#1Borouge BOROUGE Corporate Presentation April 2022 بروج Borouge דיי INSPIRING TOMORROW#2LEGAL DISCLAIMER بروج Borouge דיי IMPORTANT: You must read the following before continuing. The following disclaimer applies to this Presentation. For the purposes of this disclaimer, "Presentation" means this document, its contents or any part of it. The purpose of this Presentation is to provide an overview of Abu Dhabi Polymers Co. Ltd ("ADP") and Borouge Pte. Ltd ("PTE" and, together with ADP, "Borouge", together with its subsidiary undertakings, the "Group"). Borouge is under no obligation to update, revise or keep current the information contained in this Presentation or to provide the recipient of this Presentation with access to any additional information, or to correct any inaccuracies in this Presentation, that may arise in connection with it and any opinions expressed in this Presentation are subject to change without notice. Nothing contained in this Presentation is or should be relied upon as a promise or representation as to the future. The financial information included in this Presentation comprises (i) unaudited pro forma financial information for the year ended 31 December 2021 reflecting the combination of ADP and PTE as if it had occurred on 1 January 2021 ("PF" or "Unaudited Pro Forma Financial Information"); and (ii) financial information for the years ended 31 December 2019, 2020 and 2021 derived from the audited financial statements of ADP, which does not reflect the results of PTE ("ADP Financial Information"). The Unaudited Pro Forma Financial Information is in draft form, has not been audited and is subject to completion and amendment. No reliance should be placed on the Unaudited Pro Forma Financial Information contained in this Presentation. This Presentation includes certain non-IFRS financial measures, which are defined in the footnotes of this Presentation. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. Certain figures contained in this Presentation, including financial information, have been subject to rounding adjustments (and, in certain circumstances, may not conform exactly to the total figure given). To the extent available, the industry, market and competitive position data contained in this Presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Borouge believes that each of these publications, studies and surveys has been prepared by a reputable source, Borouge has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation come from Borouge's own internal research and estimates based on the knowledge and experience of Borouge's management in the markets in which the Group operates. While Borouge believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. This Presentation includes statements that are, or may be deemed to be, "forward looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "targets", "forecasts", "expects", "intends", "plans", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, by the forward-looking nature of discussions of strategy, plans or intentions, or by their context. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Group operates. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they are based on numerous assumptions regarding the Group's present and future business strategies and future events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and the actual results of operations, financial condition, liquidity, prospects, growth and the development of the industry in which the Group operates, may differ materially from those made in or suggested by the forward-looking statements set out in this Presentation. Past performance of the Group cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this Presentation and Borouge expressly disclaims responsibility for the accuracy of the opinions expressed in this Presentation and the underlying assumptions, and any obligations or undertaking to release any update of, or additions or revisions to, any forward-looking statements in this Presentation. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. In addition, even if the results of operations, financial condition and liquidity of the Group, and the development of the industry in which the Group operates, are consistent with the forward-looking statements set out in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods. 2 Corporate Presentation | April 2022 INSPIRING TOMORROW#3TABLE OF CONTENTS Section 1 Introduction to Borouge 2 Key Business Highlights 3 PE and PP Market Dynamics 4 Borouge Deep Dive 5 Borouge 4 Overview 6 ESG Strategy and Approach 7 Financial Overview 3 Corporate Presentation | April 2022 777 بروج Borouge INSPIRING TOMORROW#4SECTION 1 INTRODUCTION TO BOROUGE#5A STRATEGIC PARTNERSHIP WITH SUPPORTIVE SHAREHOLDERS بروج Borouge 777 Borouge is well placed to leverage the strengths and competitive advantages of its shareholders أدنوك ADNOC 60% بروج Borouge דיר 40% BOREALIS Keep Discovering State-owned national oil company of Abu Dhabi Manages ~95% of UAE's total oil and gas reserves (1) Fully integrated energy company including large scale downstream operations such as refining, gas processing and petrochemicals Key exporter of crude oil and refined products to high-growth. Asian markets • An industry leader for carbon capture • Leading provider of advanced and circular polyolefin solutions globally (#8) and European market leader (#2) in base chemicals and the mechanical recycling of plastics Head office in Austria with ~6,900 employees operating in 120 countries Proprietary Borstar® technology and innovation focused with over 11,000 individual patents (2) • Jointly owned by OMV (75%) and Mubadala (25%) A leading integrated O&G company, entrusted to manage the world's 6th largest proven oil and 7th largest gas reserves Sources: Company Information Emirate of Abu Dhabi Global Medium Term Note Programme 1) 2) Includes pending patents 5 Corporate Presentation | April 2022 A leading provider of advanced and circular polyolefin solutions globally INSPIRING TOMORROW#6BOROUGE AT A GLANCE Leading provider of innovative and differentiating polyolefin solutions LARGE SCALE 5.0mt Polyolefin Capacity TANGIBLE GROWTH PLANS 6.4mt 2025 Target Capacity Sources: Company Information (as of 2021 unless otherwise stated) 2019 2021 average. See page 19 for definition 1) 2) See page 20 for definition 6 Corporate Presentation | April 2022 Ⓡ YOUNG ASSET BASE BORSTAR TECHNOLOGY POWERING INNOVATION -90% of Capacity <12 Years Old -80% Differentiated Products $166 Avg. Premium vs. Benchmark (1) بروج Borouge דיי STRONG PROFITABILITY $2.7 Bn 44% PF 2021 Adj. EBITDA (2) PF 2021 Adj. EBITDA Margin HIGH RELIABILITY 96% 2021 Asset Reliability (3) DRIVING SUSTAINABLE APPLICATIONS Infrastructure Solutions 38% 2021 Sales Volumes 1.0mt Additional Sales Volumes Target by 2030 ROBUST CASH GENERATION 91% PF 2021 Cash Conversion (4) 3) See page 14 for definition 4) Calculated as (EBITDA - Capex) / EBITDA INSPIRING TOMORROW#7A FULLY INTEGRATED GLOBAL PLAYER Operations and marketing setup benefitting from customer proximity Manufacturing, R&D and Marketing Footprint Sales Volume Split (2021, 4.4mt) (1) By Product Group Innovation Centre Abu Dhabi (UAE) 3% بروج Borouge By Geography 9% דיי Borouge Plant Ruwais (UAE) Compounding Application Centre Shanghai (China) Plant Shanghai ■ Polyethylene (PE) (China) 40% Polypropylene 33% 57% (PP) ■ Asia Pacific (APAC) ■Middle East & Africa (MEA) 59% ■ROW ■ Ethylene & Others Manufacturing / R&D Sources: Company Information 1) Includes third-party sales (Borealis) 2) Includes Agriculture Borouge Offices 7 Corporate Presentation | April 2022 Marketing HQ Singapore By End Markets 6% ■ Consumer Solutions (2) 38% ■ Infrastructure Solutions 56% ■ Other (3) 3) Consists of Mobility & Healthcare (~0.1mt) and Ethylene & Others (~0.1mt) INSPIRING TOMORROW#8A LEADER IN PREMIUM POLYOLEFINS SOLUTIONS Differentiated solutions serving many highly demanded end-products Applications (2) بروج Borouge 777 Market Growth (3) Consumer Solutions 2.5mt 2021 Sales Volume (1) Infrastructure 1.7 mt When linear limiting k circular, PPP L A Recyclab Sustainable Packaging Mono-material Solutions Greenhouse Films Solutions 2021 Sales Volume (1) Pipes and Fittings Water Solutions Sources: Company Information, IHS Markit, Oxford Economics 1) Includes third-party sales (Borealis) 2) Excludes Mobility & Healthcare (-0.1mt) and Ethylene & Others (~0.1mt) 8 Corporate Presentation | April 2022 Energy Solutions ~1.2x GDP Growth Forecast ~1.4x GDP Growth Forecast 3) Based on forecast 2022 2026E CAGR of 3.6% for polyolefin demand for Consumer Solutions and 4.3% for Infrastructure Solutions, according to IHS Markit, compared to forecast 2022 2026E world real GDP CAGR of 3.0%, according to Oxford Economics INSPIRING TOMORROW#9STRONG ESG TRACK RECORD AND COMMITMENT Our ESG focus areas Track Record of Delivery and Reporting Our Decarbonization Targets Safety Excellence 0.22 2021 TRIR (1) 20% Efficiency Gains in 2021 Water Management Human Rights Global Code of Conduct and Clear Commitment to Human Rights Worker Protection Standard for Contractors 22% Women in Leadership Positions (2) Diversity Sources: Company Information 1) 2) 9 Total Recordable Injury Rate per million hours worked in 2021 Executive, senior and middle management positions as of YE 2020 Corporate Presentation | April 2022 34 3) 4) بروج דיי Borouge 2021 Achieved (3) 2030 Target (3) () -21% -30% Energy Intensity Scope 1 CO2 Emissions -20% -25% Intensity -57% -100% Flaring (4) Vs. 2018 baseline Excluding flaring in emergency situations INSPIRING TOMORROW#10Infrastructure Solutions DRIVING THE PLASTIC INDUSTRY TRANSITION Investing for sustainable growth Outperformance vs. Other Materials Consumer Solutions $ Bn Environmental Cost in Consumer Goods (1) ~5x 98 Sustainable Plastic 533 بروج Borouge דיי Investing in Sustainable Solutions PRO CLEAN ULTRA Fully Recyclable Targeting Anteo™ 20% Customer Solutions Sales that support Circular Economy by 2030 Over $20m investment in Anteo ™, enabling fully TM recyclable monomaterial packaging The new ingredient for complete success Alternatives to Plastic Lifecycle CO2 CO₂ Footprint of Water Distribution Systems footprint, indexed (2) 2 -21% 79 100 Targeting 1mt p.a. additional Infrastructure Solutions Sales Volumes from sustainable applications by 2030 $5m investment to increase Infrastructure Solutions capacity for sustainable applications PE100 Polyethylene Pipe Ductile Iron Pipe Sources: Company Information 1) 10 Trucost, American Chemistry Council ("Plastics and Sustainability: A Valuation of Environmental Benefits, Costs and Opportunities for Continuous Improvement"), 2016 Report. Includes Material and Energy Recovery, Ocean Corporate Presentation | April 2022 Demage, End of Life Management, Transport and Production 2) The European Plastic Pipes and Fittings Association (Teppfa) INSPIRING TOMORROW#11SECTION 2 KEY BUSINESS HIGHLIGHTS#12KEY BUSINESS HIGHLIGHTS 1 Robust Industry Environment with Strong Demand Growth LO 5 2 Highly Attractive Global Polyolefins Platform 3 Powered by Borstar Ⓡ and Enhanced by Direct Access to Market 4 