As Repsol completes the acquisition of Talisman Energy, a new organizational structure has been implemented to include the integrated assets and manage the resulting transformation of Repsol into one of the world’s largest publicly-listed oil and gas companies.

In accordance with best practices in corporate governance and as a result of Repsol’s enlarged international presence, the Board of Directors, at the suggestion of Chairman Antonio Brufau and with the favorable recommendation of the Appointment and Compensation Committee, has approved the new organizational structure for the company resulting from the integration of Talisman.

This new organization, which is the foundation for Repsol’s transformation into a group with a relevant presence on every continent, reinforces the business units’ capabilities to increase efficiency and create value under the leadership of Chief Executive Officer Josu Jon Imaz, who holds all the executive functions within the company.

Three top-level committees are created under the chairmanship of the CEO: The Corporate Executive Committee, The Exploration and Production (E&P) Executive Committee and the Downstream Executive Committee (Refining, Marketing, LPG, Trading and Gas & Power.) These committees will have full responsibility over their businesses.

The new organizational structure’s aims include:

• Aligning the organization with Repsol’s new asset portfolio. This is based on a one-company model that takes into account the different characteristics of the E&P and Downstream businesses

• Serving Repsol’s enlarged global footprint. The integration of Talisman increases Repsol’s geographical presence, creating the need to align the structure and operation of the corporate functions.

• Embodying Repsol’s vision of a company focused on long-term business sustainability, technological progress and social welfare.