Repsol YPF

Attendance by proxy at the Annual General Shareholders Meeting (AGM)

The company by-laws and the regulations governing the Annual General Shareholders Meeting, passed at the Ordinary AGM held on 4 April 2003, stipulate that any shareholder having the right to attend may be represented at the AGM by another person, who is not necessarily a shareholder.

The designation of a proxy should be certified in writing specifically for each AGM.