Superior Products Yielding Premium Prices Strong Profitability and Reliable Through-the-cycle Dividend Capacity 12 Corporate Presentation | April 2022 بروج Borouge 777 INSPIRING TOMORROW#13OROBUST INDUSTRY ENVIRONMENT WITH STRONG DEMAND GROWTH Targeting the largest and fastest growing markets Addressing Global Megatrends... Growth in population and emerging economies 777 بروج Borouge ...Serving High Growth Markets... ...With Demand Outstripping Supply Global Polyolefins Demand (1) Global Polyethylene Supply and Demand Additions (4) Healthcare and Hygiene Demand Food waste and scarcity Circular Economy Water access and sanitation Energy transition Sources: Company Information, IHS Markit 1) As of 2021 2) Figure not reconciling with Global Polyolefins Demand chart due to rounding 13 Corporate Presentation | April 2022 31% 200mt 60% 9% Asia Middle East & Africa (MEA) RoW 68% Borouge Markets (2) 86% Forecast Global Growth (3) +5% Forecast CAGR (3) 3) 2022 2026 CAGR 4) Based on announced capacity additions only 15.9 18.0 Forecast 2023 - 2026 Additions to global supply Additions to global demand INSPIRING TOMORROW#14HIGHLY ATTRACTIVE POLYOLEFINS PLATFORM GLOBALLY Increasing margins through scale and high reliability Production Capacity بروج Borouge Asset Reliability B1 (450kt) 2001 >10x Increase B2 (2.0mt) B1 expansion (600kt) 2005 2010 B3 (4.5mt) 2015 Developed and funded separately by ADNOC and | I Borealis 96% 2021 Overall Run-rate (1) דיי B4 (6.4mt) Expansion Track Record PP5 (5.0mt) Expansion On Time On Budget B1 B2 B3 2022 2025 PP5 Sources: Company Information Completed In Execution Calculated as Total Available Hours (8,760 hours p.a.) reduced by the hours of non-availability due to plant and Borouge internal reasons divided by total available hours 1) 14 Corporate Presentation | April 2022 INSPIRING TOMORROW#15HIGHLY ATTRACTIVE POLYOLEFINS PLATFORM GLOBALLY Pursuing sizeable and well-identified avenues of growth 15 بروج Borouge 777 بسم الله الرحمن الرحيم صاحب السمو الشيخ خليفة بن إليه أن عمال صاحب السنوا وضع سمو ال PP5 (Completed in 2022) Enables Borouge to meet its customers' demand for polypropylene solutions across key target markets in the Middle East, Asia Pacific and Africa Further strengthens Borouge's offering of sustainable, innovative and differentiated solutions Enables volume growth in higher-end segments in both Consumer and Infrastructure Solutions • Borouge 4 (In Execution) Scheduled to become operational in 2025, Borouge 4 is designed to add a polyethylene capacity of 1.4mt per year Further supports addressing additional demand expected from Borouge's high growth target markets Institutional focus on sustainability leveraging Borealis' proprietary Borstar ® technology centered on high value solutions. Sources: Company Information Corporate Presentation | April 2022 INSPIRING TOMORROW#16HIGHLY ATTRACTIVE POLYOLEFINS PLATFORM GLOBALLY 1st quartile cost curve position as a result of competitive feedstock and large-scale operations 2021 Global Polyethylene (HDPE) Cost Curve (1) Key Drivers بروج Borouge (in $/t) 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 2,000 1,500 1,000 بروج Borouge דיי SEA Avg MDE Avg NAM Avg 500 0 0 10 Sources: Company Information, IHS Markit 1) 20 Cost Basis Plant Gate, Operating Rate Basis = IHS Baseline, assume oil price at $60 per barrell 16 Corporate Presentation | April 2022 NEA Avg WEP Avg 30 40 50 Cumulative Production (in mt) דיי Young and Well-maintained Asset Base Competitive Long-term Gas Feedstock Contracts Economies of Scale as One of the Largest Single Site Polyolefins Complex Globally Borealis' Proprietary Borstar ® Technology INSPIRING TOMORROW#173 INNOVATION AND VALUE CHAIN COLLABORATION POWERED BY BORSTAR®. بروج Borouge 777 Borealis' proprietary technology enables industry-leading innovation capabilities and tailored solutions for demanding end-use applications Sources: Company Information Innovation 17 Corporate Presentation | April 2022 Global Innovation Network ☐ 100+ R&D Employees 1,000+ Active Patents Borstar Ⓡ Technology Special Properties Superior Processability Joint innovation projects with customers and value chain partners Direct relationships with end customers Technical support for customers Value Chain Collaboration INSPIRING TOMORROW#18777 3...AND ENHANCED BY DIRECT ACCESS TO MARKET بروج Borouge Extensive direct customer coverage through strategically located marketing offices and logistics hubs Direct Access to Markets Focus on growth markets: APAC and MEA account for 59% and 33% of sales volumes in 2021, respectively Extensive direct sales network and intelligence covering -85% of sales volumes Operational partnerships with Khalifa Port in Abu Dhabi and 11 other logistics hubs in target markets Sources: Company Information 18 Corporate Presentation | April 2022 Borouge Offices Logistics Hubs INSPIRING TOMORROW#19SUPERIOR PRODUCTS YIELDING PREMIUM PRICES بروج Borouge Commitment to innovation and operational excellence helps Borouge command a price premium Polyolefin Realized Prices Relative to PE and PP Benchmarks (in $/t) Price Premium Average price premium of 166 $/t +258 $/t 1,377 +127 $/t +112 $/t 1,113 1,119 986 990 878 2019 2020 2021 Borouge Polyolefins Average Realized Price (2) ■NEA Polyolefins Weighted Average Price Benchmark(1) Sources: Company Information, IHS Markit 1) 2) 19 Average PP and PE North-East Asia prices from IHS Markit weighted to ADP PE and PP Sales Volumes each year Based on ADP only. Borouge Polyolefins Average Realized Price calculated as weighted average of ADP PE and PP Corporate Presentation | April 2022 Integrated go-to-market approach driving customer value-add Differentiated product portfolio with superior product quality Strong performance in 2021 driven by operational and supply chain reliability despite disrupted environment דיי Average Realized Prices. Realized Prices calculated as (Revenues + Commissions) / Volumes for PE and PP respectively. Revenues reflect IFRS Revenues, which are Net of Rebates and Commissions, and including Sales to CMP (Compounding Manufacturing Plant in China) INSPIRING TOMORROW#20OSTRONG FINANCIAL PROFILE Strong financial performance reflects Borouge's competitive position Sales Volumes (1) Revenues (1,2) Adj. EBITDA (1) (in kt) (in $m) (in $m) 6,216 131 5,477 125 4,435 4,422 4,202 2,538 3,977 248 141 141 4,165 4,093 2,067 197 140 123 1,671 1,772 1,645 1,397 1,511 1,606 3,547 3,285 2,383 2,517 2,416 2,509 2,515 2,364 I 2019 2020 2021 i 2021 PF 2019 2020 2021 2021 PF ■ PE ■ PP ■ Others ■ PE ■ PP ■ Others Sources: Company Information 1) ADP only, except 2021 PF. EBITDA adjusted for $136m pension cost recharge in FY2021 2) 20 Corporate Presentation | April 2022 بروج Borouge דיי % margin 46% 43% 48% 44% 2,633 2,723 1,906 | I 1,777 I I I I I I 2019 2020 2021 ! 2021 PF Reflects IFRS Revenues, which is Net of Rebates and Commissions, and including Sales to CMP (Compounding Manufacturing Plant in China) INSPIRING TOMORROW#21بروج Borouge OSTRONG PROFITABILITY Sector-leading margins enabled by attractive cost curve position and premium price realization 2021 EBITDA Margin (1) Key Drivers (in %) بروج Borouge ينساب yansab PETRONAS CHEMICALS W Westlake سابك sabic Dow yondellbasell ptt GLOBAL CHEMICAL 13% Sources: Company Information, Public Disclosure for Peers 20% 23% 28% 31% 36% 39% 44% (2) 1) EBITDA computed as Net Income Taxes + Net Interests + D&A for Yansab, SABIC, and PTT. Reported EBITDA for Petronas, Westlake, Dow, and LyondellBasell 2) 3) 21 Corporate Presentation | April 2022 Differentiated products delivering premium pricing ~85% of Sales Volumes via direct sales channels 1st quartile cost curve position (3) Scale and reliability in production דיי PF FY2021 Adj. EBITDA (includes adjustment for $136m pension cost recharge). See page 20 for definition Based on IHS Markit for 2021 INSPIRING TOMORROW#22OSTRONG CASHFLOW GENERATION بروج Borouge High Free Cash Flow through the combination of high profitability and limited maintenance capex Capital Expenditure (1,2) (in $m) Operating Free Cash Flow (1,3) (in $m) Leverage (1,5) (ratio) Cash Conversion (4) 72% 78% 90% 91% I 2,469 2,381 1,370 1,393 I 537 383 315 252 254 259 138 138 222 125 115 116 | | 2019 2020 2021 2021 PF 2019 2020 2021 i 2021 PF Growth Capex ■Maintenance Capex Sources: Company Information 1) 2) 22 ADP only, except 2021 PF Capital Expenditure defined as purchase of Property, Plant and Equipment Corporate Presentation | April 2022 1.2x 2021 PF דיי 3) Operating Free Cash Flow defined as Adj. EBITDA less Capital Expenditure 4) 5) Cash Conversion defined as Operating Free Cash Flow over Adj. EBITDA Leverage defined as the ratio of Net Debt (defined as Bank Loans minus Cash) to Adj. EBITDA INSPIRING TOMORROW#23THROUGH-THE-CYCLE DIVIDEND CAPACITY RELIABLE Consistently high EBITDA margins and cash conversion Last 3 Years EBITDA Margin Range (1) (in %) 2021 Cash Conversion (3) (in %) 91% 48% 43% 40% 36% 38% 31% 28% 23% 25% 20% 17% 13% 15% 15% 14% 6% بروج דיי Borouge 88% 86% 82% 81% 80% 76% 73% (2) 111 بروج ينساب PETRONAS CHEMICALS yansab Westlake Borouge Sources: Company Information, Public Disclosure for Peers سابك متحانك بروج דיי DOW Lyondellbasell ptt Dow ينساب GLOBAL CHEMICAL Borouge yansab 1) 2019 2021. EBITDA computed as Net Income Taxes + Net Interests + SAR 71.4m impairment. Reported EBITDA for Petronas, Westlake, Dow, and LyondellBasell 4) D&A for Yansab, SABIC, and PTT. Yansab's 2019 EBITDA adjusted for a 23 Corporate Presentation | April 2022 2) ADP only. See page 20 for definition 3 Cash Conversion defined as (Adj. EBITDA - Capex) / Adj. EBITDA CHEMICALS Westlake 8 yondellbasell سابك ptt sabic GLOBAL CHEMICAL Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 INSPIRING TOMORROW#24SECTION 3 PE AND PP MARKET DYNAMICS#25POLYOLEFINS MARKET OVERVIEW بروج Borouge Polyolefins are versatile thermoplastic products used in a wide range of end-use applications Positioning of Polyolefins in the Value Chain Polyolefins End-use Application Examples Refining Naphtha Ethane Gas processing Propane Olefins Ethylene Propylene Polyolefins Barer Propert Polyethylene Polypropylene Methanol Coal mining Coal Borouge operations (Ethane based cracking only) Amongst the different routes of olefins production, ethane cracking has the lowest cost profile Source: IHS Markit 25 Corporate Presentation | April 2022 When linear limiting ik circular. When inwen When linear Uniting The circular think circular ful PP Laminate for high ba דיי Packaging Pipes Wires and cables Agriculture Automotive Healthcare INSPIRING TOMORROW#26POSITIVE DEMAND GROWTH OUTLOOK FOR POLYOLEFINS PRODUCTS Key Petrochemical Products Market Size & Growth (2022 market size in mt, 2022-26 CAGR in % forecast) О Size of bubble represents 2022 global market size Polypropylene (PP) Polyethylene (PE) PET Para-xylene (PX) MEG Polyvinyl Chloride (PVC) Benzene Butadiene Polystyrene (PS) MTBE Sources: IHS Markit, Company information 1) 2022-26 forecast 26 Corporate Presentation | April 2022 12 26 26 1.0 1.5 2.0 2.5 55 13 3.0 51 57 بروج Borouge דיי PE PP Total market demand 89 121 mt 89 mt forecast 121 (2022) 2022 2026 CAGR (%) forecast 