A SUCCESSFUL CONCEPT IN

MID / DOWNSTREAM

ENERGY BUSINESS

Septembre 2019

RUBIS IS ORGANISEDINTO THREE PROFIT CENTERS

FUEL RETAILING

Sale and marketing of fuels to end

customers: Multi-segment positioning:

Motor gas stations, fuel oil, LPG, bitumen,

aviation and marine fuel, lubricants

SUPPORT AND SERVICES

Midstream business in support

of the distribution : refining, trading/supply,

shipping, terminalling and services for

both its own account and third parties

TERMINALING & STORAGE

Bulk liquid storage : Petroleum products,

fertilizers, chemical, edible oil and

molasses.

Customers: oil companies, fuel retailers,

chemical industry, traders

and Government agencies

70% 20% 10%

Marketing business Support and Services business Services provider

2

2018 CONSOLIDATED DATA (IN €M)

+15%

SALES

4,754

Sales

500

EBITDA

254

Net profit,

Group’s share 2.63

EPS (€)

1.59*

DPS (€)

COMPOUND GROWTH OVER 10 YEARS TO 2018 – LONG-TERM GROWTH LEAD BY ACQUISITIONS (≈ TWO THIRDS)

+18%

EBITDA

+18%

EBIT

+20%NET PROFIT,

GROUP SHARE

+10%

EPS

3

* Amount proposed to the General Meeting to be held on June 11, 2019

391

EBIT

+9%

DPS

H1 - 2019CONSOLIDATED DATA(EN M€)

+ 13 %

SALES

2,727

Sales

313

EBITDA

157

Net profit,

Group’s share

CHANGE 2019/2018, EXCLUDING IFRS 16

+ 16 %

EBITDA

+ 17 %

EBIT

+ 24 %NET PROFIT,

GROUP’S SHARE

4

238

EBIT

THINKING LONG TERM: THE ESSENCE OF RUBIS DNA

BUSINESS STRATEGIC POSITIONING

• Multi-local specialist & niche player enjoying leading market

positions: top 3 player – few participants – market share up to

80%

• High barriers to entry: regulation/capital intensive

• Full control of distribution channel securing competitive supply

and delivery to customers

GLOBAL BUSINESS CHARACTERISTICS

• Low exposure to business cycle – resilient business offering visibility

• Low tech content business – quality of service being a key factor of

differentiation

• Fragmented risk structure: multiple segments/geographically spread

• High potential for further acquisitions worldwide

FINANCE

• Solid free cash flow generation

• Low financial leverage

• Significant dividend pay-out and growth

• Cost Plus business – stable unit margin

ORGANISATION

• Autonomy of local management: quick decision making process

• Close to customers + capex adapted to local needs + efficiency

and market share gains

• Empowered and entrepreneurial local managers

5

RUBIS BENEFITS FROM STRONG LOCAL POSITIONS AND IS ABLE TO BUILD UP ITS COMPETITIVE OPERATIONAL LEVERAGE IN A MOVING GLOBAL ENVIRONMENT

FUEL SUPPLY AND RETAIL

• Supply cost at parity with oil major

• Ability to pass supply price volatility on to customers

• Efficiency gains attached to both organic development and

acquisitions

• Import logistic ownership in markets structurally dependent

on imports

TERMINALLING & STORAGE

• Structural imbalances between supply and demand creates

new flows of products and new logistics requirements : jetty -

blending capacity

• Barriers to entry: capital intensive business and constraining

environmental regulation

• Changing oil spec, state policy of strategic reserves, global

refineries re-location

• New positive challenge: IMO 2020, new gasoline/diesel mix

6

FULL CONTROL OF SUPPLY CHAIN AND

MARGIN UP TO FINAL CUSTOMER

LOCATION, CUSTOMER BASE –

HIGH QUALITY ASSET BASE

2019 VOLUMES: 6 MILLION CBM ON A FULL YEAR BASISRUBIS ÉNERGIE

France4

Spain3

Portugal2

Channel Islands1

Switzerland1

Djibouti1

Morocco3

Botswana2

Swaziland2

Réunion1

Lesotho4

Togo1

Senegal1

Madagascar1

South Africa2

Nigeria1

Comoros1

Bermuda1

Western Caribbean2

Antilles –French Guiana

1

Eastern Caribbean2

Jamaica2

39%

14%

46%

7

1 Haïti

LPG (20%) Fuel gas station (66%)Fuel commercial (41%

Bitumen (6%) Market position

1 KenolKobil (Kenya - Burundi - Ethiopia - Uganda - Rwanda - Zambia)

A LOW EXPOSURE TO OIL PRICE VOLATILITY - COST PLUS MODELYOY CHANGE

LPG quote Unit margin

8

This chart shows LPG quotations in parallel with unit margin delivered by Rubis Energy: it shows Rubis’ capacity to pass on to the

customer most of the supply price volatility and thus maintaining stable its margin despite a volatile environment.

