Flexible Dividend Program

The program is implemented via capital increases charged to voluntary reserves from non-distributed earnings with Repsol’s irreversible commitment to purchase the free-of-charge allocation rights at a guaranteed set price.

The “last trading date” of Repsol shares entitled to automatically receive free allocation rights for the new shares issued, will be the day the notice of capital increase is published in the Official Gazette of the Mercantile Registry. It will be necessary to hold a minimum number of rights for the allocation of one new share. This number will result from the relationship between the amount of the capital increase and the number of shares outstanding.

The allocation rights will be listed on the Stock Exchange for a minimum of 15 calendar days after publication of the notice of the capital increase in the Official Gazette of the Mercantile Registry. During this period, the shareholder may choose between:

• Selling all or a portion of these rights to Repsol at a guaranteed fixed price (this option may be exercised until a few days before the end of the trading period of the allocation rights on the Stock Exchange),
• Selling all or a portion of their rights on the Stock Exchange and receiving cash, or
• Maintaining all or a portion of their rights and receiving the free new shares owed to them.

Repsol will guarantee, with an irreversible commitment to purchase rights at a set price, that those shareholders who wish to can sell their rights and receive cash. This option is only available to the shareholders who hold shares on the record date, i.e., the effective settlement date for transactions made on the last trading day and only for the free allocation rights they receive. As a result, it is not possible to apply for this option regarding free allocation rights acquired on the stock exchange.