35 54 54 92 92 Demand growth outlook +18 mt forecast (2023-26) 3.5% CAGR (1) +16 mt 4.1% CAGR (1) Naphtha Key feedstock (for integrated producers) Ethane Naphtha Refinery output Propane 3.5 4.0 4.5 INSPIRING TOMORROW#27BOROUGE'S TARGET REGIONAL MARKETS ARE EXPECTED TO CONTINUE TO DRIVE GLOBAL DEMAND Asia and MEA expected to account for -86% of global polyolefins (PO) demand growth Expected PO Demand Growth over 2023-26 84% of global PE demand growth expected to come from Asia & MEA 87% of global PP demand growth expected to come from Asia & MEA (in mt) 4.5% 15.2 1.7% PE demand growth 2.8 Asia & MEA (1) ■ROW x% CAGR 2022-26 4.9% 13.7 2.0% 2.0 Asia & MEA (1) PP demand growth ■ROW (2) x% CAGR 2022-26 Regional Key Growth Drivers 88 • بروج Borouge דיי Industrialization • Acceleration of industrialization in China, South East Asia and the Indian sub-continent and subsequent rising demand for polyolefins Downstream and manufacturing industries development in the GCC countries to diversify the economy from hydrocarbons Investments in infrastructure • Resumption of investments in infrastructure in China and India and in the GCC countries, both in urban and rural areas Development of a broadband network in India's rural areas Urbanization Increased migration to cities and subsequent urban development in China, South East Asia and the Indian sub-continent Significant construction and renovation of urban pipeline network in China Rising middle-class • Higher spending power has further expanded the market for consumer goods in China, South East Asia and the Indian sub- continent Source: IHS Markit 1) Middle East & Africa 2) Rest of the World 27 Corporate Presentation | April 2022 INSPIRING TOMORROW#28GLOBAL TRADE FLOW: CONTINUED IMPORT DEMAND GROWTH FROM ASIA Expected Net Polyolefins Export / (Import) by Region (in mt) (1.6) (2.1) 11.5 (14.6) (15.4) 9.6 2022 2026 Western Europe 2022 2026 Northeast Asia 2022 2026 12.5 13.5 North America 0.1 0.3 2022 2026 Southeast Asia 2022 2026 (2.6) (0.9) Middle East and Africa 2022 2026 ROW Positive figures indicate net export positions Negative figures indicate net import positions Source: IHS Markit Includes Southeast Asia and Northeast Asia excluding China 1) 28 Corporate Presentation | April 2022 (3.4) (7.0) 2022 2026 Indian subcontinent بروج Borouge Asia PO net import growth (in mt) +4.2 דיי 3.6 Indian subcontinent 1.5 China (0.9) Other Asia (1) A PO net imports (2023-26) Asia PO market is expected continue to be the net importer, with expected growth of 4.2mt by 2026 India subcontinent and China is expected be the main regions demanding more polyolefin imports, despite their capacity ramp up INSPIRING TOMORROW#29Polypropylene BALANCED GLOBAL POLYOLEFINS MARKET DESPITE NEW WAVES OF CAPACITIES Polyolefins Global Supply (1) & Demand Additions (in mt) 86.4% 85.2% Polyethylene 26.0 18.9 15.9 18.0 (in mt) 2019-22 87.5% 2023-26 (3) 85.3% 20.9 16.6 18.5 15.7 2019-22 A Global supply Source: IHS Markit 2023-26 (3) A Global demand x% Average operating rate (2) 1) Based on announced capacity additions only 2) Includes average operating rates for 2019-22 and 2023-26 3) Forecast 29 Corporate Presentation | April 2022 بروج דיי Borouge Balanced market in the medium- and long-terms Maintaining global operating rates >85% Demand expected to outpace new capacity additions in the next 4 years for PE Future growth in PP demand, which will not be catered by new capacities, is expected to be largely driven by differentiated products / applications INSPIRING TOMORROW#30HIGH OIL PRICE DEVELOPMENTS AND EXPECTED IMPACTS ON POLYOLEFINS بروج דיי Borouge Strong correlation between oil prices and polyolefins prices Prevailing Oil Prices at High Levels ... ... is Supportive for Borouge (in US$/bbl) 120 100 80 60 60 60 40 40 20 20 0 (1) 2015 2016 2017 2018 2019 2020 2021 Feb-22 Mar-22 WTI Brent -Murban Source: IHS Markit 1) Data until 3rd week of Mar-2022 30 Corporate Presentation | April 2022 Steeper cost curve with non-gas producers having a higher cost base compared to gas producers Low-cost polyolefin producers in North America and the Middle East will be highly competitive INSPIRING TOMORROW#31SECTION 4 BOROUGE DEEP DIVE#32Operations Technology Innovation Market Segments Marketing and Logistics BOROUGE'S HISTORY Successful track record of growth and execution بروج 1998 Borouge 772 די 2001 2005 بروج Borouge 2010 2010 Borougs (1 777 Borouge is created as a JV between ADNOC and Borealis Start-up of an ethane cracker and two Borstar® PE units. Total PO Capacity of 450kt Borouge 1 expansion is completed. Total PO Capacity increases to 600kt Shanghai Compounding Manufacturing Plant start-up (50 kt capacity, expanded to 90kt in 2015) Borouge 2 is completed. Total PO Capacity increases to 2.0mt 2015 2015 BOROUGE SHAC 2016 HOMEALS BOREALIS REALIK нак 2021 ROMFALM BOREALIS BONCALIS FR 2022 Start-up of Borouge 3. Total PO Capacity increases to 4.5mt Inauguration of Abu Dhabi Innovation Centre Inauguration of Shanghai Application Centre BOREALIS AINOC ADNOC and Borealis sign the agreement to develop Borouge 4. Estimated capex of $6.2 Bn PP5 comes onstream in Q1 2022. Total PO Capacity increases to 5.0mt Significant developments since establishment in 1998 providing strong foundation for future growth and diversification Sources: Company Information 32 Corporate Presentation | April 2022 Commercial Operational INSPIRING TOMORROW#33Operations Technology Innovation Market Segments Marketing and Logistics BOROUGE'S PRODUCTION COMPLEX IN RUWAIS One of the largest integrated polyolefins sites globally (1) Location Production Capacity by Production Unit (2) Borouge 1 Borouge 2 Borouge 3 282 Borouge PP5 Ruwais (UAE) Ruwais (UAE) Ruwais (UAE) Ruwais (UAE) PE 1 300kt PE 3 700kt PE 4 540kt PP 5 480kt PE 2 320kt PP 1 400kt PE 5 540kt PP 2 400kt PP 3 480kt PP 4 470kt LD 1 350kt XLPE 1 80kt PE 700kt PE PE 620kt PP 800kt PP 1,430kt 950kt PP 480kt Total Production Capacity Sources: Company Information 1) Borouge 1 includes cracker 1, Borouge 2 includes cracker 2, Borouge 3 includes cracker 3 2) Includes additions 33 Corporate Presentation | April 2022 بروج Borouge Ruwais Production Complex Borouge 3 Borouge 2 Google Borouge 1 דיי PP5 INSPIRING TOMORROW#34Operations Technology Innovation Market Segments Marketing and Logistics FULLY INTEGRATED PRODUCTION COMPLEX ~5.0mt annual capacity 3,600kt Capacity ADNOC Gas Processing High Density Polyethylene / Linear Low Density Polyethylene Cracker 1 Ethane Cross-linked Polyethylene 0 Cracker 2 Cracker 3 ADNOC Refining Olefins Conversion Unit 800kt Capacity Sources: Company Information 34 Corporate Presentation | April 2022 Propylene Ethylene بروج Borouge Strategic Location Near Feedstock-related Assets ADNOC Gas Processing Low Density Polyethylene Propylene 2,750kt Capacity Polypropylene 2,230kt Capacity Ethane ADNOC Refining דיי 2022 Gangle 2022 Google Propylene بروج 171 Borouge 32022 God INSPIRING TOMORROW#35Operations Technology Innovation Market Segments Marketing and Logistics 777 FEEDSTOCK FOR THE RUWAIS COMPLEX بروج Borouge Long-term market price-based feedstock contracts ensure Borouge's competitiveness Supplier Volume Ethane ADNOC Gas Processing No minimum off-take, no contractual cap Propylene ~50% from ADNOC Refining and -50% from internal Borouge sources No minimum off-take, no contractual cap Contract Start Date Contract End Date Contracts entered in October 1998, with amendments to reflect the additional volume requirements Current Feedstock Supply Agreement until 2057, includes a re-pricing mechanism due to take effect in late November 2027, (pricing mechanism due to be reviewed again in June 2045) Pricing Mechanism • Until November 2027 Ethane price formula based on PE and PP prices with a floor and a cap From December 2027 onwards • Ethane price formula based on PE prices with a floor and a cap reset upwards • Price based on local netback Key Observations on Pricing Mechanism . • Ethane price effectively capped at the ceiling; 2021A PE and PP prices >20% above the cap Current ethane price formula positions Borouge as one of the lowest cost PE producers globally . 2021A PE price implies an ethane price at the mid-point of the range Revised price formula expected to position Borouge in the first quartile of the PE cost curve Local netback prices are -25% lower than market benchmarks Sources: Company Information 35 Corporate Presentation | April 2022 INSPIRING TOMORROW#36Operations Technology Innovation Market Segments Marketing and Logistics OPERATIONAL PERFORMANCE Strong performance over the years Stable Operating Track Record... Production Volumes (1) (in kt) ...Built on >20 Years Experience First Time Right Production (in %) 4,275 4,251 In-house operational knowledge 3,687 95% 96% 93% 1,726 1,717 1,401 2,286 2,549 2,534 2019 2020 2021 2019 2020 2021 ■ Polyethylene Polypropylene Processing Asset Reliability (3) (in %) 97% 96% 92% Total recordable injury rate (TRIR)(2) 0.28 0.22 0.17 2019 2020 2021 2019 2020 2021 Sources: Company Information ADP Only Injury rate per million hours as per Borouge's sustainability report 1) 2) 36 Corporate Presentation | April 2022 بروج Borouge Significant and consistent production volumes Consistent premium product quality High asset reliability through-the-cycle Health and Safety requirements and Process Safety Management Calculated as Total Available Hours (8,760 hours p.a.) reduced by the hours of non-availability due to plant and Borouge internal reasons divided by total available hours 3) 4) Weighted by Production Capacity דיי INSPIRING TOMORROW#37Operations Technology Innovation Market Segments Marketing and Logistics COST CURVE POSITION بروج Borouge 777 1st quartile cost curve position as a result of competitive feedstock and large-scale operations 2021 Global HDPE Cost Curve (1) 2021 Global Polypropylene Cost Curve (1) (in $/t) 2,000 1,500 1,000 1st Quartile بروج Borouge 777 (in $/t) 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2,000 SEA Avg MDE Avg NAM Avg 500 1,500 NEA Avg 1,000 WEP Avg بروج 777 Borouge 2nd Quartile 3rd Quartile 4th Quartile WEP Avg NAM Avg NEA Avg SEA Avg MDE Avg 500 0 0 0 10 20 30 40 50 0 15 30 45 60 75 90 Cumulative Production (in mt) Cumulative Production (in mt) >>>>> Competitive cost curve position helps realize higher margins and be resilient in current market environment Sources: Company Information, IHS Markit 1) Cost Basis Plant Gate, Operating Rate Basis = IHS Baseline, assume oil price at $60 per barrel 37 Corporate Presentation | April 2022 INSPIRING TOMORROW#38• Operations Technology Innovation Market Segments Marketing and Logistics BORSTAR Ⓡ PROVIDING COMPETITIVE EDGE Bimodality is key to product design and application performance BorstarⓇ PE Process Configuration Benefits of Bimodal Borstar ® PE Diluent recycle Loop Reactor(s) Prepolymerisation Reactor Catalyst Ethylene Comonomer Hydrogen Gas Phase Reactor Pelletising Flash Product Polymer Outlet Degassing Black Polymer Extrusion Natural Ethylene Comonomer Hydrogen Conventional Unimodal High Melt Flow Rate Loop GPR بروج Borouge דיי Bimodal High Molecular Weight Smart catalyst design with two-reactor