Corporate Venturing

1. Statement of Principles

Repsol Energy Ventures S.A. (hereinafter, "REV"), a 100% subsidiary of the Repsol Group (hereinafter, "Repsol"), acts as a strategic corporate venture capital initiative aimed at investing in innovative start-ups that maximize our contribution to sustainable development. Our goal is to satisfy the growing demand for energy and products in order to meet current needs without compromising the needs of future generations.

We are dedicated to identifying and empowering innovative start-ups that address decarbonization challenges and contribute to the Agenda for Sustainable Development, always with the aim of contributing to Repsol's commitment to being a net-zero emissions company by 2050 in line with the Paris Agreement.

To achieve this, REV manages assets that support the development and scaling of disruptive technologies in the energy sector, focusing on Europe (especially Spain) and North America. Our investment focuses on strategic areas such as the circular economy, low-carbon technologies, mobility solutions, renewable energies, and digital technologies for asset optimization, always seeking synergy between innovation and responsibility in environmental, social, and governance (ESG) criteria.

Our Responsible Investment Policy is articulated around a clear purpose and strong values that underpin our approach to responsible investment, incorporating ESG criteria in the decision-making process. This not only improves risk management and profitability but also reflects our commitment to generating a positive impact on society and the environment.

We exclude relationships with counterparties involved in practices contrary to respect for human rights and ethical principles and values such as harm to people or the environment, corruption, money laundering, terrorism financing, and any other illegal or contrary actions to Repsol's policies.

2. Our Values

At REV, we are committed to creating economic value and a positive impact on society and the environment. Through our investments, we seek to be a catalyst for change towards a more sustainable future, aligning our efforts with the Sustainable Development Goals (SDGs) and actively contributing to the United Nations 2030 Agenda.

Here we highlight how our values and actions align with the SDGs to which Repsol seeks to contribute more significantly:

• SDG 7 | Affordable and clean energy: We are committed to developing and spreading renewable energies and clean technologies, supporting solutions that ensure access to affordable, reliable, innovative, and sustainable energy for all.
• Decent Work and Economic Growth (SDG 8): We promote the creation of employment and sustainable entrepreneurship through our investments, thus supporting inclusive economic growth and offering decent work opportunities.
• Climate Action (SDG 13): Our commitment to reducing carbon emissions and transitioning to a more sustainable energy model is reflected in our investments in renewable energies, energy efficiency solutions, and carbon capture technologies.
• Clean Water and Sanitation (SDG 6): We work to improve water quality, promote efficient use of this resource, and promote comprehensive water system management. Through our investments and projects, we seek to finance and support start-ups developing innovative solutions for water management and purification, as well as wastewater treatment.
• Industry, Innovation, and Infrastructure (SDG 9): We drive innovation and the adoption of advanced technologies to improve the sustainability of our operations and products, investing in start-ups and projects that solve energy challenges and promote inclusive and sustainable industrialization.
• Responsible Consumption and Production (SDG 12): We promote responsible production and consumption practices by investing in solutions that minimize waste and improve the efficiency of natural resource use.
• Partnerships for the Goals (SDG 17): We collaborate with a wide network of partners, including start-ups, academic institutions, hubs and innovation centers, associations, and other types of entities to foster a culture of innovation and cooperation that accelerates progress towards achieving the SDGs.

3. Resources and Team

ESG risk analysis occupies a central place in our investment process. At Repsol, we understand that considering these factors is essential for making sound and sustainable long-term financial decisions. This approach allows us to identify investment opportunities that not only generate attractive financial returns but are also aligned with the company's sustainability commitments.

ESG Coordinator

To effectively incorporate ESG criteria at all stages of the investment process, we have established the necessary resources and defined a specific role: the ESG Coordinator. This role enables the consolidation and reporting of ESG information for each participation, overseeing implementation and ensuring standards established by REV are maintained.

Investment Committee

The REV Investment Committee plays a fundamental role as a governing body responsible for overseeing and making strategic decisions regarding Repsol's investments. This committee works closely with the ESG Coordinator to ensure that ESG criteria are comprehensively considered in all investment decisions. The collaboration between the Investment Committee and the ESG Coordinator ensures that our investments meet financial objectives while promoting sustainable development.

4. Inclusion of ESG Criteria in the Investment Process

a. Planning

We define the sectors and challenges where innovation and investment can make an impact on sustainability, aligning REV's objectives with ESG principles and the SDGs. To achieve this, we explore opportunities in various industries, considering how our investments can contribute to environmental, social, and corporate governance aspects.

b. Sourcing

We preliminarily review candidate companies to ensure they contribute to achieving our sustainable development goals.

In this context, special attention is given to companies that have a potential impact on ESG matters and are aligned with the challenges and strategic objectives set by Repsol and the 2030 Agenda.

Activities contrary to responsible investment principles are excluded. During the preliminary search phase, the management team evaluates whether opportunities align with the criteria and objectives of the investment principles.

c. Initial Screening

We identify technical capabilities and assess technology alignment with our strategy, prioritizing ESG factors in the search and detection of opportunities.

d. Detailed Screening

We conduct a thorough analysis of the company's strategy and business plan, as well as an internal assessment of ESG impacts, risks, and opportunities.

This evaluation is carried out through a questionnaire to identify ESG risks and opportunities. This information helps us verify that the company incorporates sustainable practices into its activities and provides a comprehensive view of the company's ESG situation.

