2014

KEY DATA

Results (millions of euros) 2014 2013 2012

Turnover (excluding excise taxes) 23,903 25,244 26,808

Adjusted net attributable profi t 459 371 555

Operational data (millions of euros) 2014 2013 2012Crude oil output (working interest) (BOPD) 106,901 87,878 104,277

Crude oil distilled (BOPD) 429,589 454,246 485,205

Product sales (millions of tons) 27.7 28.3 30.2

Electric power production (GWh) 2,100 2,299 3,575

Natural gas sales (GWh) 27,753 29,833 29,047

Workforce 2014 2013 2012Number of employees 10,804 11,069 11,743

Hours of training 420,319 396,908 394,036

Environment 2014 2013 2012Environment costs (millions of euros) 73.93 83.59 83.89

Environmental investment (millions of euros) 19.22 12.55 19.24

KEY PERFORMANCE INDICATORS

MISSIONTO PROVIDE THE ENERGY THAT EVERY

REALITY NEEDS

VALUESSAFETY

SUSTAINABILITYLEADERSHIP CONTINUOUS

IMPROVEMENTSOLIDARITY

VISIONTO BE A GLOBAL

ENERGY COMPANY OF CHOICE

2014

KEY DATA

CONTENTS

THE COMPANY 04

TOWARDS A NEW CEPSA 05

CEPSA WORLDWIDE 06

MILESTONES OF THE YEAR 08

CORPORATE RESPONSIBILITY 09

INNOVATION AND TECHNOLOGY 10

OUR ACTIVITIES 11

Exploration and Production 11

Refi ning 12

Distribution and Marketing 13

Petrochemicals 14

Gas and Power 15

06

The Company

With a team of around

10,500 professionals, the

Company develops its activities

across fi ve business areas:

• Exploration and Production of

crude oil and gas.

• Refi ning.

• Distribution and Marketing.

• Petrochemicals.

• Gas and Power.

INSTITUTIONAL PRINCIPLES:

Respect for people´s rights, equal

opportunities without discrimination,

transparency in relationships, and

quality and safety in our activities,

installations and products.

We are a global energy company with more than

85 years of history, operating at every stage of the oil value chain.

Towards a new Cepsa

07

IPIC is a company that invests in the energy sector globally. It has been linked to Cepsa since 1988.

Under its drive, we are implementing an international growth and expansion strategy.

For Cepsa, its integration with IPIC represents a great opportunity and a signifi cant business challenge.

Since 2011, Cepsa´s sole shareholder is International Petroleum Investment Company (IPIC), an Abu Dhabi sovereign fund.

KEY DATA 2014

08

Cepsa worldwide

EXPLORATION AND PRODUCTION

COLOMBIA Onshore oil exploration and production in the Los Llanos basin (Caracara, Jilguero, Puntero, Llanos, Ramiriqui, Merecure, Balay and El Portón; and CPO 12 and CPO 14, which are not operated by Cepsa) and the Upper Valley of the River Magdalena (CPR Espinal and La Cañada Norte).

Transport rights in the OCENSA oil pipeline (5%).

ALGERIA Production centers in the onshore oilfields of Rhourde El-Krouf (RKF, 100%) and Ourhoud (39.76%).

Crude exploration in the Rhourde er Rouni block (49%)

Development blocks: Timimoun (gas, 11.25%) and BMS (crude, 45%).

PERU Onshore oil exploration in the Marañón basin (block 130) and the Ucayali basin (Los Ángeles 1X-ST, 3X-Noi, and 2CD wells, and blocks 131 and 114).

SPAIN Crude production in four offshore blocks off the coast of Tarragona (not operated by Cepsa).

THAILAND Offshore exploration and production in block G5/43 off the Gulf of Thailand (100% Coastal Energy)

Exploration and production of gas in onshore blocks operated by APICO (39% Coastal Energy).

MALAYSIA Production of oil and gas in the Kapal and Banang offshore blocks (70% Coastal Energy)

Exploration in the PM-316 offshore block.

