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GENERATING SUSTAINABLE VALUE Commitment Creates Future GENERATING SUSTAINABLE VALUE Commitment Creates Future GLOBAL MEGATRENDS in the ENERGY SECTOR

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GENERATING SUSTAINABLE VALUE Commitment Creates Future GENERATING SUSTAINABLE VALUE Commitment Creates Future GLOBAL MEGATRENDS in the ENERGY SECTOR GENERATING SUSTAINABLE VALUE Commitment creates future GENERATING SUSTAINABLE VALUE Commitment creates future GLOBAL MEGATRENDS IN THE ENERGY SECTOR Changes in global 1 economic power The significant population growth in emerging markets, Other factors, such as lack of global leadership, market versus its decline in developed countries, has various volatility, increased competition or geopolitical conflicts implications,1 both in terms of changes in economic power create a climate of uncertainty, which may influence and scarcity of resources. The change in global economic changes in global economic power. power suggests an increase in energy demand in other markets where production of energy resources does not occur. This fact drives O&G companies to pursue opportunities in emerging markets, where the degree of associated risk and the complexity involved in executing projects is higher. USA, Japan, Germany, 2009 GDP of US$ 29 tn China, India, Brazil, Russia, 2009 GDP of US$ 20.9 tn United Kingdom, France, G7 Indonesia, Mexico and E7 Italy, Canada 2050 GDP of US$ 69.3 tn Turkey 2050 GDP of US$ 138.2 tn Source: PwC Demographic 2 changes There are two diverging trends in demographic changes. In light of these trends, the challenge for the O&G sector will On the one hand, there are ageing populations in developed be to provide the conditions and tools needed to maintain countries.2 On the other hand, populations in developing the motivation and commitment of employees. There is also countries have a higher proportion of young people. another relevant change: the progressive presence of As a result, in mature economies, the more senior workers women in the sector, workforce and senior management of will have to develop new skills and know-how to face the O&G companies. This trend has been gaining greater new challenges of the sector, as well as having to continue notoriety, with workforces heading towards a position of to work for longer. While in the case of emerging markets, equality. the shortages in skills and specific sectoral training will need to be addressed. Annual population growth rate, 2010-2050 Growth rate 2000-2050 < 0% 0-1% 1-2% 2%+ Source: United Nations Department for Economic and Social Aairs. Acceleration 3 of urbanisation The UN predicts accelerated urbanisation in developing There will be a particular increase in the use of private countries3, to the detriment of the occupation of rural areas. vehicles and air travel, resulting in a greater demand for oil With the rapid pace of growth of urban centers (72% until products. In addition, the industrialisation of the urban 2050), an increase in energy demand is expected, namely centres in these markets will also lead to an increase in of electricity, oil and gas, which will create the basis for demand for natural gas and electricity, to meet changes in global energy demand. The rapid economic production needs. growth of emerging countries will lead to a change in their consumption habits, as well as their transport and mobility needs. Climate change and 4 scarcity of resources It is estimated that global greenhouse gas emissions Climate change and scarcity of resources, combined with (GHGs),4 from the burning of fossil fuels (coal, oil and gas), geopolitical and environmental factors, may lead to an will increase by 16% until 2030. A decrease in the increase in commodity prices and market volatility, leading importance of oil in the energy matrix mix over the next few to changes in organisations' business models. decades is also anticipated. The current and future Topics such as risk management, supply chain management regulation on climate change, which will be more and more and innovation, will be critical to identify new, eective demanding, will promote eciency in terms of energy solutions that guarantee benefits and economies of scale intensity and GHG emissions, with natural gas and for sector companies, making them more ecient and able renewable resources emerging as alternatives to other to produce more optimally. energy sources. On the other hand, population growth and the expansion of consumption will impact on the environment, causing disputes over resources such as energy, water or food, with a sharp increase in demand for natural resources expected until 2030. With a population of 8.3 billion people in 2030, we will need... more more more 50% energy 40% water 35% food Technological 5 advances Innovation has become the main engine of growth and Some examples of technological advances include: the value generation5 for companies. Several studies show exploration of