53
ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2015
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.
Some of the resources mentioned in this document do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by
the U.S. Securities and Exchange Commission.
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.
Index
Proposals for the Shareholders’ Meeting
Future challenges: value creation
Acquisition of Talisman
Results 2014
Highlights 2014
Repsol, integrated company
Environment and outlook
Evolution of GDP growth
2.4
3.4 3.4 3.5
-0.4
0.1 .1,4
1.8
-1.6 -1.2
1.4
2.8
-2
-1
0
1
2
3
4
2012 2013 2014 2015 e
Global (1)
Source: 1- Global Economics Perspectives Report. 2 - Banco de España Estimate. 3 - WEO Estimates April 2015.
Spain growing at 3% in the 1st quarter 2015
5
Environment and
outlook Gross Domestic Product
Spain (2)
Europe (3)
(%)
6
Improving the global economy
Recover growth rates that reduce unemployment and poverty
Reactivate the pace of development in emerging economies
Stimulate growth policies in developing economies
In Europe and Spain:
Continue with on-going policies: monetary, internationalization and structural reforms
Correction of imbalance: re-enforcing confidence in the markets of the spanish economy
Creation of employment
Environment and
outlook Challenges of the global and spanish economy
Sustainable economic growth that reaches all of society
1
1,1
1,2
1,3
1,4
1,5
($/€)
2012 2013 2014 2015
Average 2012
1.28
Average 2013
1.33
Average 2014
1.33
Average 1Q 2015
1.13
Favorable evolution of the exchange rate 7
1.37
1.08
Evolution of the exchange rate
Environment and
outlook Exchange rate
110.8
55.9 40
50
60
70
80
90
100
110
120
130
97.9
47.9 40
50
60
70
80
90
100
110
120
130 Average 2012
111.6
2012 2013
Evolution of Brent
2014
- 50%
2015
Evolution of WTI
2012 2013 2014 2015
Average 2013
108.7 Average 2014
99.0
Average 1Q 2015
54.0 Average 1Q 2015
48.6 - 51%
Average 2012
94.2
Average 2013
98.0 Average 2014
93.0
Drastic fall in crude oil prices 8
($/barrel) ($/barrel)
Environment and
outlook Crude oil prices
3.8
2.9
1,5
2,5
3,5
4,5
5,5
Evolution of Henry Hub
2012 2013 2014
Average 2012
2.8
Average 2013
3.7
Average 2014
4.4
- 24%
2015
Average 1Q 2015
3.0
Gas prices higher in 2013, but falling since March 2014 9
Environment and
outlook Gas prices
($/MBtu)
2008 2009 2010 2011 2012 2013 2014
0
1
2
3
4
5
6
7
8
9
10
Refining Margin Indicator
Average 1Q 2015
8.7 Average 2012
5.3
Average 2013
3.3 Average 2014
4.1
2012 2013 2014 2015
Annual variation in the demand of
gasoline and gas oil in Spain
Demand stabilized after a fall of 30% in gasoline
and 20% in gas oil between 2007 and 2014
0.2%
-4.3%
-6.4% -6.4%
-1.2%
-5.6%
-4.3%
Favorable Environment for Downstream 10
Environment and
outlook
Downstream
($/barrel)
12
Repsol,
Integrated Company Integration Advantages
Stable earnings
Appropriate dimension to tackle
projects
Capacity for self-financing
Upstream
Downstream
INTEGRATED MODEL
Integration brings important advantages and synergies
Contribution of
Gas Natural Fenosa
60% of production: gas
Negative correlation
between the dollar and
Brent
Upstream
2013 2014
€ 980M
€ 589M
Integration brings stability in the results 13
Repsol,
Integrated Company Adjusted Net Income
Downstream
2013 2014
€ 479M
€ 1,012M
40%
50%
60%
70%
80%
90%
100%
110%
120%
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
0-e
ne
(1)From when Brent reached the maximum in 2014 (19 of June) until the 24 of April 2015
(2)Integrated (average): BP, ENI, GALP, OMV, Statoil, Shell, Total
