Repsol: Growing from our strengths in a sustainable way

REPSOL
Growing from our strengths in a sustainable way
Repsol S.A.EM Division of Economy, Finance and Development. 7/01/2015

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Disclaimer
ALL RIGHTS ARE RESERVED
© REPSOL, S.A. 2014
Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored,
duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without
the prior written permission of Repsol, S.A.
This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the
Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated) and its implementing regulations. In addition,
this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange
of securities in any other jurisdiction.
This document contains statements that Repsol believes constitute forward-looking statements which may include statements
regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends
affecting Repsol’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production
volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking
statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices,
refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “forecasts”,
“believes”, estimates”, “notices” and similar expressions. These statements are not guarantees of future performance, prices,
margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be
beyond Repsol’s control or may be difficult to predict. Within those risks are those factors and circumstances described in the filings
made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in
Argentina, the Securities and Exchange Commission in the United States and with any other supervisory authority of those markets
where the securities issued by Repsol and/or its affiliates are listed.
Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make
it clear that the projected performance, conditions or events expressed or implied therein will not be realized.
The information contained in the document has not been verified or revised by the Auditors of Repsol.

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1. Company Overview
2. Main challenges in Repsol
3. Our commitments with sustainability
4. Sustainability plans
5. Corporate Governance
6. Annexes
Main KPI Evolution
Repsol’s Technology applied to operations
Repsol’s R&D: anticipating the future
Integrated Risk Model
Main Sustainability Indexes and Initiatives
Repsol S.A.

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1. Company Overview: Repsol Today
Note: Additionally our Marketing activity extends to South East Asia

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 Indigenous communities in Bolivia, Perú, Ecuador, Alaska and Colombia
 Policy
 Due dilligence
 Grievance mechanisms
 Non-contacted indigenous tribes procedures
Ecuador, Peru,
Bolivia, Alaska &
Colombia
 First O&G company operating in Latin America with an official policy
explicitly supporting indigenous rights protected by ILO Covenant 169,
including right to free, prior and informed consultation (FPIC)
 Team of 40+ people dedicated to dialogue and relations with
indigenous communities, 35% women, in Peru, Bolivia, Ecuador, USA
and Colombia.
 UNPD entered into in Colombia: intention to develop a master
agreement and to apply it to the rest of indigenous communities.
 Signed agreements in most areas, ongoing dialogue and consultation
with all communities, currently no major disagreements.
 Controversies focused on indigenous tribes living in isolation: working
with special preventive measures in Block 88 Peru.
 Peru grievance mechanism pilot finished to update company
guidelines.

Reshaping portfolio
 Balance of exposure to OECD countries : US, Canada, Norway,
Europe
Custom made
approach
 Russia: Low profile, local alliances
 Latin America: work closely with local governments
 North Africa: limited activity to maintain current position
 Namibia, Angola: offshore
 Offshore deepwater safety
 Political risk
 Non-operated run by experienced operators: Petrobras, Chevron,
BHP, Statoil, Eni
 Members of: Oil Spill Response (OSR), Joint Industry Project (JIP)
project of IPIECA and OGP, and Global Well Containment Response
Strategy
 Strict asset integrity procedures
 Emergency response in place
Deepwater
Offshore
Brazil, GoM, Africa, Canada
and others
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 Artic operations
Artic
 Norway/Barents Sea: Not qualified as arctic operations. North-sea-
type operations
 Alaska North Slope: onshore activity
 Russia: onshore activity
 Alaska Chukchi Sea: We will not carry forward any operation
 Beaufort Sea: no operations in the medium term
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Our commitments
with sustainability

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Commitment to
safety
Excelence in
environmental
management
Promoting a low
carbon strategy
Ethical conduct
Anti-corruption
Transparency
Respect for
human rights

1.19 1.00 0.601.02 0.84 0.55
1.09
0.91
0.59
2011 2012 2013
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Commitment to safety
Our objective : zero accidents
Lost time injury frequency rate Total recordable injury frequency rate
 Sistematic Risk Management
 Proper management of our facilities risks from design to abandonment.
 Operations control through work permits and identification of critical elements of our
facilities.
 Special focus on deep water drilling: facilities integrity and design and proper response
procedures.
Own Employees
Contractors Employees
Combined
Zero fatalities in 2013
3,56 3,39 2,59
0
0,5
1
1,5
2
2,5
3
3,5
4
2011 2012 2013

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Our objective : zero accidents
 Focus on our main accidentability sources
 Incident and near-misses management: lessons learnt and procedure adjustments.
 Audits: 502 audits performed in 2013.
 Certifications: 54 out of 65 facilities certified through OHSAS 18001 in 2013.