system process and two co- monomers Independent control of molecular weight / melt viscosity and density in each reactor • Improved processability enabling cost savings Improved mechanical properties (flowability, resistance to environmental stress cracking, stiffness) Low extractables, taste and odour Sources: Company Information 38 Corporate Presentation | April 2022 INSPIRING TOMORROW#39Operations Technology Innovation Market Segments Marketing and Logistics BORSTAR Ⓡ PROVIDING COMPETITIVE EDGE Borealis' multi-modal proprietary technology at the core of Borouge's innovation High Technical Performance A Source of Defensible Differentiation Improved processability and mechanical properties and shorter cycle times for our customers offering them competitive advantage Supports the production of a wide range of enhanced PE and PP products for the most demanding applications by enabling tailor-made solutions through flexible design 0 Low energy consumption and leading circular economy performance $ Sources: Company Information 39 Corporate Presentation | April 2022 I Borstar Ⓡ +++ Alternative 1 Alternative 2 بروج 772 Borouge Alternative 3 ++ + Attractive economics for customers Alternative 4 ++ +++ INSPIRING TOMORROW#40Operations Technology Innovation Market Segments Marketing and Logistics INNOVATION AT THE CORE OF OUR BUSINESS Major enabler of the differentiated and sustainable solutions of Borouge Innovation Platform Overview 777 بروج Borouge Innovation Collaboration Network . • • The Innovation Centre in Abu Dhabi develops polymer solutions that enable new applications for our products while working closely with the European Innovation Centres within Borealis Includes extensive laboratories and application development resources, supporting polymer analysis, processing and application testing The patent portfolio covers the plastics solutions and grades developed by the Borouge Innovation Centre Borouge innovation platform collaborates with Borealis' global innovation centers to benefit all stakeholders 100+ and technicians researchers, scientists Stenungsund, Sweden Porvoo, Finland 25 Polymers research labs 240+ advanced testing equipment Linz, Austria Abu Dhabi, UAE >20% Borouge new products sales volume(1) Sources: Company Information 1) Sales of new products as % of total sales 40 Corporate Presentation | April 2022 1,000+ active patents Shanghai, China Borouge Innovation Centre Borouge Application Centre Borealis Innovation Centre INSPIRING TOMORROW#41Operations Technology Innovation Market Segments Marketing and Logistics SOLUTIONS FOR A BROAD RANGE OF MARKETS Borouge contributes to solutions delivering a positive and sustainable impact Borouge's Differentiated and Sustainable Solutions (1) 1 Consumer Products Consumer Solutions 2.5mt 2021 Sales Volume 2 Agriculture 3 Pipes and Fittings Infrastructure Solutions 1.7 mt 2021 Sales Volume 4 Energy Sources: Company Information, IHS Markit, Oxford Economics Excludes Mobility & Healthcare (~0.1mt) and Ethylene & Others (~0.1mt) 1) 41 Corporate Presentation | April 2022 بروج Borouge דיי ~1.2x GDP Growth (2) ~1.4x GDP Growth (2) Based on forecast 2022 2026E CAGR of 3.6% for polyolefin demand for Consumer Solutions and 4.3% for Infrastructure Solutions, according to IHS Markit, compared to forecast 2022 2026E world real GDP CAGR of 3.0%, according to Oxford Economics INSPIRING TOMORROW#42Operations Technology Innovation Market Segments Marketing and Logistics OCONSUMER PRODUCTS (1/2) بروج 777 Borouge Flexible and rigid solutions addressing evolving regulations and increased consumer demand Overview Sample Applications · Significant demand for high quality packaging materials to enable hygiene and product preservation • Highly differentiated and sustainable rigid and flexible packaging solutions such as fully recyclable packaging, frozen food packaging and durable house-ware . Products enable solutions designed for circularity and recyclability Sources: Company Information 42 Corporate Presentation | April 2022 Fully Recyclable Fully Recyclable INSPIRING TOMORROW#43Operations Technology Innovation Market Segments Marketing and Logistics OCONSUMER PRODUCTS (2/2) Case study: Design for Recyclability with mono-material solutions Challenge . • Advanced packaging typically relies on multi-material solutions, limiting recyclability Solution • Collaborated with converters and brand owners to develop fully recyclable polyolefin mono-material solutions that are designed for recyclability • Enabled by the superior properties of our advanced consumer product portfolio Results • Fully recyclable product design to support the brand owner's goal of 100% recyclable packaging • Maintained packaging efficiency with enhanced performance A Recyclable بروج 772 Borouge Example of Borouge product with mono-material structure When linear limiting. nk circular. When linear is limiting, think circular. PPL with cate Past Casumer Recycle for high demanding appo Full PP Loninate for high loads and large size packaging When linear is limiting. think circular EverMinds PPC with t ty and broad sealing range machinobility st Example of Borouge sustainable solution Positions Borouge as a provider of efficient, sustainable consumer products to major FMCG brands ✓ ✓ Unique technological capabilities Superior innovation & technical support Sources: Company Information ✓ Value chain collaboration ✓ Recognised certification & industry compliance ✓ Customer centricity ✓ Sustainability-focused solution 43 Corporate Presentation | April 2022 INSPIRING TOMORROW#44Operations Technology Innovation Market Segments Marketing and Logistics AGRICULTURE (1/2) Improving productivity, yield, and quality, through Borstar Ⓡ based applications Overview and Selected Applications . بروج Borouge דיי Through its innovative agriculture solutions, Borouge is helping to improve farming productivity, by increasing crop yield and quality, and to reduce water wastage Greenhouse Films Mulch Films Drip Irrigation Greenhouse films benefit from high Photosynthetically Active Radiation (PAR) light transmission and ideal light distribution Films for soil mulching improve cultivation and control humidity and temperature Drip irrigation solutions through small plastic tubes and dispensing systems deliver precise amounts of water rather than flooding a field Sources: Company Information 44 Corporate Presentation | April 2022 INSPIRING TOMORROW#45Operations Technology Innovation Market Segments Marketing and Logistics AGRICULTURE (2/2) Case study: Greenhouse film for improved crop yield Challenge Improve crop yield in harsh weather conditions, where temperatures can reach very high levels, negatively impacting the cultivation of commercial vegetable crops Solution 12-week field trials in co- ordination with Borouge Customer Care and Al Dahra Agriculture in Abu Dhabi, UAE, to find most appropriate solutions • Selected BorstarⓇ greenhouse film with technical superiority properties and a unique matte surface to Results Nearly 100% seed germination • Enhanced crop lifecycle, allowing longer harvest window and >25% higher yield •30-60% lower water usage enable diffused light while avoiding plant burn from direct light بروج Borouge דיי Borstar FB2230 greenhouse film Higher crop yield and healthy and better produce quality Positions Borouge as a provider of innovative agricultural solutions with close customer collaboration and local dedication ✓ Unique technological capabilities ✓ Superior innovation & technical support Sources: Company Information ✓ Customer centricity ✓ Value chain collaboration ✓ Recognised certification & industry compliance ✓ Sustainability-focused solution 45 Corporate Presentation | April 2022 INSPIRING TOMORROW#46Operations Technology Innovation Market Segments Marketing and Logistics O PIPES AND FITTINGS (1/2) Safe, reliable and durable pipe and fitting solutions for infrastructure applications Overview Sample Applications • Innovative and sustainable solutions for pipe systems used across industries including water / gas supply, wastewater / sewage disposal, and oil and gas. • By providing durable and reliable pipe solutions, Borouge continues to boost the sustainability of pipe networks, helping to eliminate leakage and offer energy savings o Energy efficiency and resource conservation in water and sanitation systems • High performance and leakage-free plumbing and heating systems for domestic water piping, under-floor heating, etc. • Safe, reliable and durable pipe and fitting solutions developed to withstand long operational duration Sources: Company Information 46 Corporate Presentation | April 2022 بروج Borouge דיי INSPIRING TOMORROW#47Operations Technology Innovation Market Segments Marketing and Logistics بروج דיי PIPES AND FITTINGS (2/2) Case study: The material of choice for large diameter pipes in mega projects Challenge Need to support utility companies to produce large diameter pipes for critical urban development and infrastructure projects in Egypt At very large pipe sizes most PE100 materials sag during extrusion, leading to non- uniformity and material wastage Solution Borouge collaborated with pipe manufacturers to produce large diameter pipes, using BorSafe PE100 material Superior sagging properties enabling the production of large and thick-walled pipes . Results More uniform pipe wall thickness compared to conventional PE100 materials due to superior sagging properties • Increased cost effectiveness with tangible material savings of 5-10% • Able to withstand harsh environmental conditions Borouge Large diameter pipes of uniform wall thickness, optimizing material usage Able to withstand conditions at sea Positioning Borouge as a leader in delivering pipe and fitting solutions to complex challenges in the region ✓ Unique technological capabilities ✓ Superior innovation & technical support Sources: Company Information ✓ Value chain collaboration ✓ Recognised certification & industry compliance ✓ Customer centricity ✓ Sustainability-focused solution 47 Corporate Presentation | April 2022 INSPIRING TOMORROW#48Operations Technology Innovation Market Segments Marketing and Logistics بروج OENERGY (1/2) Borouge Supporting critical energy sources through Borealis' proprietary Borlink TM Technology Overview Sample Applications 48 • Sustainable energy solutions transporting critical energy sources • via cables in buildings, streets, underground, overhead and at the bottom of waterways and seas Extra-high, high and medium voltage cable solutions, semi- conductive products, low voltage energy transmission, distribution cable jacketing and solar energy solutions • Borouge leverages the Borlink TM technology, a wire and cable industry-wide platform crosslinking the technology, products and expertise to connect networks and grids Borlink TM provides more reliable and sustainable power grids, helping eliminate wastage, and allowing a more efficient transportation of renewable energy over longer distances Sources: Company Information Corporate Presentation | April 2022 דיי INSPIRING TOMORROW#49Operations Technology Innovation Market Segments Marketing and Logistics 4 