ANNUALREPORT

2016

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Annual Report 2016

CONTENTS

STRATEGY 6

MISSION 10

DIVISIONAL ORGANIZATION 12

GLOBAL LOCATIONS 14

FINANCIAL REVIEW 20

FINANCIAL STATEMENTS 24

BUSINESS REVIEW 28 Energy Trading Division 29

Energy Retail, Renewable Production & Origination Division 32

Shipping Division 35 Steel Production and Distribution Division 38

Investment Division: Diversified Activities 41 Investment Division: Steel Trading 45

GOVERNANCE 48

CORPORATE DIRECTORY 60

ANNUAL REPORT 2016Duferco Group

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STRATEGY

In 2015, the shareholders of Duferco Participations Holding SA (DPH), top holding of the Duferco Group, decided to sell the majority of its steel trading arm, Duferco International Trading Holding SA (DITH) to Hesteel Group (formerly named Hebei Iron & Steel Group), the largest steel producer in China. While maintaining a significant minority stake in DITH, Duferco has strategically decided to leave its historical core business and focus on its new diversified operations.

During the course of its life, Duferco has experienced essentially four strategic phases.

The 1st phase (1979-1995) saw Duferco as a “pure steel trader” developing successfully to cover a global presence and profitable business operations.

The 2nd phase (1996-2011) saw Duferco as an “industrial player” implementing a significant acquisition campaign in Western Europe, Eastern Europe, Russia, USA, South Africa and Central America. By the end of 2011 almost all the shareholding or the controlling stake of these industrial units was disposed of.

The 3rd phase (2011-2015) saw Duferco as a “vertically integrated steel and energy trader” with some residual steel industrial presence in Europe (JV Duferdofin-Nucor, Duferco Danish Steel and Makstil) and South Africa (DSP and Vanchem).

Finally, the current 4th phase (2015-today) following the disposal of the controlling stake of the steel trading arm to Hesteel Group, sees Duferco as a “diversified investor with main focus on three areas: 1) energy (trading, renewable power production, origination and retail), 2) shipping and 3) industry (steel production and distribution)”.

The legacy with the past and the ability to capture fundamental trends in the business is a key heritage that has been deeply consolidated into the mind-set of the “people of Duferco” over the years and that is now going to be the basis for the future developments of the Group.The steel trading, production, transformation and distribution distinctive competences of the people of Duferco, as well as a number of industrial assets are still held by DPH and are now grouped in the Industrial Division of the new Duferco Group. Duferco’s JV with Nucor Group (Duferdofin-Nucor) continues its strategy of product diversification to become leader in the higher added-value segments of the market, and the downstream integration with selected re-rolling mills allows Duferdofin-Nucor to maximize the productivity of its mill.

Aside from the core competences of the Group, there is a whole new area, derived from the previous experiences but outside the perimeter of DITH, that has been nicely developing over the last decade and that is going to be the focus of the future developments of Duferco and that is grouped in the Energy Division.

2016 WAS A VERY IMPORTANT YEAR FOR DUFERCO: IT LAID THE FOUNDATION OF A TRANSFORMATION PROCESS THAT WILL ULTIMATELY CHANGE THE FOCUS OF DUFERCO’S

FUTURE STRATEGY, FOLLOWING THE OBJECTIVES OF ITS SHAREHOLDERS AND LEVERAGING THE SKILLS AND EXPERIENCES OF ITS TEAM OF KEY MANAGERS, READY TO ACCOMPANY

DUFERCO DURING THIS EXCITING PROCESS.

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In the Retail sector in Italy the strategy is to position Duferco Energia as an efficient and innovative service provider for a number of target counterparties (energy consumers and renewable energy producers) in the sector of energy and energy efficiency and acquiring market shares by continuing to develop our already strong sales network on the whole national territory.

The synergies with our captive renewable production assets in Italy are contributing to reinforce the potential for profitability of the whole Italian energy group while consolidating a component of the overall energy trading portfolio activities of the Duferco Group that is key from a risk management perspective.

The Energy Trading division based in Lugano (DufEnergy Trading SA) has recently diversified into non-energy types of commodities expanding its trading area of expertise. Following this product diversification, DufEnergy has recently decided to start a process aimed to change its corporate identity. The hope is to better reflect the new business idea the company wants to pursue in the future years as a diversified portfolio trading company.

Shipping is another area where the people of Duferco have focused their interest during the last decade: the long-lasting partnership with the Romeo Group, as well as an historical link with the steel trading activities has given a great opportunity to mature a strong experience and knowledge of the fundamentals of this business that has already contributed to obtain good results. Following Energy, the Shipping Division is also going to be key in the future development of Duferco.

Finally, a number of minor holdings are part of the Duferco portfolio of diversified activities.

In the next figure it is shown a scheme of the Duferco Group reflecting the a.m. business divisions that represent the business portfolio of the Group.

IN THE ENERGY DIVISION THE MISSION IS TO CONSOLIDATE A MAIN PORTFOLIO OF TRADING ACTIVITIES BASED ON EUROPEAN AND AMERICAN POWER & GAS MARKETS WHILE DEVELOPING, ON ITS SIDE, NEW TRADING

OPERATIONS IN THE SECTOR OF OIL AND LNG.

Energy DIVISION

Investment DIVISION

Trading

Retail

Renewable Production

Renewable Origination

Diversified Activities

Steel Trading

Scheme of Duferco Group by Business Division

DUFERCO PARTICIPATIONS HOLDING SA, LUXEMBOURG

Steel Production & Distribution

Shipping DIVISION

Industrial DIVISION

Shipping Investments

Shipping Services

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OUR MISSION IS TO DEVELOP A HIGHLY QUALIFIED AND AGILE DIVERSIFIED

GROUP, WITH ITS CORE ACTIVITIES IN THE ENERGY, INDUSTRIAL AND SHIPPING

BUSINESSES.

IN DOING SO, WE AIM TO DEVELOP A STRONG PORTFOLIO OF ACTIVITIES

THAT COULD GROW SUSTAINABLY OVER THE NEXT YEARS WHILE PRODUCING

LONG-TERM RISK-ADJUSTED RETURNS ON EQUITY INVESTMENTS WHICH ARE

ABOVE AVERAGE OF THEIR RESPECTIVE SECTORS.

THE SHAREHOLDERS ARE CONSCIOUS THAT TO REACH THIS GOAL, THEY

NEED TO KEEP DEVELOPING AN ENVIRONMENT THAT CAN ATTRACT

THE BEST TALENTS WHILE GIVING TO COMPANY’S MANAGEMENT

UNIQUE OPPORTUNITIES FOR PROFESSIONAL GROWTH AND PERSONAL

SATISFACTION.

IT IS SHAREHOLDERS’ COMMITMENT TO PROMOTE THESE GOALS WITH

INTEGRITY AND PROFESSIONALISM, IN COMPLIANCE WITH LEGAL AND

REGULATORY REQUIREMENTS, WHILE RESPECTING THE DIGNITY AND THE

RIGHTS OF ALL INDIVIDUALS AND AVOIDING ANY FORM OF DISCRIMINATION.

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DIVISIONAL ORGANIZATION

TRADINGEurope, USA and Brazil

RETAIL, RENEWABLE PRODUCTION & ORIGINATIONItaly

ENERGY DIVISION

HEADQUARTERLuxembourg

SHIPPING OPERATIONSSwitzerland

SHIPPING DIVISION

STEEL PRODUCTION & DISTRIBUTIONEurope

INDUSTRIAL DIVISION

DIVERSIFIED ACTIVITIESItaly, Belgium and South Africa

STEEL TRADING (DITH)Luxembourg

INVESTMENT DIVISION

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GLOBAL LOCATIONS

BELGIUM BRAZIL BULGARIACANADACOLOMBIA CZECH REPUBLIC DENMARK FRANCE ITALY LUXEMBOURG REPUBLIC OF SOUTH AFRICA SERBIA SPAIN SWITZERLAND THE NETHERLANDS TURKEY U.A.E. UNITED KINGDOM USA

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BELGIUMDuferco Wallonie SA ★ CHARLEROI

