#1tabreed National Central Cooling Company PJSC (DFM: TABREED) Investor Presentation May 2021#2Disclaimer These materials have been prepared by and are the sole responsibility of the National Central Cooling Company PJSC, 'Tabreed' (the "Company"). These materials have been prepared solely for your information and for use at the quarterly earnings call. By attending the meeting/call where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations These materials are confidential and may not be further distributed or passed on to any other person or published or reproduced, in whole or in part, by any medium or in any form for any purpose. The distribution of these materials in other jurisdictions may be restricted by law, and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions These materials are for information purposes only and do not constitute a prospectus, offering memorandum or offering circular or an offer to sell any securities and are not intended to provide the basis for any credit or any third party evaluation of any securities or any offering of them and should not be considered as a recommendation that any investor should subscribe for or purchase any securities. The information contained herein has not been verified by the Company, its advisers or any other person and is subject to change without notice and past performance is not indicative of future results. The Company is under no obligation to update or keep current the information contained herein No person shall have any right of action (except in case of fraud) against the Company or any other person in relation to the accuracy or completeness of the information contained herein. Whilst the Company has taken all reasonable steps to ensure the accuracy of all information, the Company cannot accept liability for any inaccuracies or omissions. All the information is provided on an "as is" basis and without warranties, representations or conditions of any kind, either express or implied, and as such warranties, representation and conditions are hereby excluded to the maximum extent permitted by law The merits or suitability of any securities to any investor's particular situation should be independently determined by such investor. Any such determination should involve inter alia, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of any securities No person is authorized to give any information or to make any representation not contained in and not consistent with these materials and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company These materials are not intended for publication or distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The securities discussed in this presentation have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and may not be offered or sold except under an exemption from, or transaction not subject to, the registration requirements of the Securities Act. In particular, these materials are not intended for publication or distribution, except to certain persons in offshore transactions outside the United States in reliance on Regulation S under the Securities Act These materials contain information regarding the past performance of the Company and its subsidiaries. Such performance may not be representative of the entire performance of the Company and its subsidiaries. Past performance is neither a guide to future returns nor to the future performance of the Company and its subsidiaries These materials contain, or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of the Company may vary from the results expressed in, or implied by, the following forward looking statements, possibly to a material degree. Any investment in securities is subject to various risks, such risks should be carefully considered by prospective investors before they make any investment decisions. The directors disclaim any obligation to update their view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law | 2 tabreed#3Agenda 1 Overview of Tabreed 2 Robust Business and Operating Model 3 Strong shareholders and solid Corporate Governance 4 Financial Overview 5 Sustainability 6 Conclusion | 3 tabreed#401 Overview of Tabreed tabreed#5Overview of Tabreed A GCC Wide Environment Friendly Company Delivering Sustainable Shareholder Returns • Tabreed is... A provider of a part of GCC's critical infrastructure • • Delivering and operating district cooling solutions with high reliability Creating sustainable value for our shareholders Providing uninterrupted service to our customers and maintaining