LATIN AMERICA

Repsol YPF counts in Bolivia with reserves of 336.9 million barrels equivalent of petroleum, via its involvement in Repsol YPF operated development blocks (Mamor�, Cambeiti, Monteagudo and M. Caipipendi) and the Repsol YPF operated exploration blocks (Lagunillas N/Sur, Montero, Charagua, Secure, Rurrenabaque and Tuichi), in addition to another non Repsol YPF operated exploration block.

In addition, in this country, Repsol YPF holds a 20.25% interest in Empresa Andina, with efforts in 5 development areas (3 Repsol YPF operated and 2 not operated by Repsol YPF), and 5 Repsol YPF operated exploration areas.

Major gas discoveries have recently been made, both in its own operations and in the blocks where Repsol YPF holds an interest in other companies� operations.

Reserves available in Bolivia are important for the future supply of Brazil�s gas market.