Target: “Changing the culture of Safety and Environment through the people
leading the organization, whose behavior should serve as an example for all the
employees”
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Our objective : Embedded safety culture
2012-2013
• HSE Leadership Plan, based on three pilars:
• Training in safety culture: over 3,000 people have attended any of the 120 editions held in 11
countries. Training programs tailored to each business and aimed at intermediate managers and
other groups.
• Internal Communication: Awareness of the 8 defined behaviours leading HSE.(*)
• Development: Mainstreaming of HSE aspects as a criteria in all development tools of the
company.
2014
Progress
• Culture Project:
• Definition of Repsol´s HSE Culture attributes and of maturity levels to be achieved.
• Development of a methodology to diagnose the HSE culture level.
• Diagnosis HSE 2014 Leadership: Dupont Survey
• Improvement in the results: RSC (Relative Strength Culture) 15 points higher than 2010 results.
Next Steps
• Action Plan 2015-2020 to diagnose culture levels throughout the operational sites.
• Defining action plans based on the diagnosis results tailored to each operational site .
(*) 1)Individual responsibility 2) Example 3) Incidents are avoidable 4)Leaders in safety 5)Enforce by recognition 6) Decision-
making driven by safety 7) Be systematic with improvement 8) Immediate correction.

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Excelence in environmental management
Our objective : zero spills
 Excellence in spill prevention and response
 Various measures have been implemented to prevent accidental spills, both in the
upstream and downstream divisions
 Work was also carried out to develop an early detection system for oil spills, using
proprietary technology that uses advanced detection software and complex
algorithms to interpret spill signals.
37 29 14
0
5
10
15
20
25
30
35
40
2011 2012 2013
Number of Hydrocarbon Spills (1)
(1) Includes spills in excess of one barrel that reach the environment (either the water or land on which we perform our operations)

 2013 Milestones:
• To bring internal standards into line with international best practices
• To create a group of experts in emergency management and establish the
functions and roles played by the new multidisciplinary emergency response team
• To establish emergency response rooms and centers in Madrid, Houston, Lima
and Río de Janeiro
 During 2014 the scheduled training sessions and drill exercises have been carried out.
Emergency response: Global critical management program
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Excellence in environmental management
Corporate
Support Level
Business
Support Level
Facility
Support Level
Crisis Management
Incident Response & Business Continuity
CMT
BST
IMT TRT

2012-2013
• Development of a proprietary tool for identifying risks associated with water management
assessing aspects of both the environment and internal management at each site, based on the
GEMI Local Water Tool.
2014
Progress
• Consolidation of the tool and development of a water management map (baseline) for the activities
of refining, chemicals and upstream.
• Diagnosis of the situation of the operational sites and assessment of associated risks.
Next Steps
• Preparation of the Action Plan for improving water management for the period 2015-2020.
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Our objective: Application of best practices for water management
NEW APPROACH:
Water as a strategic resource
Strengthening local management with a global and homogeneous vision
Application of standards and best practices

New objective defined for the 2014-2020 period involving all our business
areas
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Our objective : reduce waste by 14,5 kt by 2020
2012-2013
• 2014-2020 objetive definition:
• Company’s waste map redesigned.
• Downstream activities: 14.5 kilotons reduction.
• Upstream activities: Implementation of Environmental Performance Practices (EPP), mainly aimed
to the management of drilling cuttings
2014
Progress
• Fulfillment of the actions aimed to reduce the riskiness of the waste that we generate.
Next Steps
• Compliance and revision of the potential reduction of some of the actions identify for the periods
2015-2020.
• Implementation of good practices which derive from the action plan in other parts of the Company
where the implementation is viable: possibility of implementing at Peru “La Pampilla” refinery some of
the actions already adopted in Spain.

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Excellence in environmental management
Threats to biodiversity in all of our assets and upstream projects have been
evaluated:
Our objective : biodiversity action plans implemented on all sensitive areas
2012-2013
• Development of a methodology for qualitative assessment of risks to biodiversity in assets and
projects.
• Starting the BAP (Biodiversity Action Plans) for Caipipendi area (Bolivia).
• Definition of risk indicators for biodiversity and implementation of BAPs.
• BAP in Peru, Ecuador Trinidad & Tobago and Bolivia with 96% of implementation.
• 100% of E&P sites have been evaluated and 44% qualified with some type of biodiversity risk.
2014
Progress
• Pilot ecosystem services in the area of influence of Sagari (Block 57, Peru):
• Identification of impacts and dependencies of the Company and the communities on ecosystem
services.
• Identification of priority ecosystem services, risks and opportunities, and definition of the action plan.
Next Steps
• Inclusion of ecosystem services criteria into the management system.

