EXHIBIT 8.1

MAIN REPSOL YPF GROUP INVESTEES AS OF DECEMBER 31, 2003

|                                                 |                                                  |                                           |                        |                       |                                                  |                                 |                                                  |                                 |                                                  |                          |                                             | Total % of Ownership |       | Amounts in Millions of Euros |      
|------------------------------------------------ | ------------------------------------------------ | ----------------------------------------- | ---------------------- | --------------------- | ------------------------------------------------ | ------------------------------- | ------------------------------------------------ | ------------------------------- | ------------------------------------------------ | ------------------------ | ------------------------------------------- | -------------------- | ----- | ---------------------------- | -----
|
|Repsol Petróleo, S.A.                            |                                                  | Spain                                     |                        | Repsol YPF, S.A.      |                                                  |                                 |                                                  | Refining                        |                                                  | G.I.                     |                                             | 99.97                |       | 99.97                        |      
|                                                 | Repsol YPF Lubricantes y Especialidades, S.A.    |                                           | Spain                  |                       | Repsol Petróleo, S.A.                            |                                 | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | Distribution and marketing of by- productos      |                          | G.I.                                        |                      | 99.97 |                              | 100  
|                                                 |                                                  |                                           | Estasur, S.A.          |                       | Spain                                            |                                 | Repsol YPF Lubricantes y Especialidades, S.A.    |                                 | Repsol Comercial de Productos Petrolíferos, S.A. |                          | Distribution and marketing of lubricants    |                      | E.M.  |                              | 99.97
|                                                 |                                                  |                                           | Euroboxes, S.A.        |                       | Spain                                            |                                 | Repsol YPF Lubricantes y Especialidades, S.A.    |                                 | Repsol Comercial de Productos Petrolíferos, S.A. |                          | Operation of workshops and other activities |                      | E.M.  |                              | 99.94
|                                                 |                                                  |                                           | Gerpesa                |                       | Spain                                            |                                 | Repsol YPF Lubricantes y Especialidades, S.A.    |                                 |                                                  |                          | Other business activities                   |                      | E.M.  |                              | 99.97
|                                                 | Repsol Eléctrica de Distribución, S.A.           |                                           | Spain                  |                       | Repsol Petróleo, S.A.                            |                                 | Repsol YPF, S.A.                                 |                                 | Electric power and distribution supply           |                          | E.M.                                        |                      | 99.97 |                              | 100  
|                                                 | Asfaltos Españoles, S.A.                         |                                           | Spain                  |                       | Repsol Petróleo, S.A.                            |                                 |                                                  |                                 | Asphalts                                         |                          | E.M.                                        |                      | 49.99 |                              | 50.00
|Repsol YPF Trading y Transportes, S.A. (RYTTSA)  |                                                  | Spain                                     |                        | Repsol YPF, S.A.      |                                                  | Repsol Petróleo, S.A.           |                                                  | Trading of oil products         |                                                  | G.I.                     |                                             | 100                  |       | 100                          |      
|                                                 | RYTTSA Singapur                                  |                                           | Cayman Islands         |                       | Repsol YPF Trading y Transportes, S.A.           |                                 |                                                  |                                 | Trading of oil products                          |                          | G.I.                                        |                      | 100   |                              | 100  
|Repsol Overzee Finance, B.V.                     |                                                  | Netherlands                               |                        | Repsol YPF, S.A.      |                                                  |                                 |                                                  | Portfolio Company               |                                                  | G.I.                     |                                             | 100                  |       | 100                          |      
|                                                 | Atlantic 2/3 Holdings, Llc.                      |                                           | Trinidad & Tobago      |                       | Repsol Overzee Finance, B.V.                     |                                 |                                                  |                                 | Portfolio Company                                |                          | E.M.                                        |                      | 25.00 |                              | 25.00
|                                                 |                                                  | Atlantic 2/3 Company of Trinidad & Tobago |                        | Trinidad & Tobago     |                                                  | Atlantic 2/3 Holidngs, Llc.     |                                                  |                                 |                                                  | Gas supply and logistics |                                             | G.I.(6)              |       | 25.00                        |      
|Repsol Butano, S.A.                              |                                                  | Spain                                     |                        | Repsol YPF, S.A.      |                                                  | Repsol Petróleo, S.A.           |                                                  | L.P.G. distribution             |                                                  | G.I.                     |                                             | 100                  |       | 100                          |      
|                                                 | Repsol Maroc                                     |                                           | Morocco                |                       | Repsol Butano, S.A.                              |                                 |                                                  |                                 | Marketing of gas                                 |                          | E.M.                                        |                      | 99.88 |                              | 100  
|                                                 |                                                  | National Gaz                              |                        | Morocco               |                                                  | Repsol Maroc                    |                                                  |                                 |                                                  | Marketing of gas         |                                             | E.M.                 |       | 99.86                        |      
|                                                 | Repsol YPF Gas, S.A.                             |                                           | Argentina              |                       | Repsol Butano, S.A.                              |                                 |                                                  |                                 | Marketing of gas                                 |                          | G.I.                                        |                      | 85.00 |                              | 85.00
|                                                 |                                                  | Comsergas                                 |                        | Argentina             |                                                  | Repsol YPF Gas, S.A.            |                                                  |                                 |                                                  | Gas cylinder repair      |                                             | G.I.                 |       | 52.70                        |      
|                                                 |                                                  | Gas Austral, S.A.                         |                        | Argentina             |                                                  | Repsol YPF Gas, S.A.            |                                                  |                                 |                                                  | Marketing of gas         |                                             | E.M.                 |       | 42.50                        |      
|                                                 |                                                  | Mejorgas, S.A.                            |                        | Argentina             |                                                  | Repsol YPF Gas, S.A.            |                                                  | Poligas Luján, S.A.             |                                                  | Marketing of gas natural |                                             | E.M.                 |       | 75.73                        |      
|                                                 | Duragas, S.A.                                    |                                           | Ecuador                |                       | Repsol Butano, S.A.                              |                                 |                                                  |                                 | LPG distribution and marketing                   |                          | G.I.                                        |                      | 100   |                              | 100  
|                                                 |                                                  | Autogas, S.A.                             |                        | Ecuador               |                                                  | Duragas, S.A.                   |                                                  |                                 |                                                  | LPG marketing            |                                             | G.I.                 |       | 60.36                        |      
|                                                 | Semapesa                                         |                                           | Ecuador                |                       | Repsol Butano, S.A.                              |                                 |                                                  |                                 | Personnel and maintanance services               |                          | G.I.                                        |                      | 100   |                              | 100  
|                                                 | Repsol Butano Chile, S.A.                        |                                           | Chile                  |                       | Repsol Butano, S.A.                              |                                 | YPF S.A.                                         |                                 | Portfolio Company                                |                          | G.I.                                        |                      | 100   |                              | 100  
|                                                 |                                                  | Repsol YPF Gas Chile, Ltda.               |                        | Chile                 |                                                  | Repsol Butano Chile, S.A.       |                                                  | OPESSA                          |                                                  | Portfolio Company        |                                             | G.I.                 |       | 100                          |      
|                                                 |                                                  |                                           | Empresas Lipigas, S.A. |                       | Chile                                            |                                 | Repsol YPF Gas Chile, Ltda.                      |                                 |                                                  |                          | LPG marketing                               |                      | P.I.  |                              | 45.00
|                                                 | Repsol YPF Comercial del Perú, S.A.              |                                           | Peru                   |                       | Repsol Butano, S.A.                              |                                 |                                                  |                                 | LPG marketing                                    |                          | G.I.                                        |                      | 99.61 |                              | 99.61
|                                                 |                                                  | Limagás, S.A.                             |                        | Peru                  |                                                  | Repsol YPF Comercial Perú, S.A. |                                                  |                                 |                                                  | LPG distribution         |                                             | E.M.                 |       | 29.85                        |      
|                                                 |                                                  | Repsol YPF Comercial de la Amazonía, SAC  |                        | Peru                  |                                                  | Repsol YPF Comercial Perú, S.A. |                                                  | Grupo Repsol YPF del Perú       |                                                  | LPG distribution         |                                             | G.I.                 |       | 100                          |      
|                                                 | Repsol YPF GLP de Bolivia, S.A.                  |                                           | Bolivia                |                       | Repsol Butano, S.A.                              |                                 | R. YPF E&P de Bolivia, S.A./R. YPF Bolivia, S.A. |                                 | LPG marketing                                    |                          | G.I.                                        |                      | 100   |                              | 100  
|                                                 |                                                  | Repsol YPF Gas de Bolivia, S.A.           |                        | Bolivia               |                                                  | Repsol YPF GLP de Bolivia, S.A. |                                                  | Repsol YPF E&P de Bolivia, S.A. |                                                  | LPG marketing            |                                             | G.I.                 |       | 51.00                        |      
|                                                 | Repsol France                                    |                                           | France                 |                       | Repsol Butano, S.A.                              |                                 | Repsol Química, S.A./Repsol YPF, S.A.            |                                 | LPG distribution and marketing                   |                          | E.M.                                        |                      | 100   |                              | 100  
|                                                 | Repsol Gas Brasil, S.A.                          |                                           | Brazil                 |                       | Repsol Butano, S.A.                              |                                 | Repsol YPF Brasil, S.A.                          |                                 | LPG marketing                                    |                          | E.M.                                        |                      | 100   |                              | 100  
|                                                 | Repsol Portugal Gas de Petróleo Liquefeito, S.A. |                                           | Portugal               |                       | Repsol Butano, S.A.                              |                                 | R. YPF Lubricantes y Especialidades              |                                 | LPG distribution and marketing                   |                          | G.I.                                        |                      | 100   |                              | 100  
|Repsol Comercial de Productos Petrolíferos, S.A. |                                                  | Spain                                     |                        | Repsol Petróleo, S.A. |                                                  | Repsol YPF, S.A./PETRONOR       |                                                  | Marketing of oil products       |                                                  | G.I.                     |                                             | 96.65                |       | 100                          |      
|                                                 | Gasóleos y Lubricantes, GASOLUBE, S.A.           |                                           | Spain                  |                       | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                                  |                                 | Distribution and marketing of oil products       |                          | E.M.                                        |                      | 96.65 |                              | 100  
|                                                 | Gasolube Noroeste, S.A.                          |                                           | Spain                  |                       | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                                  |                                 | Distribution and marketing of oil products       |                          | E.M.                                        |                      | 96.65 |                              | 100  
|                                                 |                                                  |                                           |                        |                       |                                                  |                                 |                                                  |                                 |                                                  |                          |                                             |                      |       |                              |      

