Repsol

Record of issues, buy-backs and splits

Date	Transaction	Description	Price of issue	Share capital
March 1999	Reduction of the capital and splits (division of the NV of the shares)	Reduction in share capital by €1,518,156.58, through a reduction of the NV of the shares. NV of the shares divided by three (from €3 to €1)	---	900,000,000 euros
July 1999	Institutional and retailer public offering	Issue of 288,000,000 shares (NV €1)	General retail price: €19.36 Employee retail price: €17.94 Spanish institutional price: €19.95	1,188,000,000 euros
September 2000	Capital increase through non-monetary contributions (Astra CAPSA, S.A. shares)	Issue of 24,342,464 shares (NV €1)	€12 4 Repsol YPF shares for every 3 Astra CAPSA, S.A. shares	1,212,342,464 euros
September 2000	Capital increase through non-monetary contributions (YPF, S.A. shares)	Issue of 8,166,114 shares (NV €1)	€12 2 Repsol YPF shares for 1 YPF, S.A. ordinary share	1,220,508,578 euros
December 2000	Capital increase through monetary contributions (Repsol Comercial Productos Petrolíferos, S.A. - RCPP shares)	Issue of 354,885 shares (NV €1)	€19.7% 12 Repsol YPF shares for every 20 RCPP ordinary shares	1,220,863,463 euros