Repsol YPF : Closing of a paid up capital increase of 39,708,771 euros and a payment in cash to its shareholders of 100 million euros (Repsol Flexible Dividend Program)

Madrid, July 10, 2018

Following the official notices registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV) on April 9, May 11 and 12 June, 2018, Repsol, S.A. ("Repsol") announces the end, on July 6, 2018, of the trading period of the free-of-charge allocation rights corresponding to the paid up capital increase implementing the "Repsol Flexible Dividend" shareholders' remuneration program.

Holders of 86.74% of free-of-charge allocation rights (a total of 1,350,098,214 rights) opted to receive new shares of Repsol. Therefore, the final number of shares of one (1) euro par value issued in the capital increase is 39,708,771, where the nominal amount of the increase is 39,708,771 euros, representing an increase of approximately 2.55% of Repsol´s share capital before the capital increase.

Moreover, during the period established for that purpose, holders of 13.26% of free-of-charge allocation rights accepted the irrevocable commitment to purchase rights taken by Repsol. Consequently, Repsol acquired 206,366,731 rights for a total amount of 100,087,864.535 euros. Repsol waived the shares corresponding to the free-of-charge allocation rights acquired by virtue of the mentioned commitment.

The capital increase was closed on July 10, 2018.

According to timetable of the execution of the capital increase, the cash payment to shareholders who sold the free-of-charge rights to Repsol will be made today. (*)

It is expected, subject to compliance with all legal requirements (and, in particular, the verification by the Spanish Securities Market Commission), that the new shares will be listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges through the Spanish Automated Quotation System (Mercado Continuo), on July 20, 2018, and on July 23, 2018 the initiation of their ordinary trading. The Company will also apply for the listing of the new shares on the Buenos Aires Stock Exchange.

(*) The expected date for payment in cash to holders of American Depositary Shares and ordinary shares listed on the Buenos Aires Stock Exchange may have certain specialties.