SRS Saras Raffinerie Sarde SPA

Saras: the Shareholders' Meeting approved Saras SpA Financial Statements as of 31st December 2013
Milan, 28th April 2014: Saras SpA Ordinary Shareholders' Meeting (the "Shareholders' Meeting") met today under Chairman Mr. Gian Marco Moratti.

Saras SpA Financial Statements as of 31st December 2013
st The Shareholders' Meeting approved the Saras SpA Financial Statements as of 31 December 2013 and decided to carry forward the net loss for the year, equal to EUR 124,037,017.

Saras SpA is the Parent Company and operates in the Italian and international oil markets, buying and selling crude oil and refined oil products. As part of the corporate restructuring approved by the Board of Directors in January 2013, the refining activities of Saras SpA were transferred to the subsidiary Sarlux Srl, with effect from 1st July 2013, in order to concentrate the industrial activities conducted at the Sarroch site into a single company, thereby increasing operational and management efficiency. Revenues of Saras SpA in FY2013 stood at EUR 10,166 million, down 6% versus FY2012. This decrease can be mainly attributed to the trend in oil prices. EBITDA was EUR -70 million in FY2013, up on the previous year (EUR -91 million). Similarly, the Net Result stood at EUR -124 million, improved by 32% versus the Net Result of EUR -153 million in FY2012. Investments in FY2013 were equal to EUR 51 million (from EUR 97 million in FY2012). The decrease is mainly related to the contribution in kind of all the refinery activities held by Saras SpA to the subsidiary Sarlux Srl, as previously mentioned. As a consequence, Saras SpA FY2013 Financial Statements only include the investments made in the first six months of the year and, for this reason, previous years' figures are not comparable.
st Net Financial Position as of 31 December 2013 was EUR -118 million, significantly improved versus the position at the end of FY2012, which was equal to EUR -471 million. The main contribution came from the partial repayment of debt to the subsidiary Sarlux Srl in the form of the above-mentioned transfer, and also from the ordinary operations' management, which benefited from a reduction in working capital.

Regarding the Consolidated Annual Report 2013, examined by the Shareholders' Meeting, the comments for each business segment are the same as reported in the preliminary figures. For more details, please refer to the Management Discussion and the Consolidated Financial Statements. Coherently with the negative adjusted Net Result posted by the Saras Group in FY2013, and in line with our dividend policy, the Shareholders' Meeting resolved not to distribute any dividends for the Financial Year ended 31st December 2013.

Remuneration Report pursuant to Art. 123-ter of the Legislative Decree 58/98
The Company submitted to the Shareholders' Meeting, which expressed its formal approval, the Remuneration Report pursuant to the Regulation in force, which contains the general guidelines and policies defining the remuneration of the Directors of the Board and of the Executive Directors with strategic responsibilities.

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Buyback of own shares and act of disposal of the shares purchased
The Shareholders' Meeting resolved to revoke, for the part not yet executed, the authorisation for the buyback programme of own shares approved by the Shareholders' Meeting held on the 24th April 2013, which would have naturally expired on the 26th October 2014. However, in recognition of the importance of such instrument, the Shareholders' Meeting resolved to approve a new authorisation for the following: (i) a "buyback programme" of Saras SpA ordinary shares, pursuant to Art. 2357 of the Italian Civil Code, and to Art. 132 of the Legislative Decree no. 58/1998 (the Italian Financial Services Act, also know as "TUF"), up to the maximum number of shares permitted by law, which is equal to 20% of the issued share capital, also taking into account the own shares already held in treasury by the Company (in other words, the maximum number of own shares which can be purchased under the new buyback programme is equal to 170,954,226, corresponding to approx. 17.98% of the share capital, because the share already held in treasury by the Company as of the date of the present Shareholders' Meeting is equal to 19,245,774, which corresponds to 2.02% of the issued share capital). The new buyback programme could be implemented also in several stages as appropriate, and shall take place in the eighteen (18) months following the authorisation resolution th approved by the Shareholders' Meeting (which means, within the eighteen months following the 28 April 2014); the disposal of the shares purchased under the above "buyback programme", to be implemented also in various stages as appropriate, pursuant to Art. 2357-ter of the Italian Civil Code.