1

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|                                              | Gasolube Andalucía, S.L.                       |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 96.65 |       | 100   |        | *     |        |       |        | 0.05    |         |        |        | 0.05   |        | 0.86   |     
|--------------------------------------------- | ---------------------------------------------- | ------------------------------------------ | ------- | ---------------- | ------------------------------------------------ | ------------------------------- | --------------------------------------------- | -------------------------------------- | -------------------------------------------------- | -------------------------------------- | ------- | ----- | ----- | ----- | ----- | ------ | ----- | ------ | ------ | ------ | ------- | ------- | ------- | ------ | ------ | ------ | ------ | ----
|                                              | Gasolube Castilla y León, S.L.                 |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 96.65 |       | 100   |        | 0.04  |        | 0.03   |        | 0.16    |         |        |        | 0.23   |        | 0.29   |     
|                                              | CAMPSARED                                      |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | Repsol Petróleo, S.A.                         |                                        | Operation and management of service stations       |                                        | G.I.    |       | 96.65 |       | 100   |        | 8.41  |        | 18.00  |        | 25.91   |         |        |        | 52.33  |        | 34.26  |     
|                                              | Sociedad Catalana de Petrolis, S.A. (PETROCAT) |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | Repsol Petróleo, S.A.                         |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 43.69 |       | 45.00 |        | 15.09 |        | (6.49  | )      | 0.33    |         |        |        | 4.02   |        | 4.85   |     
|                                              | Air Miles España, S.A.                         |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Management of "Travel Club" membership card        |                                        | E.M.    |       | 21.75 |       | 22.50 |        | 0.25  |        | 0.35   |        | (0.00   | )       |        |        | 0.13   |        | 0.02   |     
|                                              | Carburants i Derivats, S.A. (CADESA)           |                                            | Andorra |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Distribution of oil-by products                    |                                        | E.M.    |       | 32.14 |       | 33.25 |        | 0.12  |        | 0.09   |        | 0.08    |         |        |        | 0.10   |        | 0.04   |     
|                                              | Hinia, S.A.                                    |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | Repsol YPF Lubricantes y Especialidades, S.A. |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 96.68 |       | 100   |        | 0.60  |        | 2.57   |        | 0.66    |         |        |        | 3.83   |        | 1.07   |     
|                                              | Autoclub Repsol S.L.                           |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Automotive services                                |                                        | E.M.    |       | 57.99 |       | 60.00 |        | 3.00  |        | 3.12   |        | (0.26   | )       |        |        | 3.52   |        | 3.67   |     
|                                              |                                                | Euro 24, S.L.                              |         | Spain            |                                                  | Autoclub Repsol S.L.            |                                               |                                        |                                                    | Road assistance                        |         | E.M.  |       | 57.99 |       | 100    |       | 0.03   |        | *      |         | 0.10    |         |       |        | 0.13   |        | 0.07
|                                              |                                                | Autoclub Repsol Services S.L.              |         | Spain            |                                                  | Autoclub Repsol S.L.            |                                               |                                        |                                                    | Retailing of oil products              |         | E.M.  |       | 57.99 |       | 100    |       | *      |        | *      |         | *       |         |       |        | *      |        | *   
|                                              |                                                | Autoclub Repsol Correduría de Seguros S.L. |         | Spain            |                                                  | Autoclub Repsol S.L.            |                                               |                                        |                                                    | Insurance troker                       |         | E.M.  |       | 57.99 |       | 100    |       | *      |        |       |         | (0.13   | )       |       |        | (0.13  | )      | 0.00
|                                              | Asiru, S.A.                                    |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 96.65 |       | 100   |        | 1.14  |        | 0.29   |        | 0.06    |         |        |        | 1.49   |        | 1.40   |     
|                                              | Noroil, S.A.                                   |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | PETRONOR                                      |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 67.66 |       | 70.00 |        | 1.51  |        | 0.30   |        | 0.07    |         |        |        | 1.32   |        | 1.06   |     
|                                              | Solred, S.A.                                   |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 | Repsol YPF, S.A.                              |                                        | Management of means of payment at serv. stations   |                                        | G.I.    |       | 96.65 |       | 100   |        | 7.28  |        | 6.30   |        | 8.92    |         |        |        | 22.50  |        | 7.76   |     
|                                              | Gestión de Puntos de Venta, Gespevesa, S.A.    |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Mark. of prod. at serv. st. and convenience stores |                                        | E.M.    |       | 48.33 |       | 50.00 |        | 5.41  |        | 1.84   |        | 0.55    |         |        |        | 3.90   |        | 2.70   |     
|                                              | Terminales Canarios, S.L.                      |                                            | Spain   |                  | Repsol Comercial de Productos Petrolíferos, S.A. |                                 |                                               |                                        | Distribution and marketing of oil products         |                                        | E.M.    |       | 48.33 |       | 50.00 |        | 20.82 |        | 1.20   |        | 0.26    |         |        |        | 11.14  |        | 10.41  |     
|Compañía Logística de Hidrocarburos CLH, S.A. |                                                | Spain                                      |         | Repsol YPF, S.A. |                                                  | PETRONOR                        |                                               | Transport and storage of oil products  |                                                    | E.M.                                   |         | 24.25 |       | 25    |       | 84.07  |       | 141.63 |        | 83.91  |         | (59.55  | )       | 62.52  |        | 121.25 |       
|                                              | CLH Aviación, S.A.                             |                                            | Spain   |                  | CLH                                              |                                 |                                               |                                        | Transport and storage of oil products              |                                        | G.I.(6) |       | 24.25 |       | 100   |        | 21.00 |        | 16.98  |        | 2.88    |         |        |        | 40.86  |        | 31.70  |     
|Petróleos del Norte, S.A. (PETRONOR)          |                                                | Spain                                      |         | Repsol YPF, S.A. |                                                  |                                 |                                               | Refining                               |                                                    | G.I.                                   |         | 85.98 |       | 85.98 |       | 120.50 |       | 293.40 |        | 83.42  |         | (57.60  | )       | 378.07 |        | 257.97 |       
|                                              | Asfalnor, S.A.                                 |                                            | Spain   |                  | PETRONOR                                         |                                 |                                               |                                        | Distrib. and marketing of asphalt products         |                                        | G.I.    |       | 85.98 |       | 100   |        | 0.10  |        |       |        |        |         |        |        | 0.10   |        | 0.10   |     
|Repsol Exploración, S.A.                      |                                                | Spain                                      |         | Repsol YPF, S.A. |                                                  | Repsol Petróleo, S.A.           |                                               | Oil and gas exploration and production |                                                    | G.I.                                   |         | 100   |       | 100   |       | 24.62  |       | 504.72 |        | 214.37 |         | (210.00 | )       | 533.71 |        | 258.37 |       
|                                              | Repsol Exploración Trinidad, S.A.              |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 1.81  |        | 13.39  |        | (0.18   | )       |        |        | 15.02  |        | 15.01  |     
|                                              | Repsol YPF Cuba, S.A.                          |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 1.94  |        | (0.65  | )      | (2.39   | )       |        |        | (1.10  | )      | 0.00   |     
|                                              | Repsol Exploración Colombia, S.A.              |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 1.94  |        | (0.65  | )      | (3.89   | )       |        |        | (2.60  | )      | 0.00   |     
|                                              | Repsol Exploración Argelia, S.A.               |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 3.97  |        | 201.84 |        | 71.08   |         | (50.15  | )      | 226.74 |        | 117.36 |     
|                                              | Repsol Exploración Murzuq, S.A.                |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 7.83  |        | 299.26 |        | 128.19  |         | (100.02 | )      | 335.26 |        | 393.18 |     
|                                              |                                                | Repsol Oil Operations AG                   |         | Switzerland      |                                                  | Repsol Exploración Murzuq, S.A. |                                               |                                        |                                                    | Oil and gas exploration and production |         | E.M.  |       | 40.00 |       | 40.00  |       | 0.06   |        | 0.03   |         | 0.36    |         |       |        | 0.18   |        | *   
|                                              |                                                | Repsol Inco AG                             |         | Switzerland      |                                                  | Repsol Exploración Murzuq, S.A. |                                               |                                        |                                                    | Oil and gas exploration and production |         | E.M.  |       | 40.00 |       | 40.00  |       | 0.07   |        | 0.31   |         |        |         |       |        | 0.15   |        | *   
|                                              | Repsol YPF Ecuador, S.A.                       |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol Petróleo, S.A.                         |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 4.74  |        | 199.07 |        | (155.27 | )       |        |        | 48.54  |        | 48.54  |     
|                                              |                                                | Repsol YPF OCP de Ecuador, S.A.            |         | Spain            |                                                  | Repsol YPF Ecuador, S.A.        |                                               | Repsol Exploración Tobago, S.A.        |                                                    | Portfolio Company                      |         | G.I.  |       | 100   |       | 100    |       | 0.06   |        | (0.02  | )       | (5.40   | )       |       |        | (5.36  | )      | 0.00
|                                              | Repsol Exploración Securé, S.A.                |                                            | Spain   |                  | Repsol Exploración, S.A.                         |                                 | Repsol YPF, S.A.                              |                                        | Oil and gas exploration and production             |                                        | G.I.    |       | 100   |       | 100   |        | 1.87  |        | (0.62  | )      | (1.05   | )       |        |        | 0.20   |        | 0.20   |     
|                                              |                                                |                                            |         |                  |                                                  |                                 |                                               |                                        |                                                    |                                        |         |       |       |       |       |        |       |        |        |        |         |         |         |        |        |        |       

