Repsol YPF S.A. http://www.alacrastore.com/company-snapshot/Repsol_YPF_S_A-1008399 Wednesday, October 08, 2008 1:14:13 AM 1008399 Repsol YPF S.A. en AlacraStore RSS Builder 1.0 30 BRAZIL - Galp Energia SGPS SA discontinued rumor that it was negotiating to acquire Repsol YPF SA, a provider of oil and gas production and distribution services.9/20/2008 10:42:21 AM37676W76026T37676W76026TGalp Energia SGPS SARepsol YPF SAGalp Energia SGPS SARepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Rumor_dispelled_that_Galp_Energia_SGPS_SA_was_planning_acquisition_of_Repsol_YPF_SA-2013237040sdc/20132370402013237040Copyright © 2008, Thomson Financial, All Rights ReservedEuronxt LElectric, Gas, and Water DistributionPortugalGas production and/or distribution4925FFForeignPublicGALP1311:Crude petroleum and natural gas4924:Natural gas distribution4925:Gas production and/or distribution6719:Offices of holding companies, nec1311:Crude petroleum and natural gas4924:Natural gas distribution4925:Gas production and/or distribution6719:Offices of holding companies, necMadridOil and Gas; Petroleum RefiningSpainCrude petroleum and natural gas1311FFForeignPublicREP684137001Oil,gas prodn,distnOil,gas expl,prodnNot ApplicableAssets119628003Sep 20 200824.796004690.406009418.626009068.854009446.9860011819.761009787.304008019.5390030154.413000.572000.604004605.327004.652005670.3970010022.0610090601.888003193.6360075193.02800EUR31 Dec 070.000001133.927000.0000018338.607008202.32400EURO30 Jun 0831 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.576001.000002.000003.000004.000005.000006.00000Galp Energia SGPS SA, locatedin Lisbon, Portugal, providesoil and gas production anddistribution services, It isalso a holding company. Thecompany was founded in 1999.Galp Energia SGPS SA, located in Lisbon, Portugal, providesoil and gas production and distribution services, It is alsoa holding company. The company was founded in 1999.Galp Energia SGPS SA, located in Lisbon, Portugal, provides oil and gas production and distribution services, It is also a holding company. The company was founded in 1999.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Repsol YPF SA, located inMadrid, Spain, is an oil andgas exploration and productioncompany. The company engagesin the exploration,development and production ofcrude oil and natural gas;transportation of petroleumproducts, liquid petroleum gas(LPG) and natural gas. Itwholesales gasoline underRepsol, Campsa and Petronorbrand names. It is alsoinvolved in the electricitygeneration business. Thecompany was founded onNovember 12, 1986.Repsol YPF SA, located in Madrid, Spain, is an oil and gasexploration and production company. The company engages inthe exploration, development and production of crude oil andnatural gas; transportation of petroleum products, liquidpetroleum gas (LPG) and natural gas. It wholesales gasolineunder Repsol, Campsa and Petronor brand names. It is alsoinvolved in the electricity generation business. The companywas founded on November 12, 1986.Repsol YPF SA, located in Madrid, Spain, is an oil and gas exploration and production company. The company engages in the exploration, development and production of crude oil and natural gas; transportation of petroleum products, liquid petroleum gas (LPG) and natural gas. It wholesales gasoline under Repsol, Campsa and Petronor brand names. It is also involved in the electricity generation business. The company was founded on November 12, 1986.0.000000.000000.000000.00000Y15 Sep 08Mon, 15 Sep 2008 00:00:00 ESTDate Announced: 09/15/2008Date Effective:16 Sep 08Acq. of AssetsNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000008584.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000028.6360028.1480029.92800-12.407003.122000.311000.000000.000000.0000015021.275000.0000032177.417005.536006.319001.0840012.084001.000002.000003.000004.000005.000006.00000BRAZIL - Galp Energia SGPS SAdiscontinued rumor that it wasnegotiating to acquire RepsolYPF SA, a provider of oil andgas production anddistribution services.BRAZIL - Galp Energia SGPS SA discontinued rumor that it was negotiating to acquire Repsol YPF SA, a provider of oil and gas production and distribution services.BRAZIL - Galp Energia SGPS SA discontinued rumor that it was negotiating to acquire RepsolYPF SA, a provider of oil and gas production and distribution services.BRAZIL - Galp Energia SGPS SA discontinued rumor that it was negotiating to acquire Repsol YPF SA, a provider of oil and gas production and distribution services.BRAZIL - Galp Energia SGPS SA