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María Victoria Zingoni: Investor Relations Policy

Video transcript

Investor Relations Director

In investor relations we aim to ensure that the share price reflects the value of the company as best possible. In this context, the two-way flow of information, from the company to the finance community and from the financial community to the company, takes on major importance. This means keeping the finance community appraised of Repsol’s situation and its plans for the future, so that they can understand and see the value that this holds for the company..

The Investor Relations management reports to the Economic-Financial division and has substantial support both from the company chairman and the Board of Directors. For the financial community and for investors, this is an important commitment within the company.

Investor Relations is a role that requires technical knowledge and communications skills in order to constantly inform our different clients of the company’s situation, always ensuring that there is no asymmetry in the information given, according to best practices in corporate governance and current regulations in all markets.

Who are these clients that I mentioned? On the one hand we have minority shareholders, who make up an important part of the total number. On the other hand, we also have institutional investors, potential investors and also investment analysts, who are constantly making recommendations about companies and whether to buy or sell shares in them.

So, what do we do, in Investor Relations, from one day to the next? Our time is basically divided into three parts: a certain amount is allocated to what we call study, receiving inforrmation and analysing it in house, from reports written by various analysts, to what is going on economically at a local, national and international level in the different places where we have a presence as a company. This is important, as it prepares us for the second part, which is contact with our investors.

How do we contact them? It could be through a conference call, over the telephone, or through a roadshow. Roadshows are pre-planned journeys during which meetings are held, either directly with one investor, or with several investors. A typical roadshow will last between three and five days. It generally visits one city per day with between six and eight meetings a day, so it is a fairly demanding process.

Looking back, what activities have we carried out over the year 2008? We have held 12 roadshows, eight in different European cities, three in the United States and one in Asia, which is a market in which we are beginning to make Repsol known. We have had around 340 one-on-one meetings, whether with Investor Relations only, or with the participation of a Board member as well. We have taken part in 12 industry-specific conferences.

At our Minority Shareholder Information Office, we have fielded a total of 62,000 calls, which represents an average of 230 or 240 per day, and have responded to more than 300 emails a day.

I believe that, now and in the context of the company’s long-term goals, it is important that we as companies are accessible and have strong relations with their investors, that management is present and aware of the direction we are heading in, how we can progress beyond these difficult times, and also how we see the long term.

We therefore continue in this objective, with the idea of maintaining a presence, of continuing to be a transparent business, as can be seen from the various prizes that Repsol has achieved in recent years for transparency, of being accessible and of always being there to impart the necessary information to the different members of the financial community.

For me, in our vision, this objective is not achieved through the current share price, but through the true value that there is in our company, and which we continue to build through the strategic plan that is currently in effect.

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