the comfort of the communities we serve We aim to be the partner of choice for Governments and Corporations across GCC in providing environmentally friendly cooling solutions Efficient and environment friendly operations We harness the most efficient technology and utilize our extensive experience to deliver reliable and energy efficient cooling solutions that are environmentally friendly Regional leader As the region's preferred provider of cooling solutions, we focus on our customers' needs and deliver comfort, value and service to all the communities we serve Sustainable long-term shareholder returns We generate sustainable long-term returns for our stakeholders on the back of the utility infrastructure business model | 5 Otabreed#6Overview of Tabreed District Cooling Benefits: The Big Picture How District Cooling works A cooling plant supplies chilled water via an underground piping network to more than one building in a service area (or district) CUSTOMER The GCC's Energy Needs are Increasing Cooling represents approximately 70% of peak energy consumption Population Growth COOLING PLANT COOLING NETWORK HEAT EXCHANGER District cooling uses only half the energy of conventional cooling & has low operational risk Continuing Industrialization Reduction in CO2 emissions 16% Lifecycle Cost Savings 50% more energy efficient + Economic Diversification Year-round Hot Climate Increasing environmental consciousness Supportive GCC Government Policy Tabreed expects Government policy to increasingly promote DC to support their ambitious energy efficiency targets Decreasing energy subsidies will increase the attractiveness of DC compared to conventional cooling as DC is more energy efficient | 6 tabreed#7Overview of Tabreed With and Without District Cooling Past Without District Cooling Roof Top Chillers Window A/C Present With District Cooling 回口 Shangri-La Rotana Hotel | 7 tabreed#8Overview of Tabreed District Cooling in Action: Yas Island 1 2 4 Chilled water is produced at our plant on Yas Island West (adjacent to Skeikh Khalifa Highway) The chilled water is then distributed to projects on the Island through an insulated underground pipe network SOUTH BEACH CROWNE RADISSON PLACA A STAYDROGE SUITES CENTRO YAS ISLAND YAS ISLAND ROTANA Air is then forced past the cold water tubing inside the buildings to produce an air conditioned environment 553 FORUM PARKIN B YAS VICEROY HOTEL YAS MARINA YAS WEST ENTRANCE YAS LINKS GOLF CLUB Yas Waterworld AMI SHEAR D ARENA FERRARI WORLD ABU DHABI E F YAS MARINA CIRCUIT C The warm water is then returned to the plant to be re-chilled and redistributed A. Various hotels B. Yas Viceroy Hotel C. Yas Marina D. Yas Water World Ferrari World F. Yas Mall WAS EAST ENTRANCE Yas Island Plant | 8 Otabreed#9Overview of Tabreed Tabreed at a Glance One of the world's largest district cooling companies 86 plants in 5 countries D Environmentally responsible operations reducing green house gas emissions 2.26 billion kWh annual reduction in energy consumption in the GCC through Tabreed's DC services in 2020 CO₂ 1.35 million tons annual elimination of CO2 emissions Enough energy to power 128,443 homes in the GCC every year C The equivalent of removing 293,192 cars from our streets every year 1.40m RT delivered to clients Equivalent to cooling 140 towers the size of Burj Khalifa Exclusive provider of DC services to several iconic projects Burj Khalifa Cleveland Clinic Yas Mall Abu Dhabi Dubai Metro Sheikh Zayed Grand Mosque • Etihad Towers World Trade Ferrari World Center Aldar HQ Strong Regional presence Largest publicly listed district cooling provider in the region Currently present in the UAE, Saudi Arabia, Qatar, Oman and Bahrain Significant growth achieved in 2020 with potential for further expansion in new geographies 9 tabreed#10Overview of Tabreed Regional Presence The only publicly listed and regional district cooling company in the world • 5 GCC countries | 86 plants | 1.4m tons of cooling • Uniform utility infrastructure model implemented across GCC Long term contracts underpinning stability of earnings and returns for shareholders Previously announced capacity guidance of 120,000 RT to be added over 2021 and 2022 Tabreed and its UAE investments . Plants in 6 of 7 emirates of the UAE - Abu Dhabi, Dubai, Ajman, RAK, Sharjah and Fujairah Landmark Projects in Abu Dhabi: Louvre Museum, Guggenheim Museum, Sheikh Zayed Grand Mosque, Yas Island, Al Maryah Island and Masdar City Landmark Projects in Dubai: Dubai Metro, Burj Khalifa, The Dubai Mall, Address Hotel and