Investor Presentation May 2021

Important Notice

NON-GAAP MEASURE

ALTERNATIVE PERFORMANCE INDICATORS

With effect from Q4/19, the Group decided to update its accounting policy for the classification of derivative instruments in the reported results, classifying the realised and unrealised gains/losses on commodity and CO2 hedging derivatives within the Reported EBITDA, consistently with the entry of the purchase and sale of crude oil and products, against which they are realized and directly related, despite the recognition of the current value of the same as a counterpart of the income statement. In addition to the improvement objective mentioned above, this decision also stemmed from the options offered by IFRS 9.

In order to give a representation of the Group's operating performance that best reflects the most recent market dynamics, in line with the consolidated practice of the oil sector, the results at operating level and at the level of Comparable Net Result, non-accounting measures elaborated in this management report, are shown by evaluating the inventories on the basis of the FIFO method, however, excluding unrealized gains and losses on inventories deriving from scenario changes calculated by evaluating opening inventories (including the related derivatives) at the same unit values of closing inventories (when quantities rise in the period), and closing inventories at the same unit values of opening inventories (when quantities decrease in the period). Non-recurring items in terms of nature, materiality and frequency have been excluded from both the operating profit and the comparable net profit. The results thus calculated, which are referred to as "comparable", are not indicators defined

With effect from Q1/21 the Group decided to adopt a new segment reporting consistent with the change introduced by the transition from the CIP6 / 92 contract to the essentiality regime in the operating modes of the Sarlux plant, which takes into account the very high level of integration of the power plant with the refinery. The Group's activities are therefore represented in two segments: Industrial & Marketing, which includes integrated refining and power generation and Marketing, whose plants are highly integrated with refinery logistics. Also included in the segment are the activities previously included in the "Other Activities" segment, headed by the Group' companies Sartec and Reasar, whose technical services are also dedicated to refining. Renewable, which includes the activities previously included in the segment called "Wind", in line with the development plans in the field of photovoltaics and green hydrogen

In addition, in order to consistently represent the performance of the Group's activities, the historical financial results have been restated according to the new business segments identified as described above.

DISCLAIMER

Certainstatementscontained in this presentationare based on the belief of theCompany, aswell as factualassumptionsmade byany informationavailable to theCompany. In particular, forward-looking statements concerning the Company's future results of operations, financial condition, business strategies, plans and objectives, are forecasts and quantitative targets that involve knownand unknown risks, uncertaintiesand other important factors thatcouldcause the actual resultsandcondition of theCompany to differ materiallyfromthatexpressedbysuchstatements. Thispresentationhasbeenpreparedsolelybythecompany.

SARAS - Investor Presentation

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Geographical footprint

Trading

Geneva, Switzerland

Headquarters

Milan, Italy

Storage

Arcola, Italy

Marketing Offices

Wholesale

Rome, Italy

Madrid, Spain

Wind Farm

Ulassay, Italy

Industrial services

Industrial site

Assemini, Italy

Sarroch, Italy

Storage

Cartagena, Spain

SARAS - Investor Presentation

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Almost 60 years of stable strategic direction and committed shareholders

Saras history...

... and shareholder structure1

1962: Saras founded by

Mr. Angelo Moratti

'80s: Increase in conversion capacity

Early 2000s: Further investments in conversion and Power business

2006: Listing on Italian stock exchange

2013: Rosneft purchases a 21% stake in

Saras

Oct-14: merger by incorporation of

subsidiary Arcola in Saras

Jan-16: Saras Trading SA fully operational in

Geneva

Feb-18: Chairman, Mr Gian Marco Moratti,

passed away

Oct-20: A plan for a leaner refinery adopted to mitigate the impact of the Covid-19 crisis

'70s: Third party Processing Agreements

'90s: Start up of Sartec and wholesale activity (marketing)

2005: Start of the Renewables business operation with the Ulassai wind farm

2007- 09: Upgrades for conversion, environmental and prod. quality purposes

Jul-13: Contribution in kind of Refining business from Saras SpA to its subsidiary Sarlux

Dec-14: Sarlux acquires majority of Versalis' petro-chemical plants in Sarroch

Jan-17: Rosneft sold the remaining 12%

stake in Saras

Aug-19: bunkering activities started in the Sarroch and Cagliari area

Mar-21: Renewable expansion plan announced with a target of up to 500MW of renewable capacity at 2024

Angel Capital

10.005%

Management SpA

Stella Holding SpA 10.005%

Massimo Moratti Sapa 20.011%

Urion Holding Ltd

3.01%

(Trafigura)

Platinum Investment

3.055%

Management

American Century

1.47%

Inv. Management

Saras treasury

0.97%

shares

Free Float

51.475%

1. As of May 18th, 2021

SARAS - Investor Presentation

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Strategy and Business Model

Maintain a leading position in the refining sector

Saras' unique business model has developed over time also in relation to

market scenarios and technological innovations

The size and complexity of the refinery is the result of a know-how developed in ˜60 years and of a path of continuous investment aimed at increasing capacity and efficiency, with constant attention to safety and respect for the environment

Integrated supply

chain

management

From Jan-2016 active in Geneva, one of the main international hubs for oil commodities trading, the subsidiary Saras Trading SA works in close cooperation with the refinery to better exploit its commercial strengths with market opportunities and all the synergies with the refinery, from technical process skills, to operational management expertise and planning skills

ContinuousDiversification

investments and

of supply and

improvements

sale markets

Sarroch refinery is capable of effectively processing different types of crude oils, including non- conventional ones. This is also eased by its geographical position in the middle of the Med where oil routes converge.

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Saras S.p.A. published this content on 18 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 07:08:05 UTC.