Corporación de Reservas Estratégicas de Productos Petrolíferos

Pedro Miras SalamancaCores Chairman

November 2015

2Disclaimer (1/2)Cores

This document has been prepared by Corporación de Reservas Estratégicas de Productos Petrolíferos (“CORES”). For the purposes of this notice, the

presentation (the “Presentation”) shall mean and include the slides that follow, the oral presentation of the slides by CORES, the question-and-answer

session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation.

Neither this Presentation nor any information contained herein may be reproduced in any form, used or further distributed to any other person or published, in

whole or in part, for any purpose. This Presentation does not constitute any form of financial opinion, recommendation or investment advice regarding any

securities of CORES. By attending the meeting where the Presentation is made, or by reading the Presentation slides, you agree to be bound by the following

conditions and acknowledge that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the

Presentation. Your obligations as set out in this notice will continue in respect of the information contained in the Presentation until such time as, and then only

to the extent that, any such information is made available to the public. Failure to comply with this obligation may constitute a breach of applicable securities

laws and/or may result in civil, administrative and/or criminal penalties.

This Presentation is an advertisement and does not constitute a prospectus and nothing herein contains an offering of securities. No one should purchase or

subscribe for any securities in CORES except on the basis of the information contained in the base prospectus approved and registered by the Spanish

National Securities Market Commission (Comisión Nacional de Mercado de Valores or "CNMV") on the 22 September 2015 (the “Base Prospectus”), its

corresponding supplements, and the corresponding final terms to be submitted by CORES, as the case may be, to the CNMV (the “Final Terms”). The Base

Prospectus and its corresponding supplements are published and available at the websites of the CNMV (www.cnmv.es) and CORES (www.cores.com) .

Additionally, once registered with the CNMV, the Final Terms will be published and made available at the aforementioned websites of the CNMV and CORES.

None of CORES, Banco Bilbao Vizcaya Argentaria, S.A., HSBC France or Société Générale, sucursal en España (excluding CORES, the “Banks”) nor any of

their respective directors, officers, employees, agents or advisers accepts any responsibility whatsoever nor makes any representation or warranty, express or

implied, for the contents of this Presentation including its fairness, accuracy, completeness or verification or for any other statement made or purported to be

made by any of CORES or the Banks or any of their respective directors, officers, employees, agents or advisers, or on behalf of any of them, in connection

with CORES or the Securities and nothing in this Presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the

future. No reliance may be placed for any purposes whatsoever on the information contained in this Presentation or on its completeness. Each of CORES and

the Banks and their respective directors, officers, employees, agents or advisers accordingly disclaims all and any liability whatsoever, whether arising in tort,

contract or otherwise which any of them might otherwise have for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the

use of the Presentation or its contents or otherwise arising in connection with the Presentation or any such statement. The contents of this Presentation should

not be construed as legal, tax, regulatory, financial or accounting advice and you are urged to consult your own advisers in respect of such matters.

The Banks or their affiliates from time to time have provided in the past, are currently providing and may provide in the future, investment banking, financial

advisory, broker dealer and commercial banking services to CORES in the ordinary course of business for which they have received, or may receive,

customary fees and commissions in connection with their services.

This Presentation may include, in addition to historical information, forward-looking statements about CORES and about matters such as its industry, business

strategy, goals and expectations concerning its market position, future operations, assets, capital expenditures, capital resources and other financial and

operating information. These forward-looking statements are based on numerous assumptions regarding CORES’ present and future business strategies and

the environment in which CORES expects to operate in the future. By their nature, forward-looking statements involve known and unknown risks, uncertainties

and other factors, which may be beyond CORES’ control and which may cause CORES’ actual results, performance or achievements, or industry results, to

be materially different from those expressed or implied by any of these forward-looking statements. Readers are therefore cautioned not to place undue

reliance on such forward-looking statements, which reflect expectations only as of the date of this Presentation.

The majority of statements in the Presentation regarding the market and CORES’ position are based on the internal analyses of CORES, which involves

certain assumptions and estimates. These internal analyses have not been verified by any independent sources and there can be no assurance that the

assumptions or estimates are accurate. Additionally, certain market data in the Presentation has been obtained from industry publications and surveys or

studies conducted by third-party sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Neither

CORES nor the Banks have independently verified such data and, accordingly, there can be no assurance of its accuracy or completeness. Accordingly,

undue reliance should not be placed on any of the industry, market or competitive position data contained in the Presentation.