-26%

50%

14% 14%

-13% -15%

-36%

-16%

43%

16%14%

-4%

5%-1% -2%

2%

15%

-2%1% 2%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

3.6 MILLION CBM OF COASTAL / PIPE LINKED 2019 STORAGE CAPACITYRUBIS TERMINAL

Terminalling - Rental revenues breakdownRotterdam

Antwerp

Dunkirk

Rouen

Brest

StrasbourgReichstett

Village-Neuf (Mulhouse)

Villette-de-Vienne

St-Priest (Lyon)

Salaise

Corsica

DörtyolTurkey

131

756

475

191

216

63

867

62

95

20

37

650

9

Oil (52%) Fertilizer (7%)

Chemicals (37%) Edible & Molasses (4%)

AN ACQUISITIVEBUSINESS MODEL

10

• Since 1995 : some 40 acquisitions for a cumulative amount exceeding €2bn

• A deep reservoir for acquisition targets ahead: oil majors, privatization, family office,

government agencies, listed companies, …

• Range of EBITDA multiple paid: 5 - 7x

• Material earning improvement in year 3 post-acquisition through re-management, re-

positioning and specialist-mindset

e.g.: Shell in Southern Africa +50% 2005-07 10-12 16-18

Chevron in Caribbean +100% ROC/ACE* 10% 13% 15%

BP in Portugal +20% *ACE: Average Capital Employed

AN ACQUISITIVE BUSINESS MODELSince 1995: some 40 acquisitions for a cumulative amount exceeding €2bn

SES Strasbourg

€18m

96/99

GREENFIELD

DEVELOPMENTS

11

Morocco

€14m

EXTERNAL

GROWTH

Rubis Énergie

Propetrol

€15mFrench Antilles

€107m

2000 2001 2003 2005 2006 2007 2008 2009 2010

Senegal

€5m

Europe (5

countries) LPG

€44m

Bermuda

€32m

Corsica Dist.

€10mLPG Spain €8m

Channel Islands

€16m

South Africa

Switzerland

Spain Caribbean

€280mCorsica Storage

Madagascar

€14m

Frangaz

€25m

Rotterdam

€90m

Rubis Terminal

Antwerp

€80m

AN ACQUISITIVE BUSINESS MODELA deep reservoir for acquisition targets ahead: oil majors, privatisation, family office, government

agencies, listed companies

2011

GREENFIELD

DEVELOPMENTS

12

EXTERNAL

GROWTH

Bahamas

Botswana

Cayman Islands

Turks and Caicos

€82m

Reichstett

€36m

SARA Refinery

€47m (35,5%)

LPG Switzerland

€16m

2012 2013 2014 2015 2016 2017 2018 2019 2020

MultigasSwitzerland €9mPortugal €115mJamaica €60m

Bermuda Gas

USD18m

Rotterdam & Antwerp

Extension in progress

2015-2017

Rubis Énergie Rubis Terminal

Dinasa & Sodigaz

(Haiti) Galana

(Madagascar)

EG Retail (Corsica)

Total amount:

€380m

Rubis Terminal

Petrol (50%)

in Turkey

Djibouti €18mReunion Island

€100mEres USD350m

Delta Rubis (50%)

in Turkey

€72m

Repsol Portugal

€42m

KenolKobil

(Kenya)

€312m

ROBUSTFREE CASH FLOW GENERATION

13

(in €M) 2016 2017 2018

EBITDA 411 496 500

Change in Working Capital 18 71 47

Maintenance Capex 56 61 84

Free cash flow from operations available for expansion capex* 256 265 276

* After interest, tax, change in working capital and maintenance capex

➢Leaving significant capability for expansion capex

➢Acquisition funding through debt or new equity with target leverage max c2x (net debt/EBITDA)

leaving firepower up to €1 billion

OPERATING PROFIT BY DIVISION (IN €M)

Fuel retailing Terminaling & Storage Support and Services* Holding

14

-50

0

50

100

150

200

250

300

350

400

450

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

-6 -5 -4 -8 -9 -11 -10 -13 -15 -15 -19 -18

32 42 44 4778

98 116 97

153

199 254275

27,234,7 37,8 48,1

51,9

59,4 56,560,2

51,4

53,6

69,446…

23

51

62

64 88

* In 2014, Fuel Retailing split into Support and Services and Fuel Retailing

9% CAGR IN DIVIDEND OVER THE PAST 10 YEARSATTRACTIVE DIVIDEND YIELD

1415

12,5 12,5

16,5

2021,5

23,5 23,5

31,5

36,3

50,2

53,9

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average share price (€) Dividend per share (€) Dividend yield (%)

15

0,51 0,59 0,63 0,68 0,75 0,84 0,92 0,98 1,031,21

1,341,50 1,59

3,6%

3,9%

5,0%

5,4%

4,5%

4,1%4,2%

4,1%4,3%

3,8%3,7%

2,9% 3,0%

0

1

2

3

4

5

6

RUBIS SHAREHOLDERS STRUCTURE

RUBIS IS A LISTED “PARTNERSHIP”

Partners bear unlimited liability exposure on the company debt

Partners compensation is directly linked to total shareholder return

Management stability secures long term strategic view

Free float ≈ 90 %

Founded: 1990

IPO: 1995

Market Capitalisation ~ €5bn

16