Befesa S.A. — Investor Presentation 2019

Nov 13, 2019

Befesa Presentation Goldman Sachs Global Natural Resources Conference 2019 London, 13-14 November 2019

BEFESA Disclaimer

This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such statements reflect the current views of Befesa and its affiliates or of such third parties with respect to future events and are subject to risks, uncertainties and assumptions.

Many factors could cause the actual results, performance or achievements of Befesa and its affiliates to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Befesa and its affiliates do business; changes in interest rates; changes in inflation rates; changes in prices; changes to national and international laws and policies that support industrial waste recycling; legal challenges to regulations, subsidies and incentives that support industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; management of exposure to credit, interest rate, exchange rate and commodity price risks; acquisitions or investments in joint ventures with third parties; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of Befesa's intellectual property and claims of infringement by Befesa of others' intellectual property; Befesa's ability to generate cash to service its indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

Befesa and its affiliates do not assume any guarantee that the assumptions underlying forward-looking statements are free of errors nor do they accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein or otherwise resulting, directly or indirectly, from the use of this document.

This presentation is intended for information only and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of Befesa.

Third quarter and first nine-month period 2019 figures contained in this presentation have not been audited or reviewed by external auditors.

This presentation includes Alternative Performance Measures (APMs), including EBITDA, EBITDA margin, EBIT, EBIT margin, net debt and capital expenditures which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). EBITDA is defined as operating profit for the period (i.e. EBIT) before the impact of amortisation, depreciation, impairment and provisions. EBITDA margin is defined as EBITDA divided by revenue. EBIT is defined as Operating profit for the year. The Company uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of both its property, plant and equipment and definite-life intangible assets. EBIT margin is defined as EBIT as a percentage of revenue. These non-IFRS measures should not be considered in isolation or as an alternative to results from operating activities, cash flow from operating, investing or financing activities, or other financial measures of Befesa's results of operations or liquidity derived in accordance with IFRS. Befesa believes that the APMs included in this report are useful measures of its performance and liquidity. Other companies, including those in the industry in which Befesa operates, may calculate similarly titled financial measures differently than Befesa does. Because all companies do not calculate these financial measures in the same manner, Befesa's presentation of such financial measures may not be comparable to other similarly titled measures of other companies. These APMs are not audited.

BEFESA 9M Highlights

Operational performance as expected, with Turkey back in production in Aug	• Steel Dust throughput 489kt (-9% YoY): Turkey upgrade • Salt Slags ~flat at 366kt in 9M (-3% YoY) Core businesses normalised at high >90% utilisation • Aluminium alloys at 133kt in 9M (+5% YoY): Furnace • upgrade in 2018 delivering
Financial performance impacted by unfavourable metal prices: Treatment charges (TC); LME Zinc -&- Aluminium Alloy FMB	9M EBITDA at €117.1m (-9% / €-11.8m YoY) • ▼ Steel volume: Turkey upgrade (7 of 9 months down) ▼ Unfavourable market prices: \$245/t TC; €2,310/t avg. LME Zinc; €1,430/t avg. Alu alloy FMB Partially offset by: ▲ Zinc hedges (at ~€2,310/t in 2019) ▲ Stainless operations recovering 9M profitability continues at solid 24% EBITDA margin • • Cash at €101m Q3; Operating Cash Flow LTM at €106m; Leverage at x2.7
Full year 2019 earnings guidance updated to reflect latest metal price environment	FY'19 expected at around €160m EBITDA(1) -vs • initial guidance of €182-€185m; Variance mainly due to: (2) - ~€14 zinc LME at €2,230-2,260 (vs. initial €2,522/t) - ~€5 alu alloy FMB at ~€1,410/t (vs. initial €1,650/t)
Growth projects on track	✓ Turkey capacity upgrade: Completed in August nd ➢ 2 Alu Barcelona furnace upgrade: Expected mid-Nov ➢ Korea washing plant: Scheduled for ramp up in Dec Progressing in China: Jiangsu in construction -&- Henan ➢ breaking ground mid-Nov

