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AHMED YAHIA AL IDRISSI President of Cepsa

I am pleased to present the 2021 Cepsa Integrated Management Report.

On behalf of the Board of Directors, I would like to thank all of our colleagues across the globe for their contributions during 2021. Despite the continuing so- cial and economic challenges caused by the second year of the global COVID-19 pandemic, by focusing on the needs of our customers, Cepsa was able to deliv- er a strong performance.

Our first priority as a company has always been to ensure the safety of our people and our business partners. I am therefore proud to report that during 2021, Cepsa s recordable injury events continued to decline a positive trend that has been maintained since 2019.

Against this backdrop of operational resilience, business growth and continu- ous improvement, we were delighted to announce the appointment of Maarten Wetselaar as Chief Executive Officer and Carmen de Pablo as Chief Financial Officer.

The skills and experience of our new senior leadership team will be invaluable to Cepsa as the company implements the next phase of its green transition and adapts its structure to drive more fo- cused value delivery across the business. Many of Cepsa s operational milestones during 2021 reflected the central impor-

tance of our energy transition agenda, including:

· The establishment of a partnership between Cepsa and Redexis to launch Europe's first network-wide installa- tion of photovoltaic power at service stations.

· The signing of the first major alliance with Endesa to accelerate electric mobility in Spain and Portugal, a major step forward in both companies goal to drive energy transition and decarbonize the transportation sector.

· The launch by our Chemicals unit of a range of environmentally friendly products that set new sustainability benchmarks for the sector. Over the next decade, the Chemicals Unit will increase its portfolio of products from renewable and reused sources to fur- ther reduce its environmental footprint.

· The establishment by the Cepsa Foundation of a new Chair of Hydrogen Studies at Comillas Pontificial Universi- ty in Spain.

· The establishment of an ambitious strategic alliance between Cepsa and the Iberia Group to decarbonize air transport on a large scale with sustain- able aviation biofuels (SAF) and other alternative energies.

Going forward, the acceleration of Cepsa s decarbonization strategy will be further supported by giving greater au- tonomy to our business units. This move will allow our operational teams to focus their undivided attention on anticipating and meeting the requirements of all of our customers. As a business, we are committed to:

· Developing customer-centric green B2C and B2B businesses including the industry s leading convenience, mobility and new commerce offerings.

· Expanding our green portfolio to include biofuels, renewables and green hydrogen.

· Significantly reducing Cepsa s level of CO2 emissions by 2030.

· Establishing greater gender diversity in management positions by 2025.

Time and again, I have seen what mat- ters the most is the values a company lives by and whether its people are always prepared to do the right thing, however great the challenge. Together, the values of our people, the experience of our leadership and our focus on the needs of our customers will create the strongest of foundations for Cepsa s con- tinuing transformation into a sustainable energy and mobility business.

PRESIDENT'S LETTER