3Cores Disclaimer (2/2)

The information in this Presentation has not been independently verified and will not be updated. The information in this Presentation, including but not limited

to forward-looking statements, applies only as of the date of this Presentation and is not intended to give any assurances as to future results. Past

performance is not indicative of future results. CORES expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the

information, including any financial data and any forward-looking statements, contained in this Presentation or any additional or supplementary information in

relation thereto, and will not publicly release any revisions that may affect the information contained in this Presentation and that may result from any change

in CORES’ expectations, or any change in events, conditions or circumstances on which these forward-looking statements are based or whichever other

events or circumstances arising on or after the date of this Presentation.

Certain financial and statistical information contained in this Presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals

and the sums of the amounts listed are due to rounding. Certain management financial measures included in this Presentation have not been subject to a

financial audit.

This Presentation is not intended for potential investors and does not constitute or form part of, and should not be construed as, any offer, inducement,

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contain all the information that may be required to evaluate CORES and will not be used in connection with the purchase of or investment in securities of

CORES.

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By attending or receiving this Presentation you agree to be bound by the foregoing limitations and restrictions and, in particular, will be deemed to have

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4ContentsCores

• Minimum oil stockholding obligation as security

of supply in the OECD

• Cores: the Spanish stockholding agency

• Operational aspects

• Financial aspects

• Cores key highlights

5

Minimum oil stockholding

obligation as security of

supply in the OECD

1974: Setting up of the

International Energy

Agency after the 1st Oil

Crisis

The different oil

stockholding models

allocate the obligation

between the State and the

industry

Stockholding obligation

and legal overview

6Cores

Minimum oil stockholding obligation

as security of supply in the OECD

1974: Setting up of the International Energy Agency after the 1st Oil Crisis

Note: 1861-1944 Media US;1945-

1983 Prize Reference Ras Tanura;

1984-onwards Brent dated.

2015*: Annual average Oct-2015.

OECD: Organization for Economic

Co-operation and Development;

IEA: International Energy Agency 0

20

40

60

80

100

120

1870 1899 1928 1957 1986 2015*

Nominal Brent price per barrel 1870-2015*

WWI

1914

WWII

1939

Hurricanes Katrina

and Rita

2005

Cores creation

1995

11S

2001

Unit: $/Bbl

USA crash

19291st Oil crisis

1973

1st Gulf War

1991

Asian Crisis

1997

Libya Conflict

2011

2nd Gulf War

2003

OPEC founded

1960

Iran Embargo

2012

2nd Oil Crisis

1978

IEA creation

1974

Iran-Iraq war

1980

Supply &

demand

crisis

2014-2015

7

Council Directive 2009/119/EC

to maintain minimum stocks of

crude oil and/or petroleum

products

Agreement IEP: International

Energy Program Agreement

SPR: Strategic Petroleum

Reserve

Cores

Minimum oil stockholding obligation

as security of supply in the OECD

The different oil stockholding models allocate the obligation between the State and the industry

Governments

Entity/Industry

Companies obliged to pay

fees

Financial markets

100% Industry

United Kingdom

100% State

SPR (EEUU)

International Law:

Council Directive

2009/119/EC

International Law:

Agreement IEP 1974Obligation minimum

security stocks

8

• Agreement on an International

Energy Program signed

with the IEA and its 29

members within the OECD:

security stocks obligation must

be met for an amount

equivalent to 90 days of net

imports

• Council Directive

2009/119/EC of 14

September 2009 imposing an

obligation on Member

States to maintain minimum

stocks of crude oil and/or

petroleum products: the

security stocks obligation must

be met for an amount

equivalent to 90 days of net

imports

International

framework

Cores

Minimum oil stockholding obligation

as security of supply in the OECD

Spanish legislationOil stockholding

models

• Stocks held by the State: SPR

(USA)

• Stocks held by industry: UK

• Agency model

Stocks held entirely by

dedicated “agency”:

Germany: EBV, Ireland:

