Exhibit 8.1

PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008



|                                                                    |  |                     |  |                                        |  |                                                           |  |                                                 |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |       |   |  |         |  
|------------------------------------------------------------------- |  | ------------------- |  | -------------------------------------- |  | --------------------------------------------------------- |  | ----------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ------- | -
|Name                                                                |  | Country             |  | ParentCompany                          |  | Other Shareholders(1)                                     |  | Line of Business                                |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                                    |  |                     |  |                                        |  | % ofDirectOwnership                                       |  | % ofControl(5)                                  |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Repsol Petróleo, S.A.                                               |  | Spain               |  | Repsol YPF, S.A.                       |  |                                                           |  | Refining                                        |  | F.C.                      |  | 99.97                    |  | 99.97                       |                  | 217.6 |  | 764.3           |   |  | 496.5          |   |  |      |   |  | 1,478.0 |  
|Repsol YPF Lubricantes y Especialidades, S.A.                       |  | Spain               |  | Repsol Petróleo, S.A.                  |  | Repsol Comercial de Productos Petrolíferos, S.A.          |  | Production and marketing of derivative products |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 5.4   |  | (0.6            | ) |  | 62.0           |   |  |      |   |  | 66.8    |  
|Repsol Eléctrica de Distribución, S.L.                              |  | Spain               |  | Repsol Petróleo, S.A.                  |  | Repsol YPF, S.A.                                          |  | Distribution and supply of electric power       |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1   |  | 1.9             |   |  | 1.3            |   |  |      |   |  | 3.2     |  
|Asfaltos Españoles, S.A.                                            |  | Spain               |  | Repsol Petróleo, S.A.                  |  |                                                           |  | Asphalts                                        |  | P.C.                      |  | 50.00                    |  | 50.00                       |                  | 8.5   |  | 11.3            |   |  | 1.3            |   |  |      |   |  | 10.5    |  
|Servicios de seguridad Mancomunados (SESEMA)                        |  | Spain               |  | Repsol Petróleo, S.A.                  |  | Repsol Butano, S.A. y Repsol Química, S.A.                |  | Security                                        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.4   |  | (0.1            | ) |  |               |   |  |      |   |  | 0.3     |  
|Compañía Auxiliar de Remolcadores y Buques Especiales, S.A. (CARSA) |  | Spain               |  | Repsol Petróleo, S.A.                  |  | Repsol Comercial de Productos Petrolíferos, S.A./PETRONOR |  | Tug boats                                       |  | F.C.                      |  | 99.23                    |  | 100.00                      |                  | 0.1   |  | 2.0             |   |  | 3.6            |   |  |      |   |  | 5.7     |  
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)                     |  | Spain               |  | Repsol YPF, S.A.                       |  | Repsol Petróleo, S.A.                                     |  | Trading of oil products                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1   |  | 39.0            |   |  | 89.3           |   |  |      |   |  | 128.4   |  
|RYTTSA Singapur                                                     |  | Cayman Islands      |  | Repsol YPF Trading y Transportes, S.A. |  |                                                           |  | Trading of oil products                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1   |  | (2.0            | ) |  | (0.8           | ) |  |      |   |  | (2.7    | )
|Repsol Overzee Finance, B.V.                                        |  | Holland             |  | Repsol YPF, S.A.                       |  |                                                           |  | Portfolio company                               |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 128.1 |  | 42.2            |   |  | 14.7           |   |  |      |   |  | 185.1   |  
|Atlantic 2/3 Holdings, Llc.                                         |  | United States       |  | Repsol Overzee Finance, B.V.           |  |                                                           |  | Portfolio company                               |  | P.C.                      |  | 25.00                    |  | 25.00                       |                  | 100.1 |  |                |   |  | 57.5           |   |  | (57.5 | ) |  | 25.0    |  
|Atlantic LNG 2/3 Company of Trinidad & Tobago (2)                   |  | Trinidad and Tobago |  | Atlantic 2/3 Holdings, Llc.            |  |                                                           |  | Supply and/or distribution of natural gas       |  | P.C.                      |  | 25.00                    |  | 100.00                      |                  | 100.1 |  | 19.2            |   |  | 46.5           |   |  | (57.5 | ) |  | 27.1    |  
|Atlantic 4 Holdings, Llc.                                           |  | United States       |  | Repsol Overzee Finance, B.V.           |  |                                                           |  | Portfolio company                               |  | E.M.                      |  | 22.22                    |  | 22.22                       |                  | 181.1 |  |                |   |  |               |   |  |      |   |  | 40.2    |  
|Atlantic 4 LNG Company of Trinidad & Tobago(3)                      |  | Trinidad and Tobago |  | Atlantic 4 Holdings, Llc.              |  |                                                           |  | Construction of liquefaction plant              |  | E.M.                      |  | 22.22                    |  | 100.00                      |                  | 181.1 |  | (81.2           | ) |  | 17.0           |   |  |      |   |  | 26.0    |  
|Repsol LNG T & T, Ltd.                                              |  | Trinidad and Tobago |  | Repsol Overzee Finance, B.V.           |  |                                                           |  | Marketing of natural gas                        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 3.8   |  | 3.0             |   |  | 5.7            |   |  |      |   |  | 12.5    |  



1



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                                |  |                     |  |                              |  |                                      |  |                                           |  |                           |  |                          |  |                             |                  |      |  |                 |   |                |       |   |  |   |  |       |  
|--------------------------------------------------------------- |  | ------------------- |  | ---------------------------- |  | ------------------------------------ |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - | -------------- | ----- | - |  | - |  | ----- | -
|Name                                                            |  | Country             |  | ParentCompany                |  | Other Shareholders(1)                |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                                |  |                     |  |                              |  | % ofDirectOwnership                  |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   | AssetsOwned(5) |      
|Repsol E&P T&T Limited                                          |  | Trinidad and Tobago |  | Repsol Overzee Finance, B.V. |  |                                      |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 54.5 |  | 4.1             |   |                | 21.3  |   |  |  |  | 79.9  |  
|Repsol LNG, S.L.                                                |  | Spain               |  | Repsol YPF, S.A.             |  | Repsol comercializadora de Gas, S.A. |  | Marketing of natural gas                  |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1  |  | 0.5             |   |                | (0.5  | ) |  |  |  | 0.1   |  
|Gastream México S.A. de C.V.                                    |  | Mexico              |  | Repsol YPF, S.A.             |  | Repsol LNG, S.L.                     |  | Other activities                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 20.7 |  | (20.7           | ) |                | (0.8  | ) |  |  |  | (0.8  | )
|Repsol Gas Natural LNG                                          |  | Spain               |  | Repsol YPF, SA               |  | Gas Natural, SGA                     |  | Marketing of LNG                          |  | P.C.                      |  | 65.42                    |  | 100.00                      |                  | 2.0  |  | 0.1             |   |                | 0.7   |   |  |  |  | 1.8   |  
|Pacific LNG Bolivia S.R.L.                                      |  | Bolivia             |  | Repsol YPF, S.A.             |  |                                      |  | Exploration and production of oil and gas |  | E.M.                      |  | 37.50                    |  | 37.50                       |                  | 1.0  |  | (0.9            | ) |                |      |   |  |  |  |      |  
|Repsol Comercializadora de Gas, S.A.                            |  | Spain               |  | Repsol YPF, S.A.             |  | Repsol Petróleo, S.A.                |  | Marketing of natural gas                  |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |     |  | 4.0             |   |                | 20.6  |   |  |  |  | 24.6  |  
|Repsol Butano, S.A.                                             |  | Spain               |  | Repsol YPF, S.A.             |  | Repsol Petróleo, S.A.                |  | Marketing of LPG                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 58.7 |  | 380.8           |   |                | 175.4 |   |  |  |  | 615.0 |  
|Repsol Maroc, S.A.                                              |  | Morroco             |  | Repsol Butano, S.A.          |  |                                      |  | Marketing of natural gas                  |  | E.M.                      |  | 100.00                   |  | 100.00                      |                  | 1.3  |  | (1.9            | ) |                |      |   |  |  |  | (0.5  | )
|National Gaz                                                    |  | Morroco             |  | Repsol Butano, S.A.          |  |                                      |  | Marketing of LPG                          |  | E.M.                      |  | 100.00                   |  | 100.00                      |                  | 0.4  |  | 1.7             |   |                | 0.5   |   |  |  |  | 2.6   |  
|Repsol YPF Gas, S.A.                                            |  | Argentina           |  | Repsol Butano, S.A.          |  |                                      |  | Marketing of LPG                          |  | F.C.                      |  | 85.00                    |  | 85.00                       |                  | 16.8 |  | 6.6             |   |                | 9.4   |   |  |  |  | 27.8  |  
|Comsergas, Compañía Servicios Industriales de Gas Licuado, S.A. |  | Argentina           |  | Repsol YPF Gas, S.A.         |  |                                      |  | Gas installation work                     |  | F.C.                      |  | 52.70                    |  | 62.00                       |                  | 0.4  |  | (0.1            | ) |                | 0.1   |   |  |  |  | 0.3   |  
|Gas Austral, S.A.                                               |  | Argentina           |  | Repsol YPF Gas, S.A.         |  |                                      |  | Marketing of LPG                          |  | E.M.                      |  | 42.50                    |  | 50.00                       |                  |     |  | 0.8             |   |                |      |   |  |  |  | 0.3   |  
|Mejorgas, S.A.                                                  |  | Argentina           |  | Repsol YPF Gas, S.A.         |  | Poligas Luján, S.A.                  |  | Marketing of LPG                          |  | E.M.                      |  | 75.73                    |  | 100.00                      |                  |     |  | (0.5            | ) |                |      |   |  |  |  | (0.3  | )
|Duragas, S.A.                                                   |  | Ecuador             |  | Repsol Butano, S.A.          |  |                                      |  | Marketing of LPG                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 6.8  |  | 2.4             |   |                | 7.5   |   |  |  |  | 16.8  |  
|Servicio de Mantenimiento y Personal - SEMAPESA                 |  | Ecuador             |  | Repsol Butano, S.A.          |  |                                      |  | Maintenance and personnel services        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |     |  |                |   |                |      |   |  |  |  |      |  
|Repsol Gas Portugal, S.A.                                       |  | Portugal            |  | Repsol Butano, S.A.          |  |                                      |  | Marketing of LPG                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.6  |  | 26.0            |   |                | 11.4  |   |  |  |  | 37.9  |  



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



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|------------------------------------------------ |  | -------- |  | ------------------------------------------------ |  | ----------------------------------------------------------- |  | -------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ----- | -
|Name                                             |  | Country  |  | ParentCompany                                    |  | Other Shareholders(1)                                       |  | Line of Business                             |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                 |  |          |  |                                                  |  | % ofDirectOwnership                                         |  | % ofControl(5)                               |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Spelta Soc. Unipessoal Lda.                      |  | Portugal |  | Repsol Gas Portugal, S.A.                        |  |                                                             |  | Marketing of LPG                             |  | E.M.                      |  | 100.00                   |  | 100.00                      |                  | 0.0   |  | 0.4             |   |  | 0.5            |   |  |      |   |  | 0.9   |  
|Saaga, S.A.                                      |  | Portugal |  | Repsol Gas Portugal, S.A.                        |  |                                                             |  | Marketing of LPG                             |  | E.M.                      |  | 25.07                    |  | 25.07                       |                  | 1.0   |  | 5.0             |   |  | 0.1            |   |  |      |   |  | 1.5   |  
|Repsol Butano Chile, S.A.                        |  | Chile    |  | Repsol Butano, S.A.                              |  | Repsol YPF Chile, Limitada                                  |  | Portfolio company                            |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 83.1  |  | 40.3            |   |  | 18.5           |   |  |      |   |  | 141.8 |  
|Empresas Lipigas, S.A.                           |  | Chile    |  | Repsol Butano Chile, S.A.                        |  |                                                             |  | Marketing of LPG                             |  | P.C.                      |  | 45.00                    |  | 45.00                       |                  | 60.3  |  | 8.7             |   |  | 31.5           |   |  | (25.5 | ) |  | 33.7  |  
|Repsol YPF Comercial del Perú, S.A.              |  | Peru     |  | Repsol Butano, S.A.                              |  |                                                             |  | Marketing of LPG                             |  | F.C.                      |  | 99.78                    |  | 99.78                       |                  | 41.0  |  | 4.3             |   |  | 8.7            |   |  |      |   |  | 53.8  |  
|Repsol YPF Comercial de la Amazonia, SAC         |  | Peru     |  | Repsol YPF Comercial Perú, S.A.                  |  | Grupo Repsol YPF del Perú                                   |  | Distribution of L.P.G.                       |  | F.C.                      |  | 99.62                    |  | 99.84                       |                  | 0.4   |  | (0.3            | ) |  | 0.2            |   |  |      |   |  | 0.3   |  
|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.            |  | Marketing of LPG                             |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.8   |  | 1.1             |   |  | 2.8            |   |  |      |   |  | 5.7   |  
|Repsol France                                    |  | France   |  | Repsol Butano, S.A.                              |  | Repsol Química, S.A./Repsol YPF, S.A./Repsol Petróleo, S.A. |  | Distribution and marketing of oil products   |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 11.9  |  | (4.1            | ) |  | (0.7           | ) |  |      |   |  | 7.1   |  
|Repsol Gas Brasil, S.A.                          |  | Brazil   |  | Repsol Butano, S.A.                              |  | Repsol YPF Brasil, S.A.                                     |  | Marketing of LPG                             |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 7.3   |  | (4.7            | ) |  | (5.9           | ) |  |      |   |  | (3.3  | )
|Solgas Distribuidora de Gas, S.L.                |  | Spain    |  | Repsol Butano, S.A.                              |  | Repsol Comercial de Productos Petrolíferos, S.A.            |  | Marketing of LPG                             |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.1   |  | (0.1            | ) |  | (1.2           | ) |  |      |   |  | (0.3  | )
|Vía Red Servicios Logísticos, S.A.               |  | Spain    |  | Repsol Butano, S.A.                              |  |                                                             |  | Supply and/or distribution of natural gas    |  | E.M.                      |  | 99.49                    |  | 99.49                       |                  | 0.8   |  | (0.3            | ) |  | 0.1            |   |  |      |   |  | 0.6   |  
|Repsol Comercial de Productos Petrolíferos, S.A. |  | Spain    |  | Repsol Petróleo, S.A.                            |  | Repsol YPF, S.A./PETRONOR                                   |  | Marketing of oil products                    |  | F.C.                      |  | 96.65                    |  | 99.76                       |                  | 334.8 |  | 549.5           |   |  | 186.6          |   |  | (90.0 | ) |  | 975.9 |  
|Repsol Directo, S.A.                             |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Campsa Estaciones de Servicio, S.A. - CAMPSARED             |  | Distribution and marketing of oil products   |  | F.C.                      |  | 96.65                    |  | 100.00                      |                  | 0.1   |  | 2.6             |   |  | (0.1           | ) |  |      |   |  | 2.5   |  
|Campsa Estaciones de Servicio, S.A. - CAMPSARED  |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                                       |  | Operation and management of service stations |  | F.C.                      |  | 96.65                    |  | 100.00                      |                  | 8.4   |  | 18.0            |   |  | 21.8           |   |  |      |   |  | 46.6  |  