Deep Green SA ★CHARLEROI

Duferco Trebos NV n

TILDONK

BRAZILMatrix Comercializadora de Energia LTDA ❂SAO PAULO

BULGARIANova Log Ltd 6SOFIA

CANADANova Marine Carriers SA 6MONTREAL

COLOMBIANova Marine Carriers SA 6BOGOTÀ

CZECH REPUBLICDufenergy Trading CEE SRO ❂PRAHA

DENMARKDuferco Danish Steel A/S n

FREDERIKSVAERK

FRANCEDuferco France SNC uAUBERVILLIERS

Duferco Morel SA uAUBERVILLIERS

Morel Distribution Profils SAS uL’HORME

Duferco France SNC uRESSONS

Duferco Morel Produits Plats SAS uST. JEAN D’ARDIERES

Duferco Morel Quincaillerie SAS uST. JEAN D’ARDIERES

Morel Distribution Profils SAS uST. JEAN D’ARDIERES

Duferco Thionville SAS uYUTZ

ITALYVirtual SRL uCHIAVARI (GENOVA)

Duferco Biomasse CUNEO

Energia & Territorio SRL n

GENOVA

Duferco Solar SRL n

GENOVA

Duferco Solar Puglia SRL n

GENOVA

Duferco Energia SPA u

GENOVA

Duferco Engineering SPA u

GENOVA

The Adviser SRL n

GENOVA

Elca SRL n

GENOVA

Idroelettrica Sud SRL n

GENOVA

Liguria Ecologia SRL n

GENOVA

Sider Navi 6GENOVA

Utility 360° u

GENOVA

Duferdofin - Nucor SRL n

GIAMMORO (MESSINA)

Acofer (warehouse) uGIAMMORO (MESSINA)

Duferco Solar Giammoro SRL n

GIAMMORO (MESSINA)

Travi e Profilati di Pallanzeno SRL n

PALLANZENO (VERBANIA)

ARV SPA n

S.GIOVANNI VALDARNO (AREZZO)

Mechanical Division n

S.GIOVANNI VALDARNO (AREZZO)

Acofer (warehouse) uS.GIOVANNI VALDARNO (AREZZO)

GLOBAL LOCATIONSDuferco Italia Holding SPA s S.ZENO NAVIGLIO (BRESCIA)

Duferdofin - Nucor SRL n

S.ZENO NAVIGLIO (BRESCIA)

Acofer Prodotti Siderurgici SRL uS.ZENO NAVIGLIO (BRESCIA)

Duferco Italia Holding SPA uTORINO

Duferco Solar Trieste SRL n

TRIESTE

Ferriere Bellicini SRL n

BERZO INFERIORE (BRESCIA)

Caleotto SPA n

S. ZENO NAVIGLIO (BRESCIA)

Media Steel SRL n

MONTIGNOSO (MASSA CARRARA)

LUXEMBOURG Duferco Participations Holding SA s

LUXEMBOURG

Nova Marine Holding SA 6LUXEMBOURG

Dufenergy SA ❂LUXEMBOURG

Duferco Vanadium SA uLUXEMBOURG

REPUBLIC OF SOUTH AFRICAVanchem Vanadium Products (Pty) LTD uWITBANK

SERBIADuferco S Recycling D.O.O. uKRAGUJEVAC

SPAINNova Marine Carriers SA uMADRID

SWITZERLANDDufEnergy Trading SA ❂ LUGANO

Nova Marine Carriers SA 6

LUGANO

Nova Ship Tech SA 6

LUGANO

THE NETHERLANDSNova Marine NL BV 6ROTTERDAM

TURKEYDufenergy Tikaret Anonim Sirketi ❂ISTANBUL

U.A.E.Nova Marine Carriers Middle East DMCC 6

DUBAI

UNITED KINGDOMGrafton Commoditiy Trading LTD D LONDON

Neo Operations Ltd LONDON

Nova Marine Carriers UK LTD 6 LONDON

USA Dufenergy Trading USA LLC ❂NEW YORK

Dufenergy Commodity Trading LLC HOUSTON

Dufenergy Petro Inc. HOUSTON

s Corporate Centre n Energy Production Siteu Energy Distribution Centre Gas Distribution Centre n Steel Production, Processing Siteu Steel Trading, Distribution and Service Centreu Service Company6 Shipping★ Diversificationu Vanadium ❂ Gas, Power, LNG Trading Biomass Crude Oil and Refined Products Trading D Base Metals Trading

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Annual Report 2016

Sao Paulo

New York

Montreal

Bogotà

Dubai

Bogotà

Houston

Istanbul

Lugano BresciaLuxembourg

Witbank

London

S.GiovanniValdarno

Genova

Trieste

Messina

Torino

Tildonk

YutzAubervilliers

St. Jean D’ArdieresL’Horme

Frederiksvaerk

Ressons

Pallanzeno

KragujevacCuneoBrescia

Lugano

CharleroiLuxembourg

Madrid

Rotterdam

Sofia

Frederiksvaerk

Montignoso

s Corporate Centre n Energy Production Siteu Energy Distribution Centre Gas Distribution Centre n Steel Production, Processing Siteu Steel Trading, Distribution and Service Centreu Service Company

6 Shipping★ Diversificationu Vanadium ❂ Gas, Power, LNG Trading Biomass Crude Oil and Refined Products Trading D Base Metals Trading

D

Praha❂

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Summary of Consolidated Financial Performance

Divisional Financial Performance Indicators

SUMMARY OF CONSOLIDATED

FINANCIAL PERFORMANCEThe Financial Year, which closed on September 30th, 2016, has been quite important in the history of Duferco: Duferco International Trading Holding S.A., Luxembourg is not any more fully consolidated in DPH accounts and the remaining DITH shares held by the Group (22.6%) are now recognized as an investment in an associate.

During this year, Duferco has made considerable progress towards a new business model and the consolidated balance sheet continues to remain very strong.

At the closing of the Financial Year, the Consolidated Equity of the Group is in excess of 811 million USD, more than six times the net financial indebtedness while the FY-2016 net result was more than 21 million USD.

Consolidated net working capital is well above 300 million USD with a current ratio of 1.42. The Group’s net financial indebtedness is significantly lower with respect to the previous year (131 versus 193 million USD) while liquidity remains healthy with a level of cash reserves of almost 300 million USD.

As of September 30th, 2016, the Group had roughly 1.5 billion USD (1.1 billion USD as of September 30th, 2015) in committed credit facilities and uncommitted working capital facilities (more than 2.0 billion USD if including credit facilities granted to joint ventures and associated companies).

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DIVISIONAL FINANCIAL PERFORMANCE INDICATORS

The Divisional breakdown of total Duferco equity of 811 mUSD, as of September 30th, 2016, is reported in the following graph.

The Divisional breakdown shows still a substantial portion of equity (18.2%) invested in the steel trading arm DITH with positive returns.

The Energy Division, including both Energy Trading and Energy Retail and Renewable Production & Origination, is absorbing 21.4% of Duferco’s Equity with very positive results.

The Shipping Division is absorbing approximately 7.8% of Duferco’s Equity, has achieved positive results despite the adverse market conditions.

The Steel Production & Distribution Division is absorbing 24.8% of Duferco’s Equity. The Italian industrial activities contributed a loss of 7.5 million USD to the consolidated result compared to a loss of more than 14 million USD of the 2015 financial year. The loss was mostly concentrated in the first part of our financial year, while since June 2016 the division has started to report a monthly net profit. This situation has been maintained through the start of the new financial year and we have a positive outlook for the coming 3-6 months.

In addition to Real Estate (6.4%), other Diversified investments and Net Non-current assets for another 5.9%, it is worth pointing out the significant portion of short term liquidity (15.5%).

DUFERCO’S EQUITY DIVISIONAL BREAKDOWN

NET WORKING CAPITAL15.5%

OTHER NON CURRENT ASSETS, NET3.7%

ENERGY21.4%

STEEL PRODUCTION & DISTRIBUTION

24.8%

SHIPPING7.8%

REAL ESTATE6.4%

30.092016

STEEL TRADING18.2%

VANADIUM1.9%

DIVERSIFIED0.2%

Annual Report 2016

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Consolidated income statement

Consolidated balance sheet

DUFERCO PARTICIPATIONS HOLDING S.A., LUXEMBOURG AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENT

FOR THE YEARS ENDED SEPTEMBER 30 (In Thousand USD)

2016 2015*

Energy Trading Revenue 5,675,111 6,555,384

Other Revenue 1,090,172 1,076,681

Total Revenue 6,765,283 7,632,065

Depreciation, amortization and impairment losses -14,280 -12,290

Share of results of associates and joint ventures 5,943 -14,109

Finance expenses, net -7,853 -3,077

Profit before tax 46,250 35,065

Income tax expense -13,039 -19,295

Profit of the period from continuing operations 33,211 15,770

Discountinued operations

Gains / (losses) on disposal of operations 1,038 90,769

Loss for the period from discountinued operations -13,056 -53,484

Result attributable to DITH and subsidiaries* 34,440

Profit for the period 21,193 87,495

(*) On June 25th, 2015, Hesteel Group Co. Ltd. China acquired a majority holding in Duferco International Trading Holding S.A., Luxembourg (“DITH”) and its subsidiaries (the “Trading Group”). As a consequence, the Group’s control over DITH ceased. Starting from July 1st, 2015 onwards, the Group’s share of income and expenses of the Trading Group are included in the Consolidated Financial Statements of the Group using the equity method. For the purpose of a more homogenous comparison with 2016 figures, the Consolidated Income Statement of the Group for the 2015 financial year, is here presented reclassifying since October 1st, 2014 all income and expenses relating to the Trading Group under the caption “Result attributable to DITH and subsidiaries”.

