SEPI Group The Empresa de Transformación Agraria, S.A. (TRAGSA) is a Spanish public corporation belonging to the Sociedad Estatal de Participaciones Industriales (SEPI), which controls 51% of its capital. SEPI is a body governed by public law, whose activities are subject to private law, attached to the Spanish Ministry of Finance and Public Administration, reporting directly to the minister. The SEPI Group is composed of a set of public companies with very diverse corporate purposes: mining, shipbuilding, communication, food distribution, infrastructure management, tobacco, business promotion, agricultural transformation and the environment, leisure, nuclear and miscellaneous services. It also has direct minority stakes in other companies and indirect stakes in more than one hundred companies. The structure of theSEPI Group is organized around companies in the process of restructuring and liquidation, those who create policies of public interest, those focused on competitive markets, in addition to an affiliate body, its foundations and its minority stakes in other companies. The Law under which SEPI was created determines its functions, which are: To directly promote and coordinate the activities of the public companies which it owns. To set the strategy and oversee the planning of the companies in which a majority stake is held and carry out the monitoring and control of its implementation. The ordinary management of these companies is overseen by their own governing bodies. To manage its shares and interests and perform all sorts of financial, asset and liability operations. To set the general operating guidelines for the companies of the SEPI group, applying business management criteria and implementing the guidelines of the Government as regards modernization and corporate restructuring while safeguarding the public interest. Its main objective is to obtain the greatest return on its shares and holdings by: Defining and approving the strategies and establishing the relevant actions and annual targets for all the companies of the SEPI Group. Designing plans for the future that consider the necessary improvements to be made in unprofitable companies: operational, financial, organizational, employment, etc. Monitoring the effectiveness of its direct and majority-held investee companies.