growing from our strengths

Investor’s update August 2013

Growing from our strengths

Strategic Plan

2012-2016

Disclaimer

ALL RIGHTS ARE RESERVED

© REPSOL, S.A. 2013

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 Spanish

Securities Market Law (Law 24/1988, of July 28, as amended and restated) 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.

Some of the resources mentioned in this document do not constitute proved reserves and will be recognized as such when they comply

with the formal conditions required by the U.S. Securities and Exchange Commission.

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 in Spain, the Comisión Nacional de Valores in Argentina, the Securities and Exchange Commission in

the United States 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.

2

Agenda

• Company Overview

• Repsol: A Transformation Story

• Strategic Plan 2012-2016 : Growing from our strengths

• Financial Outlook

• Environmental, Social & Governance

• Summary

3

Company Overview

Mauritania

Morocco

USA

Canada

Spain

Algeria Libya

Russia

Norway

Bolivia

Peru

Ecuador

Colombia

Mexico

Angola

Indonesia Brazil

Kurdistan

Portugal

Ireland

Tunisia

Australia

Namibia

Sierra Leone

Liberia

Venezuela

Trinidad & Tobago

Guyana

Aruba

Bulgaria

Romania

E&P

R&M

E&P / R&M

Italy

Upstream

Core Businesses

Downstream

Non Operated Shareholding

Gas Natural Fenosa

Repsol today Company Overview

5

Company Overview

Shareholders Structure

6

Number of Shares: 1,302.47 million (as of August 2013)

6.41%

SHAREHOLDERS %

Caixabank 12.02%

Sacyr 9.38%

Pemex 9.34%

Temasek 6.32%

Free Float 62.94%

12,02%

9,38%

9,34%

6,32% 62,94%

Caixabank

Sacyr

Pemex

Temasek

Free Float

7

Company Overview

Repsol in figures

1. As of July, 31st

2. Considering Gas Natural stake as a financial investment: 29,172 M€

3. Ex-Gas Natural: 6,320 M€

4. Ex-Gas Natural: 2,582 M€

5. Net income from continuous operations

Capitalization

Capital Employed

Net Debt + Preferred Shares

Equity

EBITDA

EBIT

Net Income

Investments

CCS Adj. Net Income

As of Jun.13 M €

(3)

23,431

34,085

10,754

28,528

3,376

1,991

945

1,579

1,185

(4)

(5)

6M 2013

(1)

(2)

6,956

4,286

1,890

3,721

1,954

FY 2012

8

Company Overview

Repsol in figures 2Q 2013 CCS Adjusted Operating Income by Business Segments

Upstream

LNG

NA assets (1)

Downstream

Rest of assets

2Q 2012 (M€)

518

78

-48

205

126

2Q 2013

514

170

25

147

145

1Q 2013

668

129

183

182

311

Gas Natural Fenosa 232 239 253

Corporate and others (97) (91) (101)

(1) FY 2012 Adjusted Operating Income = - 63 M€

CCS Adj. Op. Income 936 979 1,314

CCS Adj. Net Income 481 509 676

Repsol: A transformation story

Turnaround plan Objectives accomplished


10

Portfolio Management

Accomplishing the transformation of Repsol Upstream into the Group's growth engine

Optimize return on capital and improve competitiveness through targeted conversion expansion

Options to materialize value from our balance sheet through selective divestments

Very successful exploration activity leveraged on increased investment and technical expertise

Outstanding results in reserve replacement

Delivering key growth development projects on time and on budget

Leading competitive position as an integrated player in Spain

Repsol among the European companies with highest conversion

Solid cash generation from premier integrated position in the European downstream


11

2005 2012 - 2016 2010 - 2014 2008 - 2012

Algeria Gassi Touil

Canada Canaport

US GoM Shenzi

Brazil

Carioca

Algeria

Reggane

Canada

Canaport

Peru

Block 39

Peru

Kinteroni

Bolivia Margarita- Huacaya

Venezuela Carabobo

Venezuela

Cardón IV

Algeria

Reggane

Brazil

Sapinhoa-

Guará

Brazil

Sapinhoa-

Guará

Brazil

Carioca

Russia

AROG

EEUU

Midcontinent

Peru

Kinteroni

Bolivia Margarita- Huacaya

Venezuela Carabobo

Venezuela

Cardón IV

Spain

Lubina-Montanazo

Algeria

Reggane

Spain

Cartagena and Bilbao refineries

Turnaround plan Enlarging and improving the portfolio base


12

Prospective Operation Construction Evaluation

FID Start up

Brazil

Sapinhoa

Guará

Algeria

Reggane

Peru

Kinteroni

Bolivia

Margarita-

Huacaya

Alaska

Canada

Canaport

Libya

I/R

US GoM

Shenzi

Stage of Advance

Kurdistán

European

Atlantic

Brazil

BM-C-33

Upstream Downstream GNL

Namibia

Angola

New areas of Exploration

FID: Final Investment Decision

(1)