Dubai Opera Qatar District Cooling Company (Tabreed 44%) Bahrain 32k RT Diplomatic Area - 1 Qatar 224k RT West Bay - 3 The Pearl 1 UAE 999k RT Abu Dhabi 45 Dubai - 21 Northern Emirates - 7 KSA 110k RT Aramco 1 Jabal Omar-1 KKIA - 1 Oman 32k RT Knowledge Oasis Muscat - 1 Avenues Mall - 1 Remal Castle - 1 Al Araimi Mall-1 Mall of Muscat - 1 • Owns and operates plant on The Pearl (capacity of 116k RT) • Also owns and operates 3 DC plants and a concession in Qatar's West Bay (108k RT) Landmark Projects: The Pearl, West Bay Saudi Tabreed District Cooling Company (Tabreed 28%) • Owns and operates first significant DC plant in KSA - Saudi Aramco (32k RT) • Owns and operates a DC plant in the Holy City of Mecca (58k RT) • Owns and operates a DC plant at the King Khaled International Airport (20k RT) Landmark Projects: Saudi Aramco, Jabal Omar Development (Mecca), KKIA Bahrain District Cooling Company (Tabreed 99.8%) • Owns and operates 1 DC plant (32k RT) . Plant runs using sea water to provide cooling to the most prestigious developments in Bahrain Landmark Projects: Reef Island, Financial Harbour, World Trade Centre Tabreed Oman (Tabreed 61%) • Owns and operates 5 plants serving Knowledge Oasis Muscat, Oman Avenues Mall, Remal Castle, Al Araimi Mall and Mall of Muscat Landmark Projects: Knowledge Oasis Muscat, Oman Avenues Mall, Mall of Muscat | 10 Otabreed#1102 Robust Business and Operating Model tabreed#12Robust Business and Operating Model Utility Business Model Contracted cooling load (RT) Fixed Capacity Charges 25 year contract 59% 0 41% Cooling consumed (RTH) Variable (Metered) Consumption Charges Q4 Q1 62% 19% Q2 55% Q3 45% 52% 40% 63% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 81% 60% 37% Revenue Costs and Overheads Total EBITDA ■Capacity Consumption *Based on last 3 years average Majority of revenue comes from capacity charges Capacity charges reflect the cooling capacity reserved for the customer Consumption charges recover the cost of cooling consumed and is billed based on metering • Capacity Consumption Capacity revenue is fixed for the year while consumption revenue varies Consumption billing follows a bell curve in line with average temperatures in the region . Capacity bills are a fixed amount every month • Blended EBITDA margin is the highest in the winter months, average 52% for the year • ■Capacity ■Consumption *Based on last 3 years average Consumption is a pass through and capacity provides returns Consumption revenue covers all variable costs of operation Capacity revenue covers fixed O&M, finance and corporate costs and provides return on capital | 12 tabreed#13Robust Business and Operating Model Long term contracts and infrastructure business model generates stable and recurring revenues • Long term contracts of typically 25+ years • • Long-term contracts underpin business model Only construct plants on guaranteed offtake contracts with take-or-pay structures Limited contract renewal risk • Less than 5% of the company's contracted capacity maturing within five years • • Around 10% maturing within ten years Low contract termination risk – once a customer is connected to DC, it is not economical to switch to alternative cooling infrastructure Factors that support contract renewal at or before expiry include: • Useful life of plant, equipment and network is expected to exceed contract terms • Currently, no viable or economical alternative is available for customers whose developments have been designed for DC Tabreed's network of pipes and existing infrastructure put Tabreed in a favourable position for contracts to be renewed Long-term contracts underpin business model 100% 100% 99% 99% 97% 97% 97% 93% 89% 89% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Contracted Revenue | 13 tabreed#14Robust Business and Operating Model Long Term Contracts with Creditworthy Customers Owned and Consolidated Plants • UAE Armed Forces was the first customer of the Company and continues to be an important partner . Tabreed cools multiple military and training facilities UAE Armed Forces • Cooling agreement was renewed in 2014 for another 20 years Major proportion of contracts with government entities and large developers: Limited counterparty risk, based on chilled water Majority govt owned 23% revenue in FY 2020 RTA Roads and Transport Authority of Dubai (RTA) is responsible for transport, roads & traffic in the Emirate of Dubai حكومة دلي Tabreed has been providing cooling to all metro stations of the iconic Dubai Metro project since 2010 GOVERNMENT OF DUBAI . Long term 27 year contract No or minority govt ownership 31% . Wholly govt owned 46% In April 2020, Tabreed acquired 80% of Emaar's Downtown District Cooling ("DDC") assets. After the acquisition Emaar retains 20% of the ownership Downtown Dubai is Emaar's flagship mega-development at the heart of the city, providing cooling to prestigious developments such as Burj Khalifa Majority exposure with B2B creditworthy customers based on chilled water revenue in FY 2020 EMAAR • Long term concession agreement signed with Emaar • Aldar Properties PJSC is the leading real estate developer in Abu Dhabi . ALDAR H • Tabreed and Aldar have been in partnership since Aldar's incorporation in 2005 Providing cooling to Aldar's developments on Yas Island, Al Raha Beach, Reem Island and Abu Dhabi Island Cooling agreement was renewed in 2015 for another 30 years Others (<4%) 42% UAF 21% RTA 16% Aldar 10% Emaar 11% 14 Otabreed#15Robust Business and Operating Model Pursuing Growth Opportunities Across and Beyond GCC Well placed to benefit from both organic and inorganic growth opportunities in and beyond GCC region Growth Avenues • UAE Armed Forces was the first customer of the Company and continues to be an important partner • Concessions • Tabreed cools multiple military and training facilities • Cooling agreement was renewed in 2014 for another 20 years Examples UAE: Yas Island, Maryah Island, Masdar City, Downtown Dubai ultimate capacity of 235kRT and in Saadiyat Island 88kRT • KSA: Jabal Omar development • Bahrain: Reef Island and Bahrain Financial Harbor Acquisitions New Connections . Acquisitions from developers who own a plant but would prefer to outsource to a 3rd party provide the cooling services • Acquisitions of other independent cooling companies • . • New customers connecting to existing infrastructure Customers are not bound to use Tabreed (unlike concessions) however, using Tabreed will often be the most economic option Usually requires no additional fixed cost and provides higher margins • When a new plant is agreed and built for a new development New plants and new • Driven by demand in the construction and real estate market geographies . Explore growth opportunities in select new geographies outside GCC (e.g. Egypt, Kuwait and India) Acquisition of Saadiyat Island DC schemes from Aldar • Acquisition of Downtown DCP assets from Emaar • Acquisition of DC concession from Masdar • Tabreed has added around 20kRT recently; ~5% incremental capacity is currently available for new connections • 6 new plants since 2019 • Currently have 1 plant under construction | 15 tabreed#16Robust Business and Operating Model Connected Capacity (KRT) Consolidated Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 UAE 875 876 882 928 928 Bahrain 32 32 32 32 32 Oman 32 32 32 32 33 Total Consolidated 940 940 947 992 993 Equity Accounted UAE 71 71 71 71 71 Qatar 224 224 224 230 230 KSA 110 110 110 110 110 Total Equity Accounted 406 406 406 411 411 Total 1,345 1,346 1,352 1.404 1,405 • Capacity guided for 2020 and 2021 was 75k RT Announced capacity guidance of 120k RT of organic growth to be added over 2021 and 2022 with an expected split between consolidated level and equity accounted joint ventures to be 80:20 | 16 tabreed#17Robust Business and Operating Model 22 Years Experience of Building, Operating and Maintaining Plants Tabreed's in-house team has been successful in designing, building, operating and maintaining some of the biggest District Cooling systems across the region for over 22 years O&M STRATEGY Safely operate and maintain the plants and facilities to provide reliable service efficiently while preserving the value and extending the life of the assets Proven Operations Track Record 24/7 Manned Operations Centralized Maintenance Project Design and Delivery • In-house operation of all plants since 1998 • Less than 0.01% scheduled and unscheduled downtime and no major outage or supply interruption in 20 years of operations • Strong operating track record underpinned by comprehensive maintenance plans and critical equipment redundancy Recognized as a regional leader and contracted by 3rd parties to manage their plants and facilities • Operators present at plants at all times • . Regular operational and HSE training and development programs for operators Integrated control and monitoring of all major equipment in plants using SCADA Dedicated centralized performance management team monitoring plant performance and enhancing power efficiencies Experienced in-house maintenance teams to serve