Saras SpA Board of Director approved: Saras SpA Draft Financial Statements and Group Consolidated Financial Statements as of 31st December 2020 The Business Plan 2021 - 2024

Saras SpA Board of Director approved:

Saras SpA Draft Financial Statements and Group Consolidated Financial

Statements as of 31st December 2020

The Business Plan 2021 - 2024

FY/20 Results:

• EBITDA and Group comparable Net RESULT significantly impacted by the unpredictable effects of the pandemic which caused the drastic oil demand and margin fall, in an unprecedented year for the refining industry, negative for EUR 20.8 million and EUR 197 million euros respectively
• Group reported negative EBITDA and NET RESULT of EUR 87.1 million and EUR 275.5 million respectively and, compared to the EBITDA comparable, impacted by the further effect of the collapse in oil demand and the extreme volatility in prices determined an alignment to the current values of the inventories of crude and finished products, and the price curves according to the current scenario with an adjustment of the book value of the assets of the refinery
• Net financial position before IFRS16 as of 31 December 2020 negative for EUR 505 million, compared to a positive net financial position of EUR 79 million as of 31 December 2019, due to the effects of the scenario on the profitability and working capital of the Group, as well as the extent of the investments made during the year

Approved the Business Plan 2021-24

• Forecast scenario based on the projections of the main sector analysts characterized by still weak margins in 2021, recovering in the second half of the year, and recovering to levels close to pre-Covid in the period 2022- 2024
• Identified for 2021 a series of measures to significantly reduce costs and investments, aimed at minimizing the economic and financial impact of the scenario, with a containment of the level of debt to levels no higher than those of 31 December 2020. The achievement of these objectives will allow the Group to fully grasp the substantial market recovery expected starting from 2022
• A return to normality is expected for the period 2022-2024 with a substantial recovery of the market and margins which together with the consolidation of operational efficiency in the cost structure will allow the gradual normalization of the level of investments and the return of the level of debt
• The sustainability and energy transition strategy continues with:

1. the development of new renewable capacity, with the goal of 200MW of wind capacity in 2021 and new renewable capacity up to 500 MW in 2024 also through the development of new partnership

• 1. the Group's strategy in the context of the energy transition, with particular focus on green hydrogen and biofuel projects
• Approved a set of indicators to measure progress in the environmental, social and governance fields

The Shareholders were called for an Ordinary General Meeting on 12th May 2020 (first call).

After the Board meeting, the Chairman Massimo Moratti, declared:

"The last quarter of the year was expected to be the beginning of the recovery, unfortunately the pandemic has once again flared up, thus dampening the signs of recovery, which however can be glimpsed today. In this quarter, the plans for 2021 and beyond were finalized, which see a decisive paradigm shift: we are laying the foundations for a more efficient industrial structure that will require fewer financial resources, always in full respect of health, safety, and the environment. At the same time, new impetus was given to the "energy transition" projects and we increased our presence on renewables: I am confident of being able to announce new expansions shortly and I am very satisfied with the agreement with Enel to build the largest plant in Italy for the production of hydrogen, in Italy we are the industry that probably has the largest experience in dealing with this gas. We are still facing a complex period but thanks to the expertise and determination of our people we will continue our long journey in the energy sector, maintaining our leading role in the community and remaining crucial in the global market.".

1

EUR Million	FY 2020	FY 2019
REVENUES	5,342	9,518
EBITDA reported	(87.1)	252.8
Comparable EBITDA	(20.8)	313.8
NET RESULT reported	(275.5)	26.2
Comparable NET RESULT	(197.0)	67.3
NET FINANCIAL POSITION ANTE IFRS 16	(505)	79
NET FINANCIAL POSITION POST IFRS 16	(545)	30
CAPEX	256	345

Milan, 30th March 2021: Saras SpA's Board of Directors met today and approved the Group's Consolidated Financial Statements and Saras SpA's Draft Financial Statements at 31 December 2020, the Sustainability Report including, among other disclosures, non-financial and diversity information pursuant to Legislative Decree 254/2016, and a set of ESG KPIs. The Group's Business Plan for 2021-2024 was also approved.

***

The 2020 Financial Statements have been submitted to the Board of Statutory Auditors and the Independent Auditors and, together with the other documents referred to in Article 154-ter of Legislative Decree no. 58/1998 (the Consolidated Financial Act), they shall be made available to the general public at the company's registered office and will also be published on the company's website (www.saras.it) in due course, as prescribed by the current regulations.

The manager in charge of financial reporting, Franco Balsamo, states, pursuant to paragraph 2, article 154-bis of the Consolidated Finance Act, that the accounting information in this press release corresponds with the Company's documentation, ledgers and accounting entries.

Attached are comments on the results of the Group and of the individual business segments, the Strategy and Business Outlook, the consolidated and separate statements of equity and financial position, the statement of comprehensive income, the statement of changes in shareholders' equity and the cash flow statement and Statement of Cashflow, for the Consolidated financial Statement of the Group as well for the Financial Statement of Saras SpA, and also the details regarding the update to the Group's Business Plan for the 2021-2024 period.