ENERGY (2/2) Case study: High voltage cable power transmission • Challenge Installation of high voltage cables up to 1,000m long across Zhoushan-Daishan Bridge in China Challenging coastal climate with tight schedule and complex land and sea transportation routes Solution •Engaged closely with value chain partners to develop specially tailored cable. insulation grade resins for high stress and high voltage applications, with design flexibility, scorch security and low degassing burden Technical superiority of products to withstand stringent conditions (wet environment) to ensure power reliability Results Timely delivery with production cycle optimization due to lower risk of insulation defect and reduced degassing time High quality solution securing national and international certifications بروج 772 Borouge High voltage power transmission cables being installed along Zhoushan-Daishan bridge Reinforcing Borouge's track record as an innovative and reliable energy solutions provider – attractive positioning for future high voltage projects in China ✓ Unique technological capabilities ✓ Superior innovation & technical support Sources: Company Information ✓ Value chain collaboration ✓ Customer centricity ✓ Recognised certification & industry compliance ✓ Sustainability-focused solution 49 Corporate Presentation | April 2022 INSPIRING TOMORROW#50Operations Technology Innovation Market Segments Marketing and Logistics COMPOUNDING & APPLICATION CENTRE FOR MOBILITY بروج 777 Borouge High quality compounding plant supported by R&D capabilities serving the automotive industry Compounding Manufacturing Plant (CMP) Shanghai Application Centre (SHAC) Borouge بروج Borouge BOROUGE SHAC • 博樺塑料(上海)有限公司 Borouge Compounding Shanghai Co.,L Inaugurated in 2010 and based in Shanghai, China, with a capacity of 50kt of compounded polypropylene resins Expanded to 90 kt in 2015, with plans for future additional production expansion Compounds resins with a focus on automotive applications and serving the customers in North-East Asia with a portfolio of customized solutions Other applications include medical and hygiene Application Research and Development Centre based in Shanghai and collaborating with Borouge's Abu Dhabi Innovation Centre and local value chain partners Focused on developing high quality compound for mobility applications Provides testing support for automotive customers Equipped with laboratories for new product development and advanced instruments for new product development 200+ Sources: Company Information 50 Corporate Presentation | April 2022 INSPIRING TOMORROW#51Operations Technology Innovation Market Segments Marketing and Logistics BOROUGE'S COMMERCIAL NETWORK Broad local presence enabling direct access to market Overview بروج Borouge Our Office Footprint Across APAC and MEA • Borouge's marketing and sales headquarter is located in Singapore, primarily responsible for the marketing and delivery of products to Borouge's customers globally Borouge has built a strong local network of marketing, sales and customer services across target markets in Asia Pacific and Middle East Africa Over 200 customer-facing employees across 12 offices Marketing and Sales HQ Singapore APAC MEA • • Borouge generates ~85% of Sales Volumes via direct sales channels Singapore (HQ) Bangkok Abu Dhabi • . Beijing Ho Chi Minh City • Cairo . Guangzhou . Shanghai • Tokyo Jakarta Mumbai New Delhi Sources: Company Information 51 Corporate Presentation | April 2022 V דיי INSPIRING TOMORROW#52Operations Technology Innovation Market Segments Marketing and Logistics דיי بروج Borouge STRATEGIC SUPPLY CHAIN & LOGISTICS CAPABILITIES Agile and reliable logistics and distribution network supporting commercial success Overview of Supply Chain & Logistics Global Network of Inventory Holding Points Borcuge • Strong partnership with key operators in UAE: ADNOC L&S, Port Khalifa and Port Jebel Ali بروج Porouge 30-XL-204A • 11 shipping partners enabling diversification without reliance on any specific carrier, and 17 land transport partners supplying material across the Middle East Sources: Company Information • Flexible storage capacity globally ensuring reliable supply to fulfill customer needs • Efficient supply chain planning operations empowered by data science solutions with live container tracking 1 In 2021, Borouge products were shipped in 79+ countries 52 Corporate Presentation | April 2022 Panama Duisburg Wuhan Tianjin Shanghai Ningbo Nansha UAE Luzhou Salalah Port Klang Singapore IHP (Inventory Holding Points) INSPIRING TOMORROW#53Operations Technology Innovation Market Segments Marketing and Logistics INTEGRATED GO-TO-MARKET APPROACH Our multi-dimensional approach drives customer loyalty and brand recognition 777 بروج Borouge Innovation-led Customer Solutions Ingrained Partnership Approach Along Value Chain Extensive Direct Sales Network and Intelligence Professional Technical Services Supporting Customers High Customer Loyalty Sources: Company Information 53 Corporate Presentation | April 2022 Strong Industry Recognition Reinforces Branding and Identity INSPIRING TOMORROW#54Operations Technology Innovation Market Segments Marketing and Logistics DIFFERENTIATED PRODUCTS YIELD PREMIUM PRICES بروج Borouge Differentiation through Borstar ® technology, innovation capabilities and integrated go-to- market approach driving customer value-add and consistent premium to benchmark prices Polyolefin Realized Prices Relative to PE and PP Benchmarks Differentiation Factors 777 (in $/t) Advanced processability Polyethylene Polypropylene BorstarⓇ Technology and mechanical properties, with high degree of recyclability 1,421 1,103 981 Continuous development of 963 859 1,087 334 1,313 1,130 1,004 1,166 1,026 I 907 | Innovation new product grades and applications ~200 140 122 147 ~140 104 97 I Close collaboration Integrated Go-to-market Approach 2019 2020 2021 with customers, brand owners, and value-added services 2022+ Target 2019 2020 2021 2022+ Target Borouge PE Premium to Price Benchmark NEA PE Price Benchmark (1) Borouge PE Average Realized Price (2) Borouge PP Premium to Price Benchmark NEA PP Price Benchmark (1) Borouge PP Average Realized Price (2) Sources: Company Information, IHS Markit 1) 2) 54 Average PP and PE North-East Asia prices from IHS Markit weighted to ADP PE and PP Sales Volumes each year Based on ADP only. Borouge Polyolefins Average Realized Price calculated as weighted average of ADP PE and PP Corporate Presentation | April 2022 Average Realized Prices. Realized Prices calculated as (Revenues + Commissions) / Volumes for PE and PP respectively. Revenues reflect IFRS Revenues, which are Net of Rebates and Commissions, and including Sales to CMP (Compounding Manufacturing Plant in China) INSPIRING TOMORROW#55SECTION 5 BOROUGE 4 OVERVIEW#56INTRODUCTION TO BOROUGE 4 بروج 777 Borouge Scheduled to be completed in 2025 and designed to provide 1.4mt additional polyolefins capacity Fully Integrated into Borouge complex... ...Adjacent to Other Borouge Existing Plants Joint project between ADNOC and Borealis - FID signed in November 2021 and EPC phase ongoing Located within the Ruwais Industrial zone, adjacent to Borouge 1, 2 and 3 Access to competitive feedstock from ADNOC Gas Processing, located near the Borouge complex Comprises of a 1.5mt ethane cracker, two Borstar PE units and a XLPE unit Sources: Company Information 56 Corporate Presentation | April 2022 Borouge 3 Borouge 2 Borouge 1 Borouge 4 2022 Google PP5 INSPIRING TOMORROW#57PLANT DESIGN AND PROCESS OVERVIEW بروج Borouge 777 Additional 1.5mt ethylene to be processed by the existing polyolefins units in the existing plants ADNOC Gas Processing 0 0 0 0 4 4 4 4 4 4 13 Ethane Sources: Company Information 57 Corporate Presentation | April 2022 1.5mt Ethane Cracker PE 6 Plants Overview Ethylene PE 7 Hexene-1 Feedstock Borouge 3 XLPE 2 • 1.5mt ethane cracker • Two 700kt Borstar Ⓡ polyethylene plants (PE 6 and PE 7) with HDPE and LLDPE capabilities Cross-linked polyethylene plant (XLPE 2) which will be in the Borouge 3 plant, adjacent to the existing XLPE 1 Plant Process Overview Based on 3rd generation Borstar Ⓡ technology • Ethane from ADNOC will feed the cracker to produce 1.5mt of ethylene o 1.4mt used in PE 6 and PE 7 。 75kt used in Hexene-1 production 。 The XLPE 2 unit will utilize resin feed from the B3 plant to produce clean XLPE Integration of site utilities is expected to drive cost synergies and reliability INSPIRING TOMORROW#58BOROUGE 4 IS ALIGNED WITH BOROUGE'S VISION Focus on sustainability and growth High-value sustainable plastics applications ⚫ 70% Infrastructure Solutions • 30% Consumer Solutions Sources: Company Information Diversified geographical coverage 70% North and South-East Asia • 30% Middle East and Africa بروج 772 Borouge Contributor to higher margins • Competitive, long-term feedstock agreement with ADNOC for ethane driving attractive margins for PE production Due to its advanced technology and ability to produce differentiated PE grades, Borouge is targeting EBITDA margins significantly above its current levels Following the completion of Borouge 4 and the reset of the ethane pricing mechanism in Dec-2027, Borouge targets an overall EBITDA margin of >40% Direct job creation Key contributor to increased economic activity in UAE 58 Corporate Presentation | April 2022 • UAE GDP contribution with polyolefins exports • UAE petrochemicals global leadership#59ON TRACK TO BE COMPLETED BY 2025 EPC costs of ~$6.2 Bn (1) with Additional $0.3 Bn Pre-Operating Expenses بروج 772 Borouge Key Construction Packages Pre Start-up Operating Expenses Utilities, Offsites and Early Works Cracker Unit Polymers Unit XLPE-2 Overview Costs (mainly personnel) leading up to the completion of the plant and commissioning in 2025 Utilities systems, wastewater and sewage treatment, tank farm and storage, marine facilities and demolition, site preparation and grading, security fencing, site access and gates including modification / alteration to highway Ethane cracker, including the associated steam utilities Cost ~0.3 Bn Total Project Cost Source: Company Information 1) 2) 59 Also includes FEED study, project management, and contingency costs Excludes capitalized interests Corporate Presentation | April 2022 ~$6.5 Bn (2) Polymers package encompassing PE 6 and PE 7 and 1-Hexene New XLPE-2 unit ~$6.2 Bn (1) INSPIRING TOMORROW#60SECTION 6 ESG STRATEGY AND APPROACH#61777 ESG: OUR SUSTAINABILITY STRATEGY AND APPROACH بروج Borouge Our sustainability strategy is based on five key verticals supported by a robust governance framework Borouge Sustainability Strategy ESG Governance and Disclosure ESG Governance Board Climate and emissions Approach on circularity Environmental management Health and safety Human capital • Reduction of CO2 emissions and GHG intensity Durable products Best in class environmental Zero Harm Target Diversity and inclusion Executive Management • Product management systems Elimination of recyclability continuous flaring Water efficiency Robust HSE programme Training and development Recycled content Carbon capture and storage Elimination of