Company´s treasury stock

At the Annual General Meeting held on May 11, 2018, the Board of Directors was authorized for the derivative acquisition of Repsol shares by purchase, exchange, or any other transaction for valuable consideration, directly or through controlled companies. This applies to a maximum number of shares which, added to those already held by Repsol and its subsidiaries, does not exceed 10% of the company's share capital and for a price or equivalent value that may not be lower than the par value of the shares nor exceed the quoted price on the stock market.

This authorization is valid for five years, from the date of the Shareholders’ Meeting, rendering null and void the authorization agreed upon at the Shareholders’ Meeting held on March 28, 2014.