discontinued rumor that it was negotiating to acquire Repsol YPF SA, a provider of oil and gas productionand distribution services.Dis Rumor2426.31500776.6270012560.113005617.7720015.738005978.000005756.000005996.000007502.000006212.000005090.0000019139.000002923.000002.610002.560000.000000.000000.000002.9530020423.0000022689.0000021588.0000020371.0000018687.0000017757.000003188.000003124.000003120.000001950.000002020.000003599.000005775.000005618.000005260.000003489.000003278.000006361.0000052098.0000051355.0000049368.0000040585.0000036069.0000057505.0000047725.0000046144.0000044288.0000044585.0000037889.0000037109.00000Status:Dis RumorEUR-999.00000np0.11100-999.00000np4.7810015.2090018.805002.728009.6280030154.413001.733005.599000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services4911:Electric services684137001Euronxt LPortugal4925ForeignPublicGALP1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services4911:Electric services119628003MadridSpain1311ForeignPublicREP0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsSPAIN - In September ####, Sacyr Vallehermoso SA announced that it was seeking a buyer for its ##.##% stake, or ###.### mil ordinary shares, in Repsol YPF SA, a Madrid-based oil and gas exploration and production company.9/16/2008 1:12:04 PM81572I76026T81572I76026TSeeking BuyerRepsol YPF SASeeking BuyerRepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Repsol_YPF_SA_seeking_buyer_for_minority_stake-2012005040sdc/20120050402012005040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necMadridOil and Gas; Petroleum RefiningSpainCrude petroleum and natural gas1311FFForeignPublicREP12029001Seeking buyerOil,gas expl,prodnNot ApplicableOrdinary Share119628003Sep 16 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Repsol YPF SA, located inMadrid, Spain, is an oil andgas exploration and productioncompany. The company engagesin the exploration,development and production ofcrude oil and natural gas;transportation of petroleumproducts, liquid petroleum gas(LPG) and natural gas. Itwholesales gasoline underRepsol, Campsa and Petronorbrand names. It is alsoinvolved in the electricitygeneration business. Thecompany was founded onNovember 12, 1986.Repsol YPF SA, located in Madrid, Spain, is an oil and gasexploration and production company. The company engages inthe exploration, development and production of crude oil andnatural gas; transportation of petroleum products, liquidpetroleum gas (LPG) and natural gas. It wholesales gasolineunder Repsol, Campsa and Petronor brand names. It is alsoinvolved in the electricity generation business. The companywas founded on November 12, 1986.Repsol YPF SA, located in Madrid, Spain, is an oil and gas exploration and production company. The company engages in the exploration, development and production of crude oil and natural gas; transportation of petroleum products, liquid petroleum gas (LPG) and natural gas. It wholesales gasoline under Repsol, Campsa and Petronor brand names. It is also involved in the electricity generation business. The company was founded on November 12, 1986.0.000000.000000.000001220.86000N12 Sep 08Fri, 12 Sep 2008 00:00:00 ESTDate Announced: 09/12/2008Date Effective:Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000020.010000.000000.000000.000000.000000.000000.000000.000000.000000.0000026.7350027.7790029.749000.000000.000000.000000.000000.000000.000000.00000148.582000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000SPAIN - In September 2008,Sacyr Vallehermoso SAannounced that it was seekinga buyer for its 20.01% stake,or 244.295 mil ordinaryshares, in Repsol YPF SA, aMadrid-based oil and gasexploration and productioncompany.SPAIN - In September 2008, Sacyr Vallehermoso SA announced that it was seeking a buyer for its 20.01% stake, or 244.295 mil ordinary shares, in Repsol YPF SA, a Madrid-based oil and gas exploration and production company.SPAIN - In September 2008, Sacyr Vallehermoso SA announced that it was seeking a buyer forits 20.01% stake, or 244.295 mil ordinary shares, in Repsol YPF SA, a Madrid-based oil andgas exploration and production company.SPAIN - In September 2008, Sacyr Vallehermoso SA announced that it was seeking a buyer for its 20.01% stake, or 244.295 mil ordinary shares, in Repsol YPF SA, a Madrid-based oil and gas explorationand production company.SPAIN - In September 2008, Sacyr Vallehermoso SA announced that it was seeking a buyer for its 20.01% stake, or 244.295 mil ordinaryshares, in Repsol YPF SA, a Madrid-based oil and gas exploration and production company.