Repsol

Additional Information to the Issue of Euro 150,000,000 4.75 per cent Guaranteed Notes due 16 February 2017

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 Conditions (iii) the Base Prospectus (excluding for these purposes the terms and conditions set out therein); (iv) the Form 20-F of the Guarantor filed with the U.S. Securities and Exchange Commission (the “SEC”) on 29 June 2009, incorporating the Annual Report 2008 of the Guarantor (including the audited consolidated annual financial statements of the Guarantor as of and for the year ended 31 December 2008, together with the notes to such financial statements and the audit report thereon), and available for viewing, in English, on the website of the SEC at www.sec.gov/edgar.shtml; (v) the audited consolidated financial statements of the Guarantor for the six months ended 30 June 2009, filed with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) (the “CNMV”) on 30 July 2009 and available for viewing, in Spanish, on the website of the CNMV at at www.cnmv.es; (vi) the Preview of income Statement for Second Quarter 2009, published by the Guarantor on July 30 2009 and available for viewing, in English, on the website of the Guarantor at www.repsol.com; ;and (vii) the regulatory announcement (hecho relevante) of the Guarantor dated 2 July 2009 in relation to its subsidiary YPF, S.A., which regulatory announcement for viewing, in Spanish, on the website of the CNMV at www.cnmv.es and in English, on the website of the SEC at www.sec.gov/edgar.shtml.