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Our progress
against our 2011 objectives

The objectives detailed below are developed under the Repsol Sustainability Plan.

2011 objectives Progress achieved(20)
Reinforce knowledge of the Ethics and Conduct Regulation In 2011 we worked to define the contents of our online course on the Ethics and Conduct Regulation (ECR), which will be completed in 2012. The course will include a final assessment of knowledge gained through the course.
Promote internal reporting of possible behaviors contrary to our Ethics and Conduct Regulation to the Ethics Committee We carried out a communication plan was to remind our employees of the Ethics and Conduct Regulation and the functions of the Ethics Committee. Two specific communications were sent through the corporate intranet:

- An internal note was posted regarding the key behaviors included in the Ethics and Conduct Regulation.

- Information was shared regarding the functions of the Ethics Committee in relation to consultations and investigating alleged behaviors contrary to the Ethics and Conduct Regulation.
Raise our ability to act and always make decisions in favor of human rights We have developed an online training course on human rights, which will be available to all employees in 2012. The course is estimated to last 40 minutes.
Update our Exploration and Production policies regarding human rights Upstream area compared its policy on Environmental, Social and Health Impact Assessment (ESHIA) against this new corporate policy. This analysis allowed us to identify the differences between this and the new policy, which include human right matters, During the course of 2012, the Upstream area will continue to work on formally reviewing this and other related policies and on implementing all of them, to learn about and promote the new human rights requirements that have been laid down companywide.
Modify Exploration and Production processes so that human rights are more integrated into our business operations Following the approval of the Corporate Policy on Environmental, Social and Health Impact Assessment (ESHIA) in November 2011, Upstream is working in 2012 to review the Integrated Project Management system to incorporate aspects not currently included.
Validate knowledge on employee opinions and expectations of the company On 26 April, we launched a new edition of our work climate survey among Repsol employees, with a participation rate of 82% of staff (permanent staff excluding YPF). The survey results revealed that recognition, resources to carry out work, motivation and mobility were the least valued aspects. By contrast, the most valued aspects were diversity, Repsol's attractiveness as an employer and the business project.
Give a more local, engaged and multidisciplinary response to social and environmental expectations from local communities In June and July we created National Corporate Responsibility Committees in Bolivia, Peru and Ecuador. The Spanish committee was created in December. One of the first initiatives implemented in the four Committees is to develop national sustainability plans to be launched during the first quarter of 2012. With this initiative we aim to give a more local, integrated and multidisciplinary response to ethic, social and environmental expectations of the local communities where we are present.
Contribute to increasing the social and environmental standards of our subcontractors We have implemented Several activities to promote social responsibility in our value chain, emphasizing the following:

- Updating supplier-rating processes that incorporate a requirement for applying corporate responsibility criteria to their own suppliers and contractors.

- Defining new clauses to be incorporated in the general conditions for purchasing and contracts, regarding compliance with Repsol policies, in terms of ethics and human rights.

- Seven ethics and human rights audits on two direct suppliers in Spain and five in Peru. In addition, three audits were conducted on our suppliers' contractors, one in Morocco and two in China. To do so, we hired the services of an external company with recognized experience in conducting this type of audits. As a result of the social audits, we defined a series of improvements to be implemented by the supplier and/or its contractors.
Contribute to raising our partners' social and environmental standards Partner relations are established through a Joint Operating Agreement (JOA), reviewed in 2011 to incorporate ethical and environmental aspects. In 2012 we will continue to work to improve this agreement, incorporating human rights aspects.
Promote socially responsible investment All the group's pension funds are required to meet Socially Responsible Investment (SRI) criteria in their investment decisions. In 2011 we enhanced these criteria with current fund managers.
Take into account social minorities and special needs groups in our corporate communication

As part of our commitment to society and to a fully accessible website at repsol.com, Repsol has taken the following actions:

- Implement accessibility and web semantics criteria to achieve level AA of the accessibility guidelines for web content, intended to make content accessible to people with different capabilities.

- Put in place accessibility standards to aim for all new development to reach all audiences.

Of note is the recognition received in 2011 on accessibility granted by "Reporta 2011" after studying how the 113 companies listed on the Madrid Stock Exchange General Index (IGBM) and the Ibex 35 report to their stakeholders. The report highlights Repsol as a benchmark for accessibility, and a second place overall rating.

Foster a safety culture In 2011, we delivered 193,760 hours of training in safety and occupational health to our own personnel (reaching approximately(21) 35%), and around 532,702 hours to contractors' staff.

The main training programs undertaken for all company business units in 2011 were on incident investigation, safety and environmental risk assessment and defensive driving.

Additionally, we continued to conduct training and awareness campaigns on the 7 Basic Safety Rules in all business units.
Update our safety and environmental risk management system In 2011, we conducted risk surveys in all business units to implement the Safety and Environmental Risk Management corporate standard , approved in 2010, in the industrial centers affected by this corporate standard.

In addition, we worked to reinforce training for the correct application of this corporate standard.
Advance emergency control After reviewing our company emergency management processes in 2010, in 2011 we defined new emergency management process at corporate level.

