Repsol

Information regarding the General Shareholders' Meeting and the resolutions

Repsol YPF, S.A. held its Ordinary General Shareholders' Meeting on May 9th, 2007, on second call, at Palacio Municipal de Congresos, Avenida de la Capital de España-Madrid, without number, Campo de las Naciones. The number of shareholders who attended or were represented in the meeting was 84,906, holding a total of 907,831,591 shares, that represent 74.359 % of the Companys share capital. The Chairman and Chief Executive Officer of Repsol YPF, Mr. Antonio Brufau Niubó, after declaring the existence of quorum, informed shareholders of the Company’s most relevant events happened on the 2006 fiscal year ended. Following the presentation, a question and answer period began with the Chairman answering to shareholders queries. Once this period finished, the shareholders voted the proposals of resolution submitted by the Board of Directors concerning each of the items of the Agenda. The vote to the proposals of resolution corresponding to each of the items of the Agenda was the following:

Resolutions		Number of shares	Over the share capital attending the meeting
1. Approval of the Annual Financial Statements and the Management Report of Repsol YPF, S.A. and its Consolidated Group, for the fiscal year ended 31st December 2005, of the proposal of application of its earnings and of the management by the Board of Directors during said year.	In favor	670,921,040	94.01
	Against	160,270	0.02
	Abstained	42,528,057	5.96
2. Amendment of the Articles of Association: amendment of Article 12 (Modification of the Capital); addition of a new Article 12 bis (Preferential subscription right); amendment of the fourth paragraph of Article 19 (Call of the General Meeting); amendment of Article 23 (Attendance and voting rights); amendment of Article 25 (Chairmanship of the General Meeting); amendment of Article 42 (Secretary and Vice-Secretary); addition of a new fifth paragraph to Article 43 (Duration of the position and covering vacancies); addition of a new point 13 to Article 47 (Website); and addition of a new fourth paragraph to Article 49 (Annual Accounts).	In favor	552,815,210	77.47
	Against	100,334,904	14.06
	Abstained	60,459,253	8.47
3. Amendment of the Regulations of the General Shareholders Meeting: amendment of paragraph 5.3 and addition of a new paragraph 5.4 to Article 5 (Notice of Call); amendment of Article 7 (Right to attend and vote); amendment of Article 10 (Chairman of the General Shareholders’ Meeting); addition of a new Article 14 (Voting on proposed resolutions) and consequent re-enumeration of current Articles 14 (Minutes of the Shareholders’ Meeting) and 15 (Interpretation) as new Articles 15 and 16, respectively.	In favor	682,904,997	95.70
	Against	1,296,828	0.18
	Abstained	29,407,542	4.12
4.1. Determination of the number of Directors within the limits provided for in Article 31 of the Articles of Association.	In favor	683,462,831	95.77
	Against	866,109	0.12
	Abstained	29,280,427	4.10
4.2. Ratification and appointment as director of Mr. Juan Abelló Gallo.	In favor	682,391,387	95.62
	Against	1,934,984	0.27
	Abstained	29,282,996	4.10
4.3. Ratification and appointment as director of Mr. Luis Fernando del Rivero Asensio.	In favor	682,273,974	95.61
	Against	2,044,163	0.29
	Abstained	29,291,230	4.10
4.4. Ratification and appointment as director of Mr. Manuel Raventós Negra.	In favor	681,807,637	95.54
	Against	2,513,517	0.35
	Abstained	29,288,213	4.10
4.5. Ratification and appointment as director of Mr. José Manuel Loureda Mantiñán.	In favor	682,187,517	95.60
	Against	2,131,113	0.30
	Abstained	29,290,737	4.10
4.6. Re-election of Mr. Antonio Brufau Niubó as Director.	In favor	670,585,628	93.97
	Against	12,452,045	1.74
	Abstained	30,571,694	4.28
4.7. Re-election of Mr. Carmelo de las Morenas López as Director.	In favor	683,005,480	95.71
	Against	1,315,827	0.18
	Abstained	29,288,060	4.10
4.8. Appointment of Mr. Luis Carlos Croissier Batista as Director.	In favor	683,445,747	95.77
	Against	756,232	0.11
	Abstained	29,407,388	4.12
4.9. Appointment of Mr. Ángel Durández Adeva as Director.	In favor	683,459,045	95.77
	Against	740,571	0.10
	Abstained	29,409,751	4.12
5. Re-election of Deloitte, S.L. as the Accounts Auditor of Repsol YPF, S.A. and of its Consolidated Group.	In favor	682,887,662	95.69
	Against	1,079,194	0.15
	Abstained	29,642,511	4.15
6. Authorization to the Board of Directors for the derivative acquisition of shares of Repsol YPF, S.A., directly or through controlled companies, within a period of 18 months from the resolution of the Shareholders’ Meeting, leaving without effect the authorization granted by the Ordinary General Shareholders’ Meeting held on June 16th, 2006.	In favor	687,369,535	96.32
	Against	261,731	0.04
	Abstained	25,978,101	3.64
7. Delegation of powers to supplement, develop, execute, rectify and formalize the resolutions adopted by the General Shareholders' Meeting.	In favor	683,433,276	95.77
	Against	134,763	0.02
	Abstained	30,041,328	4.21