  | 61.14     |  
|YPF Jambi Merang, B.V.                           |  | Netherlands     |  | YPF International, S.A.       |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | 0.09          |   |  | (0.08            | ) |                 | 0.04     |   |                     |  |  | 0.05     |   |  | 0.05      |  
|YPF Ecuador Inc.                                 |  | CaymanIslands   |  | YPF International, S.A.       |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | 0.75          |   |  | (0.75            | ) |                 |         |   |                     |  |  |         |   |  |          |  
|Greenstone Assurance, Ltd.                       |  | BermudaIslandss |  | YPF International, S.A.       |  |                                           |  | Reinsurance                             |  | I.G.                 |  | 99.04               |          | 100                          |  | 12.41         |   |  | 19.08            |   |                 | 0.99     |   |                     |  |  | 32.48    |   |  | 32.48     |  
|YPF Malaysia, Ltd.                               |  | CaymanIslands   |  | YPF International, S.A.       |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | *             |   |  | (14.99           | ) |                 | 0.32     |   |                     |  |  | (14.66   | ) |  | (14.66    | )
|Maxus Guyana, Ltd.                               |  | CaymanIslands   |  | YPF International, S.A.       |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | *             |   |  | (2.46            | ) |                 | (0.13    | ) |                     |  |  | (2.59    | ) |  | (2.59     | )
|YPF Holdings Inc.                                |  | U.S.A.          |  | YPF, S.A.                     |  |                                           |  | Portfolio company                       |  | I.G.                 |  | 99.04               |          | 100                          |  | 402.52        |   |  | (370.25          | ) |                 | (100.35  | ) |                     |  |  | (68.08   | ) |  | (68.08    | )
|CLH Holdings                                     |  | U.S.A.          |  | YPF Holdings Inc.             |  |                                           |  | Finance                                 |  | I.G.                 |  | 99.04               |          | 100                          |  | 88.70         |   |  | (96.32           | ) |                 | (67.32   | ) |                     |  |  | (74.94   | ) |  | (74.94    | )
|Tierra Solutions Inc.                            |  | U.S.A.          |  | CLH Holdings                  |  |                                           |  | Other business activities               |  | I.G.                 |  | 99.04               |          | 100                          |  | 88.70         |   |  | (96.32           | ) |                 | (67.32   | ) |                     |  |  | (74.94   | ) |  | (74.94    | )
|Maxus Energy Corporation                         |  | U.S.A.          |  | YPF Holdings Inc.             |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | 206.70        |   |  | (287.07          | ) |                 | (47.79   | ) |                     |  |  | (128.16  | ) |  | (94.65    | )
|Maxus US Exploration Co.                         |  | U.S.A.          |  | Maxus Energy Corporation      |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | 1.38          |   |  | (61.56           | ) |                 | (33.77   | ) |                     |  |  | (93.95   | ) |  | (93.95    | )
|Midgard Energy Co.                               |  | U.S.A.          |  | Maxus Energy Corporation      |  |                                           |  | Oil and gas exploration and production  |  | I.G.                 |  | 99.04               |          | 100                          |  | 183.73        |   |  | (93.30           | ) |                 | 2.37     |   |                     |  |  | 92.80    |   |  | 92.80     |  
|Diamond Gateway Coal Co.                         |  | U.S.A.          |  | Maxus Energy Corporation      |  |                                           |  | Other business activities               |  | I.G.                 |  | 99.04               |          | 100                          |  | (3.17         | ) |  | 0.69             |   |                 | (0.02    | ) |                     |  |  | (2.51    | ) |  | (2.51     | )
|Wheeling Gateway Coal Co.                        |  | U.S.A.          |  | Maxus Energy Corporation      |  |                                           |  | Other business activities               |  | I.G.                 |  | 99.04               |          | 100                          |  | (5.21         | ) |  | 0.12             |   |                 | (0.07    | ) |                     |  |  | (5.17    | ) |  | (5.17     | )
|Gateway Coal Co.                                 |  | U.S.A.          |  | Wheeling Gateway Coal Co.     |  | Diamond Gateway Coal Co.                  |  | Other business activities               |  | I.G.                 |  | 99.04               |          | 100                          |  |              |   |  | (0.02            | ) |                 | (0.00    | ) |                     |  |  | (0.03    | ) |  | (0.03     | )