(1) Assumes Q4'19 similar to Q3'19 prices: LME Zinc at around ~€2,100 to €2,200; Alu Alloy FMB at ~€1,350

(2) 2019 "Oct View" assumes LME Zinc prices at around €2,230/t to €2,260 (9M'19 monthly actuals weighted: ~€2,270/t; 4Q'19 LME similar to Q3'19)

Note: EBITDA sensitivities remain unchanged to the ones provided in Q1 Earnings Release: +/-€4.5m / €2.0m EBITDA per each +/-€100/tonne price in Zinc / Alu Alloy

BEFESA Consolidated Key Financials

Q3 EBITDA at €37.0m (€-3.0m / -7.5% YoY): Lower volume due to Turkey upgrade; Unfavourable TC & market prices; Partially offset by higher hedges, recovering Stainless operations and ´18 Aluminium furnace upgrade delivering

• • Lower volumes in Turkey due to scheduled sevenmonth downtime to upgrade capacity from 65kt to 110kt; Completed last week of Aug, on time & budget
• Unfavourable zinc TC for 2019 ~\$245/t vs. \$147/t '18
• Lower market prices: LME zinc prices down 3% (Q3'19: €2,112/t; Q3'18: €2,182/t); Aluminium alloys market prices down 20% (Q3'19: €1,356/t; Q3'18: €1,689/t)
• Revenue decrease partially offset by: (i) Improved hedging prices (Q3'19: €2,309/t; Q3'18: €2,030/t) → improved blended zinc prices (Q3'19: €2,203/t; Q3'18: €2,006/t) (ii) Recovered YoY performance in Stainless operations
• Q3 EBITDA at €37.0m (-7.5% / €-3m YoY) / 25% margin; following the above drivers:
• Lower volumes in Turkey (~€-2);
• Unfavourable TC (~€-5.5); Lower metal market prices (Zinc ~€-2, Alu Alloy ~€-2);
• Lower volumes Alu Salt Slags mainly due to scheduled plant downtimes and 2nd furnace upgrade (~€-1)
• • Partially offset by better zinc hedges (~€+6); Recovering Stainless operations (~€+2.5); Productivity (~€+1)

Q3 EBITDA at €30.2m, (€-1.3m YoY); driven by lower volume in Turkey -& unfavourable TC; Mostly offset by improved hedges & Stainless operations

Revenue

• Q3 revenue down 1% driven by 3% lower throughput YoY
• Turkey: 2 of 3 months down in Q3 to upgrade capacity - Higher TC referenced at ~\$245/t in ´19 vs. ~\$147/t in ´18;
• +Mostly offset with higher blended zinc prices & Stainless
• Q3 EBITDA down €1.3m mainly driven by:
• Turkey volume (~-€2); Unfavourable TC (~€-5.5) and
• Lower zinc market prices (~€-2); Partially offset by
• • Zinc hedges (~€+6) & recovering Stainless (~€+2.5)

EAF dust throughput & capacity utilisation

(thousand tonnes, % of annual installed capacity)

(i) Utilisation rates in 2019 are normalised for the capacity upgrade in Turkey, from 65kt to 110kt (plant was shutdown seven months, from end of January to mid August)

• Throughput impacted as expected by downtime in Turkey to expand capacity from 65kt to 110kt since January ´19; Completed last week of August, on time & budget
• Continued high >90% plant utilisation, normalised for Turkey plant upgrade

Prices (€ per tonne)	Q3 2018	Q3 2019	% Var.	9M 2018	9M 2019	% Var.
Befesa blended (ii) avg. zinc price	2,006	2,203	+10%	2,168	2,282	+5%
LME average price	2,182	2,112	-3%	2,523	2,313	-8%

(ii) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non-hedged volumes, reflecting the effective price to Befesa. Note: LME 9M volume weighted 2019 ~€2,270/t; lower vs. €2,313 simple calendar avg.