(ii)

The aim of the new buyback programme is to provide the Company with own shares to be used in the following ways: · to implement (i) the 2013-2015 Stock Grant Plan, approved by the Shareholders' Meeting of 24th April 2013, (ii) any amendment to the 2013-2015 Stock Grant Plan or any future share plan of a similar nature, and (iii) any stock option plan that the Company may decide to adopt; · as part of transactions related to current operations and industrial projects or other investments in line with the strategic guidelines that the Company plans to pursue, including trading, exchange, transfer, sale or any form of disposal of own shares for the acquisition of equity interests or share packages, or for business projects or other extraordinary financing operations involving the allocation or disposal of own shares; · to carry out activities aimed at improving the liquidity of the Company's shares and managing the volatility of their market price and, in particular, to intervene in share price movements in unusual market situations to facilitate share trading at times of scarce market liquidity and to promote the normal trading of shares, unless it is necessary to use all the own shares for the purposes described above, and in any event within the limits set by current laws and regulations and, as appropriate, in accordance with the market practice permitted pursuant to article 180, paragraph 1(c) of the TUF concerning activities to support market liquidity. Finally, it should be specified that the purchase of own shares within the presently authorised buyback programme is not related to the reduction of the issued share capital, and therefore the shares purchased will not be cancelled.

Amendment of Art.2 of the Articles of Association concerning corporate purpose
Finally, the Shareholders' Meeting approved the amendment of Art.2 of the Articles of Association, to include specific reference, in Saras SpA corporate purpose, to the activities and services carried out in the "biofuels" sector. This amendment is the result of the procedures, currently in progress, in order to obtain the "International Sustainability and Carbon Certification" (ISCC), concerning the operations with biofuels and bioliquids. In particular, using an independent certification body, the Company is qualifying for the ISCC-EU certification system, which is valid not only in Italy, but also in the entire European Community. Once in possession of such certification, the Company shall be able to take advantage of all the commercial opportunities relating to biofuels within the European member states.

Agreement for the sale of the biodiesel business
On April 8th, 2014 Saras Energia SA (Saras Group) and Musim Mas Europe Pte Ltd (Musim Mas Group) signed an agreement for the sale of Saras Energia biodiesel business, whose plant is located in Cartagena (Spain), with revenues equal to approx. EUR 115 million in FY2013. The transaction is expected to close during the second half of FY2014.

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th This press release issued on 28 April 2014 has been prepared pursuant to the Regulation implementing Legislative th Decree no. 58 of 24 February 1998, adopted by Consob under resolution number 11971 of 14th May 1999, as amended and supplemented. It is available to the public at the offices of Borsa Italiana SpA and from the Company's website (www.saras.it), under "Investor Relations/Financial News/Press Releases".

For further information, please contact: Massimo Vacca Saras ­ Head of Investor Relations & Financial Communications Alessandra Gelmini Saras ­ IR Officer Elisabetta Ferrati Saras ­ IR Officer Tel. +39 02 7737642 Email: ir@saras.it

THE SARAS GROUP
The Saras Group, whose operations were started by Angelo Moratti in 1962, has approximately 1,800 employees and total revenues of about 11.2 billion Euros as of 31st December 2013. The Group is active in the energy sector, and is a leading Italian and European crude oil refiner. It sells and distributes petroleum products in the domestic and international markets, directly and through its subsidiaries. The Group also operates in the electric power production and sale, through the subsidiaries Sarlux Srl and Sardeolica Srl. In addition, the Group provides industrial engineering and scientific research services to the oil, energy and environment sectors through the subsidiary Sartec SpA. Finally, the Group operates also in the field of exploration for gaseous hydrocarbons.

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