|Ryttsa USA Inc.                                  |  | U.S.A.          |  | YPF Holdings Inc.             |  |                                           |  | Marketing of oil products               |  | I.G.                 |  | 99.04               |          | 100                          |  | 21.00         |   |  | 17.87            |   |                 | 14.83    |   |                     |  |  | 53.70    |   |  | 53.70     |  
|Global CompaniesLLc. (4)                         |  | U.S.A.          |  | Ryttsa USA Inc.               |  |                                           |  | Marketing of oil products               |  | I.P.                 |  | 50.51               |          | 51.00                        |  |              |   |  |                 |   |                 |         |   |                     |  |  |         |   |  |          |  
|Compañía Mega                                    |  | Argentina       |  | YPF, S.A.                     |  |                                           |  | Gas fractionation                       |  | I.P.                 |  | 37.64               |          | 38.00                        |  | 149.85        |   |  | 96.01            |   |                 | 101.37   |   |                     |  |  | 131.95   |   |  | 131.95    |  
|Operadora de Estaciones de Servicio, S.A. OPESSA |  | Argentina       |  | YPF, S.A.                     |  | Repsol YPF Gas, S.A.                      |  | Marketing of fuels                      |  | I.G.                 |  | 98.90               |          | 100                          |  | 88.33         |   |  | (57.16           | ) |                 | 5.11     |   |                     |  |  | 36.27    |   |  | 36.27     |  
|Oiltanking Ebytem, S.A.                          |  | Argentina       |  | YPF, S.A.                     |  |                                           |  | Transport and storage of oil products   |  | P.E.                 |  | 29.71               |          | 30.00                        |  | 8.64          |   |  | 5.92             |   |                 | 1.23     |   |                     |  |  | 4.74     |   |  | 4.74      |  
|A&C Pipeline Holding                             |  | CaymanIslands   |  | YPF, S.A.                     |  |                                           |  | Finance                                 |  | P.E.                 |  | 17.83               |          | 18.00                        |  | 0.66          |   |  |                 |   |                 |         |   |                     |  |  | 0.12     |   |  |          |  
|Oleoducto Transandino Argentino, S.A.            |  | Argentina       |  | A&C Pipeline Holding          |  |                                           |  | Oil pipeline construction and operation |  | P.E.                 |  | 17.83               |          | 100                          |  | 33.53         |   |  | 3.48             |   |                 | (16.41   | ) |                     |  |  | 3.71     |   |  | 3.71      |  





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|                                         |  |               |  |                                 |  |                                                              |  |                                                    |  |                      |  |                     |  |                              |               |        |  |                  |   |  |                 |   |  |                     |   |  |         |   |  |        |  
|---------------------------------------- |  | ------------- |  | ------------------------------- |  | ------------------------------------------------------------ |  | -------------------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ------ |  | ---------------- | - |  | --------------- | - |  | ------------------- | - |  | ------- | - |  | ------ | -
|Name                                     |  | Country       |  | Parent Company                  |  | Other Shareholders(1)                                        |  | Line of Business                                   |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros |              
|                                         |  |               |  |                                 |  | % of Direct Ownership                                        |  | % Control                                          |  | Capital              |  | Reserves            |  |                              | Income (Loss) |        |  | Interim Dividend |   |  | Assets Owned(2) |   |  | Investment Value(3) |  
|Oleoducto Trasandino Chile, S.A.         |  | Chile         |  | A&C Pipeline Holding            |  |                                                              |  | Oil pipeline construction and operation            |  | P.E.                 |  | 17.83               |  | 100                          |               | 30.60  |  | 2.48             |   |  | (12.47          | ) |  |                    |   |  | 3.71    |   |  | 3.65   |  