Regarding the estimates and forecasts contained in this document, in particular with regard to the Strategy and Business Outlook and the update of the 2021-24 Business Plan, it should be noted that actual results may differ, even significantly, from those indicated in relation to a multitude of factors, including: future developments in the prices of crude oil and refined products, the operating performance of plants, the impact of regulations on the energy sector and on environmental matters, other changes in business conditions and in the evolution of competition at a global level.

This press release has been prepared pursuant to the Regulation implementing Legislative Decree No. 58 of 24 February 1998, adopted by Consob with resolution No. 11971 of 14 May 1999, as amended. It is available to the public on the company's website, in the "Investors/Financial Press Releases" section and also at the authorized storage mechanism for regulated information, "1info" (www.1info.it).

Investor Relations	Media contacts
Ilaria Candotti	Comin & Partners
Phone + 39 02 7737642	Lelio Alfonso
[e-mail]	Phone [phone]
	[e-mail]
	Comin & Partners
	Giuseppe Stamegna
	Phone [phone]
	giuseppe.stamegna @cominandpartners.com

THE SARAS GROUP

The Saras Group founded by Angelo Moratti in 1962 is one of the leading independent players in the European energy and refining industry. Through the parent Compay Saras SpA, and its subsidiaries, Saras Trading SA, based in Geneva, and Saras Energia SAU, based in Madrid, the Group sells and distributes oil products in the domestic and international markets. The Group also operates in the production and sale of electricity, through its subsidiaries Sarlux Srl (IGCC plant) and Sardeolica Srl (Wind plant). Moreover, the Group provides industrial engineering and research services to the oil, energy and environment sectors through its subsidiary Sartec Srl. The Group has about 1,690 employees and total revenues of about 5.3 billion Euros as of 31st December 2020 (about 9.6 billion Euros as of 31st December 2019).

2

ANNEX

Covid-19 Impact

FY 2020 was characterised by an economic and social situation that was severely impacted by the Covid-19 pandemic and the lockdown measures taken at the global level to contain it, followed by an unprecedented consumption crisis.

Despite the emergency, as an industry that is essential to the life of the country as it supplies approximately 15% of the Italy's hydrocarbon needs and a significant proportion of the electricity required by Sardinia, Saras maintained full operational continuity at the Sarroch refinery plants during the year while also completing the planned maintenance activities, which in turn constituted one the most major turnarounds in the history of the Sarroch refinery.

The refinery and the multitude of suppliers working on the plant maintenance was made possible thanks to the safety and Covid- 19 containment measures that were immediately implemented, in compliance with provisions prepared by the National Authorities included the Prime Ministerial Decree and the order of the President of Sardinia Region. Continuation of operations at the Group's various sites were likewise guaranteed by the use of the same protocols as those used for the industrial site, as well as extensive use of smart-working. An insurance policy was also stipulated for all employees of the Italian Group companies to cover any need for hospitalization and subsequent assistance in the event of contagion from Covid-19. This has allowed us to provide the best safeguards for all workers at the refinery and the full employment of our workforce at this difficult time, including the many people employed by the companies engaged in the maintenance activities. This allowed us to make a tangible contribution to the economy of the territory where Saras operates.

In terms of the economic impacts, we recall that the refining industry is one of the most impacted by the effects of the crisis.

Especially Mediterranean area operators, such as Saras, have faced an unprecedented situation brought about by the combination of the collapse in the demand for petroleum products, beginning in March with the adoption of lockdown measures by most countries and, on the supply side, by the production cuts introduced in early May by OPEC + countries, in an effort to support crude oil prices. The high level of volatility in the price was added to these events due to the strong level of uncertainty that characterized the course of the pandemic and therefore also the containment measures adopted. This situation was further exacerbated in the second half of the year, when, contrary to expectations, consumption did not pick up in the summer months and this led to unexpectedly high stock levels of the main refined products. This phenomenon, together with the production cuts mentioned above, which mostly affected medium-heavy,high-sulphur crude oils used mainly by complex refineries such as Saras, led to a further collapse in refining margins (for a more detailed explanation on the evolution of the scenario, see the section "Oil market and refining margins").

A comparison of the main market assumptions made by industry analysts for 2020, immediately before the crisis, with the relevant average values actually recorded in the year, shows the degree to which Covid-19 impacted the Group's business in 2020.

The initially expected scenario for 2020 not only projected a trend in consumption in line with 2019, but also incorporated the positive effects, beginning from the second quarter, from the entry into force of the IMO-Marpol VI regulation, with a positive impact in particular on the crack spread of diesel and on the discounts of the basket of crude "sour".

The collapse in consumption following the lockdown measures has distorted and erased these predictions.