all plants Rigorous predictive and preventive maintenance schedule with a lifecycle view • Stand-by team on hand to address any maintenance needs • Emergency and recovery plans in place to deal with any outages In house building maintenance team to support certain customer side cooling infrastructure Building Maintenance 23% Maintenance 25% Headcount Corporate 17% Plant Performance • Joint venture with SNC Lavalin to provide EPC expertise. JV has so far constructed more than 60 plants for Tabreed and third parties >99.9% Experienced in-house project management team to manage delivery of projects Designed complex systems specific to customer needs such as Dubai Metro, Yas Island, Dubai Parks and others Operational 35% Availability Major outage | 17 tabreed#1803 Strong shareholders and solid corporate governance tabreed#19Strong shareholders and solid corporate governance Shareholder Overview Significant shareholder support from Mubadala, a major Abu Dhabi government entity and ENGIE, one of the world's largest international power and utility companies, that offer deep operating experience in the utilities sector and a platform for further growth MOODY'S¹ "Tabreed benefits from a supportive and complementary shareholder base. We view Mubadala and ENGIE as strong commercial and technical backers for Tabreed in the region. Both anchor shareholders also provide Tabreed with high standards for financial oversight and governance and in our view strengthen the commitment to the company's stated financial policies." Shareholder composition* Strategic shareholders Other Institutions 11.4% Engie 40.0% Retail 6.7% MUBADALA Aa2 (M) - (SP) / AA (F) Mubadala 41.9% • *No shareholders other than ENGIE and Mubadala own more than 5% 1Moody's report number 1141584 published on October 8, 2018 • Abu Dhabi's leading strategic investment company with US$226bn of assets • . Active in 13 sectors and more than 30 countries around the world, creating lasting value for its shareholder, the Government of Abu Dhabi The Abu Dhabi Investment Council (ADIC) became a part of Mubadala Investment Company in March 2018 when the Government issued a restructuring law Mubadala invests in aerospace, ICT, semiconductors, metals and mining, renewable energy and utilities, and the management of diverse financial holdings Mubadala / Abu Dhabi government representatives hold 4 of Tabreed's board seats . Global energy provider spanning 70 countries in 5 continents ENGIE • Total group assets of EUR160bn (US$185bn) • Baa1 (M) BBB+ (F) World leader in District Energy. First District Cooling plant in Europe in 1971 and now RT in Europe, US, and Asia 250K • ENGIE see Tabreed as their platform for District Cooling growth in the region . ENGIE representatives hold 4 Tabreed board seats | 19 tabreed#20Strong shareholders and solid corporate governance Board of Directors Continuity of board with four directors each appointed by Mubadala and ENGIE. Tabreed's board has recently been appointed for another three years Khaled Al Qubaisi is the Chief Executive Officer, Aerospace, Renewables and Information Communications Technology (ICT) at Mubadala. Other Board Positions Mr. Al Qubaisi is also the Chairman of the Board of Injazat Data Systems Khaled Abdulla (Injazat) and Board Member of Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA) and Global Foundries. Al Qubaisi Chairman Paulo Almirante Vice Chairman Paulo Almirante is currently Executive Vice President of global energy leader ENGIE. Other Board Positions Mr. Almirante is a board member of numerous ENGIE group companies. He is also a member of ENGIE's Executive Committee in charge of Brazil; Middle East, South and Central Asia and Turkey; North, South and Eastern Europe and Generation Europe. Frédérique Dufresnoy Deputy Director of Decentralized Solutions for Cities at global energy leader ENGIE Prior to that, she was the Director of Finance, Risks and International Development at ENGIE and CFO of the company's European operations Mohammed Al Huraimel Al Shamsi Director of Utilities Investments in Mubadala Board Member of Jiangsu Suyadi Tancai Company and SMN Power Holding in Oman H.E. Dr. Ahmad Belhoul Al Falasi Minister of State for Entrepreneurship and Small and Medium Enterprises Board member of Masdar Musabbeh Al Kaabi Frédéric Claux CEO, UAE Investments Platform, Mubadala Investment Company Mr. Kaabi is also a member of Mubadala's Investment Committee and Chairman of Mubadala Petroleum, and Yahsat Head of Acquisitions, Investments and Financial Advisory for global energy