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Annual Report 2016

DUFERCO PARTICIPATIONS HOLDING S.A., LUXEMBOURG AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30 (In Thousand USD) 2016 2015

Current assets 1,057,148 1,111,081

Non-current assets 720,772 732,182

Total Assets 1,777,920 1,843,263

Current liabilities 744,800 785,165

Non-current liabilities 222,111 246,999

Total equity 811,009 811,099

Total liabilities and Equity 1,777,920 1,843,263

Annual Report 2016

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ENERGYEnergy Trading Division

Energy Retail, Renewable Production &

Origination Division

SHIPPINGShipping Division

INDUSTRIALSteel Production & Distribution Division

INVESTMENT DIVISIONDiversified activities

Steel Trading

ENERGY TRADING DIVISION

THE ENERGY TRADING DIVISION IS THE CORE OF THE ENERGY BUSINESS DEVELOPMENT OF THE GROUP

AND IS BASED IN LUGANO, SWITZERLAND.

Started in 2005, as a trading desk aimed to satisfy the hedging needs of the Group’s worldwide industrial power & gas exposure, it developed nicely over the years in many European markets and has recently opened its activities to the North American markets.

The Gas and Power operations grew significantly starting in 2011 when a group of experienced traders joined our team. Since the beginning they contributed to develop a strong network of relationship with all top trading counterparties in this sectors as well as a large number of utilities, distributors, wholesalers, and industrial groups. As of now, the total number of active counterparties of DufEnergy Trading is 353.

On top of that, DufEnergy Trading has obtained all licenses to operate in the key European markets as a shipper and as a storage operator.This network of relationships and the credentials to operate at all levels in the physical energy infrastructure contributed to set the conditions for developing an important portfolio of trading activities in the European Power & Gas market.

The acquisition of short and medium term rights on various cross-border pipelines, inter-connection high-voltage lines, as well as gas storage facilities, has granted over time an exceptional opportunity for DufEnergy Trading to optimize its European-wide portfolio while offering value-added services to its customers and suppliers.

As of today, operations span in 17 European markets and further expansion in at least 4 other markets is expected in the next future (as represented in the picture below).

Since 2014 we have successfully developed operations in new East European markets, mainly for Gas. Further expansion in this geographical area will continue to be the focus of our development activities for both Gas and Power. The wide presence in the Power & Gas markets also represented an incentive for DufEnergy Trading to look at the LNG market as a natural expansion of its trading activities in the energy commodity sector.

353The total number

of active counterparties of DufEnergy Trading

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Annual Report 2016

FRA

BEL

GBR NEDDEU

DNK

POL

GRC TUR

BGR

ROU

CZE

AUTHUN

SLO HRV

ESP

ITA

CHE

POR

Lorem ipsum

Energy Trading presence in Europe

ACTIVE MARKETS

PLANNED EXPANSION

Since 2011 DufEnergy had started to develop a strong network of relationship with all top LNG players as well as a large number of LNG traders. On top of that, DufEnergy Trading obtained all licenses to operate in the main Re-Gasification Plants in Southern Europe and performed many in-tank storage swap transactions during the past years.

In 2015 DufEnergy Trading closed the first important LNG transaction by securing the peak-shaving supply to the Italian Gas Grid Operator by means of a supply of LNG to the offshore storage facility named OLT. In the summer 2016 DufEnergy imported 4 LNG vessels into Italy as part of the bundles assigned by a tender launched by the Italian gas operator to support gas-intensive industrial consumers and another 2 LNG vessels aimed to supply its counterparts on the natural gas domestic market.

During the second half of the 2015 fiscal year DufEnergy started a new trading activity on Oil derivatives markets with the objective of taking further steps in the diversification of our portfolio. This activity follows the acquisition in 2015 by DufEnergy SA, Lux, of a 50% shareholding in Neo Operations Ltd, UK, a

physical Crude Oil and Distillates trading company. The synergies between financial and physical activities is expected to provide significant value to the optimization of our oil portfolio.

Compared to the period ended September 30th, 2015, there has been a positive trend of the trading business of DufEnergy Trading with an increase in traded volumes: while Power volumes increased by 87% from 37.9 TWh to 70.8 TWh, Natural Gas traded volumes increased by 71% from 191.9 TWh to 328.3 TWh. Revenues from trading activities

were 5.2 billion EUR, slightly below FY-2015 figure due to the fact that commodity prices showed a significant reduction during the last 12 months.

Recent developments of the Gas and Power markets in the USA have been the object of interest of our shareholders who have decided in summer 2015 to start operating in this market, with the aim of capturing business opportunities and synergies in one of the most important market areas of the world. After an initial startup of activities out of Lugano’s main office, a new office in New York City was established in

+87% Increase in trading volumes of Power

May 2016. Currently DufEnergy has a team of 4 people concentrated in the financial trading on main Power and Gas markets in the US.

After the closing of FY-2016, DufEnergy Commodities Trading LLC has been established in Houston, TX with the objective to build a portfolio of WTI financial products, as well as to develop, via another related company named DufEnergy Petro Inc., a new physical crude oil activity on the North American hubs and pipelines.

Extremely volatile Power market in Brazil has been the object of interest of our shareholders who decided in FY-2014 to acquire, via Dufenergy SA, a minority participation in a Brazilian trading company named Matrix Energy Trading, with the aim of acquiring know-how in a market with a huge growth potential.In January 2016, DufEnergy increased to 50% its shareholding stakes in this company confirming a commitment to establish itself in the very attractive South American Power market.

In the early part of FY-2017 DufEnergy has continued

the diversification of its trading activities by expanding into non-energy types of commodities.

In November 2016, DufEnergy Trading SA has started the setup of precious metal trading desk in Lugano with the aim of capitalizing on the strong network of relationship with producers and customers to create a new flow of business not correlated with the energy commodities fundamentals.

In the same period Dufenergy SA Lux acquired the majority of Grafton Commodity Trading LTD, a UK based company created by a group

of experienced specialized traders with the objective of building a portfolio of iron ore, mainly traded in the Far East financial exchanges.

+71% Increase

in Gas trading volumes

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Annual Report 2016

ENERGY RETAIL, RENEWABLE PRODUCTION & ORIGINATION DIVISION

THE ENERGY RETAIL & RENEWABLE PRODUCTION DIVISION OF DUFERCO IS ESSENTIALLY FOCUSED ON THE ITALIAN MARKET

AND IS CONCENTRATED IN DUFERCO ENERGIA SPA AND ITS SUBSIDIARIES. THE ACTIVITIES ARE MANAGED AT THE HEADQUARTER

BASED IN GENOA, ITALY.

Founded to manage the corporate investments in the renewable production, Duferco Energia progressively focused its activity on the commercialization of energy and gas in the italian market. Today Retail Operations became part of a portfolio of activities that includes significant projects in the Renewable Power Production, as well as Renewable Power Origination.

Started in 2009, the Italian portfolio of activities in the Renewable Power Production saw a stable growth until 2014, when regulatory changes in Italy essentially made new investments no longer attractive in this sector. To date, various renewable energy investments in Albania are in the planning stage.

As of today, Duferco Energia and its subsidiaries owns different Photovoltaic power plants installed in Italy on the roofs of the facilities of the JV Duferdofin-Nucor in Sicily, Tuscany, on the Sertubi facility in Friuli and on the roof of a large logistics center in Apulia. All these units have been designed and built with the support of Duferco Engineering, Duferco Italia Holding subsidiary specialized in technical services for the Duferco Group and also currently involved in O&M operations.

Total Photovoltaic Production reached 12.72 GWh in FY-2016, generating total revenues of 4.6 mEUR. The average incentivized residual life of Photovoltaic plants is approximately 16 years.