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                               |  |          |  |                                                  |  |                                       |  |                                                    |  |                           |  |                          |  |                             |                  |      |  |                 |   |  |                |   |  |        |   |  |      
|---------------------------------------------- |  | -------- |  | ------------------------------------------------ |  | ------------------------------------- |  | -------------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | -----
|Name                                           |  | Country  |  | ParentCompany                                    |  | Other Shareholders(1)                 |  | Line of Business                                   |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                               |  |          |  |                                                  |  | % ofDirectOwnership                   |  | % ofControl(5)                                     |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   |  | AssetsOwned(5)
|Societat Catalana de Petrolis, S.A. (PETROCAT) |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol Petróleo, S.A.                 |  | Distribution and marketing of oil products         |  | E.M.                      |  | 44.90                    |  | 45.00                       |                  | 15.1 |  | (6.7            | ) |  | 0.6            |   |  |       |   |  | 4.0  
|Air Miles España, S.A.                         |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Loyalty-building programs                          |  | E.M.                      |  | 22.45                    |  | 22.50                       |                  | 0.1  |  | 3.0             |   |  | 0.4            |   |  |       |   |  | 0.8  
|Carburants i Derivats, S.A. (CADESA)           |  | Andorra  |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Distribution of oil derivative products            |  | E.M.                      |  | 33.18                    |  | 33.25                       |                  | 0.1  |  | 1.2             |   |  | 0.9            |   |  |       |   |  | 0.7  
|Euro 24, S.L.                                  |  | Spain    |  | Autoclub Repsol, S.L.                            |  |                                       |  | Automotive services                                |  | F.C.                      |  | 99.78                    |  | 100.00                      |                  |     |  | 0.8             |   |  | (0.3           | ) |  |       |   |  | 0.5  
|Noroil, S.A.                                   |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | PETRONOR                              |  | Distribution and marketing of oil products         |  | F.C.                      |  | 69.85                    |  | 70.00                       |                  | 1.5  |  | 0.3             |   |  | 0.3            |   |  |       |   |  | 1.5  
|Solred, S.A.                                   |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  | Repsol YPF, S.A.                      |  | Management of means of payment at service stations |  | F.C.                      |  | 99.78                    |  | 100.00                      |                  | 7.3  |  | 22.0            |   |  | 20.8           |   |  |       |   |  | 49.9 
|Gestión de Puntos de Venta, Gespevesa, S.A.    |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Management of service stations                     |  | P.C.                      |  | 49.89                    |  | 50.00                       |                  | 39.4 |  | 5.7             |   |  | 1.0            |   |  |       |   |  | 23.0 
|Terminales Canarios, S.L.                      |  | Spain    |  | Repsol Comercial de Productos Petrolíferos, S.A. |  |                                       |  | Storage and distribution of oil products           |  | P.C.                      |  | 49.89                    |  | 50.00                       |                  | 19.8 |  | 2.2             |   |  | 0.9            |   |  |       |   |  | 11.4 
|Compañía Logística de Hidrocarburos CLH, S.A.  |  | Spain    |  | Repsol YPF, S.A.                                 |  | PETRONOR                              |  | Transport and storage of oil products              |  | E.M.                      |  | 14.25                    |  | 15.00                       |                  | 84.1 |  | 287.5           |   |  | 151.6          |   |  | (280.1 | ) |  | 34.6 
|CLH Aviación, S.A.(3)                          |  | Spain    |  | CLH, S.A.                                        |  |                                       |  | Transport and storage of oil products              |  | E.M.                      |  | 14.25                    |  | 100.00                      |                  | 21.7 |  | 32.1            |   |  |               |   |  |       |   |  | 7.7  
|Carbon Black Española, S.A. (CARBESA)          |  | Spain    |  | Repsol YPF, S.A.                                 |  | Repsol Química, S.A.                  |  | No activity                                        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.2  |  | 15.0            |   |  | (1.9           | ) |  |       |   |  | 13.3 
|The Repsol Company of Portugal Ltd.            |  | Portugal |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA) |  | Marketing of oil products                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.8  |  | 2.4             |   |  |               |   |  |       |   |  | 3.2  
|Repsol Portuguesa, S.A.                        |  | Portugal |  | Repsol YPF, S.A.                                 |  | Carbon Black Española, S.A. (CARBESA) |  | Distribution and marketing of oil products         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 59.0 |  | 341.8           |   |  | 18.1           |   |  |       |   |  | 418.9



4



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                                          |  |          |  |                          |  |                          |  |                                                |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |       |   |  |        
|------------------------------------------------------------------------- |  | -------- |  | ------------------------ |  | ------------------------ |  | ---------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | -------
|Name                                                                      |  | Country  |  | ParentCompany            |  | Other Shareholders(1)    |  | Line of Business                               |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                                                          |  |          |  |                          |  | % ofDirectOwnership      |  | % ofControl(5)                                 |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5)
|Repsol Directo LDA                                                        |  | Portugal |  | Repsol Portuguesa, S.A.  |  |                          |  | Distribution and marketing of oil products     |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.3   |  | (0.2            | ) |  | 0.1            |   |  |      |   |  | 0.1    
|Gespost                                                                   |  | Portugal |  | Repsol Portuguesa, S.A.  |  |                          |  | Marketing of oil products                      |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.0   |  | 1.2             |   |  | 1.2            |   |  |      |   |  | 2.4    
|CaiagesteGestao de Areas de Servicios Ltda.                              |  | Portugal |  | Gespost                  |  |                          |  | Operation and management of service stations   |  | E.M.                      |  | 50.00                    |  | 50.00                       |                  |      |  | 0.1             |   |  | (0.1           | ) |  |      |   |  |       
|Abastecimientos e Serviços de AviaASA                                    |  | Portugal |  | Repsol Portuguesa, S.A.  |  |                          |  | Marketing of oil products                      |  | E.M.                      |  | 50.00                    |  | 50.00                       |                  |      |  |                |   |  |               |   |  |      |   |  |       
|Sociedade Abastecedora de Aeronaves, Lda.SABA                            |  | Portugal |  | Repsol Portuguesa, S.A.  |  |                          |  | Marketing of oil products                      |  | E.M.                      |  | 25.00                    |  | 25.00                       |                  |      |  |                |   |  |               |   |  |      |   |  |       
|Tecnicontrol y Gestión Integral, S.L.                                     |  | Spain    |  | Repsol YPF, S.A.         |  | Repsol Exploración, S.A. |  | Property development                           |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 3.5   |  | 28.0            |   |  | 0.9            |   |  |      |   |  | 32.5   
|Bahía Bizkaia Electricidad, S.L.                                          |  | Spain    |  | Repsol YPF, S.A.         |  |                          |  | Energy production                              |  | P.C.                      |  | 25.00                    |  | 25.00                       |                  | 3.6   |  | 151.3           |   |  | 122.6          |   |  | (80.0 | ) |  | 49.4   
|Bahía Bizkaia Gas, S.L.                                                   |  | Spain    |  | Repsol YPF, S.A.         |  |                          |  | Maintenance of gasification plants             |  | P.C.                      |  | 25.00                    |  | 25.00                       |                  | 6.0   |  | 58.4            |   |  | 15.0           |   |  |      |   |  | 19.9   
|Repsol YPF Tesorería y Gestión Financiera, S.A                            |  | Spain    |  | Repsol YPF, S.A.         |  | Repsol Petroleo, S.A     |  | Treasury services                              |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1   |  | 302.3           |   |  | 77.5           |   |  |      |   |  | 379.9  
|Petróleos del Norte, S.A. (PETRONOR)                                      |  | Spain    |  | Repsol YPF, S.A.         |  |                          |  | Refining                                       |  | F.C.                      |  | 85.98                    |  | 85.98                       |                  | 120.5 |  | 437.0           |   |  | 134.0          |   |  | (70.1 | ) |  | 534.3  
|Asfalnor, S.A.                                                            |  | Spain    |  | PETRONOR                 |  |                          |  | Distribution and marketing of asphalt products |  | F.C.                      |  | 85.98                    |  | 100.00                      |                  | 0.1   |  |                |   |  |               |   |  |      |   |  | 0.1    
|Repsol Exploración, S.A.                                                  |  | Spain    |  | Repsol YPF, S.A.         |  | Repsol Petróleo, S.A.    |  | Exploration and production of oil and gas      |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 24.6  |  | 1,367.2         |   |  | 345.5          |   |  |      |   |  | 1,737.3
|Repsol LNG Holding, antes se denominaba Repsol Exploración Trinidad, S.A. |  | Spain    |  | Repsol Exploración, S.A. |  | Repsol YPF, S.A.         |  | Exploration and production of oil and gas      |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.8   |  | 13.3            |   |  | (5.1           | ) |  |      |   |  | 10.1   



5



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                              |  |                |  |                                   |  |                                 |  |                                           |  |                           |  |                          |  |                             |                  |      |  |                 |   |  |                |   |  |      |   |  |         |  
|--------------------------------------------- |  | -------------- |  | --------------------------------- |  | ------------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - |  | -------------- | - |  | ---- | - |  | ------- | -
|Name                                          |  | Country        |  | ParentCompany                     |  | Other Shareholders(1)           |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                              |  |                |  |                                   |  | % ofDirectOwnership             |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   |  | AssetsOwned(5) |  
|Gas Natural West Africa S.L.                  |  | Spain          |  | Repsol LNG Holding, S.A.          |  | Gas Natural Exploración, S.L.   |  |                                           |  | P.C.                      |  | 72.34                    |  | 100.00                      |                  | 6.9  |  |                |   |  | (4.1           | ) |  |     |   |  | 2.0     |  
|Repsol YPF Cuba, S.A.                         |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.9  |  | 6.6             |   |  | (1.0           | ) |  |     |   |  | 7.5     |  
|Repsol Exploración Colombia, S.A.             |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.9  |  | (0.6            | ) |  | (12.0          | ) |  |     |   |  | (10.6   | )
|Repsol Exploración Argelia, S.A.              |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 4.0  |  | 160.1           |   |  | (38.2          | ) |  |     |   |  | 125.9   |  
|Repsol Exploración Murzuq, S.A.               |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 7.8  |  | 924.4           |   |  | 202.2          |   |  |     |   |  | 1,134.4 |  
|Akakus Oil Operations AG/Respol Oil Operation |  | Libya          |  | Repsol Exploración Murzuq, S.A.   |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1  |  | 1.7             |   |  | 0.3            |   |  |     |   |  | 2.1     |  
|Repsol YPF Ecuador, S.A.                      |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol Petróleo, S.A.           |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 4.7  |  | 110.0           |   |  | 19.6           |   |  |     |   |  | 134.3   |  
|Repsol YPF OCP de Ecuador, S.A.               |  | Spain          |  | Repsol YPF Ecuador, S.A.          |  | Repsol Exploración Tobago, S.A. |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1  |  | 25.1            |   |  | 10.9           |   |  |     |   |  | 36.1    |  
|Oleoducto de Crudos Pesados, Ltd.             |  | Cayman Islands |  | Repsol YPF OCP de Ecuador, S.A.   |  |                                 |  | Other activities                          |  | E.M.                      |  | 29.66                    |  | 29.66                       |                  | 72.2 |  | 7.0             |   |  | 3.4            |   |  | (5.4 | ) |  | 22.9    |  
|Oleoducto de Crudos Pesados Ecuador, S.A.(3)  |  | Cayman Islands |  | Oleoducto de Crudos Pesados, Ltd. |  |                                 |  | Other activities                          |  | E.M.                      |  | 29.66                    |  | 100.00                      |                  |     |  |                |   |  |               |   |  |     |   |  |        |  
|Repsol Exploración Securé, S.A.               |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1.9  |  | (0.6            | ) |  | 0.3            |   |  |     |   |  | 1.5     |  
|Repsol Exploración Perú, S.A.                 |  | Spain          |  | Repsol Exploración, S.A.          |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 15.8 |  | 127.0           |   |  | 60.6           |   |  |     |   |  | 203.4   |  



