* Includes the consensus on Gas Natural Fenosa's earnings consolidated using the equity method (€80 M)

  ** The Adjusted Net Income in the Consensus is not equal to the sum of the lines of business because they have a different number of estimates. This is due to the fact that some analysts only estimate the Adjusted Net Income and do not give a break down with the different lines of business.

  Note: the consensus is calculated based on earnings forecasts made by the analysts who cover Repsol and which they have published and/or communicated to REPSOL's Division of Investor Relations for their inclusion in the Consensus.

  Note 2: SABADELL, GOLDMAN SACHS, RBC, UBS, MACQUARIE, BMO, BARCLAYS,BERNSTEIN, CREDIT SUISSE, KEPLER CHEUVREUX, DEUTSCHE BANK, JEFFERIES, FIDENTIIS, SANTANDER, EQUITA,MIRABAUD, HAITONG,ODDO,UBS,ALANTRA,BPI,BBVA,GVC GAESCO BEKA, EXANE,INTERMONEY, and SOCIETE GENERALE.