Analyst coverage and recommendation

Analyst coverage

“Repsol regularly posts an average of the Target Prices published by entities and professionals that periodically issue investment recommendations on REPSOL in the "Analysts" section of its website (hereinafter "Analysts"). This list is not exhaustive. It does not include all the entities and professionals that issue investment recommendations on REPSOL and is subject to change. Also, due to the dynamic nature of this information, it may not be perfectly updated at all times.

_{This information is provided voluntarily by REPSOL for merely informative purposes. REPSOL has no intention of providing any type of investment-related recommendation or assessment.}

_{The interpretations, estimates, opinions, forecasts, predictions, price targets, hypotheses, conclusions, and recommendations, in addition to any non-factual information related to REPSOL's performance analyzed by the Analysts, are exclusively theirs and, therefore, do not represent the interpretations, estimates, opinions, forecasts, predictions, target prices, hypotheses, conclusions, or recommendations of REPSOL or any of its directors or employees.}

_{The publication of this list or of information on Analyst coverage, including the estimated results consensus or the average of the target prices, does not imply any type of endorsement or ratification by REPSOL of the interpretations, estimates, opinions, forecasts, predictions, price targets, hypotheses, conclusions and recommendations of the Analysts. REPSOL does not guarantee and has not adopted any measure to verify the accuracy, suitability, or exhaustiveness of this information, and under no circumstance does it assume responsibility for any inaccuracies, omissions, or errors contained therein; conclusions drawn therefrom; or any decision made based this information. This declaration also applies to the Analysts' obligation to document all circumstances that could reasonably jeopardize the objectivity of their recommendations and, in particular, all the relevant financial interests in the financial securities and instruments that constitute the object of the recommendation or conflicts of interest with the issuer to which the recommendation makes reference."}