Q3 EBITDA at €6.1m (€-1.9m YoY) mainly driven by lower aluminium alloy prices; Plant utilisation >90% normalised for furnace upgrades

Highlights

• 2 nd Aluminium: Q3 EBITDA at €2.0m (€-0.5m YoY) due to lower volumes in Barcelona as expected (furnace upgrade); Offsetting positive results from the upgraded furnace in Bilbao
• Salt Slags & Spent Pot Linings (SPL): Q3 EBITDA down €-1.3m YoY mainly due to -20% decrease in aluminium

alloy market prices (€1,356/t vs. €1,689/t)

Salt Slags subsegment Secondary Aluminium subsegment

Volumes & capacity utilisation

(i) Utilisation rates in 2019 are normalised for the furnace upgrade in Barcelona (plant was shutdown three months, from 2nd week of Aug to 2nd week of Nov)

(ii) In 2018, they are normalised for the furnace upgrade in Bilbao (plant was shutdown three months, from 2nd week of Jun to 3rd week of Sep)

Prices	Q3	Q3	%	9M	9M	%
(€ per tonne)	2018	2019	Var.	2018	2019	Var.
Aluminium alloy average price (iii)	1,689	1,356	-20%	1,783	1,426	-20%

(iii) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

Consolidated Net Debt / Leverage / Cash Flow / Capital Structure

Paid €45m dividend in July; Closed Q3 with €101m cash and x2.7 leverage; Capital structure with long 7-year tenor up to 2026 at attractive interest rates

Capital Structure

• Successfully closed (9 July) long term capital structure up to 2026 with 7-year tenor on cov-lite term loan B; No impact on leverage
• ~Doubled loan baskets to accommodate China growth
• Secured attractive interest rates: 9 months at E+250bps up to 9 April 2020; Thereafter reduction opportunity alongside leverage ratchets down to e.g. E+175bps at leverage lower than x1.75
• Moody's and S&P corporate ratings at Ba2 / BB; Stable

9M'19 EBITDA to total cash flow – main drivers

(€m)
EBITDA	€117
WC change & other	€-34	Temporary receivables/payables impact from seasonality & plant upgrades; Expecting better Q4 like in 2018
Taxes	€-17
Interest & other(2)	€-19	Incl. Interest for full year (Jan & July)
CapEx & other investing activities	€-51	Funding Turkey, China, Korea washing plant, Tilting furnaces growth
Dividend	€-45	Paid on 3 July; Equals to 1.32 per share
Total Cash Flow	€-50	€101m cash & x2.7 leverage →

Operating cash flow(3)

(1) From 1 January 2019, implemented IFRS 16 amendment affecting accounting for renting and leasing results in €15.3 million higher debt or ~0.1 higher leverage compared to year-end 2018 (2) "Other" includes Cash bank inflows/outflows from bank borrowings and other liabilities, and Effect of foreign exchange rate changes on cash

(3) Operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interests; pre capex & dividend; Last Twelve Month (LTM) Q3 2019 operating cash flow is unaudited

Hedging up to Oct ´21 improves earnings & cash flows visibility for next ~2 yrs

Zinc hedges & blended average prices

	2018	2019	2019
	Actuals	"Apr View"	"Oct View"
Unhedged	32% or 44kt @	~32% or ~44kt @	~32% or ~44kt @
	€2,468 / \$2,925 LME	~€2,522*/\$2,850 LME	~€2,230-2260** LME
Hedged	68% or 92kt	~68% or~92kt	~68% or~92kt
	@ €2,051	@ ~€2,310	@ ~€2,310
	hedge price	hedge price	hedge price
Blended	€2,168	~€2,378	~€2,285 to €2,300

• Hedges in place until & including Oct '21
• Continuous monitoring of the market to close further hedges
• Majority of hedges Euro based
• Befesa providing no collateral

* 2019 "Apr View" assumed TC of \$245/t with escalators between \$2,700 to \$3,000/t LME zinc – mid-point \$2,850/t – similar to April price level. \$2,850/t at FX \$/€ 1.13 equals to ~€2,522/t

** 2019 "Oct View" assumes LME Zinc prices at ~€2,230 to €2260/t (9M'19 monthly actuals weighted: ~€2,270/t; 4Q'19 LME similar to Q3'19 at ~€2,100 to €2200/t).