leader ENGIE Mr Claux also serves as a non-executive Board member of Les Eoliennes en Mer (offshore wind) Sébastien Arbola CEO of the Middle East, South and Central Asia and Turkey region for global energy leader ENGIE Prior to that, he was the CFO and Senior Vice President of the company's Asian environmental operations as M&A Group Director Saeed Ali Khalfan AI Dhaheri Director of Investments at Ali & Sons Holding LLC | 20 tabreed#21Strong shareholders and solid corporate governance Senior Management Khalid Al Marzooqi Chief Executive Officer Appointed as CEO of Tabreed in May, 2021. Before joining Tabreed, he was COO of Dolphin Energy Limited. In addition, he occupied senior roles at the Abu Dhabi Department of Transport, Abu Dhabi Water and Electricity Authority (ADWEA), and ADCO. During his time as COO-Downstream at Dolphin Energy Limited, Mr. Al Marzooqi was responsible for overall direction of Operations, Technical Services, and Business Support, ensuring uninterrupted gas supply to customers in the UAE and Oman. Khaled has over twenty five years of experience in the energy industry and holds two majors in Chemical Engineering and Petroleum Engineering. Adel Salem Al Wahedi Chief Financial Officer Appointed as Tabreed's Chief Financial Officer in March 2020. Prior to joining Tabreed, he was Group CFO of Arabtec Holding. He has also served as CFO for some of the largest entities in the UAE including Abu Dhabi Ports Company and Petrofac Emirates, in addition to holding senior positions at Emirates Telecommunications Corporation (Etisalat). He has over 22 years of experience in the fields of corporate finance, mergers & acquisitions, statutory accounting, budgeting, planning, costing and strategic decision making in both private and public companies in KSA, Egypt, Sudan, and the region. Hamish Jooste Chief Legal Counsel Hamish joined Tabreed in 2012 and in addition to serving as Chief Legal Counsel, he acts as Secretary to the Board of Directors of Tabreed. He is a lawyer with over 18 years of experience in corporate law, M&A, banking and utilities. Prior to joining Tabreed, he has practiced law in four countries across three different continents at large international law firms including Herbert Smith LLP where he worked on many landmark deals in the region. Jean-Francois Chartrain Chief Operating Officer Jean-Francois has over 22 years of experience in the fields of Business Development, Engineering and Construction. He has diverse experience in different businesses such as utilities, energy and renewables, and environment industries across various geographies. In his previous role as Technical Director with ENGIE ITALIA, he headed 3 separate departments; design, maintenance engineering, and energy efficiency. He was also responsible for leading the private development of the district heating scheme. Previously, he also worked with GDF SUEZ Energie Services, CLIMESPACE and INGEVALOR. François Xavier Boul Chief Development Officer François-Xavier ("FX") has over 19 years of experience in the fields of Business Development, Acquisitions, Project and Structured Finance. He has a diverse experience in different businesses such as construction, banking, financial services, utilities, and oil and energy industries across various geographies. His last assignment was with ENGIE Group (in UAE) as Senior Vice President Business Development wherein, he was responsible for leading the business development, structuring and negotiation of projects, and equity investments. Prior to this, he worked for ACWA Power (Dubai), ABC Bank (Bahrain), Ambac (London) and Natixis (Paris). | 21 tabreed#2204 Financial Overview tabreed#23Financial Overview Headline Performance 1 Long-term contracts with credit worthy customers 2 Revenue growth from existing and new business 3 Solid financial performance • • . • • Providing over 1.40m RT of cooling across GCC – grown at 9% CAGR since 2018 Long term contracts (~25 years) mean over 90% of contracted capacity locked in for at least the next 10 years About 80% of revenues from wholly government owned and partially government owned entities Group revenue growing at 9% CAGR since 2018 driven by Chilled Water revenue growth of 9% Utility business model leads to steady increases in revenue and profitability from existing customers Added over 190k RT of capacity through acquisitions in 2020. These acquisitions have additional concession capacity Predictability in earnings driven by capacity charge • Profit from operations growing at 12% CAGR since 2018 • EBITDA has grown 15% annually since 2018 4 Value to EBITDA margin of 63% shareholders • Strong balance sheet • Stable cash flow generation • Dividend of 11.5 fils (cash + equity value), up from 10.5 fils in 2019 Group Connected Capacity (KRT) UAE Other +9% p.a. 1,345 1,094 1,134 1,405 399 405 321 358 772 776 946 1,000 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Chilled Water Value Chain +9% p.a. 358 274 16 297 21 294 17 18 339 259 276 277 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Profit from Operations| EBITDA Net Income +15% p.a 227 170 178 149 135 97 110 78 105 80 82 86 Financial Results Group Revenue (AED m) (AEDM) Q1 2018 Q1 2019 Q1 2020 Q1 2021 53% Gearing Net Income Margin 24% 28% Operating Profit Margin EBITDA Margin 38% 36% 663% Q1 2021 ■Q1 2020 | 23 Otabreed#24Financial Overview Income Statement • • Key Observations Increase in revenue primarily driven by robust performance of Chilled Water business, offset to some extent due to underperformance of Value Chain business Chilled Water business growth driven by consolidation of Downtown DCP, Masdar and Saadiyat Island DC assets Administrative and other expenses reduction driven by savings in G&A EBITDA growth primarily driven by consolidation of acquisitions from 2020 Higher finance cost due to new loans to fund acquisitions, partly offset by hedging and lower interest rates compared to last year Share of associates & JV down due to higher one-off gain in the previous year Consolidated Financials (AED m) Q1 2021 Q1 2020 Variance % Revenue 358 294 63 21.5% Chilled water revenue (95%) 339 277 62 22.3% Value chain businesses (5%) 18 17 1 7.8% Operating cost (170) (131) (38) 29.3% Gross Profit 188 163 25 15.2% Gross profit margin 53% 55% Administrative and other expenses (53) (58) 5.0 (8.5)% • Profit from Operations 135 105 30 28.4% Operating profit margin 38% 36% • Net finance costs (61) (42) (19) 44.8% Share of results of associates and joint ventures 12 14 (2) (11.8)% • Other gains and losses (2) 1 (4) Income attributable to non-controlling interests (5) (1) (3) Profit from discontinuing operations 7 6 1 25.8% Net Income 86 82 3 4.0% Net Income margin 24% 28% EBITDA EBITDA margin 227 178 49 27.3% 63% 61% | 24 tabreed#25Financial Overview Financial Position Consolidated Financials (AED m) Mar 31, 2021 Dec 31, 2020 Variance % Fixed Assets 8,269 8,011 259 3% Intangibles 2,980 2,360 620 26% Associates and Joint Ventures 387 358 29 Accounts Receivable 964 899 260 8% 66 7% Cash and Short-Term Deposits 745 1,313 (568) (43%) Other Assets 45 42 3 7% Assets Held for Sale 337 330 7 2% Total Assets 13,728 13,313 415 3% Equity and Reserves 5,853 5,875 (23) 0% Debt 6,678 6,691 (12) 0% Other Liabilities 1,197 747 450 60% Total Liabilities and Equity 13,728 13,313 415 3% • • • • Key Observations Increase in Fixed Assets represent additions of AED 215 million for Saadiyat Island DC assets Intangible Assets include customer contracts of AED 2,928 million related to Downtown DCP, Saadiyat Island and Masdar DC assets DSO's have remained consistent with the year end and the increase in receivables broadly reflects the growth of the business The majority of the receivables are due from 100% owned UAE Government entities and we anticipate full settlement in due course Movement of cash balances reflect partial payment for Saadiyat cooling concession | 25 tabreed#26Financial Overview Cash Flow Statement Consolidated Financials (AED m) Profit from Operations Q1 2021 Q1 2020 Variance % 135 105 30 28% Finance lease amortization 29 30 0 -1% Depreciation and Amortization 63 43 20 46% Working Capital and other adjustments (58) (128) 71 (55%) Net cash flows from Operating Activities 169 49 120 243% Capital expenditure incurred (687) (54) (633) 1172% Term Deposits (50) (50) 100% Dividends and interest income received 7 3 4 133% Net cash flows from Investing Activities (730) (51) (679) 1331% Debt servicing (24) 2,494 (2,518) Dividend Paid Others Net cash flows from Financing Activities Net Movement in Cash and Cash Equivalents Cash and Cash Equivalents at the start of the period Cash and Cash Equivalents at the end of the period (21) (0) (20) 100% 100% (13) (14) 1 7% (58) 2,480 (2,538) 102% (618) 2,479 (3,097) (125%) 1,313 227 1,086 NA 695 2,705 (2,011) (73%) • Key Observations Improved cash flow from operation primarily driven by consolidation of acquisitions, as well as a stabilization of our DSO's since the year end • Capex relates to consolidation of Saadiyat Island DC assets, partially paid for in the quarter Tabreed maintains strong