Description of the potential risk factors associated with our activity.

Repsol YPF's operations and results are subject to risks as a consequence of changes in competitive, economic, political, legal, regulatory, social, industrial, business and financial conditions that investors should take into account.
Future risk factors, either unknown or not considered relevant by Repsol YPF at present, could also affect the company’s business, results, and finances.

Last updated: 24 March 2011
Shareholder Information Office 900 100 100
Paseo de la Castellana 278-280
28046 Madrid Spain
infoaccionistas@repsol.com