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services4911:Electric services12029001Unknown6799UnknownPrivate1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services4911:Electric services119628003MadridSpain1311ForeignPublicREP0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsBRAZIL - Cia Vale Do Rio Doce SA acquired a ##% stake in the BM-S-## oil block, located in Santos Basin, of Repsol YPF SA, an oil and gas exploration and production company.9/12/2008 12:15:41 PM20441276321Y20441276026TCia Vale do Rio Doce SARepsol YPF SA-BM-S-47 Oil Block,Santos BasinCia Vale do Rio Doce SARepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Cia_Vale_do_Rio_Doce_SA_acquires_a_minority_stake_in_Repsol_YPF_SA_BM_S_47_Oil_from_Repsol_YPF_SA-2011242040sdc/20112420402011242040Copyright © 2008, Thomson Financial, All Rights ReservedNew YorkMiningBrazilIron ores1011FFForeignPublicRIO1011:Iron ores1021:Copper ores1041:Gold ores1061:Ferroalloy ores, except vanadium1099:Miscellaneous metal ores, nec4111:Local and suburban transit1011:Iron ores1021:Copper ores1041:Gold ores1061:Ferroalloy ores, except vanadium1099:Miscellaneous metal ores, nec4111:Local and suburban transitOil and Gas; Petroleum RefiningBrazilCrude petroleum and natural gas1311FFForeignSubsidiary193270002Iron ore mining coOil,gas expl,prodnUnspecifiedOwnership Interest1039757001Sep 12 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.00000Cia Vale do Rio Doce SA,located in Rio de Janeiro, isprincipally an iron miningcompany that also producesmanganese and iron alloys,with further businessactivities in providinglogistics services in Brazil.It also deals with thetreatment, transport andexporting of pellets, whilealso engaging in producingcopper, bauxite, kaolin,potash, alumina and aluminum.It has business offices inCanada, Australia, China,Japan, Singapore, South Korea,Switzerland, and its countryof domicile, Brazil, where itwas established in 1942.Cia Vale do Rio Doce SA, located in Rio de Janeiro, isprincipally an iron mining company that also producesmanganese and iron alloys, with further business activitiesin providing logistics services in Brazil. It also dealswith the treatment, transport and exporting of pellets,while also engaging in producing copper, bauxite, kaolin,potash, alumina and aluminum. It has business offices inCanada, Australia, China, Japan, Singapore, South Korea,Switzerland, and its country of domicile, Brazil, where itwas established in 1942.Cia Vale do Rio Doce SA, located in Rio de Janeiro, is principally an iron mining company that also produces manganese and iron alloys, with further business activities in providing logistics services in Brazil. It also deals with the treatment, transport and exporting of pellets, while also engaging in producing copper, bauxite, kaolin, potash, alumina and aluminum. It has business offices in Canada, Australia, China, Japan, Singapore, South Korea, Switzerland, and its country of domicile, Brazil, where it was established in 1942.1.000002.000003.00000BM-S-47 Oil Block, located inSantos basin, is an oil andgas tenement.BM-S-47 Oil Block, located in Santos basin, is an oil andgas tenement.BM-S-47 Oil Block, located in Santos basin, is an oil and gas tenement.0.000000.000000.000000.00000N08 Sep 08Mon, 08 Sep 2008 00:00:00 ESTDate Announced: 09/08/200808 Sep 08Date Effective: 09/08/200808 Sep 08Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.0000025.0000025.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000025.000000.000000.000000.000000.000000.000000.000000.000000.0000069664.519000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000BRAZIL - Cia Vale Do Rio DoceSA acquired a 25% stake in theBM-S-47 oil block, located inSantos Basin, of Repsol YPFSA, an oil and gas explorationand production company.BRAZIL - Cia Vale Do Rio Doce SA acquired a 25% stake in the BM-S-47 oil block, located in Santos Basin, of Repsol YPF SA, an oil and gas exploration and production company.BRAZIL - Cia Vale Do Rio Doce SA acquired a 25% stake in the BM-S-47 oil block, located inSantos Basin, of Repsol YPF SA, an oil and gas exploration and production company.BRAZIL - Cia Vale Do Rio Doce SA acquired a 25% stake in the BM-S-47 oil block, located in Santos Basin, of Repsol YPF SA, an oil and gas exploration and production company.BRAZIL - Cia Vale Do Rio Doce SA acquired a 25% stake in the BM-S-47 oil block, located in Santos Basin, of Repsol YPF SA, an oil and gasexploration and production company.