2015

Talisman A Transformation for Repsol

Financial strength

High growth in Upstream

Competitive shareholder

compensation

Maximize Downstream profitability

A transformative transaction, ensuring high growth in Upstream

Strategic Rationale

Growth

Diversification

Value Creation

Talisman Acquisition

Growing from our strengths

(2012-2016)

Talisman Integration

Talisman brings a global and diversified portfolio …

Talisman Assets

Experienced asset operator

Large free cash flow

Sustainable production

Potential for exploration and development

Strong relationship to governments and NOCs

Asia-Pacific

Efficient operator

Unconventional assets

Gas and associated liquids growth potential

Upside in Colombia (heavy oil)

Alliance with Sinopec in the United Kingdom

Offshore operator in the North Sea

Non-operated assets in Algeria

Americas

Europe and North Africa

Talisman Integration

… that reinforces Repsol´s portfolio

Repsol Assets

Non-operated strategic investment

Largest integrated Gas & Power company in

Spain and Latin America

In more than 30 countries, over 23 million customers

Upstream

Gas Natural Fenosa (GNF)

DownstreamWorld 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

Talisman Integration

(1) 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(2) 1P – Proven 2P Proven and Probable

Increase in production and reserves

The New Repsol

Series1

355

656X 1.9

1,539

2,384

X 1.5

2,270

3,537

1P 2P 1P 2P

Net production 2014 (1) Net reserves 2014 (1)

Repsol Repsol + Talisman Repsol Repsol + Talisman

(Thousand boe/day) (Million boe)

Talisman Integration

~ 700,000 boe/day production

~ 27,000 employees

~ 2.2 Billion boe proven reserves

The New Repsol

Among the largest private

oil & gas companies

Present in more than 40 countries

A great company resulting from a transformative operation

1 million boe/d refining capacity

30% of Gas Natural Fenosa

4.700 service stations

Talisman Integration