Repsol S A : Strategic Plan 2021-2025 - Upstream Business

Official Notice

Repsol International Finance B.V. Koninginnegracht 19	Tel. [phone]
2514 AB The Hague	www.repsolinternationalfinancebv.com
The Netherlands

The Hague, November 27, 2020

In accordance with Law of 23 December 2016, on market abuse, Repsol International Finance B.V. (the "COMPANY") is filing the attached official notice published by Repsol, S.A. related to Upstream Business.

The official notice was filed yesterday by Repsol, S.A. with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores).

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Strategic	Stepping up the Transition
Plan	Upstream. Focus and cash generation
2021-2025

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2020

Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol, S.A.

This document contains statements that Repsol believes constitute forward-looking statements such as, among others, the financial and operating figures for the 2020 fiscal year. These forward-looking statements 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 and circumstances 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 mentions resources which do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the system "SPE/WPC/AAPG/SPEE Petroleum Resources Management System" (SPE-PRMS) (SPE - Society of Pretroleum Engineers).

In October 2015, the European Securities Markets Authority (ESMA) published its Guidelines on Alternative Performance Measures (APMs). The guidelines apply to regulated information published on or after 3 July 2016. The information and breakdowns relative to the APMs used in this presentation are updated quarterly on Repsol´s website.

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 Auditors of Repsol.

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Repsol E&P priorities 2021-25

• FCF as a priority (Leading FCF B-even)

• FCF breakeven <$40/bbl
• Low capital intensity and flexibility
• Generate €4.5 B FCF @$50/bbl & $2.5 HH
• -15%OPEX reduction

2 ResilientValue delivery

− Top leading project profitability

− Short pay-back− Digital program

− Reduction of -30% G&A

Focused	Tier 1 CO2
3 portfolio	4 emissions

− Value over volume	− Emissions intensity
•	Flexible production level	reduction of 75%
•	(~650kboed 2021-25)	− Streamlining to a leaner
<14 countries	upstream portfolio
− Leaner and focused	− Decline/exit of carbon
exploration	intensive and non-core
		assets

Building optionality and strategic flexibility	3