|Gasoducto del Pacífico Argentina, S.A.   |  | Argentina     |  | Gasoducto Pacífico Cayman, S.A. |  |                                                              |  | Construction and operation of a gas pipeline       |  | P.E.                 |  | 8.67                |  | 87.50                        |               | 91.49  |  | (31.62           | ) |  | 4.31            |   |  |                    |   |  | 56.15   |   |  | 6.42   |  
|Profertil, S.A.                          |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Production and sale of gas products                |  | I.P.                 |  | 49.52               |  | 50.00                        |               | 271.26 |  | 0.30             |   |  | 78.41           |   |  |                    |   |  | 174.98  |   |  | 174.98 |  
|Refinerías del Norte, S.A. (REFINOR)     |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Refining and marketing of oil products             |  | I.P.                 |  | 49.52               |  | 50.00                        |               | 74.51  |  | 24.15            |   |  | 33.54           |   |  | (12.70              | ) |  | 59.75   |   |  | 59.75  |  
|Terminales Marítimas Patagónicas, S.A.   |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Logistics of oil by-products                       |  | P.E.                 |  | 32.83               |  | 33.15                        |               | 10.61  |  | 30.14            |   |  | 3.34            |   |  |                    |   |  | 14.62   |   |  | 14.62  |  
|Oleoductos del Valle, S.A. (OLDELVAL)    |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Logistics of oil by-products                       |  | P.E.                 |  | 36.64               |  | 37.00                        |               | 81.30  |  | 10.22            |   |  | 2.20            |   |  |                    |   |  | 34.67   |   |  | 34.67  |  
|Gas Argentino, S.A. (GASA)               |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Portfolio company                                  |  | P.E.                 |  | 44.90               |  | 45.33                        |               | 228.06 |  | (321.98          | ) |  | (16.15          | ) |  |                    |   |  | (49.90  | ) |  |       |  
|Metrogas, S.A.                           |  | Argentina     |  | Gas Argentino, S.A. (GASA)      |  |                                                              |  | Gas distribution                                   |  | P.E.                 |  | 31.42               |  | 70.00                        |               | 420.38 |  | (611.94          | ) |  | (18.78          | ) |  |                    |   |  | (147.24 | ) |  |       |  
|Poligas Luján, S.A.                      |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Bottling, transmission and marketing of L.P.G.     |  | I.G.                 |  | 50.01               |  | 50.49                        |               |       |  |                 |   |  |                |   |  |                    |   |  |        |   |  |       |  
|A.P.D.C.                                 |  | CaymanIslands |  | YPF, S.A.                       |  |                                                              |  | Oil and gas exploration and production             |  | I.G.                 |  | 99.04               |  | 100                          |               | 22.23  |  | (11.92           | ) |  |                |   |  |                    |   |  | 10.31   |   |  | 10.31  |  
|Enerfín, S.A.                            |  | Uruguay       |  | YPF, S.A.                       |  |                                                              |  | Finance                                            |  | I.G.                 |  | 99.04               |  | 100                          |               |       |  |                 |   |  |                |   |  |                    |   |  |        |   |  |       |  
|Astra Evangelista, S.A.                  |  | Argentina     |  | YPF, S.A.                       |  | A.P.D.C.                                                     |  | Engineering and construction                       |  | I.G.                 |  | 99.04               |  | 100                          |               | 6.43   |  | 13.98            |   |  | (4.61           | ) |  |                    |   |  | 15.79   |   |  | 15.79  |  
|AESA Construcciones y Servicios          |  | Brazil        |  | Astra Evangelista, S.A.         |  | YPF, S.A.                                                    |  | Engineering and construction                       |  | I.G.                 |  | 99.04               |  | 100                          |               | 1.99   |  | (0.53            | ) |  |                |   |  |                    |   |  | 1.46    |   |  | 1.46   |  
|Adicor, S.A.                             |  | Uruguay       |  | Astra Evangelista, S.A.         |  |                                                              |  | Other business activities                          |  | I.G.                 |  | 99.04               |  | 100                          |               | 0.07   |  | 4.87             |   |  | 1.12            |   |  |                    |   |  | 6.06    |   |  | 6.06   |  
