SEPI Sociedad Estatal de Participaciones Industriales

• CETARSA starts a new era with the goal of opening new business lines
• The Company’s management acknowledges Mr. Carcaño’s commitment during these years

The Board of Directors of the tobacco company Compañía Española de Tabaco en Rama S.A., CETARSA, chaired by Mr. Javier Gómez Darmendrail, appointed this morning Mr. Agustín Conde Viñuelas as the Company’s new Managing Director, thus replacing Mr. Antonio Carcaño Gutiérrez.

Mr. Agustín Conde is a graduate in Business Administration and Law, and he has an Executive MBA by the IESE Business School, where he was an associate professor. He was also a professor at the Universidad Carlos III. Mr. Conde also has a wide managing experience in a number of companies which operate in the import, export and international trade relationships fields.

CETARSA’s management has acknowledged the effort and implication shown by Mr. Carcaño Gutiérrez during the years worked in the tobacco company. They have also expressed their best wishes for his future professional success.

With this appointment, CETARSA starts a new and ambitious era, with the goal of opening and expanding markets and business opportunities, in order to seek to strengthen the balance sheet and thus stabilizing the Company’s financial position and maintaining its workforce.

CETARSA, a company in which SEPI has an 80% shareholding, is focused on the purchase, transformation and commercialization of raw-tobacco, and it employs a total of 450 persons.

GRUPO SEPI

This company belongs to Grupo SEPI, a corporate holding which is made up by a total of 18 state-owned companies, in which it has a direct majority stake, with a workforce of over 80,000 professionals, the Corporación Radiotelevisión Española (the state-owned radio and television broadcasters), over which it has management powers, and two state-owned foundations. Equally, SEPI has minority direct stakes in a further seven companies, and indirect ones in over a hundred companies.