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 Proactive development of new technologies
 Repsol early detection of oil spills: detects oil spills without human intervention. System
working in offshore Spain rigs.
 Asphalt recycling and low temperature installation technology diminishes waste and
emissions
 At Repsol, we develop lubricants from renewable, biodegradable and non-toxic sources
as a way of reducing our environmental footprint.
 Optimize heating oil to obtain a product better-suited to the most advanced boiler
technologies reducing emissions by 30%

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Promoting a low carbon strategy
Our objective : to reduce 1,9 milion tonnes of CO2 by 2020
2012-2013
• Definition of a new target: 1.9 million tons of CO2 reduction emissions for 2014-2020 (2010
baseline).
• 100 investments and operating improvement measures were verified across all the company’s
operations in 2013 resulting in a reduction of 5 million GJ.
• ISO 50001: In 2013, Cartagena, Tarragona, and La Pampilla (Peru) refineries obtained certification,
as did the chemicals unit of the Puertollano industrial complex.
2014
Progress
• Repsol continues implementing a global energy management system (EnMS) for the whole
company under ISO 50001 standard. Thereby seven facilities have been verified so far, including
Block 16 an Upstream facility located in Ecuador (January 2014).
Next Steps
• Repsol is developing a plan in order to identify and mitigate methane emissions in its operating
assets.
• The company continues on the track to verify the entire GHG inventory following ISO 14064
standard.
• An EnMS plan is being spread through our industrial facilities.
• Focused on the identification and development of energy efficiency initiatives and low emissions
technologies.
Achievement of our 2006-2013 target to reduce CO2 emissions by 2.5 million
tons. The company comfortably outstripped the objective met in 2012 due
the reductions accumulated over those years, attaining a reduction of 3
million tons of CO2 at the end of the period

Promoting a low carbon strategy
 Non-fossil fuel energy initiatives
 Biofuels
 Transport electrification: 85 new charging points in 2013
 Renewable electricity generation
Wind Power
Repsol Nuevas Energías UK developes three offshore
wind energy projects at Scottish coast:
o Inch Cape through the company Inch Cape Offshore
Limited (ICOL)
 Total installed capacity of up to 784 MW
 The plant will have a maximum of 110 turbines, in a
total area of 150 km2.
 Consent obtained from the Marine Scotland in
October 2014
o Moray Offshore Renewables Ltd (MORL)
 Installed capacity of up to 1,116 MW, generated by
186 turbines
 The total area is estimated to cover 295 km2.
 Consent obtained from the Marine Scotland in March
2014
o Beatrice Offshore Windfarm Limited (BOWL)
 Total installed capacity of up to 750 MW, generated
by 140 turbines, to be installed over an area of 132
km2
 Consent obtained from the Marine Scotland in March
2014
 Investment contract obtained in April 2014
Transport Electrification
IBIL, the company 50% owned by Repsol Nuevas
Energías, and EVE (Basque Energy Board), continues
to develop a charging network for electric vehicles in
Spain. IBIL is the first recharging operator for electric
vehicles registered with the National Energy
Commission that provides private recharging services
(in residential and company garages), as well as public
(in public car parks, shopping centers and oil stations).
Nowadays, IBIL has implemented a control center to
monitor and manage all aspects of infrastructure and
business.
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 In Repsol we believe that two global goals have to be pursued:
 To mitigate climate change and
 To provide access to affordable energy in order to support
economic growth and development
 We set up and deploy ambitious energy efficiency programs to reduce
energy consumption and GHG emissions as one of the key elements of
our strategy. These programs pursue long term targets which has been
made public in order to facilitate their progress by the stakeholders.
 We are convinced that innovation and technological development are
essential for ensuring reliable and sustainable energy supply in the long
term.
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Our position on Climate Change