BEFESA Summary / Outlook

Expecting higher volumes in Q4 in both core businesses with utilisation rates at >90% on average, in line with guidance assumptions	Steel dust higher throughput mainly due to Turkey • back online Aluminium Salt Slags higher volumes mainly driven by • upgraded higher efficiency furnace in Barcelona ramping up mid-November
Market price environment continues at lower levels; Unfavorable vs. initial full year 2019 guidance	LME zinc average prices expected at ~€2,230-2,260/t(1) • for full year (up to ~€300/t below initial ~€2,522) alloy FMB average prices expected at ~€1,410/t(1) Alu • for full year (~€240/t below initial ~€1,650)
Earnings sensitivities to metal price variances remain unchanged	• Steel Dust Services: - Remaining EBITDA price exposure after hedges is ~€-4.5m FY for each €-100/t LME zinc price variance - On Treatment Charge (TC), every +/-€10/t TC varies ~+/-€2.5m EBITDA for the year Aluminium Salt Slags Services: • - EBITDA price exposure is ~€-2m full year for every €-100/t FMB variance
Full year 2019 earnings guidance updated to reflect latest metal price environment	• FY 2019 expected at around €160m EBITDA vs. initial guidance: €182-€185m; Variance mainly due to: ~ €14m Zinc LME ~ €5m Alu alloy FMB
Growth projects on track	✓ Turkey completed: On budget and time nd ➢ 2 Alu Barcelona furnace upgrade: Back up mid-Nov ➢ Korea washing plant: Scheduled for ramp up in Dec Building first two plants in China ➢

(1) Assumes Q4'19 similar to Q3'19 prices: LME Zinc average prices at ~€2,100 to €2,200/t; Alu Alloy FMB average prices at around ~€1,350/t

Accelerating growth through well defined business plan; Hedging in place and executing top 5 growth projects + China

Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential

Turkey 65kt to 110kt capacity expansion completed on time & budget

Iskenderun, Turkey – Steel dust recycling annual capacity expanded from 65kt to 110kt

View of the plant View of the plant and the Waelz kiln

• ✓ Electric Arc Furnace (EAF) dust recycling plant "brownfield" capacity expansion from 65kt to 110kt
• ✓ On time and budget; Overall in around 7 months Started shutdown end of January and back in operations in August
• ➢ September already with solid throughput; expecting Q4 at higher throughput

To date on time and budget; Targeting commissioning & ramp-up in December

Pohang, South Korea – Status of construction of WOX Washing plant

Thickener tank Wastewater treatment plant

• ✓ "Greenfield" investment in the 1st WOX washing plant of Befesa at Asia
• ✓ To date on time and budget
• ➢ Commissioning and ramp-up scheduled for December 2019

Barcelona furnace upgrade to date on time and budget; Ramp-up in November

Barcelona, Spain – Refurbished 2nd Aluminium plant with high efficiency furnaces

Tilting furnace Salt slags handling Cooling Equipment

• ✓ Barcelona 2nd Aluminium plant refurbishment with high efficiency furnaces; Thereafter, all plants with latest furnace technology (Bernburg, Bilbao and Barcelona)
• ✓ To date on time and budget
• ➢ Ramp-up scheduled for mid-November

BEFESA ³ China – Plant #1: Jiangsu – Construction Progressing

Changzhou plant construction progressing; Ramp-up scheduled by end of 2020

Piling works – Plant buildings

Key facts of the plant

• 1 st Electric Arc Furnace (EAF) dust recycling plant in China with capacity to recycle 110kt per annum
• Total investment: ~€45m