NORA

Stockholding shared by

industry and a dedicated

“agency”: France: SAGESS,

The Netherlands: COVA,

Spain: Cores

Stockholding obligation and legal overview

• Strategic oil reserves obligation

since 1927: 4 months of sales

within the Oil Monopoly territory

• Law 34/1998, of 7 October,

on hydrocarbons sector,

establishing oil security stocks

for an amount of up to 120 days

of sales

• Royal Decree 1716/2004,

of July 23, establishing the

current level of the obligation at

92 days of sales for

petroleum products, 20

days for LPG´s and 20 days

for natural gas industries

• In December 2013, Cores was

appointed the Spanish Central

Stockholding Entity as

defined in Directive 2009/119

9

Cores: the Spanish

stockholding agency

A clear and specific legal

framework

Both the Public

Administration and Industry

are represented on Cores

Governing Bodies

Cores is responsible for

maintaining and controlling

strategic reserves in Spain

and is the official

information reference

Regulation update

10

Legal

framework

• A Public Law

Corporation with its

own legal entity

• Operating under

private law(1)

• Under the aegis of the

Ministry of Industry,

Energy and Tourism

Members

• All wholesale petroleum

products operatorsand natural gas

shippers

• Operation in Spain

depending on

compulsory

membership of Cores

Income and

finance

• Private Fees- Approved by the Board

of Directors, the General

Assembly is informed,

and then ratified by the

Ministry of Industry,

Energy and Tourism

- €/m3/day monthly on

sales(2)

• Private finance in

domestic and international

markets

• Members of Cores are

responsable for maintaining

Cores’ financial

creditworthiness

• Cores has no implicit or

explicit financial support

from the Spanish

Government

A clear and specific legal framework

Note (1): Cores exercises the

powers contained in Law 34/1998 for

the Hydrocarbon Sector and in

Royal Decree 1716/2004 as

amended.

Note (2): Fees regulated under

Royal Decree 1766/2007. The

Ministry of Industry, Energy and

Tourism (MINETUR) approves such

fees by issuing Ministerial Order.

Cores

The Spanish stockholding agency

11Both the Public Administration and Industry are represented on Cores Governing Bodies

Cores

The Spanish stockholding agency

General Assembly

Approval

of annual accounts

and fee proposals

Composed

of all the domestic

and international operators

in Spain

Votes allotted

based on financial

contribution

Corporation Members

Preparation of the budget

and action plans

Controls Cores activity Members represented by

Directors

Board of Directors

4 directors 3 directors 2 directors 1 director 1 director

Operators with refining capacity in Spain

Operators with no refining capacity in Spain

Liquid petroleum gas operators

Natural Gas shippers

Chairman

12The new Audit Committee oversees risk control systems

Cores

The Spanish stockholding agency

• Cores has to abide by the

provisions of Act 31/2014 on

issuers of securities other than

shares

Updating Corporate Governance

procedures

New committees: Audit

Committee and Appointment &

Remuneration Committee

Functions of the Audit Committee

Reporting to the

General Assembly

Briefing the Board

of Directors in

advance of all

matters to be

addressed

Issuing of annual

report including

an evaluation

regarding the

auditor’s

independence

Selection

proposal and

relations with the

external auditor

Overseeing the

efficiency of

internal control,

internal audit and

risk control

systems

Overseeing the

drawing up and

reporting of

compulsory

financial

information

4 members, 4 years

13

• Cores is the leading

official statistics

provider in the

hydrocarbons sector

• Cores participates in the

National Statistical

Plan

• Cores is a data

provider to the Ministry

of Industry, Energy and

Tourism and international

entities: EUROSTAT, IEA

• Distinctive activity from

other European

stockholding agencies

Cores is responsible for maintaining and controlling strategic reserves in Spain and is the official information reference

Stockholding and

management of the

strategic reserves

• Cores maintains 42

days of strategic

reserves, constituted by

crude and finished

products (gasoline,

kerosene, gasoil and

fuel oil)

