Repsol YPF

Trading volume (average number of shares traded daily) (%)

2002 2003 2004 2005 2006 2007  Continuous market in Spain 95.20% 97.60% 97.29% 97.10% 96.85% 96.54%  NYSE 4.61% 2.33% 2.67% 2.86% 3.11% 3.43%  Buenos Aires 0.19% 0.07% 0.03% 0.04% 0.03% 0.03%