Duferco Energia and its subsidiaries own 5 small run-of-the-river Hydro power production plants installed in Italy (Calabria, Tuscany and Emilia). Total Hydro Production reached 16,209 GWh in FY-2016, generating total revenues of 3.7 mEUR.

Renewable Power Origination saw an important growth during the past two years. The total power production originated was 2.4 TWh in FY-2016.

The combination of Duferco Energia captive Renewable Power production and third party originated production represent a perfect hedging for its power Retail portfolio that has reached in FY-2016 a total volume of electricity sales to industrial, medium-small business and residential customers of 4.2 TWh.

Taking into account 1.5 TWh of gas sales to industrial, commercial and residential customers, the total turnover in FY-2016 was 805 mEUR. The overall number of customers (points of delivery) of Duferco Energia Retail division exceeded 110,000 at the end of FY-2016.

Duferco Energia is also active as energy trader on the wholesale power and gas markets and stock exchanges in the principal European markets.This activity also allows the company to be active in the purchase and sale of electric energy and natural gas through contracts and financial instruments for hedging purposes and optimization of its energy portfolio.

Thanks to ventures in energy management, today Duferco Energia can be considered an integrated operator offering a complete service able to optimize all the opportunities that the market can generate, thereby ensuring its customers professional management of their energy supply portfolio.

As mentioned in the introduction, in the Retail sector in Italy, the objective in the years to come is to consolidate the position of Duferco Energia as an

efficient and innovative service provider to consumers and producers in the sector of energy. It also aims to acquire market shares by continuing to develop our already strong sales network over the whole national territory. The desired result for Duferco Energia is to increase and consolidate a well-balanced and high-quality portfolio of demand and supply activities that can produce value for the shareholders.

A sustainable development is one of the aim of the company as shown by the different projects in the renewable energy sector and by the important results in the green mobility sector in which Duferco Energia is considered one of the most important service supplier in Italy.

In the renewable energy sector, Duferco Energia has a stake

in Ferrania Ecologia, a company set up for the implementation and management of the first Ligurian biodigester in Cairo Montenotte (Savona, Italy). Ferrania Ecologia’s biodigester - 50% owned by FG Riciclaggi and the remaining 50% by Liguria Ecologia (itself made up of Duferco Energia and Finemme) - is a plant capable of treating up to 45,000 ton/year of OFMSW, turning it into electrical energy and compost.

805mEUR

Total turnover in FY-2016

Annual Report 2016

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Annual Report 2016

Commissioned on February 13, 2016, the plant occupies an area of 20,000 square metres and represents an important reference point for the whole territory as it is able to offer local government a real alternative to landfill disposal of organic waste, transforming a “problem” into a real asset for the community. To date, the plant connected to the national grid has reached full production and receives about 100 tons of OFMSW per day, allowing for energy production of approximately 24,000 kWh/day. Finally, in line with the strategy in the green economy sector, Duferco Energia acquired Duferco Biomasse, a leading company in logistics, processing and supply of forest wood biomass to feed power plants in Italy and Europe. The company, based in Cavallermaggiore (Piemonte, Italy), covers the entire supply chain, from procurement of woody biomass, to forest management, all the way to the commercialization for energy production from renewable sources, moving about 400,000 ton/year in Europe.

the objective is to consolidate the position of Duferco Energia as an efficient and innovative service provider to consumers and producers in the sector of energy

SHIPPING DIVISION

THE SHIPPING DIVISION, BEING KEY FOR A SUCCESSFUL STEEL PRODUCTION AND TRADING OPERATION, HAS BEEN LONG ESTABLISHED WITHIN DUFERCO.

Over the years the relevance of the Shipping team has grown significantly and the obvious evolution has been the upward integration by means of acquisition of own vessels. The experience gained over the years has eventually led to the creation of the Nova Marine Group, a joint venture with the Romeo family. Nowadays the Nova Marine Group owns and operates more than 100 ships and employs over 100 ashore employees to manage shipping operations around the world. Whilst the steel sector remains part of their core business, the company is also involved in solid fuels for the Energy and Cement industry, cementitious products, fertilizers and to a lesser extent in all the other bulk commodities.

Nova Marine Carriers (NMC) specializes in maritime transportation and is capable to offer facilities, tools and services to fulfill all the needs of its customers. During the last 30 years NMC has established a leading presence in the Mediterranean, and a strong one in the Arabian Gulf, South East Asia, Atlantic and Continent Areas by means of Operational and Commercial Management, S&P activities and Joint Ventures enabling a total carriage in 2016 of about 12,000,000 tons with about 1,200 voyages performed.

12Mtons

The total carriage in 2016

35

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Among the various JVs, the new joint venture with Algoma, concluded in 2015 (Nova Algoma Cement Carriers or NACC) has allowed the company to develop a specialized global fleet of cement carriers. NACC today is the third largest owner of pneumatic vessels in the world. This segment of the fleet is fully employed on long-term infrastructural projects. The latest development is the consolidation of the commercial activities of Carisbrooke Shipping under the Nova Marine Group JV whereby the coordination

of all chartering and operation activities will be channeled from Nova Marine’s HQ in Lugano. This will include the effective control of both an additional 48 vessels as well as the Groups’ contracts. Thanks to this operation, Nova Marine becomes one of the first five operators in the European Market.

100over ashore employees

NOVA MARINE GROUP

THE FUTURE STRATEGY IN THE SHIPPING DIVISION IS TO CAPITALIZE ON THE EXPERIENCE IN THE CHARTERING SERVICES AND OPERATIONS TO ADD VALUE TO DUFERCO’S INVESTMENT PORTFOLIO. IN DOING SO, NOVA MARINE GROUP

CONTINUES TO PROVIDE OUTSTANDING CUSTOMER SERVICE, ENFORCING RIGOROUS OPERATIONAL STANDARDS AND MAINTAINING A STEADFAST

COMMITMENT TO SAFETY AND ENVIRONMENTAL PROTECTION.

Annual Report 2016

100 ships

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STEEL PRODUCTION & DISTRIBUTION DIVISION

THE STEEL PRODUCTION & DISTRIBUTION IS THE INHERITANCE OF THE FORMER CORE BUSINESS OF DUFERCO GROUP.

Within the Steel Production & Distribution Division, the strategy is to focus on Long Products by reinforcing Duferdofin-Nucor competitive position on the market by product diversification into higher value added segments and by developing downward vertically integrated operations to compete effectively in Central and Southern European and Mediterranean markets.

For this reason also the structure of the Group Steel Distribution activities is currently being rationalized by gradually reducing the weight of flat products units and by integrating the long products units in the rest of the structure.

The product diversification effort started in recent years with Duferdofin-Nucor JV managing to already reach a 40% share of production volumes of Special Products (round and square billets for forged and drawn finished products, track shoes and track shoes profiles, etc.) compared to a 60% of Commodity Products. The target is to reach a 50-50 level by the next couple of years in a way to position the JV into a higher value-added segment.

At the same time, the downstream integration of Duferdofin-Nucor with Ferriere Bellicini JV, a producer of merchant bars supplied by Duferdofin-Nucor recently acquired by Duferco, which is complementary for product selection and markets with Duferco Danish Steel, and, the further downstream integration with the Group distribution units in Italy (Acofer) and in France (Morel), will contribute to create a strong vertically integrated, flexible operation able to play a primary role in an extremely competitive market.

40%Share of productions volumes in Special

Products

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To complete the Long Products strategy, Trebos, a producer of drawn wire, will be vertically integrated with Caleotto, a producer of wire-rod supplied by Duferdofin-Nucor recently acquired within the JV between Duferco and Feralpi.

Finally Acciai Rivestiti Valdarno (ARV) is the last company still held by Duferco Group operating in the steel flat products sector. Despite not being part of the overall Group industrial strategy, it still plays a positive role within shareholders asset portfolio thanks to a consolidated position as a premium level service provider in a niche market.Only by concentrating efforts in this way the Steel Production & Distribution Division will likely be able to pass over the current contingent negative phase of steel markets in Italy and in the rest of the world, by fully exploiting its marketing potential and all opportunities to develop economies of scale and efficient operations.

the strategy is to focus on

Long Products by reinforcing

Duferdofin-Nucor competitive

position on the market

INVESTMENT DIVISION: DIVERSIFIED ACTIVITIES

DUFERCO RECYCLING & MEDIA STEELDuferco Recycling and Media Steel (JV Partnership with Feralpi Group) are two companies operating respectively in Serbia and Italy in the scrap sector. Scrap commercialisation and distribution is a perfect upstream vertical integration of Duferco Industry core activities, described in the previous chapter.

