#1INA Group INVESTOR PRESENTATION Bond Issuance INA-O-26CA This is an unofficial translation of the Investor Presentation which has been prepared exclusively for informative purposes and should not be considered within investor's decision-making process. The Issuer assumes no liability for accuracy and/or completeness of this unofficial translation Zagreb, November 2021 INA INA This presentation represents an advertisement within the meaning of Article 22 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC and is prepared in accordance with the respective Article and Articles 13 and 16 of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014, as both regulations are amended from time to time. ina.hr#2Representatives Gábor Horváth Chief Financial Officer Ivan Kolar Investors Relations Chief Expert Dragan Duspara Director of Treasury 2#3Agenda ABOUT INA GROUP BUSINESS SEGMENT OVERVIEW BOND ISSUANCE OVERVIEW 3#4INA Group at a glance EXPLORATION AND PRODUCTION headquarters Zagreb Croatia REFINING AND MARKETING Natural gas sales 0.9 bcm In 2020 Market share Croatia 171% 148% B&H Total oil product sales 4.1 Mt In 2020including domestic crudo (SMC) 2 Production sites (Rijeka Refinery Sisak Industrial site) and lubricant blending plant In Zagreb 4 imported crude oil grades processed in 2020 CONSUMER SERVICES AND RETAIL Over 65 years of experience 95 MMboe 2P reserves 116 FRESH CORNER 517 retail locations Active in Croatia, Egypt and Angola Source: Company reports, 31 December 2020 Over 1,200 production wells Production 29.5 Mboe/d Over 100 investment projects finished 3.1 min liters of fuel sold daily More than 200,000 daily users at INA service stations 4#5INA Group key financial data Further improvement in external environment as the main driver of growth The increase in revenues of 45% comparing to 9M 2020 is a strong result close to the pre-crisis, 9M 2019 levels Robust EBITDA growth mainly contributed by the E&P segment that benefited strongly from the higher hydrocarbon prices... 22,349 22,597 2018 2019 16,248 14,788 11,209 2020 9M 2020 I Revenue from contracts with customers (HRK mn) 9M 2021 ... paired with increased product demand in INA's core region launched profit from operations to above HRK 1bn 1,687 1,004 2018 2019 (798) (895) 2020 9M 2020 1,153 3,489 2,856 991 470 2,341 2018 2019 2020 ■EBITDA (HRK mn) 9M 2020 9M 2021 Simplified Free Cash Flow remains positive due to timely reaction to the crisis 1,299 744 501 571 9M 2021 2018 2019 ■■Profit/(Loss) from operations excluding special items (HRK mn) Source: Company reports Note: *Simplified FCF = CCS EBITDA excl. special items - CAPEX 1,206 9M 2020 9M 2021 2020 Simplified Free Cash Flow (HRK mn)* 5#6HRK mn INA Group key financial data Upstream remains main EBITDA generator, with strong Retail contribution Refining and Marketing incl. Consumer Services and Retail generating the biggest revenue share... HRK mn 21,420 4,187 1,829 2018 (5,087) 21,530 3,745 2,137 2019 (4,815) 14,153 2,188 1,543 2020 (3,096) 1,642 10,809 1,052 9M 2020 (2,294) 2,588 15,856 937 9M 2021 (3,133) I Exploration and Production Refining and Marketing including Consumer Services and Retail Corporate and other Inter-segment transfers and consolidation adjustments ... but EBITDA generation is strongest in the Upstream part 3,287 419 2018 (88) (129) Exploration and Production Source: Company reports 2,356 518 24 14 1,013 183 707 (42) (153) (52) (334) (98) 2019 2020 ■Refining and Marketing including Consumer Services and Retail 9M 2020 Corporate and other 1,060 1,563 195 (25) (257) 9M 2021 Inter-segment transfers and consolidation adjustments 6#7INA Group key financial data Stable finacial position alongside increased investments Investment activities increased in all segments compared to 9M 2020, while strategic investments also continue with Rijeka Refinery Upgrade being the main project 1,817 2,150 1,282 750 2018 2019 2020 ■CAPEX (HRK mn) 9M 2020 Strong financial position, with low net debt level of HRK 1,639mn, net gearing of 13.5% and net debt to EBITDA ratio of 0.57 20.9 19 15 13.5 12 2,554 2,503 1,642 1,608 1,639 1.62 2.24 903 9M 2021 0.89 0.47 0.57 2018 2019 2020 I Net Debt (HRK mn) 9M 2020 -Gearing ratio (%) 9M 2021 2018 2019 2020 Net debt to EBITDA 9M 2020* 9M 2021* Source: Company reports Note: *Based on 12-months rolling EBITDA =last three months of 2020 plus first nine months of 2021, etc. 7#8Agenda