2

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|                                            | Repsol Exploración Perú, S.A.              |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.67   |        | (0.22   | )      | (3.82  | )      |       |         | (3.37   | )      | 0.00     |       
|------------------------------------------- | ------------------------------------------ | -------------------------- | ----------------- | ----------------- | ---------------------------------- | ----------------------------------- | ---------------------------------------- | --------------------------- | -------------------------------------- | -------------------------------------- | ------------------------ | ---- | ------- | ----- | ----- | ------ | ------ | ------ | ------- | ------ | ------ | ------ | ------ | ------- | ------- | ------ | -------- | ------
|                                            | Repsol YPF Oriente Medio, S.A.             |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.18   |        | (0.06   | )      | (3.51  | )      |       |         | (3.39   | )      | 0.00     |       
|                                            | Repsol Exploración Kazakhstán, S.A.        |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.18   |        | (0.06   | )      | (0.98  | )      |       |         | (0.86   | )      | 0.00     |       
|                                            | Repsol Exploración Tobago, S.A.            |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.18   |        | (0.06   | )      | (0.30  | )      |       |         | (0.18   | )      | 0.00     |       
|                                            | Repsol YPF Eléctrica de Brasil, S.A.       |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.18   |        | 0.03    |        | 0.87   |        |       |         | 1.08    |        | 1.00     |       
|                                            | Repsol Exploración Azerbaiyan, S.A.        |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.07   |        | (0.02   | )      | (0.29  | )      |       |         | (0.24   | )      | 0.00     |       
|                                            | Repsol Exploración Venezuela, B.V.         |                            | Netherlands       |                   | Repsol Exploración, S.A.           |                                     |                                          |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 272.71 |        | (277.78 | )      | 36.84  |        |       |         | 31.77   |        | 39.47    |       
|                                            |                                            | Repsol YPF Venezuela, S.A. |                   | Venezuela         |                                    | Repsol Exploración Venezuela, B.V.  |                                          |                             |                                        | Oil and gas exploration and production |                          | G.I. |         | 100   |       | 100    |        | 13.09  |         | (83.62 | )      | 40.97  |        |        |         | (29.56 | )        | 0.00  
|                                            | Repsol Exploración Guinea, S.A.            |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     | Repsol YPF, S.A.                         |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 0.07   |        | 61.36   |        | (1.33  | )      |       |         | 60.10   |        | 41.36    |       
|                                            | BPRY Caribbean Ventures LLC                |                            | Trinidad & Tobago |                   | Repsol Exploración, S.A.           |                                     |                                          |                             | Portfolio Company                      |                                        | P.I.                     |      | 30.00   |       | 30.00 |        | 971.77 |        | (23.44  | )      | 358.01 |        |       |         | 391.90  |        | 1,293.48 |       
|                                            |                                            | BP Amoco Trinidad & Tobago |                   | Trinidad & Tobago |                                    | BPRY Caribbean Ventures LLC         |                                          |                             |                                        | Oil and gas exploration and production |                          | P.I. |         | 30.00 |       | 100    |        | 286.24 |         | 82.92  |        | 430.52 |        | (357.30 | )       | 442.38 |          | 286.24
|                                            | Dubai Marine Areas, Ltd. (DUMA)            |                            | U.K.              |                   | Repsol Exploración, S.A.           |                                     |                                          |                             | Oil and gas exploration and production |                                        | P.I.                     |      | 50.00   |       | 50.00 |        | 0.07   |        | 131.89  |        | (5.38  | )      |       |         | 63.29   |        | 11.25    |       
|                                            | Repsol Investigaciones Petrolíferas, S.A.  |                            | Spain             |                   | Repsol Exploración, S.A.           |                                     |                                          |                             | Oil and gas exploration and production |                                        | G.I.                     |      | 100     |       | 100   |        | 225.89 |        | 307.95  |        | (0.74  | )      |       |         | 533.10  |        | 530.39   |       
|Repsol YPF Perú, BV                         |                                            | Netherlands                |                   | Repsol YPF, S.A.  |                                    |                                     |                                          | Portfolio Company           |                                        | G.I.                                   |                          | 100  |         | 100   |       | 99.47  |        | 48.49  |         | 5.08   |        |       |        | 153.05  |         | 168.40 |         
|                                            | Grupo Repsol YPF del Perú, S.A.C.          |                            | Peru              |                   | Repsol YPF Perú, B.V.              |                                     |                                          |                             | Portfolio Company                      |                                        | G.I.                     |      | 100     |       | 100   |        | 0.40   |        | 0.17    |        | (0.04  | )      |       |         | 0.53    |        | 0.40     |       
|                                            | Refinería La Pampilla, S.A.                |                            | Peru              |                   | Refinadores de Perú, S.A.          |                                     |                                          |                             | Refining                               |                                        | G.I.                     |      | 50.29   |       | 50.29 |        | 116.68 |        | 22.47   |        | 3.72   |        |       |         | 71.85   |        | 102.55   |       
|                                            | Repsol Comercial, S.A.C.                   |                            | Peru              |                   | Repsol YPF Perú, B.V.              |                                     |                                          |                             | Marketing of fuels                     |                                        | G.I.                     |      | 100     |       | 100   |        | 24.78  |        | (0.57   | )      | 0.12   |        |       |         | 24.32   |        | 25.32    |       
|Repsol YPF Comercial del Ecuador, S.A.      |                                            | Ecuador                    |                   | Repsol YPF, S.A.  |                                    |                                     |                                          | Marketing of oil and gas    |                                        | G.I.                                   |                          | 100  |         | 100   |       | 55.49  |        | (14.67 | )       | 1.96   |        |       |        | 42.78   |         | 42.82  |         
|                                            | Combustibles Industriales Oil Trader, S.A. |                            | Ecuador           |                   | Repsol YPF Comercial Ecuador, S.A. |                                     |                                          |                             | Marketing of oil and gas               |                                        | G.I.                     |      | 100     |       | 100   |        | 4.05   |        | (2.88   | )      | (0.86  | )      |       |         | 0.31    |        | 4.12     |       
|Repsol International Finance B.V.           |                                            | Netherlands                |                   | Repsol YPF, S.A.  |                                    |                                     |                                          | Finance and holding company |                                        | G.I.                                   |                          | 100  |         | 100   |       | 282.79 |        | 531.55 |         | 22.59  |        |       |        | 836.93  |         | 564.04 |         
|                                            | Repsol LNG Port of Spain, BV               |                            | Netherlands       |                   | Repsol International Finance, B.V. |                                     |                                          |                             | Portfolio Company                      |                                        | G.I.                     |      | 100     |       | 100   |        | *      |        | 39.71   |        | 24.87  |        |       |         | 64.58   |        | *        |       
|                                            |                                            | Atlantic 1 Holdings, LLC   |                   | Trinidad & Tobago |                                    | Repsol LNG Port of Spain, BV        |                                          |                             |                                        | Portfolio Company                      |                          | E.M. |         | 20.00 |       | 20.00  |        | 193.53 |         |       |        | 126.98 |        | (126.98 | )       | 38.71  |          | 38.70 
|                                            |                                            |                            | Atlantic LNG      |                   | Trinidad & Tobago                  |                                     | Atlantic 1 Holdings, LLC                 |                             |                                        |                                        | Gas supply and logistics |      | G.I.(6) |       | 20.00 |        | 100    |        | 193.53  |        | 35.00  |        | 175.16 |         | (126.98 | )      | 276.71   |       
|                                            | Repsol International Capital               |                            | Cayman Islands    |                   | Repsol International Finance, B.V. |                                     |                                          |                             | Finance                                |                                        | G.I.                     |      | 100     |       | 100   |        | 0.66   |        | (94.98  | )      | (44.74 | )      |       |         | (139.06 | )      | 0.70     |       
|                                            | Repsol Investeringen, BV                   |                            | Netherlands       |                   | Repsol International Finance, B.V. |                                     |                                          |                             | Finance                                |                                        | G.I.                     |      | 100     |       | 100   |        | *      |        | *       |        | *      |        |       |         | *       |        | *        |       
|                                            | Repsol Netherlands Finance, BV             |                            | Netherlands       |                   | Repsol International Finance, B.V. |                                     | Repsol Investeringen, B.V.               |                             | Finance                                |                                        | G.I.                     |      | 100     |       | 100   |        | *      |        | 55.82   |        | (5.96  | )      |       |         | 49.86   |        | *        |       
|                                            | Repsol YPF Capital, S.L.                   |                            | Spain             |                   | Repsol International Finance, B.V. |                                     | Repsol YPF, S.A.                         |                             | Portfolio Company                      |                                        | G.I.                     |      | 100     |       | 100   |        | 463.77 |        | *       |        | 54.16  |        |       |         | 517.92  |        | 375.72   |       
|                                            |                                            | CAVEANT                    |                   | Argentina         |                                    | Repsol YPF Capital, S.L.            |                                          | Repsol YPF, S.A.            |                                        | Finance                                |                          | G.I. |         | 100   |       | 100    |        | 2.83   |         | 66.35  |        | 18.72  |        |        |         | 87.90  |          | 92.10 
|                                            | Gaviota RE                                 |                            | Luxembourg        |                   | Repsol International Finance, B.V. |                                     | Repsol YPF, S.A.                         |                             | Reinsurance                            |                                        | G.I.                     |      | 100     |       | 100   |        | 1.80   |        |        |        |       |        |       |         | 1.80    |        | 1.80     |       
|                                            | Cormorán RE                                |                            | Luxembourg        |                   | Repsol International Finance, B.V. |                                     | Repsol YPF, S.A.                         |                             | Reinsurance                            |                                        | G.I.                     |      | 100     |       | 100   |        | 1.50   |        |        |        |       |        |       |         | 1.50    |        | 1.32     |       
|                                            | Repsol (UK) Ltd.                           |                            | U.K.              |                   | Repsol International Finance, B.V. |                                     |                                          |                             | Portfolio Company                      |                                        | E.M.                     |      | 100     |       | 100   |        | 19.83  |        | (18.41  | )      |       |        |       |         | 1.42    |        | 1.39     |       
|                                            | Repsol Occidental Corporation              |                            | U.S.A.            |                   | Repsol International Finance, B.V. |                                     |                                          |                             | Oil and gas exploration and production |                                        | P.I.                     |      | 25.00   |       | 25.00 |        | 0.32   |        | 44.47   |        | 57.57  |        | (92.90 | )       | 2.37    |        | 12.61    |       
|Repsol Química, S.A.                        |                                            | Spain                      |                   | Repsol YPF, S.A.  |                                    | Repsol Petróleo, S.A.               |                                          | petrochemicals              |                                        | G.I.                                   |                          | 100  |         | 100   |       | 60.50  |        | 62.30  |         | (50.76 | )      |       |        | 72.04   |         | 103.90 |         
|                                            | Polidux, S.A.                              |                            | Spain             |                   | Repsol Química, S.A.               |                                     | Repsol YPF, S.A.                         |                             | petrochemicals                         |                                        | G.I.                     |      | 100     |       | 100   |        | 17.40  |        | (1.60   | )      | (1.50  | )      |       |         | 14.30   |        | 13.50    |       
|                                            | Repsol Bronderslev A/S                     |                            | Denmark           |                   | Repsol Química, S.A.               |                                     |                                          |                             | Chemicals                              |                                        | E.M.                     |      | 100     |       | 100   |        | 3.10   |        | 5.20    |        | 0.30   |        |       |         | 8.60    |        | 4.80     |       
|                                            |                                            | Repsol Polívar, SPA        |                   | Italy             |                                    | Repsol Bronderslev, A/S             |                                          |                             |                                        | petrochemicals                         |                          | E.M. |         | 100   |       | 100    |        | 0.50   |         | (0.40  | )      | 0.20   |        |        |         | 0.30   |          | 0.00  
|                                            | General Química, S.A.                      |                            | Spain             |                   | Repsol Química, S.A.               |                                     | Repsol Investigaciones Petrolíferas S.A. |                             | Chemicals                              |                                        | G.I.                     |      | 100     |       | 100   |        | 3.00   |        | 37.60   |        | 2.00   |        |       |         | 42.60   |        | 27.60    |       
|                                            |                                            | Cogeneración Gequisa, S.A. |                   | Spain             |                                    | General Química, S.A.               |                                          |                             |                                        | Electricity cogeneration               |                          | E.M. |         | 39.00 |       | 39.00  |        | 1.80   |         | 2.00   |        | 0.40   |        |        |         | 1.64   |          | 1.50  
|                                            | Dynasol Elastómeros, S.A.                  |                            | Spain             |                   | Repsol Química, S.A.               |                                     |                                          |                             | Production of synhtetic rubber         |                                        | P.I.                     |      | 50.01   |       | 50.01 |        | 16.80  |        | 42.80   |        | (1.30  | )      |       |         | 29.16   |        | 8.40     |       
|                                            | Dynasol Elastómeros, S.A. de C.V.          |                            | Mexico            |                   | Repsol Química, S.A.               |                                     |                                          |                             | Production and marketing of chemicals  |                                        | E.M.                     |      | 49.99   |       | 49.99 |        | 33.68  |        | 3.40    |        | (3.25  | )      |       |         | 16.91   |        | 17.00    |       
|                                            | Dynasol Gestión, S.A.                      |                            | Spain             |                   | Repsol Química, S.A.               |                                     |                                          |                             | Management of Dynasol Elastómetros     |                                        | E.M.                     |      | 50.00   |       | 50.00 |        | 0.10   |        | 0.20    |        |       |        |       |         | 0.15    |        | 0.00     |       
|Repsol Portugal Petróleo e Derivados, Ltda. |                                            | Portugal                   |                   | Repsol YPF, S.A.  |                                    | R. YPF Lubricantes y Especialidades |                                          | Marketing of oil products   |                                        | G.I.                                   |                          | 100  |         | 100   |       | 43.40  |        | 60.60  |         | (1.40  | )      |       |        | 102.60  |         | 98.32  |         
|                                            |                                            |                            |                   |                   |                                    |                                     |                                          |                             |                                        |                                        |                          |      |         |       |       |        |        |        |         |        |        |        |        |         |         |        |         

