CHAPTER 1 Accelerating our transformation

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The company's new organisational structure places our customers at the centre of our decarbonisation drive, accelerating the transformation to become a leading mobility and sustainable energy business.

1.1 A NEW ORGANISATION TO LEAD THE ENERGY TRANSITION

Cepsa's new organisation has the following business structure:

· Mobility & New Commerce: transforming our customers' mobility experience to lead the electric mobility market and develop New Commerce value chains enabled by our network of service stations, our customer base, digitalisation and artificial intelligence.

· Commercial & Clean Energies: it will serve all other customer sectors, including Wholesale/B2B, Aviation, Lubricants, Asphalt, LPG, and Gas & Power, as well as developing decarbonisation solutions for those sectors while overseeing and integrating growth in the Biofuels, Hydrogen and Renewable Electricity (solar/wind) businesses.

· Energy Parks: transforming our two refineries into energy parks and managing energy production, including our future sustainable energy solutions such as hydrogen and biofuels.

· Trading: integrating, optimising and marketing all product flows to build value across businesses.

The existing Chemicals and Exploration & Production (E&P) businesses will gain autonomy and will be delegated more authority in line with their distinct nature to enhance efficiency and results.

We have also integrated within the Finance department some of the corporate functions that are key to our green turn, such as Strategy, M&A, capital and corporate planning, and ESG, bringing them closer in the interests of portfolio and performance management.