Repsol collaborates pro-actively as a member of the Climate Change Working Group of
IPIECA (the global oil and gas association for environmental and social issues).
 Concerning the concept of stranded assets we would like to highlight some key points:
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Our view on Stranded assets
 Reserves differ from resources: Oil and
gas company valuations emphasize
proven and commercial reserves that will
be produced over the next 10 to 15 years.
 Not all fossil fuels are the same: Oil, coal
and gas are different in key aspects
relevant to the unburnable carbon and
stranded assets concepts.
 Developing and deploying innovative
technology: Oil and gas companies will
continue to play their part in discovering
and developing technologies to meet the
challenges of supplying energy to billions
of people, while reducing CO2 emissions.
Repsol integrates CO2 risk into its business planning
Focus on energy efficiency and having natural gas as 65% of total reserves will ensure a
robust portfolio in climate constrained future

Ethics and Conduct Regulation
On line training available to employees
Ethics Committee
Channels in place to enable all employees or third parties to submit queries relating to
the Ethics and Conduct Regulation and report any potential incidents of non-compliance
in a fully confidential manner
Audit and Control Corporate Division
Supports non-compliance investigation
Evaluates control processes efficiency
Anti-corruption policy
Applies to employees , partners, contractors and suppliers
Crime Prevention Model
A formal framework of regulations, procedures and controls that provide a means of
reasonably ensuring that the risks of crimes being committed are suitably identified,
monitored, evaluated and controlled
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Anti corruption/ Ethical conduct
Repsol is committed to fighting against corruption in all its forms and establishing
mechanisms to prevent corrupt or fraudulent activities.

Support for initiatives to promote financial transparency in the international extractive
sector and in the countries where we operate
We support EITI since it foundation in 2003:
We belong to the Peru chapter and cooperate with Trinidad Tobago working group.
Adherence to the Code of Best Tax Practices, evidencing our opposition to the use of
non-transparent tax structures
Adherence to the register of EU lobbies, which is part of the European Commission’s
transparency initiative
Continuous improvement on remuneration disclosure
Disclosure of engagement report
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Transparency
Transparency is a key value for Repsol and a guarantee of the company’s ethical
performance, its commitment to ensuring that all financial and non-financial
information is complete and accurate, and its willingness to engage in dialogue with
all stakeholders.

Policy on respect for human rights
Based on the UN Guiding Principles on Business and Human Rights
Development of internal guidance for:
Due diligence processes
Grievance mechanisms
Training : 11,300 hours of training to 3,694 employees since 2012 in human rights.
1,000 hours of direct training to 250 employees in 2014
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Respect for human rights

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Monitoring
and control
 Developing
KPIs
 Follow-up
Supporting BU
in the
implementation
process
 3 projects
ongoing
 Several
forecasted
projects
Developing
internal
guidance
on how to
carry on
HRIA
 4 HRIA projects
concluded with
the support of
specialized third
parties
HUMAN RIGHTS IMPACT ASSESSMENTS (HRIA)
Especific
Human Right
Impact
Assessment
projects
 Pilot projects
to get
learnings and
experience
TRAINING AND AWARENESS
(communication campaigns, specific workshops in 4 countries in 2014 and new workshops forecasted for 2015
Integrating Human
Rights into
Environmental
Impact Assessment
Processes
 ESHIA standard
which includes
HRIA approved
 Mandatory
worldwide
 For all BU
2011 2012 2013 2014 2015

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Monitoring
and control
Supporting BU
in the
implementation
process
Developing
guidance on
how to implement
an operational-
level
grievance
mechanism
OPERATIONAL-LEVEL GRIEVANCE MECHANISMS (GM)
Pilot project
in Peru in
cooperation with
IPIECA Review
an existing
GM in
Bolivia
TRAINING AND AWARENESS
(communication campaigns, specific workshops in 4 countries in 2014 and new workshops forecasted for
2015)
Identification process
of the number of
existing grievance
mechanisms
2011 2012 2013 2014 2015
 1 project of
developing a new
GM ongoing
 Additional
projects of
improving the
effectiveness of
the GM forecasted
 Develop a questionaire for the diagnosis
of the effectiveness
 Improving the effectiveness of the
existing grievance mechanisms in Repsol
E&P operations
 38
operational-
level
grievance
mechanims
identified
 Developing KPIs
 Developing an IT
system for Repsol
Group
 Follow-up