3

---



|                         | Gespost                                      |                                        | Portugal                  |                      | Repsol Portugal Petróleo e Derivados, Ltda. |                                     |                              |                              | Marketing of oil products                                |                          | G.I.              |                        | 99.67 |       | 100    |        | 0.03   |          | 0.50   |        | (0.50  | )      |       |          | 0.03   |        | 0.00   |      
|------------------------ | -------------------------------------------- | -------------------------------------- | ------------------------- | -------------------- | ------------------------------------------- | ----------------------------------- | ---------------------------- | ---------------------------- | -------------------------------------------------------- | ------------------------ | ----------------- | ---------------------- | ----- | ----- | ------ | ------ | ------ | -------- | ------ | ------ | ------ | ------ | ------ | -------- | ------ | ------ | ------ | -----
|Repsol Italia            |                                              | Italy                                  |                           | Repsol YPF, S.A.     |                                             | R. YPF Lubricantes y Especialidades |                              | Marketing of oil products    |                                                          | G.I.                     |                   | 100                    |       | 100   |        | 1.90   |        | 0.40     |        | 0.70   |        |       |        | 3.00     |        | 3.00   |       
|Gas Natural SDG, S.A.(7) |                                              | Spain                                  |                           | Repsol YPF, S.A.     |                                             | Repsol Petróleo, S.A.               |                              | Marketing of gas             |                                                          | P.I.                     |                   | 27.15                  |       | 27.15 |        | 447.88 |        | 3,479.19 |        | 512.34 |        | (95.03 | )      | 1,179.50 |        | 632.74 |       
|                         | Sagane, S.A.                                 |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas supply                                               |                          | P.I.              |                        | 27.15 |       | 100    |        | 94.80  |          | 11.90  |        | 25.45  |        | (11.77 | )        | 120.38 |        | 42.00  |      
|                         |                                              | Europe Maghreb Pipeline, Ltd. (EMPL)   |                           | U.K.                 |                                             | Sagane, S.A.                        |                              |                              |                                                          | Gas transmission         |                   | P.I.                   |       | 19.71 |        | 72.60  |        | 0.09     |        | 94.27  |        | 59.52  |        |         |        | 111.72 |        | 74.50
|                         |                                              | Metragaz, S.A.                         |                           | Morocco              |                                             | Sagane, S.A.                        |                              |                              |                                                          | Gas transmission         |                   | P.I.                   |       | 19.64 |        | 72.33  |        | 3.44     |        | 0.89   |        | 0.66   |        |         |        | 3.61   |        | 2.87 
|                         | Grupo Enagas, S.A.(5)                        |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas supply and transmission                              |                          | E.M.              |                        | 10.49 |       | 38.64  |        | 358.10 |          | 460.89 |        | 142.02 |        | (28.65 | )        | 360.26 |        | 110.49 |      
|                         | Sociedad de Gas de Euskadi, S.A.             |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution and transmission                        |                          | E.M.              |                        | 5.57  |       | 20.50  |        | 47.32  |          | 140.81 |        | 1.09   |        |       |          | 38.79  |        | 19.62  |      
|                         | Gas Natural Soluciones S.L.                  |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Services                                                 |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.23   |          | 0.03   |        |       |        |       |          | 0.26   |        | 0.98   |      
|                         | Kromschroeder, S.A.                          |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Meters                                                   |                          | E.M.              |                        | 11.54 |       | 42.52  |        | 0.66   |          | 10.49  |        | 0.41   |        |       |          | 4.92   |        | 3.55   |      
|                         |                                              | Natural Energy, S.A.                   |                           | Argentina            |                                             | Kromschroeder, S.A.                 |                              | La Propagadora del Gas, S.A. |                                                          | Marketing of gas         |                   | P.I.                   |       | 13.54 |        | 72.00  |        | 0.03     |        | (0.05  | )      | 0.37   |        |         |        | 0.25   |        | 0.01 
|                         | Gas Natural Castilla y León, S.A.            |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas distribution                                         |                          | P.I.              |                        | 24.46 |       | 90.10  |        | 6.33   |          | 77.37  |        | 12.89  |        |       |          | 87.02  |        | 6.29   |      
|                         | Gas Natural Castilla La Mancha, S.A.         |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution                                         |                          | P.I.              |                        | 25.79 |       | 95.00  |        | 6.90   |          | 14.66  |        | 0.06   |        |       |          | 20.54  |        | 6.43   |      
|                         | Gas Natural Distribución Eléctrica           |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Electricity distribution                                 |                          | P.I.              |                        | 27.15 |       | 100.00 |        | 0.15   |          |        |        | (0.00  | )      |        |          | 0.15   |        | 0.15   |      
|                         | Gas Natural Rioja, S.A.                      |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution                                         |                          | P.I.              |                        | 23.76 |       | 87.50  |        | 2.70   |          | 8.73   |        | 1.84   |        |       |          | 11.61  |        | 2.62   |      
|                         | Gas Navarra, S.A.                            |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution                                         |                          | P.I.              |                        | 24.43 |       | 89.99  |        | 3.60   |          | 25.10  |        | 21.26  |        |       |          | 44.96  |        | 15.61  |      
|                         | Gas Galicia SDG, S.A.                        |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution                                         |                          | P.I.              |                        | 16.83 |       | 62.00  |        | 32.65  |          | 2.41   |        | 1.11   |        |       |          | 22.42  |        | 26.15  |      
|                         |                                              | Gas Natural La Coruña, S.A.            |                           | Spain                |                                             | Gas Galicia SDG, S.A.               |                              |                              |                                                          | Gas distribution         |                   | P.I.                   |       | 15.32 |        | 91.00  |        | 1.80     |        | *      |        | (0.55  | )      |         |        | 1.14   |        | 2.55 
|                         | Gas Aragón, S.A.                             |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     |                              |                              | Gas distribution                                         |                          | E.M.              |                        | 9.50  |       | 35.00  |        | 5.89   |          | 15.05  |        | 6.80   |        |       |          | 9.71   |        | 2.95   |      
|                         | La Propagadora del Gas, S.A.                 |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | ESESA                        |                              | Portfolio Company                                        |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.16   |          | 0.82   |        | 0.03   |        |       |          | 1.01   |        | 0.29   |      
|                         | Gas Natural Informática, S.A.                |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Computer services                                        |                          | P.I.              |                        | 27.15 |       | 100    |        | 19.92  |          | 4.86   |        | (2.47  | )      |       |          | 22.30  |        | 19.95  |      
|                         | Gas Natural Andalucía, S.A.                  |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas distribution                                         |                          | P.I.              |                        | 27.15 |       | 100    |        | 12.41  |          | 22.14  |        | 8.58   |        |       |          | 43.13  |        | 27.26  |      
|                         | Compañía Auxiliar de Industrias Varias, S.A. |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Services                                                 |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.30   |          | 1.71   |        | *      |        |       |          | 2.03   |        | 6.10   |      
|                         | La Energía, S.A.                             |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Electricity cogeneration                                 |                          | P.I.              |                        | 27.15 |       | 100    |        | 10.65  |          | (0.17  | )      | 0.31   |        |       |          | 10.79  |        | 10.99  |      
|                         |                                              | A.E. Sanitaria Vall d' Hebrón          |                           | Spain                |                                             | La Energía, S.A.                    |                              |                              |                                                          | Electricity cogeneration |                   | P.I.                   |       | 22.06 |        | 81.25  |        | 1.71     |        | 0.24   |        | 0.02   |        |         |        | 1.60   |        | 1.39 
|                         |                                              | Sociedad de Tratamiento Hornillos S.L. |                           | Spain                |                                             | La Energía, S.A.                    |                              |                              |                                                          | Electricity cogeneration |                   | P.I.                   |       | 21.72 |        | 80.00  |        | 1.25     |        |        |        | *      |        |         |        | 1.00   |        | 1.00 
|                         |                                              | UTE La Energía-SPA                     |                           | Spain                |                                             | La Energía, S.A.                    |                              |                              |                                                          | Electricity cogeneration |                   | P.I.                   |       | 16.29 |        | 60.00  |        | 1.07     |        | *      |        | 0.18   |        |         |        | 0.75   |        | 0.65 
|                         |                                              | A.E.C.S. Hospital Trias i Pujol        |                           | Spain                |                                             | La Energía, S.A.                    |                              |                              |                                                          | Electricity cogeneration |                   | P.I.                   |       | 13.58 |        | 50.00  |        | 0.45     |        | 0.03   |        | 0.02   |        |         |        | 0.25   |        | 0.45 
|                         | Gas Natural Comercializadora, S.A.           |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Retailing of gas and industrial electricity              |                          | P.I.              |                        | 27.15 |       | 100    |        | 2.40   |          | 16.80  |        | 24.60  |        |       |          | 43.80  |        | 0.60   |      
|                         | Invergas Puerto Rico                         |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Portfolio Company                                        |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.06   |          | (0.01  | )      | (0.20  | )      |       |          | (0.15  | )      | 0.37   |      
|                         |                                              | Buenergía Gas & Power Ltd.             |                           | Puerto Rico          |                                             | Invergas Puerto Rico                |                              |                              |                                                          | Portfolio Company        |                   | P.I.                   |       | 25.79 |        | 95.00  |        | 0.09     |        | (78.83 | )      | (2.04  | )      |         |        | (76.75 | )      | 44.09
|                         |                                              |                                        | Ecoeléctrica Holding Ltd. |                      | Puerto Rico                                 |                                     | Buenergía Gas & Power LTD.   |                              |                                                          |                          | Portfolio Company |                        | P.I.  |       | 12.90  |        | 50     |          | 31.62  |        | (2.88  | )      |       |          |       |        | 14.37  |      
|                         |                                              |                                        |                           | Ecoeléctrica LP Ltd. |                                             | Puerto Rico                         |                              | Ecoeléctrica Holding Ltd.    |                                                          | Ecoeléctrica Ltd.        |                   | Electricity production |       | P.I.  |        | 12.90  |        | 100      |        | 31.62  |        | (27.15 | )      | 1.86     |        |       |        | 6.34 
|                         |                                              |                                        |                           | Ecoeléctrica Ltd.    |                                             | Puerto Rico                         |                              | Ecoeléctrica Holding Ltd.    |                                                          |                          |                   | Portfolio Company      |       | P.I.  |        | 12.90  |        | 100      |        | 0.32   |        | (0.03  | )      |         |        |       |        | 0.29 
|                         | Gas Natural Services SDG, S.A.               |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Retailing of domestic gas and electricity and management |                          | P.I.              |                        | 27.15 |       | 100    |        | 2.70   |          | 8.27   |        | 0.04   |        |       |          | 11.01  |        | 1.45   |      
|                         |                                              | UTE GNS-Dalkia Energía                 |                           | Spain                |                                             | Gas Natural Services SDG, S.A.      |                              |                              |                                                          | Energy management        |                   | P.I.                   |       | 13.58 |        | 50.00  |        | *        |        | (0.11  | )      | (0.02  | )      |         |        | (0.06  | )      | *    
|                         |                                              | Iradia Climatización AIE               |                           | Spain                |                                             | Gas Natural Services SDG, S.A.      |                              | ESESA                        |                                                          | Energy management        |                   | P.I.                   |       | 27.15 |        | 100.00 |        | 0.31     |        | 0.06   |        | *      |        |         |        | 0.38   |        | 0.31 
|                         | Gas Natural Electricidad SDG, S.A.           |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Electricity production and retailing                     |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.06   |          | 0.23   |        | (0.25  | )      |       |          | 0.04   |        | 0.06   |      
|                         | Gas Natural Trading SDG, S.A.                |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Trading of gas                                           |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.06   |          | 6.46   |        | 72.58  |        |       |          | 79.10  |        | 0.06   |      
|                         | Desarrollo del Cable, S.A.                   |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Communications cable                                     |                          | P.I.              |                        | 27.15 |       | 100    |        | 21.06  |          | 18.85  |        | 7.83   |        |       |          | 47.74  |        | 21.10  |      
|                         | Equipos y Services, S.A. (ESESA)             |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Services                                                 |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.12   |          | 0.14   |        | (0.40  | )      |       |          | (0.15  | )      | 0.29   |      
|                         | Gas Natural Cantabria SDG, S.A.              |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas distribution                                         |                          | P.I.              |                        | 24.55 |       | 90.41  |        | 3.16   |          | 27.76  |        | 1.37   |        |       |          | 29.19  |        | 5.76   |      
|                         | Gas Natural Murcia SDG, S.A.                 |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas distribution                                         |                          | P.I.              |                        | 27.09 |       | 99.79  |        | 4.44   |          | (1.18  | )      | (0.85  | )      |       |          | 2.41   |        | 5.89   |      
|                         | Gas Natural CEGAS                            |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | La Propagadora del Gas, S.A. |                              | Gas distribution                                         |                          | P.I.              |                        | 24.55 |       | 90.42  |        | 10.53  |          | 56.91  |        | 3.26   |        |       |          | 63.93  |        | 20.18  |      
|                         | Gas Natural Aprovisionamientos SDG, S.A.     |                                        | Spain                     |                      | Gas Natural SDG, S.A.                       |                                     | Sagane, S.A.                 |                              | Gas Supply                                               |                          | P.I.              |                        | 27.15 |       | 100    |        | 0.60   |          | 2.43   |        | (49.44 | )      |       |          | (46.41 | )      | 0.60   |      
|                         |                                              |                                        |                           |                      |                                             |                                     |                              |                              |                                                          |                          |                   |                        |       |       |        |        |        |          |        |        |        |        |        |          |        |        |       