leakage Waste management LTITRI rates Human rights in supply chain Awareness and engagement | Management of change | Continuous improvement Sustainability committee ESG Disclosure • ESG reporting since 2009, in accordance with the GRI standards ⚫ 2021 Sustainability Report externally assured Commitment to TCFD-aligned reporting commencing from 2022 ESG a standing agenda item • Drives ESG performance and ensures executive accountability of ESG issues • CEO has ultimate responsibility for ESG strategy and performance CMO, COO and CFO responsible for delivering results Reporting to CEO Develops programmes Set ESG targets 61 Corporate Presentation | April 2022 INSPIRING TOMORROW#62MANAGING ENVIRONMENTAL ISSUES Strong track record of managing environmental risks with effective systems in place Key Industry Management System Certifications ENVIRONMENTAL MANAGEMENT SYSTEM ARS Quality ANAB ACCREDITED 1501EC 17021 MANAGEMENT SYSTEMS CERTIFICATION BODY ISO 14001:2015 ENERGY MANAGEMENT Quality SYSTEM • Certified since 2018 • Independent external audit every 3 years (last audit in 2020) Annual internal independent review No non-conformities found in 2020 audit Certified since 2007 Independent external audit every 3 years (last audit in 2020) Annual internal independent review Track Record of Reducing Environmental Impact Water management(1) -20% efficiency gains by 2021 2021 Achieved NOX -27% No non-conformities found in 2020 audit (Non-GHG) emissions reductions (2) SOX -6% VOC (3) -31% ODS (4) -96% ANAB ACCREDITED 150EC 1702 MANAGEMENT SYSTEMS CERTIFICATION BODY ISO 50001:2018 RESPONSIBLE CARE Ⓡ Cersac RC 14001:2015 First Gulf company to sign RC Global Charter (2006) Independent external review every 3 years Annual internal independent review No non-conformities found in 2020 audit Source: Company information Water: V's 2018 baseline 3) Volatile Organic Compound 4) Ozone Depleting Substances Waste management • • بروج Borouge דיי Efficiency gains through process optimisation, steam trap maintenance Seawater represents 99.7% of water use • Three on-site plants treat utilised water before discharge • Continued focus to decrease emissions from our manufacturing process Operational improvements continue to minimise emissions where possible Non-hazardous waste is managed by Tadweer, and sent to approved sorting, recycling and landfill facilities • Hazardous waste is managed and disposed by BeAAT, in a dedicated waste management facility • Strategic approach to waste minimisation is under development 1) 2) 62 Emissions: V's 2016 baseline Corporate Presentation | April 2022 INSPIRING TOMORROW#63OUR DECARBONISATION APPROACH Significant investment to reduce energy intensity of operations 30% by 2030 Energy Performance Strategy Operational improvements بروج Borouge Greenhouse Gas Emission Intensity Reduction Projections יי Kg CO2/T (actual) Kg CO2/T (estimate) Elimination of hot furnace stand-by 1,400 Enhanced steam and flare control valve leak survey Γ 1,287 1,300 Digitalisation Energy management information system and Automated Process Control Al supported real-time steam system optimisation Efficiency investments Acid gas flare elimination Compressor recycle elimination New technology assessments Electrification Concentrated solar power Carbon capture and storage Sources: Company information 63 Corporate Presentation | April 2022 GHG Emission Kg CO2/T 1,200 1,171 1,100 1,080 1,017 1,000 900 800 I | I L I | I I i >25% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 reduction INSPIRING TOMORROW#64OUR APPROACH ON CIRCULAR ECONOMY Focusing on sustainability across our product portfolio Our Commitment to Circularity • Borouge supports the recent UN Environment Assembly draft resolution to end plastic pollution (UNEA 5.2) بروج 772 Borouge Plastic products can contribute to achieving the UN Sustainable Development Goals and sustainably produced, used, and recovered in a circular economy Borouge is focused on achieving the ambitions of UNEA 5.2 through the following activities and specific targets: Durable products Over 40 percent of our overall sales serve more sustainable industrial applications An additional 1mt capacity for durable products by 2030 Product recyclability 64 Corporate Presentation | April 2022 Increasing innovations in product design with fully recyclable mono- material solutions enabled by our Anteo TM packaging solution Recycled content • When I dead • Ful Eliminate leakage Fa Target 20% consumer solution sales that support Circular Economy by 2030 PRO CLEAN ULTRA Fully Recyclable Borouge global zero pellet loss programme Strategic partner of Project STOP - a frontline action group to develop circular and sustainable waste management models in South East Asia where there is high leakage rates STOP WWW.STOPOCEANPLASTICS.COM INSPIRING TOMORROW#65OUR HEALTH AND SAFETY APPROACH Robust safety, health and security management systems based on continuous improvement Borouge Health & Safety Management System Consistently Low LTI (1) and TRI (2) Rates Audit & Inspection Monitoring & Reporting Continuous Improvement Incident Prevention 65 Corporate Presentation | April 2022 HSE Policy بروج Borouge יי 2014 2015 2016 2017 2018 2019 2020 2021 2007-21 Ave LTIR 0 0.25 0.16 0 0.05 0.09 0.04 0.05 0.06 TRIR 0.15 0.32 0.22 0.21 0.11 0.28 0.17 0.22 0.22 "zero harm" Safety & Accountability Culture Health & safety management system OCCUPATIONAL HEALTH & SAFETY ASSESSMENT SERIES AR Quality • Certified since 2016 ANAB ACCREDITED MANAGEMENT SYSTEMS CERTIFICATION BODY Independent external audits every three years (last audit in 2020) Annual internal independent review No major non-conformities found in 2020 audit Developing Critical Competencies ISO 45001:2018 Implementing strategic health & safety initiatives LED initiative Behavioural based safety programme Launched in 2020: to enhance emergency system capability with focus on lessons learnt Launched in 2020: health & safety cultural leadership training for all staff and management 1) Lost Time to Injury 2) Total Reported Incident INSPIRING TOMORROW#66SECTION 7 FINANCIAL OVERVIEW#67CORPORATE STRUCTURE أدنوك ADNOC 5 60% ADP 40% بروج 771 Borouge ADP I BOREALIS Keep Discovering أدنوك ADNOC Production entity based in Abu Dhabi Sells all production volumes (apart from smaller excess / by-product volumes) to PTE, at eventual sales price less commission for PTE Revenues are accounted for net of commission 67 Corporate Presentation | April 2022 S PTE 50% 50% بروج 177 Borouge PTE بروج דיי BOREALIS Keep Discovering Borouge Marketing entity based in Singapore Consolidates the compounding plant Sells volumes purchased from ADP, 3rd party volumes (for Borealis), and compounded materials ☐ Charges commission on volumes sold INSPIRING TOMORROW#68REVENUE BREAKDOWN - VOLUMES AND PRODUCT PRICES Operational excellence and debottlenecking (1) driving consistent volume growth Revenue Development (2) Volumes Revenues Benchmark Prices (4) (in kt) Others 3,977 Turnaround at B3 4,435 4,202 4,422 (5) 197 248 141 141 ПРЕ 2,383 2,517 2,416 2,509 ■PP | 1,397 1,671 1,645 I 1,772 I 2019A 2020A 2021A 2021PF(3) I (in $m) 4,166 4,093 5,477 I 6,216 (5) ■ Others 131 125 140 123 ■ PE I 3,547 3,285 I 2,515 2,364 ■ PP 1,511 1,606 2,067 2,538 2019A 2020A 2021A 2021PF(3) (in $ /t) -PE 1,026 907 -PP 963 1,166 1,087 Commentary بروج Borouge דיי ■ Volume increase mainly driven by operational excellence programs and revamp of PE3 plant - 2021PF volumes include third party and compounding volumes from PTE ■ The pandemic had no meaningful impact on 2020 volumes, highlighting the resilience of Borouge's diversified end market exposure Revenue decline in 2020 due to weakness in overall pricing environment driven by low oil prices Strong industrial demand and favorable supply & demand dynamics in 2021 leading to a meaningful increase in benchmark prices 859 2020A 2021A 2019A Sources: Company Information, IHS Markit 1) Refers to steps taken to remove rate-limiting factors on plant production 2) ADP only, except 2021 PF 68 Corporate Presentation | April 2022 4) 5) Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 Benchmark prices represent HDPE Blow Molding NEA CFR and PP Raffia NEA CFR prices as per IHS Markit data Others predominantly refers to sales of excess ethylene and by-products INSPIRING TOMORROW#69PREMIA OVER PRICE BENCHMARK Proven ability to realize consistent premia over benchmark and maximize netbacks (1) Premia over Benchmark Prices (2) and Average Sales Price (ASP) (3) Polyethylene Polypropylene Product Premia (in $ /t) 1,421 334 1,103 981 ASP 140 122 Premia (4) 963 859 1,087 ■Benchmark 2019A 2020A 2021A (in $ /t) 1,130 1,313 147 1,004 104 ASP 97 ■Premia (4) 1,026 1,166 907 ■Benchmark (in $ /t) 2019A 2020A 2021A PE 140 -PP 104 122 97 334 147 2021A Commentary بروج 777 Borouge ■ Contraction in 2020 average sales prices driven by overall weaker benchmark prices due to Covid-19 impacts ■ Implied price premia kept stable compared to 2019, demonstrating the resilience of the premia, driven by the significant customer value-add that Borouge's products are offering ... ▪ ... and mix effects from increased focus on higher value infrastructure segment following PE3 revamp in 2019 starting to come into effect in 2020 ■ Small decrease in PP premium in 2020 driven be higher sales volumes Logistical disruptions in 2021 led to higher price differential across the regions (NEA lower than ROW), which Borouge took advantage of, realizing higher netbacks in Western markets, hence increasing implied premium over NEA benchmarks Average Sales Price, equal to Gross Revenue over Sales Volume i.e. including commissions 2019A 2020A Sources: Company Information, IHS Markit 3) 1) Refers to realized price of a commodity product net of freight and other transportation costs 4) Equal to difference between ASP and Benchmark Price 2) 69 Benchmark prices represent HDPE Blow Molding NEA CFR and PP Raffia NEA CFR prices as per IHS Markit data Corporate Presentation | April 2022 INSPIRING TOMORROW#70COST BREAKDOWN بروج Borouge The major cost items at Borouge are feedstock costs and other variable & fixed production costs Cost Development(1) D&A (5) S&D (4) G&A (3) COGS (excl. D&A) (2) (in $m) (in $m) (in $m) 1,140 I 2,727 I 2,276 I 1,937 2,016 1,557 1,106 1,142 I 797 874 1,170 1,170 I ■Feedstock Costs ■Other Variable & Fixed Production Costs I I 1 88 108 98 137 I I I 483 357 I 245 266 1 (in $m) I 693 538 505 516 I I 2019A 2020A 2021A I 2021PF(6) Commentary דיי The main components of COGS are feedstock costs and other variable & fixed production costs Feedstock costs comprise ethane and propylene purchased from ADNOC Other variable costs mainly comprise utilities, catalysts, chemicals and additives, as well as purchase of Borealis volumes sold by PTE - Fixed production costs mainly comprise labor and maintenance costs Increase in Selling & Distribution (S&D) costs in 2021 driven by higher shipping and pallets cost and logistics constraints in H2 - Mainly includes logistics and marketing costs Decrease in Depreciation & Amortization (D&A) in 2020 versus prior year due to a reset of the depreciation period from 20 to 25 year Required by IFRS due to engineering study that showed longer than expected asset life at existing Borouge assets Sources: Company Information 1) ADP only, excluding 2021 PF 4) 2) COGS excluding depreciation on goods sold, depreciation on unsold inventory as of previous year end, amortization on goods sold and right-of-use-assets 5) 70 Corporate Presentation | April 2022 6) General and Administrative excl. Depreciation and Amortization Selling and Distribution Depreciation and Amortization. Includes depreciation on property, plant & equipment and amortization of intangible assets and right of use assets. Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 INSPIRING TOMORROW#71ADJUSTED EBITDA EVOLUTION بروج Borouge 777 Borouge has consistently strong operating profitability levels, supported by its well-defined strengths Adjusted EBITDA Evolution (1) (in $m) Margin 46% 43% 48% 44% 1,906 1,777 2,723 2,633 Commentary Borouge's combination of strengths is resulting in strong operating profitability levels: - Leading market position Diversified global footprint Operational excellence and strong cost discipline - Advantaged feedstock access ■ 2021PF margin is slightly lower than 2021A standalone ADP margins given the commission on third party trading revenues at PTE L 2019A 2020A 2021A 2021PF (2) I I Sources: Company Information 1) 2) 71 ADP only, except 2021 PF. EBITDA adjusted for $136m pension cost recharge in FY2021 Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 Corporate Presentation | April 2022 INSPIRING TOMORROW#72SIGNIFICANT UPSIDE FROM PRICE INCREASES An increase in polyolefins prices would generate significant incremental revenues, with proportionate impact on EBITDA Illustrative Impact of PE/PP and Propylene Benchmark Prices on Revenues and EBITDA (Until Nov-27) Current Spot Prices (March '22) L10Y Avg. Prices ('12-'21) Polyethylene Benchmark Product and Propylene Price Sensitivities (At Estimated 2022 Production Volumes (1)) @ Sensitized Benchmark Prices (2) ($200/t) ($100/t) +$0/t +$100/t + $200/t 1,184 890 990 1,090 1,190 1,290 (NE Asia CFR, in $ /t) Polypropylene Benchmark 1,170 1,133 970 1,070 1,170 1,270 1,370 (PP Raffia NEA CFR, in $ /t) 1,198 Propylene Benchmarks 860 960 1,060 1,160 1,260 (NE Asia CFR, in $/t) 1,050 1,245 940 Approximate Change in Revenues & Costs (3) (in $m) 240 120 470 (120) (240) +350 +700 (470) (940) ■Additional Revenue Additional Costs Approximate Adjusted EBITDA Impact (700) (350) (in $m) 1) 2) Sensitivity impact is based on estimated product sales and feedstock purchase volumes for FY 2022, to reflect full ramp-up of PP5 Change in benchmark prices applied on PE and PP prices relative to 2021A prices 3) 72 Change in revenue based on estimated 2022 PE and PP production volumes times change in benchmark price; change in costs based on estimated 2022 propylene purchase volume times propylene purchase price based on assumed propylene benchmark prices and underlying pricing mechanism Corporate Presentation | April 2022 Commentary بروج Borouge Increases in PE prices directly flow דיי through to Borouge's EBITDA with its ethane feedstock prices effectively capped ■ Increases in PP prices positively impact EBITDA as the feedstock prices for Borouge's internally sourced propylene are effectively fixed and only the propylene feedstock prices for the share of propylene supplied by ADNOC Refining move in line with benchmark propylene prices. Propylene benchmark prices have been assumed to move in parallel with PP prices for this sensitivity analysis ■ Overall, a large share of the additional revenues from higher PE/PP benchmark prices translate into additional EBITDA as only a smaller proportion of feedstock costs moves in line with benchmark prices INSPIRING TOMORROW#73ETHANE FEEDSTOCK PRICE SENSITIVITIES The ethane price formula is linked to PE prices Illustrative Impact of Ethane Feedstock Prices on EBITDA (From Dec-27 Onwards) Feedstock Price Sensitivities (2021A Production Volumes Adjusted for PP5 Ramp-up) Current Spot Prices (March '22) L10Y Avg. Prices ('12-'21) Polyethylene Benchmark Sensitized Benchmark Prices ($400/t) ($200/t) ($100/t) +$0/t +$100/t + $200/t +$400/t 1,184 690 890 990 1,090 1,190 1,290 1,490 (NE Asia CFR, in $ / t) 1,133 1,050 500 250 Approximate Change in Revenues & Costs (in $m) (250) (350) (500X500) (600) (750) (1,050) (850) (1,000) (1,150) ■Additional Revenue Additional Costs Approximate Adjusted EBITDA Impact (in $m) (1,400) (1,000) (850) (750) (600) (500) (100) Adjusted EBITDA vs. Reference Reference Point (in $m) (650) (250) (100) +150 +250 +650 Point 1) Change in benchmark prices applied on PE prices relative to 2021A prices 73 Corporate Presentation | April 2022 777 بروج Borouge Commentary ■ Linear ethane to PE price relationship to continue with a revised ethane price floor and cap from December 2027 onwards (floor and cap to be higher than current levels) Change in revenue based on PE production volumes times change in benchmark price Change in costs based on ethane purchase volume times revised ethane purchase price based on post November 2027 price formula reset All other costs are held constant Ethane feedstock cost increases would be mitigated by higher revenues if PE prices are higher than reference 2021A prices For the purposes of this analysis, we are assuming PP prices don't change INSPIRING TOMORROW#74Tax on Accounting Profit at Applicable Rate TAX PROFILE Borouge has a normalized tax rate of ~31% Effective Tax Rate Reconciliation (1) (in $m) Profit Before Tax Effective Tax Rate Tax Effect of Income/Tax Holidays Other P&L Taxes 2019 A 2020A 2021A 2021PF 1,217 1,235 2,123 2,200 25.0% 23.0% 31.4% n.a. 304 284 665 n.a. (161) (10) 31 (2) (1) n.a. 175 272 664 674 Income Tax Paid 173 199 678 n.a. Implied Cash Tax Rate 14.2% 16.1% 31.9% n.a. Implied Cash Tax Rate (%) Sources: Company Information 1) ADP only, except 2021 PF 74 Corporate Presentation | April 2022 16.1% 14.2% 31.9% 2019A 2020A 2021A بروج Borouge Commentary B3 benefitted from a tax holiday until April 2020; from May 2020 onwards, the tax holiday has phased out - Hence, the first fully normalized year for tax payments is 2021A Cash taxes difference driven by rollover of previous year tax liabilities דיי INSPIRING TOMORROW#75CAPITAL EXPENDITURE Historical capital expenditure levels on projects that are now completed Capital Expenditure (1) (in $m) 537 222 383 125 252 I I I I I I I I I I 254 116 115 315 259 138 138 I 1 Commentary بروج Borouge דיי Maintenance capital expenditure comprises investments to keep assets highly reliable, without change of capacity or adding technical / process capabilities Turnarounds are scheduled with a 5 year cycle and are scheduled by plant, i.e. for B1, B2, and B3 as a whole (3) ■ Growth capital expenditure comprises investments that increase production capacity or add technical / process capabilities - Historically mainly related to PP5, PE3 revamp (feed, reactor outlet, recovery), and B4 PP5 and PE3 revamp are largely completed Currently no further debottlenecking planned within B123 2019A 2020A 2021A ■Growth Capital Expenditure ■Maintenance Capital Expenditure Sources: Company Information 1) ADP only, except 2021 PF 2) Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 75 Corporate Presentation | April 2022 3) 2021PF (2) B1 turnaround completed in Q1 2022, the next turnaround at B2 is scheduled for 2023, at B3 for 2024 INSPIRING TOMORROW#76بروج דיי BRIDGING 2021 STANDALONE TO PRO-FORMA FINANCIALS 2021A to 2021PF Bridges Revenues (in $m) Basis for calculation of Average Sales Price and hence implied premia over benchmark prices As Reported 405 102 (247) 247 (14) 5,723 5,477 6,216 ADP Gross Revenues PTE Commission on ADP Volumes ADP Net Revenues PTE Commission on ADP Volumes PTE CMP Revenues Other (1) PTE Third Party PF Combined Revenues Revenues Commentary Revenue Bridge Borouge ■ PTE charges commission on ADP sales volumes and third-party sales on behalf of Borealis Further, PTE consolidates the revenues of the compounding plant in China EBITDA Bridge ■ Additional costs at PTE mainly include general & administrative and sales & distribution costs Adjusted EBITDA (5) (in $m) As Reported (2,731) 5,477 (112) 247 44 (40) (126) (35) 2,633 2,723 ADP Net Revenues ADP Operating Costs ADP Other Items(2) (5) ADP PTE Standalone Commission Adj. EBITDA on ADP Volumes PTE Commission PTE G&A PTE S&D Other PTE Cost Items(4) PF Adj. EBITDA (5) on Third Party Volumes(3) Sources: Company Information 1) 2) 3) 76 CMP raw material Includes Pension Recharge, Other Income and Impairment Loss on PP&E Also includes gross profit on compounding volumes Corporate Presentation | April 2022 4 5) Net effect of Pension Cost Recharge, Other Income and Asset Impairment Depreciation includes depreciation on property, plant & equipment and amortization of intangible assets and right of use assets. INSPIRING TOMORROW#77WORKING CAPITAL Through-the-cycle, working capital movements are typically balanced out Working Capital Evolution (1) Commentary (in $m) Working Capital 2019 A 2020A 2021A 607 897 877 2021PF (3) 919 Prepayments and Other Receivables 58 63 51 867 Amounts Due from Related Parties 436 722 746 147 Trade and Other Payables (499) (498) (449) (568) Current Portion of Amounts Due to Related Parties (44) (7) (178) (246) Inventories 656 617 708 718 Working Capital Days(4) Days Inventory Outstanding 91 Days Sales Outstanding 43 Days Payables Outstanding 75 188 22 93 81 70 53 60 72 82 92 Change in Net Working Capital(2) 488 Sources: Company Information 2019A (291) 2020A 20 بروج Borouge דיי Working capital levels are driven by: - DIO: Typically stable with moderate inventory build-up at year end in anticipation of February turnaround DSO: Pandemic impacted some transactions as Borouge granted extended payment terms, driving increase in DSO in 2020; expected to remain at current levels due to targeting of higher volume customers that require longer payment terms - DPO: Typically stable, linked to larger projects with past years impacted by PP5 ■ Working capital swings are mainly driven by prices and are expected to smooth out over the cycle 2021A 3) Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 DIO = Inventories * 365 / COGS incl. D&A, DSO = (Amounts Due from Related Parties + Prepayments and Other Receivables) * 365 / Revenue, DPO = (Trade and Other Payables + Amounts Due to Related Parties) * 365 COGS incl. D&A 2) 1) Working Capital equal to Net Current Assets (excl. Cash and Cash Equivalents and Current Portion of Lease and Pension Liabilities and Income Tax Payable). ADP only, except 2021 PF ADP only 4) 77 Corporate Presentation | April 2022 INSPIRING TOMORROW#78CASH FLOW GENERATION Strong track record of increasing cash generation Adj. EBITDA to Operating Free Cashflow to Levered Free Cashflow (1) (in $m) Adj. EBITDA (2) 2019A 2020A 2021A 2021PF(3) 1,906 1,777 2,633 2,723 (-) Capital Expenditure Operating Free Cashflow (537) (383) (252) (254) 1,370 1,370 2,381 2,469 (-) Net Cash Interest Paid 3 (0) (5) n.a. (-) Income Taxes Paid (173) (199) (678) n.a. (-) Change in Net Working Capital 488 (291) 20 n.a. Levered Free