Repsol : International Finance B.V. closes two undated and subordinated bonds issuances for an aggregate principal amount of 1,500 million euros

Repsol, S.A.	Tlf.:[phone]
C/Méndez Alvaro, 44	[phone]
28045 Madrid	Fax:[phone]
repsol.com
Other Relevant Information

Madrid, June 2, 2020

Repsol International Finance B.V., a wholly-owned subsidiary of Repsol, S.A., has agreed today the pricing and the terms and conditions of two subordinated bond issuances for a total amount of 1,500 million euro, with the subordinated guarantee of Repsol, S.A.

1. A 750 million euro undated and subordinated bond (EURO 6-Year Non-Call Undated Deeply

Subordinated Securities) at 100 per cent of its face value. The securities will bear interest on their principal amount from (and including) the issue date to 10 June 2026 at a rate of 3.750 per cent per annum, payable annually in arrears commencing on 11 June 2021; and from

(and including) 11 June 2026, at the applicable 5 year Swap Rate plus (i) 4.000 per cent per year up to 10 June 2031; (ii) 4.250 per cent per year from (and including) 11 June 2031 up to 10 June 2046; and (iii) 5.000 per cent per year as from (and including) 11 June 2046.

2.

A 750 million euro undated and subordinated bond (EURO 8.5-Year Non-Call Undated Deeply Subordinated Securities) at 100 per cent of its face value. The securities will bear interest on their principal amount from (and including) the issue date to 10 December 2028 at a rate of 4.247 per cent per annum, payable annually in arrears commencing on 11 December 2020; and from (and including) 11 December 2028, at the applicable 5 year Swap Rate plus (i) 4.409 per cent per year up to 10 December 2033; (ii) 4.659 per cent per year from (and including) 10 December 2033 up to 10 December 2048; and (iii) 5.409 per cent per year as from (and including) 11 December 2048.

The issuer may defer payment of the interest accrued on the securities at its sole discretion without triggering an event of default. Any interest so deferred shall be cumulative and arrears of interest shall be payable in certain events set forth in the terms and conditions of the securities. Likewise, the issuer may redeem the securities on certain specific dates or upon the occurrence of certain events described in the terms and conditions of the securities.

The closing and payment of the issue, which will be subject to English law, is expected to take place on 11 June 2020, subject to compliance with certain conditions precedent customary for transactions of this type, as well as to the execution of the related agreements.

The issue will be placed among institutional investors.

Repsol, S.A.	Tlf.:[phone]
C/Méndez Alvaro, 44	[phone]
28045 Madrid	Fax:[phone]
repsol.com
Other Relevant Information

The notes are expected to be admitted to trading on the Luxembourg Stock Exchange upon the filing with the competent authorities of the relevant prospectus in accordance with laws and regulations governing public offers of securities and their admission to trading.

This announcement is neither an offer to sell nor a solicitation of any offer to buy any of the securities referred to herein. The distribution of the Prospectus of the €750,000,000 6 Year Non-Call Undated Deeply

Subordinated Securities y €750,000,000 8.5 Year Non-Call Undated Deeply Subordinated Securities (the "Prospectus") and the offering or sale of the notes in certain jurisdictions may be restricted by Law. Persons

into whose possession the Prospectus comes are required by the Repsol International Finance B.V. and Repsol, S.A. to inform themselves about and to observe any such restrictions.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold

in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and in accordance with applicable state securities laws.