The impact on global oil demand, which plummeted by 25% in April (35% in OECD countries) compared to the same period in 2019, was reflected in Brent prices, which reached almost $70/bl at the end of 2019, to then crash to an all-time low of $13.2/bl in mid-April, when the collapse in consumption was compounded by the effect of the failure of Opec+ countries to agree on production cuts. From May onwards, however, the newfound agreement on production cuts between the OPEC+ countries gradually brought Brent DTD back to values above $30/bl, reaching $55/bl at the end of the year. In 2020 Brent DTD quotations were on average 27% lower than forecasts. Medium-heavy,high-sulphur crude oils (sour crude oils) were the ones mainly affected by the cuts, and their differentials against the typically discounted Brent crude oil remained under pressure throughout the year.

On the product front, gasoline, the product most affected by lockdown measures together with jet fuel, recorded average prices down by approximately 31% with margins approximately 51% lower than had been forecasted. Despite an initially lower drop in demand due to the resilience of commercial transport, the average price of Diesel dropped by approximately 33% and the margin was approximately 56% lower. In the second half of the year in particular, the high level of inventories accumulated during the lockdowns - even in the absence of demand for jet fuel, a product derived from middle distillates - and the lack of discounting on high-sulphur crude oils, kept the diesel crack price between $1 and $6/bl.

3

In 2020, the reference refining margin (EMC benchmark) consequently averaged -0.5$/bl, with negative values in particular in the second half of the year. The "pre-Covid" expectations of leading market analysts estimated a positive EMC benchmark of +3$/bl for 2020.

During the year, the Power and Wind sectors also suffered from the drop in the CIP6 tariff and the PUN. The effect induced by the collapse in consumption, including gas was also reflected in electricity prices, with an average CIP6 tariff in the period of 76€/MWh and an average PUN value of 38.9€/MWh, down approximately 15% and 24% respectively compared to expectations.

As far as the impact on the Group's activities is concerned, the scenario described above, which is particularly unfavorable for complex refineries such as Sarroch, caused a deterioration in the profitability of the Refining segment, which achieved an average refining premium in the year of $2/bl compared to the EMC mentioned above (of -$0.5/bl) and a refining margin of $1.5/bl (for further details, please refer to the chapter Refining Margin).

In addition, the price trend led to a deterioration in the segment's working capital.

These factors, together with the turnaround plan involving the refinery, worsened cash generation with a negative Group Net Financial Position at the end of the financial year equal to a net debt of EUR 505 million pre-IFRS16 (EUR 545 million post application of IFRS16) compared to a positive Net Financial Position of EUR 79 million pre-IFRS16 (EUR 30 million post IFRS16) at 31 December 2019.

To contain the impact of the crisis, Saras has put in place various operational and financial measures since the end of March.

In particular, in the Refining sector the fall in demand and the particularly unfavorable margins on the gasoline market led the Company to extend the shutdown of the FCC unit throughout June. This is the largest gasoline-producing plant which had already been undergoing scheduled maintenance in the months of March, April and May. Refinery runs in the second quarter were therefore concentrated on middle distillates, which were less affected by the slump in demand.

Moreover, in light of the situation that developed at the end of March, Saras resorted to hedging operations to guarantee a margin on diesel production and took advantage of the commercial opportunities arising from the marked price contango structure existing between the end of March and the beginning of April.

At the end of March, the Company then gradually reacquired its inventory levels at particularly advantageous prices, with an economic benefit that was reflected in the reported results of the third quarter, although this was adversely offset by the further worsening of the situation during the period.

In a prudential perspective and in light of the considerable uncertainty of the markets, to better preserve the financial strength and the economic and financial balance of the Group, Saras deemed it appropriate to suspend the dividend proposals on 2019 profits and to authorise the share buy-back plan approved on March 2.

Additionally to these measures, which mainly related to the first half of the year, in October 2020 the Company adopted a cost and investment efficiency plan to contain the economic and financial impact of the continuing economic crisis. This plan will enter into full effect in 2021. This plan envisages keeping the refinery operational according to the cost-effectiveness of the processing of the main refined products, while still safeguarding the production of electricity which is essential for the balance of the Sardinian grid, and a significant containment of operating costs and investments. The Company's choice to resort to the redundancy fund, partially adopted for all employees of the group starting from the end of October 2020, and for the first half of 2021, is also part of this plan.

Also, in addition to the medium-term loans signed in the first quarter of 2020, the Company obtained new medium/long-term credit lines from a number of leading banks in 2020. In particular, at the end of the year, a loan agreement was signed with a pool of leading Italian financial institutions for EUR 350 million, maturing in 2024, 70% of which is backed by guarantees issued by SACE within the framework of the Italian guarantee program. The Company was also able to have the lending banks revise some financial parameters applicable to the existing credit lines, to take into account the changed market conditions.

For updates regarding the potential impact of the continuing Covid 19 emergency on the main financial statement items, please refer to the Notes (Impairment testing). In this regard, although the timing of the recovery is uncertain, it should be noted that the recession caused by Covid-19 is due to factors that are external to the economic system, which should therefore not weaken its fundamentals. We believe that the business conditions for Saras Group activities will ensure a return to profitability in the coming years, particularly from 2022, contingent upon a significant recovery in demand that will be close to pre-pandemic levels.

4