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MAJOR MILESTONES REGARDING INDIGENOUS COMMUNITIES
2008 2009 2010 2011 2013 2014
Policy
approval
Developing
Standard
Social
Performance
Reviews in
Perú &
Bolivia
Publicly
Committing
Action Plan
Social
Performance
Review in
Ecuador
Civil Society
field trip to
block 16
Ecuador
2012
Long-term
agreement
in Bolivia
Agreement
with United
Nations
Development
Program
in Colombia
Free, Prior
Informed
Consultation
process
in
Colombia
Long-term
agreement
in Perú –
block 57
Internal auditing
in Perú –
community
relations
Disseminating internally and externally and including provisions in contracts

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Added complexity:
o Climate change
o Global Stakeholders
o Human rights
o Supply chain
 How to widen the view?
 How to include all
stakeholders?
 How to involve the
whole organization?
Operation
Influence area

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CSR Model
CORPORATE COUNTRY OPERATION
Stakeholders’
expectations on Repsol
List of actions:
Sustainability plans
Aligning performance to
expectations
CSR Committees:
Include multidisciplinary executive members
which make decisions on the actions to close
the gap with expectations
which compose the sustainability plan
3 levels of implementation:

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Progress
Actions are related to closing the gap in a variety of topic:
5 5 13 15
61
278
427
574
0
2
4
6
8
10
12
14
16
0
100
200
300
400
500
600
700
2011 2012 2013 2014
Nº of committees
Nº of actions
Sustainability plans approved in the year – 2013 - Nº of Actions
Governance 60
Human Rights 53
Labor Practices 96
Environment 99
Fair operating practices 101
Consumer issues 21
Community involvement and development 144
Total 574

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Shareholder Structure
6.41%
Total number of shares as of November 2014: 1,350.27 million.
11,89
9,05
6,14
72,92Free Float
11.89
9.05
6.14
72.92
Caixabank Sacyr Temasek Free Float
(*) On 11th November 2013 CaixaBank launched a €594m 3-year Mandatory Exchangeable Bond into Repsol shares (2.5% of share capital)
(*)
12 % Retail

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Board of Directors
6.41%
Directors may not
hold more than 4
mandates in other
listed companies
Repsol currently has
no overboarded
Directors
Presence of
External
Directors
 The majority of the Board (80%) consists of External Directors
 Market Practice: The tendency is to decrease the presence of Executive directors
Rotation of
independent
Directors
 None of the Independent Directors have been on the Company’s board for more than 12
years
 Implementation of the international standard (12 years cap) in our legal framework
% of Board
independence
 At least 1/3 of the Board is independent
 Market Practice: Unified Good Governance Code recommends having 1/3 of the Board
Independent
% of
Committee
Independence
 Audit and Control Committee: Composed exclusively of independent directors
 Nomination and Compensation Commitee: Majority independent / Chairman is independent
 Strategy, Investments and CSR: Composed exclusively of external directors
The company's Board of Directors recognizes that a solid commitment to corporate governance
is critical to establishing trust and credibility with investors.

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Board of Directors
Gender
Diversity
 Female directors make up 8.33% of the Boards External Directors
 Repsol has committed to increase the proportion of women in leadership positions in Spain to 29% by 2020
 Repsol’s Board recognizes that the presence of foreign Directors can add value to the decision-taking process
 In line with the multinational nature of Repsol, the Board is committed to include foreign born members with solid
international experience, such as Henri Philippe Reichstul (Brazil) and Rene Dahan (Dutch)
Geographical
diversity
Separated
roles of CEO
and Chairman
The roles of the CEO and Chairman have been separated as of April 30, 2014 with the appointment of Mr. Josu Jon Imaz as
CEO.
In addition: 1/3 of the Board consists of Independent Directors and all Board committees, with the exception of the Executive
Committee, are composed exclusively of external Directors only.
Transparency
on
remuneration
The Company continues improving the disclosure on the remuneration issues and the implementation of international best
practices.
 The Annual Remuneration Report is submitted for consultation vote to the General Shareholders Meeting. On 2014 AGM
the Report was approved by the 96,9% of the share capital present on the meeting.
 Since 2009 to 2014 the increase of the fix pay for Directors has only increased 2.5% in total
 The Company has committed to apply the limit of 2 years severance payment when proposing the appointment of new
Executive Directors.
Separated CEO/Chairman, Diversity and Transparency

