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CEPSA GROUP FINANCIAL INFORMATION Income Statement for Years Ended 31 December (Millions of euros)

* Financial year 2016 has been restated for comparison purposes with financial year 2017.

2017 2016 (Restated)*

2015

Net sales 20,817 17,949 19,892

Excise tax on oil and gas charged on sales 2,605 2,493 2,440

Revenue without excise tax on oil and gas 18,212 15,455 17,452

Gross operating Profit (EBITDA) with Discontinuing Operations

Trading 57 73 65

Corporation (50) (62) (72)

Exploration and Production 497 444 549

Refining 775 558 722

Marketing 307 274 344

Petrochemicals 239 225 150

Gas and Power 49 37 21

Total adjusted operating income excluding discontinued operations in Petrochemicals 1,874 1,549 1,766

Total adjusted operating income 1,874 1,549 1,779

Adjusted gross operating income with Discontinuing Operations

Trading 57 72 65

Corporation (50) (62) (72)

Exploration and Production 245 111 (96)

Refining 508 328 512

Marketing 222 189 258

Petrochemicals 184 176 96

Gas and Power 35 21 7

Total adjusted operating income 1,202 835 771

Inventory gains/ (losses) 105 168 (444)

Other non-recurring items (277) (64) (3,392)

Total operating income IFRS 1,030 938 (3,065)

Income before taxes IFRS 1,054 819 (2,934)

Corporate income taxes (295) (203) 1.883

Consolidated profit for the period from Continuing Operations 759 617 (1,052)

Consolidated profit for the period from Discontinuing Operations 4

Net income (before minority interests) IFRS 759 617 (1,047)

Minority interests (16) (15) 7

Net income IFRS 743 602 (1,040)

Net losses / (gains) from non-recurring items in the period 141 (52) 1,652

Adjustment to minority interests due to net losses / (gains) from non-recurring items in the period

1 3 (16)

Adjusted net income 884 553 596

CHAPTER 6 Appendices