Q2 2018 Results Consensus

(M EUR)	Analysts' Consensus 2Q18
Upstream	352
Downstream	358
Corporate and others	-127
Adjusted Net Income (*)	587

* The Adjusted Net Income does not equal the sum of the business lines because they have a different number of estimates. The reason being that some analysts only provide an estimate of the Group’s Adjusted Net Income and do not provide a breakdown of the result by business line. .

Note 1: Consensus Earnings Estimates are calculated based on earnings projections made by the analysts who cover Repsol and which have been published and/or communicated to Repsol's Investor Relations team for its inclusion in the Consensus.

Note 2: Includes earnings projections made by the following analysts who cover Repsol: RBC, Mirabaud, Barclays, Santander, Alantra, Fidentiis, Societe Generale, Oddo, Kepler Cheuvreux, Equita, Intermoney, Bernstein, Exane BNP Paribas, Haitong, Mediobanca, UBS, Sabadell, Redburn, Caixabank BPI, Goldman Sachs, Morgan Stanley, Jefferies, Bank of America, Raymond James, BBVA, JP Morgan, Macquarie, HSBC, and Deutsche Bank

Legal notice:

The following agencies issue investment recommendations on REPSOL (hereinafter, "Analysts"). The following relationship is not exhaustive and is subject to change.

Coinciding with each quarterly earnings presentation, and provided that there is a significant sample of analyst estimates (at least 50% of the analysts) on those dates, REPSOL will publish the Analysts’ consensus on the corresponding quarterly earnings forecasts at least 48 hours before the date of the earnings presentation. This consensus will also be updated 24 hours prior to said presentation. This consensus is calculated on the basis of the earnings forecasts made by analysts and which they have published and/or communicated to Repsol's Division of Investor Relations for their inclusion in the consensus.

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, 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.