40
Annexes
Main KPI Evolution
Social 2011 2012 2013
Repsol personnel (number) 23,623 23,995 24,214
Accident frequency rate (Repsol and contractor staff) [10] 1.1 0.9 0.6
Training in safety and occupational health (hours) 139,915 217,899 208,891
Deaths (number) 2 4 0
Personnel covered by collective agreement (percentage) 58 57 57
Women staff (percentage) 31 32 32
Women in management posts (percentage) 14 15 15
Women on the Board of Directors (number) 2 2 2
Total turnover rate (percentage) [11] 5 8 7
Investment in training (millions of euros) 16.38 19 19.63
Training per employee (hours) 40 42 40
Repsol staff who receive performance evaluations (percentage) 36 38 60
Disabled persons (number) 462 543 654
Teleworking staff (number) 716 1,037 1,222
Incidents of discrimination (number) 1 3 2
Voluntary social investment (millions of euros) 24.87 25.05 24.58
Local purchases as percentage of total purchases 84.59 83.4 85.3
Evaluations of the performance of contractors and suppliers (number) 1,238 940 1,261
Audits on contractors and suppliers (number) 132 144 171
Expenditure on private and public security (millions of dollars)[12] 86.9 40.62 44.11
Litigation due to allegations of anticompetitive behavior (Number of cases initiated) [13] 0 0 2
Communications received under the Ethics and Conduct Regulation (number) [14] 6 14 8
Dismissals for failure to comply with the Ethics and Conduct Regulation (number) 81 88 69
[10] Measured as the number of lost-time accidents and fatal accidents accumulated during the year, per million hours worked.
[11] Total number of persons leaving the company/total personnel on 31 December of each year. Data for 2011 have been restated in relation to the expropriation of YPF.
[12] Data for 2011 includes expenditure corresponding to YPF, and are therefore not comparable with those of 2012 and 2013.
[13] In 2012, no penalty proceedings were conducted on account of anticompetitive behavior by Repsol Group companies, for an amount equal to or greater than five million euros. For further details on
the 2012 data, see the Annual Consolidated Accounts Report, Note 18, “Current and non-current provisions”, Note 35, “Liabilities, contingencies and commitments” and Note 36, “Information on the
environment”.
[14] Data includes only communications related to the Ethics and Conduct Regulation received through the communication channel with the Ethics Committee.

Environmental 2011 2012 2013 Comments
Atmospheric emissions (metric tons)
SO2 (2) 50,131 36,949 34.263
In 2013 our SO2 emissions decreased by 7% compared to the previous year. Refineries and chemical plants were the
most important contributors. Sines reduced its emission in a 50%.
NOx 32,922 33,566 37.155 Emissions of NOx increased by 10% due to an increase in upstream drilling activities
NMVOC (2) 41,809 42,885 41.755
CO 8,804 8,696 10.283
Particulates 2,235 1,655 1.807
TOTAL 135,901 123,751 125.263
Water management (metric tons)
Fresh water withdrawn 61,156 56,243 60.414 An increase of a 7% in the water withdrawn due to the increase in the E&P activity
Discharged 39,728 38,925 40.100
Reused 6,971 8,375 9.473 13% increase in 2013, Main imptovement reached in refineries
Produced 56,758 58,556 60.578
Injected 51,976 53,678 57.831
Discharges (metric tons)
Hydrocarbons
151 259 460
In the second part of 2013 Trinidad and Tobago had problems with the water treatment plant. Because of this, there was
an increase in this parameter.
Suspended solids 1,594 1,581 1.265
Suspended solids and chemical oxygen demand decreased mainly in Tarragona chemical plant (maintenance shutdown
in semester 2)
COD 10,758 8,752 7.944
Suspended solids and chemical oxygen demand decreased mainly in Tarragona chemical plant (maintenance shutdown
in semester 2)
Waste management (metric tons)
Hazardous waste (3)
118,734 80,775 66.315
During 2013, the amount of hazardous waste treated decreased by 18% compared to 2012.. The commercial area has
developed succesfull plans to reduce its wastes. In 2013 , the amount of wastes included wastes from maintenance shut
downs (Puertollano) and conditioning plans of soils.
Non-hazardous waste
93,195 52.580 182.693
A strong increase in nonhazardous waste due to two factors:
• A conditioning plan of soils in La Pampilla refinery
• Dismantling activities in Petronor refinery.
Spills (4)
Number of hydrocarbon spills greater
than one barrel that reach the
environment
37 29 14
An important reduce in 2013 of both the number and the volume of the Hidrocarbon spills
Volume of hydrocarbon spills that reach
the environment (metric tons)
503 6,091 15
Environmental fines /sanctions (M€) (5) 0 0 0
1) In order to establish common bases for comparison over time, data for previous years have been adjusted in line with changes in the company's asset structure. The criteria for changing the baseline are included in oil-industry guidelines
(API/IPIECA/OGP). In March 2012, the Government of Argentina expropriated Repsol's majority holding in YPF, as a result of which 2012 inventories and those of previous years have been adjusted, eliminating the data from expropriated
facilities.
(2) For data on emissions from mobile sources, only those associated with own transport are included.
(3) Operational hazardous waste . Doesn´t include drilling wastes (cuttings and mud)
(4) We report spills greater than one barrel that have reached the environment.
(5)Arising from litigation or administrative proceedings finalized and paid in the year, with an amount equal to or greater than materiality thresholds set in the individual litigation letters of Group companies.
For further details on the 2012 data, see the Annual Consolidated Accounts Report, Note 34“Contingencies, commitments and Liabilities” and Note 36 “Environmental information”.
Annexes
Main KPI Evolution
41

