Repsol : Financial Statements First Half 2016

Report on Limited Review‌‌

Interim Condensed Consolidated Financial Statements and Interim Directors' Report for the six-month period ended 30 June 2016‌‌

Translation of a report originally issued in Spanish. In the event of a discrepancy , the Spanish-language version prevails.‌‌

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Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish-language versionprevails .

R EPO RT ON LIMITED REVI EW OF INTERIM CONDENSED CONSOLIDATED FIN ANCIAL STATEMENTS

To the Shareholders of Repsol, S.A.,

Report on the Interim Condensed Consol idated Financial Statements

introduction

We have performed a l imited review of the accompanyi ng interim condensed consol idated financial statements ("the interim financial statements'') of Repsol, S.A. and Subsidiaries ("the Group"), which comprise the condensed consol idated balance sheet as at 30 June 2016, and the condensed consolidated income statement, condensed consol idated statement of recognized income and expenses, condensed consol idated statement of changes in equity, condensed consolidated statement of cash flows and explanatory notes thereto for the six­ month period then ended. The Parent's directors are responsible for the preparation of these interim financial statements i n accordance with the requirements of International Accounting Standard (!AS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of interim condensed financial information, i n conformity with Article 12 of Royal Decree I 362/2007. Our responsi bility is to express a conclusion on these interim financial statements based on our limited review.

Scope of the Review

We conducted our limited review i n accordance with International Standard on Review Engagements 241 0, ''Review of Interim Financial Information Perfonned by the Independent Auditor of the Entity". A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applyi ng analytical and other review procedures. A l im ited review is substantially less in scope than an audit conducted in accordance with the audit regulations in force in Spain and, consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interi m financial statements.

Conclusion

As a result of our limited review, which under no circumstances may be considered to be an audit of financial statements, nothing came to our attention that mi ght cause us to believe that the accompanying interim financial statements for the six-month period ended 30 Ji.me 2016 have not been prepared , in all material respects, in accordance with the req uirements oflnternational Accounti ng Standard (!AS) 34, Interi m Financial Reporting, as adopted by the European Union, pursuant to Article 12 of Royal Decree 1362/2007, for the preparation of interi m condensed financial statements.

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Emphasis o.f'Matter

We draw attention to Note 2 to the accompanying interim condensed consolidated financial statements, which indicates that the aforementioned accompanying interim financial statements do not include all the information that would be required for a complete set of consolidated financial statements prepared in accordance with International Fi nancial Reporti ng Standards as adopted by the European Union and, therefore, the accompanying interim financial statements should be read i n conjunction with the Group's consolidated

financial statements for the year ended 31 December 2015. Our concl usion is not modified in respect of this matter.

Report on Other Legal and Regu latory Requirements

The accompany ing interim consolidated directors' report for the six-month period ended 30 June 2016 contains the explanations which the Parent's directors consider appropriate about the significant events that took place in that period and their effect on the interim financial statements presented, of which it does not form part, and about the information required under A1ticle 15 of Royal Decree 1362/2007. We have checked that the accounting information in the interim consolidated directors' report is consistent with that contained in the interim financial statements for the six-month period ended 30 June 2016. Our work was confined to checking the interim consolidated directors' report with the aforementioned scope, and did not include a review of any information other than that drawn from the accounting records of Repsol, S.A. and Subsidiaries.

Other Matters

This report was prepared at the request of the Company's directors in relation to the publication of the half­ yearly financial report required by Article 1 19 of the Consolidated Spanish Securities Market Law, approved by Legislative Royal Decree 4/201 5, of 23 October, and implemented by Royal Decree 1362/2007, of 19 October.

DELOITTE, S.L.

Javier Ares San Miguel

27 July 2016

,..,

L.

REPSOL, S.A. and investees comprising the REPSOL Group

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails