7

1 CEPSA IS NOW PART OF MUBADALA INVESTMENT COMPANY* The merger between IPIC and Mubadala integrates us into a leading fund in the energy sector enabling us to increase synergies and position ourselves as a leading company.

2 NEW CODE OF ETHICS AND CONDUCT APPROVED Strengthening our identity as a company of integrity which operates responsibly with our stakeholders.

3 CEPSA ENERGY OUTLOOK (CEO 2030) PRESENTED TO THE WORLD The document presents, in a pioneering and distinctive approach, the future of energy and has defined the environment for us to develop a sustainable strategy.

4 NEW CORPORATE RESPONSIBILITY MASTER PLAN This will allow us to strengthen responsible management of our activities and to develop best practices in the field of Corporate Responsibility via more than 85 actions included in the plan.

5 FRC MONITORING AUDIT APPROVED We successfully renewed our certifications as a Family Responsible Company applicable to Cepsa Corporate, Cepsa Chemicals, Cepsa Commercial Oil and Cepsa Exploration and Production, maintaining our commitment to creating a working environment which strikes the right work-life balance.

6 PRODUCTION CAPACITY AT LAB PLANT IN BRAZIL INCREASED Strengthening our global leadership in the manufacture of LAB, the raw material for the production of biodegradable detergents.

7 EFFICIENCY IMPROVEMENT PROJECTS AT REFINERIES LAUNCHED With the increase in the capacity of Isomax unit, in Gibraltar San Roque, and optimization of aromatics at La Rábida.

2017 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

CHAPTER 1 Cepsa at a glance

1.1 THIS YEAR S MILESTONES

8 COMBINED CYCLE PLANT AT SAN ROQUE OPERATIONAL ONCE MORE Puente Mayorga Generación resumes activity following the reconstruction of the high voltage line.

Doing the right thing, the right way and if you see or suspect something,

say it!

CODE OF ETHICS AND CONDUCT CEPSA 2017

* Throughout this Report, any mention to our sole shareholder or sole shareholder , refer to us being part of the Mubadala Investment Company.