• Check quality and

quantity held in

strategic reserves

Industry stock

control

• The industry

maintains 50 days of

petroleum products, 20

days of LPG and 20

days of natural gas

• Cores audits

operators regarding

stockholding obligation

• Sanctions to non

compliant companies

may be imposed

Control of natural gas

diversification

• Control of Spanish

natural gas supply

diversification

• Maximum limit from

a single country: 50%

Official information

reference

Cores activities

Cores

The Spanish stockholding agency

14Regulation updateCores

The Spanish stockholding agency

1. Act 8/2015 of 21 May amending Act 34/1998 on the Hydrocarbon

Sector extends the mixed stockholding system to the natural

gas• Cores purpose: maintenance of strategic reserves of hydrocarbons,

including natural gas

• Cores as a player in the Spanish natural gas system

acquiring and leasing NG & LNG

right to access the natural gas system and the expected organised

gas market

2. Royal Decree 984/2015

• Development of Cores participation in the gas market

• Flexibility to manage surplus

By “a la carte” system to contract additional days by operators

By accessing international tickets market

15

Cores: operational aspects

In Spain, stockholding obligation is shared between Cores and the industry

95% of Cores reserves are stored in third party facilities

Cores' increasing importance in the Spanish stockholding system

Cores has a reserve surplus that could be optimised

16

Existencias mínimas de seguridad de hidrocarburos

Petroleum products

(Exc. LPG)

Liquid petroleum

gases (LPG)Natural gas

92days

Sales or

consumption

20days

20days

Entities obliged*

Cores

50 days

42 days

Entities obliged*

Cores

20 days

Entities obliged *

Cores

20 days

0 days 0 days

* Operators and

consumers/distributors

who import

* Shippers and direct

consumers who import

Note: Cores can increase the

coverage days of petroleum

products industry over the

minimum of 42 days upon

operators request.

Minimum hydrocarbons security stocks

Who should maintain hydrocarbon minimum security stocks

In Spain, stockholding

obligation is shared between

Cores and the industry

Cores

Operational aspects

Sales or

consumptionSales or

consumption

* Operators and

consumers/distributors

who import

Cores monitors compliance with the obligation to hold minimum security stocks of

petroleum products, LPG and natural gas on the part of the industry

Petroleum products

(Exc. LPG)

Liquid petroleum

products (LPG)

Natural gas

17

Operational aspectsCores emergency stocks are

distributed in line with current

consumption in Spain

100% of Cores stocks are stored in national

territory

Strategic reserves product breakdown

(% volume)

Gasoline 8.3%

Gasoil 49.4%

Kerosene 5.3%Fuel oil 2.5%

Crude oil 34.6%

Cores

Data: 30th September 2015

18%

4%

19% 46%

12%

Data: 30th September 2015

18

0% 20% 40% 60% 80% 100%

Gasoline

Gasoil

Kerosene

Fuel-Oil

Crude Oil

Total

Type of Cores reserves storage by facility type

Logistic companies Cores Refining companies

Stock capacity management

through tenders

In 2014 Cores has conducted a

tender for relocating storage

capacity of 708,879 m3 petroleum

products in market conditions• 2.3% reduction of total contractual

capacity

• 50.1% reduction of spare capacity

Cores

Operational aspects95% of Cores strategic

reserves are stored in third

party facilities

Data: 30th September 2015

19

30

Cores

42

60

Industry

50

0

10

20

30

40

50

60

70

80

90

100

Crude oil Fuel oil Middle distillates Gasolines

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

Cores' increasing importancein the Spanish stockholding system

Unit: thousand m3Unit: days

Number of days covered by Cores has

increased over the years

Historical trend in strategic reserves reflects

the evolution of Spanish consumption mix

Cores

Operational aspects

20Cores

Operational aspects

0

1

2

3

4

5

6

7

8

0

10

20

30

40

50

60

70

80

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Spanish petroleum product consumption (left axe) CORES oil strategic reserves (right axe)

The drop in consumption has generated a surplus of reserves

Unit: million tonsUnit: million tons

Note: 6.88 Mt of Cores strategic reserves are equivalent to 8.11 Mm3 (2014 data)

21Cores

Operational aspects

The new Royal Decree would optimise the

surplus, establishing a plan with new

options

1. Source of additional income from

reserves maintenance for other entities• Distributors and consumers, petroleum

products operators with/without refining

capacity in Spain/EU, CSEs, IEA members…

2. Alternative source of financing as a

result of sale• Sole requirement: Board of Directors

resolution

• Compulsory debt reduction by law

• Last sale in Mar-15: 12,202 ton fuel oil

• Expected sales plan after meeting requests

The reserve surplus could be

optimised

Obligation 5.45

Surplus 1.33

Data: September 2015

Cores reserve surplus amounts to

1.33 Mm3, equivalent to a market

value of approx. 424 M€

Units: Mm3

More comfortable current liquidity situation with additional available credit lines