(3)Non-integrated (average): EOG, Anadarko, Occidental, Murphy, Hess, Marathon, Apache
Repsol share price vs peers(1)
(2) (3)
Brent
Repsol
Repsol share price vs Brent
14
Repsol,
Integrated Company
Share Price Evolution
2014
Integration generates higher shareholder value
REPSOL INTEGRADAS NO INTEGRADASINTEGRATED NON INTEGRATED
-10%
-6%
-23%
Extraordinary
dividend Talisman acquisition
agreement
Completed
asset
divestment
LNG
Rating
improvement
YPF Agreement(1)
2014
($ 3,600M in 2013)
($ 700M in 2014)
Sale of
Argentinian
bonds
$ 5,000M
Sale of non-
expropriated
shares
$ 1,300M $ 8,300M
2015
Talisman
Integration
16
Highlights 2014 Highlights of the Year
Appointment of
the CEO
2014: a key year with large strategic operations
$ 1,300M
$ 4,300M
(1)YPF monetization through the sale of Argentinian bonds ($ 4,997M) and the sale of non-expropriated shares($ 1,316M)
Talisman: A good agreement at the right moment
Low price environment
Disconnection between stock market share prices and asset value
Allows achievement of strategic goals
Repsol’s capacity to undertake the transaction
Historic construction of a powerful asset portfolio
World-class explorers
Production growth record
Downstream: leadership in Europe and in the generation of liquidity
Brazil and LNG: the monetization of created value
The recovery of value after the YPF expropriation
Successful completion of a
strategic growth cycle
The start of a new strategic cycle of value creation 17
Highlights 2014 New strategic cycle
2013 2014
Upstream 980 589
Downstream 479 1,012
Gas Natural Fenosa 458 441
Corporation and adjustments (574) (335)
Adjusted Net Income (1) 1,343 1,707
Equity effect (187) (606)
Non-recurring income (277) (86)
Income from discontinued operations(2) (684) 597
Net Income (3) 195 1,612
+27 %
(1) CCS Net recurring income (Valuation of commodities and products to replacement cost). (2) In 2013 : YPF (€ -1,323M) through the impairment of assets; LNG (€ +638M). In 2014: GNL (€ +314M); YPF (€ +283M). (3) Income after taxes of MIFO (Valuation of commodities and products at an average cost).
The net income surpassed € 1,600M 19
Results 2014 Global magnitudes
Figures in € Millions
Adjusted Net
Income
A fall in the price of crude oil
(€ -300M vs 2013)
Interruptions in Libya
(13,300 boe/day in 2014 vs 28,800 boe/day in 2013)
Upstream results penalized by the environment 20
Results 2014 Upstream
€ 980M
€ 589M
2013 2014
Ongoing strategic projects that started up
in 2013 y 2014 are adding 39 kboe/day:
Sapinhoá (Brazil)
Kinteroni (Peru)
Margarita Phase II (Bolivia)
Syskonsininskoye (Russia)
Production grew by 2.5% 21
Results 2014 Upstream
Production: +2.5 %
+8% excluding Libya
(thousand boe/day)
346 355
2013 2014
Reserve Replacement Ratio
2014
Reserve Replacement Ratio 2014: 118%
5 years above 100%
Proven reserves: 1,539 Mboe
More than 150 Mboe of reserve incorporation
Average Reserve Replacement Ratio in the last three years: 200% 22
Results 2014 Upstream
118%
Brazil - Sapinhoá (Guará)
Average 2014 production of 93,000 boe/d (current production level of 196,000 boe/d)
Well connection in 2015 to reach 260,000 boe/d
Brazil - Lapa (Carioca)
FPSO under construction and ongoing tenders
In production in 2016, reaching 64,000 boe/d in 2017
United States - Midcontinent
Average production in 2014 of 101,000 boe/d
126,000 boe/d in December 2014
Algeria - Reggane
In the construction phase. It will produce 7.7 Mm3/d in 2017
Spain - Lubina y Montanazo
Average production 2014: 4,560 boe/d
23
