SIGNIFICANT SHAREHOLDINGS AND TREASURY STOCK

At December 31, 2007, the owners of significant direct and/or indirect shareholdings in CEPSA’s capital were as follows:

Corporate Name of Shareholder Number of Direct Voting Rights Number of Indirect Voting Rights % of Total Voting Rights
Total, S.A. 0 130,668,180 48.833
Banco Santander 76,832,401 7,849,886 31.648
International Petroleum Investment Company (IPIC) 25,513,560 0 9.535
Unión Fenosa, S.A. 13,378,980 0 5.000

Through:

Direct Owner of Shareholding Number of Direct Voting Rights % of Total Voting Rights
Odival ,S.A.
Total, S.A.
130,668,180
130,668,180
48.833
48.833
Banco Madesant Sociedade Unipessoal, S.A.
FFB-Participaçoes e Servicios, Sociedade Unipessoal, S.A.
Títulos de Renta Fija, S.A.
Banco Santander
349,826
7,500,000
60
7,849,886
0.130
2.803
0.000
2.933
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