UNITED ARAB EMIRATES Exploration and production in four offshore oilfields (agreement with Cosmo Oil)

LIBERIA Oil and gas exploration off the coast of Liberia, West Africa (Block LB-10, 30% stake, not operated by Cepsa).

SURINAME Oil and gas exploration off the coast of Suriname, northern South America (Block 53, not operated by Cepsa).

KENYA Onshore exploration in the Turkana region, northeast Kenya (Block 11A, 55% stake)

BRAZIL Offshore oil and gas exploration in the Ceará basin (Blocks 717 and 665, with a 50% stake, not operated by Cepsa).

09

REFINING

SPAIN Three refineries.

50% of an asphalt refinery in Tarragona.

DISTRIBUTION AND MARKETING

SPAIN More than 1,400 service stations and 935 convenience stores.

Two* asphalt factories and five asphalt derivatives factories.

Three factories supplying fuel to ships and thirteen barges.

Twelve aviation fuel supply points.

One base and paraffin production plant.

One lubricant bottling plant and one automatic silo.

Nine butane and propane bottling and transfer facilities.

PORTUGAL , ANDORRAAND GIBRALTAR293 service stations in Portugal, Andorra, and Gibraltar, and 44 convenience stores in Portugal.

Storage and distribution of fuel and asphalts in Portugal.

MOROCCO Supply of fuel to ships.

PANAMASupply of fuel to ships (three barges).

REST OF THE WORLDDistribution of lubricants through trading partners.

SPAIN Two petrochemical plants.

CANADA One petrochemical plant.

BRAZIL One petrochemical plant. (72% stake)

CHINA 75% of new phenol and acetone plant in Shanghai.

Commercial office.

PORTUGAL Commercial office and storage of petrochemical products.

ITALY Commercial office and storage of petrochemical products.

GREAT BRITAIN Commercial office and storage of petrochemical products.

BELGIUM Commercial office and storage of petrochemical products.

THE NETHERLANDS Commercial office.

UNITED STATES Commercial office.

INDONESIA Plans for construction of a vegetable-based industrial alcohols plant.

PETROCHEMICALS

SPAIN Seven cogeneration plants and a 50% stake in a combined cycle plant.

Distribution and marketing of gas and power.

ALGERIA MEDGAZ gas pipeline (42% stake).

GAS AND POWER

CEPSA REPRESENTATIVE OFFICE

UNITED ARAB EMIRATES SPAIN Cepsa Tower, Madrid

CEPSA HEADQUARTERS

* At ‘La Rábida’ refi nery, and at Asfaltos Españoles S.A., of which Cepsa owns 50%.

KEY DATA 2014

Milestones of the year

10

MOVE TO THE NEW CORPORATE HEADQUARTERS IN CEPSA TOWER

In June, the Company moved headquarters to Cepsa Tower, one of Madrid’s most iconic buildings. The new headquarters symbolizes the new phase of growth and international projection that the Company is experiencing.

TENTH ANNIVERSARY EDITION OF THE SOCIAL VALUE AWARDS

The Cepsa Social Value Awards were launched in Huelva in 2005, and since then have become a symbol of the Company’s commitment to the environment where it operates. We should emphasise that the projects are presented, endorsed, and driven by Cepsa employees, who take part in the Company’s social action initiatives.

RECOGNITION AS A BENCHMARK EMPLOYER BY TOP EMPLOYERS ESPAÑA 2014

For a second consecutive year the Top Employers Institute recognized Cepsa as one of the top employers in Spain, thanks to its Human Resources management policy.

START OF EXPLORATION AND PRODUCTION ACTIVITIES IN ABU DHABI IN PARTNERSHIP WITH COSMO OIL

Cepsa and the Japanese company Cosmo Oil Co. Ltd., both belonging to the IPIC portfolio (Cosmo Oil Co. Ltd. 20.8%) and with a long track record in the petroleum sector, have joined forces to create Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd. to carry out exploration and production activities in Abu Dhabi.

