Befesa S.A.

Investor Presentation • Mar 10, 2020

Befesa Presentation Berenberg European Opportunities Conference London, 10 – 12 March 2020

BEFESA

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.

Fourth quarter and full year 2019 figures contained in this presentation are preliminary and currently being audited 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 Business Update – March 2020

Strong Liquidity, Hedged to Oct ´21 -&- Long-Term Capital Structure

• €126m Cash on Hand at Year End 2019
• €75m Undrawn Revolving Credit Facility (RCF)
• Long-Term €526m covenant lite Term Loan B (TLB), maturing July 2026, in around 6.5 years
• No covenant; unless ≥ 40% of RCF used; in which case leverage to stay ≤ x4.5 … YE´19 at x2.6
• Repriced TLB in Feb; Saved 50 bps or €2.6m p.a.; Interest at E+200 bps for leverage > x2.25
• Hedged until Oct ´21; 150kt zinc sold forward at ~€2250/t ´20 / ~€2200/t ´21; ~€64m value vs. ~€1800 spot
• 19 March ´20: S&P¹ reviewed Befesa credit rating and maintained "BB, stable" !

Resilience Through Last Crisis ´08/´09/´10

• Befesa in ´09: Respectable 19% EBITDA, WOX Sold Out, Positive CF
• Befesa w/ better resilience vs. General EU Crude Steel: a) ´08/´09 Vol. Decrease ~Half: -14% Befesa EAFD vs -30% EU Crude b) Befesa EAFD in ´10 ~Back at ´08 Volume and Utilization

China Office Re-Opened & Resumed Construction Works

• Nanjing HQ office re-opened on 25 Feb
• Construction site Changzhou, 1st plant, re-opened 10 Mar; Expecting completion end ´20 / begin ´21
• Henan, 2nd plant, also "open", Preparing site for construction; Expecting completion mid ´21

Portfolio Growth & Diversification

¹⁾ For full S&P report: www.spglobal.com/ratings/; 2) Source: www.worldsteel.org

BEFESA 2019 Highlights

Good operational performance & plant utilisation, considering downtimes for plant upgrades: Turkey (Steel), Barcelona (Aluminium)	▪ Steel Dust throughput 666kt (-7% YoY): Turkey upgrade ▪ Salt Slags & SPL recycled at 493kt (-5% YoY) Core businesses normalised at ~90% utilisation rates ▪ Aluminium alloys produced 177kt (+4% YoY): Furnace ▪ upgrades in H2'18 and H2'19 delivering
Full year 2019 earnings as expected; YoY impacted by lower metal prices: - Treatment charges (TC); - Zinc LME -&- aluminium alloy FMB … Delivered strong 25% EBITDA margin	EBITDA at €160m (-9% / €-16m YoY) ▪ ▼ Steel volume: Turkey upgrade (7 months down) ▼ Unfavourable metal prices: \$245/t TC (+67% YoY); €2,274/t LME zinc (-8% YoY); €1,397/t Alu FMB (-19%) Partially offset by: ▲ Zinc hedges (€2,310/t in 2019) ▲ Stainless operations recovering ▪ Profitability continues at strong 25% EBITDA margin
Solid cash flow funding a record growth capex; Cash at €126m & leverage at x2.6; Proposing stable dividend distribution of €45m or €1.32 per share	Solid operating cash flow at €103m; Cash on hand at ▪ €126m after funding capex (€56m growth initiatives; €24m maintenance / prod. / compliance / IT) & dividend (€45m paid in July 2019); Leverage at moderate x2.6 Proposing stable dividend distribution of €45 equal to ▪ €1.32 per share in ´20 (same as ´19); 3.5% dividend yield
Completed growth projects on time & on budget (Turkey, Korea, Barcelona); Progressing in China ~on schedule; Set up well for growth in 2020+	Turkey capacity upgrade: Completed in August ✓ nd 2 Alu Barcelona furnace upgrade completed in Nov ✓ Korea Waelz oxide (WOX) washing plant completed Dec ✓ Progressing in China: Jiangsu in construction -&- ➢ Henan broke ground mid-Nov

EBITDA €160m (-9% YoY) as expected: Lower volume due to Turkey upgrade; Unfavourable TC & metal prices; Partially offset by higher hedges, recovering Stainless operations and 2nd Alu efficiencies; Strong 25% EBITDA margin

