CEPSA has no outstanding bond issues.
The Annual General Meeting of Shareholders, held on April 22, 1999, authorized and gave powers to the Board of Directors so that, subject to applicable legal provisions and following the necessary authorizations, it could issue non-convertible debt, once or several times, within a five-year limit, up to a maximum amount of 300 million euros. At 2003 year-end, this authorization was not used.