4

---



|                                       | Gas Natural Finance, BV                          |                                                | Netherlands                                      |                                          | Gas Natural SDG, S.A.  |                                           |                                           |                                           | Portfolio Company                                |                                        | P.I.                              |                  | 27.15 |       | 100   |          | 0.02   |          | 1.69    |          | 0.41    |        |      |          | 2.12   |           | *      |       
|-------------------------------------- | ------------------------------------------------ | ---------------------------------------------- | ------------------------------------------------ | ---------------------------------------- | ---------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ------------------------------------------------ | -------------------------------------- | --------------------------------- | ---------------- | ----- | ----- | ----- | -------- | ------ | -------- | ------- | -------- | ------- | ------ | ----- | -------- | ------ | --------- | ------ | ------
|                                       | Holding Gas Natural, S.A.                        |                                                | Spain                                            |                                          | Gas Natural SDG, S.A.  |                                           | La Propagadora del Gas, S.A.              |                                           | Finance                                          |                                        | P.I.                              |                  | 27.15 |       | 100   |          | 0.30   |          | 0.17    |          | (0.00   | )      |      |          | 0.47   |           | 0.30   |       
|                                       | CEG Río, S.A.                                    |                                                | Brazil                                           |                                          | Gas Natural SDG, S.A.  |                                           | Gas Natural Internacional SDG, S.A.       |                                           | Marketing of gas                                 |                                        | P.I.                              |                  | 10.39 |       | 38.26 |          | 6.24   |          | (3.03   | )        | 2.77    |        | (1.30 | )        | 1.79   |           | 75.66  |       
|                                       | Companhia Distribuidora de Gas do Río de Janeiro |                                                | Brazil                                           |                                          | Gas Natural SDG, S.A.  |                                           | Gas Natural Internacional SDG, S.A.       |                                           | Gas distribution                                 |                                        | P.I.                              |                  | 7.81  |       | 28.77 |          | 42.50  |          | (30.87  | )        | 6.36    |        | (2.67 | )        | 4.41   |           | 209.99 |       
|                                       | Gas Natural Sao Paulo Sul, S.A.                  |                                                | Brazil                                           |                                          | Gas Natural, SDG, S.A. |                                           |                                           |                                           | Gas distribution                                 |                                        | P.I.                              |                  | 27.15 |       | 100   |          | 346.37 |          | (193.05 | )        | (10.09  | )      |      |          | 143.23 |           | 346.42 |       
|                                       | Gas Natural International, Ltd.                  |                                                | Irlanda                                          |                                          | Gas Natural SDG, S.A.  |                                           | La Propagadora del Gas, S.A.              |                                           | Portfolio Company                                |                                        | P.I.                              |                  | 27.15 |       | 100   |          | 25.36  |          | 12.50   |          | 0.53    |        |      |          | 38.39  |           | 25.37  |       
|                                       | Gas Natural Internacional SDG, S.A.              |                                                | Spain                                            |                                          | Gas Natural SDG, S.A.  |                                           | La Propagadora del Gas, S.A.              |                                           | Portfolio Company                                |                                        | P.I.                              |                  | 27.15 |       | 100   |          | 349.50 |          | (54.05  | )        | (23.46  | )      |      |          | 271.98 |           | 374.04 |       
|                                       |                                                  | Invergas, S.A.                                 |                                                  | Argentina                                |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Portfolio Company                      |                                   | P.I.             |       | 19.55 |       | 72       |        | 42.24    |         | (0.90    | )       | (0.09  | )     |         |        | 29.70     |        | 60.19 
|                                       |                                                  |                                                | Gas Natural Ban, S.A.                            |                                          | Argentina              |                                           | Invergas, S.A.                            |                                           | Gas Natural Argentina SDG, S.A.                  |                                        | Gas distribution                  |                  | P.I.  |       | 13.69 |          | 70.00  |          | 185.85  |          | (179.96 | )      | 35.38 |          |       |           | 28.89  |       
|                                       |                                                  | Gas Natural Argentina SDG, S.A.                |                                                  | Argentina                                |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Portfolio Company                      |                                   | P.I.             |       | 19.55 |       | 72.00    |        | 104.27   |         | (73.55   | )       | (0.03  | )     |         |        | 22.10     |        | 72.96 
|                                       |                                                  | Gas Natural do Brasil                          |                                                  | Brazil                                   |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Electricity production and retailing   |                                   | P.I.             |       | 27.15 |       | 99.99    |        | 0.59     |         | (0.75    | )       | (0.27  | )     |         |        | (0.43     | )      | 0.59  
|                                       |                                                  | Serviconfort Brasil, S.A.                      |                                                  | Brazil                                   |                        | Gas Natural Internacional, SDG, S.A.      |                                           | Gas Natural do Brasil, S.A.               |                                                  | Services                               |                                   | P.I.             |       | 27.15 |       | 99.99    |        | 1.65     |         | (0.39    | )       | 0.19   |       |         |        | 1.44      |        | 1.71  
|                                       |                                                  | Gas Natural México, S.A. de CV                 |                                                  | Mexico                                   |                        | Gas Natural Internacional, SDG, S.A.      |                                           | Gas Natural SDG, S.A.                     |                                                  | Gas distribution                       |                                   | P.I.             |       | 23.55 |       | 86.75    |        | 469.81   |         | (236.22  | )       | (7.28  | )     |         |        | 196.32    |        | 302.22
|                                       |                                                  |                                                | Services de Energía de México, S.A. de CV        |                                          | Mexico                 |                                           | Gas Natural México, S.A. de CV            |                                           | Sistemas Administración y Services, S.A. de C.V. |                                        | Portfolio Company                 |                  | P.I.  |       | 23.55 |          | 100    |          | 147.69  |          | (67.18  | )      | (2.24 | )        |       |           | 78.28  |       
|                                       |                                                  |                                                |                                                  | Comercializadora Metrogas                |                        | Mexico                                    |                                           | Services de Energía de México, S.A. de CV |                                                  | Gas Natural México, S.A. de C.V.       |                                   | Gas distribution |       | P.I.  |       | 23.55    |        | 100      |         | 84.49    |         | (56.65 | )     | (2.30    | )      |          |        | 25.55 
|                                       |                                                  |                                                |                                                  | Adm. Services Energía México, S.A. de CV |                        | Mexico                                    |                                           | Services de Energía de México, S.A. de CV |                                                  | Gas Natural México, S.A. de C.V.       |                                   | Services         |       | P.I.  |       | 23.55    |        | 100      |         | *        |         | (0.34  | )     | *        |        |          |        | (0.32 
|                                       |                                                  |                                                | Energía y Confort Admón. de Personal, S.A. de CV |                                          | Mexico                 |                                           | Gas Natural México, S.A. de CV            |                                           |                                                  |                                        | Services                          |                  | P.I.  |       | 23.55 |          | 100    |          | *       |          | *       |        | 0.05  |          |       |           | 0.07   |       
|                                       |                                                  |                                                | Gas Natural Services, S.A. de C.V.               |                                          | Mexico                 |                                           | Gas Natural México, S.A. de CV            |                                           |                                                  |                                        | Services                          |                  | P.I.  |       | 23.55 |          | 100    |          | 6.12    |          | (4.73   | )      | 1.15  |          |       |           | 2.54   |       
|                                       |                                                  |                                                | Transnatural RL de CV.                           |                                          | Mexico                 |                                           | Gas Natural México, S.A. de CV            |                                           |                                                  |                                        | Transmission and marketing of gas |                  | P.I.  |       | 11.78 |          | 50.00  |          | 5.11    |          | (2.98   | )      | (1.84 | )        |       |           | 0.15   |       
|                                       |                                                  |                                                | CH4 Energía, S.A de CV.                          |                                          | Mexico                 |                                           | Gas Natural México, S.A. de CV            |                                           |                                                  |                                        | Transmission and marketing of gas |                  | P.I.  |       | 11.78 |          | 50.00  |          | 0.31    |          | *       |        | (0.31 | )        |       |           | 0.00   |       
