592019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

DIALOGUE AND TRANSPARENCY WITH STAKEHOLDERS

In order to pursue its business activities, it is essential that Cepsa maintain seamless, continuous two- way communication with its stakeholders through communications channels individually tailored to their specific needs.

BUSINESS TRANSFORMATION

The disruptive changes in the energy industry are forcing companies to seek alternative activities to those they currently perform and explore new market niches. Cepsa takes these changes into account, which enables us to maintain sustainable, profitable growth in the medium to long term.

SOCIAL COMMITMENT

Cepsa fosters joint development in the territories in which it is present, taking into account local communities needs and expectations, minimising the negative impacts and maximising the positive outcomes that may arise in terms of the natural environment and local people.

RESPONSIBLE SUPPLY CHAIN

Cepsa defines its principles of responsible supply chain management in the Code of Ethics and Conduct for Suppliers. In order to follow up on supplier compliance Cepsa has set up supervision systems and conducts specific audits of suppliers.

REGULATORY COMPLIANCE

In addition to complying with national and international laws and standards in the countries in which the Company operates, Cepsa s strategy defines the guarantee of compliance with internal regulations which is aligned with the values, commitments and objectives acquired.

COMBATING CORRUPTION AND BRIBERY

We comply with current Spanish and international legislation, as well as Cepsa s internal policies in relation to combating corruption and bribery in the public and private spheres and in all those countries in which we operate.

DEVELOPING AN ETHICAL BUSINESS

Cepsa guarantees that its business is conducted based on rules of ethical conduct that are developed and approved in house, developing ethical behaviour management systems to enable strict compliance with these rules and creating an ethics culture that that permeates the entire business.

RISK MANAGEMENT

Identification, assessment, management and ongoing monitoring of the risks that may impact on Cepsa s business activity and prevent the achievement of the goals defined. Cepsa has an Integrated Risk Management System that allows it to identify risks from a preventive perspective and devise strategies to manage them.

INNOVATION

Cepsa is committed to using technological innovation and the best techniques available to maximise efficiency, optimise processes and improve competitiveness, offering customers added value through the development of innovative new services and products tailored to their needs.

GOOD GOVERNANCE

The development and implementation of a good corporate governance strategy results in organisational stability and control, and fosters the development of a first class culture of corporate responsibility.