liquidity with significant closing cash balances at the end of the period and a revolving credit facility of AED 590 million unused during the period Significant improvement in receivables position during April and May 2021 | 26 tabreed#27Financial Overview Debt Portfolio and Return Ratios Investment grade status reaffirmed by both Fitch and Moody's 1 Net Debt Profile (AED m) 3 2 Debt Maturity Profile 5,934 2,622 2,846 2,934 Mar-18 Mar-19 Mar-20 Mar-21 2021 2022 2023 2024 2025 2026-31 Net Debt to LTM EBITDA 4 Return on Capital Employed and Return on Equity 8.7% 9.2% 9.3% 9.9% 9.5% 7.0% 7.4% 7.5% 6.2% 6.3% 5.82x 4.12x 3.98x 3.80x Mar-18 Mar-19 Mar-20 Mar-21 Mar-17 Mar-18 ■Return on Capital Employed Mar-19 Mar-20 Return on Equity Mar-21 | 27 Otabreed#2805 Sustainability tabreed#29Sustainability Creating sustainable value for stakeholders • Tabreed published its first ESG report in March 2021 • ESG is embedded in the Group's Business model, strategy and culture Commitment to SDGs 1 NO POVERTY CLIMATE ACTION QUALITY EDUCATION 5 GENDER EQUALITY In 2020, Tabreed displaced over 1.35m metric tons of CO2 emissions, equivalent to removing 293,192 passenger vehicles off the road Despite a challenging year, Tabreed continued to make considerable progress on its business objectives whilst also ensuring the health and safety of its staff across all its operational sites with over 12.5 million man-hours without time lost to injury As part of its commitment to encouraging Emiratis to pursue careers in the private sector and empower local talent to flourish, Tabreed's Emiratization current rate stands at 41%, one of the highest rates for a private company in the UAE Tabreed maintains the highest standards of corporate governance and we conduct our business with integrity, accountability, and transparency AFFORDABLE AND CLEAN ENERGY 11 SUSTAINABLE CITIES AND COMMUNITIES ISO Certifications ISO 50001 2018 ISO 14001 2015 ISO 9001 2015 8 DECENT WORK AND ECONOMIC GROWTH 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE REDUCED 10 INEQUALITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 16 QO PEACE JUSTICE AND STRONG INSTITUTIONS | 29 17 PARTNERSHIPS FOR THE GOALS ISO 45001 2018 tabreed#3006 Conclusion tabreed#31Conclusion Key Highlights Partner of choice across GCC for providing environmentally friendly cooling solutions Resilient Business Model Capacity Growth Robust Financial Performance Operational track record of > 20 years A utility-like service considering the warm climate of the Middle East Long-term partnerships ensures better revenue and cashflow visibility The pass-through clauses in most of Tabreed's contracts limit its exposure to fluctuations in the cost of utilities One of the world's largest district cooling companies providing over 1.4m KRT of cooling across the GCC ■ Added over 180k RT in 2020 through acquisition of Downtown DCP, Masdar and Saadiyat Island DC assets, All acquisitions have additional concession capacity to augment future growth Guided 120k RT of organic growth over 2021 and 2022 Revenue and EBITDA growing at a 2016-2020 CAGR of 8% and 14%, respectively Consistent focus on increasing efficiency has resulted in margin enhancement to 56% in 2020 compared to 46% in 2016 Committed to returning value to shareholders, maintained dividend payout Resilient Business Model ☐ 向 ☐ Strong Cash Flow Visibility Solid Corporate Governance Established a district energy investment platform in Singapore with IFC that will invest in district cooling in India and other South East Asian countries Developing and connecting Masdar and Tabreed infrastructure to help increase operating synergies Energy Services established strategic partnership with ADCP to Promote Energy Conservation Long-term partnerships with government-backed entities representing approximately 70% of consolidated chilled water revenue in 2020 Focus on B2B contracts with businesses and government entities reducing counterparty credit and collection risk Cash flow predictability due to long term contracts Listed on the DFM with strong corporate governance driven by Mubadala and ENGIE board members Highly experienced management team driving operational excellence Part of DFM's UAE ESG Index, aimed to measure ESG best practices followed by UAE listed companies | 31 tabreed#32Contact Us Bijay Sharma Churchgate Partners Email: [email protected] Richard Rose SVP, Finance Tel: +971 2 2020400 Email: [email protected] Salik Malik Head, Financial Planning & Analysis Tel: +971 2 2020397 Email: [email protected] tabreed