|                                       |                                                  | Gas Natural Vendita Italia, S.p.a.             |                                                  | Italy                                    |                        | Gas Natural Internacional SDG, S.A.       |                                           | Gas Natural SDG, S.A.                     |                                                  | Marketing of gas                       |                                   | P.I.             |       | 27.15 |       | 100.00   |        | 2.10     |         | (0.07    | )       | 1.59   |       |         |        | 3.62      |        | 2.10  
|                                       |                                                  | Gas Natural Distribuzione Italia, S.p.a.       |                                                  | Italy                                    |                        | Gas Natural Internacional SDG, S.A.       |                                           | Gas Natural SDG, S.A.                     |                                                  | Portfolio Company                      |                                   | P.I.             |       | 27.15 |       | 100.00   |        | 0.12     |         |         |         |       |       |         |        | 0.12      |        | 0.12  
|                                       |                                                  | Sistemas Administración y Services, S.A. de CV |                                                  | Mexico                                   |                        | Gas Natural Internacional, SDG, S.A.      |                                           | Gas Natural SDG, S.A.                     |                                                  | Services                               |                                   | P.I.             |       | 23.62 |       | 87.00    |        | *        |         | 0.17     |         | *      |       |         |        | 0.16      |        | *     
|                                       |                                                  | Natural Services, S.A.                         |                                                  | Argentina                                |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Gas cylinder repair                    |                                   | P.I.             |       | 21.53 |       | 79.31    |        | 2.31     |         | (1.76    | )       | 0.20   |       |         |        | 0.60      |        | 1.73  
|                                       |                                                  | Serviconfort Colombia                          |                                                  | Colombia                                 |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Services                               |                                   | P.I.             |       | 25.79 |       | 94.99    |        | 0.22     |         | 0.04     |         | 0.15   |       |         |        | 0.39      |        | 0.23  
|                                       |                                                  | Gas Natural, S.A. ESP                          |                                                  | Colombia                                 |                        | Gas Natural Internacional, SDG, S.A.      |                                           |                                           |                                                  | Gas distribution                       |                                   | P.I.             |       | 16.03 |       | 59.06    |        | 23.80    |         | 109.42   |         | 13.87  |       |         |        | 86.87     |        | 193.53
|                                       |                                                  |                                                | Gas Natural Cundiboyacense, S.A. ESP             |                                          | Colombia               |                                           | Gas Natural, S.A. ESP                     |                                           |                                                  |                                        | Gas distribution                  |                  | P.I.  |       | 12.42 |          | 77.45  |          | 1.13    |          | 1.46    |        | 0.98  |          |       |           | 2.76   |       
|                                       |                                                  |                                                | Proinvergas, S.A.                                |                                          | Colombia               |                                           | Gas Natural, S.A. ESP                     |                                           |                                                  |                                        | Portfolio Company                 |                  | P.I.  |       | 8.74  |          | 54.50  |          | 3.64    |          | 5.56    |        | (0.09 | )        |        |           | 4.97   |       
|                                       |                                                  |                                                | Gasoriente, S.A. ESP                             |                                          | Colombia               |                                           | Gas Natural, S.A. ESP                     |                                           |                                                  |                                        | Gas distribution                  |                  | P.I.  |       | 8.74  |          | 54.50  |          | 7.97    |          | 22.58   |        | 4.65  |          |       |           | 19.18  |       
|                                       |                                                  |                                                |                                                  | Gases de Barrancabermeja, S.A. ESP       |                        | Colombia                                  |                                           | Gasoriente, S.A. ESP                      |                                                  |                                        |                                   | Gas distribution |       | P.I.  |       | 8.74     |        | 99.99    |         | 1.16     |         | 3.51   |       | 0.04     |        |          |        | 4.70  
|                                       | Portal Gas Natural                               |                                                | Spain                                            |                                          | Gas Natural SDG, S.A.  |                                           |                                           |                                           | EBusiness                                       |                                        | P.I.                              |                  | 17.15 |       | 63.16 |          | 7.98   |          | (0.28   | )        | (0.53   | )      |      |          | 4.53   |           | 7.20   |       
|                                       |                                                  | Portal del instalador, S.A.                    |                                                  | Spain                                    |                        | Portal Gas Natural                        |                                           | Repsol YPF, S.A.                          |                                                  | Services                               |                                   | P.I.             |       | 22.86 |       | 85.00    |        | 1.29     |         | (0.02    | )       | (0.11  | )     |         |        | 0.98      |        | 0.97  
|                                       | Torre Marenostrum, S.A.                          |                                                | Spain                                            |                                          | Gas Natural SDG, S.A.  |                                           |                                           |                                           | Real Estate                                      |                                        | E.M.                              |                  | 12.22 |       | 45.00 |          | 5.33   |          | 15.89   |          | (0.10   | )      |      |          | 9.51   |           | 9.60   |       
|Proyectos Integrados Energéticos, S.A. |                                                  | Spain                                          |                                                  | Repsol YPF, S.A.                         |                        |                                           |                                           |                                           |                                                  | G.I.                                   |                                   | 100              |       | 100   |       | 24.04    |        | 0.11     |         | 2.93     |         |       |       | 26.97    |        | 24.00     |       
|YPF, S.A. (7)                          |                                                  | Argentina                                      |                                                  | Repsol YPF, S.A.                         |                        | Repsol YPF Capital/ CAVEANT/R.Exploración |                                           | Oil and gas exploration and production    |                                                  | G.I.                                   |                                   | 99.04            |       | 99.04 |       | 4,321.83 |        | 1,157.06 |         | 1,351.90 |         |       |       | 6,765.22 |        | 12,147.67 |       
|                                       | YPF International, S.A.                          |                                                | Bolivia                                          |                                          | YPF, S.A.              |                                           | Repsol YPF Bolivia/Repsol YPF E&P Bolivia |                                           | Portfolio Company                                |                                        | G.I.                              |                  | 99.04 |       | 100   |          | 189.77 |          | (87.67  | )        | (9.83   | )      |      |          | 92.28  |           | 92.28  |       
|                                       |                                                  | YPF South Sokang, Ltd.                         |                                                  | Cayman Islands                           |                        | YPF International, S.A.                   |                                           |                                           |                                                  | Oil and gas exploration and production |                                   | G.I.             |       | 99.04 |       | 100      |        | *        |         | (0.52    | )       | (0.37  | )     |         |        | (0.88     | )      | (0.88 
|                                       |                                                  | YPF Energy Holdings N.V.                       |                                                  | Neth. Antilles                           |                        | YPF International, S.A.                   |                                           |                                           |                                                  | Portfolio Company                      |                                   | G.I.             |       | 99.04 |       | 100      |        | 333.40   |         | (270.34  | )       | 1.58   |       |         |        | 64.64     |        | 64.64 
|                                       |                                                  | YPF Jambi Merang, B.V.                         |                                                  | Netherlands                              |                        | YPF International, S.A.                   |                                           |                                           |                                                  | Oil and gas exploration and production |                                   | G.I.             |       | 99.04 |       | 100      |        | 6.34     |         | 11.32    |         | (0.28  | )     |         |        | 17.38     |        | 17.38 
|                                       |                                                  | YPF Ecuador Inc.                               |                                                  | Cayman Islands                           |                        | YPF International, S.A.                   |                                           |                                           |                                                  | Oil and gas exploration and production |                                   | G.I.             |       | 99.04 |       | 100      |        | 0.81     |         | (0.81    | )       |       |       |         |        | 0.00      |        | 0.00  
|                                       |                                                  |                                                |                                                  |                                          |                        |                                           |                                           |                                           |                                                  |                                        |                                   |                  |       |       |       |          |        |          |         |          |         |        |       |          |        |           |       