43
Main Figures
Annexes
Economic data (€ Million) 3Q 2013 2Q 2014 3Q 2014
% Change
3Q14/3Q13
January -
September
2013
January -
September
2014
% Change
2014/2013
EBITDA 1.026 1.025 1.047 2,0 3.241 3.249 0,2
CAPITAL EXPENDITURES 716 860 961 34,2 2.112 2.549 20,7
NET DEBT 7.117 2.392 1.998 (71,9) 7.117 1.998 (71,9)
EBITDA / NET DEBT (x) - - 2,10 - - 2,17 -
MARKET CAPITALIZATION
Operational data 3Q 2013 2Q 2014 3Q 2014
% Change
3Q14/3Q13
January -
September
2013
January -
September
2014
% Change
2014/2013
LIQUIDS PRODUCTION (Thousands of bbl/d) 135 122 141 4,7 145 131 (9,3)
GAS PRODUCTION
(*)
(Millions of scf/d) 1.172 1.216 1.261 7,6 1.176 1.221 3,8
TOTAL PRODUCTION (Thousands of boe/d) 344 338 366 6,4 354 349 (1,5)
CRUDE OIL REALIZATION PRICE ($/Bbl) 89,0 87,8 84,3 (5,3) 89,7 85,9 (4,2)
GAS REALIZATION PRICE ($/Thousands scf) 3,8 4,0 3,6 (5,3) 4,0 3,9 (1,1)
DISTILLATION UTILIZATION Spanish Refining (%) 80,9 83,5 84,8 4,8 80,3 81,0 0,9
CONVERSION UTILIZATION Spanish Refining (%) 101,1 100,6 106,6 5,4 100,1 101,4 1,3
REFINING MARGIN INDICATOR IN SPAIN ($/Bbl) 2,6 3,1 3,9 50,0 3,0 3,6 20,0
As of September 30th 2014
25,385

44
Annexes
Repsol’s Technology applied to operations
Technology in E&P operations
Technology in Downstream
At Repsol we are continuously researching
into how to generate new products that meet
the needs of our customers and society as a
whole
Repsol Technology Center is the core where we focus our
R+D. More than 400 researchers work day after day at the
Repsol Technology Centre to improve on products and
preserve the environment
Kaleidoscope Project
The Kaleidoscope Project has been named one of the five
most innovative projects in the world by the American
Institute of Electrical and Electronics Engineers, a body
known for following new technologies. It works 15 times
faster than other technologies for seismic processing.
Sherlock Project
The Sherlock Project integrates knowledge of geology,
geochemistry and high-resolution analytical chemistry. Its
objective is to characterize the different elements of a
petroleum system in order to reduce the geological risk
and increase the exploratory success rate.
HEADS Project
Repsol has created the HEADS (Hydrocarbon Early
Automatic Detection System) safety system. It is the first of
its kind in the world and it can automatically detect
hydrocarbon leaks in the sea, with a response time of
under 2 minutes.
AutoGas Direct Liquid Injection
A new technology for transportation. The result of a
development and implementation of a Repsol discovery,
that enhance the sustainablity of fossil fuels in automotive
industry by lowering CO2 emissions a 15%, whithout
particle generation, meeting EU 2020 target of
95gCO2/km.
HVO
The introduction of this technology for hydrotreating
vegetable oils enables the production of a renewable fuel in
refinieries, meeting European specifications for this kind of
product and improving economic sustainability in refining
process.-
Excalibur Project
A methodology that improves field development where little
or no information is available, through 3D simulation and
patented mathematics algorithms.