Cartagena

Bilbao

Russia

AROG Venezuela

Carabobo

Guyana

Sierra

Leone

Brazil

Carioca

Venezuela

Perla

Bulgaria

Norway

US

Midcontinent Canada

Colombia

GoM

Buckskin

Project Turnaround

Strategic Plan 2012-2016


14

High growth in Upstream

Financial strength Competitive shareholder

compensation

Maximize return on capital

Downstream

• Dividend 2012: ~1€/share (scrip option)

• 40-55% pay-out ratio

• Production growth 2011-16(1) : > 7% CAGR(2)

• Production 2016: ~500 kbpd

• RRR(3) 2011-2016: > 120%

• Upstream average capex: €2.9bn/year(4)

(+120% vs. average 2008-2011)

• Downstream average Free Cash Flow: €1.2bn/year

• Downstream average capex: €0.7bn/year (-50% vs. avg. 2008-11)

• Self-financed plan generating € 8.1-8.6 bn cash for dividends & debt reduction in base case, resilient to stress scenario

• Maintain investment grade rating • Divestments & treasury stock:

up to € 4-4.5 bn in 2012-2016(5)

1. 2011 production adjusted for Libyan revolution. It considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Average Reserve Replacement Ratio 2011-2016. 4. Net Capex. excluding G&G and G&A 5. divestments: 10% of treasury stock (€2.4bn); LPG Chile & Amodaimi (€0.6bn) and LNG business (€4.4bn)

2012-2016 Key strategic targets Strategic Plan 2012-2016

Upstream Our businesses strategy: 2012-2016

16

Upstream Focus on Exploration Setting the basis for the new waves of growth

Exploration Capex: USD 1.0bn/year

Including drilling, G&A and G&G

# Wells/year: 25-30

75% focused on liquids

WI resources evaluated/year (unrisked):

+1,500 Mboe

Contingent resources/year (risked):

+300/350 Mboe

Additions to Proven Reserves:

+200/250 Mboe

1. Historical success ratio above 30% 2. Average RRR (Reserve Replacement Ratio) beyond 2016

Success ratio: 20-25%(1)

Contract application and movements of resources to reserves

RRR(2)>110-120%

17

Upstream Focus on Exploration Highlights for 2013-2014

• 32 firm wells

• Investigate around 6 billion barrels in gross terms

• 70% of investments targeting oil

• Almost 65% spent in drilling

• Largest expenditure in USA, Brazil, Norway, Canada, Peru

• Strong activity offshore in Brazil, USA, Norway and Canada, coupled with recovery of onshore activity in Libya, Algeria and new operations in Russia

• Targeting +30 wells (includes contingencies, from 40 in inventory)

• Another 6 billion barrels in gross terms to investigate

• Main drilling activity forecasted for Angola, Libya, Norway, Brazil, USA and possibly Colombia.

• Other plays investigated are Kurdistan, Portugal, Namibia and Canada

• Expected resources from 2014 again above 300 MBOE

2013 Back to full speed

2014 Maintaining speed

18

Indonesia

USA

Colombia

Brazil

Algeria

Russia Canada

• 12 wells +1 appraisal completed, 9 positive

• 300 MBOE Addition Target

Operational Activity and Main Events Exploration activity during First Half of 2013

Upstream

Positive

19

Target of 32 wells in 2013

Brazil

Indonesia

Gulf of Mexico

Norway Canada

Alaska

Russia

Libya

Kurdistan

Operational Activity and Main Events Drilling Plan during Second Half of 2013

Upstream

20

Upstream Delivering Growth 10 key growth projects in 2012-2016

Exploration Reggane (Algeria)

48 Kboed WI: 29.25% FID: 2009 FG: 2016

Capex 12-16: €0.4bn

Lubina-Montanazo (Spain)

5 Kboed WI: 100-75%

FID: 2009 FO: 2012

Capex 12-16: €0.02bn

Africa & Europe Brazil

Carioca

150 Kboed WI: 15%

FID: 2012 FO: 2016

Capex 12-16: €0.8bn

Mid-continent (USA)