ABOUT INA GROUP BUSINESS SEGMENT OVERVIEW BOND ISSUANCE OVERVIEW 8#9INA Group business segments overview Three core business of an integrated oil and gas company EXPLORATION AND PRODUCTION Engaged in exploration, development and production of oil and natural gas in Croatia and abroad REFINING AND MARKETING Manages Rijeka refinery, Sisak site, lubricants production, wholesale network and logistics network for storing and distributing crude oil derivatives to the market CONSUMER SERVICES AND RETAIL Operates a regional network of more than 500 retail sites in Croatia and neighboring countries 9#10EXPLORATION AND PRODUCTION OVERVIEW $#11Exploration and Production Reserves: 8.9 MMboe Gas fields: 11 In production Offshore Production: 4.7 64 Mboe/d Maximizing Croatia portfolio cash generation despite the production decline Source: Company reports, 31 December 2020 Oil fields: 38 In production Reserves: 82.6 MMboe Gas fields: 17 In production Onshore Production: 22.5 Mboe/d More than 3,000 km of pipelines On average 45 HOI years old 35 ■ Domestic fields are mature in structure and production decline can be slowed down but not reversed ■ Still, with its low unit production cost it remains healthy cash generating asset Key achievements in 2020 & 9M 2021 ■ Additional activities to partly compensate the natural decline: ▪ INA_signed_three Production Sharing Agreements for two exploration blocks in the Pannonian Basin as well as one exploration block in the Dinarides ☐ Appraisal well Irena-2 (Izabela offshore field) drilled and the main gas reservoir target has been confirmed 11#12Exploration and Production New exploration concession to improve the sustainability of INA's Egyptian operations Reserves: 2.3 MMboe Concessions East Yldma, North Baharlya, Ras Qattara, West Abu Gharadig East Damanhur Egypt Production: 1.8 Mboe/d Egypt is INA's main international focus area (currently five concessions + Block 10) ■ Selectively adding assets in Egypt remains mid- term goal in order to build up portfolio Reserves: 1.5 MMboe Blocks: 3/05, Production: 0.5 Mboe/d 3/05A Angola Source: Company reports, 31 December 2020 Key achievements in 2020 and 9M 2021 - Block 10 new exploration concession in onshore part of the Nile delta ■ INA with 20% working interest (operated by Wintershall DEA (40%), Egyptian company Cheiron with 40% working interest) 12#13Exploration and Production Continue to utilize the full potential of current assets & Field development . . Key focus points The Drava-02 exploration program already marked two discoveries, while the already performed and upcoming seismic acquisitions on the newly acquired blocks will be a strong base for future exploration activities Onshore Croatia - continue with the drilling, workovers, relaunching inactive wells, introduce new technologies where applicable and extend EOR* to other oil fields Offshore Croatia - the aim is to continue with field development on North Adriatic assets Opportunistic increase of international portfolio • Selective addition of new assets to maintain a profitable and sustainable international portfolio in the future Moving towards green technology Utilizing existing Croatian onshore assets for Carbon Capture and Storage • Investigating geothermal potential Note: * EOR method involves water alternating CO2 injection in partially depleted mature oil reservoirs where physical and chemical mechanisms result in oil production increase and incremental recovery. 13#14Exploration and Production The biggest cash generator in an environment of recovering oil&gas prices Natural decline remains constant factor, still the increase in average hydrocarbon price boosts the segment result 53 34.9 2018 48 33.9 32 29.5 58 31 29.9 27.4 2019 2020 9M 2020 9M 2021 Total hydrocarbon production (MBOE/D) Average hydrocarbon price (USD/BOE) Proven and probable reserves breakdown (mmboe) by product Source: Company reports 5.0 52.0 58.0 4.0 48.0 55.0 4.0 44.0 47.0 2018 2019 2020 Oil Gas Condensate 14#15Exploration and Production Main financial indicators Price recovery driving the increase of revenues and EBITDA with revenues increasing by almost HRK 1bn during the 9M period in 2021 compared to the same period last year, while EBITDA reaching figures north of HRK 1.5bn 4,187 3,287 2018 3,745 2,356 2019 2,188 1,013 1,642 707 2020 9M 2020 Total revenue (HRK mn) EBITDA (HRK mn) Higher CAPEX level compared to 9M 2020 mainly