Talisman A Transformation for Repsol 2015

A transformative transaction, ensuring high growth in Upstream Strategic Rationale Talisman Integration Maximize Downstream profitability Financial strength Growing from our strengths (2012-2016) Growth Diversification Value Creation Competitive shareholder compensation High growth in Upstream Talisman Acquisition A transformative transaction, ensuring high growth in Upstream

Talisman brings a global and diversified portfolio … Talisman Assets Talisman Integration Americas Asia-Pacific Efficient operator Unconventional assets Gas and associated liquids growth potential Upside in Colombia (heavy oil) Experienced asset operator Large free cash flow Sustainable production Potential for exploration and development Strong relationship to governments and NOCs Europe and North Africa Alliance with Sinopec in the United Kingdom Offshore operator in the North Sea Non-operated assets in Algeria Talisman brings a global and diversified portfolio …

… that reinforces Repsol´s portfolio Repsol Assets Talisman Integration Upstream Downstream World class explorer Deepwater exploration experience Activities in 29 countries Strong focus on Latin America Alliance with Sinopec in Brazil 10 development projects delivering 12-16 Leadership in Europe in integrated Refining and Marketing margin One million boe/d refining capacity: Leadership in Spain and Peru 4,700 Service Stations in Spain, Portugal, Italy and Peru Excellent asset quality Products Differentiation Cash Flow generator Gas Natural Fenosa (GNF) Non-operated strategic investment Largest integrated Gas & Power company in Spain and Latin America In more than 30 countries, over 23 million customers … that reinforces Repsol´s portfolio

Increase in production and reserves The New Repsol Talisman Integration Net production 2014 (1) Net reserves 2014 (1) (Thousand boe/day) (Million boe) X 1.5 X 1.9 656 3,537 2,384 2,270 355 1,539 1P 2P 1P 2P Repsol Repsol + Talisman Repsol Repsol + Talisman Repsol: Data at the close of 2014. Talisman Energy: Annual Report of December 2014 adjusted for the gas conversion factor of 5,615 cubic feet of gas per equivalent barrel 1P – Proven 2P Proven and Probable Increase in production and reserves

A great company resulting from a transformative operation The New Repsol Talisman Integration ~ 700,000 boe/day production 1 million boe/d refining capacity 4.700 service stations ~ 27,000 employees 30% of Gas Natural Fenosa ~ 2.2 Billion boe proven reserves Among the largest private oil & gas companies Present in more than 40 countries A great company resulting from a transformative operation