352019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

CHAPTER 3 Where are we heading?

The overriding objective of our strategy is to maintain Cepsa's position as one of the leading Spanish companies in the energy

sector and that it builds on these core competitive advantages:

3.1 VALUE CREATION STRATEGY

"To achieve our objectives we look to our businesses and adapt our strategy to each of their particular needs."

INTEGRATED BUSINESS MODEL Which enhances our ability to deal with crises and ensures long-term sustainability.

FINANCIAL STRENGTH Which makes it possible to generate profi t and grow steadily.

EXTENSIVE EXPERIENCE AND KNOW-HOW Which contribute to generate value added in the execution of projects worldwide, in all our businesses and geographical locations.

LEADERSHIP In chemistry and positioning as one of the benchmark companies in the refi ning sector.

RESEARCH AND DEVELOPMENT To contribute to the continuous improvement of our operations and the development of new projects.

ATTRACTION OF TALENT To interest and retain the best professionals.