Repsol YPF

Distance/proxy voting

Under article 105.4 of Company Law, as set out in Law 26/2003, dated 17 July, and in compliance with the company by-laws, votes on the resolutions proposed in the order of the day for any AGM may be cast by proxy or sent by post, e-mail or any other means of communication at a distance, providing the identity of the person exercising his or her right to vote is guaranteed.  Shareholders voting at a distance should be taken into account with the object of establishing a quorum at the Meeting.

Paragraph four of Order ECO/3722/2003, dated 26 December, announced the future publication of a norm governing distance voting.  Once such a norm is in effect, Repsol YPF will explain to its shareholders the correct procedures for exercising their voting rights.