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432019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

Risk management is integrated at all Cepsa's organisational levels. We have an Integrated Risk Management System (IRMS) that enables us to manage risks from a preventive perspective and devise strategies to minimise them. The IRMS is supported and deployed through our General Corporate Risk Policy, which sets out the principles and general framework of action to be followed by the directors and employees who form part of the Company. This policy is a- pplied in accordance with the Mission, Vision, Values and the Code of Ethics and Conduct. As a complement to this policy, we have the basic regulation on Integral Risk Management whose function is to establish its conceptual and functional framework.

The area in charge of risk management is the Enterprise Risk Management Unit (ERM), which is integrated into the In- ternal Audit, Ethics and Compliance and Corporate Risk Departments. Its purpose is to provide senior management with a global, integrated and prospective vision of the risks identified in order to make well-structured decisions that facilitate the achievement of strategic goals.

During the strategic and budgetary pla- nning process, Cepsa estimates the effect of potential risks on the businesses and carries out a sensitivity analysis of the main variables, in order to obtain an inte- gral view of their impact. This process also identifies potential emerging risks by assigning them an estimate of their pro- bability, impact and speed of occurrence.

3.3 RISK MANAGEMENT & OPPORTUNITIES

FOR MORE INFORMATION ON RISKS, PLEASE VISIT OUR WEBSITE