In compliance with the terms and conditions of the Prospectus, Repsol has set the general retail share price for the Spanish offering at 19.36 euros as the lowest of the following:

1. The maximum retail price, which was set on June 29^th last, at 19.36 euros. This was the weighted average quotation for Repsol shares at the Continuous Market session for that day.
2. The market reference price, less a 3% discount. The reference price was the weighted average quotation for Repsol shares at the Continuous Market session of July 6^th. This price was 20.22 euros. After applying a 3% discount on the foregoing reference price, a new share price of 19.61 euros was obtained.
3. The institutional price. The share price for the institutional offering has been set by Repsol, in agreement with the Global Co-ordinators for the offering, at 19.95 euros .

The shares are being offered by Repsol and represent new financing. A copy of the Prospectus relating to the US portion of this offering may be obtained from: