Repsol: Underwriters Exercise Option On YPF (Spain)

The underwriters of the public offering of shares YPF, in the form of American Depositary Shares, or ADSs, have exercised in full their option to purchase from Repsol YPF 3,930,898 additional ADSs, in the light of demand of securities that occurred during the offering.

Consequently, the total size of the offering of shares that will be sold has increased to 30,145,898 ADSs, at a price of $ 41.00 per ADS.

After the offering the stake of Repsol YPF in YPF’s capital will be 68.23%.

The offering of the 30,145,898 ADSs is expected to close on March 28, 2011, subject to customary closing conditions.

Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., Itaú BBA, Morgan Stanley, Raymond James and Santander Investment are acting as underwriters for the offering.

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Source: Repsol, March 25, 2011;