• 2019 revenue at €647.9m (€-72 / -10% YoY) primarily due to:
  • EAF dust throughput at 666kt (-7% YoY): Lower volumes in Turkey due to scheduled 7-month downtime to upgrade; Salt slags & Spent Pot Linings (SPL) at 493kt (-5%): Prolonged maintenance downtimes; Partly offset by higher aluminium alloys produced at 177kt (+4% YoY): New furnaces at Bilbao delivering
  • Unfavourable zinc TC for 2019 ~\$245/t vs. \$147/t '18
  • Lower market prices: Zinc LME prices down 8% (2019: €2,274/t; 2018: €2,468/t); Aluminium alloy FMB prices down 19% (2019: €1,397/t; 2018: €1,715/t)
  • Revenue decrease partially offset by: (a) Improved hedging prices (2019: €2,310; 2018: €2,051) → improved zinc blended prices (2019: €2,280; 2018: €2,168) (b) Recovered YoY performance in Stainless operations
• EBITDA at €160m (€-16m / -9% YoY);
  • Strong 25% margin; following the above drivers:
  • Lower volumes Steel: Turkey upgrade (~€-10);
  • Unfavourable TC (~€-21);
  • Lower metal market prices (Zinc €-9; Alu alloy ~€-6)
  • • Partially offset by better zinc hedges (~€+24);
  • • Recovering Stainless operations (~€+5)
• 6 ▪ Net Profit at €83m (-€7 / -8% YoY); Following reduced EBITDA; Proposing stable €45m / €1.32 per share dividend distribution

EBITDA at €125m (-9% YoY), driven by lower volume in Turkey -&- unfavourable zinc LME prices & TC; Partly offset by improved hedges & Stainless operations

• FY revenue down 5% driven by 7% lower throughput YoY
  • Turkey: seven months down to upgrade capacity
  • Unfavourable TC: ~\$245/t in ´19 vs. ~\$147/t in ´18
  • • Partly offset with higher blended zinc prices (+5% YoY) & Stainless operations recovering
• FY EBITDA down €12m YoY primarily driven by:
  • Turkey volume (~€-10); Unfavourable TC (~€-21); Lower zinc market prices (~€-9); Partially offset by
  • • Better zinc hedges (~€+24) & recovering Stainless (~€+5)

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

• Throughput impacted as expected mainly by downtime in Turkey to expand capacity (Jan-Aug '19)
• Continued high ~90% plant utilisation, normalised for Turkey plant upgrade

Prices (€ per tonne)	Q4 2018	Q4 2019	% Var.	2018	2019	% Var.
Befesa blended(ii) zinc price (€/t)	2,191	2,273	+3.8%	2,168	2,280	+5.2%
LME avg. price (€/t)	2,305	2,157	-6.4%	2,468	2,274	-7.9%

(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

EBITDA at €33m (-11% YoY) mainly driven by lower aluminium alloy prices; Plant utilisations >90% normalised for furnace upgrades

• 2 nd Alu: FY EBITDA ~flat YoY at €12m – Furnace upgrades in H2'18 delivering and offset impact from scheduled downtime at Barcelona plant to upgrade furnace in H2'19
• Salt Slags & SPL: FY EBITDA down €4m YoY mainly due to 19% decrease in aluminium alloy market prices (~€-6); Slightly reduced salt slags volumes; Partially offset by improved efficiencies

Volumes & capacity utilisation

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

(ii) In 2018, they are normalised for the furnace upgrades in Bilbao plant (three-month downtime, from 2nd week of Jun to 3rd week of Sep) and Barcelona (two-month downtime, from 4 th week of Aug to 4th week of Oct)

Prices (€ per tonne)	Q4 2018	Q4 2019	% Var.	2018	2019	% Var.
Aluminium alloy avg. price (iii) (€/t)	1,508	1,312	-13%	1,715	1,397	-19%

(iii) Aluminium Scrap and Foundry Ingots Aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin Free Market Duty paid delivered works

Salt Slags subsegment Secondary Aluminium subsegment

Solid operating cash flow: Funding record €80m capex -&- €45m dividend; YE´19 cash on hand of €126m, Leverage at moderate x2.6; Reduced interest rate of long-term capital structure by 50 bps in Feb 2020

Capital Structure

• 17 Feb'20, term loan B (TLB) successfully repriced; Interest rate down 50 bps to E+200 bps; €2.6 savings p.a.; Other terms unchanged
• After a fixed 9-months period, interest rate could be reduced further alongside certain leverage ratchets, e.g. E+125 bps if leverage < x1.75
• Long-term capital structure, cov-lite TLB, with remaining ~6.5 years tenor to July ´26; Includes loan baskets to accommodate China growth
• Moody's / S&P corporate ratings unchanged: Ba2 / BB; stable