6



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                        |  |            |  |                                     |  |                                 |  |                                           |  |                           |  |                          |  |                             |                  |         |  |                 |   |                |       |   |  |   |  |       |  
|------------------------------------------------------- |  | ---------- |  | ----------------------------------- |  | ------------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ------- |  | --------------- | - | -------------- | ----- | - |  | - |  | ----- | -
|Name                                                    |  | Country    |  | ParentCompany                       |  | Other Shareholders(1)           |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                        |  |            |  |                                     |  | % ofDirectOwnership             |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |         |  | InterimDividend |   | AssetsOwned(5) |      
|Perú LNG Company, Llc.                                  |  | Peru       |  | Repsol Exploración Perú, S.A.       |  |                                 |  | Supply and/or distribution of natural gas |  | E.M.                      |  | 20.00                    |  | 20.00                       |                  | 1,167.4 |  | 15.4            |   |                | (24.6 | ) |  |  |  | 231.6 |  
|TGP, S.A.                                               |  | Peru       |  | Perú Pipeline Holding Co. LLC       |  |                                 |  | Supply and/or distribution of natural gas |  | E.M.                      |  | 10.00                    |  | 10.00                       |                  | 149.7   |  | 222.0           |   |                | 10.5  |   |  |  |  | 38.2  |  
|Repsol YPF Oriente Medio, S.A.                          |  | Spain      |  | Repsol Exploración, S.A.            |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.2     |  | (0.1            | ) |                | (16.5 | ) |  |  |  | (16.4 | )
|Repsol Exploración México S.A. de C.V.                  |  | Mexico     |  | Repsol Exploración, S.A.            |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 16.0    |  | 7.2             |   |                | 7.3   |   |  |  |  | 30.6  |  
|Servicios Administrativos Cuenca de Burgos S.A. de C.V. |  | Mexico     |  | Repsol Exploración, S.A.            |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |        |  | 0.1             |   |                |      |   |  |  |  | 0.1   |  
|Repsol Exploración Kazakhstán, S.A.                     |  | Spain      |  | Repsol Exploración, S.A.            |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.2     |  |                |   |                | (2.3  | ) |  |  |  | (2.2  | )
|Zhambai LLP                                             |  | Kazakhstan |  | Repsol Exploración Kazakhstan, S.A. |  |                                 |  | Exploration and production of oil and gas |  | E.M.                      |  | 25.00                    |  | 25.00                       |                  |        |  | 19.5            |   |                | (0.1  | ) |  |  |  | 4.9   |  
|Repsol Exploración Tobago, S.A.                         |  | Spain      |  | Repsol Exploración, S.A.            |  | Repsol YPF, S.A.                |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.2     |  | (0.1            | ) |                | (1.1  | ) |  |  |  | (0.9  | )
|Repsol Exploración Sierra Leona, S.L.                   |  | Spain      |  | Repsol Exploración, S.A.            |  | Repsol Exploración Tobago, S.A. |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 2.8     |  | (1.4            | ) |                | (0.6  | ) |  |  |  | 0.8   |  
|Repsol Exploración Suriname, S.L.                       |  | Spain      |  | Repsol Exploración, S.A.            |  | Repsol Exploración Tobago, S.A. |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |        |  | 4.1             |   |                | (16.6 | ) |  |  |  | (12.6 | )
|Repsol Exploración Venezuela, B.V.                      |  | Holland    |  | Repsol Exploración, S.A.            |  |                                 |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 246.8   |  | (83.8           | ) |                | (2.9  | ) |  |  |  | 160.1 |  
|Calio LLC                                               |  | Venezuela  |  | Repsol Exploración Venezuela, B.V.  |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 14.9    |  | 6.0             |   |                |      |   |  |  |  | 20.9  |  
|Repsol YPF Venezuela, S.A.                              |  | Venezuela  |  | Repsol Exploración Venezuela, B.V.  |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 11.8    |  | 52.8            |   |                | 2.1   |   |  |  |  | 66.7  |  
|Repsol YPF Venezuela Gas                                |  | Venezuela  |  | Repsol YPF Venezuela, S.A.          |  |                                 |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |        |  | (5.5            | ) |                | (0.9  | ) |  |  |  | (6.4  | )



7



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                                |  |                |  |                               |  |                       |  |                                           |  |                           |  |                          |  |                             |                  |         |  |                 |   |                |        |   |  |   |  |         |  
|--------------------------------------------------------------- |  | -------------- |  | ----------------------------- |  | --------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ------- |  | --------------- | - | -------------- | ------ | - |  | - |  | ------- | -
|Name                                                            |  | Country        |  | ParentCompany                 |  | Other Shareholders(1) |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                                |  |                |  |                               |  | % ofDirectOwnership   |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |         |  | InterimDividend |   | AssetsOwned(5) |       
|Cardón IV                                                       |  | Venezuela      |  | Repsol YPF Venezuela Gas S.A. |  |                       |  | Exploration and production of oil and gas |  | P.C.                      |  | 50.00                    |  | 50.00                       |                  |        |  | (17.4           | ) |                | (4.8   | ) |  |  |  | (11.1   | )
|Petroquiriquire, S.A.                                           |  | Venezuela      |  | Repsol YPF Venezuela, S.A.    |  |                       |  | Exploration and production of oil and gas |  | P.C.                      |  | 40.00                    |  | 40.00                       |                  | 3.9     |  | 316.1           |   |                | 141.9  |   |  |  |  | 184.8   |  
|Quiriquire Gas, S.A.                                            |  | Venezuela      |  | Repsol YPF Venezuela, S.A.    |  |                       |  | Exploration and production of oil and gas |  | P.C.                      |  | 60.00                    |  | 60.00                       |                  | 0.3     |  | 104.1           |   |                | 50.3   |   |  |  |  | 92.8    |  
|Repsol Exploración Guinea, S.A.                                 |  | Spain          |  | Repsol Exploración, S.A.      |  | Repsol YPF, S.A.      |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1     |  |                |   |                | (1.6   | ) |  |  |  | (1.5    | )
|BPRY Caribbean Ventures LLC                                     |  | United States  |  | Repsol Exploración, S.A.      |  |                       |  | Portfolio company                         |  | P.C.                      |  | 30.00                    |  | 30.00                       |                  | 879.4   |  | (1,620.8        | ) |                | 862.9  |   |  |  |  | 36.4    |  
|BP Amoco Trinidad & Tobago, LLG (consolidada en BCS dentro 822) |  | United States  |  | BPRY Caribbean Ventures LLC   |  |                       |  | Exploration and production of oil and gas |  | P.C.                      |  | 30.00                    |  | 100.00                      |                  | 121.4   |  | 542.4           |   |                | 247.9  |   |  |  |  | 273.5   |  
|Dubai Marine Areas, Ltd. (DUMA)                                 |  | United Kingdom |  | Repsol Exploración, S.A.      |  |                       |  | Exploration and production of oil and gas |  | P.C.                      |  | 50.00                    |  | 50.00                       |                  | 0.1     |  | 1.5             |   |                |       |   |  |  |  | 0.8     |  
|Repsol Investigaciones Petrolíferas, S.A.                       |  | Spain          |  | Repsol Exploración, S.A.      |  |                       |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 225.9   |  | 401.7           |   |                | 23.1   |   |  |  |  | 650.6   |  
|EniRepsa Gas Limited                                            |  | Saudi Arabia   |  | Repsol Exploración, S.A.      |  |                       |  | Supply and/or distribution of natural gas |  | E.M.                      |  | 30.00                    |  | 30.00                       |                  | 229.9   |  | (58.3           | ) |                | (164.9 | ) |  |  |  | 2.0     |  
|Repsol USA Holdings Corp                                        |  | United States  |  | Repsol Exploración, S.A.      |  |                       |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 2,253.6 |  | (98.2           | ) |                | (22.7  | ) |  |  |  | 2,132.8 |  
|Repsol Services Company                                         |  | United States  |  | Repsol USA Holdings Corp      |  |                       |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 28.5    |  | (0.1            | ) |                | (2.7   | ) |  |  |  | 25.7    |  
|Repsol E&P USA, Inc                                             |  | United States  |  | Repsol USA Holdings Corp      |  |                       |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 2,195.1 |  | (105.0          | ) |                | (29.7  | ) |  |  |  | 2,060.3 |  
|Repsol Energy North America Corp.                               |  | United States  |  | Repsol USA Holdings Corp      |  |                       |  | Marketing of LNG                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 7.1     |  | (1.7            | ) |                | (3.1   | ) |  |  |  | 2.3     |  



8



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                         |  |                     |  |                                    |  |                            |  |                                           |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |        |   |  |         |  
|---------------------------------------- |  | ------------------- |  | ---------------------------------- |  | -------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------- | -
|Name                                     |  | Country             |  | ParentCompany                      |  | Other Shareholders(1)      |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                         |  |                     |  |                                    |  | % ofDirectOwnership        |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Repsol Offshore E&P Inc.                 |  | United States       |  | Repsol USA Holdings Corp           |  |                            |  | Exploration and production of oil and gas |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 21.8  |  | (14.8           | ) |  | 0.6            |   |  |       |   |  | 7.7     |  
|Repsol Advanced Services LTD             |  | Switzerland         |  | Repsol Exploración, S.A.           |  | Repsol Murzuq SA           |  | Other activities                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.3   |  |                |   |  | 0.1            |   |  |       |   |  | 0.4     |  
|Repsol YPF Perú, BV                      |  | Holland             |  | Repsol YPF, S.A.                   |  |                            |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 90.1  |  | 75.1            |   |  | 15.5           |   |  |       |   |  | 180.6   |  
|Grupo Repsol YPF del Perú, S.A.C.        |  | Peru                |  | Repsol YPF Perú, B.V.              |  |                            |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.4   |  | 1.7             |   |  | (1.0           | ) |  |       |   |  | 1.0     |  
|Refinería La Pampilla, S.A.              |  | Peru                |  | Repsol YPF Perú, B.V.              |  |                            |  | Refining                                  |  | F.C.                      |  | 51.03                    |  | 51.03                       |                  | 105.6 |  | 91.6            |   |  | (54.2          | ) |  |       |   |  | 73.0    |  
|Repsol Comercial, S.A.C.                 |  | Peru                |  | Refinería La Pampilla, S.A.        |  |                            |  | Marketing of fuels                        |  | F.C.                      |  | 51.03                    |  | 100.00                      |                  | 60.3  |  | 1.0             |   |  | 1.1            |   |  |       |   |  | 31.9    |  
|Repsol YPF Marketing S.A.C.              |  | Peru                |  | Repsol YPF Perú, B.V.              |  |                            |  | Marketing of fuels and specialties        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 2.4   |  | 8.9             |   |  | 7.6            |   |  |       |   |  | 18.9    |  
|Servicios y Operaciones Perú S.A.C       |  | Peru                |  | Repsol YPF Perú, B.V.              |  |                            |  | Other activities                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |      |  |                |   |  | 0.1            |   |  |       |   |  | 0.2     |  
|Repsol International Finance B.V.        |  | Holland             |  | Repsol YPF, S.A.                   |  |                            |  | Finance and holding company               |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 256.0 |  | 1,128.3         |   |  | 145.9          |   |  |       |   |  | 1,530.3 |  
|Repsol LNG Port of Spain, BV             |  | Holland             |  | Repsol International Finance, B.V. |  |                            |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |      |  | 156.8           |   |  | 65.5           |   |  |       |   |  | 222.3   |  
|Atlantic 1 Holdings, LLC                 |  | Trinidad and Tobago |  | Repsol LNG Port of Spain, BV       |  |                            |  | Portfolio company                         |  | E.M.                      |  | 20.00                    |  | 20.00                       |                  | 175.2 |  |                 |   |  | 330.5          |   |  | (330.5 | ) |  | 35.0    |  
|Atlantic LNG Co. of Trinidad & Tobago(3) |  | Trinidad and Tobago |  | Atlantic 1 Holdings, LLC           |  |                            |  | Supply and/or distribution of natural gas |  | E.M.                      |  | 20.00                    |  | 100.00                      |                  | 175.2 |  | 111.1           |   |  | 310.7          |   |  | (330.5 | ) |  | 53.3    |  
|Repsol International Capital, Ltd        |  | Cayman Islands      |  | Repsol International Finance, B.V. |  |                            |  | Finance                                   |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.7   |  | 350.7           |   |  | (49.0          | ) |  |       |   |  | 302.3   |  
|Repsol Investeringen, BV                 |  | Holland             |  | Repsol International Finance, B.V. |  |                            |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |      |  |                |   |  |               |   |  |       |   |  |        |  
|Repsol Netherlands Finance, BV           |  | Holland             |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V. |  | Finance                                   |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |      |  | (19.8           | ) |  | 18.8           |   |  |       |   |  | (1.0    | )
|Repsol YPF Capital, S.L.                 |  | Spain               |  | Repsol International Finance, B.V. |  | Repsol YPF, S.A.           |  | Portfolio company                         |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 463.8 |  | 30.8            |   |  | 171.4          |   |  |       |   |  | 666.0   |  
|Caveant, S.A.                            |  | Argentina           |  | Repsol YPF Capital, S.L.           |  | Repsol YPF, S.A.           |  | Investment company                        |  | F.C.                      |  | 100.00                   |  | 0.00                        |                  | 8.1   |  | 50.1            |   |  | 26.8           |   |  |       |   |  | 85.0    |  