Cashflow Dividends Paid (5) (3,4) 1,650 880 1,719 n.a. (1,800) (1,340) (5,380) (5,480) Cash Conversion (1,6) 90.4% 90.7% 78.4% 71.8% 2019A 2020A 2021A 2021PF(3) Commentary بروج Borouge דיי Strong free cash flow generation despite increasing taxes driven by: Declining growth capital expenditure due to completion of major projects (PP5, PE3 revamp) Higher profitability levels due to increased price premia achieved Sources: Company Information 4) Does not include payments related to debt principal draw/repayment 1) ADP only, except 2021 PF 5) Includes dividends paid as proceeds from financing 2) Adjusted for pension costs 6) Defined as (Adj. EBITDA - Capex)/Adj. EBITDA 3) 78 Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 Corporate Presentation | April 2022 INSPIRING TOMORROW#79CAPITAL STRUCTURE Conservative balance sheet structure supporting stable & reliable dividend payment capabilities Capital Structure (FY 2021PF) Commentary (in $m) Cash and Bank Balances Long Term Debt Lease Liabilities Net Debt and Debt-Like Items Total Equity Capitalisation (1) Debt Facilities Overview ADP 2021A PTE 2021A 560 110 3,980 2021PF (2) 671 3,980 138 3,420 28 (110) 3,309 167 4,844 123 4,9463) 8,824 123 8,926 Facility 2021A Notional ($m) Lender Commercial Term Facility 3,650 Consortium Maturity and Repayment Type Interest Rates Fees Bullet: 19-Dec-26 Agreement Murabaha Agreement 350 Abu Dhabi Islamic Bank PJSC Via a Purchase Notice 0.90% LIBOR per annum Margin Profit Agreement Upfront fee of $20m Revolving Credit Facility ($500m) -- First Abu Dhabi Bank Periodic Repayment 0.80% LIBOR per annum 1) Sources: Company Information Capitalization = Long Term Debt + Total Equity 3) 2) Unaudited pro forma financial information reflecting the combination of ADP and PTE as if it had occurred on 1-Jan-2021 79 Corporate Presentation | April 2022 Upfront fee of $2m and 25% of the margin per annum on the available commitment بروج Borouge ☐ Borouge has a strong balance sheet with flexibility to sustain dividend levels going forward In 2021, Borouge entered into a $4.0bn term loan financing, partially composed of an Islamic finance facility, used to fund a dividend recap to its Shareholders Borouge has a $500m RCF in place, which provides flexibility for additional liquidity, and is currently undrawn Combined Equity less Borealis NCI in PTE and intercompany adjustments to PF NI דיי INSPIRING TOMORROW#80KEY FINANCIAL POLICIES Dividend Policy بروج Borouge 777 Borouge intends to adopt a semi-annual dividend distribution policy, with H1 dividend of the financial year paid out in September of that year and the H2 dividend paid out in March of the following calendar year Borouge intends to pay the amount of $975m in dividends for the period of Q2 to Q4 of the financial year 2022. Of this amount, $325m will be paid in September 2022, covering the period of Q2 2022, and $650m will be paid in March 2023, covering the period of H2 2022 ▪ For the financial year 2023, Borouge intends to make a dividend distribution of no less than $1,300m Going forward Borouge intends to maintain a robust dividend policy designed to return to shareholders substantially all of its distributable free cash flows, while maintaining an investment grade credit profile ■ Dividend payments will be subject to Board discretion and market conditions ■ Dividends will be paid in cash Target Capital Structure and Borouge 4 Considerations ■ Due to its advanced technology and ability to produce differentiated PE grades, Borouge 4 is targeting EBITDA margins significantly above its current levels Following the completion of Borouge 4 and the reset of the ethane pricing mechanism in Dec-2027, Borouge targets an overall EBITDA margin of >40% Borouge 4 is expected to be accretive to operating cash flows and dividends Borouge seeks to maintain a robust capital structure and remain committed to its long-term target capital structure, maintaining an investment grade credit profile Borouge maintains access to diversified funding markets through a strong supportive group of top tier regional and international banks 80 Corporate Presentation | April 2022 INSPIRING TOMORROW#8181 Expenses 1) 2021A MEDIUM TERM INCOME STATEMENT TARGETS Revenues Sales Volumes Third Party Sales Product Prices & Premia Feedstock Costs 2,750ktpa PE capacity and 2,230ktpa PP capacity from 2022 onwards (incl. fully-ramped up PP5 plant and CMP) Utilization rates of ~95% for PE and -92% of PP in the near term OCU with ~800ktpa maximum propylene capacity; expected utilization rate of ~50-100%; ~50-60% in 2022 and 2023 Excess ethylene sales depending on utilization of the OCU; in case OCU less than 100% utilized, the excess ethylene is sold in the market Third party sales in line with Middle East, UAE and Asia sales disclosed in Borealis financial statements ($441m in 2021A) " PE and PP supply and demand dynamics expected to continue بروج Borouge 777 Average PE and PP premia over NEA benchmark of ~$200/t and ~$140/t, respectively Ethane until November 2027: Ethane price driven by PE and PP prices with a floor and a cap Ethane price effectively capped at the ceiling; current PE and PP prices (1) >20% above the cap Ethane from December 2027 onwards: - Ethane price based on PE prices with a floor and a cap with a reset upwards 2021A PE price implies an ethane price at the mid-point of the range Revised price formula expected to position Borouge in the first quartile of the PE cost curve Propylene prices are based on local netback prices which are -25% lower than market benchmarks (North-East Asia CFR) ~50% of propylene is sourced from ADNOC Refining and subject to the local net back prices, with the remaining -50% of propylene coming from internal Borouge sources (conversion of ethane) Operational Expenses Other variable and fixed production costs expected of -$1,600m, in line with 2021PF, subject to general cost inflation going forward G&A costs of ~$140m p.a., in line with 2021PF, subject to general cost inflation going forward S&M costs of -$480m p.a., in line with 2021PF, subject to general cost inflation going forward D&A On average $600m p.a., slightly above L3Y historical average Corporate Presentation | April 2022 INSPIRING TOMORROW#82MEDIUM TERM FREE CASH FLOW TARGETS Capital Expenditure بروج Borouge ■ Maintenance capital expenditure of ~$180-240m p.a. (at the higher end of this range in turnaround years, at the lower end in non-turnaround years) B1 turnaround completed in Q1 2022, the next turnaround at B2 is scheduled for 2023, at B3 for 2024 ■ In 2022, ~$30-40m of additional capital expenditure to finalize the growth projects From 2023 onwards, no further growth or debottlenecking projects are currently planned within B123 Interest Expense ■ Annual interest payments in line with commercial terms of outstanding debt instruments Tax Expense ■ Effective cash tax rate of ~31%, in line with 2021A Working Capital 82 Corporate Presentation | April 2022 ■ In 2022, we expect DSO of ~55-65 days, DPO of ~60-70 days, and DIO of ~80-90 days Through-the-cycle, working capital changes are expected to be cash neutral דיי INSPIRING TOMORROW#83CONVERSION FACTORS (1) Ethane Cracker ■ Ethane / Ethylene: 1.27x ▪ Ethane / Propylene: 25.0x ■ Ethane mmbtu / ton: 44.0 OCU (Olefins Conversion Unit) Ethylene/Propylene: 1.00x Polyethylene Ethylene/Polyethylene: 1.00x Polypropylene Propylene/Polypropylene: 1.00x Ethylene/Polypropylene: 0.07x Sources: Industry standard conversion factors Conversion ratios stated as tons of feedstock required per ton of product or by-product ("Feedstock" / "Product") 1) 83 Corporate Presentation | April 2022 بروج 777 Borouge INSPIRING TOMORROW#84INCOME STATEMENT بروج Borouge 2021PF 777 (in $m) Revenues 2019A 2020A 2021A 4,165 4,093 5,477 6,216 COGS (excl. D&A)(1) (1,937) (2,016) (2,276) (2,727) Thereof Feedstock Costs (797) (874) (1,170) (1,170) Thereof Other Fixed & Variable Costs (1,140) (1,142) (1,106) (1,557) Other Income (2) 11 129 26 27 G&A (excl. D&A) (88) (108) (98) (137) S&D Other (3) D&A (4) (245) (266) (357) (483) (56) (138) (173) (693) (538) (505) (516) Operating Profit Margin Finance Income Foreign Exchange Loss Finance Cost Net Finance Income 1,214 1,239 2,128 2,206 29.1% 30.3% 38.9% 35.5% 5 1 0 1 (1) (3) (0) (2) (0) (1) (5) (6) 4 (3) (5) (7) Profit Before Tax Income Tax Expense Profit For the Year Margin Adj. EBITDA (4) 1,217 1,235 2,123 2,200 (175) (272) (664) (674) 1,043 963 1,459 1,526 25.0% 23.5% 26.6% 24.5% 1,906 Margin 45.8% 1,777 43.4% 2,633 48.1% 2,723 43.8% 1) COGS excluding depreciation on goods sold, depreciation on unsold inventory as of 31 December 2021, amortization on goods sold and right-of-use-assets 4) 2) Includes Insurance Income, Sale of Scrap and Other 84 Corporate Presentation | April 2022 Other includes pension chargeback and impairment loss on PP&E See page 20 for definition INSPIRING TOMORROW#85CASH FLOW STATEMENT (in $m) Profit for the Year Adjustments For: D&A (1) Income Tax Expense Interest Income Finance Costs Other Items Changes in Inventories Prepayments and Other Receivables 2019A 2020A 2021A 1,043 963 1,459 655 175 Trade and Other Payables 135 Other Items (2) Cash Flows: Interest Paid 221 ཕྱུ≖@°ཝཱ ༤88སྶ 514 516 272 664 (5) (1) (0) 0 1 5 44 61 151 77 36 (94) 28 (5) 11 (1) (45) (323) 91 Interest Received 25 (2) (1) Income Tax Paid (173) (199) (678) Cash Flows from Operating Activities 2,202 1,317 2,075 Capital Expenditure (537) (383) (252) Other Items 22 Cash Flows from Investing Activities (537) (361) (252) Proceeds from Loans and Borrowings Repayments of Loans and Borrowings Dividends Paid to Shareholders Cash Flows from Financing Activities Net Cash Flow Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents at 1 January 320 3,980 (320) (1,800) (1,340) (5,380) (1,800) (1,020) (1,720) (134) (64) 102 (134) (64) 102 656 521 457 521 457 560 Cash and Cash Equivalents at 31 December 1) D&A as per financial statements 2) 85 Includes Amounts Due from Related Parties and Amounts Due to Related Parties Corporate Presentation | April 2022 بروج Borouge דיי INSPIRING TOMORROW#86BALANCE SHEET (in $m) 2021A 2021PF Equity 2021A بروج Borouge 777 2021PF 4,844 4,965 Property, Plant and Equipment Other Items (1) 7,514 7,555 Bank Loan and Capitalised Lease Liabilities 4,118 4,142 204 239 Other(2) 181 211 Non-current Assets 7,717 7,793 Non-current Liabilities 4,299 4,353 Trade and Other Payables 449 568 Inventories 708 718 Amounts due to Related Parties 178 246 Amounts due from Related Parties 746 148 Income Tax Payable 11 17 Prepayments and Other Receivables 51 867 Bank Loan and Capitalised Lease Liabilities 0 5 Cash and Cash Equivalents 560 671 (3) Other 43 Current Assets 2,064 2,404 Current Liabilities 638 879 Total Assets 1) 2) 86 9,781 10,197 Total Equity and Liabilities Includes Intangible Assets, Right of Use Assets, Loans to Employees and Deferred Tax Assets Includes Provision for Employee End of Service Benefits, Amounts Due to Related Parties and Non-current Portion of Trade and Other Payables Corporate Presentation | April 2022 Includes Contract Liabilities 9,781 10,197 INSPIRING TOMORROW#87INSPIRING TOMORROW#88דרי بروج Borouge