DUFERCO ENGINEERINGDuferco Engineering is a group company providing engineering, procurement, construction, commissioning, project management and O&M services to the Duferco Group as well as for third parties. In particular, Duferco Engineering was appointed by the Group to develop and manage the following projects:

1. In the Renewable Energy sector, it was appointed by Ferrania Ecologia to manage the construction of the first bio digester in the Liguria Region for the production of electricity produced by the transformation of OFMSW (Organic Fraction of

Municipality Solid Waste) in biogas (mainly methane).Duferco Engineering also provides O&M services aimed at conducting and maintaining the photovoltaic and hydro power plants owned by Duferco Energia and its subsidiaries. In the Energy efficiency and Energy Audit sector, Duferco Engineering is involved with Duferco Energia in the implementation of several projects in residential buildings, PMI and large energy consumers.

2. In the Infrastructure sector, Duferco Engineering has developed the Preliminary Design and SIA (Environmental Impact Study with D’Appolonia SpA) of the New Cruise Terminal at Bocca di Lido, Venice. In December 2016, the Ministry for the Environment’s EIA Commission has expressed a positive opinion on the project.

3. In the Industrial sector Duferco Engineering is involved in an R&D project which aims to attract the use of steel in the new construction and to improve the earthquake resistance of old buildings.

DUFERCO IS COSTANTLY LOOKING AT NEW INITIATIVES ACROSS DIFFERENT TECHNOLOGIES AND ASSESSING THEIR RISK/REMUNERATION PROFILE, IN ORDER TO UNDERSTAND IF THERE

IS AN APPROPRIATE FIT WITH THE CURRENT PORTFOLIO AND STRATEGY.

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DUFERCO WALLONIEDuferco Wallonie, located in Belgium, focuses on three domains: Real Estate, Environment and Logistics.

With its subsidiary Deep Green, offering services in soil cleaning, it employees 30 people.

The real estate branch of Duferco Wallonie is active in the reconversion of brownfields. In total, Duferco owns about 320 hectares in Wallonia (Belgium).

The most advanced project is the reconversion of a former steel plant of 80 hectares located in Tubize. The remediation work is well underway with the main part of the land being now available for development.Economic activities are foreseen on 20 ha in partnership with the IBW (Intercommunale du Brabant wallon), an intermunicipal company specialized, inter alia, in developing economic parks.In June 2016, the Walloon Government selected Duferco’s project as one of the 10 “Quartier Nouveaux” of Wallonia. More than being a recognition of the quality and the modernity of the project, this selection is accompanied by a support of the authorities for the development of the site.

The first permit allowing to equip a 4.5 hectares piece of land in view of developing about 200 residential units was issued In February 2017.The first houses and apartments should therefore come into being in 2018.

All the activities associated with life in general (housing, economic activities, offices, trade, green areas etc.) will progressively develop on the old industrial area.

Duferco also owns an idled industrial site of 8.5 hectares in Flemalle, which is the heart of a Master Plan called “Flemalle-la-Neuve”, designed by the citiy’s municipality. The project aims to reconvert the exsiting industrial area into a new area for housing and economic activities. The municipality has now applied for an administrative authorization for allowing other activities than industrial.

The development of Saint-Ghislain’s site (old factory named “Escoyez”) further continued

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Since inception in 1979, DITH has successfully grown its business by implementing a strategy based on strategic joint ventures and an integrated business model consisting of trading, distribution, industrial activities and a suite of value-added services aimed at optimising the supply chain. This has led to the present organisation being equipped to play a role from ‘end-to-end’ across the steel value chain.

Operating from a main commercial trading centre in Lugano, Switzerland – and with a global network of offices in 80 locations and commercial activities in over 120 countries around the world – the organisation enjoys one of the largest networks in the sector, selling steel and the raw materials essential to steel production to over 43,000 customers annually.

MANAGEMENT REPORTThis past year has been a stark reminder that volatility is ‘alive and well’ in the steel market and indeed the broader commodity complex as a whole. The results of which were demonstrated in the group’s marked performance difference between a challenging first half of the fiscal period and a largely profitable and buoyant second half.

FY-2016 H1 – Key Drivers:In the first half of the fiscal year the external environment was particularly difficult and complex variables drove market prices with seemingly no obvious empirical connection to economic fundamentals.

• Ultra-low steel prices – Steel prices fell for twenty months in succession before HRC touched lows of USD 250 PMT FOBS China in December 2015. This was in line with nominal prices last seen in 2002 and was clearly unsustainable.• Steelmaker losses – the collapse in prices resulted in many steelmakers reporting losses as market prices fell well below operating costs for a substantial cross section of steel producers around the globe. Western steelmakers including ArcelorMittal had to raise capital as balance sheets came under pressure. Chinese steelmakers were particularly badly hit with the industry as a whole reporting losses of circa. USD 1 billion per month in late 2015.• Chinese stimulus – the Chinese government unexpectedly provided a credit stimulus to the

DUFERCO HOLDS A MINORITY STAKE IN DUFERCO INTERNATIONAL TRADING HOLDING S.A. (DITH), AN INTERNATIONAL STEEL AND STEEL-MAKING RAW MATERIALS COMMODITIES

TRADING ORGANISATION, WITH ITS GLOBAL HEADQUARTERS IN LUXEMBOURG. IT WAS FIRST FOUNDED IN BRAZIL IN 1979. TODAY, DITH IS ONE OF THE WORLD’S LARGEST STEEL AND RAW MATERIALS TRADING AND DISTRIBUTION COMPANIES, WITH TOTAL COMBINED

SALES OF CIRCA 20 MILLION METRIC TONNES IN 2016.

INVESTMENT DIVISION: STEEL TRADING

its progress in 2016. The Walloon Governement has approved the urbanistic report allowing the development of residential units on the site. Soil cleaning is complete and the official certificates were issued by the authorities.Studies for applying with a building permit are now underway.

Other projects are also in progress at different levels in Charleroi and La Louvière where housing, economic activities and leisure are envisaged.

In the environmental business, Deep Green offers a complete brownfield management service, from the first audit and business case study to the implementation of the project. It has significantly extended its experience in soil cleaning by way of physicochemical and biological treatment. It also continues to develop and commercialise a patented soil remediation technology under the name Thermopile©, either by its own or through a licence agreement.

Duferco Wallonie is developing its logistics activities as intermodal services provider on the axis Antwerp-Brussels-Charleroi. The company operates two inland rail/barge terminals in Brussels and in La Louvière. These two terminals are connected to the ports of Antwerp and Rotterdam by Duferco’s container barge shuttle.Duferco has already become the main intermodal operator on this axis. About 25,000 TEU have been transported by inland waterways in 2016 through this container shuttle, which represents a growth in volume of 15% compared to 2015. This volume represents the best performance ever at the two terminals. The service

allows four departures from Brussels to Antwerp per week and three from La Louvière. Complementary services to the barge transport of maritime containers are now proposed, namely, container freight services, storage, warehousing, custom services. The volumes in steel transport activities are rather in line with 2015 peaking up at 450,000 tons transhipped. Duferco Wallonie expects to maintain the volumes at this level in 2017.Garocentre Terminal, in La Louvière, offers also from this year onwards barge and handlings services for exceptional transport. The first wind turbines have been handled at the terminal in 2016.

VANCHEM VANADIUM PRODUCTSFinally, Duferco holds the investment in Vanchem Vanadium Products, a facility in South Africa, that in November 2015 entered into voluntary business rescue in terms of Section 129 of the South African Companies Act.As of January 2016, the operating loss of Vanchem has been drastically reduced to the minimum level necessary to preserve the assets and maintain safe conditions. Considering the present conditions of the vanadium international market, that significately improved with respect to the low levels of 2015, the Group’s management is presently evaluating the most viable solutions to preserve the carrying amount of this investment.

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local economy in early 2016. This allowed steelmakers access to credit and boosted the housing market and consequently steel demand. The government also sought to offset a slowdown in private sector capital investment by embarking on a major infrastructure programme, lifting capital investment by up to 20% year-on-year. The combination of historically low prices and producer’s financial losses led to cutbacks in production in late 2015 and the first half of 2016. This in turn contributed to the fact that Hesteel and other Chinese mills reduced their export availabilities, contributing to low steel inventory levels throughout the steel supply chain.

All in all, prices improved but our ability to capture material financial benefit was limited through lack of access to volume and this is reflected in our FY-2016 H1 fiscal results.

