Saras S p A : Presentation to investors - September 2020

Investor Presentation September 2020

Important Notice

NON-GAAP MEASURE

ALTERNATIVE PERFORMANCE INDICATORS

In 2019, the Saras Group continued to improve the methodologies used to measure its operating performance and financial results, which includes both GAAP and non-GAAP indicators. In this respect, 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 realized and unrealized 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, which recently became applicable.

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 by the International Financial Reporting Standards (IAS/IFRS) and are unaudited.

DISCLAIMER

Certain statements contained in this presentation are based on the belief of the Company, as well as factual assumptions made by any information available to the Company. 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 known and unknown risks, uncertainties and other important factors that could cause the actual results and condition of the Company to differ materially from that expressed by such statements. This presentation has been prepared solely by the company.

SARAS - Investor Presentation	2

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	3

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

1962

'70s: Third party Processing Agreements

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

2005: Renewables (Wind)

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

2019

Angel Capital

10.005%

Management SpA

Stella Holding SpA

10.005%

Massimo Moratti	20.011%
Sapa
Platinum
Investment	3.055%
Management
Norges Bank	1.361%
Treasury shares	0.970%
Free Float	54.594%

1. As of 7th September 2020

SARAS - Investor Presentation

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