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952019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

In 2019 we drew up a first climate change risk map following the recommendations of the reporting methodology proposed by the Task Force on Climate Financial Disclosures (TCFD). It includes the main transition and physical risks that our company faces with regard to climate

change. It was developed using a bo- ttom-up approach, assessing the risks and opportunities for each business unit, which have ultimately been consolida- ted in a corporate risk map that follows Cepsa's risk definition methodology (see page 43 on risks management chapter).

RISK MANAGEMENT AND OPPORTUNITIES

TRANSITION RISKS

PHYSICAL RISKS

POLICIES AND REGULATION

ACUTE

TECHNOLOGY REPUTATION

MARKETS

CHRONIC

Stricter climate change regulations Increased cost of emissions New emerging regulation

Increase in the intensity of extreme weather events such as cyclones and floods

Arrival of disruptive technologies in the industry

Pressure from stakeholders and percep- tion of Cepsa

Change in consumer preferences Bottlenecks in crude oil supply Scarcity of raw materials for biofuels

Changes in extreme temperatures Water shortages Rising sea levels Changes in seasonal patterns