5

---



|                           |                                                  | Greenstone Assurance, Ltd.      |                          | Bermuda Islands  |                                 | YPF International, S.A.    |                              |                                              |                                                    | Reinsurance                             |                                        | G.I.                      |       | 99.04 |       | 100   |        | 13.33  |         | 20.63   |         | (0.13  | )      |       |        | 33.83  |        | 33.83  |       
|-------------------------- | ------------------------------------------------ | ------------------------------- | ------------------------ | ---------------- | ------------------------------- | -------------------------- | ---------------------------- | -------------------------------------------- | -------------------------------------------------- | --------------------------------------- | -------------------------------------- | ------------------------- | ----- | ----- | ----- | ----- | ------ | ------ | ------- | ------- | ------- | ------ | ------ | ------ | ------ | ------ | ------ | ------ | ------
|                           |                                                  | YPF Malaysia, Ltd.              |                          | Cayman Islands   |                                 | YPF International, S.A.    |                              |                                              |                                                    | Oil and gas exploration and production  |                                        | G.I.                      |       | 99.04 |       | 100   |        | *      |         | (5.82   | )       | (10.29 | )      |       |        | (16.10 | )      | (16.10 | )     
|                           |                                                  | YPF Indonesia, Ltd.             |                          | Cayman Islands   |                                 | YPF International, S.A.    |                              |                                              |                                                    | Oil and gas exploration and production  |                                        | G.I.                      |       | 99.04 |       | 100   |        | 6.34   |         | 3.98    |         | (0.42  | )      |       |        | 9.90   |        | 9.90   |       
|                           |                                                  | Maxus Guyana, Ltd.              |                          | Cayman Islands   |                                 | YPF International, S.A.    |                              |                                              |                                                    | Oil and gas exploration and production  |                                        | G.I.                      |       | 99.04 |       | 100   |        | *      |         | (2.43   | )       | (0.21  | )      |       |        | (2.64  | )      | (2.64  | )     
|                           | YPF Holdings Inc.                                |                                 | U.S.A.                   |                  | YPF, S.A.                       |                            |                              |                                              | Portfolio Company                                  |                                         | G.I.                                   |                           | 99.04 |       | 100   |       | 433.00 |        | (356.41 | )       | (41.38  | )      |       |        | 35.21  |        | 35.21  |       
|                           |                                                  | CLH Holdings                    |                          | U.S.A.           |                                 | YPF Holdings Inc.          |                              |                                              |                                                    | Finance                                 |                                        | G.I.                      |       | 99.04 |       | 100   |        | 40.14  |         | (92.78  | )       | (10.73 | )      |       |        | (63.37 | )      | (63.37 | )     
|                           |                                                  |                                 | Tierra Solutions Inc.    |                  | U.S.A.                          |                            | CLH Holdings                 |                                              |                                                    |                                         | Other business activities              |                           | G.I.  |       | 99.04 |       | 100    |        | 40.14   |         | (92.78  | )      | (10.73 | )      |       |        | (63.37 | )      | (63.37
|                           |                                                  | Maxus Energy Corporation        |                          | U.S.A.           |                                 | YPF Holdings Inc.          |                              |                                              |                                                    | Oil and gas exploration and production  |                                        | G.I.                      |       | 99.04 |       | 100   |        | 277.29 |         | (101.98 | )       | (24.59 | )      |       |        | 150.72 |        | 22.14  |       
|                           |                                                  |                                 | Maxus US Exploration Co. |                  | U.S.A.                          |                            | Maxus Energy Corporation     |                                              |                                                    |                                         | Oil and gas exploration and production |                           | G.I.  |       | 99.04 |       | 100    |        | 1.48    |         | (50.07  | )      | (16.08 | )      |       |        | (64.67 | )      | (64.67
|                           |                                                  |                                 | Midgard Energy Co.       |                  | U.S.A.                          |                            | Maxus Energy Corporation     |                                              |                                                    |                                         | Oil and gas exploration and production |                           | G.I.  |       | 99.04 |       | 100    |        | 197.44  |         | (111.25 | )      | 10.98  |        |       |        | 97.17  |        | 97.17 
|                           |                                                  |                                 | Diamond Gateway Coal Co. |                  | U.S.A.                          |                            | Maxus Energy Corporation     |                                              |                                                    |                                         | Other business activities              |                           | G.I.  |       | 99.04 |       | 100    |        | (3.41   | )       | 0.82    |        | (0.08  | )      |       |        | (2.67  | )      | (2.67 
|                           |                                                  |                                 | Wheeling Gateway         |                  | U.S.A.                          |                            | Maxus Energy Corporation     |                                              |                                                    |                                         | Other business activities              |                           | G.I.  |       | 99.04 |       | 100    |        | (5.60   | )       | 0.37    |        | (0.25  | )      |       |        | (5.48  | )      | (5.48 
|                           |                                                  |                                 |                          | Gateway Coal     |                                 | U.S.A.                     |                              | Wheeling Gateway                             |                                                    | Diamond Gateway Coal                    |                                        | Other business activities |       | G.I.  |       | 99.04 |        | 100    |         |        |         | *      |        |       |        |       |        |       |       
|                           |                                                  | Ryttsa USA Inc.                 |                          | U.S.A.           |                                 | YPF Holdings Inc.          |                              |                                              |                                                    | Retailing of oil products               |                                        | G.I.                      |       | 99.04 |       | 100   |        | 22.56  |         | 14.48   |         | 4.67   |        |       |        | 41.72  |        | 41.72  |       
|                           |                                                  |                                 | Global Companies LLc.(4) |                  | U.S.A.                          |                            | Ryttsa USA Inc.              |                                              |                                                    |                                         | Retailing of oil products              |                           | P.I.  |       | 50.51 |       | 51.00  |        |        |         | 25.84   |        | 12.94  |        | (4.75  | )      | 17.36  |        | 17.27 
|                           | Compañía Mega                                    |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Gas fractionation                                  |                                         | P.I.                                   |                           | 37.64 |       | 38.00 |       | 161.42 |        | (1.05   | )       | 104.13  |        |       |        | 100.51 |        | 100.40 |       
|                           | Operadora de Estaciones de Servicio, S.A. OPESSA |                                 | Argentina                |                  | YPF, S.A.                       |                            | Repsol YPF Gas, S.A.         |                                              | Marketing of oil and gas                           |                                         | G.I.                                   |                           | 98.90 |       | 99.85 |       | 94.92  |        | (65.79  | )       | 4.37    |        |       |        | 33.45  |        | 33.49  |       
|                           | Oiltanking Ebytem, S.A.                          |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Oil and gas transportation and storage             |                                         | E.M.                                   |                           | 29.71 |       | 30.00 |       | 9.29   |        | (5.48   | )       | 11.56   |        |       |        | 4.61   |        | 4.68   |       
|                           | A&C Pipeline Holding                             |                                 | Cayman Islands           |                  | YPF, S.A.                       |                            |                              |                                              | Finance                                            |                                         | E.M.                                   |                           | 17.83 |       | 18.00 |       | 0.24   |        |        |         | *       |        |       |        | 0.04   |        | 0.00   |       
|                           |                                                  | Oleoducto Transandino Argentino |                          | Argentina        |                                 | A&C Pipeline Holding       |                              |                                              |                                                    | Oil pipeline construction and operation |                                        | E.M.                      |       | 17.83 |       | 100   |        | 0.32   |         | 7.42    |         | 0.59   |        |       |        | 8.33   |        | 7.94   |       
|                           |                                                  | Oleoducto Transandino Chile     |                          | Chile            |                                 | A&C Pipeline Holding       |                              |                                              |                                                    | Oil pipeline construction and operation |                                        | E.M.                      |       | 17.83 |       | 100   |        | 0.27   |         | *       |         | 10.98  |        | (6.55  | )      | 4.71   |        | 6.16   |       
|                           | Gasoducto del Pacífico Argentina, S.A.           |                                 | Argentina                |                  | Gasoducto Pacífico Cayman, S.A. |                            |                              |                                              | Construction and operation of a gas pipeline       |                                         | E.M.                                   |                           | 8.67  |       | 8.75  |       | 98.31  |        | (18.55  | )       | 0.89    |        |       |        | 7.06   |        | 8.10   |       
|                           | Petroken Petroquímica Ensenada, S.A.             |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Manufacturing and marketing of petrochemicals      |                                         | E.M.                                   |                           | 49.52 |       | 50.00 |       | 88.25  |        | 6.16    |         | 17.53   |        |       |        | 55.97  |        | 55.63  |       
|                           | PBB Polisur                                      |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Manufacturing and marketing of petrochemicals      |                                         | E.M.                                   |                           | 27.73 |       | 28.00 |       | 36.43  |        | 25.05   |         | 80.87   |        |       |        | 39.86  |        | 39.84  |       
|                           | Profertil                                        |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Manufacture and sale of gas products               |                                         | P.I.                                   |                           | 49.52 |       | 50.00 |       | 281.11 |        | (78.10  | )       | 88.79   |        |       |        | 145.90 |        | 145.87 |       
|                           | Refinerías del Norte, S.A. (REFINOR)             |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Refining and marketing of oil products             |                                         | P.I.                                   |                           | 49.52 |       | 50.00 |       | 88.01  |        | 28.41   |         | 23.06   |        |       |        | 69.74  |        | 65.79  |       
|                           | Terminales Marítimas Patagónicas, S.A.           |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Logistics of oil by-products                       |                                         | E.M.                                   |                           | 32.83 |       | 33.15 |       | 11.40  |        | 32.02   |         | 6.54    |        |       |        | 16.56  |        | 16.59  |       
|                           | Oleoductos del Valle, S.A. (OLDELVAL)            |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Logistics of oil by-products                       |                                         | E.M.                                   |                           | 36.64 |       | 37.00 |       | 87.36  |        | 23.56   |         | (4.63   | )      |       |        | 39.33  |        | 39.05  |       
|                           | Gas Argentino, S.A. (GASA)                       |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Portfolio Company                                  |                                         | E.M.                                   |                           | 44.89 |       | 45.33 |       | 245.08 |        | (357.01 | )       | 9.87    |        |       |        | (46.27 | )      | 0.00   |       
|                           |                                                  | Metrogas, S.A.                  |                          | Argentina        |                                 | Gas Argentino, S.A. (GASA) |                              |                                              |                                                    | Gas distribution                        |                                        | E.M.                      |       | 31.42 |       | 70.00 |        | 451.75 |         | (506.01 | )       | 6.10   |        |       |        | (33.71 | )      | 0.00   |       
|                           | Poligas Luján, S.A.                              |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Bottling, transmission and marketing of LPG        |                                         | G.I.                                   |                           | 50.01 |       | 50.49 |       | *      |        | *       |         | *       |        |       |        | *      |        | *      |       
|                           | A.P.D.C.                                         |                                 | Cayman Islands           |                  | YPF, S.A.                       |                            |                              |                                              | Oil and gas exploration and production             |                                         | G.I.                                   |                           | 99.04 |       | 100   |       | 23.89  |        | (12.63  | )       |        |        |       |        | 11.26  |        | 11.27  |       
|                           | Enerfín, S.A.                                    |                                 | Uruguay                  |                  | YPF, S.A.                       |                            |                              |                                              | Finance                                            |                                         | G.I.                                   |                           | 99.04 |       | 100   |       | *      |        | *       |         | *       |        |       |        | *      |        | *      |       
|                           | Astra Evangelista, S.A.                          |                                 | Argentina                |                  | YPF, S.A.                       |                            | A.P.D.C.                     |                                              | Engineering and construction                       |                                         | G.I.                                   |                           | 99.04 |       | 100   |       | 6.90   |        | 12.39   |         | 3.02    |        |       |        | 22.31  |        | 22.30  |       
|                           |                                                  | AESA Construcciones y Services  |                          | Brazil           |                                 | Astra Evangelista, S.A.    |                              | YPF, S.A.                                    |                                                    | Engineering and construction            |                                        | G.I.                      |       | 99.04 |       | 100   |        | 2.14   |         | (0.57   | )       |       |        |       |        | 1.57   |        | 1.59   |       
|                           |                                                  | Adicor, S.A.                    |                          | Uruguay          |                                 | Astra Evangelista, S.A.    |                              |                                              |                                                    |                                         |                                        | G.I.                      |       | 99.04 |       | 100   |        | 0.08   |         | 5.24    |         | 1.20   |        |       |        | 6.52   |        | 6.51   |       
|                           |                                                  | Gasoducto Oriental, S.A.        |                          | Argentina        |                                 | Astra Evangelista, S.A.    |                              |                                              |                                                    | Gas distribution                        |                                        | E.M.                      |       | 16.50 |       | 16.66 |        | *      |         |        |         | 1.90   |        |       |        | 0.32   |        | 0.24   |       
|                           | Inversora Dock Sud, S.A.                         |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Portfolio Company                                  |                                         | E.M.                                   |                           | 42.45 |       | 42.86 |       | 74.60  |        | (157.06 | )       | 33.02   |        |       |        | (21.19 | )      | (21.19 | )     
|                           |                                                  | Central Dock Sud, S.A.          |                          | Argentina        |                                 | Inversora                  |                              | Dock Sud, S.A. YPF, S.A.                     |                                                    | Electric power generation and retailing |                                        | E.M.                      |       | 39.53 |       | 9.98  |        | 6.90   |         | (120.95 | )       | 43.65  |        |       |        | (7.03  | )      | (7.06  | )     
|                           | Pluspetrol Energy, S.A.                          |                                 | Argentina                |                  | YPF, S.A.                       |                            |                              |                                              | Oil and gas exploration and production             |                                         | P.I.                                   |                           | 44.57 |       | 45.00 |       | 76.45  |        | (143.25 | )       | 57.13   |        |       |        | (4.35  | )      | (4.37  | )     
|Repsol YPF Chile, Limitada |                                                  | Chile                           |                          | Repsol YPF, S.A. |                                 | OPESSA                     |                              | Administration of YPF's investments in Chile |                                                    | G.I.                                    |                                        | 100                       |       | 100   |       | 82.46 |        | 26.21  |         | 7.64    |         |       |        | 116.31 |        | 105.60 |       
|                           | Operaciones y Services YPF                       |                                 | Chile                    |                  | Repsol YPF Chile, Limitada      |                            | Petróleos Transandinos, S.A. |                                              | Operation of service stations                      |                                         | G.I.                                   |                           | 100   |       | 100   |       | 1.15   |        | (0.61   | )       | (0.03   | )      |       |        | 0.50   |        | 0.50   |       
|                           | Petróleos Transandinos YPF, S.A.                 |                                 | Chile                    |                  | Repsol YPF Chile, Limitada      |                            | YPF, S.A. / OPESSA           |                                              | Marketing and distribution of fuels and lubricants |                                         | G.I.                                   |                           | 100   |       | 100   |       | 41.45  |        | 16.48   |         | 6.45    |        |       |        | 64.38  |        | 63.70  |       
|                           |                                                  |                                 |                          |                  |                                 |                            |                              |                                              |                                                    |                                         |                                        |                           |       |       |       |       |        |        |         |         |         |        |        |        |        |        |       