Status

• ✓ Ground breaking ceremony on 10 April 2019
• ➢ Construction progressing
• ➢ Scheduling to ramp up operations by end of 2020

Foundation works ¹⁵

BEFESA China – Plant #2: Henan – Ground Breaking Mid-Nov 3

Ground breaking scheduled for mid November; Preparing site for construction

Construction fence

Project / contract signing event, 08 April 2019

Key facts of the plant

• 2 nd EAF dust recycling plant in the country
• Capacity to recycle 110kt EAF dust per annum
• Total investment: ~€45m

Status

• ✓ Signed development contract on 8 April 2019
• ➢ Ground breaking scheduled for mid-Nov 2019
• ➢ Targeting to ramp up operations in H1 2021

BEFESA Befesa at a Glance

Befesa a market leader in Europe & Asia in providing mission critical hazardous waste recycling services to the steel and aluminium industry

+90% EBITDA generated from two core >30% EBITDA margin operations with low capital intensity

Source: Company information, International Consulting Firm based on i.a. World Steel Association's Steel Statistical Yearbooks, WBMS, industry research, expert Interviews.

(1) Excluding internal sales; sales split is calculated on revenues including internal revenues. (2) Including stainless steel.

(3) Including recycling of Spent Pot Linings (SPL) which is a hazardous waste generated in primary aluminium production. (4) Excluding China.

BEFESA Befesa at a Glance

Befesa has grown successfully through organic initiatives and acquisitions

BEFESA Investment Highlights

Each Befesa plant usually collects waste from at least 10-15 client

Befesa is the market leader in steel dust and salt slags recycling services with a competitive advantage due to its close proximity to key clients

Established market leader Proximity to clients provides strong competitive advantage

Steel Dust Recycling Services

Source: Company information. (1) Excluding China.

Befesa offers a crucial service taking care of highly regulated hazardous waste in the value chain of secondary steel and aluminium producers

• Consequences of non-compliance
• Major European steel producer struggles with large plant (producing 8% of European steel) due to breaching environmental regulations (contamination of environment)
• Court ordered to partly shut down the plant
• Owner prompted to invest \$3.8bn to bring the plant back to required standards
• In 2002 the owners of a metal foundry in Italy faced prison time for illegal transport and landfilling of hazardous waste
• In 2004 a big aluminium refinery in Italy abandoned 450kt of hazardous waste in the open air over half an hectare
• More than 10 years later the local administration is still collecting funds to proceed to the removal and cleaning of the area
• In 2011 a big producer of aluminium alloys in Spain was involved in the transport without authorisation and illegal
• landfilling of 1.5kt of salt slags on a vacant lot • Befesa was ultimately contracted

to treat the waste properly

• Befesa collects and recycles hazardous waste from steel producers and aluminium recyclers
• Recycling is mandatory for Befesa's clients due to environmental regulations
• Befesa takes off and effectively takes care of environmental liability for their clients
• Without timely and regulatory compliant offtake of hazardous waste clients face risk of complete shut-down of production as well as severe penalty payments
• Befesa therefore offers a critical element of its clients value chain

5 Highly Resilient Business

Continue profitable growth trend … strong operational cash flow funds growth initiatives

(1) Total revenue excludes internal revenues and are comparable figures after amendment IFRS 15 affecting the revenue recognition of non-operating sales in the 2nd Aluminium subsegment; These non-operating sales have limited margin contribution; Reported revenues amounted to €611.7m in fiscal year 2016 and €724.8m in fiscal year 2017

(2) Total EBITDA and EBIT figures of 2016 and 2017 are adjusted for one-off items; Reported EBITDA amounted to €128.8m in 2016 and €153.0m in 2017;

Reported EBIT amounted to €84.3m in 2016 and €122.4m in 2017; EBITDA and EBIT margins as a % of comparable revenue