as result of higher Egypt exploration and development activities 687 649 442 357 283 2,588 1,563 9M 2021 Simplified Free Cash Flow improving with the EBITDA growth 2,365 1,669 571 424 2020 9M 2020 ■Simplified Free Cash Flow (HRK mn)* 2018 2019 2020 ■CAPEX (HRK mn) 9M 2020 9M 2021 2018 2019 Source: Company reports Note: *Simplified FCF = CCS EBITDA excl. special items - CAPEX 1,206 9M 2021 15#16REFINING AND MARKETING CONSUMER SERVICES AND RETAIL OVERVIEW ELAGE NA besplatni telefon: 0800 1 30 1863 HR264263 LAGE 16#17Refining and Marketing Dominant position in Croatia and region; Rijeka Refinery main supplier SLOVENIA CROATIA Note: *Wholesale and retail BOSNIA& HERZEGOVINA ■ No. 1 position* in: ■ Croatia - market share 71% ■ B&H - market share 48% ■ Slovenian market - expected share and volume increase following OMV Slovenia transaction and Rijeka Refinery upgrade 17#18Operations in 2020 burdened by external environment and demand drop Refining and Marketing SISAK INDUSTRIAL SITE = ° <= RETAIL Key achievements in 2020 & 9M 2021 938 kt ☐ DEPOTS* 70 liquid depots 4 H LPG depots 7 ↑ ↑ ↑ WHOLESALE (HR, BIH,SLO,IT) 1,657 kt OTHER EXPORTS Start-up of Propane-Propylene Splitter Unit in the Rijeka Refinery ■ Stable market supply throughout the whole year despite the challenges ☐ Despite the COVID crisis, stable market share kept without significant cash collection issues Rijeka Refinery Upgrade Project progresses, already in the construction phase ■ Increased wholesale opportunities with OMV Slovenia acquisition RIJEKA REFINERY into plain locations 4.5 Mtpa NCE: 9.1 LOGISTICS TRANSPORTATION ASSETS** more than more than 250 road tanker cars 500 rail tanker cars own vessels. Source: Company reports, 31 December 2020 Note: *Includes Rijeka and Sisak depots; **Includes rented and owned assets 1,498 kt 18#19Refining and Marketing Key focus points Transforming the business segment through its INA Downstream 2023 New Course program towards a financially sustainable future, turning a cash negative segment to cash positive and profitable segment. The main contributors are: Consumer market Production • Focus on captive markets (Croatia and Bosnia & Herzegovina), with more than 500 Retail sites Biggest share in Croatia (71%) and Bosnia (48%) • INA will be the main fuel supplier for all already existing and newly acquired INA and MOL service stations in Slovenia - acquisition of OMV Slovenia includes 120 new service stations across Slovenia and the wholesale business • Upgrade of the Rijeka Refinery will ensure that INA Group keeps a strong position on the market by: substantially increasing refinery complexity and efficiency maximizing production of high value products and asset utilization Sustainable future at Sisak location . . the decision to discontinue crude processing was implemented and activities regarding its transformation into a new industrial center are ongoing conservation of refining units underway while other transformation projects at the location will continue 19#20Consumer Services and Retail Number of retail locations* SLOVENIA** 5 CROATIA 396 BOSNIA& HERZEGOVINA 105 MONTE NEGRO 11 Key focus points Objectives: ■ Provide an even better and more complete service to our customers ■ Profitably expand our business in the region ■ Retain current customers and attract new ones Priorities: ■ New growth locations (Greenfield, acquisitions, rentals) with a goal of securing and increasing INA Group's market share in Croatia and across the region ■ Continued modernization of retail network with the focus on expansion of the Fresh Corner brand and gastro services ■ Increase the service level Source: Company reports, 31 December 2020 Notes: * Retail locations imply: 511 sevice stations and six other retail locations (auto bar/restaurants, carwash, shop, Heating Oil sales point, LPG sales point); **Five service stations have been leased to MOL Slovenia 20#21Consumer Services and Retail INA PAY CC NA PAY 17/2020 Application launch PLATITE IZ VOZILA I B2B Available only for INA Card business users I 1,100 registered users with assigned card PLATITE NA BLAGAJNI 14 Piscenje transakce Lokace Source: Company reports, 31 December 2020 NA Kartin 000 Key achievements 8,758 | transactions in 2020 1,460 | transactions monthly INA LOYALTY 19/2020 Program launch | 160,000 Registered customers at the end of 2020 I Availability Can be used on all retail locations