REPSOL YPF COMPARATIVE BALANCE SHEET
	(Million Euros)
	(Unaudited figures)
			DECEMBER		SEPTEMBER
			1999		2000
	Net fixed assets ..........................................................................................................................................................		33.313		42.189
	Long term financial assets ............................................................................................................		149		229
	Cash and current investments...........................................................................................................................		1.707		1.386
	Other current assets .............................................................................................................		6.881		10.133
	TOTAL ASSETS		42.050		53.937
	Shareholders' equity .................................................................................................		12.526		16.016
	Provisions ...............................................................................		1.099		1.480
	Minority interests ..............................................................................		1.870		3.603
	Non interest bearing liabilities ..................................................................................................		2.074		2.652
	Financial loans ..................................................................................		10.223		13.894
	Current financial debt .................................................................................		8.769		9.090
	Other current liabilities ................................................................................		5.489		7.202
	TOTAL EQUITY / LIABILITIES		42.050		53.937
	Ptas./EURO:
	166,386