Commentary & Deal Flow

Repsol E&P Capital Markets US LLC and Repsol E&P S.à r.l. (rated BBB+ (stable) / BBB+ (stable) by S&P and Fitch) have mandated Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan as Joint Global Coordinators to arrange a series of fixed income investor calls commencing on Monday, September 8th. A potential USD-denominated, 144A/RegS, multi-tranche 3-year, 5-year, and 10-year senior unsecured transaction issued by Repsol E&P Capital Markets US LLC and guaranteed by Repsol E&P S.à r.l. may follow, subject to market conditions.

J.P. Morgan will coordinate logistics. Please click on the following link to book your slot: https://markets.jpmorgan.com/event_booking/loadEvent?eventToken=123597_0e972755-ae78-4c5c-88f7-63fd6eef911a (If you are experiencing any issues signing up via the link, please contact Katie Hammond on IB chat or at katie.hammond@jpmorgan.com // +442077425940)

An electronic presentation with voiceover recording and preliminary offering memorandum have been made available: www.netroadshow.com/nrs/home/#!/?show=da44fa6d (Recommended)

OR visit www.netroadshow.com and enter the entry code: rep25 (not case-sensitive)

The Company will be represented by:

Leonardo Moreira - CFO, Repsol E&P

Virginia de Luis - Finance Director, Repsol Group

Mariano Benito - Head of Financing, Repsol Group

Marcos Hurtado – Head of Planning E&P, Repsol E&P

Ventura González - Corporate Financing Senior Manager, Repsol Group

Álvaro Visús –Investor Relations Front Office Manager, Repsol Group

Call Schedule:

Monday 8th September

Call #1: 12:00 - 12:45 ET / 17:00 - 17:45 UKT

Call #2: 13:00 - 13:45 ET/ 18:00 - 18:45 UKT

Call #3: 14:00 - 14:45 ET / 19:00 - 19:45 UKT

Call #4: 15:00 - 15:45 ET / 20:00 - 20:45 UKT

Tuesday 9th September

Call #5: 5:30 – 6:15 ET / 10:30-11:45 UKT

About Repsol E&P:

Repsol E&P S.à r.l., one of the largest international exploration and production companies, is the parent entity comprising the upstream business of the Repsol Group and is 75% owned by Spain-based integrated oil company Repsol S.A. (rated Baa1/BBB+/BBB+ with stable outlooks by Moody’s/S&P/Fitch), and 25% owned by Breakwater Energy Holdings S.à.r.l., an indirect whole owned subsidiary of investment funds managed by EIG Global Energy Partners