6

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|Repsol YPF Bolivia, S.A. |                                            | Bolivia                        |                 | Repsol YPF, S.A. |                          | R. Exploración/R. Exploración Perú/R. Exploración Colombia/ R. YPF E&P Bolivia |                                                 | Portfolio Company                         |                                                  | G.I.                                   |                          | 100  |       | 100   |       | 849.01 |        | (256.11 | )      | 4.14   |       |      |       | 597.05 |        | 698.69 |       
|------------------------ | ------------------------------------------ | ------------------------------ | --------------- | ---------------- | ------------------------ | ------------------------------------------------------------------------------ | ----------------------------------------------- | ----------------------------------------- | ------------------------------------------------ | -------------------------------------- | ------------------------ | ---- | ----- | ----- | ----- | ------ | ------ | ------- | ------ | ------ | ----- | ----- | ----- | ------ | ------ | ------ | ------
|                         | Repsol YPF E&P de Bolivia, S.A.            |                                | Bolivia         |                  | Repsol YPF Bolivia, S.A. |                                                                                | Rex. Perú, S.A. / Rex. Colombia, S.A.           |                                           | Oil and gas exploration and production           |                                        | G.I.                     |      | 100   |       | 100   |        | 0.39   |         | (0.30  | )      | (0.01 | )     |      |        | 0.08   |        | 0.08  
|                         | Andina Corporation                         |                                | Cayman Islands  |                  | Repsol YPF Bolivia, S.A. |                                                                                |                                                 |                                           | Finance                                          |                                        | G.I.                     |      | 100   |       | 100   |        | 210.76 |         |       |        | 10.37 |       |      |        | 221.14 |        | 253.16
|                         |                                            | Empresa Petrolera Andina, S.A. |                 | Bolivia          |                          | Andina Corporation                                                             |                                                 |                                           |                                                  | Oil and gas exploration and production |                          | G.I. |       | 50.00 |       | 50.00  |        | 239.41  |        | 125.34 |       | 23.92 |       |       |        | 194.34 |       
|                         |                                            |                                | Transierra S.A. |                  | Bolivia                  |                                                                                | Empresa Petrolera Andina, S.A.                  |                                           |                                                  |                                        | Oil and gas transmission |      | E.M.  |       | 22.25 |        | 44.50  |         | 63.49  |        |      |       | (0.90 | )      |       |        | 27.86 
|                         | Maxus Bolivia Inc.                         |                                | Cayman Islands  |                  | Repsol YPF Bolivia, S.A. |                                                                                |                                                 |                                           | Oil and gas exploration and production           |                                        | G.I.                     |      | 100   |       | 100   |        | 105.64 |         | 29.48  |        | 1.45  |       |      |        | 136.56 |        | 137.75
|                         | AESA Construcciones y Services Bolivia     |                                | Bolivia         |                  | Repsol YPF Bolivia, S.A. |                                                                                | R. YPF E&P de Bolivia, S.A. / Astra Evangelista |                                           | Engineering and construction                     |                                        | E.M.                     |      | 100   |       | 100   |        | *      |         | (2.07  | )      | 0.14  |       |      |        | (1.93  | )      | (0.90 
|Repsol YPF Brasil, S.A.  |                                            | Brazil                         |                 | Repsol YPF, S.A. |                          | OPESSA                                                                         |                                                 | Exploitation and marketing of oil and gas |                                                  | G.I.                                   |                          | 100  |       | 100   |       | 469.50 |        | (151.33 | )      | 0.82   |       |      |       | 318.99 |        | 330.86 |       
|                         | Repsol YPF Distribuidora, S.A.             |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                |                                                 |                                           | Operation and administration consulting services |                                        | G.I.                     |      | 100   |       | 100   |        | 53.85  |         | (10.17 | )      | (2.49 | )     |      |        | 41.18  |        | 41.18 
|                         | Transportadora Sul Brasileira do Gas, S.A. |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                |                                                 |                                           | Gas supply and logistics                         |                                        | E.M.                     |      | 15.00 |       | 15.00 |        | 22.12  |         | (3.21  | )      | (1.61 | )     |      |        | 2.59   |        | 2.59  
|                         | REFAP                                      |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                |                                                 |                                           | Refining and marketing of oil products           |                                        | P.I.                     |      | 30.00 |       | 30.00 |        | 143.38 |         | 26.00  |        | 86.44 |       |      |        | 76.75  |        | 76.75 
|                         | Refinería de Petróleos Manguinhos          |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                |                                                 |                                           | Refining and marketing of oil products           |                                        | P.I.                     |      | 30.71 |       | 30.71 |        | 5.63   |         | 38.87  |        | 5.13  |       |      |        | 15.24  |        | 15.24 
|                         |                                            | Manguinhos Distribuidora       |                 | Brazil           |                          | Refinería Petróleos Manguinhos                                                 |                                                 |                                           |                                                  | Marketing of oil products              |                          | P.I. |       | 30.71 |       | 30.71  |        | 8.39    |        | 0.55   |       | (0.11 | )     |       |        | 2.71   |       
|                         |                                            | Wall Química, S.A.             |                 | Brazil           |                          | Refinería Petróleos Manguinhos                                                 |                                                 | Wall Petróleo, S.A.                       |                                                  | Marketing of petrochemicals            |                          | P.I. |       | 30.71 |       | 30.71  |        | 1.58    |        | 0.33   |       | 0.14  |       |       |        | 0.63   |       
|                         | Operadora de Postos de Servicos Ltda.      |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                | Repsol YPF Importadora de Productos             |                                           | Operation of service stations                    |                                        | G.I.                     |      | 100   |       | 100   |        | 13.21  |         | (2.68  | )      | 0.93  |       |      |        | 11.46  |        | 10.98 
|                         | Repsol YPF Importadora de Productos, Ltda. |                                | Brazil          |                  | Repsol YPF Brasil, S.A.  |                                                                                |                                                 |                                           | Marketing of oil products                        |                                        | G.I.                     |      | 100   |       | 100   |        | 0.27   |         | *      |        | 0.54  |       |      |        | 0.82   |        | 0.82  

Consolidation Method

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7

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