40 Kboed(1)

net production(1) -

FO: 2012 Capex 12-16:

€2.3bn

Sapinhoa

(Guara)

300 Kboed WI: 15%

FID: 2010 FO: 2013

Capex 12-16: €1.2bn

USA

AROG (Russia)

50 Kboed WI: 49%

- FO: 2012

Capex 12-16: €0.4bn

Russia

1 2 4 5 3 6

North Latam

Margarita-Huacaya (Bolivia)

102 Kboed WI: 37.5% FID: 2010 FG: 2012

Capex 12-16: €0.3bn

7

Kinteroni (Peru)

40 Kboed WI: 53.8% FID: 2009 FG: 2012

Capex 12-16: €0.07bn

8

Carabobo (Venezuela)

370 Kboed WI: 11%

- FO: 2013

Capex 12-16: €0.7bn

9

Cardon IV (Venezuela)

53 Kboed(2)

WI: 32.5% FID: 2011 FG: 2014

Capex 12-16: €0.5bn

10

2012-2016 Post 2016

Next wave of growth

• Contingent resources – Alaska – C-33 (Seat, Gavea, Pao de Açucar) – Presalt Albacora – Sierra Leone – Buckskin – Malombe – Iguaçu – Piracuca-Panoramix-Vampira – NC200 – Sagari – TIHS-1

• Prospective resources – GoM – Beaufort Sea – Louisiana – East Canada – Campos, Santos & Espiritu Santo – Colombia RC11, RC12 & Tayrona – Guyana – Angola and Namibia – Spain and Portugal – Norway offshore – Peru: Mashira – ...

Note: all production figures indicate gross plateau production; WI = Repsol Working Interest; FID = Final Investment Decision; FO: First Oil; FG: First Gas; Net capex 2012-2016, excluding G&G and G&A. 1. Average Repsol net production post royalties 2. Phase I gross production

Key growth projects increasing Repsol net production: more than 200 Kboed in 2016

Low risk of delivery: 5 project already producing +1 starting

Producing as of August 1st 2013

Delivering Growth Targets

Annual addition of contingent resources through exploration: +300/350 Mboe(3)

With a notable improvement in reserve replacement, without exhausting contingent resources bank

Production 2012-2016 entirely based on current assets + growth projects 2016 production target not built neither on contingent nor prospective resources from exploration

2012-2016 Reserve Replacement Ratio

CAGR(2) >7%

(kboed)

2011 2016 2021

0

400

Net Production(1)

800

(Mboe)

2021 2016 2011

2,000

1,000

0

Reserves

Producing assets

Growth projects

1. 2011 production adjusted for Libyan revolution: it considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Risked resources

Upstream

RRR 2012 204% (194% organic)

Contingent Resources : 2011 1.5 Bn boe

2012 2.1 Bn boe

2012 332 kboed

2013(e) +10% increase

1H13 +12% increase

21

LNG Our businesses strategy: 2012-2016

Liquefaction Marketing & Trading Generation

Atlantic LNG Peru LNG

ALNG1 ALNG 2/3 ALNG 4

Liquefaction Cap1.: 4.1bcma Repsol: 20%

Liquefaction Cap1.: 9.0 bcma Repsol: 25%


Note: Transport and upstream assets are not included in the transaction perimeter . 1MMtpa=1.37bcm 1. Nameplate capacity of the plant 2. 7 chartered by Repsol and 2 chartered by Repsol and GNF

BBE

Generation Cap: 800MW Repsol: 25%

Generation


Repsol off-take: 2.9 bcma • GNF: 1.65 bcma • BBE 1.1 bcma

Repsol off-take: 1.6 bcma • Other destinies

Repsol off-take: 5.9 bcma • Manzanillo:

4.4 bcma • Other destinies:

1.5 bcma

Fleet • 9 LNG tankers2 a long term

time charter (5 x c.138,000m3 + 4 x c.173,000m3)

• 4 LNG tankers short term time charter (0.58 Mm3)

Marketing, Shipping & Trading Activities

Liquefaction Loans linked to the asset

LNG Assets included in the transaction

The North America LNG operations (the Canaport regasification plant and the North America Marketing & Trading businesses) were excluded from the transaction.

