Repsol

Additional Information to the Issue of Euro 1.000.000 6,50 per cent Guaranteed Notes due 27 March 2014

Information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of: (i) the Final Terms of the Offer; (ii) the Base Prospectus; (iii) the audited consolidated financial statements of the Guarantor for the year ended 31 December 2008, published in Spanish on February 27th 2009 and available for viewing on the website of the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) at www.cnmv.es; and (iv) the Preview of consolidated income statement of the Guarantor for fourth quarter 2008, published in English by the Guarantor on February 26th 2009 and available the website of the U.S. Securities Exchange Commission (www.sec.gov).