non-conventional hydrocarbon sources a direct correlation between the rapid growth and (e.g. oil and shale gas); the demand for digital applications expansion of a company and a performance of excellence and new solutions in order to monitor operations remotely in terms of innovation. In the O&G sector, the focus is on the (e.g. use of drones); the development of technologies and innovation of processes, products, services and business low-carbon solutions (e.g. production of renewable models, in order to minimise costs and maximise resources, sustainable mobility, SMART solutions, opportunities. In this regard, the diversification of the energy eciency projects), among others. business portfolio, the development of new products and the partnerships with the scientific-technological system, are at the top of the agenda. SUSTAINABLE DEVELOPMENT GOALS No poverty Zero hunger Good health 11 22 33 and well-being Quality Gender Clear water 44 education 55 equality 66 and sanitation Aordable and Decent work Industry, clean energy and economic innovation and 77 88 growth 99 infrastructure Reduced Sustainable Responsible inequalities cities and consumption 1010 1111 communities 1212 and production Climate action Life below Life 1313 1414 water 1515on land Peace, justice Partnerships for and strong the goals 1616institutions 1717 The Sustainable Development Goals (SDGs) adopted by the Member States of the United Nations in September 2015 follow on from the Millennium Development Goals (MDGs) and define the global agenda for development until 2030, with a set of targets to be achieved. COMMITMENT I Act in a responsible and ethical manner, ensuring the best governance and transparency practices. We recognise that the decisions we make OBJECTIVES must be based on progressively integrated risk Ensure integrated management of risks, by building a assessment and we must consider the rights and culture of strategic, financial, operational and compliance expectations of those aected by our activity. risk management at every level of the Organisation, We should continuously improve our governance guaranteeing the definition and understanding of the Company’s appetite for risk and paying due regard to practices, in order to optimise the Company's emerging risks. management and creation of value, with the emphasis on the long term. We must also be Ensure the existence, eective implementation and transparent because that is a foundation for control/monitoring of the instruments and policies that ensure transparent and ethical action, in compliance with trust within society and increasingly a demand the applicable legislation and regulations. of stakeholders. Guarantee the integration of the Company's sustainability concerns in the respective governance model, guiding it towards the creation of long-term value and safeguarding of shareholder interests. TOP INDICATORS GALP We are recognised as of one of the most sustainable companies in the world, and were ranked the best among O&G sector companies in the Global 100 ranking of Corporate Knights in 2016. We are members of the DJSI, for the 5th consecutive year, remaining in the restricted group of DJSI Europe. We have been listed on the FTSE4Good index since 2014. CONTEXT SUSTAINABLE DEVELOPMENT GOALS MAIN CHALLENGES OF THE SECTOR SUSTAINABLE DEVELOPMENT GOALS RISK MANAGEMENT GOVERNANCE AND RISK MANAGEMENT Reach gender equality and empower 5 all women. There is a growing pressure on companies to demonstrate 5 Implementation of an eective risk culture. good governance and risk management – investors and SUSTAINABLE DEVELOPMENT GOALS stakeholders demand greater accountability and 16 Promote peaceful and inclusive societies for Risk prevention, detection and response. transparency, as well as greater capacity from O&G 16 sustainable development, providing access to companies to manage the risk of increasingly complex justice for all and building eective, responsible Definition of risk appetite in Organisations. projects. and inclusive institutions at every level. Oer of financial incentives to directors, associated to The integration of sustainability in a company’s the achievement of risk management metrics. governance practices is vital for the generation of long-term competitive advantages. ETHICS Integrated Governance Model Studies demonstrate that the dierence between the Implementation of a compliance system based on the annual return (ROI) among organisations that have principle of zero tolerance. PHASE 1 PHASE 2 PHASE 3 implemented good governance practices and the annual return of other organisations whose practices are less Guaranteed treatment of irregularity communications. Sustainability outside Governance for Integrated developed may come to 2.9% (source: IR Global Rankings of board’s agenda sustainability Governance 2010). What Galp does well In 2012, the European Commission approved • Sustainability • Sustainability issues • Oversight of a sustainable
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