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Cepsa s good governance standards com- prise the Company Bylaws, the Board of directors Regulations, its Commissions and operating Committees, the state- ment of the Group s Values, the Code of ethics and Conduct, the regulatory compliance and risk policies, and other

policies, corporate standards and regula- tions which lay down guidelines govern- ing the way Cepsa and its Group compa- nies work, and how its directors, senior managers and employees act, within the framework of the Company s principles, mission, vision and values.

GoVeRNING BodIeS

BoARd oF dIReCToRS

AudIT, CoMPLIANCe ANd eThICS CoMMITTee

APPoINTMeNTS ANd

ReMuNeRATIoN CoMMITTee

AudIT oPeRATING CoMMITTee

CoMPLIANCe oPeRATING CoMMITTee

eThICS oPeRATING CoMMITTee

2017 ANNuAL ANd CoRPoRATe ReSPoNSIBILITy REPORT