Annexes
45
Repsol’s R&D: anticipating the future
At Repsol we believe that through research and innovation, with technology, we are able
to create a smart new energy model that anticipates the supply of sustainable and
competitive energy.
Reducing CO2 emissions by giving this gas
a use, is one of the objectives of the
research program. Replacing conventional
materials derived from crude oil by
secondary raw materials (CO2 byproduct of
refineries), to obtain CO2-based
polycarbonates.
Advanced biotechnology to develop a new
generation of biofuels from sustainable
energy crops and other micro organisms,
optimized for more efficient new engines.
Advanced R&D in electric vehicles and
energy storage, to be part of the
technological changes and anticipate
future strategies on electric mobility
We have developed a new generation of environmentally friendly
plastics for greenhouses, and are now developing technology* to
obtain plastics that repair themselves automatically and
independently after suffering damage, recovering their initial
aesthetic and mechanical properties.
The self-repairing plastics will give an important boost to
productivity in different sectors thanks to the maintenance savings
they will bring about, as well as environmental benefits, occupational
safety improvements and greater comfort for end users
*This technology is also being applied in the development of self-healing
asphalts
We are also involved in
R&D projects using
new materials like
graphene, to develop
new energy storage
models for
transportation.
Advanced technology in asphalts
designed to capture NOx emissions
from cars, in order to have cleaner air in
urban areas.

46
Annexes
FINANCIAL
RISKS
Liquidity
Market
Counterpart
STRATEGIC
RISKS
Macroeconomics
Geopolítics
Competitors Regulation Partners
Image and
reputation
Portfolio
management
Innovation and
development
Corporate
governance
OPERATIONAL
RISKS
Ethics and
conduct
People and
organisation
Information
systems
Suppliers and
contractors
Operational
excellence
Project
management
Accidents and
singular events
Compliance
Our Company is exposed to numerous risks
which can influence the achievement of the
Strategic Plan.

47
Annexes
An Enterprise Risk Management (ERM) System creates certainty in order to attain the
goals of the Strategic Plan through a systematic approach to risk portfolio management.
ISO 31000: 2009 Risk Management
Principles and Guidelines on Implementation
Establishing the context
Risk Identification
Risk Analysis
Risk Evaluation
Risk Treatment
Communicationandconsultation
Monitoringandreview
Risk Assessment
Risk Acceptance
No
No
Yes
Yes
RISK DECISION POINT 1
Assessment satisfactory
RISK DECISION POINT 2
Treatment satisfactory
ECIIA* / FERMA**
Three Lines of Defense Model
*European Confederation of Institutes of Internal Auditors
** Federation of European Risk Management Associations
1st LINE OF DEFENSE 2nd LINE OF DEFENSE 3rd LINE OF DEFENSE
Management
Controls
Internal
Control
Measures
Financial Control
Security
Risk Management
Quality
Inspection
Compliance
Internal
Audit
Executive Committee Audit Committee
Board of Directors
Shareholders
Our ERM System is being upgraded in order to align it with international standards:

48
Repsol has led the Oil & Gas sector for two consecutive years, in the 2011 and 2012
editions of the prestigious Dow Jones Sustainability Indexes.
The company also leads the Oil & Gas sector on the European index (DJSI Europe).
Annexes

49
Repsol is the leading oil and gas company in 2012 for carbon management, according to the Climate
Disclosure Leadership Index (CDLI), comprising the top 50 international companies in communication
and transparency on climate change
Our Company has won recognition for its energy efficiency and carbon management three times in
the last six years.
Annexes
2009 2010 2011 2012 2013 2014
Maximum Energy sector
score
88 90 92 98 98 100
Minimum score for Energy
sector companies to be
eligible for the CDLI
79 88 90 95 97 98 *
Repsol’s score 75 88 89 98 98 96
Repsol´s evolution CPLI - A B A- B B
70
75
80
85
90
95
100
105
2009 2010 2011 2012 2013 2014
Maximum Energy sector score
Minimum score for Energy
sector companies to be
eligible for the CDLI
Repsol’s score
(*) Since 2014 leaders are identified by geographical area and not globally as in previous years. According to 2014 score, Repsol is among the companies with the highest
score in transparency of the Energy sector.

©
THANK YOU
©
Repsol Contact details:
• Ms. Victoria Velasquez, Deputy Director Investor Relations- ESG.
vvelasquezo@repsol.com
+34 91 7534474
• Ms. Leticia Padura,Investor Relations Officer.
lpadurafn@repsol.com
+34 91 7535988

Repsol: Growing from our strengths in a sustainable way

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