22

Cores: financial aspects

By law, Cores cannot have a deficit

Cores’ income is guaranteed by fees paid by companies

Strategic reserves account for 92.4% of Cores’ assets

Cores finances itself in private international markets

A balanced maturity profile and comfortable liquidity situation

Cores is rated BBB+ by Fitch and S&P

23By law, Cores cannot have a deficit

Cores

Financial aspects

Budget calculated by Cores on a yearly

basis:

• Considering operational & financial

costs and sales forecasts

• Objective: full recovery costs, keeping a

balanced budget

• The current approach at Cores is to bring fees

closer to market reality

• Fees approved by the Ministry of Industry, Energy

and Tourism

By law, Cores cannot have a deficit• Cores can only obtain a profit from sales of

reserves, to be used to repay existing debt by law

Tax exempt due to Cores strategic activities

Repay existing debt

exempt

Profits

balanced budget

keeping

tax

24Cores’ income is guaranteed by fees paid by companies

Profit and Loss Account as of 31st December 2014 (M€)

Cores

Financial aspects

Maintenance expenses of

strategic reserves

Financial expenses

Structural & other expenses

Changes in inventories

0

40

80

120

160

200

EXPENSES

Fee income

Sales and financial income

0

40

80

120

160

200

INCOME

84.1%

96.4%

12.6%

Note: percentages calculation is based on ordinary expenses

25Companies are obliged by lawto pay Cores fees

2014 Cores fee by company

Cores

To have a distribution license in Spain

all operators are obliged, by law, to

pay Cores fees • Cores fees represent a minimal

proportion of the operator’s annual costs

(around 0.1%)

• The fee is a minimum cost to the

consumer

Failure to pay may imply eventually

withdrawalof the license

Legislation allows Cores to request

an extraordinaryfee if necessary

34%

22%

9%

9%

8%

3%

15%

Others

Financial aspects

26Cores fee is a minimum cost to the consumer

Unit: €/l

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4Price: 1.3027 €/l

Taxes 0.5971

Price before taxes 0.7016

Cores 0.004 (0.3%)

Average price of diesel 2014

Cores

44.6%

55.1%

Financial aspects

Products Units

Fee 2015

(from

January)

Fee 2015

(from

September)

Fee 2015

(weighted)

Gasoline €/m3/day 0.0971 0.0601 0.0881

Kerosene

& gasoil€/m3/day 0.0949 0.0562 0.0851

Fuel oil €/Tm/day 0.0974 0.0577 0.0874

Natural

gas€/GWh 4.15 4.15 4.15

LPG’s €/Tm 0.09 0.09 0.09

Cores fees 2015

Note: Cores fee weighted by number of months applied

27Rapprochement of fees to market reality

Cores

0.0

99

8

Financial aspects

0,0953

0,0568

0,0856

0,00

0,02

0,04

0,06

0,08

0,10

2015 fromJanuary

Changes inbudget

assumptions

2015 fromSeptember

2015weighted

Cores feeUnit: €/m3 dayCores monitors its budget and reviews

it during the year if necessary

Substantial changes in some 2015

budget assumptions

• Domestic consumption higherthan expected

• Reduction of prevailing interest

rates and storage expenses

According Cores submitted proposal to

the Ministry for the reductionof fees• -40.4% in Sep-15 vs Jan-15

Third consecutive year with

rapprochement of fees to market reality

• -14.5% in Sep-2013 vs Jan-2013

• -18.7% in Sep-2014 vs Jan-2014Note: Cores fees weighted by products, 2015 weighted by number of months

applied

28Balance sheet: strategic reserves account for 92.4% of Cores’ assets

Cores

Financial aspects

Equity

Long term debt

Short term debt

Others

0

500

1000

1500

2000

2500

Liabilities

Strategic reserves

Fixed assets

Others

0

500

1000

1500

2000

2500

Assets

Unit: M€Unit: M€

83.6%92.4%

Balance sheet at 31st December 2014

29Market value of Cores

reserves: 1.3 times book

value

Cores

1,990

2,587

0

500

1000

1500

2000

2500

3000

Market value

Book value

56.89

$/Bbl

Unit: M€

By law, stocks accounted at

average weighed acquisition

price

In case of saleof reserves any

raised funds shall, by Law, be

devoted to debt reduction• Expected sales plan after

meeting obliged entities’

additional requests

Cores reserves market value vs book value

X1.3

43.74

$/Bbl

Financial aspects

Note: Assuming the exchange rate at 30th September 2015 of 1.1203 $/€

30th September 2015

30Financial debt consisting of long-term bonds and loans

Financial debt: breakdown by types and term

Data: 30th September 2015

Loans (39%)

