Company Profile For Repsol YPF, S.A.

Repsol YPF, S.A. (Repsol YPF) is an integrated oil and gas company engaged the petroleum business, including exploration, development and production of crude oil and natural gas, transportation of petroleum products, liquefied petroleum gas (LPG) and natural gas, petroleum refining, petrochemical production and marketing of petroleum products, petroleum derivatives, petrochemicals, LPG and natural gas. It operates in five segments: Upstream, which is responsible for oil and gas exploration and production activities, except for those undertaken by YPF S.A. (YPF); LNG, which manages LNG midstream and marketing activities, except for those undertaken by YPF; Downstream, which is responsible for refining and marketing of oil, chemicals and LPG; YPF, which is responsible for the integrated value chain activities (exploration, production, refining, logistics, marketing and chemicals) undertaken by YPF, and Gas Natural, which corresponds to its stake in Gas Natural SDG, S.A. (Gas Natural).

BRIEF: For the six months ended 30 June 2008, Repsol YPF SA's total revenue decreased 30% to EUR22.18B. Net income for the period decreased 58% to EUR889M. Total revenue reflects a decrease in sales in the Upstream, GNL, YPF and Downstream business segments in the Internal market, European Union, O.E.C.D and Other countries. Net income suffered from higher personnel and financial expenses as well as lower income from exchange differences.