FY-2016 H2 – Key Drivers:A combination of external factors coupled with better operating performance saw a substantial improvement in our results during the second half of our fiscal year.

• Steel Volumes Improved – DITH was able to re-establish adequate 3rd party steel supplies for its trading division; this was further complimented by a return of structural supply from Hesteel during the second half of the fiscal year.• Low Priced Inventories – the group entered into H2 with a well-positioned inventory portfolio allowing us to take advantage of price movements and somewhat improved demand fundamentals. • Rising protectionism – the USA announced high anti-dumping duties on multiple flat steel products that excluded several traditional trade flows and initiated investigations into plate products and rebar. Europe followed suit as it commenced investigations into HR coil and HR plate and announced anti-dumping duties on CR coil. The US and EU’s aggressive protectionist stance on trade was mirrored in many other countries around the world with the net result being that regional prices rose sharply as import volumes slowed. DITH was well positioned to take advantage of the regional dislocation in market conditions as attractive pricing arbitrage opportunities presented themselves for those trade flows not yet affected by the protectionist measures. This applied for both our trading business and indeed in particular for DSP.• Solid (albeit unspectacular) demand against a background of low inventories – global economic growth continued at 3-3.5% indicating positive fundamental steel demand. Apparent demand improved across the board during H2 and certain steel-consuming sectors such as automotive performed particularly well.

Selected DITH Performance Metrics Consolidated Financial Results:Net operating profit after tax (NPAT) of circa. USD 38 million. This represents an improvement of circa. 14% YoY.

Volumes:Consolidated volumes taking into account all activities (trading, distribution and production) were 20.513 million metric tonnes, which was in line with expectations and evidences a nominal 2% increase YoY.

Overheads: Consolidated overhead (excluding discretionary bonuses) was some USD 139.7 million versus USD 144.4 million in FY-2015, showing an improvement of 3% YoY.

SummaryIn closing, DITH is in good overall shape and very well positioned to make the most of the many opportunities that the quickly evolving market environment is expected to present.

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HeadquarterLUXEMBOURG6, Rue Guillaume Schneider2522 Luxembourg

Corporate officesSWITZERLANDvia Bagutti, 96900 Lugano

ITALYvia Armando Diaz, 24825010 San Zeno Naviglio (Brescia)

BELGIUM Rue de Marchienne, 426001 Marcinelle (Charleoi)

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DUFERCO GROUP DUFERCO PARTICIPATIONS HOLDING SA, LUXEMBOURG

CHAIRMAN

Bruno Bolfo

BOARD OF DIRECTORS

Antonio GozziBenedict J. Sciortino

Paolo FotiBruno Beernaerts

Gerges DeitzJulien Guillaume

GROUP CEOs

Antonio Gozzi Paolo Foti

CORPORATE RESPONSABILITIES

DirectorBruno Beernaerts

Corporate & Accounting ManagerJulien Guillaume

Diversified ActivitiesMaurizio Bergonzi

Legal Matters & TaxAlessandra Simeta

Corporate FinanceStefano Bacigalupo

Group ConsolidationMaria Montagna

SWITZERLAND - LUGANOLUXEMBOURG

CEODomenico Campanella

Human ResourcesAlessandro Roggerini

Corporate Matters & Legal AffairsElena Ragnoli

ITALY - BRESCIA

CEOOlivier Waleffe

BELGIUM - CHARLEROI

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ENERGY TRADING DIVISION

CEOBenedict J. Sciortino

DirectorsPiersandro Lombardi

Maurizio Cencioni

General CounselFederico Piccaluga

Head of European Power DivisionNicola Stricchiola

Head of European Gas & LNG DivisionRocco Zotta

Head of US Power & Gas Trading Lucas Dupay

Head of US Oil Trading Division James Rowe

Head of Iron Ore Trading DivisionThomas Baldwin

Head of Physical Oil TradingCostas Varvatoulis

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ENERGY RETAIL, RENEWABLE PRODUCTION & ORIGINATION DIVISION

CEOMassimo Croci

CFOSimone Rabaioli

Energy Management & Trading DirectorAgostino Calcagno

Sales DirectorLuca Masini

HR DirectorAlessandro Roggerini

Information TechnologyLuca Seravalli

Business DevelopmentSergio Torre

CommunicationMatteo Parodi

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INDUSTRIAL & DISTRIBUTION DIVISION

HEAD OF INDUSTRIAL & DISTRIBUTION DIVISIONDomenico Campanella

DUFERCO TREBOS CEO

Bram Hansen

DUFERCO DANISH STEELCEO

Bram Hansen

ACCIAI RIVESTITI VALDARNOCEO

Franco Vanni

CALEOTTO CEO

Lorenzo Angelini

FERRIERE BELLICINI CEO

Kikka Bellicini

DUFERDOFIN NUCOR CEO

Franco Monteferrario

COOJay Henderson

CFOPaolo Avanzi

Commercial DirectorDaniela Bucciolini

FinanceStefano Vezzini

HRRoberto Zingirian

Quality SystemMassimo Rolandi

Corporate MattersElena Ragnoli

Plant Director San Zeno NaviglioGiordano Streghi

Plant Director GiammoroGiuliano Bo

Plant Director PallanzenoMassimo Lama

Plant Director San Giovanni ValdarnoSandro Cella

PurchasesSimone Campanella

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Annual Report 2016

SHIPPING DIVISION

NOVA MARINE HOLDING SA, Luxembourg

ChairmanGiovanni Romeo

NOVA MARINE CARRIERS SA, Switzerland

CEOVincenzo Romeo

COOSalvatore Pugliese

Head of CharteringFrancesco Durazzo

Group ConsolidationEttore d’Auria

Group ControllerMarc Saulnier

Risk ManagerBas Van Steijnen

Legal CounselGabriella Reccia

HR DirectorGiovanni Mazzella

Short Sea ActivitiesGianluca Coppola - Italian Coastal Trade & Med-Black Sea

Jaime Troncoso - Spanish Coastal Trade & Atlantic

Deep Sea ActivitiesFrancesco Durazzo - Med-Black Sea & Continent

Giuseppe Massa - Middle & Far EastDean Seacombe - Atlantic

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BELGIUMDUFERCO WALLONIE S.A. Rue de Marchienne, 42 6001 Marcinelle - BELGIUM Phone: +32 71 60 54 18Fax: +32 71 60 56 80 E-mail: info@duferco.bewww.duferco.comMr. Olivier Waleffe (CEO)

DUFERCO TREBOS N.V.Klein Terbankstraat, 213150 Tildonk - BELGIUM Phone: +32 16 61 81 81 Fax: +32 16 60 62 41 E-mail: commercial@trebos.bewww.trebos.beMr. Domenico Campanella (President)Mr. Bram Hansen (CEO)Mr. Kris Van Praet (Plant Director)

MOREL DISTRIBUTION BELGIQUE S.A. Rue Anna Boch, 347100 La Louvière - BELGIUMPhone: +32 71 60 54 18Fax: +32 71 60 56 80 E-mail: info@duferco.beMr. Olivier Waleffe (CEO)

DEEP GREEN S.A.Rue de Marchienne, 42 6001 Marcinelle - BELGIUM Phone: +32 71 60 54 17Fax: +32 71 60 56 80E-mail: contact@deep-green.comwww.deep-green.comMr. Olivier Waleffe (CEO)

BRAZILMATRIX COMERCIALIZADORA DE ENERGIA LTDAAvenida Juscelino Kubitschek, No. 170004543-000 Sao Paulo – BRAZILPhone: +55 11 3027-2900E-mail: contato@matrixenergia.comwww.matrixenergia.comMr. Claudio Monteiro (CEO)Mr. Federico Marsano (CFO)

BULGARIANOVA LOG LTDAndrey Germanov str, 111336 Sofia – BulgariaPhone: +359 2 9845750Mr. Toma Kolev (Area Manager)

CANADANOVA MARINE CARRIERS S.A.c/o Algoma - 63 Curch StreetSuite 600, St.Catharines ON L2R 3C4Phone: +1 9056505648

COLOMBIANOVA MARINE CARRIERS S.A.Av. Calle 116 No 7-15 Piso 17Torre Cusezar - BogotàPhone: + 57 1657 5868

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CZECH REPUBLICDUFENERGY TRADING CEE S.R.O.Na Příkopě 392/9 11000 Praha 1 – CZECH REPUBLICPhone: +420 736 418 070E-mail: tomas.bernat@dufenergy.comwww.dufenergy.comMr. Tomas Bernat (Senior Gas Originator Central Eastern Europe)