CEPSA STARTS PRODUCING CRUDE OIL IN PERU AND ACQUIRES EXPLORATION BLOCKS IN KENYA AND LIBERIA

Following successful preliminary production tests Cepsa started long-term trials. The Company has already taken the first steps to begin marketing this light, high-quality oil (44º-45º API gravity), in turn strengthening our expansion in Peru.

SUMITOMO ACQUIRES A STAKE IN CEPSA QUÍMICA CHINA

Cepsa and Sumitomo, signed an agreement for the Japanese company to acquire 25% of Cepsa Química China. By joining the company’s shareholding structure, Sumitomo, a leader in various industries, will give a boost to the petrochemical factory in Shanghai.

CEPSA AND GAR AGREE TO SET UP A JOINT VENTURE TO PRODUCE INDUSTRIAL ALCOHOLS

The aim of the joint venture is to jointly develop, formulate, produce, sell, and distribute fatty alcohols worldwide. The company, to be based in Singapore, will be called Sinarmas Cepsa Pte. Ltd., and each partner will hold 50% of the equity.

INAUGURATION OF THE MADREVIEJA NATURE RESERVE RESEARCH CENTER IN SAN ROQUE

The Madrevieja Nature Reserve Center is an environmental research center on which Cepsa has been working since 2009. The project, which involved the creation of two lakes and two seasonal ponds that will form an ideal habitat for the many species associated with these kinds of ecosystems, sits within the framework of Cepsa’s policy on biodiversity and its commitment to the environment in the areas in which it operates.

Corporate Responsibility

ETHICSThe values and general

principles governing Cepsa’s activity are contained in our Code of Ethics and Conduct,

which establishes the behavioral guidelines to be followed by our employees

in the performance of their duties.

GOODGOVERNANCE

The various individuals forming our Company’s system

of governance must commit to conduct that is ethical,

transparent, and responsible in the various business areas, at the same time seeking quality

and efficiency in their activity.

ENVIRONMENTAL MANAGEMENT

At Cepsa we are committed to upholding our standards of excellence in protecting

the environment and contributing to

sustainable development.

CUSTOMERSThe products and

services that we offer are governed by the

principles of quality and effectiveness. We foster close relationships with

customers, based on trust.

EMPLOYEESWe respect human rights

in the workplace and offer a safe and attractive

working environment, allowing our employees

to develop personally and professionally.

SUPPLIERSIn Cepsa we work jointly

with our suppliers to attain common objectives,

sharing our values with them.

SOCIETYWe invest in actions aimed at meeting the needs and

priorities of the communities in which we operate, since we

believe that it is necessary to manage our impacts

positively and strengthen our commitment to society.

Innovation and Technology

12

Research has been one of the Company´s fundamental pillars since its establishment. For Cepsa, it is a key development tool in its business project.

Cepsa has a Research Center situated in Alcalá de Henares (Madrid). Its main objectives are to support the Company’s businesses through pilot plants and analytical equipment, enabling us to develop new products and production technologies, as well as to prepare for the future by investing in projects.

Cepsa carries out numerous innovation and technology projects in collaboration with various organizations, in Spain and abroad.

Noteworthy among them are:

• Phenol and cumene plant in Shanghai

• Industrial alcohol plant in Indonesia.

• Surface installations for the Bir el Msana well in Algeria.

• New DMB 0.1% marine fuel.

13

Cepsa´s strategy for its Exploration and Production operations is focused on growing production and its reserves through acquisitions and the development of exploration projects, and in the technical and geographical diversifi cation to reduce risk.

Our activities Exploration and Production

The Exploration and Production business for crude oil and natural gas is a key strategic activity for Cepsa, and represents a lever for its growth.

International expansion of Exploration and Production

1996RKF starts production

(Algeria)

2002Ourhoud begins production (Algeria)

2007Activities in Peru begin

2012Start of production in Rhourde Rouni (Algeria) Opening of Abu Dhabi offi ce

2013Acquisition of two

exploration blocks in Brazil and Suriname

1992 Exploration activities begin in Algeria

2000 Exploration and Production contracts in Colombia

2008 Expansion in Peru

New contracts in Colombia (Caracara)

2014 Acquisition of Coastal Energy, with operations in Malaysia and Thailand Stake in an exploratory block in Kenya and in Liberia Agreement signed with Cosmo Oil to operate in Abu Dhabi

2004 Exploration starts in Egypt

Gas discovered in Timimoun (Algeria)

14

Our activities Refi ning

The Refi ning unit has in place a strategy of cost savings, energy savings, and margin improvements through the optimization of technology and operating excellence.

