52019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

It is with the utmost pleasure that I pre- sent to you Cepsa's Annual and Corporate Responsibility Report, which contains a summary of our key activities and events from the 2019 fi nancial year.

Last April, Mubadala and the Carlyle Group reached an agreement that saw Carlyle take a signifi cant shareholding in Cepsa. The agreement was fi nalized in October, with Carlyle acquiring a 37% stake in the company and Mubadala remaining the majority shareholder.

The new Board of Directors, resulting from Cepsa's new shareholder structure, supports and promotes the Company's strategy to take steps forward with respect to environmental, social and good governance issues, to ensure the sustainability of the company. The Board has drawn on the experience of Philippe

Boisseau, the new Chief Executive Offi cer, to guide Cepsa into the next stage of its growth.

The Board will oversee the company's objectives and strategy, in the confi dence that they will be achieved, in order to ensure their correct implementation and execution. We are confi dent that Cepsa will be one of the companies that play a signifi cant role within the energy transition on a global level.

MUSABBEH AL KAABI Chairman of Cepsa

"The Company's strategy is to keep moving forward on environmental issues, social issues and good governance."