Upstream: advances in strategic projects Results 2014
1
2
3
4
5
Note: production figures at 100% (“gross”)
Russia - AROG - Syskonsyninskoye (SK) Ongoing production since February 2014. Reaching 2.4 Mm3/d
Bolivia - Margarita / Huacaya Finalizing Phase II (Phase III in process)
Reaching production of 16.4 Mm3/d in 2014 (18 Mm3/d in April 2015)
Peru – Kinteroni/Sagari Kinteroni in production since March 2014
Reaching a monthly production of 20,500 boe/d
Production start-up in 2018 to a total of 47,000 boe/d
Venezuela - Carabobo In development phase. Early production since the end of 2012
Average production in 2014 of 7,500 boe/d
Reaching production of 16,000 boe/d in April 2015
Venezuela - Cardón IV Production start-up in 2015 To reach 12.7 Mm3/d in 2016 and 23.4 Mm3/d in 2018
6
7
8
9
10
24 Note: production figures at 100% (“gross”)
Upstream: advances in strategic projects Results 2014
12 positive wells from 34 drilled(1):
Brazil: one in BM-C-33
Bolivia: two in Andina
United States: two in GoM and two in Alaska
Russia: four in Karabashsky
Trinidad and Tobago: one in TSP
Acquisition of exploratory acreage
28 blocks, mainly in the United States and Norway
Total net surface area (Repsol W.I.) = 25,300 km2
(1) 34 Wells: 24 exploratory + 10 evaluation/appraisal (12 positive: 4 exploratory + 8 evaluation/appraisal)
12 successful wells in 2014 25
Upstream Results 2014
Qugruk 5 y 7
León y Buckskin Appr-2
BQN-5 y RGD-99
TBN-14
Seat-2
Positive wells
Gabi 1, K3, 31P y 32P
26
Results 2014 Downstream
Higher margins in Refining and Petrochemicals
Higher gas margins in North America
Higher commercial volumes
2013 2014
+ 111%
€ 479M
€ 1,012M
Important results increase in Downstream
Adjusted Net
Income
Integrated Margin(*) of Refining and Marketing in
Europe (Repsol vs the sector)
(*) Calculated as adjusted operating income (CCS) of R&M, divided by the volume of processed crude oil for 10 European peers (Repsol, Cepsa, Eni, Galp, OMV, MOL, Total, PKN Orlen, Hellenic Petroleum y Saras)
Leadership in integrated Refining and Marketing margin
Excellent asset quality
Increased efficiency
Repsol integrated margin Range of peers
Leadership in Refining and Marketing 27
Results 2014 Downstream
-6
-4
-2
0
2
4
6
2010 2011 2012 2013 2014
($/barril) ($/barrel)
28
Utilization 2014
80.8% Distillation
102.4% Conversion
An increase in the margin indicator up to $4.1/barrel (5.5 in the 4th quarter)
Refining system efficiency:
Large projects (+$3/barrel)
Lower energy costs
Greater capacity utilization
Latest-generation lubricants plant in Cartagena (alliance with SKL)
Project to develop new specifications in Pampilla (Peru)
Downstream: Refining
2013 2014
3.3
4.1
Refining Margin Indicator (Spain)
($/barrel)
Results 2014
Exceptional contribution from the refining assets
Growth in sales in the Marketing business,
especially in the last quarter (+4%)
Position in non-oil
(shops, El Corte Inglés, ONCE,
Michelin, Disney…)
New business models: Client Plan
Higher results in LPG
Improved market conditions
Higher sales
Competitiveness Plan: efficiency and differentiation
Commercial
Higher volumes and margins in North America
Gas & Power
Petrochemicals
Higher volumes and results 29
Results 2014 Downstream: Commercial, Petrochemicals and Gas & Power
Reduction of the net debt: 64%
Excellent liquidity position
Sale of LNG assets
Monetization YPF
Strong financial position 30
Results 2014 Financial situation
Net debt
(*) Cash and equivalents (€ 6,532M) and lines of credit (€ 3,312M). Data at the close of 2014.
