Repsol : The Company announces the sale of its LPG businees in Peru and Ecuador to the company Abastible for approximately 335 million dolars

c/ Méndez Álvaro 44 28045 Madrid

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www.repsol.com

Madrid, April 20, 2016

Repsol has entered into an agreement with the Chilean company Abastible to sell its LPG (Liquefied Petroleum Gas) businesses in Peru, for 980 million Peruvian soles, and in Ecuador, for 33 million dollars, totalling 335 million dollars at the current dollar/sol exchange rate, subject to the usual adjustments for these types of transactions. Both transactions are expected to close in upcoming months, once the necessary administrative authorizations are granted. The capital gain generated will be determined when the transactions are completed and the dollar/sol exchange rate that will be applied is fixed.

The richness and diversity of Repsol's asset portfolio, especially following the integration of Talisman, has allowed the company to find more portfolio management opportunities, including in the sale of assets considered non‐strategic. In recent months the company has made divestments worth close to the 3.1 billion euros outlined for the first two years of the 2016‐2020 Strategic Plan.

After this divestment, Repsol maintains its hydrocarbon exploration and production activities in Peru and Ecuador. The company also continues to operate a refinery and 410 service stations in Peru.

This document does not constitute an offer or invitation to purchase or subscribe shares, pursuant to the provisions of the Spanish Securities market Law (Law 24/1988 of the 28th of July, as amended and restated) and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither 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 described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain 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 External Auditors of Repsol.