Balancing Climate, Energy Infrastructure, Supply and Economic Growth

East Coast Energy Connection

June 2017

Repsol - Disclaimer

REPSOL S.A. 2016

All Rights are Reserved

Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol, S.A.

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the law on the securities market and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.

This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices” and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol’s control or may be difficult to predict. Within those risks are those factors and circumstances described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.

Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

The information contained in the document has not been verified or revised by the Auditors of Repsol.

Repsol – Worldwide OverviewA global business

Production:

694,000 boe/d

Refining capacity:

1 million boe/d

Proven reserves:

~ 2.2 billion BOE

World’s 15th largest

publicly-traded

oil & gas company

Active in more than

40 countries

27,000 employees

worldwide

4,700 service

stations

Fully integrated

business

Corporate HQ

in Madrid

Acquired Talisman

Energy in 2015

Repsol - North AmericaA diversified portfolio

Duvernay

Greater Edson

Chauvin

Gulf of Mexico

Eagle Ford

Marcellus

Midcontinent Gas

Liquids

Alaska – North Slope

Gas & Liquids

Upstream

184,000 boe/d (Jan-Sep. 2016)

Natural gas ~68% , Liquids ~ 32%

Pipeline of organic opportunities

Downstream

Canaport LNG: Operator

Flexible and reliable supplier

Canaport LNG

Repsol - Sustainable EnergyGlobal carbon management strategy

• Repsol has reduced our emissions more than 3 million tonnes between 2006-2013

• Repsol is investing €400 million between 2014-2020 to reduce our emissions and improve energy efficiency

• Member of the Oil & Gas Climate Change Initiative

• OGCI members will invest $1 billion over the next 10 years to develop technologies to reduce greenhouse gas emissions significantly

Repsol - Sustainable EnergyActively working on climate change mitigation

Role of Gas in Reducing Emissions

• Natural gas can play a key and immediate role in reducing fossil fuel emissions, but only if we succeed in mitigating the methane emissions associated with our production.

• Our Upstream portfolio is evolving towards a higher percentage of gas compared to oil: around 65% of our production and 75% of our reserves are gas.

Renewable Energy

Carbon Capture, Use, and Storage (CCUS)

Energy Efficiency

Carbon Pricing

Repsol – Carbon PricingActively working on climate change mitigation

Carbon Pricing

• Repsol believes carbon pricing encourages the most efficient ways of reducing emissions widely and increase investment in low carbon technologies

• Repsol supports carbon pricing as a policy that will provide a clear roadmap for future investment

• Repsol includes a carbon pricing in our strategic plans

Challenges

• Pricing framework should extend to all sectors and applied worldwide

• Right balance of incentives (pricing, tax credits, etc.)

Repsol - North AmericaNortheast U.S. / Maritimes Canada Natural Gas Assets

8

Canaport LNG• 1.0 Bcfd capacity • ~10 Bcf storage

Producer ServicesEnCana – Deep Panuke

Producer ServicesCorridor Resources – McCully Field

Producer ServicesExxonMobil – Sable Island

M&NP U.S.730 MDth/d of capacity

Brunswick Pipeline•850 MDth/d of capacity

Pipeline Capacity LNG Regasification Gas Supply

Marcellus Production~500,000 Dth/d

Gas Production

Canaport LNGA key asset

• Key asset in Repsol’s portfolio to

supply the Northeast U.S. &

Maritimes Canada

• Natural Gas & LNG provide the

bridge to renewables

• Canaport LNG is already investing

to improve operational efficiency

and reduce greenhouse gas

emissions

Thank You