DENMARKDUFERCO DANISH STEEL A/SHavnevej 473300 Frederiksvaerk - DENMARKPhone: +45 47 76 76 00Fax: +45 47 76 76 30E-mail: contact@duferco.dkwww.dufercodanishsteel.dkMr. Bram Hansen (Managing Director)Ms. Tina Holstener Schmidt (Financial Director)Mr. Mauro Bucciolini (General Supervisor)

FRANCEDUFERCO FRANCE S.N.C.173/179, boulevard Félix Faure93300 Aubervilliers - FRANCEPhone: +33 1 53 56 92 00Fax: +33 1 53 56 16 17E-mail: contact@duferco-morel.frMr. Stéphan Caute (President)

SERVICE CENTREZI du Chevreuil60490 Ressons sur Matz - FRANCEPhone: + 33 3 44 92 92 00Fax: + 33 3 44 92 92 08E-mail: ressons@duferco-morel.fr

DUFERCO MOREL S.A. 173/179, boulevard Félix Faure93300 Aubervilliers - FRANCEPhone: +33 1 53 56 92 00Fax: +33 1 53 56 16 17E-mail: contact@duferco-morel.fr Mr. Stéphan Caute (President)Mr. Christian Personat (CFO)

DUFERCO THIONVILLE S.A.S.132, avenue des Nations BP 10105 57970 Yutz - FRANCEPhone: +33 3 82 54 43 43Fax: +33 3 82 53 99 69E-mail: contact@duferco-thionville.frMr. Stéphan Caute (President)Mr. Philippe Jegou (General Manager)

SPECIAL STEEL DIVISION5, avenue Berthelot42152 L’Horme - FRANCEPhone: +33 4 77 22 96 32Fax: +33 4 77 29 08 26E-mail: duferco-aciers@orange.frMr. Stéphan Caute (President)Mr. Thierry Semard (General Manager)

MOREL DISTRIBUTION PROFILS S.A.S.400, route de Villié Morgon69220 St. Jean D`Ardières - FRANCEPhone: +33 4 74 66 07 10Fax: +33 4 74 69 66 38E-mail: t.mathieu@morel-belleville.comcontact@morel-belleville.comMr. Stéphan Caute (President)Mr. Thierry Mathieu (General Manager)

DUFERCO MOREL PRODUITS PLATS S.A.S.400, route de Villié Morgon69220 St. Jean D`Ardières - FRANCEPhone: +33 4 74 66 07 10Fax: +33 4 74 66 63 32 E-mail: t.mathieu@morel-belleville.coms.truchet@morel-belleville.comMr. Stéphan Caute (President)Mr. Thierry Mathieu (General Manager)

DUFERCO MOREL QUINCAILLERIE S.A.S.400, route de Villié Morgon69220 St. Jean D`Ardières - FRANCEPhone: +33 4 74 06 48 90 Fax: +33 4 74 06 48 91E-mail: dmq@morel-belleville.com Mr. Stéphan Caute (President)Mr. Thierry Mathieu (General Manager)

ITALYDUFERCO ITALIA HOLDING S.P.A. Via Armando Diaz, 248 25010 San Zeno Naviglio (BS) - ITALY Phone: +39 030 21 691 Fax: +39 030 266 75 98 E-mail: direzione@dufercoitalia.com www.dufercoitalia.com Mr. Antonio Gozzi (President) Mr. Domenico Campanella (CEO)Mr. Franco Monteferrario (CFO)Mr. Paolo Avanzi (Administration)Mr. Alessandro Roggerini (Human resources)Mr. Stefano Vezzini (Banking)Mrs. Elena Ragnoli (Corporate affairs and legal matters)Mr. Massimo Croci (Diversification Activities)Mr. Sandro Balliano (Special Projects)Mr. Agostino Conte (Institutional Relations)Mrs. Margherita Gozzi (Real Estate)

DUFERDOFIN NUCOR S.R.L. Via Armando Diaz, 248 25010 San Zeno Naviglio (BS) - ITALY Phone: +39 030 21 691 Fax: +39 030 266 75 98 E-mail: sede@duferdofin.it www.duferdofin.it Mr. Antonio Gozzi (President)Mr. Franco Monteferrario (CEO)Mr. Paolo Avanzi (CFO)Mr. Jay Henderson (COO)Mrs. Daniela Bucciolini (Commercial Director)Mr. Stefano Vezzini (Finance)Mr. Massimo Rolandi (Quality System)Mr. Roberto Zingirian (Human Resources)Mrs. Elena Ragnoli (Corporate Matters and Legal Affairs)Mr. Giuliano Bo (Plant Director Giammoro)Mr. Sandro Cella (Plant Director San Giovanni Valdarno)Mr. Simone Campanella (Purchases)

FERRIERE BELLICINI S.R.L. Via Cavalier Andrea Bellicni 2/4 25040 Berzo Inferiore (BS) - ITALYPhone: +39 0364 30 10 24Fax: +39 0364 30 63 98E-mail: info@ferrierebellicini.itMrs. Kikka Bellicini (CEO)

TPP – TRAVI E PROFILATI DI PALLANZENO S.R.L.Via Sempione, 7 28884 Pallanzeno (VB) - ITALY Phone: +39 032 450 11 Fax: +39 032 4 52 705 E-mail: sede@duferdofin.it Mr. Antonio Gozzi (President)Mr. Franco Monteferrario (CEO)Mr. Paolo Avanzi (CFO)Mr. Jay Henderson (COO)Mrs. Daniela Bucciolini (Commercial Director)Mr. Massimo Lama (Plant director Pallanzeno)Mr. Giordano Streghi (Plant Director San Zeno Naviglio)

CALEOTTO S.P.A.Via Armando Diaz, 248 25010 San Zeno Naviglio (BS) - ITALYPhone: +39 0341 27 86 11Fax: +39 0341 27 86 15E-mail: info@caleotto.comMr. Domenico Campanella (President)Mr. Lorenzo Angelini (CEO)

MEDIA STEEL S.R.L.via Acqualonga, 1854038 Montignoso (MS) - ITALYPhone: +39 0585 821 213Fax: +39 0585 822 541E-mail: info@mediasteel.itMr. Domenico Campanella (President)Mr. Cesare Pasini (CEO)Mr. Marco Corbelli (Managing director)

ARV ACCIAI RIVESTITI VALDARNO S.P.A. Via Peruzzi, 58 52027 San Giovanni Valdarno (AR) - ITALY Phone: +39 055 91 24 824/825 Fax: +39 055 94 48 60 E-mail: arv@a-r-v.com www.a-r-v.com Mr. Franco Vanni (CEO)Mr. Francesco Vanni (Managing Director)

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ACOFER PRODOTTI SIDERURGICI S.R.L. Via Armando Diaz, 248 25010 San Zeno Naviglio (BS) - ITALY Phone: +39 030 21 691 Fax: +39 030 21 69 217 E-mail: sede@duferdofin.it Mr. Franco Monteferrario (CEO)Mrs Tania Romanelli (Sales)Mr. Claudio Serra (Operational)

WAREHOUSEZona Industriale98040 Giammoro (ME) - ITALYPhone: +39 090 9386282, +39 090 9386217E-mail: f.rizzo@duferdofin.itWAREHOUSEVia Peruzzi, 5852027 San Giovanni Valdarno (AR) - ITALYPhone: +39 055 912481 - +39 055 9124822Fax: + 39 055 944 860E-mail: t.romanelli@duferdofin.it

UTILITY 360° S.P.A.Via Paolo Imperiale, 416126 Genova (GE) - ITALYPhone: +39 010 275 60 01Fax: +39 010 275 60 100E-mail: adm@dufercoenergia.comwww.dufercoenergia.itMr. Simone Rabaioli (President)Mr. Luca Masini (Managing Director)Mr. Massimo Bresciani (Sales Director)

DUFERCO ENGINEERING S.P.A.Via Paolo Imperiale, 416126 Genova (GE) - ITALYPhone: +39 010 89 30 843 Fax: +39 010 89 30 847E-mail: info@eng.duferco.comwww.eng.duferco.comMr. Ezio Palmisani (President and CEO) Mr. Emilio Castelli (Renewable Energy and O&M)Mr. Antonio Muzzini (Special Projects)Mr. Paolo Peri (Biogas Projects)Mr. Andrea Costa (Hydro Power)Mr. Francesco Marsano (Energy efficiency and R&D)Mr. Gianluca Palmisani (Infrastructures)Mr. Marco Spanu (Procurement)