in Croatia Availability I Can be used on all retail locations in Croatia 419 I business partners has registered service with assigned card REGISTRATION TYPE OF INA LOYALTY MEMBERS ■77% DIGITAL ■ 23% PAPER 21#22Refining and Marketing incl. Consumer Services and Retail Refining Processing (kt) Processing levels adjusted to market conditions 4,189 2018 Refined product sales by country As at 30 September 2021 34% 45% 3,136 2,737 2019 2020 I Refining Processing (kt) 2,284 2,225 9M 2020 Refined product sales by product As at 30 September 2021 5% 28% 43% 9M 2021 1% 3% 16% 6% 18% ■ Croatia ■ B&H ■ Slovenia ■Italy ■ Others ■ Diesel ■ Gasoline ■Fuel Oil LPG ■ Other Source: Company reports 22#23Consumer Services and Retail Main volumetric and financial indicators Retail sales volumes amounted to 811 kt, 14% above 9M 2020 realisation (kt) 29 29 26 278 273 19 219 19 194 171 775 813 693 598 523 2018 2019 2020 9M 2020 9M 2021 Gasoil Gasoline Other Coffee cups sold increased over 37% in 9M 2021 (vs. 9M 2020) driven by expanded non-fuel offering, Fresh Corner roll-out and better sales 6.093 6.064 4.483 6.152 2019 2020 9M 2020 ■Coffee cups sold (in mn pieces) 9M 2021 Capital expenditures amounted to HRK 68mn with focus on service station reconstructions and roll-out of Fresh Corner concept, which has so far been implemented at 123 service stations 213 265 126 80 87 68 2018 2019 2020 ■CAPEX (HRK mn) 9M 2020 9M 2021 Source: Company reports 23#24Refining and marketing incl. Consumer services and Retail Main financial indicators Both total retail sales as well as CCS EBITDA increased compared to 9M 2020 (47% and 60% respectively) supported by visible trend of market recovery, expanded offering and improved tourist consumption in Croatia 286 21,420 2018 556 21,530 639 14,153 517 10,809 2019 2020 9M 2020 Total Revenues (HRK mn) CCS EBITDA ex. sp. items (HRK mn) Capital investments amounted to HRK 446mn in Refining and Marketing and HRK 68mn in Consumer Services and Retail in 2021 1,336 1,070 748 514 429 828 15,856 9M 2021 Ongoing strong investment cycle affecting the Simplified Free Cash Flow (784) (780) 2018 2019 2020 ■CAPEX (HRK mn) 9M 2020 9M 2021 2018 2019 Source: Company reports Note: *Simplified FCF = CCS EBITDA excl. special items - CAPEX 314 88 (109) 9M 2020 9M 2021 2020 Simplified Free Cash Flow (HRK mn)* 24#25RESPONSE TO CLIMATE CHANGE OVERVIEW 25#26Response to Climate Change H2 40 PRODUCTION H2 STORE&LOAD H2 REFUELING STATION FOR BUSES&CARS CITY BUSES TRANSPORT ENHANCED OIL RECOVERY PROJECT CCUS project, since implementation more than 1.8mn tons of CO2 permanently stored (~30% of annual passanger car emissins in Croatia) 3 4 6 8 10 11 17 COMMUNITIES 713 CLIMATE CHANGE SOLAR POWER PLANTS Further development of solar power plants, in addition to existing in Rijeka refinery and Kaštel Sućurac HYDROGEN PROJECT Development of project with City of Zagreb to introduce hydrogen into urban transport BIOREFINERY PROJECT Planned construction by 2026, Investment value EUR 300mn OTHER RENEWABLE SOURCES Offshore wind and gas cluster Geothermal energy Strong focus on HSE with continous improvement of KPIs 2018 2019 2020 0 0 0 ETHICS AND GOVERNANCE 58 12 17 Sustainable development key focus areas Source: Company reports 17 72 6 7 12 14 15 ENVIRONMENT Annual action plans are developed in line with six focus areas, 24 programs and in line with Sustainable Development Goals. Sustainable development activities and projects are an integral part of INA Group's business plan INA GROUP EMPLOYEES AND CONTRACTORS NUMBER OF FATALITIES AS A RESULT OF WORK-RELATED INJURY FATALITY RATES AS A RESULT OF WORK-RELATED INJURY NUMBER OF HIGH-CONSEQUENCE WORK-RELATED INJURIES (EXCLUDING FATALITIES) 0 0 0 1 1 2 HIGH-CONSEQUENCE WORK-RELATED INJURY RATE (EXCLUD- ING FATALITIES) 0.04 0.08 0.09 NUMBER OF RECORDABLE WORK-RELATED INJURIES 69 51 36 26#27Agenda ABOUT INA GROUP BUSINESS SEGMENT OVERVIEW BOND ISSUANCE OVERVIEW 27#28Indicative terms & conditions Issuer Ranking Repayment of Principal Target Market Maturity Targeted Nominal Amount of the Issue Denomination Interest Rate Minimum Subscription Amount Reference Interest Rate Risk Premium Joint Lead Managers and Bookrunners Orderbook Listing Clearing and Settlement Governing Law Expected Timing Documentation Reference Document INA-INDUSTRIJA NAFTE, d.d. Non-subordinated and unsecured bond Bullet, at maturity Professional investors and