Repsol YPF : publishes its trading statement 1Q18

April 9th, 2018

Repsol's Trading Statement provides provisional information for the first quarter of 2018, including data on the economic environment as well as company performance during the period. Repsol Group 1Q18 results will be published on May 4th, 2018.

The information contained herein may hence be subject to change and could differ from the final numbers that will be reported.

Average Dated Brent price (1) Average WTI Nymex Average Henry Hub Nymex Average Algonquin (1) Average Exchange rate (2)

(USD/Bbl)

(USD/Bbl)

(USD/MBtu) (USD/MBtu)

(USD/€)

1Q18E *

4Q17

1Q17

61.3

53.7

55.3

51.8

2.9

3.3

5.3

4.4

1.18

1.06

Var.

1Q18E/4Q17

Var.

1Q18E/1Q17

9.0% 24.4%

13.7% 21.4%

3.4% -9.1%

51.8% 81.8%

4.2% 16.0%

• 1 Source: Platts

• 2 Source: ECB fixing

UPSTREAM

1Q18E *

4Q17

1Q17

Var.

1Q18E/4Q17

Var.

1Q18E/1Q17

1.6% 4.9%

14.3% 22.1%

-2.0% 4.9%

-0.8% 0.2%

-2.2% -12.0%

DOWNSTREAM

Refining Margin Indicator in Spain Distillation utilization Spanish Refining Conversion utilization Spanish Refining

(USD/Bbl)

(%) (%)

1Q18E *

4Q17

1Q17

6.9 97.1 113.1

7.1 86.9 97.0

Var.

1Q18E/4Q17

-4.3% -7.0%

-4.7% 6.4%

-7.7% 7.6%

3. The utilization rates in both the distilation and conversion units in Spanish Refining have been impacted by scheduled maintenance, mainly in the Puertollano complex. Source: Repsol

* Estimated

Var.

1Q18E/1Q17

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.

This document does not constitute an offer or invitation to purchase or subscribe shares, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law 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.

The information contained in the document has not been verified or revised by the External Auditors of Repsol.