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services193270002New YorkBrazil1011ForeignPublicRIO1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services4911:Electric services119628003MadridSpain1311ForeignPublicREP0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/398346_report_framefitch/398346_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BP plcConocoPhillipsENI SpAExxon Mobil CorporationJSC NC KazMunaiGazLukoil OAOOAO GazpromPetrol ADPetrol Ofisi A.S.PKN ORLEN SARepsol YPF S.A.Rompetrol Group N.V.Rosneft OJSCRoyal Dutch Shell PLCTatneft OAOTNK-BP International LimitedTotal SATurkish Petroleum Refineries Corp.(TUPRAS)Valero Energy Corporation8008977380090098800907838009087880090918800909218009214580360394803606048036143980417179805128068053873480702399808912598116723581208235824867148307432683396462853654738/27/2008 10:15:00 AM01000000010200000103000001031000275Special Report0120275PETBPCOPENIGAZPLKOHPKNPTOFSRDSAREPROSNTATNTUPRSVLOXOM398346_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/73385cs/73385norm Repsol #Q## Tearsheet Total debt/capital improved to ##%, from ##% at end-Q###, while net debt/capital improved to ##%, from ##% at end-Q### and LTM Debt/Ebitda improved  to #.#x, from #.#x at end-Q###.  Coverage ratios were mixed.We...73385402YesC21Tearsheet511tearsheets/premium7115608/19/2008 4:06:07 PM15073385Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/CMT_0000449052moodys/CMT_0000449052htmlGlobal Credit Research Issuer Comment # AUG #### Issuer Comment: Repsol YPF S.A. Moody's comments on Gas Natural-Union Fenosa merger: no impact on Repsol's rating Gas Natural recently announced that it has reached an agreement to acquire...8/7/2008 1:53:46 AMhtmlRepsol YPF S.A.Repsol YPF S.A.12900150.0000NewsIssuer CommentCMT_0000449052Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662854spcred/662854normThe latest News from S&Pglobal8/1/2008 10:27:00 AM100News662854SpainIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaAsiaGlobal IssuersCorporationsEnergyNewsPARIS (Standard&Poor's) Aug. 1, 2008--Standard&Poor's Ratings Services said today that 'its 'ratings and outlook on Spanish-based integrated oil and gas company Repsol-YPF S.A. (BBB/Stable/A-2) remain unchanged following Repsol's announcement that it was committed to contributing up to €1.6 billion to maintain its 30.85% stake in Gas Natural SDG, S.A., in the event the latter issued up to €3.5 billion in new shares to partly finance its acquisition of power company Union Fenosa. These transactions would not meaningfully change Repsol's business profile as we see Gas Natural mostly as an equity affiliate, while Repsol has sufficient financial flexibility within the ratings to accommodate the cost of the transaction. Including the investment, we expect Repsol's consolidated adjusted fundsESP76026T10102010 101020 1010 10Repsol-YPF S.A.116969EMERGINGEUROMIDAFRLATAMERICAASIAREP@SMNEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/662861spcred/662861normThe latest Summary from S&Pglobal8/1/2008 10:27:00 AM175Summary662861SpainIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaLatin AmericaAsiaGlobal IssuersCorporationsEnergySummaryThe ratings on Spain-based integrated oil and gas company Repsol-YPF S.A. continue to reflect its very solid domestic downstream operations, strong liquidity, continued strong expected dividends from 84%-owned YPF S.A., and moderate financial policies, as well as its upstream challenges and high country risks outside Spain. Standard&Poor's Ratings Services still expects upgrade and expansion investments in Spanish refineries, to further consolidate Repsol's strong position in a very profitable market early next decade. Rebalancing upstream assets to OECD countries will reduce country and fiscal risks, but is costly and could take several years. Meanwhile, Repsol faces the following upstream challenges: Profitably replacing reserves and increasing production. Over 2001-2007, proven reserves and reserve life decreased almost 60% to 2.4 billionESP76026T10102010 101020 1010 10Repsol-YPF S.A.116969EMERGINGEUROMIDAFRLATAMERICAASIAREP@SMSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1885643ccbn/B1885643norm...In relation with Brazil, Guara is a great discovery that confirms Santos Basin as one of most promising deepwater areas in the world. ... 7/31/2008 11:06:00 PMRepsol YPF54.0000EditedRepsol YPF Q2 2008 Earnings Conference Call SummaryREP5:00pm CETBriefB1885643Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1885643ccbn/T1885643norm...Welcome to the Repsol YPF call. For the first part of this call, all participants will be listen only mode, and afterward there will be a question and answer session. I will now hand over to Ms. Maria Victoria Zingoni. Thank you very much. ... 