2019 EBITDA to total cash flow – main drivers

Total Cash Flow	€-25	€126 cash on hand & x2.6 leverage →
Dividends	€-45	Paid in July 2019
Capex & other investing activities	€-80	€24 Maint. / prod. / compl./ IT spend; €56 Growth: Turkey, Korea, Alu furnaces & China expansion
Interest & other(2)	€-22
Taxes	€-21	Cash tax rate 20.6%
WC change	€-16	Mainly a) higher inventories ref. to Korea washing & ramp-up of Alu furnace -&- b) hedge accounting
EBITDA	€160	Down €16.4m / 9.3% YoY

Operating cash flow(3)

(1) Gross debt at YE'19 includes €12.2m under current financial indebtedness, primarily explained by €6.8m accrued bi-annual interests of TLB paid in Jan'20, and €3.5m effect from implementing IFRS 16 amendment (renting & leasing) from 1 January 2019 onwards

(2) "Other" includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash

(3) Total operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & dividend; 2019 figures are preliminary and currently being audited

Hedging up to Oct ´21 improves earnings & cash flows visibility for 2020 & 2021

Zinc hedges & blended average prices

	2018	2019
Unhedged	32% or 44kt @ €2,468/t LME	26% or 33kt @ €2,274/t LME
Hedged	68% or 92kt @ €2,051 hedge price	74% or 92kt @ €2,310/t hedge price
Blended (i)	€2,168	€2,280

• 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

BEFESA ²⁰²⁰– Preliminary View

Completed organic growth projects of 2019 (Turkey, Korea, Barcelona) driving volume & earnings growth in 2020; Expecting record high plant utilisation levels in both core segments: Steel Dust >90% and Salt Slags >95%

2020 Prelim. view: Operational growth partially offset with lower YoY hedging prices (~€2,260 ´20 vs. €2,310/t '19); Monitoring spot zinc & alu alloy prices as well as TC to be settled in Mar/Apr → Providing 2020 earnings guidance in Q1 call (Apr 30)

Focus on China growth: Finish 1st EAFD recycling Jiangsu plant by ~YE'20 / begin '21; Progress on construction on 2nd plant in Henan to be completed by ~mid 2021; Capex ~similar to 2019: ~€55m expansion* & ~€25m maintenance

There is still uncertainty about the impact of the coronavirus; Short-term, we expect some delay in construction, to be quantified further; Befesa remains committed to building its 1st plant in China at the earliest time allowed

Re-priced debt 17 Feb: Achieved 50 bps reduction to E+200, €2.6 interest savings p.a.; Planning for ~balanced total cash flow & stable leverage at approx. current levels

Targeting a stable dividend distribution of €1.32 per share in 2020 (same as 2019)

Accelerating growth through well defined roadmap: Hedging in place; Organic growth on track; Building two EAF steel dust recycling plants in China

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

Organic Projects in Turkey, Korea & Barcelona Completed on Time & Budget … Supporting Growth in 2020+

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

• ✓ Electric Arc Furnace (EAF) dust recycling plant "brownfield" capacity expansion from 65kt to 110kt
• ✓ On time and budget; Overall in around seven months Started downtime end of January 2019 and back in operations in August 2019
• ✓ Ramp-up completed in Q4 2019; Delivering growth in 2020

Korea: New WOX washing plant completed on time & budget; Ramped up in December 2019

• ✓ "Greenfield" investment in the 1st WOX washing plant of Befesa at Asia
• ✓ Completed on time and budget
• ✓ Ramp-up completed in December 2019; Delivering growth in 2020

Barcelona furnace upgrade completed on time and budget; Pouring ingots; Ramped up in December 2019

• ✓ Barcelona 2nd Aluminium plant refurbishment with high efficiency furnaces; All secondary production plants now with latest furnace technology (Bernburg, Bilbao, Barcelona)
• ✓ Completed on time and budget
• ✓ Ramped up volume further in December; Delivering growth in 2020

BEFESA China Plant #1: Jiangsu – Construction Progressing

Changzhou (Jiangsu) plant construction progressing; Completion of construction expected by ~end of '20 / begin of '21

3

Structural works – Plant buildings

Key facts of the plant

• 1 st EAF steel dust recycling plant in China
• Capacity to recycle 110kt EAF steel dust p.a.
• Total investment: ~€42m

Status

• ✓ Ground breaking ceremony on 10 April 2019
• ✓ Construction restarted 10 March 2020
• ➢ Completion of construction expected by ~end of '20 / begin of '21 Structural works – Plant buildings ¹⁴