LNG Valuation and impact

6.7 B$

1.8 B$ 0.5 B$

4.4 B$

Enterprise Value(economic date

30/09/2012)

FinancialLeases

Gross Debt fromnon controlled

entities

EquityValue

4,4 B$

0,9 B$

3,5 B$

0,8 B$

2,7 B$

1,3 B$

1,4 B$

Equity Value Book Valueas of 30thSeptember

2012

Gross Result Fiscal impact Capital Gain North AmericaImpairment after

taxes

Net Resultsafter taxes andNorth America

Provisions

Accounting Impact

Enterprise Value and Equity Value

NET DEBT

(31/12/2012)

4.4 Bn€

NET DEBT

(31/12/2012)

2.2 Bn€

NET DEBT IMPACT 1

LNG

SALE

1. Figures exclude Gas Natural Fenosa 24

25

Downstream Our businesses strategy: 2012-2016

Improve profitability on operational excellence and efficiency

• Reduce energy costs

Fuel consumption & losses down by 6% at 2016

• Reduce CO2 emissions by 15% at 2016

• Operational excellence program in refineries

• Maximize value of integration with refining

• Continue cost reduction program

• Efficiency program

• Higher-value applications

• Maximize value of marketing assets and competitive position

• Optimize retail asset portfolio

• Increase non-oil margins

• Increase international margin from lubricants and specialties

• Adequate production and commercial capacity to market conditions in Spain

• Profit growth in Latam with best-in-class operations

• Optimize portfolio

Refining Petrochemicals

Marketing LPG

Maximization of Integrated Margin in Downstream

Downstream

26

(MTm)

30

20

10

0 2012

20

2008

16

% FCC equivalent

80

60

40

20

0 2012

63

2008

43

Conversion Middle distillates

production

1. Includes sale of 15% of CLH, non-integrated Downstream in LatAm (Chile, Brazil and Ecuador), PMMA Petrochemicals, Refap in Brazil and LPG France, some of them executed in Dec. 2007

+25% +20pp

• Increased competitiveness of refining assets

• Top quartile position among European peers along the cycle

• Divested non-core / low return assets (€1.4(1)bn)

1Q 2Q 3Q 4Q

0%

20%

40%

60%

80%

100%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Mbpd

% FCC equivalent

Europe

Improved competitiveness of refining assets

Downstream strategy 2010-2014:

Increased competitiveness of Downstream business

Downstream

27

Oil pipelines CLH

Oil pipeline Repsol

CARTAGENA

CORUÑA BILBAO

TARRAGONA

PUERTOLLANO

28

• Presence in a premium market for refining

• Completion of expansion and conversion projects

• Integrated refining portfolio, working as a

unique system

• Efficient integration between the refining and

marketing businesses

Note: Integrated R&M margin calculated as CCS/LIFO-Adjusted operating profit of the R&M Segment divided by the total volume of crude processed (excludes petrochemical business) of a 14-peer-group. Based on annual reports and Repsol’s estimates. 2013 data as of May 9th public information. Source: Company filings

Competitive Downstream business, linked to quality assets and geographical situation

Industry peer group maximum margin

Industry peer group minimum margin

Repsol margins

Integrated R&M margin (Repsol vs. Sector)

Downstream: Premium asset base

Downstream

29

• Fully invested asset portfolio and portfolio management

Maximize margins and return on investment

Profit improvement through operational excellence and efficiency

Exploit focused high-value growth options with low capital requirements

– Refining margin to increase approx. 3 USD/bbl in 2016 due to new projects – Leading middle-distillate yield in short neighboring markets – Continue selective divestments of non-core assets during 2012-2016 period

– Leverage our premium portfolio to exploit in high return niche opportunities

– Operational excellence and debottlenecking initiatives – Integrated margin enhancement

– Investment in Downstream of €0.7bn/year in 2012-16 (vs. €1.6bn/year in 2008-11) – Downstream to generate +€1.2bn/year on average of free cash flow 2012-2016

Maximize return on investment and cash generation

Downstream

30

Maximizing returns from the business and capital discipline

(€bn/year)

2.5

2.0

1.5

0.0

1.0

0.5

Avg. 2012-2016 Avg. 2008-2011

(€bn/year)

2.5

2.0

1.5

0.0

1.0

0.5

x1.3

Avg. 2012-2016 Avg. 2008-2011

Marketing, LPG, Trading and Other Refining Petrochemicals

x0.4

Downstream EBITDA Downstream CAPEX

Higher margins largely derived from expansion and conversion projects

Downstream investment cycle already finalized

Downstream

Gas Natural Fenosa Our businesses strategy: 2012-2016

32

Gas Natural

A liquid asset, with long-term value and strategic benefits

Diversification, liquidity, stability and strong cash generation.