Short term (21%)

Long term (79%)

Bonds(61%)

0

200

400

600

800

1000

1200

1400

1600

1800

2000Unit: million €Loanswith 3 entities (39%)

Bonds account for 61%

• 2014 Issue: € 250M

• 2013 Issue: € 350M

• 2008 Issue: € 500M

Additional available credit lines up to 140 M€ with 4 entities

• 10% increase vs Aug-14

Cores

Financial aspects

31Cores financial policy and strategy

Objectives

• Financing of reserves

with medium and

long term debt

• Diversification of

financial sources

enabling flexibility

• Increase of the number

of entities

Debt types

• Bond issues

• Medium and long term

loans and credit lines

• Higher presence in

financial markets

Financing

requirements

• According to the level

of strategic stocks to be held

Risk policy

• Management of

financial risk under

strict policies

approved by the

Board of Directors

• The Audit

Committee oversees

risk control systems

• Very limited exchange rate risk and

oil price risk

Cores

Financial aspects

32

0

200

400

600

800

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

September 2015

0

200

400

600

800

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

December 2014

Unit: M€

Unit: M€

A more balanced maturity profile

Cores

Financial aspects

0

200

400

600

800

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

December 2013

Unit: M€

Credit lines & loans

Bond issue

33Cores’ ratings

Cores

[…] Cores' ability to adjust the fees collected by operators in order to cover

its operating costs and debt servicing

[…] Operators in natural gas and oil distribution must pay a fee to Cores, and

are also responsible for maintaining Cores' financial creditworthiness

[…] In 2014, despite a slight decrease in the consumption of oil products,

Cores was generating a larger surplus than budgeted, due to savings in the

cost of borrowing

[…] The legal framework has been relatively stable apart from the recent

potential transfer to Cores of the direct management of gas reserves.

Investment

grade

AAA

AA+

AA

AA-

A

A-

BBB+

BBB

BBB-

[…] Solid and predictable funding profile

[…] We view Cores' liquidity as adequate, given that Cores takes into

consideration all of its expenses, including debt service, when determining

the annual fees applicable to its members. Fees are cashed in monthly,

ensuring regular access to liquidity inflows.

[…] Cores may also request that the ministry levy extraordinary fees on its

members if needed to cover all or part of its long-term debt maturities

BBB+

BBB+

Financial aspects

34

Cores is the Spanish Central Stockholding Entity

Cores agency model: Stable legal framework and access to financial markets

Cores’ members are all Oil and Gas operators in Spain. Payment of fees mandatory by Law

Highly stable and secure cash flow and income structure. By law, Cores cannot have deficit

Market value of Cores reserves: 1.3 times book value

Cores is run by a Professional and Expert management team

Cores highlights Cores

Key highlights

35Cores Management team

Cores

Mamen Gómez de Barreda. Managing Director

Mamen joined Cores in November 2012; she has more than 20 years of experience in various areas of the

energy industry, having worked in both the public and private sectors. Likewise, she is the lead independent

member of the Board of Directors of Red Eléctrica de España.

In the last decade she has held positions such as Director of Institutional Relations and Communication in BP

Oil España, and in the National Energy Commission (CNE) as Deputy Director of Oil Markets. Prior to that, she

worked at Union Fenosa as Director of Development Services; in Repsol in the International, Marketing and

Petrochemicals areas; and in Enagás in the Cogeneration Department.

She holds a degree in Economic and Business Sciences from the Universidad Pontificia de Comillas ICADE and

an MBA from the IESE.

Pedro Miras Salamanca. Chairman & CEO

Pedro has been the Chairman of Cores since February 2012, although he has been a member of the Board of

Directors since 2004.

He is also the Chairman of the Standing Group on Emergency Questions (SEQ) of the International Energy

Agency and Chairman of the Spanish Committee of the World Petroleum Council.

