ADRs are negotiable U.S.-dollar denominated certificates representing shares in a non-U.S. company.

Repsol ADRs represent the Company’s ordinary shares deposited with the depositary bank and which carry the associated shareholder rights. ADR holders have the right to vote on the items of the agenda at the Annual General Meeting and receive dividends in U.S. dollars.

The terms ADR and ADS are generally used indistinctly. ADRs were designed to make buying, holding, and selling non-U.S. shares easier for investors from the United States and to provide a corporate financing vehicle for non-American issuers.

Repsol shares are listed on the following markets:

• Spanish stock exchanges: The Madrid, Bilbao, Barcelona, and Valencia stock exchanges
• The Buenos Aires Stock Exchange
• Likewise, they are traded on the OTCQX International Premier market, the highest tier of the over-the-counter-market provided by OTC Markets Group, Inc.

The evolution of the Company's shares on each one of these markets, in addition to a comparison with other companies from the sector and other stock indices, can be followed through the graphs which are updated in real-time on the"Economic and Financial Information" section of Repsol's website, which can be reached from the "Information for Shareholders and Investors" section.

There is a simple page for shareholders in the "Current Value of your Investment" section of Repsol's website, where they can enter the details of their initial investment and find out its current value.

The ticker symbols for Repsol shares on each of the markets on which they are traded are the following:

• Listed by Reuters:
  • REP.MC for the Continuous Market of the Madrid Stock Exchange
  • REPYY.PK for the OTCQX Market
  • REP.BA for the Buenos Aires Stock Exchange.

• Listed by Bloomberg:
  • REP SM for the Continuous Market of the Madrid Stock Exchange
  • REPYY US for the OTCQX Market
  • REP AR for the Buenos Aires Stock Exchange.