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CoRPoRATe PoLICIeS In September 2017, the Board of direc- tors approved the main Governance Model Policies of the company. In re- sponse to our commitment to transpar- ency commitment with our stakehold- ers, those policies are available on the corporate website.

In addition, in September 2017, the cur- rent General Corporate Risk Policy was approved; it is available on Cepsa s in- tranet and lays down the principles on Integrated Risk Management described in the chapter on Risk and Management and opportunities .

FoR MoRe INFoRMATIoN ABouT CePSA S CoRPoRATe PoLICIeS, CLICK heRe

2017 ANNuAL ANd CoRPoRATe ReSPoNSIBILITy REPORT