9



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                  |  |               |  |                                    |  |                                          |  |                                           |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |        |   |  |        |  
|--------------------------------- |  | ------------- |  | ---------------------------------- |  | ---------------------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------ | -
|Name                              |  | Country       |  | ParentCompany                      |  | Other Shareholders(1)                    |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                  |  |               |  |                                    |  | % ofDirectOwnership                      |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Gaviota RE S.A.                   |  | Luxemburg     |  | Repsol International Finance, B.V. |  | Repsol Investeringen, B.V.               |  | Reinsurance                               |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 13.6  |  | 45.6            |   |  | 3.0            |   |  |       |   |  | 62.2   |  
|Greenstone Assurance, Ltd.        |  | Bermuda       |  | Gaviota RE                         |  |                                          |  | Reinsurance                               |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 5.1   |  | 2.9             |   |  | 1.7            |   |  |       |   |  | 9.7    |  
|Repsol Canada Ltd.                |  | Canada        |  | Repsol International Finance, B.V. |  |                                          |  | Regasification of L.N.G.                  |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 3.6   |  | (1.3            | ) |  | (0.5           | ) |  |       |   |  | 1.8    |  
|Repsol Canada LNG, Ltd.           |  | Canada        |  | Repsol International Finance, B.V. |  |                                          |  | Regasification of L.N.G.                  |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 194.0 |  | (62.7           | ) |  | (21.4          | ) |  |       |   |  | 109.9  |  
|Repsol Energy Canada, Ltd.        |  | Canada        |  | Repsol International Finance, B.V. |  |                                          |  | Marketing of LNG                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 13.7  |  | (3.1            | ) |  | (1.5           | ) |  |       |   |  | 9.1    |  
|Repsol Occidental Corporation     |  | United States |  | Repsol International Finance, B.V. |  |                                          |  | Exploration and production of oil and gas |  | P.C.                      |  | 25.00                    |  | 25.00                       |                  | 0.3   |  | 133.5           |   |  | 315.8          |   |  | (369.3 | ) |  | 20.1   |  
|Repsol Química, S.A.              |  | Spain         |  | Repsol YPF, S.A.                   |  | Repsol Petróleo, S.A.                    |  | Production and sale of petrochemicals     |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 60.5  |  | (8.7            | ) |  | (246.9         | ) |  |       |   |  | (195.1 | )
|Polidux, S.A.                     |  | Spain         |  | Repsol Química, S.A.               |  | Repsol YPF, S.A.                         |  | Production and sale of petrochemicals     |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 17.4  |  | (5.8            | ) |  | (8.3           | ) |  |       |   |  | 3.4    |  
|General Química, S.A.             |  | Spain         |  | Repsol Química, S.A.               |  | Repsol Investigaciones Petrolíferas S.A. |  | Production and sale of petrochemicals     |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 3.0   |  | 17.3            |   |  | (1.4           | ) |  |       |   |  | 18.9   |  
|Cogeneración Gequisa, S.A.        |  | Spain         |  | General Química, S.A.              |  |                                          |  | Production of electricity and steam       |  | E.M.                      |  | 39.00                    |  | 39.00                       |                  | 1.8   |  | 2.7             |   |  | 4.3            |   |  |       |   |  | 3.4    |  
|Dynasol Elastómeros, S.A.         |  | Spain         |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals     |  | P.C.                      |  | 50.01                    |  | 50.01                       |                  | 16.8  |  | 20.9            |   |  | (10.5          | ) |  |       |   |  | 13.6   |  
|Dynasol Elastómeros, S.A. de C.V. |  | Mexico        |  | Repsol Química, S.A.               |  |                                          |  | Production and marketing of chemicals     |  | E.M.                      |  | 49.99                    |  | 49.99                       |                  | 33.7  |  | 16.0            |   |  | 0.6            |   |  |       |   |  | 25.2   |  
|Dynasol Gestión, S.A.             |  | Spain         |  | Repsol Química, S.A.               |  |                                          |  | Production of quemicals                   |  | E.M.                      |  | 50.00                    |  | 50.00                       |                  | 0.1   |  | 0.6             |   |  | 0.2            |   |  |       |   |  | 0.5    |  
|Dynasol LLC                       |  | United States |  | Repsol Química, S.A.               |  |                                          |  | Marketing of petrochemicals               |  | E.M.                      |  | 50.00                    |  | 50.00                       |                  |      |  |                |   |  |               |   |  |       |   |  |       |  
|Repsol Polimeros LDA              |  | Portugal      |  | Repsol Química, S.A.               |  | Repsol Lusitania, S.L.                   |  | Production and sale of petrochemicals     |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 303.3 |  | 68.6            |   |  | (56.5          | ) |  |       |   |  | 315.4  |  
|Repsol Electricidade e Calor, ACE |  | Portugal      |  | Repsol Polimeros LDA               |  |                                          |  | Production of electricity                 |  | E.M.                      |  | 66.67                    |  | 66.67                       |                  |      |  |                |   |  |               |   |  |       |   |  |       |  



10



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                            |  |                |  |                                |  |                                                |  |                                        |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |        |   |  |         |  
|------------------------------------------- |  | -------------- |  | ------------------------------ |  | ---------------------------------------------- |  | -------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ------ | - |  | ------- | -
|Name                                        |  | Country        |  | ParentCompany                  |  | Other Shareholders(1)                          |  | Line of Business                       |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                            |  |                |  |                                |  | % ofDirectOwnership                            |  | % ofControl(5)                         |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Repsol Chemie Deutchland GmbH               |  | Germany        |  | Repsol Química, S.A.           |  |                                                |  | Marketing of chemicals                 |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.1   |  | 0.6             |   |  | 0.9            |   |  |       |   |  | 1.5     |  
|Repsol Lusitania, S.L.                      |  | Spain          |  | Repsol YPF, S.A.               |  | Repsol Química, S.A.                           |  | Portfolio company                      |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.0   |  | 1.0             |   |  | (2.4           | ) |  |       |   |  | (1.5    | )
|Repsol Italia, SpA                          |  | Italy          |  | Repsol YPF, S.A.               |  |                                                |  | Marketing of oil products              |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 2.4   |  | 24.7            |   |  | (6.5           | ) |  |       |   |  | 20.6    |  
|Gas Natural SDG, S.A.                       |  | Spain          |  | Repsol YPF, S.A.               |  | Repsol Petróleo, S.A./Repsol Exploracion, S.A. |  | Distribution of gas                    |  | P.C.                      |  | 30.85                    |  | 30.85                       |                  | 448.0 |  | 4,610.0         |   |  | 992.0          |   |  | (214.0 | ) |  | 1,800.2 |  
|Sagane, S.A.(2)                             |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Supply of natural gas                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 94.8  |  | 22.1            |   |  | 89.1           |   |  |       |   |  | 63.5    |  
|Europe Maghreb Pipeline, Ltd. (EMPL)(2)     |  | United Kingdom |  | Sagane, S.A.                   |  |                                                |  | Transmission of gas                    |  | P.C.                      |  | 22.39                    |  | 72.60                       |                  | 0.1   |  | 70.7            |   |  | 119.3          |   |  | (45.0  | ) |  | 32.5    |  
|Metragaz, S.A.(2)                           |  | Morroco        |  | Sagane, S.A.                   |  |                                                |  | Transmission of gas                    |  | P.C.                      |  | 22.30                    |  | 72.30                       |                  | 3.4   |  | 0.9             |   |  | 1.0            |   |  |       |   |  | 1.2     |  
|Gas Natural transporte SDG, S.L.(2)         |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 14.9  |  | 44.0            |   |  | 8.9            |   |  | (7.2   | ) |  | 18.7    |  
|Gas Natural Exploración, S.L.(2)            |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Energía, S.A.                               |  | Oil and gas research and exploration   |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 26.8  |  | (0.6            | ) |  | (9.2           | ) |  |       |   |  | 5.2     |  
|El Andalus LNG SPA(3)                       |  | Argelia        |  | Gas Natural Exploración, S. L. |  |                                                |  | Liquefaction                           |  | E.M.                      |  | 9.87                     |  | 32.00                       |                  |      |  |                |   |  |               |   |  |       |   |  |        |  
|Repsol-Gas Natural LNG                      |  | Spain          |  | Repsol YPF, S.A.               |  | Gas Natural SDG, S.A.                          |  | Supply and distribution of natural gas |  | P.C.                      |  | 65.42                    |  | 50.00                       |                  | 2.0   |  | 0.1             |   |  | 0.7            |   |  |       |   |  | 1.8     |  
|Gas Natural Soluciones, S.L.(2)             |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Services                               |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 6.2   |  | 4.1             |   |  | 3.7            |   |  |       |   |  | 4.3     |  
|Kromschroeder, S.A.(3)                      |  | Spain          |  | Gas Natural SDG, S.A.          |  |                                                |  | Finances y other activities            |  | E.M.                      |  | 13.11                    |  | 42.50                       |                  | 0.7   |  | 10.9            |   |  | 0.1            |   |  |       |   |  | 1.5     |  
|Gas Natural Castilla y León, S.A.(2)        |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                      |  | 27.79                    |  | 90.10                       |                  | 6.3   |  | 78.6            |   |  | 21.2           |   |  |       |   |  | 29.5    |  
|Gas Natural Castilla La Mancha, S.A.(2)     |  | Spain          |  | Gas Natural SDG, S.A.          |  |                                                |  | Distribution of gas                    |  | P.C.                      |  | 29.30                    |  | 95.00                       |                  | 26.8  |  | 17.4            |   |  | 3.8            |   |  |       |   |  | 14.1    |  
|Gas Natural Distribución SDG, S.A.(2)       |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Distribution of gas                    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 101.0 |  | 1,026.7         |   |  | 285.0          |   |  | (284.3 | ) |  | 348.1   |  
|Gas Natural Distribución Eléctrica, S.A.(2) |  | Spain          |  | Gas Natural SDG, S.A.          |  | La Propagadora del Gas, S.A.                   |  | Distribution of electricity            |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 1.2   |  | 0.1             |   |  | (0.3           | ) |  |       |   |  | 0.3     |  



11



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                |  |         |  |                                          |  |                                    |  |                             |  |                           |  |                          |  |                             |                  |      |  |                 |   |                |      |   |  |   |  |      |  
|----------------------------------------------- |  | ------- |  | ---------------------------------------- |  | ---------------------------------- |  | --------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - | -------------- | ---- | - |  | - |  | ---- | -
|Name                                            |  | Country |  | ParentCompany                            |  | Other Shareholders(1)              |  | Line of Business            |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                |  |         |  |                                          |  | % ofDirectOwnership                |  | % ofControl(5)              |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   | AssetsOwned(5) |     
|Electra de Abusejo, S.L.(2)                     |  | Spain   |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.       |  | Distribution of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.7  |  | (0.1            | ) |                | (0.5 | ) |  |  |  |     |  
|Distribuidora eléctrica Navasfrías, S.L.(2)     |  | Spain   |  | Gas Natural Distribución Eléctrica, S.A. |  | La Propagadora del Gas, S.A.       |  | Distribution of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.2  |  | (7.0            | ) |                |     |   |  |  |  | (2.1 | )
|Gas Natural Rioja, S.A.(2)                      |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                    |  | Distribution of gas         |  | P.C.                      |  | 26.99                    |  | 87.50                       |                  | 2.7  |  | 8.9             |   |                | 3.5  |   |  |  |  | 4.1  |  
|Gas Navarra, S.A.(2)                            |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                    |  | Distribution of gas         |  | P.C.                      |  | 27.76                    |  | 90.00                       |                  | 3.6  |  | 27.1            |   |                | 7.4  |   |  |  |  | 10.6 |  
|Gas Galicia SDG, S.A.(2)                        |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                    |  | Distribution of gas         |  | P.C.                      |  | 19.12                    |  | 62.00                       |                  | 32.6 |  | 7.3             |   |                | (0.8 | ) |  |  |  | 7.5  |  
|Gas Natural La Coruña, S.A.(2)                  |  | Spain   |  | Gas Galicia SDG, S.A.                    |  |                                    |  | Distribution of gas         |  | P.C.                      |  | 17.40                    |  | 56.40                       |                  | 2.3  |  | (0.7            | ) |                | 0.6  |   |  |  |  | 0.4  |  
|Gas Aragón, S.A.(3)                             |  | Spain   |  | Gas Natural SDG, S.A.                    |  |                                    |  | Distribution of gas         |  | E.M.                      |  | 10.80                    |  | 35.00                       |                  | 5.9  |  | 44.4            |   |                | 10.1 |   |  |  |  | 6.5  |  
|La Propagadora del Gas, S.A.(2)                 |  | Spain   |  | Gas Natural SDG, S.A.                    |  | Holding Gas Natural, S.A.          |  | Portfolio company           |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.2  |  | 1.3             |   |                | 0.7  |   |  |  |  | 0.7  |  
|Gas Natural Informática, S.A.(2)                |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.       |  | Computer services           |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 19.9 |  | 4.3             |   |                | (3.5 | ) |  |  |  | 6.4  |  
|Gas Natural Andalucía, S.A.(2)                  |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.       |  | Distribution of gas         |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 12.4 |  | 41.4            |   |                | 7.5  |   |  |  |  | 18.9 |  
|Compañía Auxiliar de Industrias Varias, S.A.(2) |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.       |  | Services                    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.3  |  | 1.4             |   |                | 0.1  |   |  |  |  | 0.6  |  
|La Energía, S.A.(2)                             |  | Spain   |  | Gas Natural SDG, S.A.                    |  | La Propagadora del Gas, S.A.       |  | Electricity cogeneration    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 10.7 |  | 1.4             |   |                | 1.3  |   |  |  |  | 4.1  |  
|Sociedad de Tratamiento Hornillos, S.L.(2)      |  | Spain   |  | La Energía, S.A.                         |  |                                    |  | Electricity cogeneration    |  | P.C.                      |  | 29.00                    |  | 94.00                       |                  | 1.2  |  | 1.4             |   |                | 0.2  |   |  |  |  | 0.8  |  
|UTE La Energía-GNE(2)                           |  | Spain   |  | La Energía, S.A.                         |  | Gas Natural Electricidad SDG, S.A. |  | Electricity cogeneration    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 2.0  |  |                |   |                | 0.1  |   |  |  |  | 0.6  |  
|AECS Hospital Trias i Pujol AIE                 |  | Spain   |  | La Energía, S.A.                         |  |                                    |  | Electricity cogeneration    |  | P.C.                      |  | 15.42                    |  | 50.00                       |                  | 0.4  |  | (0.4            | ) |                |     |   |  |  |  |     |  