Pedro has 25 years of experience in the hydrocarbon sector, both in the private sector (12 years) and in the

public sector (12 years), including positions of responsibility such as Business Environment Director in Grupo

Repsol and a Member of the Board of Directors of the Asociación Española de Operadores de Productos

Petrolíferos (Spanish Association of Oil Product Operators—AOP in its Spanish acronym). Previously, he was

Petroleum and Biofuels Director in the National Energy Commission (CNE) and for the Spanish Biofuel

Certification Agency. He worked as Refining Department Head in Strategic Planning and Control Management,

in international management and in the refinery in Tarragona.

He is an industrial engineer with a master’s degree in Business Administration (IE) and an international

master’s degree in Business Administration (EOI).

He is a member of various associations linked to the energy sector, such as the Club Español de la Energía, the

Círculo Jefferson or the Real Instituto Elcano. He is also a professor specialising in economics and energy

regulation and a speaker/chairman in different energy forums. He is an analyst for news media.

36Cores Management team

Cores

Ismael Martín Barroso. Technical Director

At Cores since 1996, with two previous years of experience in logistics companies in the oil sector. Currently the

Technical Director in Cores. Within Cores he has worked in various divisions with different responsibilities. More

than 20 years of experience in the hydrocarbon field in both the private and public sectors. International

experience as a delegate in different meetings with the IEA (International Energy Agency) and the European

Commission.

Degree in Mining Engineering (specialising in energy and fuels) from the Universidad Politécnica Madrid and

Executive MBA (IE Business School).

Almudena Corrochano Vives. Chief Financial Oficer

She joined Cores as CFO in 2012, with more than 25 years of experience in both public and private companies.

For 20 years she was the CFO at ISDEFE, a systems engineering company with a significant presence in the

sectors of defence, security and air traffic control.

She holds a degree in Economic and Business Sciences and an MBA (IESE).

Tana García Lastra. Development and Institutional Relations Director

She joined Cores in May 2012, with 20 years of prior experience in various areas of the Oil & Gas industry, in both

public and private companies.

Tana worked for 10 years in REPSOL, with responsibilities in the financial and institutional divisions, as Head of

the Investor Relations Department. Later she joined CNE (National Energy Regulator) as Head of the Oil Markets

Department, a position she held for 11 years. Expertise in liberalization and privatization processes and broad

experience in an international domain: World Petroleum Council (WPC), International Energy Agency (IEA),

EUROSTAT. She has prior experience in banking and the financial sector (Spanish Central Bank, BBVA and

Banesto).

Tana holds a degree in Economic and Business Administration, an MBA (IESE) and post-graduate studies in

Energy Businesses.

Pablo Blanco Aróstegui. Head of Legal Department

He joined Cores in 2003. Previously he was a Senior Associate in the Financial Services Department of Landwell, a

PwC Legal Services firm in Spain, in the mergers and acquisitions, banking and financial services sectors.

He holds a Law Degree from CEU San Pablo and the Universidad Complutense de Madrid and a master’s degree in

the Legal Advice for Business programme of the IE (Instituto de Empresa). Accepted into the Colegio de

Abogados in 1994.

37Cores

• According to the provisions of Royal Decree 2111/1994 Cores was established in

1995 to build up and manage the Spanish Strategic reserves in petroleum products

while controlling the legal requirement for private operators to maintain security

stocks (compulsory reserves in petroleum products, liquefied petroleum gas and

natural gas)

• In December 2013, Cores was appointed the Spanish Central Stockholding Entity as

defined in Directive 2009/119/EC

• Although it was created by Public Law, according to Royal Decree 1716/2004, Cores

operates under private commercial laws independently but under the aegis of the

Ministry of Industry, Energy and Tourism

• Robust legal and regulatory framework and solid and predictable financial

performance: Cores generates almost 100% of its revenues from fees collected from

all the operators in the hydrocarbons sector in Spain. Fees are fixed by law and are

calculated each year including financial, operating and administrative costs

• By the end of September 2015, Cores managed around Eur 2,000 M in Strategic

Reserves at acquisition cost and a market value of Eur 2,600 M (buffer of Eur 600 M)

• Cores is currently rated at BBB+ by Fitch and BBB+ by Standard & Poor’s

Cores overview

38

Contact details:

Almudena Corrochano Vives: acv@cores.es

Tana García Lastra: tgl@cores.es