Q4 2017 Results Consensus

* Includes the analysts' consensus for Gas Natural Fenosa's results that are consolidated using the equity method. Consensus values for Gas Natural Fenosa no longer disclosed due to lack of separately received estimates.

** 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 estimate the Adjusted Net Income and don't give a break down of the business lines.

Note: 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: BARCLAYS, DEUTSCHE BANK, CITIGROUP, MORGAN STANLEY, RBC, BAML, JEFFERIES, JP MORGAN, BERNSTEIN, MIRABAUD, SABADELL, SOCIETE GENERALE, UBS, GOLDMAN SACHS, RAYMOND JAMES, SANTANDER, BMO, MACQUARIE, ODDO, KEPLER CHEUVREUX, JP MORGAN, and EXANE.

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.