12



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                         |  |                |  |                                       |  |                              |  |                                                   |  |                           |  |                          |  |                             |                  |      |  |                 |   |                |       |   |  |   |  |      |  
|---------------------------------------- |  | -------------- |  | ------------------------------------- |  | ---------------------------- |  | ------------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - | -------------- | ----- | - |  | - |  | ---- | -
|Name                                     |  | Country        |  | ParentCompany                         |  | Other Shareholders(1)        |  | Line of Business                                  |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                         |  |                |  |                                       |  | % ofDirectOwnership          |  | % ofControl(5)                                    |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   | AssetsOwned(5) |      
|Sociedad de Tratamiento La Andaya, S.L.  |  | Spain          |  | La Energía, S.A.                      |  |                              |  | Electricity cogeneration                          |  | P.C.                      |  | 18.50                    |  | 60.00                       |                  | 1.1  |  | 1.8             |   |                | 0.2   |   |  |  |  | 0.6  |  
|Tratamiento Almazán, S.L.(2)             |  | Spain          |  | La Energía, S.A.                      |  |                              |  | Electricity cogeneration                          |  | P.C.                      |  | 27.76                    |  | 90.00                       |                  | 2.7  |  | (0.1            | ) |                | (0.1  | ) |  |  |  | 0.7  |  
|Tratamientos Cinca Medio, S.L.(2)        |  | Spain          |  | La Energía, S.A.                      |  |                              |  | Production of wind power                          |  | P.C.                      |  | 24.68                    |  | 80.00                       |                  | 2.0  |  |                |   |                | 0.3   |   |  |  |  | 0.6  |  
|Gas Natural Comercializadora, S.A.(2)    |  | Spain          |  | Gas Natural SDG, S.A.                 |  | La Propagadora del Gas, S.A. |  | Marketing of gas and industrial electricity       |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 2.4  |  | 29.9            |   |                | 4.7   |   |  |  |  | 11.4 |  
|Oficina de cambios de suministrador S.A. |  | Spain          |  | Gas Natural Comercializadora, S.A.(2) |  |                              |  | Services                                          |  | P.C.                      |  | 6.17                     |  | 20.00                       |                  |     |  |                |   |                |      |   |  |  |  |     |  
|Gas Natural Servicios SDG, S.A.(2)       |  | Spain          |  | Gas Natural SDG, S.A.                 |  | La Propagadora del Gas, S.A. |  | Marketing of gas, electricity y Energy management |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 2.9  |  | 19.6            |   |                | (17.0 | ) |  |  |  | 1.7  |  
|UTE GNS-Dalkia Energia                   |  | Spain          |  | Gas Natural Servicios SDG, S.A.       |  |                              |  | Energy management                                 |  | P.C.                      |  | 15.42                    |  | 50.00                       |                  |     |  | (0.2            | ) |                |      |   |  |  |  |     |  
|Gas Natural Electricidad SDG, S.A.(2)    |  | Spain          |  | Gas Natural SDG, S.A.                 |  | La Propagadora del Gas, S.A. |  | Electricity generation and trading                |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 32.8 |  | (4.8            | ) |                | (26.0 | ) |  |  |  | 0.6  |  
|Gas Natural Corporación Eólica, S.L.(2)  |  | Spain          |  | Gas Natural Electricidad SDG, S.A.    |  | La Energía, S.A.             |  | Portfolio company                                 |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 5.5  |  | 5.8             |   |                | 3.7   |   |  |  |  | 4.6  |  
|Corporación Eólica Zaragoza, S.L.(2)     |  | Spain          |  | Gas Natural Corporación Eólica, S.L.  |  |                              |  | Production of wind power                          |  | P.C.                      |  | 20.98                    |  | 68.00                       |                  | 2.5  |  | 0.3             |   |                | 1.0   |   |  |  |  | 0.8  |  
|Montouto 2000, S.A.                      |  | Spain          |  | Gas Natural Corporación Eólica, S.L.  |  |                              |  | Production of wind power                          |  | P.C.                      |  | 15.12                    |  | 49.00                       |                  | 6.0  |  | 1.9             |   |                | 3.1   |   |  |  |  | 1.7  |  
|Explotaciones Eólicas Sierra de Utrera   |  | Spain          |  | Gas Natural Corporación Eólica, S.L.  |  |                              |  | Production of wind power                          |  | P.C.                      |  | 15.42                    |  | 50.00                       |                  | 2.7  |  | 2.8             |   |                | 5.1   |   |  |  |  | 1.6  |  
|Enervent, S.A.(3)                        |  | Spain          |  | Gas Natural Corporación Eólica, S.L.  |  |                              |  | Production of wind power                          |  | E.M.                      |  | 8.02                     |  | 26.00                       |                  | 2.4  |  | 3.7             |   |                | 2.1   |   |  |  |  | 0.7  |  
|Buenergía Gas & Power Ltd(2)             |  | Cayman Islands |  | Gas Natural Electricidad SDG, S.A.(2) |  |                              |  | Portfolio company                                 |  | P.C.                      |  | 29.30                    |  | 95.00                       |                  | 0.1  |  | (43.4           | ) |                | 12.5  |   |  |  |  | (9.0 | )



13



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                    |  |                |  |                                         |  |                       |  |                          |  |                           |  |                          |  |                             |  |      |                 |       |  |                |   |  |       |   |  |     
|--------------------------------------------------- |  | -------------- |  | --------------------------------------- |  | --------------------- |  | ------------------------ |  | ------------------------- |  | ------------------------ |  | --------------------------- |  | ---- | --------------- | ----- |  | -------------- | - |  | ----- | - |  | ----
|Name                                                |  | Country        |  | ParentCompany                           |  | Other Shareholders(1) |  | Line of Business         |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                                    |  |                |  |                                         |  | % ofDirectOwnership   |  | % ofControl(5)           |  | ShareCapital              |  | Reserves                 |  | 2008Profit(Loss)            |  |      | InterimDividend |       |  | AssetsOwned(5)
|Ecoeléctrica Holdings Ltd.                          |  | Cayman Islands |  | Buenergía Gas & Power Ltd               |  |                       |  | Portfolio company        |  | P.C.                      |  | 14.65                    |  | 47.50                       |  | 63.2 |                 | 19.4  |  |               |   |  | (20.4 | ) |  | 9.1 
|Ecoeléctrica Ltd.                                   |  | Cayman Islands |  | Ecoeléctrica Holdings Ltd.              |  |                       |  | Portfolio company        |  | P.C.                      |  | 14.65                    |  | 47.50                       |  | 0.6  |                 | 0.2   |  |               |   |  | (0.2  | ) |  | 0.1 
|Ecoeléctrica LP Ltd.                                |  | Puerto Rico    |  | Ecoeléctrica Holdings Ltd.              |  | Ecoeléctrica Ltd.     |  | Electricity cogeneration |  | P.C.                      |  | 14.65                    |  | 47.50                       |  | 63.2 |                 | 39.6  |  | 43.2           |   |  | (12.1 | ) |  | 19.6
|Desarrollo de Energías Renovables, S.A.(2)          |  | Spain          |  | Gas Natural Corporación Eólica, S.L.    |  |                       |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  | 42.2 |                 | 128.1 |  | 19.7           |   |  | (10.0 | ) |  | 55.5
|Aplicaciones y Proyectos energéticos, S.A.(2)       |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  | 0.1  |                 | 0.1   |  |               |   |  |      |   |  | 0.1 
|Boreas Eólica, S.A.(2)                              |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 30.70                    |  | 99.50                       |  | 5.2  |                 | 5.5   |  | 3.3            |   |  |      |   |  | 4.3 
|Los Castrios, S.A.                                  |  | Spain          |  | Boreas Eólica, S.A.                     |  |                       |  | Production of wind power |  | P.C.                      |  | 10.16                    |  | 33.10                       |  | 2.2  |                 | 0.3   |  | 1.5            |   |  |      |   |  | 0.4 
|Molinos de Valdebezana, S.A.(2)                     |  | Spain          |  | Boreas Eólica, S.A.                     |  |                       |  | Production of wind power |  | P.C.                      |  | 18.42                    |  | 59.70                       |  | 0.1  |                 |      |  | (0.1           | ) |  |      |   |  |    
|Sistemas Energéticos La Muela, S.A.(3)              |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | E.M.                      |  | 6.17                     |  | 20.00                       |  | 3.1  |                 | 3.5   |  | 2.0            |   |  |      |   |  | 0.5 
|Sistemas Energéticos Mas Garullo, S.A.(3)           |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | E.M.                      |  | 5.55                     |  | 18.00                       |  | 1.5  |                 | 2.2   |  | 1.7            |   |  |      |   |  | 0.3 
|Boreas Eólica 2, S.A.(2)                            |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 27.76                    |  | 90.00                       |  | 2.6  |                 | 4.5   |  | 3.1            |   |  |      |   |  | 2.8 
|Desarrollo de Energías Renovables de Navarra, S.A.  |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 15.42                    |  | 50.00                       |  | 9.9  |                 | 28.6  |  | 14.9           |   |  | (4.0  | ) |  | 7.6 
|Desarrollo de Energías Renovables de La Rioja, S.A. |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 11.20                    |  | 36.30                       |  | 16.5 |                 | 3.1   |  | 7.3            |   |  |      |   |  | 3.0 
|Molinos del Cidacos, S.A.                           |  | Spain          |  | Desarrollo de Energías Renovables, S.A. |  |                       |  | Production of wind power |  | P.C.                      |  | 15.42                    |  | 50.00                       |  | 10.3 |                 | 8.5   |  | 12.9           |   |  |      |   |  | 4.9 



14



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                        |  |          |  |                                         |  |                              |  |                          |  |                           |  |                          |  |                             |  |                 |  |                |  |     |  |   |  |    
|--------------------------------------- |  | -------- |  | --------------------------------------- |  | ---------------------------- |  | ------------------------ |  | ------------------------- |  | ------------------------ |  | --------------------------- |  | --------------- |  | -------------- |  | --- |  | - |  | ---
|Name                                    |  | Country  |  | ParentCompany                           |  | Other Shareholders(1)        |  | Line of Business         |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                        |  |          |  |                                         |  | % ofDirectOwnership          |  | % ofControl(5)           |  | ShareCapital              |  | Reserves                 |  | 2008Profit(Loss)            |  | InterimDividend |  | AssetsOwned(5)
|Molinos de La Rioja, S.A.               |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 10.27                    |  | 33.30                       |  | 3.0             |  | 2.5            |  | 3.8 |  |  |  | 1.0
|Molinos de Linares, S.A.                |  | Spain    |  | Molinos de La Rioja, S.A.               |  |                              |  | Production of wind power |  | P.C.                      |  | 7.71                     |  | 25.00                       |  | 0.1             |  |               |  |    |  |  |  |   
|GN Wind SL(2)                           |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN WindSL 2(2)                          |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN WindSL 3(2)                          |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN Wind SL 4(2)                         |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN Wind SL 5(2)                         |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN Wind SL 6(2)                         |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN Wind Canarias SL(2)                  |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|GN Energy Canarias SL(2)                |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|Energías Eólicas Fuerteventura, S.L.(3) |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 15.43                    |  | 50.00                       |  |                |  |               |  |    |  |  |  |   
|Energías Eólicas de Lanzarote, S.L.(3)  |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 15.43                    |  | 50.00                       |  |                |  |               |  |    |  |  |  |   
|Alas Capital & GN, S.A.(3)              |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | E.M.                      |  | 12.34                    |  | 40.00                       |  | 0.1             |  |               |  |    |  |  |  |   
|O Novo Aquilón, S.L.                    |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 18.51                    |  | 60.00                       |  |                |  |               |  |    |  |  |  |   
|Parques Eólicos 2008-2012, S.L          |  | Spain    |  | Desarrollo de Energías Renovables, S.A. |  |                              |  | Production of wind power |  | P.C.                      |  | 16.66                    |  | 54.00                       |  |                |  |               |  |    |  |  |  |   
|Energy way Produçao de energía, LDA(2)  |  | Portugal |  | Gas Natural Electricidad SDG, S.A.      |  |                              |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   
|Lantarón Energía S.L.(2)                |  | Spain    |  | Gas Natural Electricidad SDG, S.A.      |  | La Propagadora del Gas, S.A. |  | Electricity cogeneration |  | P.C.                      |  | 30.85                    |  | 100.00                      |  |                |  |               |  |    |  |  |  |   