eligible counterparties 5 years Up to HRK 2,000,000,000 HRK 1,000,000 Fixed, semi-annual coupon interest payment HRK 1,000,000 Bid yield of the HRK bond RHMF-O-26CA maturing on 14 December 2026 Will be published in the Public invitation for subscription Erste&Steiermärkische Bank d.d., Privredna Banka Zagreb d.d. and Raiffeisenbank Austria d.d. "Pot orderbook" Official Market of the Zagreb Stock Exchange Central Depository and Clearing Company Inc. ("CDCC") Law of Republic of Croatia December 2021 Simplifed Prospectus for Public Offering and Listing of the Notes („Prospectus") Prospectus was approved by HANFA, by its resolution, classification no.: UP/I 976-02/21-01/08, record no.: 326-01-60-62-21-10 on 10 November 2021: and it is available at the websites of the Zagreb Stock Exchange and the Issuer on 11 November 2021 28#29Timeline Roadshow activities Indicative timeline of the bond issuance Planned for / Targeted for 16-25 November 2021 Public announcement of Invitation to subscribe bonds 29 November 2021 Offering day/Pricing/ Allocation Publication of the notice of the determined price and the total allocated amount of Bonds 1 December 2021 2 December 2021 Public announcement of the Notice on the final terms of bond issue 6 December 2021 Date of the Bond issue / Addmission of the bonds in CDCC (SKDD) Listing on the Zagreb Stock Exchange 6 December 2021 9 December 2021 29#30Disclaimer By accessing to, reviewing and/or listening to this presentation you confirm that you are aware of the restrictions set out below and that you accept them. This presentation is not intended for distribution outside the Republic of Croatia, nor for use by any person with registered seat or residence in any jurisdiction where such distribution is prohibited or requires obtaining of any permit, consent or approval. This presentation is intended solely for qualified investors as this term is defined by the Capital Market Act (Official Gazette no. 65/2018, 17/2020, 81/2021). The information contained in this presentation is determined on the date of this presentation, unless indicated otherwise. INA - INDUSTRIJA NAFTE d.d., having its seat in Zagreb, Avenija V. Holjevca 10, registered with the Court Registry of the Commercial Court in Zagreb under registry no. (MBS): 080000604, OIB: 27759560625 ("Issuer") notes that there is a possibility that the stated information related to business operations of the Issuer, its financial position and business results, may change after the date of this presentation. Nothing in this presentation shall be construed as a recommendation to purchase securities or as an advice, including, but not limited to advice related to investment into securities issued by the Issuer, legal or financial advice. Potential investors should read the Simplified Prospectus for Public Offering and Listing of Notes („Prospectus") approved by HANFA by its Decision classification no.: UP/I 976-02/21-01/08, record no.: 326-01-60-62-21-10 dated 10 November 2021, which is available on the website of the Issuer (https://www.ina.hr/wp-content/uploads/2021/11/Prospekt-obveznice-INA-O-26CA.pdf), before making an investment decision, in order to fully understand the potential risks and benefits associated with the decision on investment into securities. Approval of the Prospectus by HANFA should not be interpreted as approval of securities offered or listed for trading on the regulated market of Zagreb Stock Exchange, Inc. Each investor who considers the possibility of subscription and payment, i.e., purchase and sale of securities, is obligated to conduct its own research, assessment and judgment of all data on facts, risks, trends, estimates and forecasts relating to the Issuer. The information contained in this presentation has not been verified, nor confirmed by an independent person. The Joint Lead Managers and Bookrunners, Erste&Steiermärkische Bank d.d., Privredna banka Zagreb d.d. and Raiffeisenbank Austria d.d., the Legal Advisor of the Issuer MAMIĆ PERIĆ REBERSKI RIMAC Odvjetničko društvo d.o.o., and the Legal Advisor of Joint Lead Managers MIŠKOVIĆ & MIŠKOVIĆ odvjetničko društvo d.o.o., are in no way liable, nor do they guarantee to any person, either directly or indirectly, for the authenticity, content and completeness of the information set out in this presentation, or during its presentation by the Issuer's representatives. 30#31THANK YOU! INA