From: "Jeffrey E." <[email protected]> To: Ugo Brachetti Peretti Subject: Re: downstream sector valuation Date: Thu, 05 Mar 2015 12:54:16 +0000 Ugo , I m not sure of much but am certain that the valuation method is very very high . If you want my help , Indians Chinese Arabs . The deal is five percent of all money's received . Debt equity etc . I don't need a contract only a paragraph , if not I won't be insulted and we can talk women instead . On Thursday, March 5, 2015, Ugo Brachetti Peretti -41 > wrote: Hi Jeffrey, here is the answer to your question,and some explanation on the evaluation of the company. Note that 2014 represent the first full year after the turnaround of the group in 2013; the downstream sector achieved an ebitda of 80m which is double the one of the previous year. we expect a natural increase of the marginality of the business once all actions 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 approach related to sum of the parts based on market references or previous comparable transactions. in evaluating api group downstream activity we highlight the following items: refinery 200-300m logistic/storage 200-250m retail network (owned) 600-700m retail network (partner) 150-200m wholesale unbranded 50m wholesale special products 250-300m total Enterprise Value 1450-1800m please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeeva