92019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

CHAPTER 1 Cepsa at a glance

1.1 THE YEAR S MILESTONES

WE BEGAN TO MARKET CRUDE OIL FROM OUR ABU DHABI OIL FIELDS. SARB and Umm Lulu are 2 of the 20 largest oil fi elds under development in the world.

WE PROMOTED THE LARGEST NET- WORK OF VEHICULAR NATURAL GAS (LIQUEFIED AND COMPRESSED GAS) REFUELLING STATIONS IN SPAIN IN ASSOCIATION WITH REDEXIS. Both com- panies entered into a framework agreement for the expansion of Vehicular Natural Gas (VNG), both in urban areas and in the main transport corridors of the country for light and heavy vehicles.

OUR COMPANY SUCCESSFULLY COM- PLETED ITS FIRST BOND ISSUE AND ACHIEVED INVESTMENT GRADE RATING FROM ALL THREE MAJOR AGENCIES. Cepsa was rated 'BBB-' with positive outlook by Fitch Ratings, 'Baa3' with stable outlook by Moody's and 'BBB-' with stable outlook by Standard & Poor's.

WE PRESENTED "RED ENERGY", OUR NETWORK OF SERVICE STATIONS IN MEXICO. Representing another step forward in the internationalisation of our business model.

WE JOINED THE #ALIADOSDELOSODS CAMPAIGN PROMOTED BY THE SPANISH NETWORK OF THE GLOBAL COMPACT. The aim of the campaign is to raise aware- ness of the Global Compact and achieve a multiplier effect, thereby making the UN 2030 Agenda more widely known and implemented.

WE INAUGURATED A NEW HEADQUAR- TERS IN SINGAPORE TO EXTEND OUR TRADING BUSINESS IN ASIA. We are extending the scope of the trading business with a new headquarters in the largest fi - nancial centre in Asia, from which we will be able to access new markets and customers.

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