First Quarter 1995
03/31/95  APPROVAL OF INTERNAL REGULATIONS GOVERNING THE REPSOL BOARD OF DIRECTORS
03/30/95  REPSOL SIGNS A CONTRACT FOR EXPLORATION IN PERU
03/25/95  THE DEMAND FOR REPSOL SHARES REACHES 100 BILLION PESETAS IN THE FIRST WEEK OF THE OFFERING
03/21/95  INH AND FINANCIAL INSTITUTIONS SIGN THE UNDERWRITING CONTRACT FOR THE REPSOL SHARE OFFERING
03/16/95  REPSOL APPROVES A FINAL GROSS DIVIDEND OF 140 PESETAS PER SHARE AGAINST THE 1994 FINANCIAL YEAR
03/09/95  INH DEFINES THE STRUCTURE FOR THE INSTITUTIONAL TRANCHE OF REPSOL SHARE OFFERING
03/07/95  THE TERM FOR APPLICATIONS TO BUY REPSOL SHARES OPENS ON MARCH 21ST
03/03/95  THE COUNCIL OF MINISTERS AUTHORIZES INH TO SELL UP TO 15% OF REPSOL
02/28/95  REPSOL REPORTS A 21% RISE IN NET INCOME TO OVER 96 BILLION PESETAS
01/13/95  REPSOL SIGNS AN EXPLORATION CONTRACT IN BOLIVIA
01/04/95  REPSOL ACQUIRES SHELL'S ASSETS IN THE GULF OF SUEZ, EGYPT
01/03/95  AGREEMENT BETWEEN REPSOL QUIMICA AND COLUMBIAN INTERNATIONAL FOR A CARBON BLACK ASSET SWAP