15



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                         |  |           |  |                                     |  |                                 |  |                          |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |       |   |  |       |  
|-------------------------------------------------------- |  | --------- |  | ----------------------------------- |  | ------------------------------- |  | ------------------------ |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ----- | -
|Name                                                     |  | Country   |  | ParentCompany                       |  | Other Shareholders(1)           |  | Line of Business         |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                         |  |           |  |                                     |  | % ofDirectOwnership             |  | % ofControl(5)           |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Dawn Energy                                              |  | Portugal  |  | Gas Natural Electricidad, SDG       |  |                                 |  | Production of wind power |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  |      |  |                |   |  |               |   |  |      |   |  |      |  
|Desarrollo del Cable, S.A.(2)                            |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Telecomm-unications      |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 21.1  |  | 20.6            |   |  | 11.9           |   |  |      |   |  | 16.5  |  
|Gas Natural Cantabria SDG, S.A.(2)                       |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Distribution of gas      |  | P.C.                      |  | 27.88                    |  | 90.40                       |                  | 3.2   |  | 28.0            |   |  | 3.5            |   |  |      |   |  | 9.7   |  
|Gas Natural Murcia SDG, S.A.(2)                          |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Distribution of gas      |  | P.C.                      |  | 30.81                    |  | 99.90                       |                  | 24.3  |  | (5.8            | ) |  | (4.0           | ) |  |      |   |  | 4.5   |  
|Gas Natural Cegas S.A.(2)                                |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Distribution of gas      |  | P.C.                      |  | 30.75                    |  | 99.70                       |                  | 25.4  |  | 68.1            |   |  | 11.7           |   |  |      |   |  | 32.4  |  
|Gas Natural Aprovisionamientos SDG, S.A.(2)              |  | Spain     |  | Gas Natural SDG, S.A.               |  | Sagane, S.A.                    |  | Supply of natural gas    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.6   |  | 14.9            |   |  | 194.8          |   |  |      |   |  | 56.1  |  
|Gas Natural Finance, BV(2)                               |  | Holland   |  | Gas Natural SDG, S.A.               |  |                                 |  | Finance                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  |      |  | 2.0             |   |  | 0.5            |   |  |      |   |  | 0.8   |  
|Holding Gas Natural, S.A.(2)                             |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Portfolio company        |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.3   |  | 0.2             |   |  |               |   |  |      |   |  | 0.2   |  
|Gas Natural Sao Paulo Sul, S.A.(2)                       |  | Brazil    |  | Gas Natural, SDG, S.A.              |  | Gas Natural Servicios SDG, S.A. |  | Distribution of gas      |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 350.7 |  | (205.3          | ) |  | 22.6           |   |  | (9.5  | ) |  | 48.9  |  
|Gas Natural International, Ltd.(2)                       |  | Ireland   |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Finance                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 25.4  |  | 11.7            |   |  | 0.6            |   |  |      |   |  | 11.6  |  
|Natural RE, S.A.(2)                                      |  | Luxemburg |  | Gas Natural International, Ltd.     |  | Holding Gas Natural, S.A.       |  | Insurance                |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 3.2   |  | 9.1             |   |  | 5.1            |   |  |      |   |  | 5.4   |  
|Administración y Servicios ECAP, S.A. de C.V.            |  | Mexico    |  | Gas Natural International, Ltd.     |  |                                 |  | Services                 |  | P.C.                      |  | 22.15                    |  | 71.80                       |                  |      |  | (0.3            | ) |  | 0.0            |   |  |      |   |  | (0.1  | )
|Pitta Construzioni S.p.A.                                |  | Italy     |  | Gas Natural Internacional SDG, S.A. |  |                                 |  | Distribution of gas      |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 6.0   |  | 1.3             |   |  | (0.3           | ) |  |      |   |  | 2.2   |  
|Gas Natural Internacional SDG, S.A.(2)                   |  | Spain     |  | Gas Natural SDG, S.A.               |  | La Propagadora del Gas, S.A.    |  | Portfolio company        |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 349.5 |  | 120.4           |   |  | 1.4            |   |  |      |   |  | 145.4 |  
|Natural Energy, S.A.(2)                                  |  | Argentina |  | Gas Natural Internacional SDG, S.A. |  | La Propagadora del Gas, S.A.    |  | Marketing of natural gas |  | P.C.                      |  | 24.80                    |  | 80.40                       |                  | 0.2   |  | (0.3            | ) |  | 1.7            |   |  |      |   |  | 0.4   |  
|CEG Rio, S.A.(2)                                         |  | Brazil    |  | Gas Natural Internacional SDG, S.A. |  | Gas Natural SDG, S.A.           |  | Distribution of gas      |  | P.C.                      |  | 18.38                    |  | 59.60                       |                  | 27.5  |  | 19.6            |   |  | 23.5           |   |  | (12.4 | ) |  | 10.7  |  
|Companhia Distribuidora de Gás do Rio de Janeiro S.A.(2) |  | Brazil    |  | Gas Natural Internacional SDG, S.A. |  | Gas Natural SDG, S.A.           |  | Distribution of gas      |  | P.C.                      |  | 16.72                    |  | 54.20                       |                  | 164.9 |  | 53.4            |   |  | 44.7           |   |  | (33.3 | ) |  | 38.4  |  
|Gas Natural Commercialisation France, S.A.S.(2)          |  | France    |  | Gas Natural Internacional SDG       |  |                                 |  | Marketing of natural gas |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  |      |  | 1.4             |   |  | 15.3           |   |  |      |   |  | 5.2   |  



16



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                    |  |             |  |                                      |  |                                                      |  |                                         |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |       |   |  |      |  
|--------------------------------------------------- |  | ----------- |  | ------------------------------------ |  | ---------------------------------------------------- |  | --------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ----- | - |  | ---- | -
|Name                                                |  | Country     |  | ParentCompany                        |  | Other Shareholders(1)                                |  | Line of Business                        |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                    |  |             |  |                                      |  | % ofDirectOwnership                                  |  | % ofControl(5)                          |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5) |  
|Gas Natural Puerto Rico, INC(2)                     |  | Puerto Rico |  | Gas Natural Internacional SDG, S.A.  |  |                                                      |  | Portfolio company                       |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.8   |  | (0.1            | ) |  | (0.4           | ) |  |      |   |  | 0.1  |  
|Invergas, S.A.(2)                                   |  | Argentina   |  | Gas Natural Internacional, SDG, S.A. |  |                                                      |  | Portfolio company                       |  | P.C.                      |  | 22.21                    |  | 72.00                       |                  | 48.9  |  | 60.5            |   |  |               |   |  |      |   |  | 24.3 |  
|Gas Natural Ban, S.A.(2)                            |  | Argentina   |  | Invergas, S.A.                       |  | Gas Natural Argentina SDG, S.A.                      |  | Distribution of gas                     |  | P.C.                      |  | 15.55                    |  | 50.40                       |                  | 214.7 |  | (138.5          | ) |  | 11.1           |   |  | (13.4 | ) |  | 11.5 |  
|Gas Natural Argentina SDG, S.A.(2)                  |  | Argentina   |  | Gas Natural Internacional, SDG, S.A. |  |                                                      |  | Portfolio company                       |  | P.C.                      |  | 22.21                    |  | 72.00                       |                  | 105.0 |  | (23.5           | ) |  |               |   |  |      |   |  | 18.1 |  
|Gas Natural do Brasil S.A.(2)                       |  | Brazil      |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural Servicios SDG, S.A.                      |  | Production and marketing of electricity |  | P.C.                      |  | 30.84                    |  | 100.00                      |                  | 0.6   |  | (1.6            | ) |  | (0.2           | ) |  |      |   |  | (0.4 | )
|Gas Natural Serviços, S.A.(2)                       |  | Brazil      |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural do Brasil S.A.                           |  | Services                                |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 1.9   |  | 1.2             |   |  | 1.2            |   |  | (0.2  | ) |  | 1.3  |  
|Gas Natural México, S.A. de CV(2)                   |  | Mexico      |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural SDG, S.A.                                |  | Distribution of gas                     |  | P.C.                      |  | 22.15                    |  | 71.80                       |                  | 470.7 |  | (204.6          | ) |  | 16.9           |   |  |      |   |  | 62.7 |  
|Comercializadora Metrogas S.A. de CV(2)             |  | Mexico      |  | Gas Natural México, S.A.de C.V.      |  | Sistemas de Administración y Servicios, S.A. de C.V. |  | Distribution of gas                     |  | P.C.                      |  | 22.15                    |  | 71.80                       |                  | 128.1 |  | (77.9           | ) |  | (0.1           | ) |  |      |   |  | 11.1 |  
|Adm. Servicios Energía México, S.A. de CV(2)        |  | Mexico      |  | Comercializadora Metrogas S.A.de CV  |  |                                                      |  | Services                                |  | P.C.                      |  | 22.15                    |  | 71.80                       |                  |      |  |                |   |  | (0.3           | ) |  |      |   |  | (0.1 | )
|Energía y Confort Admón. de Personal, S.A. de CV(2) |  | Mexico      |  | Gas Natural México, S.A.de CV        |  | Gas Natural Internacional SDG, S.A.                  |  | Services                                |  | P.C.                      |  | 22.30                    |  | 72.30                       |                  |      |  | (0.2            | ) |  | 0.6            |   |  |      |   |  | 0.1  |  
|Gas Natural Servicios, S.A. de C.V.(2)              |  | Mexico      |  | Gas Natural México, S.A.de CV        |  | Gas Natural Internacional SDG, S.A.                  |  | Services                                |  | P.C.                      |  | 22.15                    |  | 71.80                       |                  | 6.1   |  | (1.0            | ) |  | 1.1            |   |  |      |   |  | 1.4  |  
|Gas Natural Vehicular del Norte A en P(3)           |  | Mexico      |  | Gas Natural Servicios, S.A. de C.V.  |  | Gas Natural Internacional SDG, S.A.                  |  | Distribution of gas                     |  | P.C.                      |  | 11.29                    |  | 36.60                       |                  | 0.7   |  | (0.1            | ) |  | (0.1           | ) |  |      |   |  | 0.1  |  
|Transnatural, SRL de CV.                            |  | Mexico      |  | Gas Natural México, S.A.de CV        |  |                                                      |  | Transmission and marketing of gas       |  | P.C.                      |  | 11.07                    |  | 35.90                       |                  | 10.4  |  | (14.9           | ) |  | (8.6           | ) |  |      |   |  | (1.5 | )
|CH4 Energía, S.A de CV.                             |  | Mexico      |  | Gas Natural México, S.A.de CV        |  |                                                      |  | Transmission and marketing of gas       |  | P.C.                      |  | 11.07                    |  | 35.90                       |                  | 0.6   |  | 1.1             |   |  | 1.4            |   |  |      |   |  | 0.3  |  



17



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                      |  |           |  |                                      |  |                                                    |  |                                           |  |                           |  |                          |  |                             |                  |      |  |                 |   |                |      |   |  |   |  |     
|----------------------------------------------------- |  | --------- |  | ------------------------------------ |  | -------------------------------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ---- |  | --------------- | - | -------------- | ---- | - |  | - |  | ----
|Name                                                  |  | Country   |  | ParentCompany                        |  | Other Shareholders(1)                              |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                                      |  |           |  |                                      |  | % ofDirectOwnership                                |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |      |  | InterimDividend |   | AssetsOwned(5)
|Gas Natural Vendita Italia, SPA(2)                    |  | Italy     |  | Gas Natural Internacional SDG, S.A.  |  |                                                    |  | Marketing of natural gas                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 2.1  |  | 5.3             |   |                | 0.6  |   |  |  |  | 2.5 
|Gas Natural Distribuzione S.p.A.(2)                   |  | Italy     |  | Gas Natural Internacional SDG, S.A.  |  |                                                    |  | Portfolio company and distribution of gas |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 4.7  |  | 116.1           |   |                | (1.4 | ) |  |  |  | 36.8
|Gasdotti Azienda Siciliana, S.P.A.(2)                 |  | Italy     |  | Gas Natural Distribuzione S.p.A.     |  | Autocartera                                        |  | Distribution of gas                       |  | P.C.                      |  | 27.76                    |  | 90.00                       |                  | 0.5  |  | 21.6            |   |                | (0.1 | ) |  |  |  | 6.1 
|Agragas, S.P.A.(2)                                    |  | Italy     |  | Gas Natural Distribuzione S.p.A.     |  | Autocartera                                        |  | Distribution of gas                       |  | P.C.                      |  | 27.76                    |  | 90.00                       |                  | 0.1  |  | 35.0            |   |                | 0.9  |   |  |  |  | 10.0
|Normanna Gas, S.P.A.(2)                               |  | Italy     |  | Gas Natural Distribuzione S.p.A.     |  | Autocartera                                        |  | Distribution of gas                       |  | P.C.                      |  | 27.76                    |  | 90.00                       |                  | 0.1  |  | 29.2            |   |                | 0.6  |   |  |  |  | 8.3 
|Congas Servizi Consorzio Gas Acqua Servizi, S.p.A.(2) |  | Italy     |  | Normanna Gas, S.P.A.                 |  | Agragas, S.P.A./Gasdotti Azienda Siciliana, S.P.A. |  | Marketing of natural gas                  |  | P.C.                      |  | 27.77                    |  | 90.00                       |                  | 0.1  |  | 1.0             |   |                | (0.1 | ) |  |  |  | 0.3 
|Gas Natural Italia SpA(2)                             |  | Italy     |  | Gas Natural Distribuzione S.p.A.     |  |                                                    |  | Portfolio company                         |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.1  |  | 0.4             |   |                | 0.1  |   |  |  |  | 0.2 
|Smedigas, S.P.A.(2)                                   |  | Italy     |  | Gas Natural Internacional SDG, S.A.  |  |                                                    |  | Distribution of gas                       |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.6  |  | 19.6            |   |                | (4.2 | ) |  |  |  | 4.9 
|Gas Natural Rigassificazione Italia, SPA(2)           |  | Italy     |  | Gas Natural Internacional SDG, S.A.  |  |                                                    |  | Regasification of gas                     |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 7.4  |  |                |   |                |     |   |  |  |  | 2.3 
|Sistemas Administración y Servicios, S.A. de CV(2)    |  | Mexico    |  | Gas Natural Internacional, SDG, S.A. |  | Gas Natural SDG, S.A.                              |  | Services                                  |  | P.C.                      |  | 26.84                    |  | 87.00                       |                  |     |  | 0.2             |   |                |     |   |  |  |  | 0.1 
|Natural Servicios, S.A.(2)                            |  | Argentina |  | Gas Natural Internacional, SDG, S.A. |  |                                                    |  | Gas installation work                     |  | P.C.                      |  | 24.80                    |  | 80.40                       |                  | 2.1  |  | (0.9            | ) |                | 0.4  |   |  |  |  | 0.4 
|Serviconfort Colombia S.A.(2)                         |  | Colombia  |  | Gas Natural Internacional, SDG, S.A. |  | La Propagadora del Gas, S.A.                       |  | Services                                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.2  |  |                |   |                | 0.6  |   |  |  |  | 0.2 
|Gas Natural, S.A. ESP(2)                              |  | Colombia  |  | Gas Natural Internacional, SDG, S.A. |  |                                                    |  | Distribution of gas                       |  | P.C.                      |  | 18.23                    |  | 59.10                       |                  | 10.9 |  | 130.2           |   |                | 84.0 |   |  |  |  | 41.0
|Gas Natural Cundiboyacense, S.A. ESP(2)               |  | Colombia  |  | Gas Natural, S.A. ESP                |  |                                                    |  | Distribution of gas                       |  | P.C.                      |  | 14.13                    |  | 45.80                       |                  | 1.1  |  | 9.5             |   |                | 4.1  |   |  |  |  | 2.1 



