Repsol

Remuneration of members of the Board of Directors

The remuneration received by Executive Board Members, for the items listed in paragraphs a), b ) and c) herein, amount to €6.779 million, representing 0.14% of the earnings attributable to the parent company for the period.

a) For membership on the Board of Directors

According to the provisions of Article 45 of the Company Bylaws, each year the Company may allocate an amount equal to 1.5% of net profit to the members of the Board of Directors, which may only be deducted after the statutory and mandatory reserves have been covered, and after shareholders have been given a dividend of at least 4%.

Under the system established and approved by the Appointments and Remuneration Committee, the remuneration to be received annually for membership on each of the Group's corporate government bodies amounted to the following for the years 2010 and 2009:

The amount of remuneration received in 2010 by members of the Board of Directors for their membership under the aforementioned statutory allowance amounted to €4.91 million, as detailed below:

Moreover, it should be noted that:

• The members of the Board of Directors of the parent company have not been granted any loans or advances by any Group company, jointly controlled entity or associated enterprise.
• No Group company, jointly controlled entity or associated enterprise has incurred obligations with regard to pensions or life insurance with any of the current or former members of the Board of Directors of the parent company, except the Chairman and Chief Executive Officer and the Executive Director Legal Affairs, who, as executive directors, are governed by the commitments stipulated in their respective service provision contracts, which establish specific contribution systems.      

b) For job performance and executive functions

Fixed monetary remuneration received in 2010 by members of the Board of Directors who performed executive responsibilities in the Group during that year amounted to a total of €3.269 million euros, of which €2.31 million was paid to Antonio Brufau and €0.959 million to Luis Suárez de Lezo. This remuneration is the same as that received in 2009 for the same item.

In addition, remuneration in kind (housing, etc.), the annual variable and multi-year variable (the latter determined by the degree of achievement of the objectives of the Medium-Term Incentive Program for executive personnel) for the years 2006-2009 received by Antonio Brufau
amounted to a total of €1.62 million. The amount received by Luis Suárez de Lezo as remuneration in kind, annual variable and multi-year variable (as a participant in the program mentioned above) came to €0.666 million.

These figures do not include the amounts detailed in paragraph e) below.

c) For membership on the boards of directors of subsidiaries

The amount of remuneration received in 2010 by members of the Board of Directors of the parent company for their membership on the governing bodies of other companies within Group, jointly controlled entities or associated enterprises amounted to €0.536 million, as detailed below:

d) For civil liability insurance premiums

The members of the Board of Directors are covered by the same civil liability policy that insures all managers and executive personnel of the Repsol YPF Group.

e) For life insurance and retirement policies, pension plan contributions and long-service bonus

The cost of insurance policies for retirement, disability and death, pension plan contributions and the long-service bonus, including, where applicable, the corresponding amounts charged to the Company by members of the Board of Directors with executive responsibilities in the Group, amounted to €2.784 million in 2010. €2.496 million was for Antonio Brufau and €0.288 million was for Luís Suárez de Lezo.

f) Incentives

Board Members who do not hold executive positions in the Company did not receive multi-year variable remuneration.

Last updated: 26 March 2011