BEFESA ³ China Plant #2: Henan – Preparing Site for Construction

Xuchang (Henan) ground breaking ceremony held on 13 November; Preparing site for construction; Completion of construction expected by ~mid '21

Site preparation at Xuchang (Henan province)

Ground breaking ceremony, 13 Nov 2019

Key facts of the plant

• 2 nd EAF steel dust recycling plant in China
• Capacity to recycle 110kt EAF steel dust p.a.
• Total investment: ~€42m

Status

• ✓ Signed development contract on 8 April 2019
• ✓ Ground breaking 13 November 2019; Preparing site for construction
• ➢ Completion of construction expected by ~mid'21

BEFESA Befesa at a Glance

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

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

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

(1) Excluding internal revenues; 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 Main Milestones

Befesa has grown successfully through organic initiatives and acquisitions

(2) Free-float at 100% after Triton's exit on 06 June 2019

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

(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

• 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

• 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

Highly Resilient Business

5

Continue profitable growth trend … solid 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 sub-segment; 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) EBITDA and EBIT margins as a % of comparable revenue; EBITDA and EBIT in fiscal years 2016 and 2017 are adjusted from one-off extraordinary items; Reported EBITDA amounted in €128.8m in fiscal year 2016 and €153.0m in fiscal year 2017; Reported EBIT amounted to €84.3m in fiscal year 2016 and €122.4m in fiscal year 2017

(3) Total operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & pre dividend; 2019 figures are preliminary and currently being audited

Accelerating growth through well defined roadmap: Hedging in place; Organic growth on track; Building two EAF steel dust recycling plants in China

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

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

Wolf Lehmann CFO; including responsibilities for Operational Excellence and IT

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

Track record of successful acquisitions and turnarounds (BUS, Agor, Alcasa, Hankook, Silvermet etc.)

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

Befesa is a vital player in the circular economy providing sustainable solutions

• Befesa recycles annually around 1.5 million tonnes of hazardous residues, avoiding landfilling and recovering and reintroducing around 1.2 million tonnes of valuable new 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

BEFESA Investor Agenda

Financial calendar Meet Befesa …

✓ Thursday, 20 February 2020: Preliminary Year-End Results 2019 & Analyst Call

Thursday, 26 March 2020: Annual Report 2019

Thursday, 30 April 2020: Q1 2020 Statement & Analyst Call

Thursday, 18 June 2020: Annual General Meeting in Luxembourg

Friday, 31 July 2020: H1 2020 Interim Report & Analyst Call

Thursday, 29 October 2020: Q3 2020 Statement & Analyst Call

IR contact Rafael Pérez Director of Investor Relations & Strategy Phone: +49 (0) 2102 1001 340 email: irbefesa@befesa.com

✓ 04-05 February 2020 – HSBC
Frankfurt, 15th ESG Conference
✓ 05-06 February 2020 – Santander
Madrid, XXVI Santander Iberian Conference
11 March 2020 – Berenberg ✓
London, Berenberg European Opportunities Conference
18 March 2020 – Berenberg
London, Berenberg Circular Economy Conf. (cancelled/postponed)
19 March 2020 – JP Morgan
London, JPM Pan-European Small/Mid Cap Conf. (virtual)
23 March 2020 – Citi
Paris, Citi's Paris Symposium 2020 (virtual)
01 April 2020 – MainFirst
Copenhagen, 5th MainFirst Corporate Conf. (cancelled/postponed)
12 May 2020 – Mainfirst
Frankfurt, 3rd MainFirst SMID CAP One-on-One Forum
13-14 May 2020 – Commerzbank
New York & Boston, Northern European Conference 2020
18-20 May 2020 – Berenberg
Tarrytown (New York), Berenberg US Conference 2020
08-10 June 2020 – Stifel
Boston, 3rd Stifel Cross Sector Insights Conference
01-03 September 2020 – Commerzbank
Frankfurt, Commerzbank Corporate Conference
17-18 September 2020 – Citi
London, SMID/Growth Conference 2020
21-23 September 2020 – Goldman Sachs & Berenberg
Munich, 9th German Corporate Conference
21-25 September 2020 – Baader
Munich, Baader Investment Conference 2020
11-12 November 2020 – Goldman Sachs
London, Global Natural Resources Conference 2020
30 November – 03 December 2020 – Berenberg
Pennyhill, London, Berenberg European Conference 2020

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 Befesa's website www.befesa.com