DUFERCO ENERGIA S.P.A.Via Paolo Imperiale, 416126 Genova (GE) - ITALYPhone: +39 010 275 60 01Fax: +39 010 275 60 100E-mail: info@dufercoenergia.comwww.dufercoenergia.comMr. Massimo Croci (CEO)Mr. Luca Masini (Commercial Director)Mr. Agostino Calcagno (Purchases and Logistic Director)Mr. Simone Rabaioli (CFO)Mr. Massimiliano Cocurullo (Sales Manager)Mr. Luca Raso (Sales Manager)Mr. Sergio Torre (Business Development)Mr. Francesco Lepre (Sales Manager)Mr. Luca Seravalli (IT)Mr. Matteo Parodi (Communication)

DUFERCO BIOMASSE S.R.L.Via Roma, 11912030 Cavallermaggiore (CN) - ITALYPhone: +39 010 275 60 01Fax: +39 010 275 60 100E-mail: adm@dufercoenergia.comwww.dufercoenergia.itMr. Simone Rabaioli (President)Mr. Alberto Allasia (Managing Director)Mr. Paolo Pagge (Production Director)Mr. Daniele Braida (Commercial Director)

LIGURIA ECOLOGIA S.R.L.Via Paolo Imperiale, 416126 Genova (GE) - ITALYPhone: +39 010 275 60 01Fax: +39 010 275 60 100Mr. Stefano Messina (President)Mr. Claudio Busca (Managing Director)

THE ADVISER S.R.L.Via Paolo Imperiale, 416126 Genova (GE) - ITALYPhone: +39 010 275 60 01Fax: +39 010 275 60 100E-mail: adm@dufercoenergia.comwww.dufercoenergia.comMr. Massimo Croci (CEO)Mr. Simone Rabaioli (Administration Manager)

SIDER NAVI S.P.A.P.zza Alessi 2/716128 Genova (GE) - ITALYPhone: +39 010 570 50 03E-mail: accounting@sidernavi.comMr. Massimo Croci (President)

VIRTUAL S.R.L.Corso Colombo, 12B 16043 Chiavari (GE) - ITALY Phone: +39 0185 368 005 E-mail: info@virtual.euwww.virtual.euMr. Marco Lanata (CEO)

LUXEMBOURGDUFERCO PARTICIPATIONSHOLDING S.A.6, Rue Guillaume SchneiderL-2522 - LUXEMBOURGPhone: +352 26 68 74 91Fax: +352 26 68 74 92E-mail: info@lu.duferco.comMr. Bruno Beernaerts (Director)Mr. Julien Guillaume (Director, Corporate and Accounting Manager)

NOVA MARINE HOLDING S.A.6, Rue Guillaume SchneiderL-2522 - LUXEMBOURGPhone: +352 26 20 69Fax: +352 26 20 69 20E-mail: info@lu.duferco.comMr. Bruno Beernaerts (Director)Mr. Julien Guillaume (Director, Corporate and Accounting Manager)

DUFENERGY S.A.6, Rue Guillaume SchneiderL-2522 - LUXEMBOURGPhone: +352 27 20 38Fax: +352 27 20 38 20E-mail: info@lu.duferco.comMr. Bruno Beernaerts (Director)Mr. Julien Guillaume (Director, Corporate and Accounting Manager)

DUFERCO VANADIUM INVESTMENT HOLDING S.A.6, Rue Guillaume SchneiderL-2522 - LUXEMBOURGPhone: +352 26 68 74 91Fax: +352 26 68 74 92E-mail: info@lu.duferco.com Mr. Bruno Beernaerts (Director)Mr. Julien Guillaume (Director, Corporate and Accounting Manager)

REPUBLIC OF SOUTH AFRICAVANCHEM VANADIUM PRODUCTS (PTY) LTD.PHYSICAL ADDRESSVan Eck Road, FerrobankeMalahleni 1035Mpumalanga – REPUBLIC OF SOUTH AFRICAPOSTAL ADDRESSPO Box 567Witbank 1035Mpumalanga – REPUBLIC OF SOUTH AFRICAPhone: +27 13 696 6004+27 13 696 6062/6174Fax: +27 13 696 61 28E-mail: mbavhin@vanchem.co.zaDr. Martin van Wijngaarden (Non-Executive Director)Mr. Rick Reato (CEO and Director)Mr. Jacques Nell (Financial Manager)Ms. Mbavhi Ngobeni (Administrative and Legal)

SERBIADUFERCO S RECYCLING D.O.O.Kneza Mihaila, 17434000 Kragujevac - SERBIAPhone: +381 34 356 977E-mail: info@dsrecycling.euMr. Carlo Alberto Biggini (President)

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SPAINNOVA MARINE CARRIERS S.A.Paseo de la Castellana, 154 1 izquierda 28046 Madrid Phone: +41 91 822 73 77 Mr. Jaime Troncoso (Area Manager)

SWITZERLANDDUFENERGY TRADING S.A.Via Bagutti, 96900 Lugano - SWITZERLANDPhone: +41 91 822 56 93Fax: +41 91 822 59 79E-mail: info@dufenergy.comwww.dufenergy.comMr. Benedict Sciortino (President and CEO)Mr. Piersandro Lombardi (Director)Mr. Maurizio Cencioni (CFO)Mr. Federico Piccaluga (General Counsel)Mr. Rocco Zotta (Head of Gas & LNG Division)Mr. Nicola Stricchiola (Head of Power Division)

NOVA MARINE CARRIERS S.A.Via Bagutti, 56900 Lugano - SWITZERLANDPhone: +41 91 822 73 00Fax: +41 91 822 55 52E-mail: secretary@novamarinecarriers.comwww.novamarinecarriers.comMr. Vincenzo Romeo (CEO)Mr. Salvatore Pugliese (COO)

NOVA SHIP TECH S.A.Via Bagutti 56900 Lugano – SwitzerlandPhone: +41 91 822 73 47Fax: +41 91 822 55 52Mobile: +41 79 911 18 32Email: technical@novashiptech.comwww.novamarinecarriers.comMr. Francesco Costagliola (Technical Director)

THE NETHERLANDSNOVA MARINE NL BVScheepmakerij 230 3331 MB Zwijndrecht - RotterdamPhone: +31 10 313 07 14Mr. Dean Seacombe (Area Manager)

TURKEYDUF ENERJI TICARET ANONIM SIRKETI Barbaros Mah. Mor Sumbul Sk.Varyap Meridian Business No. 1 Blok/D:19134746 Atasehir Istanbul – TURKEYPhone: +90 216 456 69 39Fax: + 90 216 456 69 40E-mail: mail:barbaros.birinci@duferco.com.trwww.dufenergy.comMr. A. Barbaros Birinci (General Manager)

U.A.E.NOVA MARINE CARRIERS MIDDLE EAST DMCCOffice 5D, Silver TowerCluster I, Jumeirah Lakes Towers, Dubai Phone: +971 50 611 8974Mr. Giuseppe Massa (Area Manager)

UNITED KINGDOMNEO OPERATIONS LIMITED 20 Elvaston PlaceLondon SW7 5QFUNITED KINGDOMPhone: + 44 20 7589 0011E-mail: mail@neooperations.co.ukMr. Ben Sciortino (Director)Mr. Costas Varvatsoulis (Director)

NOVA MARINE CARRIERS UK LTD5th floor, North Side7-10 Chandos Street, Cavendish SquareLondon W1G 9DQ

GRAFTON COMMODITY TRADING LTD14 Gray’s Inn RoadLondon, England, WC1X 8HNUNITED KINGDOMPhone: +44 (0) 203 865 2091E-mail: info@graftontrading.comwww.graftontrading.comThomas Baldwin (Head of Iron Ore Trading)

USADUFENERGY TRADING USA, LLC521 Fifth Avenue, Suite 1801New York, NY 10175Phone: +1 203 216 1053E-mail: lucas.dupay@dufenergy.comwww.dufenergy.comMr. Lucas Dupay (Head of U.S. Power and Natural Gas Trading)

DUFENERGY COMMODITY TRADING USA LLC3050 Post Oak Boulevard - Suite 695Houston, TX 77056Phone: +1 (803) 703 1223infoTX@dufenergy.comJames Rowe (Principal)

DUFENERGY PETRO USA INC.3050 Post Oak Boulevard - Suite 695Houston, TX 77056Phone: +1 (803) 703 1223infoTX@dufenergy.comJames Rowe (Principal)

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