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CHAPTER 3 Where are we heading?

We are a global energy and chemical com- pany, operating in an integrated manner, offering technical excellence and adap- tability. We operate along the entire oil, chemical and gas production chain,and we have a presence in the renewable ener- gy generation sector.

On 15 October 2019, our shareholder structure changed as a result of the in- clusion of The Carlyle Group as a share- holder through the acquisition of a 37% ownership interest in the company, there- by changing from being a sole-sharehold- er company to having two shareholders. Our majority shareholder continues to be Mubadala Investment Company, which

holds the other 63% of the shares. The two entities work closely together so that our company continues to grow and create value through our businesses and operations. On that same date, Philippe Boisseau became our new CEO, replacing his predecessor, Pedro Miró.

In early 2020, The Carlyle Group reached an agreement with Mubadala Investment Company for the acquisition of an addi- tional 1.5 percent stake in Cepsa's share capital, which became effective on Ja- nuary 29, 2020. As of that date, The Car- lyle Group holds 38.5% of Cepsa, while Mubadala Investment Company holds the remaining 61.5%.

3.2 BUSINESS MODEL

"Our two shareholders work closely to make sure the company continues to grow and create value through our businesses."