* Limited impact of 27 and 54 M€ pre tax in 2013 and 2014 respectively due to the changes done in the law that regulates the electricity sector in Spain.

Source: Repsol and Gas Natural Fenosa data

Gas Natural Fenosa

Strategically

Financially

Risk-management

Liquid Asset

A good opportunity as an industrial package with a strategic value of its own

Strong cash stream for Repsol via dividend that is expected to increase in the short term

• GNF reached the objective set in the Strategic Plan of generating €5bn EBITDA by 2012

Regulated markets offer risk diversification and stability for credit rating purposes

Repsol has partially monetized its stake (keeping all the rights) through a Prepaid Forward that could be renewed if desired.

*

33

YPF Expropriation

34

Financial impact (2011)

Operating Income • €1.2bn • 25.6%

Net income • €0.5bn • 21.0%

Investments • €2.2bn • 33.7%

25.6%

21.0%

33.7%

74.4%

79.0%

66.3%

YPF Repsol ex-YPF

2008-11 risk mitigation

Reduction of the exposure of the Group to YPF

• Divestment of 41.6% of YPF

Accounting of the expropriation

The unlawful expropriation of YPF does not affect the growth capacity of any of Repsol's businesses outside Argentina

Deconsolidation of YPF participation - 4.7

Billion €

Write off of all loans related to Petersen group - 1.4

Registration of the value as Assets for Sale + 5.6

Net effect on the P&L -> -38 million €

Deferred tax effect + 0.5

YPF Expropriation

Financial Impact

YPF

Expropriation YPF Update

As of August 2013

35

LEGAL ACTIONS:

US COURTS ARGENTINEAN

COURTS SPANISH COURTS

ICSID Claims

filed in:

Progressing according to the legal procedures.

11/07/2013: Constitution of the Tribunal

51,0% 37,1%

11,9% Repsol (stake subject to expropriation)

Others

Repsol (stake not subject toexpropriation)

The lack of a fair compensation for the expropriation has compelled Repsol to implement

a legal strategy in several jurisdiction to protect its rights.

YPF

Expropriation YPF Update

36

The YPF expropriation is manifestly unlawful and gravely discriminatory.

The measure has been widely criticized by the international investment community.

Repsol has an open attitude to reach an agreement which provides for a fair compensation.

The value of the expropriated shares to be paid by the Republic of Argentina shall be determined in the ICSID arbitral proceeding.

Last June Repsol indirectly received a compensation offer for the expropriated shares which amounted to 5.000 MUS$. This offer was unanimously rejected by the Board of Directors because (i) neither satisfied the losses suffered by Repsol; (ii) nor provided the necessary legal and financial guarantees; (iii) it lacked of liquidity and (iv) required significant and compulsory investments.

Financial Outlook

38

Financial Discipline & Selective Divestments

Financial Discipline

• Strategic objective of €4-4.5 bn divestment already achieved:

o Sale of treasury shares for €2.4bn

o Signed agreement to sell LNG assets to Shell for an EV of $6.7 bn

o Sale of Chile LPG and Ecuador Amodaimi for 551 M€

• Other divestments under assessment:

−Non-strategic, non-core assets

− High risk exposure

− Low ROCE assets

−Market value perception

− Financial impact

• Strong commitment to maintain investment grade

−Measures would allow a debt reduction of up to € 7-9 Bn(1) :

o Conversion of preferred shares (2)

o Sale of treasury stock

o Working capital optimization

o Selective Divestments

• Maintain high liquidity

• Competitive compensation to shareholders

Selective Divestments

Self-financed strategic plan Divestments up to €4-4.5bn in

2012-2016

1. Debt reduction potential not considering adjusted dividend policy impact. 2. To be exchanged into a non dilutive instrument.

Financial Outlook

39

€19bn focused capex program Cumulative Capex(1) (2012-2016) – €bn

77% CAPEX in Upstream

14.7 0.5 3.7

Producing assets 2.7

Growth projects & Future

developments (2) & Exploration

12.0

Upstream

19.1 0.2

0.2

LNG (3)

3.1

0.6

Down- stream

0.5

Corpora- tion

6.5

12.6

Total

Financial Outlook

Capex 2012 = € 3.3 bn

Capex 2013E = € 3.3/3.5 bn

1. Net Capex, excluding G&G and G&A 2. Future develoments include proyects with start-up of production beyond 2016 3. From 2014 onwards no investment forecasted Note: all calculations ex-Gas Natural Fenosa and YPF

64%, 69% and 59% (acceptance rate) *

Chile LPG

Ecuador Amodaimi

97% (acceptance rate) **

758 M€ Ongoing

Sale of treasury stock

Working capital optimization

Adjusted dividend policy (pay-out, scrip dividend)

Divestments

Conversion of preferred shares

2012 2013 2014 2015 2016

551 M€

Sale of LNG assets 6.7 Bn$

5% (1.4 Bn€) 5% (1 Bn€)

*July 2012, January 2013 and July 2013 respectively. **Conversion at 97,5%: 475€ in cash and a 500€ nominal 3.5% -10-year bond.

