Repsol : The Board of Directors of Repsol has fixed today at 700,180,530 euros the market value (“Amount of the Alternative Option”) of the second paid-up capital increase approved by the 2015 Annual Shareholders’ Meeting (“Repsol Flexible Dividend”)

C/ Méndez Álvaro, 44 28046 Madrid España

Tel. 34 917 538 100

34 917 538 000

Fax 34 913 489 494

www.repsol.com

Madrid, November 25, 2015

The Board of Directors of Repsol, S.A. ('Repsol') has approved the payment of a remuneration to its shareholders in the framework of the Repsol Flexible Dividend Program and in replacement of the traditional interim dividend of 2015, equivalent to 0.50 euros gross per share under a Scrip Dividend scheme and subject to the applicable rounding in accordance with the formulas approved by the Annual Shareholders' Meeting held on April 30, 2015, under item six on its Agenda.

For this purpose, and in accordance with the duties conferred by the Shareholders' Meeting, the Board of Directors has today fixed the market value of the capital increase ('Amount of the Alternative Option') at 700,180,530 euros.

According to the timetable of the capital increase, registered as official notice in the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV) on October 29, 2015 (registration number 230292), the trading price of Repsol's shares to be taken as reference for determining the guaranteed fixed price of Repsol's purchase commitment of free-of-charge allocation rights, and the number of these rights needed to receive one new Repsol's share, will be the arithmetic mean of the weighted average prices of the share on the Stock Exchanges over the days 9, 10, 11, 14 y 15 of December, 2015. In accordance with the formula approved by the Shareholders´ Meeting and considering the closing price of Repsol's shares yesterday (12.310 euros per share), the price at which Repsol will purchase the free-of-charge allocation rights will be 0.473 euros per right and the number of rights necessary to receive one new share will be 25.

It is expected that the definitive amount of these figures and the remaining information of the capital increase will be announced on December 16, 2015.

distributed by