(3) Operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & pre dividend

Accelerating growth through well defined business plan; Hedging in place and executing top 5 growth projects + China

6

Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential

Senior management team delivering results through long standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes

Wolf Lehmann

CFO; including responsibilities for Operational Excellence and IT

CEO since 2000

Has run Befesa for >15 Years Became President of Abengoa's Environmental Services Division in 1994

Asier Zarraonandia Vice President Steel Dust Recycling Services

Javier Molina

CEO

>15 yrs with Befesa >25 yrs with Befesa

Has run the Steel Dust Recycling Services Business for >10 years

CFO since 2014

20+ years in finance and operational leadership roles 50/50 General Electric / Private Equity

Federico Barredo Vice President Aluminium Salt Slags Recycling Services

Has run the Aluminium Salt Slags Recycling Service Business for >15 years

Key achievements / track record

Extensive experience in steel and aluminium recycling business

Strong performance results through focus on operational excellence

Building strong business foundation of ESG, compliance and health & safety processes

Successful international expansion

Experience in developing greenfield projects (South Korea, Gravelines, Bernburg)

Befesa has a strong commitment for a more sustainable world

• Befesa recycles annually more than 1.5 million tonnes of hazardous residues, avoiding landfilling and recovering more than 600,000 tonnes of valuable materials
• Befesa's business model is vital part of the circular economy … Befesa's core business is sustainability
• Befesa is deploying its proven environmental services technologies in other parts of the world, like China, and will contribute to the environmental protection in these new regions

Befesa agrees with all 17 United Nations Sustainable Development Goals and supports all of them. Based on Befesa's business model it focuses to the contribution and impact on the following five goals:

Available ESG ratings for Befesa

In progress:

BEFESA Investor Agenda

Financial Calendar	Meet Befesa …
Thursday, 26 March 2020: Annual Report 2019 & Analyst Call	28 Mar 2019 – Mainfirst ✓ Copenhagen, Mainfirst Corporate Conference Copenhagen ✓ 04 Apr – Morgan Stanley Leveraged Finance Conf. 2019 (London)
	14 May 2019 – Midcap Partners ✓ Paris, Annual Small & Midcap Conference
Thursday, 30 April 2020: Q1 2020 Statement & Analyst Call	✓ 21-23 May 2019 – Berenberg New York, US Conference 2019
	✓ 28 May 2019 – Mainfirst Frankfurt, SMid Cap one-on-one Forum 2019
Thursday, 18 June 2020:	✓ 5-7 June 2019 – Deutsche Bank Berlin, dbAccess Conference
Annual General Meeting in Luxembourg	11-13 June 2019 – Stifel ✓ Boston, 2019 Cross Sector Insight Conference
	27-29 August 2019 – Commerzbank ✓ Frankfurt, Sector Conference 2019
Wednesday, 29 July 2020: H1 2020 Interim Report & Analyst Call	06 Sep – JPM European HY & Leveraged Finance Conf. (London) ✓ 10-12 September 2019 – J.P. Morgan ✓ London, Small & Mid-Caps Conference 2019
	✓ 19-20 September 2019 – Citi London, SMID/Growth Conference 2019
Thursday, 29 October 2020: Q3 2020 Statement & Analyst Call	✓ 23-25 September 2019 – Goldman Sachs & Berenberg Munich, 8th German Corporate Conference
IR Contact Rafael Pérez Director of Investor Relations & Strategy	08 Oct – 2019 BBVA Leveraged Finance Day (London) ✓ 13-14 November 2019 – Goldman Sachs London, 8th Global Natural Resources Conference
Phone: +49 (0) 2102 1001 340 email: irbefesa@befesa.com	2-5 December 2019 – Berenberg London/Pennyhill Ascot, European Conference 2019

Note: Befesa's financial reports and statements are published at 7:30 am CET

Befesa cannot rule out changes of dates and recommends checking them in the Investor Relations / Financial Calendar section of our website www.befesa.com