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JULY 2015 INVESTOR PRESENTATION – Saras S.p.A.

Saras S.p.A. · Jul 23, 2015 · 23 slides

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Slides

  1. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 1
    Business Update Call Saras in the new European refining context 23 July 2015 1
  2. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 2
    Saras Investor Relations' new calendar Today Business Update Capital Markets Day Market update and forward-looking views Panel discussion of market trends Business model and how it makes Saras ideally Supply-chain-driven integrated…
  3. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 3
    Our thesis for today's call Favorable refining economics Benefits for typical EU refiners expected to stay Higher refining margins Structural changes strengthened the EU refineries essential to regional supply chain refining market…
  4. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 4
    In 2015 the European refining market is witnessing the end of a low-margin cycle that lasted for the past 5 years Yearly EMC benchmark1 2009-2014: market downturn (/bl) 6 4 2 0 -2 2003 2004 2005 2006 2007 2008…
  5. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 5
    Higher refining margins driven by strong product cracks Product Cracks CIF Med Product Cracks CIF Med as % of Brent Dated Robust growth of Increase in ratios of product gasoline crack crack spread vs. crude price (/bl) (/bl) 30…
  6. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 6
    6 key structural changes in oil market beneficial to Saras Market from 2009 to 2014 Market from 2015 onwards 1 High crude prices More balanced oil prices, robust supply 2 Low availability of heavy sour crudes Significant increase…
  7. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 7
    1 More balanced oil prices driven by a robust oil supply Strong supply growth came from both OPEC ...and the robust supply is expected to persist, due and non-OPEC producers... to production growth and mitigating disruptions OPEC…
  8. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 8
    1 Robust supply expected to stay US, Iraq and Saudi Arabia have driven ... which could be further boosted the global crude supply growth... + by the end of supply disruptions US Crude Supply Iran Crude Supply Iraq Crude Supply…
  9. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 9
    2 Significant increase of non-standard grades (heavy sour and heavy acidic) Canada Iraq Growth forecast for '16: + 200 kb/d Growth forecast for '16: + 300 kb/d New pipelines to enter in operation: New pipelines from Kurdistan to Med…
  10. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 10
    3 2015 is appearing as the inflection point of product demand Sharp drop in Europe's total demand until 2012, stabilization in 2013-2014... ... and clear growth trends appear in 2015 Europe: total product demand Total products…
  11. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 11
    4 Significant impact of ongoing European refineries rationalization Closures and conversions in OECD Europe (2009-2015) (kb/d) 3,000 1,300 2,350 2,000 1,050 1,000 0 Announced conversions / converted Announced closures /…
  12. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 12
    5 EU historically unable to meet regional demand for diesel/gasoil Europe is short of Gasoil/Diesel... ... and long in Gasoline1 41.6 Mton of net Mton 30.3 Mton of net Mton exports,41% of total Imports,10% of total demand 400…
  13. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 13
    5 US refineries global competitiveness boosted by a price distortion that is not expected to persist Brent-WTI spread Factors to mitigate distortion /bl 22 Mt / y 30 20 Debottlenecking of logistics in US & Canada 10 9 Mt /…
  14. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 14
    5 Spare capacity overrated and expected to decrease Actual spare capacity significantly lower Local demand growth to outpace than nominal spare capacity (2014) capacity additions in Asia & Middle East (mb/d) (mb/d) CAGR 20 1.5 1.5…
  15. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 15
    6 Reduction in Fuel Oil value benefits high-conversion refiners Relative value of LSFO vs. ULSD (% of the ULSD price) Marginal production1 brought in by healthy margins put on market additional Fuel Oil, 80% consequently reducing…
  16. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 16
    The new European refining context offers multiple benefits to players Benefits for European refiners High refining margins Favorable refining economics expected to stay EU refineries essential to regional supply chain A strong…
  17. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 17
    Saras is ideally positioned to benefit the most from the new cycle Market from 2015 onwards Benefits for Saras 1 More balanced oil prices, robust supply Decreased fuel consumption costs Significant increase in production of heavy…
  18. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 18
    2 Saras' crude flexibility and integrated approach to Supply Chain Management are strong competitive advantages (/b) 5 Crude differentials vs Brent Dtd Azeri 4 3 2 Market 1 4 /bl 0 1 /bl volatility -1 /bl -1 Dalia -4 /bl and…
  19. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 19
    2 Saras' flexibility enables it to exploit non standard grades Crude grades processed by Saras in 1H15 API 50 Saras is capable of recreating standard Heavy Condensates barrels by blending 40 unconventional grades Brent…
  20. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 20
    4 Top-tier large & complex refiner among European players SARAS Majority of recently shutdown refineries had low complexity and small distillation capacity (less than 100,000 bl/day) Refineries under the red spotted line will…
  21. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 21
    A series of new initiatives to further unlock shareholder value Benefits expected from the acquisition larger than anticipated, thanks to stronger market and optimized asset exploitation: Acquisition Maximisation of naphtha runs in…
  22. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 22
    Acquisition of Versalis plants benefits from fully-integrated management Optimized reforming operations... ... supported by growing margins Reforming runs Reforming Gasoline / (kb/d) margin1 Naphtha (/ton) (%) +92% 250 160…
  23. JULY 2015 INVESTOR PRESENTATION – Saras S.p.A. – slide 23
    Saras' superior value creation levers today and looking forward European refining upwards cycle Healthy cracks + Rebalanced oil prices Resilient macroeconomic fundamentals + Strong US Dollar + Flexibility to source the…

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