|Gasoducto Oriental, S.A.                 |  | Argentina     |  | Astra Evangelista, S.A.         |  |                                                              |  | Distribution of natural gas                        |  | P.E.                 |  | 16.50               |  | 16.66                        |               | *      |  |                 |   |  | 1.77            |   |  |                    |   |  | 0.30    |   |  | 0.22   |  
|Inversora Dock Sud, S.A.                 |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Portfolio company                                  |  | P.E.                 |  | 42.45               |  | 42.86                        |               | 69.42  |  | (114.42          | ) |  | 1.21            |   |  |                    |   |  | (18.77  | ) |  | (18.77 | )
|Central Dock Sud, S.A.                   |  | Argentina     |  | Inversora Dock Sud, S.A.        |  | YPF, S.A.                                                    |  | Electric power generation and retailing            |  | P.E.                 |  | 39.53               |  | 9.98                         |               | 116.14 |  | (186.92          | ) |  | 1.48            |   |  |                    |   |  | (6.92   | ) |  | (6.92  | )
|Pluspetrol Energy, S.A.                  |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Oil and gas exploration and production             |  | I.P.                 |  | 44.57               |  | 45.00                        |               | 71.15  |  | (81.54           | ) |  | 41.90           |   |  |                    |   |  | 14.18   |   |  | 14.18  |  
|PBB Polisur, S.A. (9)                    |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Production and marketing of Petrochemicals         |  | P.E.                 |  | 27.73               |  | 28.00                        |               |       |  |                 |   |  |                |   |  |                    |   |  |        |   |  |       |  
|Petroken Petroquímica Ensenada, S.A. (9) |  | Argentina     |  | YPF, S.A.                       |  |                                                              |  | Production and marketing of Petrochemicals         |  | P.E.                 |  | 49.52               |  | 50.00                        |               |       |  |                 |   |  |                |   |  |                    |   |  |        |   |  |       |  
|Repsol YPF Chile, Limitada               |  | Chile         |  | Repsol YPF, S.A.                |  | OPESSA                                                       |  | Administration of YPFs investments in Chile       |  | I.G.                 |  | 100                 |  | 100                          |               | 91.34  |  | 33.55            |   |  | 2.31            |   |  |                    |   |  | 127.20  |   |  | 106.00 |  
|Operaciones y Servicios YPF              |  | Chile         |  | Repsol YPF Chile, Limitada      |  | Petróleos Transandinos, S.A.                                 |  | Operation of service stations                      |  | I.G.                 |  | 100                 |  | 100                          |               | 1.14   |  | (0.64            | ) |  | 0.06            |   |  |                    |   |  | 0.56    |   |  |       |  
|Petróleos Transandinos YPF, S.A.         |  | Chile         |  | Repsol YPF Chile, Limitada      |  | YPF, S.A. / OPESSA                                           |  | Marketing and distribution of fuels and lubricants |  | I.G.                 |  | 100                 |  | 100                          |               | 41.09  |  | 22.72            |   |  | 3.06            |   |  |                    |   |  | 66.87   |   |  | 7.13   |  
|Repsol YPF Bolivia, S.A.                 |  | Bolivia       |  | Repsol YPF, S.A.                |  | R. Ex.plorac./Rex. Perú/Rex. Colombia/ R.YPF E&P Bolivia     |  | Portfolio company                                  |  | I.G.                 |  | 100                 |  | 100                          |               | 790.19 |  | (233.15          | ) |  | 38.32           |   |  |                    |   |  | 595.36  |   |  | 679.00 |  
|Empresa Petrolera Andina, S.A.           |  | Bolivia       |  | Repsol YPF Bolivia, S.A.        |  |                                                              |  | Oil and gas exploration and production             |  | I.G.                 |  | 50.00               |  | 50.00                        |               | 222.83 |  | 138.92           |   |  | 43.04           |   |  |                    |   |  | 202.40  |   |  | 202.40 |  
|Transierra S.A.                          |  | Bolivia       |  | Empresa Petrolera Andina, S.A.  |  |                                                              |  | Oil and gas transmission                           |  | P.E.                 |  | 22.25               |  | 44.50                        |               | 59.09  |  | (0.83            | ) |  | 8.30            |   |  |                    |   |  | 29.62   |   |  | 29.62  |  
