The Issuer intends to use the proceeds from this Offering to (1) repay amounts outstanding related to the acquisition of the Issuer's ordinary stock of Repsol E&P S.à r.l. ("Repsol E&P") and (2) pay related fees and expenses.

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

About Breakwater Energy

The Issuer, a company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, is the 25% owner of Repsol E&P. Repsol E&P is the parent company of the group comprising Repsol E&P and its consolidated subsidiaries (the "Repsol E&P Group"). The Repsol E&P Group's upstream activities include hydrocarbon exploration, development, production, carbon capture and storage and commercialization activities. Repsol E&P built the Repsol E&P Group's international presence over decades with the objective of delivering resilient, hydrocarbon production that is efficient, profitable and cash flow generating.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $23.8 billion under management as of June 30, 2025. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 43-year history, EIG has committed over $51.3 billion to the energy sector through 420 projects or companies in 44 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.