18



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                      |  |          |  |                                      |  |                                      |  |                             |  |                           |  |                          |  |                             |                  |       |  |                 |   |  |                |   |  |      |   |  |     
|----------------------------------------------------- |  | -------- |  | ------------------------------------ |  | ------------------------------------ |  | --------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - |  | -------------- | - |  | ---- | - |  | ----
|Name                                                  |  | Country  |  | ParentCompany                        |  | Other Shareholders(1)                |  | Line of Business            |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                                      |  |          |  |                                      |  | % ofDirectOwnership                  |  | % ofControl(5)              |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   |  | AssetsOwned(5)
|Gas Natural del Oriente, S.A. ESP(2)                  |  | Colombia |  | Gas Natural, S.A. ESP                |  |                                      |  | Distribution of gas         |  | P.C.                      |  | 9.94                     |  | 32.20                       |                  | 9.2   |  | 23.4            |   |  | 9.0            |   |  | (9.4 | ) |  | 3.2 
|Gas Natural Servicios, Ltd.                           |  | Colombia |  | Gas Natural, S.A. ESP                |  |                                      |  | Services                    |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.3   |  | (0.1            | ) |  | 1.3            |   |  |     |   |  | 0.5 
|Gases de Barrancabermeja, S.A. ESP(2)                 |  | Colombia |  | Gas Natural del Oriente, S.A. ESP    |  |                                      |  | Distribution of gas         |  | P.C.                      |  | 9.93                     |  | 32.20                       |                  | 1.3   |  | 1.3             |   |  | 0.8            |   |  |     |   |  | 0.3 
|Portal del Instalador, S.A.(2)                        |  | Spain    |  | Gas Natural Informática S.A.         |  | Repsol YPF, S.A.                     |  | Services                    |  | P.C.                      |  | 26.22                    |  | 85.00                       |                  | 1.3   |  | 0.1             |   |  | 0.2            |   |  |     |   |  | 0.4 
|Central Anahuac, SA de CV(2)                          |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 254.8 |  | (75.6           | ) |  | 5.6            |   |  |     |   |  | 57.0
|Controladora del Golfo SA de CV(2)                    |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  |                                      |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 122.7 |  |                |   |  |               |   |  |     |   |  | 37.9
|Central Lomas del Real, SA de CV(2)                   |  | Mexico   |  | Controladora del Golfo, S.A. de C.V. |  | Gas Natural Internacional, SDG, S.A. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 37.5  |  | 130.5           |   |  | (5.2           | ) |  |     |   |  | 50.2
|Central Saltillo S.A. de C.V.(2)                      |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 150.7 |  | (43.1           | ) |  | 3.9            |   |  |     |   |  | 34.4
|Central Vallehermoso SA de CV(2)                      |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 43.4  |  | 160.6           |   |  | (2.4           | ) |  |     |   |  | 62.2
|Compañía Mexicana de Gerencia y Operación SA de CV(2) |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  |      |  | 0.6             |   |  | (0.1           | ) |  |     |   |  | 0.2 
|Electricidad Aguila de Altamira SA de CV(2)           |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 159.8 |  | (41.6           | ) |  | 2.7            |   |  |     |   |  | 37.3
|Gasoducto del Río SA de CV(2)                         |  | Mexico   |  | Gas Natural Internacional, SDG, S.A. |  | Controladora del Golfo, S.A. de C.V. |  | Cogeneration of electricity |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 2.7   |  | 6.5             |   |  | 2.4            |   |  |     |   |  | 3.6 
|Italmeco S.R.L.(2)                                    |  | Italy    |  | Gas Natural Internacional, SDG, S.A. |  |                                      |  | Distribution of gas         |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 22.4  |  | (1.1            | ) |  | (1.2           | ) |  |     |   |  | 6.2 
|Calgas SCARL(2)                                       |  | Italy    |  | Italmeco S.R.L.                      |  |                                      |  | Distribution of gas         |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 1.7   |  |                |   |  |               |   |  |     |   |  | 0.5 



19



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                     |  |                |  |                          |  |                                           |  |                                           |  |                           |  |                          |  |                             |                  |         |  |                 |   |                |        |   |  |   |  |         |  
|------------------------------------ |  | -------------- |  | ------------------------ |  | ----------------------------------------- |  | ----------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ------- |  | --------------- | - | -------------- | ------ | - |  | - |  | ------- | -
|Name                                 |  | Country        |  | ParentCompany            |  | Other Shareholders(1)                     |  | Line of Business                          |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                     |  |                |  |                          |  | % ofDirectOwnership                       |  | % ofControl(5)                            |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |         |  | InterimDividend |   | AssetsOwned(5) |       
|Mecogas SRL(2)                       |  | Italy          |  | Italmeco S.R.L.          |  |                                           |  | Marketing of natural gas                  |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  |        |  | 0.1             |   |                | 0.1    |   |  |  |  | 0.1     |  
|Cetraro Distribuzione Gas S.r.l.     |  | Italy          |  | Italmeco S.R.L.          |  |                                           |  | Marketing of natural gas                  |  | P.C.                      |  | 18.51                    |  | 60.00                       |                  | 0.1     |  |                |   |                |       |   |  |  |  |        |  
|Torre Marenostrum, S.A.(3)           |  | Spain          |  | Gas Natural SDG, S.A.    |  |                                           |  | Finances y other activities               |  | E.M.                      |  | 13.88                    |  | 45.00                       |                  | 5.3     |  | 14.4            |   |                | (0.2   | ) |  |  |  | 2.7     |  
|Central Térmica la Torrecilla, S.A.  |  | Spain          |  | Gas Natural SDG, S.A.    |  |                                           |  | Cogeneration of electricity               |  | P.C.                      |  | 15.42                    |  | 50.00                       |                  | 1.2     |  | (54.3           | ) |                |       |   |  |  |  | (8.2    | )
|Gas Natural Capital Markets, S.A.(2) |  | Spain          |  | Gas Natural SDG, S.A.    |  | La Propagadora del Gas, S.A.              |  | Finance                                   |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 0.1     |  | 0.1             |   |                | 0.1    |   |  |  |  | 0.1     |  
|Gas Natural Comercial SDG, S.L.      |  | Spain          |  | Gas Natural SDG, S.A.    |  | La Propagadora del Gas, S.A.              |  | Marketing of domestic gas                 |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 4.5     |  | (0.6            | ) |                | 1.5    |   |  |  |  | 1.7     |  
|Petroleum Oil & Gas España, S.A.(2)  |  | Spain          |  | Gas Natural SDG, S.A.    |  | La Propagadora del Gas, S.A.              |  | Exploration of oil and gas                |  | P.C.                      |  | 30.85                    |  | 100.00                      |                  | 3.9     |  | 51.5            |   |                | (0.3   | ) |  |  |  | 17.0    |  
|Biogas Doña Juana S.A. E.S.P.        |  | Colombia       |  | Gas Natural SDG, S.A.    |  |                                           |  | Treatment and Advancement of biogas       |  | P.C.                      |  | 15.36                    |  | 49.80                       |                  | 1.1     |  |                |   |                |       |   |  |  |  | 0.2     |  
|YPF, S.A.                            |  | Argentina      |  | Repsol YPF, S.A.         |  | Repsol YPF Capital/ CAVEANT/R.Exploración |  | Exploration and production of oil and gas |  | F.C.                      |  | 84.04                    |  | 84.04                       |                  | 3,909.8 |  | 105.0           |   |                | 660.6  |   |  |  |  | 3,929.2 |  
|YPF International, S.A.              |  | Bolivia        |  | YPF, S.A.                |  | Repsol YPF Bolivia/Repsol YPF E&P Bolivia |  | Portfolio company                         |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 118.6   |  | (79.0           | ) |                | (0.6   | ) |  |  |  | 32.8    |  
|YPF Ecuador Inc.                     |  | Cayman Islands |  | YPF International, S.A.  |  |                                           |  | Exploration and production of oil and gas |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 0.7     |  | (0.7            | ) |                |       |   |  |  |  |        |  
|YPF Guyana, Ltd.                     |  | Cayman Islands |  | YPF International, S.A.  |  |                                           |  | Exploration and production of oil and gas |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  |        |  | (3.4            | ) |                | (3.1   | ) |  |  |  | (5.5    | )
|YPF Holdings Inc.                    |  | United States  |  | YPF, S.A.                |  |                                           |  | Portfolio company                         |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 634.4   |  | (646.4          | ) |                | (98.5  | ) |  |  |  | (92.9   | )
|CLH Holdings                         |  | United States  |  | YPF Holdings Inc.        |  |                                           |  | Finance                                   |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 187.0   |  | (230.9          | ) |                | 38.9   |   |  |  |  | (4.2    | )
|Tierra Solutions Inc.                |  | United States  |  | CLH Holdings             |  |                                           |  | Other activities                          |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 187.6   |  | (231.6          | ) |                | 38.9   |   |  |  |  | (4.2    | )
|Maxus Energy Corporation             |  | United States  |  | YPF Holdings Inc.        |  |                                           |  | Exploration and production of oil and gas |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 406.3   |  | (377.1          | ) |                | (135.2 | ) |  |  |  | (89.1   | )
|Maxus US Exploration Co.             |  | United States  |  | Maxus Energy Corporation |  |                                           |  | Exploration and production of oil and gas |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 1.3     |  | (120.7          | ) |                | (5.3   | ) |  |  |  | (104.8  | )
|Maxus International Energy Co.       |  | United States  |  | Maxus Energy Corporation |  |                                           |  | Other activities                          |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 23.3    |  | (28.2           | ) |                |       |   |  |  |  | (4.1    | )