Cepsa operates its refi neries with an optimization model that allows it to manage them with the maximum integration possible. They hold the Energy Effi ciency Management certifi cates OHSAS 18001, ISO 14001 and 9001, PECAL 2120 and ISO 50001.

The Refi ning unit has led a strategy focused on maintaining its drive to develop new initiatives in the search for effi ciency, operating excellence, and cost savings, as well as reorienting towards more high value products.

One of the most important programs being carried out is the Refining Margin Optimization and Improvement Plan (ROP). Its objective is to achieve, by executing operational actions and projects, an improvement in the refining margin of US$1.50 per barrel by December 2017.

Total production of the refi neries (millions of tons)

Total

Gasoline

Kerosene

Liquid Petroleum Gas (LPG)

22.4

2.5

1.7

0.9

Diesel 9.8

Others 4.1

Fuel oil 3.4

Source of crude received at refi neries

Gulf of Guinea

Gulf of Mexico

Persian GulfMediterraneanSouth AmericaRussia

56%

8%

19%

14%

1%2%

15

Our activities Distribution and Marketing

We develop our commercial operations through our own sales channels and an extensive network, which distributes more than 25 million tons of petroleum products.

In its marketing business the Company has established a strategy centered on customer loyalty, thanks to its excellent customer service, the quality of its products, and the introduction of innovative services.

Petroleum products that are sold

45%

22%10%

1%

4%2%

Exports

Fuels

Fuels for ships

Fuel for aircraftLiquid petroleum gasAsphaltsLubricants, basic petrochemicals and paraffi n

16%

KEY DATA 2014

16

Our activities Petrochemicals

Cepsa is a leader in all its products, with exports made across the world.

Cepsa’s petrochemical business is closely and dynamically integrated with its refining activities. We manufacture high value-added products that become the feedstock for other industries, and are used for a large number of final applications.

In the last few years Cepsa has undertaken an important investment and globalization plan in its petrochemicals business that has helped its consolidation in Asian markets.

Products Commercial uses

LAB, LABSA Production of detergents

Cumene, phenol, acetone Raw material for the production of engineering plastics

Solvents Production of paints, inks, cosmetics, and adhesives

Sulfurs Production of fungicides and acaricides

Phthalic and maleic anhydrides Production of resins for coverings, adhesives and insulation

KEY DATA 2014 17

Our activities Natural Gas and Power

We cover are own gas requirements, and we supply to wholesale and retail markets.

NATURAL GAS We have a 42% stake in the MEDGAZ pipeline that unites Algeria (Beni-Saf) with the south of Europe (Almería). The pipeline is 210km long and has a capacity of 8 bcm a year.

POWEROur production capacity is focused on improving energy effi ciency at our refi neries and chemical plants.

Cepsa has an installed capacity of 1,131 MW in its seven power stations located at the Company’s refineries and industrial plants, and 780 MW of capacity in the Nueva Generadora del Sur (NGS) combined cycle station, in which it has a 50% stake.

Compañía Española de Petróleos S.A.U.Cepsa TowerPaseo de la Castellana, 259 A28046 Madrid (Spain)www.cepsa.com

Contact detailsCepsa - Communication and Institutional Relations departmentTel: (34) 91 337 60 00comunicacion@cepsa.com

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Design and layout: Por arte de ImagiaPhotography: Archivo fotográfi co de CepsaPrinting: Offsetti Artes Gráfi casLegal Deposit: M-25553-2015

For more information about the Company, see the Annual and Corporate Responsibility Report 2014

Compañía Española de Petróleos S.A.U.Cepsa TowerPaseo de la Castellana, 259 A28046 Madrid (Spain)