Fundacion EuroAmerica

1. III Foro Brasil-Unión Europea Fundacion EuroAmerica Ramón Hernán May 27, 2010

2. Repsol YPF, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol YPF, S.A. This document contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, or current expectations of Repsol YPF and its management, including statements with respect to trends affecting Repsol YPF’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, as well as Repsol YPF’s plans, expectations or objectives with respect to capital expenditures, business, strategy, geographic concentration, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol YPF’s control or may be difficult to predict. Repsol YPF’s future financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volumes, reserves, capital expenditures, costs savings, investments and dividend payout policies, as well as future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina, and the Securities and Exchange Commission in the United States; in particular, those described in Section 1.3 “Key information about Repsol YPF – Risk Factors” and Section 3 “Operating and Financial Review and Prospects” in Repsol YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed with the US Securities and Exchange Commission and in Section I “Risk factors” in Repsol YPF’s Registration Document filed with the Comisión Nacional del Mercado de Valores in Spain in April 2010. Both documents are available on Repsol YPF’s website (www.repsol.com). In light of the foregoing, the forward-looking statements included in this document may not occur. Repsol YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. This document does not constitute an offer to purchase, subscribe, sale or exchange of Repsol YPF's or YPF Sociedad Anonima's respective ordinary shares or ADSs in the United States or otherwise. Repsol YPF's and YPF Sociedad Anonima's respective ordinary shares and ADSs may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended.

3. Overview Repsol in Brazil Contractual Framework and New Laws propositions

4. Introduction BRAZIL • Area – 8.55 Mill sq km • Population -186.5 million • GDP – US$ 1.5 trillion • Tenth world economy • Stable economically and politically • More than US$ 200 billion on international reserves • US$ 45.1 billion in direct foreign investments Source: Brazilian ministry of Mines & Energy

5. Petroleum Statistics • Proved Reserves (December 2009):12.85 billion barrels • Production (2009): 2.03 million barrels/day • Refine capacity (2009): 2.0 million barrels/day • Consumption (2009): 1.9 million barrels/day • Imports (2009): 0.393 million barrels/day • Exports (2009): 0.526 million barrels/day Source: National Agency of Petroleum-ANP. January/2010(www.anp.gov.br) Source: Brazilian ministry of Mines & Energy

6. The Pre-Sal Area • The new oil province, called Pre-Salt, extends from the coast of Espírito Santo to São Paulo states, on deep and ultra deep waters, up to 300 km from the shore line. • Pre-Salt area is defined within a polygon with 149 thousand square kilometers – 28% of the area were allocated to exploration and production by the concession model. • 82% of exploratory wells found oil or gas. • Only four announced discoveries have the potential to double Brazilian oil reserves – from 15 to 31 billion boe. Source: Brazilian ministry of Mines & Energy

7. Brazil • Official estimates say that in the coming years Brazil may produce just from the pre-sal as much volume of oil as it is currently produced. • If expectations are confirmed with pre-sal, Brazil will rank among the 10 largest countries on proven oil reserves.

8. Repsol in Brazil

9. Repsol in Brazil: 17 Blocks EspiritoSanto-gas Espirito Santo-gas Espirito Santo-Presalt Espirito Santo-Presalt Albacora Field Albacora Field Santos Post-salt Santos Postsalt Santos-South Campos Presalt Santos-South Campos Pre-salt Non- Operated Operated 8th roundblocks 9

10. Exploring the Pre-salt • Repsol has invested in high technology projects such as Kaleidoscope to develop algorithms and software to improve the Presalt Seismic Imaging.

11. Repsol Brazil Offshore Drilling • Zero discharge system • 10,000 ft water depth capacity • 35,000 ft total well depth • 4 yrs contract + 1 yr option 11

12. Repsol Brazil Offshore Drilling • The SOVEREIGN EXPLORER is a moored, semi-submersible drilling unit • Max Water Depth - 4200 ft. • Contract Term – end 2010 • Max Drill Depth - 25,000 ft Sovereign Explorer 12

13. Drilling Operations: Panoramix / Malbec ESPIRITO SANTO Vitoria Malbec WD: 7068 ft 93 KM BM-ES-29 500 Km Macaé Niteroi 190 KM Shore Base Jacarepaguá CAMPOS 300 KM Seat WD: 8748 ft BM-C-33 290 KM SANTOS BM-S-55 BM-S-48 Panoramix-2 WD: 512 ft 13

14. Discoveries 14 14

15. Milestones 3/10 Guara North confirm the extension of the field 9/09 Abare West Discovery 4/09 Discovery of Iguazu 9/09 DST in Guara 4/09 Commerciality declaration of Piracuca 9/08 Sovereign Explorer operated drilling begins 1/09 Discovery Panoramix 2/08 StenaDrillMax I arrives in Brazil 6/08 Discovery of Guara 9/07 Discovery of Carioca

16. What does Repsol represent in Brazil? • Development with PB of the big projects in pre-sal deep water (Guara, Carioca, Iguazú, Abare w) • Deepwater Operator (Seat and Malbec). • Discoveries as operator in Santos basin : Panoramix and Vampira and in partnership with PB (Piracuca) • First foreign company in acreage • First foreign firm production in association with PB(A/ L) • First foreign firm to own logistics transportation of crude oil in Brazil . First to export oil. • First company to form alliances with PB/BG/PG for the development of FLNG technology in the Presal.

17. Exploration Drilling Program 2010-2013 17 17

18. Contractual Framework and New Laws propositions

19. Existing Tax and Royalty contract has proved to be one of the best regulatory environment to attract international capital on heavy investment offshore areas (US/GoM, UK/North Sea, Australia NW Shelf, Canada, etc.) Preserve legal security of existing contract as a sign of stability for future investment. Existing Brazil Contractual Framework: Production Export sales Local Sales Royalties (10%) R+D (1%) Contractor Gross Income Opex / Transport Depreciation (Capex & Taxes) Income Before Tax Special participation (Deep water) Taxable Income Income Tax (25%) + Social Contribution (9%) Capex Net Free Cash Flow

20. New Laws Propositions 20 Source: Brazilian ministry of Mines & Energy • Bill number 1: to establish the production sharing contracts – PSC for Pre-salt area – this model could be extended for strategic areas. • Bill number 2: to create the state-owned company PRÉ-SAL PETRÓLEO S.A – PPSA, in order to represent the Government interests in the PSC and to manage profit-oil commercialization. • Bill number 3: to establish the Social Fund, where Government’s revenue with profit oil must be invested. • Bill number 4: to authorize the onerous assignment by the State of a maximum 5 billion boe to Petrobras, and to authorize Petrobras capitalization, in order to carry out its projects in the Pre-salt area.

21. Maintain competitiveness through: Bidding rounds Allowing different operators Promote international and local contractors associations to improve leading edge technology and local content while keeping competitive costs Maintain rights on production to guarantee access to both, local and international markets Comments on Presal New Law propositions