Additionally, at this stage of the process, the strategic collaboration between Repsol and the company being evaluated is defined, transaction terms are negotiated, and a reputational analysis report is obtained.

e. Due Diligence

The process begins with authorization from senior management and the Investment Committee. Following this, the investment team and Repsol's specialized corporate areas carry out comprehensive due diligence, assessing the following aspects:

a. Environmental and social impact

b. Occupational health and safety

c. Legal and regulatory compliance

d. Financial, legal, and accounting review

e. Anti-corruption policies

f. Human and labor rights

During the due diligence process, we pay special attention to the following alerts or red flags:

• The existence of a code of ethics and conduct
• The existence of an anonymous whistleblowing channel
• Annual training for employees on the code of ethics and conduct anonymous whistleblowing channel
• Existence of occupational safety management systems, including at least risk identification and assessment
• Prior reputational research of the start-up, its partners and founders/managers, especially taking into account any violation of human rights
• Non-presence on primary lists of tax havens
• Adequate work contracts for all employees
• Annual accounts audited by a third party and filed with the corresponding business register

g. Deal closing

The transaction closing process focuses on mitigating the risks identified during the due diligence. After obtaining approval according to the Company's Investment Standard, the team develops contractual agreements that specifically address ESG findings.

During this stage, contractual clauses are incorporated to mitigate identified risks, and a timeline is established to implement improvement actions during the investment period. These clauses must reflect clear commitments from the target company to ensure compliance with ESG standards. These clauses must reflect clear commitments from the target company to ensure compliance with ESG standards.

h. Portfolio Management

Once REV materializes an investment, the investment team is committed to regularly monitoring the investee company to evaluate financial and operational results and the progress of ESG initiatives. This includes risk management and the implementation of recommendations identified during the due diligence or agreed upon later.

To ensure effective monitoring, a series of KPIs, including ESG metrics, are identified. These aspects are included as discussion points in board meetings, ensuring that ESG performance remains a continuous priority and aligns with REV's sustainability objectives.

i. Exit

Before proceeding with any divestment or financing round, a detailed evaluation of the ESG progress and achievements during the investment period is conducted. This evaluation highlights how ESG improvements contribute to creating a more valuable and sustainable company. The results of this analysis are carefully considered when planning an exit, ensuring that the divestment strategy reflects both financial performance and sustainability objectives and their continuity.

j. Indirect investment

In the field of indirect investment, REV integrates ESG criteria throughout the investment cycle in venture capital and private equity funds in which it participates as a Limited Partner (LP). To this end, we carry out structured analysis of managers (GPs), studying their policies, capabilities, governance, and the level to which ESG criteria are integrated into their investment processes. We also consider their alignment with the United Nations Principles for Responsible Investment (UN PRI). REV prioritizes investments in impact funds or funds classified as Article 9 of the Sustainable Finance Disclosure Regulations (SFDR), as well as managers adhering to the United Nations Principles for Responsible Investment (UN PRI).

Throughout the life of the investment, we regularly monitor the ESG performance of the funds, reviewing the evolution of their policies, the management of relevant incidents, and the effective application of responsible practices in their portfolios. We also maintain an active dialogue with managers through stewardship activities, promoting continuous improvement and strengthening of ESG practices throughout the investment period.

Additionally, we encourage the incorporation of ESG commitments in contractual documentation, including reporting obligations, transparency, and, where appropriate, verification mechanisms. This approach allows us to guarantee an adequate integration of ESG criteria in indirect investments as well, reinforcing the global coherence of our responsible investment policy.

5. Transparency and Communication

At REV, we understand the importance of transparently communicating our responsible investment practices and follow the United Nations Principles for Responsible Investment (UN PRI).

We will periodically report on our progress and initiatives undertaken in ESG matters through repsol.com.

6. Responsible Internal and External Promotion of Responsible Investment

ESG principles are deeply integrated into how Repsol structures its internal governance and interacts with its stakeholders.

Repsol applies best practices in various areas:

• Regulatory compliance, conflict of interest management, and internal conduct regulations.
• Commitment to the protection of the environment, sustainable use of resources, and prevention of pollution.
• Measures on equality, diversity, motivation, talent retention, and workplace well-being.
• Social Management: Human Rights and Community Relations Policy, management of sustainable development projects, stakeholder dialogue, and grievance mechanisms.

Repsol is committed to promoting best practices in our operations and establishing action guidelines in line with the company values and code of conduct to guide professional and personal behavior:

Repsol's policies reflect this commitment, including:

• Code of Ethics and Business Conduct
• Repsol's Sustainability Policy
• Repsol's Environmental Policy
• Repsol's Human Rights and Community Relations Policy
• Safety and Occupational Health Policy
• Repsol's Risk Management Policy
• Repsol's Privacy and Data Protection Policy
• Repsol's Tax Policy
• Repsol's Financial Policy
• Commercial Relations with Third Parties Policy | Repsol
• Policy on Diversity in the Composition of the Board of Directors and the Selection of Board Members
• Policy on Communication and Contact with Shareholders, Investors, and Proxy Advisors and on the Disclosure of Economic-Financial, Non-Financial, and Corporate Information

We aspire to be a benchmark for ESG best practices for the investment community and our stakeholders, promoting responsible investment in our area of activity. At the same time, we foster continuous dialogue with our investees to drive their growth and maturity in ESG management.

7. Document Update

This statement of responsible investment principles was created in June 2024 and revised in June 2026. This document will be reviewed and updated as necessary to reflect changes in applicable laws, regulations, standards, and market demands.