7/31/2008 6:06:00 PMRepsol YPF54.0000FinalRepsol YPF Q2 2008 Earnings Conference Call TranscriptREP5:00pm CETTranscriptT1885643Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/PBC_109685moodys/PBC_109685pdf...With #.# billion barrels of oil equivale nt (boe) of reserves and a hydrocarbon production of # million boe/d in #### ... 7/4/2008 12:15:02 PMpdfRepsol YPF S.A.Repsol YPF S.A.12900300.0000AnalysisAnalysisPBC_109685Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/70746cs/70746norm Integrated Oil Finding Cost Study ####: Super Majors Lead the Way In our fourth annual Integrated Oil Finding Cost Study, we have analyzed key measures such as F&D costs, reserve replacement rates, cash flow trends, capital spending...707463402YesD0Article5111229236734754906180515816686517951522672corp6071156/23/2008 10:07:11 AM150In this report, we evaluate industry-weighted averages and individual company results to assess how the industry is performing as a whole and how each company is performing relative to each other.70746Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/bir/1146833bir/1146833normRepsol YPF S.A.SpainMining: The company is an energy company engaged in all activities related to the oil sector, through 4 business areas: exploration and production; refining and marketing; chemicals; gas and electricity. The Group is amongst the world's 10 largest oil maj1311132113811382286928992911299949234932516951725541671975492111112111122131112131122212103241103241993251883259984246904247204471105511128111989IMREP6/20/2008 6:47:00 AM1146833Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/70149cs/70149norm Repsol #Q## Tearsheet Total debt/capital increased to ##%, from ##% at end-Q###, while net debt/capital increased to ##%, from ##% at end-Q###.We believe REP's credit outlook is stable, however, its credit profile and operating profile...70149404YesC21Tearsheet511tearsheets/premium7115606/10/2008 12:10:57 PM15070149Credit & Investment ResearchCreditSightsECUADOR - Primax, a unit of Grupo Romero (##%) and Empresa Nacional del Petroleo (##%), agreed to acquire ### service stations from Repsol YPF SA (RY), a manufacturer and wholesaler of petroleum products, for ## mil Ecuadorian sucre ($## mil US). The transaction was to include RY's local lubricant and aviation businesses.6/7/2008 11:04:36 AM75477C75837F40063J76026TPrimaxRepsol YPF SA-Service Stations (123)Grupo RomeroRepsol YPF SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Primax_acquires_Repsol_YPF_SA_Svc_Stn_123_from_Repsol_YPF_SA-1984741040sdc/19847410401984741040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesPeruInvestors, nec6799FFForeignSubsidiary6799:Investors, nec6799:Investors, necMiscellaneous Retail TradeEcuadorGasoline service stations5541FFForeignSubsidiary1014864001Investment companyMnfr,whl petro prodCashCash OnlyAssets1014863001Jun 7 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.00000Primax is an investmentcompany. It was founded in2004.Primax is an investment company. It was founded in 2004.Primax is an investment company. It was founded in 2004.1.000002.000003.00000The service stations of RepsolYPF SA own and operategasoline service stations.The service stations of Repsol YPF SA own and operategasoline service stations.The service stations of Repsol YPF SA own and operate gasoline service stations.0.000000.000000.000000.00000YEcuadorian Sucre06 Jun 08Fri, 06 Jun 2008 00:00:00 ESTDate Announced: 06/06/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000047 Ecuadorian Sucre47.000000.0000047 Ecuadorian Sucre47.000000.000000.000000.000000.0000047.0000047 Ecuadorian Sucre1.00000N24.013000.000000.000000.000000.000000.0000047.0000047.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000ECUADOR - Primax, a unit ofGrupo Romero (51%) and EmpresaNacional del Petroleo (49%),agreed to acquire 123 servicestations from Repsol YPF SA(RY), a manufacturer andwholesaler of petroleumproducts, for 47 milEcuadorian sucre ($47 mil US).The transaction was to includeRY's local lubricant andaviation businesses.ECUADOR - Primax, a unit of Grupo Romero (51%) and Empresa Nacional del Petroleo (49%), agreed to acquire 123 service stations from Repsol YPF SA (RY), a manufacturer and wholesaler of petroleum products, for 47 mil Ecuadorian sucre ($47 mil US). The transaction was to include RY's local lubricant and aviation businesses.ECUADOR - Primax, a unit of Grupo Romero (51%) and Empresa