|Maxus Bolivia Inc.                       |  | CaymanIslands |  | Repsol YPF Bolivia, S.A.        |  |                                                              |  | Oil and gas exploration and production             |  | I.G.                 |  | 100                 |  | 100                          |               | 98.32  |  | 28.44            |   |  | 30.80           |   |  |                    |   |  | 157.56  |   |  | 157.56 |  
|Repsol YPF E&P de Bolivia, S.A.          |  | Bolivia       |  | Maxus Bolivia Inc.              |  | R. YPF Bolivia, S.A. / Rex. Perú, S.A. / Rex. Colombia, S.A. |  | Oil and gas exploration and production             |  | I.G.                 |  | 100                 |  | 100                          |               | 112.20 |  | (0.29            | ) |  | 34.11           |   |  |                    |   |  | 146.02  |   |  | 145.62 |  
|AESA Construcciones y Servicios Bolivia  |  | Bolivia       |  | Repsol YPF Bolivia, S.A.        |  | R. YPF E&P de Bolivia, S.A. / Astra Evangelista              |  | Engineering and construction                       |  | P.E.                 |  | 100                 |  | 100                          |               | *      |  | (1.25            | ) |  | (3.89           | ) |  |                    |   |  | (5.13   | ) |  | (5.03  | )
|Repsol YPF Brasil, S.A.                  |  | Brazil        |  | Repsol YPF, S.A.                |  | OPESSA                                                       |  | Explotation and marketing of oil and gas           |  | I.G.                 |  | 100                 |  | 100                          |               | 475.51 |  | (152.44          | ) |  | (49.20          | ) |  |                    |   |  | 273.87  |   |  | 213.00 |  





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|                                           |  |         |  |                                      |  |                                            |  |                                                  |  |                      |  |                     |  |                              |               |        |  |                  |   |                 |       |                     |  |   |  |        |  |       
|------------------------------------------ |  | ------- |  | ------------------------------------ |  | ------------------------------------------ |  | ------------------------------------------------ |  | -------------------- |  | ------------------- |  | ---------------------------- | ------------- | ------ |  | ---------------- | - | --------------- | ----- | ------------------- |  | - |  | ------ |  | ------
|Name                                       |  | Country |  | Parent Company                       |  | Other Shareholders(1)                      |  | Line of Business                                 |  | Consolidation Method |  | Total % ofOwnership |  | Amounts in Millions of Euros
|                                           |  |         |  |                                      |  | % of Direct Ownership                      |  | % Control                                        |  | Capital              |  | Reserves            |  |                              | Income (Loss) |        |  | Interim Dividend |   | Assets Owned(2) |       | Investment Value(3)
|Repsol YPF Distribuidora, S.A.             |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  | Repsol YPF Importadora de Productos, Ltda. |  | Operation and administrative consulting services |  | I.G.                 |  | 100                 |  | 100                          |               | 54.53  |  | (12.82           | ) |                 | (4.94 | )                   |  |  |  | 36.78  |  | 36.78 
|Transportadora Sul Brasileira do Gas, S.A. |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  |                                            |  | Gas supply and logistics                         |  | P.E.                 |  | 15.00               |  | 15.00                        |               | 22.40  |  | (5.92            | ) |                 | (1.13 | )                   |  |  |  | 2.30   |  | 2.30  
|Refinaria de Petróleos Manguinhos, S.A.    |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  |                                            |  | Refining and marketing of oil products           |  | I.P.                 |  | 30.71               |  | 30.71                        |               | 5.70   |  | 39.41            |   |                 | 9.52  |                     |  |  |  | 16.78  |  | 16.78 
|Manguinhos Distribuidora, S.A.             |  | Brazil  |  | Refinaria Petróleos Manguinhos, S.A. |  |                                            |  | Marketing of oil products                        |  | I.P.                 |  | 30.71               |  | 30.71                        |               | 8.50   |  | 0.54             |   |                 | (0.11 | )                   |  |  |  | 2.74   |  |      