*** January 2012, March 4th 2013.

Actions to strengthen the Balance Sheet

Financial Outlook

***

40

41

Net Debt

Figures ex-Gas Natural Fenosa

Financial Outlook

Billion €

0

1

2

3

4

5

4Q 12 2Q 13

4.4 3.4

-22%

0

5

10

15

20

25

4Q 12 2Q 13

%

Net Debt Net Debt+Pref./Capital Employed

-3.6 bps

21.6 18.0

When the LNG sale is concluded Net Debt will decrease ~ 2.2 Bn € (1)

(1) Proforma figure at the economic date of the transaction, September 30th, 2012

42

Liquidity position

As of June 30th 2013, ex Gas Natural

No need for additional financing until 2014

Financial Outlook

6.04.4

4.2

0

2

4

6

8

10

12

Liquidity Short term maturities

Cash and equivalents Undrawn credit lines

2.3 x

Billion €

10.1 (*)

(*) Taking into account the cash disbursement as a result of the repurchase of the

preference shares and the maturity of the July 22th bond, amounting to 1,000 M€, this

ratio would stand at more than 3 times short-term debt maturities.

Environmental, Social & Governance

Conduct the business in a responsible manner

1. Debt reduction potential not considering adjusted dividend policy impact. 2. Including treasury stock divestment

Environmental Social & Governance

Energy and Carbon

• Tracks & reports energy and carbon intensity KPIs. Strategy for reduction in our entire value chain.

• GHG emission reduction target. More than 2,5 million CO2eq emissions reduction in the period 2005-2012.

• Conduct sensitivity analysis of the impact of energy prices on company’s financials.

• R&D for ecodesign of products. • Development of non fossil energy: bioenergy, renewable

electricity generation and transport electrification.

• Strong and detailed Environmental Management systems verified by third parties.

• Environmental issues are identified, studied and minimized throughout the entire lifecycle of industrial assets.

• Use of most recognized water risk assessment tools in the Oil&Gas.

Environmental

Clear path to value-creation for shareholders

44

Conduct the business in a responsible manner


Social

Governance

• Lost-time injury frequency rate shows a decreasing trend.

• Corporate Regulation to assess potential impacts on human rights under the United Nations "Protect, Respect and Remedy" framework.

• Strong regulation on Relations with communities, specially regarding Indigenous peoples. We engage with local communities to gain informed consent for all major projects, committing to maximize positive aspects and opportunities to generate shared value and to prevent and minimize negative impacts through dialogue and community involvement.

• Standards for suppliers covering issues such as, HR and ethics; and safety and environment issues.

• Accountability and integrity underlined by centralized risk & crisis management framework.

• Transparency. • Integration of sustainability into making decision process. • Anti-corruption program covering all relevant aspects and business

relationships.


45

Social

Governance

1. 2011 production adjusted for Libyan revolution. It considers 2010 Libya production (14.7Mboe) instead of Libya 2011 production (3.4Mboe) 2. Compound annual growth rate 3. Reserve Replacement Ratio. 4. Net Capex. excluding G&G and G&A 5. €1.36bn of treasury stocks already divested in 1Q 2012

77% CAPEX in Upstream

Acknowledgements Repsol has led the Oil & Gas sector for two consecutive years, since 2011 edition of the prestigious Dow Jones Sustainability Indexes. The company also leads the Oil & Gas sector on the European index (DJSI Europe).

Other acknowledgements:

Repsol has won recognition for its energy efficiency and carbon management for the third time in the last five years according to Climate Disclosure Leadership Index (CDLI).


46

Summary

48

Summary


• Upstream as growth engine • Focus on exploration • Delivery based on projects in development phase

• Maximize return on investment • Operational excellence • Fully invested assets in Downstream

• Self-financed strategic plan, resilient to stress scenarios • Commitment to maintain investment grade • Competitive dividend pay-out


Profitability

Sound financial position

Positioned for growth

Investor’s update


Strategic Plan

2012-2016

August 2013

growing from our strengths

Documents