Repsol YPF

Issues, buy-backs, splits

Date Nº of shares sold  % sale of capital % Public Up to May 1989 300,000,000 0% 100 May-89 BBV Public share offering 12,590,556 79,284,660 4% 26% 96% 69% Jan-90 Sale to Pemex (1ª) 8,628,670 3% 66% Mar-92 Sale to Pemex (exercise call option) 6,371,330 2% 64% Oct-92 INH bond conversion 29,831,031 10% 54% Mar-93 Repsol II: Institutional placement 40,000,000 13% 41% Jul-93 2nd INH bond conversion 1,807,281 1% 40% Jul-94 3rd INH bond conversion 138,899 0% 40% Apr-95 Repsol III: Institutional and retail public offering 57,000,000 19% 21% Feb-96 Repsol IV: Institutional and retail public offering 33,000,000 11% 10% Apr-97 Repsol V: Institutional and retail public offering 30,008,259 10% 0%

Apr-99 3x1 split                                                                      Jul-99 Repsol VI: Institutional and retail public offering 320,000,000     May-00 Capital increase 863,463