|Manguinhos Química, S.A.                   |  | Brazil  |  | Refinaria Petróleos Manguinhos, S.A. |  | Manguinhos Distribuidora, S.A.             |  | Marketing of petrochemicals                      |  | I.P.                 |  | 30.71               |  | 30.71                        |               | 1.60   |  | (0.33            | ) |                 | 0.16  |                     |  |  |  | 0.44   |  |      
|Alberto Pasqualini REFAP, S.A.             |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  |                                            |  | Refining and marketing of oil products           |  | I.P.                 |  | 30.00               |  | 30.00                        |               | 186.95 |  | 134.36           |   |                 | 29.01 |                     |  |  |  | 105.10 |  | 105.10
|Operadora de Postos de Servicos Ltda.      |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  | Repsol YPF Importadora de Productos, Ltda. |  | Operation of service stations                    |  | I.G.                 |  | 100                 |  | 100                          |               | 13.38  |  | (3.65            | ) |                 | (2.10 | )                   |  |  |  | 7.62   |  | 7.62  
|Repsol YPF Importadora de Productos, Ltda. |  | Brazil  |  | Repsol YPF Brasil, S.A.              |  | Repsol Gas Brasil, S.A.                    |  | Marketing of oil products                        |  | I.G.                 |  | 100                 |  | 100                          |               | 0.28   |  | 0.55             |   |                 | (0.56 | )                   |  |  |  | 0.26   |  | 0.26  



|                     |  |                            |  |  |  |     |  |                                                                                                                                                                                                                              
|-------------------- |  | -------------------------- |  |  |  | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Consolidation Method |  |                            |  |  |  |    
|I.G.:                |  | Full consolidation         |  |  |  | (*) |  | Amount less than 20,000.                                                                                                                                                                                                    
|I.P.:                |  | Proportional consolidation |  |  |  |     |  |                                                                                                                                                                                                                              
|P.E.:                |  | Equity Method              |  |  |  | (1) |  | Other Group companies with ownership interests of less than that of the Parent Company in the companys capital stock.                                                                                                       
|n.a.:                |  | Not available              |  |  |  | (2) |  | Based on the percentage of ownership of the related Parent Company.                                                                                                                                                          
|                     |  |                            |  |  |  | (3) |  | Relates to the value of the net investment.                                                                                                                                                                                  
|                     |  |                            |  |  |  | (4) |  | The figures relate to the consolidated subgroup made up by Global Companies, Llc., Chelsea Sandwich Llc. and Global Montello Group Llc.                                                                                      
|                     |  |                            |  |  |  | (5) |  | The Enagás Group comprises the following companies: Enagás, Gasoducto Braga-Tuy, S.A., Gasoducto Campomaior-Leira-Braga, S.A., Gasoducto Al-Andalus, S.A., Gasoducto Extremadura,
S.A. and Enagas International Finance, S.A.
|                     |  |                            |  |  |  | (6) |  | This company is fully consolidated by its parent company. The parent company is accounted for by the equity method in the REPSOL YPF Group.                                                                                  
|                     |  |                            |  |  |  | (7) |  | At these companies the data relate to the consolidated aggregates of the respective subgroups.                                                                                                                               
|                     |  |                            |  |  |  | (8) |  | Net income corresponding to November, 2004 and October, 2004                                                                                                                                                                 
|                     |  |                            |  |  |  | (9) |  | Companies available-for-sale as of December 31, 2004.