20



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                   |  |                |  |                                |  |                         |  |                                             |  |                           |  |                          |          |                             |  |                  |   |  |                 |   |                |       |   |  |   |  |      |  
|-------------------------------------------------- |  | -------------- |  | ------------------------------ |  | ----------------------- |  | ------------------------------------------- |  | ------------------------- |  | ------------------------ | -------- | --------------------------- |  | ---------------- | - |  | --------------- | - | -------------- | ----- | - |  | - |  | ---- | -
|Name                                               |  | Country        |  | ParentCompany                  |  | Other Shareholders(1)   |  | Line of Business                            |  | Method ofconsolidation(4) |  | % of Total Participation |          | Amount in Millions of Euros | 
|                                                   |  |                |  |                                |  | % ofDirectOwnership     |  | % ofControl(5)                              |  | ShareCapital              |  |                          | Reserves |                             |  | 2008Profit(Loss) |   |  | InterimDividend |   | AssetsOwned(5) |      
|Gateway Coal Company                               |  | United States  |  | Maxus Energy Corporation       |  |                         |  | Other activities                            |  | F.C.                      |  | 84.04                    |          | 100.00                      |  | (8.2             | ) |  | (0.3            | ) |                | 0.1   |   |  |  |  | (7.0 | )
|Compañía Mega                                      |  | Argentina      |  | YPF, S.A.                      |  |                         |  | Fractionation of gas                        |  | P.C.                      |  | 31.94                    |          | 38.00                       |  | 145.8            |   |  | 19.3            |   |                | 65.6  |   |  |  |  | 73.7 |  
|Operadora de Estaciones de Servicio, S.A. OPESSA   |  | Argentina      |  | YPF, S.A.                      |  | Repsol YPF Gas, S.A.    |  | Marketing of oil and gas                    |  | F.C.                      |  | 84.04                    |          | 99.85                       |  | 28.4             |   |  | (4.0            | ) |                | 22.0  |   |  |  |  | 39.0 |  
|YPF Inversora Energética, S.A.                     |  | Argentina      |  | YPF, S.A.                      |  | Astra Evangelista, S.A. |  | Portfolio company                           |  | F.C.                      |  | 84.04                    |          | 100.00                      |  |                 |   |  |                |   |                |      |   |  |  |  |     |  
|Gas Argentino, S.A. (GASA)                         |  | Argentina      |  | YPF Inversora Energética, S.A. |  |                         |  | Portfolio company                           |  | E.M.                      |  | 38.10                    |          | 45.33                       |  | 64.8             |   |  | (99.3           | ) |                | (11.6 | ) |  |   |  |     |  
|Metrogas, S.A.                                     |  | Argentina      |  | Gas Argentino, S.A. (GASA)     |  |                         |  | Distribution of gas                         |  | E.M.                      |  | 26.67                    |          | 70.00                       |  | 119.1            |   |  | (78.2           | ) |                | 5.2   |   |  |   |  |     |  
|Oiltanking Ebytem, S.A.                            |  | Argentina      |  | YPF, S.A.                      |  |                         |  | Transmission and storage of oil and gas     |  | E.M.                      |  | 25.21                    |          | 30.00                       |  | 8.4              |   |  | 0.3             |   |                | 1.3   |   |  |   |  | 2.5  |  
|A&C Pipeline Holding                               |  | Cayman Islands |  | YPF, S.A.                      |  |                         |  | Finance                                     |  | E.M.                      |  | 30.25                    |          | 36.00                       |  |                 |   |  |                |   |                |      |   |  |   |  |     |  
|Oleoducto Transandino Argentino, S.A.(3)           |  | Argentina      |  | A&C Pipeline Holding           |  |                         |  | Construction and operation of oil pipelines |  | E.M.                      |  | 30.25                    |          | 100.00                      |  |                 |   |  |                |   |                |      |   |  |   |  |     |  
|Oleoducto Trasandino Chile, S.A.(3)                |  | Chile          |  | A&C Pipeline Holding           |  |                         |  | Construction and operation of oil pipelines |  | E.M.                      |  | 30.25                    |          | 100.00                      |  |                 |   |  |                |   |                |      |   |  |   |  |     |  
|Oleoducto Transandino Argentina Accs preferidas    |  | Argentina      |  | YPF, S.A.                      |  |                         |  | Construction and operation of oil pipelines |  | E.M.                      |  | 30.25                    |          | 36.00                       |  | 32.3             |   |  | (25.6           | ) |                | 3.1   |   |  |   |  | 2.9  |  
|Oleoducto Transandino Chile Acciones preferidas    |  | Chile          |  | YPF, S.A.                      |  | Repsol YPF Chile        |  | Construction and operation of oil pipelines |  | E.M.                      |  | 33.13                    |          | 36.00                       |  | 10.5             |   |  | 1.6             |   |                |      |   |  |   |  | 4.0  |  
|Gasoducto del Pacifico Caiman                      |  | Cayman Islands |  | YPF, S.A.                      |  |                         |  | Finance                                     |  | E.M.                      |  | 8.40                     |          | 10.00                       |  |                 |   |  |                |   |                |      |   |  |   |  |     |  
|Gasoducto del Pacifico Chile (Ordinarias)          |  | Chile          |  | Gasoducto del Pacifico Caiman  |  |                         |  | Construction and operation of gas pipelines |  | E.M.                      |  | 7.35                     |          | 87.50                       |  |                 |   |  |                |   |                |      |   |  |   |  |     |  
|Gasoducto del Pacífico Argentina, S.A.(Ordinarias) |  | Argentina      |  | Gasoducto del Pacifico Caiman  |  |                         |  | Construction and operation of gas pipelines |  | E.M.                      |  | 7.35                     |          | 87.50                       |  |                 |   |  |                |   |                |      |   |  |   |  |     |  



21



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                                   |  |           |  |                                      |  |                                                          |  |                                               |  |                           |  |                          |  |                             |                  |       |  |                 |   |                |       |   |  |   |  |       |  
|-------------------------------------------------- |  | --------- |  | ------------------------------------ |  | -------------------------------------------------------- |  | --------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ----- |  | --------------- | - | -------------- | ----- | - |  | - |  | ----- | -
|Name                                               |  | Country   |  | ParentCompany                        |  | Other Shareholders(1)                                    |  | Line of Business                              |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros |                 
|                                                   |  |           |  |                                      |  | % ofDirectOwnership                                      |  | % ofControl(5)                                |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |       |  | InterimDividend |   | AssetsOwned(5) |      
|Gasoducto del Pacífico Argentina, S.A.(Preferidas) |  | Argentina |  | Gasoducto del Pacífico (Cayman) S.A. |  | YPF, S.A.                                                |  | Construction and operation of gas pipelines   |  | E.M.                      |  | 8.40                     |  | 10.00                       |                  | 32.4  |  | (18.9           | ) |                | 6.1   |   |  |   |  | 1.7   |  
|Profertil, S.A.                                    |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Production and sale of gas products           |  | P.C.                      |  | 42.02                    |  | 50.00                       |                  | 255.8 |  | (39.8           | ) |                | 47.3  |   |  |  |  | 110.6 |  
|Refinerías del Norte, S.A. (REFINOR)               |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Refining and marketing of oil products        |  | P.C.                      |  | 42.02                    |  | 50.00                       |                  | 72.5  |  | 59.0            |   |                | (8.7  | ) |  |  |  | 51.6  |  
|Terminales Marítimas Patagónicas, S.A.             |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Logistics of oil derivative products          |  | E.M.                      |  | 27.86                    |  | 33.15                       |                  | 10.3  |  | 16.1            |   |                | 3.1   |   |  |  |  | 8.2   |  
|Oleoductos del Valle, S.A. (OLDELVAL)              |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Logistics of oil derivative products          |  | E.M.                      |  | 31.09                    |  | 37.00                       |                  | 79.1  |  | (35.6           | ) |                | (6.8  | ) |  |  |  | 11.4  |  
|Poligas Luján, S.A.                                |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Bottling, transport and marketing of L.P.G.   |  | F.C.                      |  | 42.43                    |  | 50.49                       |                  |      |  |                |   |                |      |   |  |  |  |      |  
|Astra Evangelista, S.A.                            |  | Argentina |  | YPF, S.A.                            |  | OPESSA                                                   |  | Engineering and construction                  |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 1.8   |  | 21.7            |   |                | 8.7   |   |  |  |  | 27.0  |  
|AESA Construcciones y Servicios                    |  | Brazil    |  | Astra Evangelista, S.A.              |  | YPF, S.A.                                                |  | Engineering and construction                  |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  | 0.8   |  | (0.7            | ) |                | (0.1  | ) |  |  |  |      |  
|Adicor, S.A.                                       |  | Uruguay   |  | Astra Evangelista, S.A.              |  |                                                          |  | Other activities                              |  | F.C.                      |  | 84.04                    |  | 100.00                      |                  |      |  |                |   |                |      |   |  |  |  |      |  
|Gasoducto Oriental, S.A.                           |  | Argentina |  | Astra Evangelista, S.A.              |  |                                                          |  | Distribution of gas                           |  | E.M.                      |  | 14.00                    |  | 16.66                       |                  |      |  |                |   |                |      |   |  |  |  |      |  
|Inversora Dock Sud, S.A.                           |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Portfolio company                             |  | E.M.                      |  | 36.02                    |  | 42.86                       |                  | 67.6  |  | (106.5          | ) |                | 10.0  |   |  |  |  | (10.4 | )
|Central Dock Sud, S.A.                             |  | Argentina |  | Inversora Dock Sud, S.A.             |  | YPF, S.A.                                                |  | Construction and operation of a power station |  | E.M.                      |  | 33.55                    |  | 79.83                       |                  | 113.0 |  | (177.1          | ) |                | 11.7  |   |  |  |  | (17.6 | )
|Pluspetrol Energy, S.A.                            |  | Argentina |  | YPF, S.A.                            |  |                                                          |  | Exploration and production of oil and gas     |  | P.C.                      |  | 37.82                    |  | 45.00                       |                  | 20.1  |  | 45.2            |   |                | 22.0  |   |  |  |  | 33.0  |  
|Repsol YPF Chile, S.A                              |  | Chile     |  | Repsol YPF, S.A.                     |  | OPESSA                                                   |  | Administration of investments of YPF in Chile |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |      |  | 18.0            |   |                | (2.5  | ) |  |  |  | 15.5  |  
|Repsol YPF Bolivia, S.A.                           |  | Bolivia   |  | Repsol YPF, S.A.                     |  | R. Ex.plorac./Rex. Perú/Rex. Colombia/ R.YPF E&P Bolivia |  | Portfolio company                             |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 722.0 |  | (222.1          | ) |                | 104.9 |   |  |  |  | 604.7 |  
|YPFB Andina, S.A. (Empresa Petrolera Andina, S.A.) |  | Bolivia   |  | Repsol YPF Bolivia, S.A.             |  |                                                          |  | Exploration and production of oil and gas     |  | P.C.                      |  | 48.92                    |  | 48.92                       |                  | 194.7 |  | 234.0           |   |                | 168.6 |   |  |  |  | 292.2 |  



22



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PRINCIPAL COMPANIES OF THE REPSOL YPF GROUP AT 31 DECEMBER 2008Continued



|                                              |  |         |  |                                                    |  |                                                              |  |                                                                                                    |  |                           |  |                          |  |                             |                  |         |                 |        |                |  |      |  |   |  |      
|--------------------------------------------- |  | ------- |  | -------------------------------------------------- |  | ------------------------------------------------------------ |  | -------------------------------------------------------------------------------------------------- |  | ------------------------- |  | ------------------------ |  | --------------------------- | ---------------- | ------- | --------------- | ------ | -------------- |  | ---- |  | - |  | -----
|Name                                          |  | Country |  | ParentCompany                                      |  | Other Shareholders(1)                                        |  | Line of Business                                                                                   |  | Method ofconsolidation(4) |  | % of Total Participation |  | Amount in Millions of Euros
|                                              |  |         |  |                                                    |  | % ofDirectOwnership                                          |  | % ofControl(5)                                                                                     |  | ShareCapital              |  | Reserves                 |  |                             | 2008Profit(Loss) |         | InterimDividend |        | AssetsOwned(5)
|Transierra S.A.                               |  | Bolivia |  | YPFB Andina, S.A. (Empresa Petrolera Andina, S.A.) |  |                                                              |  | Transmission of oil and gas                                                                        |  | E.M.                      |  | 21.77                    |  | 44.50                       |                  | 57.5    |                 | 25.4   |                |  | 5.4  |  |  |  | 19.2 
|Maxus Bolivia Inc.                            |  | Bolivia |  | Repsol YPF Bolivia, S.A.                           |  |                                                              |  | Exploration and production of oil and gas                                                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 95.5    |                 | 94.2   |                |  | 36.2 |  |  |  | 225.9
|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. |  | Exploration and production of oil and gas                                                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 109.1   |                 | 79.6   |                |  | 38.1 |  |  |  | 226.8
|AESA Construcciones y Servicios Bolivia       |  | Bolivia |  | Repsol YPF Bolivia, S.A.                           |  | R. YPF E&P de Bolivia, S.A. / Astra Evangelista              |  | Transmission of oil and gas                                                                        |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  |        |                 | 1.7    |                |  |     |  |  |  | 1.6  
|Repsol YPF Brasil, S.A.                       |  | Brazil  |  | Repsol YPF, S.A.                                   |  | OPESSA                                                       |  | Operation and marketing of oil and gas                                                             |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 1,363.7 |                 | (394.8 | )              |  | 24.4 |  |  |  | 993.4
|Transportadora Sul Brasileira do Gas, S.A.    |  | Brazil  |  | Repsol YPF Brasil, S.A.                            |  |                                                              |  | Construction and operation of gas pipelines                                                        |  | P.C.                      |  | 25.00                    |  | 25.00                       |                  | 24.8    |                 | (24.8  | )              |  |     |  |  |  |     
|Repsol YPF Importadora de Productos, Ltda.    |  | Brazil  |  | Repsol YPF Brasil, S.A.                            |  | Repsol Gas Brasil, S.A.                                      |  | Marketing of oil products                                                                          |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.3     |                 | 0.1    |                |  | 0.1  |  |  |  | 0.4  
|Servicios Logisticos Combustibles de Aviacion |  | Spain   |  | Repsol YPF Lubricantes y Especialidades, S.A.      |  | Repsol Comercial de Productos Petrolíferos                   |  | Distribution of gas                                                                                |  | P.C.                      |  | 49.96                    |  | 50.00                       |                  | 3.5     |                 | 8.3    |                |  | 0.7  |  |  |  | 6.3  
|Biocarburantes Tarragona                      |  | Spain   |  | Repsol Petróleo, S.A.                              |  |                                                              |  | Manufacturing, distribution and sale of all types of biocombustibles and other related activities. |  | F.C.                      |  | 99.97                    |  | 100.00                      |                  | 0.5     |                 |       |                |  |     |  |  |  | 0.5  
|Biocarburantes Cartagena                      |  | Spain   |  | Repsol Petróleo, S.A.                              |  |                                                              |  | Manufacturing, distribution and sale of all types of biocombustibles and other related activities. |  | F.C.                      |  | 100.00                   |  | 100.00                      |                  | 0.5     |                 |       |                |  |     |  |  |  | 0.5  



|(1) | Other companies of the Group have ownership in the share capital of the company, but inferior to the ownership of the parent company.
|--- | -------------------------------------------------------------------------------------------------------------------------------------



23



---

|(2) | The data corresponding to this company are incorporated by full consolidation in the parent. The parent consolidates proportionally in the Repsol YPF Group.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



|(3) | The data corresponding to this company are incorporated by full consolidation in the parent. The parent integrates by the equity method in the Repsol YPF Group.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



|(4) | Consolidation Method:
|--- | ---------------------



|F.C.: | Full consolidation
|----- | ------------------



|P.C.: | Proportionate consolidation
|----- | ---------------------------



|E.M.: | Equity Method
|----- | -------------



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

Note: The
equity of the companies whose functional currency is not the Euro has been converted to the Euro at the closing date.



24