€ 9,844M
Liquidez Vencimientos a cortoSHORT –TERM MATURITIES
Liquidity covers short- term
maturities more than 7 times
(*)
€ 1,289M
€ 6,532M
€ 3,312M
2013 2014
€-3,423M € 5,358M
€ 1,935M
LIQUIDITY
Cutting-edge projects in Upstream and Synthetic Biology
Leaders in R+D in transport energy
(AutoGas, Neotech, Electrification…)
Open innovation
Global talent:
400 researchers in Spain, the United States and
Brazil
Working in a network of 120 Universities
and research centers throughout the world
Technology HEADS: “World Oil Award” Prize
Technology: driving business development 31
Results 2014 Technological innovation
Río de
Janeiro
Madrid
Houston
Excellent performance in safety
Reduction of 480,000 tons of CO2 in 2014
3.6 million since 2006
Energy and Carbon plan 2020
Waste management plan 2020
Water management plan 2020
Commitment to safety and the environment 32
Results 2014 Safety and the environment
Social Responsibility Talent, Diversity and Conciliation
Fundación Repsol
Trustworthy products and services
800 social projects
15 Sustainability plans
(73% of shares linked to variable compensation)
Human Rights training
(6,000 employees)
Second Sustainability Day
Top Management Road Show with the
investors ESG (Environment, Social and
Governance)
24,000 employees
More than 80 nationalities
10,500 training activities
1,400 teleworkers
674 employees with different capacities
Entrepreneur fund: four editions (1,700
proposals and 25 projects incubated)
1,900,000 persons benefited since 2009
Re-enforcing our commitment to society 33
Results 2014 Commitment to society
Production: 302 thousand boe/d (2014)
Reserves 1P: 731 Mboe (69% developed)
Reserves 2P: 66% in OECD countries
Reserves 2P /Production: 10.5 years
Note: All the production and reserve figures are net, according to the Talisman Annual Report of December 2014 adjusted with a gas conversion factor of 5,615 cubic feet of gas per equivalent barrel
Production 2014:
302 thousand boe/d
30%
6%
2%
19%
33%
11%
2P Reserves 2014:
1,153 Mboe
29%
4% 15%
43%
9%
Transformative operation: ensuring growth, diversification and
value creation 35
Latin America
Southeast Asia
North Sea
United States
Canada
Others
Talisman Acquisition The Company
Talisman brings a global and portfolio 36
Talisman Acquisition Assets
Producing assets
Large free cash flow
Sustainable production
Potential for exploration and development
Experienced operator
Strong relationship to governments and
NOCs
Efficient operator
Non-conventional assets
Natural gas and associated liquids growth potential
Upside emerging in Colombia (heavy crude
oil)
Alliance with Sinopec in the United Kingdom
Offshore operator in the North Sea
Non-operational assets in Algeria
America
Europe and North Africa
Asian-Pacific
37
Talisman Acquisition Contribution of value
Capital employed Capital employed in Upstream
Data at the close of 2014. Applied exchange rate of 1.06 $/€ of Talisman capital employed
35% OECD
€ ~11,000M
€ ~23,000M
Repsol Repsol + Talisman
43% OECD 37%
Upstream
Repsol Repsol + Talisman
€ ~30,000M
€ ~42,000M
55%
Upstream
More focused on Upstream in countries with less geopolitical risk 37
(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 38
Talisman Acquisition Contribution of value
355
656 X 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) (Mill. boe)
Repsol: Data at the close of2014. Talisman Energy: Annual Report of December 2014 adjusted for the gas conversion factor of 5,615 cubic feet of gas per equivalent barrel
Increase in operated assets and OECD production 39
Talisman Acquisition Contribution of value
21%
44%
11%
+ 23 p.p. + 25 p.p.
