PROXY AUTHORIZATIONS AND VOTING

CEPSA applies the provisions of Article 25 of its Company Bylaws, which states that shareholders may appoint other shareholders as proxy holders to attend the meeting in their place, and such proxy holders shall be able to cast not only the votes they are entitled to, but also those of the shareholders they are representing.

Admission tickets with proxy appointments and voting instructions may be sent to the Company by regular surface mail, specifically to the Office of Shareholder Services, whose address can be found in section 1.