Nacional del Petroleo (49%),agreed to acquire 123 service stations from Repsol YPF SA (RY), a manufacturer andwholesaler of petroleum products, for 47 mil Ecuadorian sucre ($47 mil US). Thetransaction was to include RY's local lubricant and aviation businesses.ECUADOR - Primax, a unit of Grupo Romero (51%) and Empresa Nacional del Petroleo (49%), agreed to acquire 123 service stations from Repsol YPF SA (RY), a manufacturer and wholesaler of petroleumproducts, for 47 mil Ecuadorian sucre ($47 mil US). The transaction was to include RY's local lubricant and aviation businesses.ECUADOR - Primax, a unit of Grupo Romero (51%) and Empresa Nacional del Petroleo (49%), agreed to acquire 123 service stations fromRepsol YPF SA (RY), a manufacturer and wholesaler of petroleum products, for 47 mil Ecuadorian sucre ($47 mil US). The transaction was toinclude RY's local lubricant and aviation businesses.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005541:Gasoline service stations395700001Peru6799ForeignPrivate2899:Chemicals and chemical preparations, nec2911:Petroleum refining2992:Lubricating oils and greases4923:Natural gas transmission and distribution4925:Gas production and/or distribution5169:Chemicals and allied products, nec5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec5541:Gasoline service stations6719:Offices of holding companies, nec119628003MadridSpain2911ForeignPublicREP47.0000047.0000047.0000024.01300Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_156621_600038201moodys/PR_156621_600038201htmlGlobal Credit Research Rating Action # JUN #### Rating Action: Repsol International Capital Limited Moody's revises Repsol's outlook to stable from negative London, ## June #### -- Moody's Investors Service today changed the outlook...6/4/2008 1:52:09 AMhtmlRepsol International Capital LimitedYPF Sociedad AnonimaRepsol International Finance B.V.Repsol YPF S.A.Repsol International Capital Limited; Repsol International Finance B.V.; Repsol YPF S.A.; ...6000382016000123701947012900150.0000NewsRating ActionPR_156621_600038201Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1834774ccbn/B1834774norm...Higher international oil and gas prices, has compensated for the strengthening of euro vs. US dollar. ... 5/13/2008 4:06:00 PMRepsol YPF54.0000EditedQ1 2008 Repsol YPF Earnings Conference Call SummaryREP5:00pm CETBriefB1834774Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1834774ccbn/T1834774norm...Welcome to the Repsol YPF first quarter results. Today I'm pleased to present Ms. Maria Zingoni. For this first part of this call all participants will be in listen only mode, and afterward there will be a question and answer session. Ms. Zingoni, please go ahead. ... 5/13/2008 3:06:00 PMRepsol YPF54.0000FinalQ1 2008 Repsol YPF Earnings Conference Call TranscriptREP5:00pm CETTranscriptT1834774Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1765821ccbn/T1765821norm... - Repsol YPF - Chairman and CEO Well, I think we should start now. (Technical difficulty) negotiating with this group to join us in YPF and, finally, we got an agreement and we sold to them a ##.#% stake in YPF, plus an option of going to up to ##%. The total value of YPF was $##b. And in this deal we financed ##% of the total transaction with an interest rate of around #% -- something a little bit higher than #%. You may ask why we have done this deal. And the question, I think, that we put in front of us one year or two years ago that was importance of joining efforts in Argentina, in a country that is growing at a very fast speed, and energy growing at the same speed, joining efforts with a local partner that would help us to manage the Company, therefore, combining the local management focus within the frame of running an international Company like us. And I think that, having both, it will add a lot of value to the Group and a lot of value to YPF by itself. In terms of exploration... 2/29/2008 10:06:00 AMRepsol YPF54.0000FinalFull Year 2007 and Strategy Presentation 2008-2012 Repsol YPF Earnings Conference Call TranscriptREP11:00am CETTranscriptT1765821Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B1765821ccbn/B1765821norm...For the last six months Co. has been negotiating with group to join it in YPF and got an agreement and sold to them ##.#% stake in YPF and an option of going to up to ##%. ... 2/28/2008 10:06:00 PMRepsol YPF54.0000EditedFull Year 2007 and Strategy Presentation 2008-2012 Repsol YPF Earnings Conference Call SummaryREP11:00am CETBriefB1765821Credit & Investment ResearchThomson StreetEvents