Operated Production OECD Production
Repsol Repsol + Talisman Repsol Repsol + Talisman
36%
Contingent resources Repsol
Alaska
GoM: Buckskin y Leon
Brazil: C-33 (Pão de Açúcar, Seat, Gavea,) Presalino Albacora y Sagitario (BMS-50)
Russia: Karabashsky
Talisman:
Colombia : CPE-6
Indonesia: Sakakemang
Malaysia: Cuenca de Sabah
Kurdistan
Prospective resources Repsol
Gulf of Mexico
East Canada
Brazil: Cuenca Santos y Espirito Santo
Colombia : RC11, RC12 y Tayrona
Peru
Guyana
Angola
Romanía
Portugal
Offshore Norway
Talisman:
North America
SE Asiá: Indonesia / Malaysia/ Vietnam / PNG
Colombia
40
Talisman Acquisition Contribution of value
Brazil
Lapa Sapinhoá
(Guará)
Latin America
Margarita-Huacaya (Bolivia)
Carabobo – AEP
(Venezuela) Cardon IV
(Venezuela) Akacias
(Colombia) Kinteroni + Sagari
(Perú)
Southeast Asia
HST/HSD
(Vietnam)
Jambi Merang
(Indonesia) Kinabalu
(Malasia)
Reggane (Argelia)
Africa and Europe
Monarb (UK)
Lubina y Montanazo (España)
SANECO /TNO/SK
Russia
Mid-continent (EE.UU)
North America
Eagle Ford (EE.UU)
Marcellus (EE.UU)
Duvernay (Canadá)
Wide portfolio project and exploration opportunities
World class explorer
Deepwater exploration experience
Strong Focus on LatAm
High Growth Exploration and Development Pipeline
Technological, geological and geophysical capabilities
Experienced production operator
Unconventionals experience
Focus on North America and South East Asia
Assets and contingent resources
Focus on operational capabilities
Complementary skills 41
Talisman Acquisition Contribution of value
Commercial Commercialization Trading Investments Economies of scale
General costs Optimization
Cost Synergies
Efficiency Global management
Exploration Technology Team integration Best practices
Operational Synergies
Synergies of 220 million dollars annually 42
Talisman Acquisition Contribution of value
A great company resulting from a transformative operation
Among the largest
private oil & gas
companies
+50% Capital
Employed in
Upstream
Present in more
than 40 countries
~ 700,000 boe/day
~ 27,000 employees
~ 2,200 Mboe
proven reserves
220 M$ /year
in syngeries
43
Talisman Acquisition The New Repsol
A new Strategic Plan focused on value creation 45
Future Challenges New Strategic Plan
Prices
Economy
Regulation
Talisman Integration
Portfolio management
Optimization and efficiency
Financial solidity
45
Complex environment
Business challenges
Value creation
Commitment to shareholders,
society and employees
New organization
Competitive dividend
Strategic Plan
Points regarding annual accounts, management by the Board an the re-election of the accounts auditor
First. Approval of the Annual Financial Statements and Management Report of Repsol, S.A., the Consolidated Annual Financial Statements and Consolidated Management Report, for fiscal year ended 31 December 2014
Second. Approval of the management of the Board of Directors of Repsol, S.A. during 2014.
Third. Appointment of the Accounts Auditor of Repsol, S.A. and its Consolidated Group for fiscal year 2015.
Fourth. Approval of the proposed application of profits for 2014. .
