Repsol YPF

Communication channels between the Company and its shareholders

Article sixth of the Repsol YPF S.A. Board of Directors Regulations governs that organs relations with the Shareholders. It requires the Board to apply the parity of treatment principle, create adequate arrangements to process Shareholders proposals on the companys management, hold informational meetings on the affairs of the Company and its Group, and open up the necessary channels for regular exchange of information with committees or groups of Shareholders.

In addition, the Board of Directors must take all the measures it sees fit to make sure the Shareholders Meeting can perform its functions. To that end, it shall place all information that may legally be requested or, even if not, of interest to the Shareholders and can be reasonably furnished at the Shareholders disposal prior to the Shareholders Meeting date. And it shall likewise respond with maximum diligence to requests for information and questions submitted by Shareholders prior to or during the Shareholders Meetings.

The information the Company furnishes to its Shareholders and other participants in the financial markets shall be complete, correct, fair, symmetrical, and provided in good time. To achieve greater transparency and immediacy in the information dissemination process, the Company shall make use of widely applied procedures and technologies that the state of the art places at the disposal of companies and individuals. To that end, the Board of Directors shall intensify the use of the Companys Web page and shall approve the content to be disseminated on it, which shall include the Corporate Bylaws, the Board of Directors Regulations, the quarterly and annual reports, the notices of Shareholders Meetings, their regulations, and the resolutions adopted at the most recent such Meetings, among other documents, as well as any other information deemed timely.

To accomplish the foregoing the Company has an Investor Relations Unit in its Organization, integrated in the Corporate Division of Finance and Corporate Services, which maintains communication with the current and potential Shareholders. At quarterly intervals it transmits the Companys relevant financial information to the authorities of the stock markets on which it is listed (the Comisión Nacional del Mercado de Valores / National Securities Market Commission in Spain, the Securities and Exchange Commission in the United States, and the Comisión Nacional de Valores / National Securities Commission in Argentina), as well as to the media, and posts said information on the specific Web page for the Companys Investors.

To give the Shareholders easier access to the Companys information, Repsol YPF has created the Shareholder Information Office, where Shareholders can obtain toll-free telephone and electronic mail access through which to request any information of interest to them. Shareholders may also go to the office, where they will receive personalized service:

Oficina de Información al Accionista / Shareholder Information Office
Paseo de la Castellana 278 280
28046 Madrid
Telephone: 900 100 100
e-mail: infoaccionistas@repsolypf.com

Moreover, the Investor Relations staff is at the Shareholders disposal to provide service in person or by telephone at the Madrid:

Paseo de la Castellana 278 280
28046 Madrid
Telephone: 91 3485548

To all shareholders who so request, over and above their legitimate exercise of the right to information as prescribed in Article 112 of the Corporations Act.