1. Talisman A Transformation for Repsol
2015

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

3. 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 …

4. … 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

5. 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 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

6. 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