We also defined emergency management criteria for application in our facilities, having begun to make suitable these criteria / the adaptation of these criteria in company facilities.
Promote continuous improvement in our safety management system We have conducted recertification programs of our safety management system, under international standard OHSAS 18001 "Occupational Health and Safety Management System" at certified centers.

Additionally, 13 new facilities were certified under this standard throughout 2011: 10 services stations and three LPG plants.
Prevent accidents by incidents investigation We conducted training courses to implement safety and environmental incident investigation corporate standards and on the use of the computer tool that supports them, HGI (Graphic Investigation Tool).

We are also monitoring indicators on incident investigation and improvement actions that form part of the company's safety and environmental targets.
Improve the safety of company processes In 2011 we have continued improving the safety of company processes by defining preventive indicators in accordance with best sector practices, following adoption of the industrial accident rate indicators established by the main international standards for our sector.

Through our membership of the European Process Safety Centre (EPSC), the main European body focused on this area, we participate in the process safety indicators working group, allowing us to learn and adopt best industry practices.
Identify opportunities to improve energy efficiency in our operations and reduce our greenhouse gas emissions During 2011 we reduced 622,300 tons of CO2 equivalent through specific energy saving actions. The aggregate reduction as a consequence of all our actions between 2006-2011 comes to 2.2 million tons of CO2 equivalent (over 85% of our total strategic target).

Furthermore, we have continued our emissions verification program in company facilities, adding the following operating centers this year: Margarita in Bolivia, Block 16 in Ecuador and Barrancas in Argentina.

In September 2011 we obtained the Energy Management Systems certification at the A Corua Refinery under international standard ISO 50001.
Research, develop, produce and market more sustainable biofuels During 2011, in the KUOSOL project we continued making progress in planting land and work relevant to the current project phase. In conjunction with our investee company AlgaEnergy we operationalized the Technological Platform for Experimentation with Microalgae (PTEM) at terminal 4 of Madrid-Barajas airport. This project researches CO2 capture from airport facilities for use as one of the nutrients used by microalgae for conversion into biodiesel.

Iberia y Repsol carried out the first Spanish flight powered by biofuel on October 3, 2011.

In 2011 Repsol distributed 1,700,000 tons of biofuels on a global level.
Progress in researching and developing new energy sources for transport. In 2011, IBIL, the joint venture between Repsol and EVE (Ente Vasco de la Energa) the Basque Government's energy agency, became the largest electric vehicle charging service provider in Spain. It has managed the installation of a total of 109 posts, which allow electric vehicles to charge safely and reliably, constantly monitored via the new control center located in Barakaldo (Bizkaia, Spain).
In 2011 we created IBILEK, an hourly electric vehicle rental service.
Study opportunities for renewable electricity generation We continued working to promote renewable generation projects through our subsidiary Orisol in countries such as Spain, Italy, Romania and the United States, among others. Actions of note include our commissioning in Sierra de Arcas (Andalusia) and the awarding of 9 and 51 MW tenders in Aragon and Andalusia respectively.
In June 2011 Repsol acquired 100% of the British company Sea Energy Renewables, an offshore wind farm promotion and development company based in Scotland that will allow us to develop 1.190 MW net of offshore wind power.
Optimize our water management We carry out water management improvement programs in several refineries (Petronor, A Corua, Cartagena, Tarragona and Puertollano in Spain; Lujn de Cuyo in Argentina; La Pampilla in Peru) and chemical plants (Tarragona, Puertollano, Polidux, General Qumica and Dynasol in Spain). The actions identified mainly relate to:
• Optimizing consumption

• Minimizing discharges

• Improvements in water quality

• Solutions to operating problems

During 2011 we implemented a series of pilot studies in three company facilities (Puertollano refinery and chemical plan in Spain and the exploration and production operations in block 16 in Ecuador) to identify opportunities to optimize the water use and improve discharge quality.
Improve waste treatment We carry out waste minimization programs and improvement actions for waste management in several company centers/facilities.
Enhance control over spills In 2011 we took action to review our current contingency plans and analyze the adequacy of our Sea and River Spill Management corporate standard, approved in July 2010, defining an adequacy proposal in several company facilities in Portugal (port terminals in Bantica, Matosinhos and Leixoes) and in Peru (Puerto Callao and La Pampilla).
Minimize impacts on biodiversity We have worked to extend the Biodiversity Action Plans (BAPs) developed in blocks 57 in Peru, block 16 and Tivacuno in Ecuador, the Auca Mahuida Vulcan block and Llancanelo in Argentina and the TSP block in Trinidad and Tobago.
Assess the environmental, social and health impacts of our projects Repsol approved the Environmental, Social and Health Impact Assessment (ESHIA) corporate standard in November 2011.
Promote continuous improvement in our environmental management system We have worked to renew our certifications in centers using the ISO 14001 international environmental management system standard.

Additionally, 18 new facilities were certified under this standard during 2011: Three LPG plants, 20 service stations, four marine and fishing facilities and a marketing subsidiary.
(20) We give information on the objectives of the sustainability plan closing December 2011. More information on our progress against each objective is available at responsabilidadcorporativa.repsol.com
(21) Percentage of personnel who have undergone training in relation to total staff.