<table><tr><th>From:</th><th>Ugo Brachetti Peretti</th><th>&gt;</th></tr><tr><td>Sent:
To:</td><td>Thursday, March 5, 2015 9:04 AM
EPSTEIN JEFFREY</td><td></td></tr><tr><td>Subject:</td><td>Fwd: downstream sector valuation</td><td></td></tr></table>

Hi Jeffrey,

here is the =nswer to your question,and some explanation on the evaluation of the compa=y. Note that 2014 represent the firs= full year after the turnaround of the group in 2013; the downstream recto= achieved an ebitda of 80m which is double the one of the previous year. w= expect a natural increase of the marginality of the business once all act=ons currently ongoing will be finalized up to 140m.

Valuations based on sum of the parts/comparable market transactions</=>

in a sector where the volatility of the results=is important we normally use as a reference point for valuations an approa=h related to sum of the parts based on market references or previous compa=able transactions. in evaluating api group downstream activity w= highlight the following items: refinery 200-300m logi=tic/storage 200-250m retail network (owned) 600-700m r=tail network (partner) 150-200m wholesale unbranded 50m wholesale special products 250-300m

total Enterp=ise Value 1450-1800m