48
Proposals to the Shareholders Meeting
Points regarding shareholder compensation
Fifth. Increase of share capital in an amount determinable pursuant to the terms of the resolution, by issuing new common
shares having a par value of one (1) euro each, of the same class and series as those currently in circulation, charged to
voluntary reserves, offering the shareholders the possibility of selling the free-of-charge allocation rights to the Company itself
or on the market. Delegation of authority to the Board of Directors or, by delegation, to the Delegate Committee or the CEO, to
fix the date the increase is to be implemented and the terms of the increase in all respects not provided for by the General Meeting, all in accordance with article 297.1.(a) of the Companies Act. Application.
Sixth. Second capital increase in an amount determinable pursuant to the terms of the resolution, by issuing new common
shares having a par value of one (1) euro each, of the same class and series as those currently in circulation, charged to
voluntary reserves, offering the shareholders the possibility of selling the free-of-charge allocation rights to the Company itself
or on the market. Delegation of authority to the Board of Directors or, by delegation, to the Delegate Committee or the CEO, to
fix the date the increase is to be implemented and the terms of the increase in all respects not provided for by the General
Meeting, all in accordance with article 297.1.(a) of the Companies Act. Application.
49
Points regarding programs for participation in the share capital of the company
Seventh. Share Acquisition Plan 2016-2018.
Proposals to the Shareholders Meeting
Points regarding the amendments of the by-laws and of the regulations of the General Shareholders’ Meeting
Eighth. Amendment of the provisions of the By-Laws relating to the Shareholders´ Meeting and its powers. Amendment of
articles 15, 19, 20, 21, 22, 22bis, 27 and 28.
Ninth. Amendment of the provisions of the By-Laws relating to the Board of Directors, its Committees and the Directors.
Amendment of articles 32, 33, 39, 39 bis, 40, 42, 43, 44, 45, and 45 ter, and addition of an article 45 bis.
Tenth. Amendment of the provisions of the By-Laws relating to the information instrument of the Company. Amendment of
articles 45 bis and 47.
Eleventh. Amendment of the Regulations of the Shareholders’ Meeting: articles 3, 5, 6, 9, 13 and 14.
50
Proposals to the Shareholders Meeting
Points regarding the composition of the Board of Directors
Twelfth. Re-election of Mr. Antonio Brufau Niubó as Director.
Thirteenth. Ratification of the appointment by co-option and re-election as Director of Mr. Josu Jon Imaz San Miguel.
Fourteenth. Re-election of Mr. Luis Carlos Croissier Batista as Director.
Fifteenth. Re-election of Mr. Ángel Durández Adeva as Director.
Sixteenth. Re-election of Mr. Mario Fernández Pelaz as Director.
Seventeenth. Re-election of Mr. José Manuel Loureda Mantiñán as Director.
Eighteenth. Ratification of the appointment by co-option and re-election as Director of Mr. John Robinson West.
51
Points regarding remuneration of the Company Directors
Nineteenth. Examination and approval, if appropriate, of the Remuneration Policy for Directors of Repsol, S.A.
Twentieth. Advisory vote on the Repsol, S.A. Annual Report on Directors’ Remuneration for 2014.
Proposals to the Shareholders Meeting
Points regarding authorization and express delegation for the Board of Directors
Twenty-first. Revocation of the resolution to reduce the capital by buying back own shares through a buy-back programme
approved under point seven on the Agenda for the Ordinary General Shareholders’ Meeting held on 28 March 2014.
Twenty-second. Delegation to the Board of Directors of the power to issue fixed income securities, debt instruments,
promissory notes, hybrid instruments and preference shares in any of the forms permitted by law, both simple and
exchangeable for shares outstanding or other pre-existing securities of other entities, and to guarantee security issues made by
Group companies.
52
Proposals to the Shareholders Meeting
Points regarding general matters
Twenty-third. Delegation of powers to interpret, supplement, develop, execute, rectify and formalize the resolutions
adopted by the General Shareholders’ Meeting.
