the EU bank

On a proposal from the President approved by the Board of Directors at its meeting on 3 March 2005, Mr Óscar Fanjul has been appointed Alternate Expert Member of the Board of Directors to succeed Mr Manuel Conthe following the latter's resignation. His term of office runs until the day of the Bank's Annual Meeting in 2008.

Óscar Fanjul was born in Santiago de Chile in 1949.

He holds a PhD in Economics and has been a full professor at the Universidad Autónoma de Madrid, and a Visiting Scholar at Harvard University and at the Massachusetts Institute of Technology (MIT).

He was the Founder Chairman and CEO of Repsol, S.A., from its creation in 1986 until 1996, and is currently Honorary Chairman of the Company. He has also held the post of Chairman of Hidroeléctrica del Cantábrico. At present, he is Vice Chairman of Omega Capital.

He is also a member of the Boards of Unilever (Advisory Director), the London Stock Exchange, Ericsson, S.A., the Marsh & McLennan Companies; Acerinox and Técnicas Reunidas. He is on the International Advisory Boards of The Chubb Corporation and of the European Advisory Board of The Carlyle Group and Sviluppo Italia, as well as being an International Advisor to Goldman Sachs.

He is a member of the Trilateral Commission and has been a member of the Competitiveness Advisory Group to the President of the European Commission.

He started his professional career at the industrial holding I.N.I. in 1972, and has also worked at the Confederación Española Cajas de Ahorros. He served during 1983 and 1984 as Technical Secretary General and Undersecretary of the Ministry of Industry and Energy.