The Sociedad Estatal de Participaciones Industriales (SEPI) has set the maximum price per Repsol share at 6.327 pesetas, in accordance with the Prospectus registered at the Comisi�n Nacional del Mercado de Valores (CNMV).

The retail selling price (which may not be higher than the maximum price) will be set on Monday, April 28th, and will be equal to the weighted average price quoted at the daily session on the Spanish Continuous Market, with a 4% discount. The price for the institutional tranche will also be fixed on that day.

The term for placing buying orders for Repsol shares closed today at 14.00 hours and, if not revoked, these will have priority in the pro-rata on the initial amount of shares allotted to the general retail tranche, as stipulated in the Prospectus.

Starting tomorrow, April 22nd and until 14.00 hours on Friday, April 25th, retail investors may make irrevokable purchase applications for Repsol shares, however these will not have preference in the pro-rata.

SEPI has offered for sale a maximum of 30 million Repsol shares, accounting for 10% of the company's equity capital. After the operation, the State will no longer have any stake in the capital equity of the company.