#1Investor Presentation Abu Dhabi National Energy Company (TAQA) February 2021 POWERING A THRIVING FUTURE TAQ#2Disclaimer These materials have been prepared by Abu Dhabi National Energy Company ("TAQA” or the “Company”). The information contained in this presentation may not have been reviewed or reported on by the Company's auditors. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials have been prepared for information purposes only and do not form part of any 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 The information contained herein supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered. The information contained herein 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. This presentation may contain, or may be deemed to contain, "forward-looking statements" regarding future events or the future financial performance of the Company. These forward-looking statements include all matters that are not historical facts. The inclusion of such forward-looking information shall not be regarded as a representation by the Company or any other person that the objectives or plans of the Company will be achieved. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. Please note that rounding differences may appear throughout the presentation. 2 TAQɅ#3Table of contents 1 TAQA/ADPower transaction recap TAQA portfolio overview Key investment highlights Corporate governance FY 2020 results 2020 highlights 7 Q&A - ས ༠ བ ་ ༠ ༠ ༤ ༠ 8 Appendices 4 11 16 24 28 32 34 35 3 TAQA#4TAQA/ADPower transaction recap TOTOTO TOTO TAQA#5ADPower and TAQA are writing history Creating a regional water and electricity champion that will transform the sector 4 23 GW of electrical generation capacity 913 MIGD of water desalination capacity 費 nearly 100,000 km of water and electricity networks 11 countries with operations 1 Million customers in UAE AED 187bn1 asset size of the combined company AED 41bn1 revenues Strong credit & ability to pay dividends 1. YE/FY 2020 pro-forma consolidated figures 5 TQ#6Merger timeline and key milestones Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 3 February Transaction announcement (ADPower offer to TAQA) 6 April TAQA Board of Directors approval 29 April TAQA Annual General Assembly approval 1 July 3 August Initial Strategy Direction published Transaction close and new management Moody's standalone / final credit ratings upgrade (to baa1/Aa3 stable) 3 July Fitch standalone / final credit ratings upgrade (to bbb+/AA-stable) 5 July TAQA commitment to maintaining solid investment grade standalone credit ratings 10 November Q3 2020 proforma and statutory financials, first for combined entity Increase FOLS to 49% from 0% Propose dividend policy for shareholder approval 14 February 18 March Proposed board expansion at Annual General Assembly FY 2020 proforma financials and final dividend proposed (in line with dividend policy) 13 December Shareholders approve new dividend policy and interim cash dividend is paid (for first time since 2013) 6 TQA#7Key objectives achieved by TAQA - ADPower transaction Strengthened capital structure, secure cash flow profile and strong growth prospects Creation of a national power & energy champion to lead sector transformation A Formation of one of the largest listed integrated utilities in the region holding the rights in perpetuity for the regulated power and water network concessions in Abu Dhabi Enhanced capital structure with a strong balance sheet and secure cash flow profile (( Essential infrastructure ☑ company for Abu Dhabi with strong government support B A B Enjoys exclusivity rights to participate in all future power and water generation projects tendered in Abu Dhabi over the next ten years with a minimum 40% stake Highly predictable and secure cash flow profile underpinned by a transparent regulatory framework and long term offtake contracts leading to more than 90% of EBITDA being contracted or regulated Robust capital structure and immediate deleveraging of TAQA, with further performance uplift potential from integration Strong and stable company providing virtually all the critical power and water A infrastructure for the Abu Dhabi economy and the only vehicle available to invest in this sector B Positioned to capture the infrastructure growth expected in Abu Dhabi and selectively seeking value-added growth outside the Emirate 7 TAQɅ#8Corporate structure pre and post transaction with ADPower TAQA and ADPower structure pre-transaction TAQA structure post-transaction Government of Abu Dhabi 100% ADQ 100% ADPower TransCo (Transco) DisCos (ADDC + AADC) 60% stake in ADPower UAE IWPPS TAQA ADX Float 74.1% 54% stake in TAQA UAE IWPPS International IPPs Oil and Gas 6% stake in TAQA UAE IWPPS Other associates and JVs EWEC Other ADPower Assets Land Lease Agreement Transaction Perimeter 1. Except AMPC, which is fully owned. Terminated (as part of the transaction) 25.9% ADX Float 1.4% Pre-transaction TAQA assets TAQA Government of Abu Dhabi 100% ADQ 100% ADPower 98.6% Other ADPower Assets ADPower New Co 54% stake in TAQA UAE IWPPS International IPPs TransCo (Transco) DisCos (ADDC + AADC) Oil and Gas 60% stake in ADPower UAE IWPPS Other associates and JVS 6% stake in TAQA UAE IWPPS TAQA post-transaction EWEC 8 T\Q\#9Favourable ratings outcome post-transaction Improved business profile acknowledged through extraordinary upgrade of TAQA's standalone ratings MOODY'S Standalone ratings baa1 Final ratings Aa3 / Stable TQɅ Fitch Ratings Standalone Ratings bbb+ Final Ratings AA- / Stable 6-notch upgrade Highlights Standalone ratings b1 3-notch upgrade to AD ratings less 1 notch ノ Final ratings A3 / Stable Obtained rare rating upgrade during COVID-19 Almost unprecedented 3-notch upgrade (by Moody's) 7-notch upgrade 2-notch upgrade to AD ratings less 1 notch Standalone Ratings 'b' category Final Ratings A / Stable Narrowed rating differential to Abu Dhabi sovereign to only 1 notch • Transaction significantly enhances asset portfolio by the addition of the transmission and distribution assets to its generation assets and creating a leading integrated utility in the Emirate of Abu Dhabi • Higher ownership and strategic nature of TAQA operations strengthens importance to Abu Dhabi • The transfer of assets significantly improves TAQA's financial profile through improved leverage metrics post transaction [Moody's] consider the asset transfer as a form of financial support from the government to TAQA because it will significantly improve its capitalisation Given the highly strategic nature of these operations in an arid and harsh desert climate, [Moody's] expect the government to continue to support TAQA's operations. Moody's 5 July 2020 Credit Opinion • Asset transfers to TAQA improves its position in electricity generation and water desalination, and secures a leadership position in the water and electricity sector in Abu Dhabi • TAQA to enjoy a pronounced importance to Abu Dhabi's electricity and water markets, UAE Energy Strategy 2050, and its role in diversifying the Emirates' generation towards renewables • Maintains moderate level of leverage Very Strong assessment of the support track record and expectations factor is driven by consistent, timely and large-scale tangible support provided by Abu Dhabi to TAQA upgrade is supported by the strengthening of the links under Fitch Government-Related Entities Rating criteria between TAQA and its majority indirect shareholder Abu Dhabi (AA/Stable). Fitch 3 July 2020 Rating Action Commentary 9 TQA#10TAQA shares and bonds have reacted positively Share price has rallied and daily value traded significantly increased Price (AED) • TAQA's share price has tripled (up ~200%) since deal announcement • ADX market index up 10% over the same period • Average daily value traded up from US$ 0-1mn to US$ 2-3mn 2.0 20 1.8 1.6 1.4 3 Feb 29 Apr 1 July AGM approval Closing Announcement 10 Nov 13 Dec 9m 2020 results Dividend policy and new proposed approved; interim dividend policy dividends distributed 14 Feb FY 2020 resutls 3 Nov Notice of BoD AFOL discussion 20 20 18 16 14 Daily traded value (USDmn) Bond yields improved and spreads to Mubadala and Abu Dhabi tightened Yield spread • TAQA bonds now pay only 0.16% more and yield the same as the Abu Dhabi sovereign for 10 and 30-year borrowing (vs. 0.75% and 0.60% premium transaction) • TAQA bonds are currently trading flat to Mubadala's curve, which is rated at the sovereign level but trades at a spread to it • TAQA 10-year bonds currently yield 2.258% and 30-year bonds 3.282% 1.8% 1.4% COVID-19 market dislocation 3 Feb Announcement 29 Apr AGM approval 1 July Closing 10 Nov 9m 2020 proforma results and new proposed dividend 5% policy 3 Nov Notice of BoD FOL discussion 4% Yield 1.2 110 1.0 0.8 0.6 0.4 0.2 0.0 Jan-20 Apr-20 Traded Value (USDmn; RHS) Source: Bloomberg, as of 26 February 2021 Jul-20 Oct-20 TAQA (AED) TAQA AED 1.39 (+208% vs Feb 3 2020) 1.0% 10 8 0.6% 6 ADSMI (+10%) 4 0.2% 2 3% Yield 2.258% (RHS) (-84bps vs Feb 3) 2% Spread to AD 16bps (-61bps) 1% TAQA Spread to Mubadala -1bps (-47bps) Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 0 -0.2% Jan-21 ADX General (rebased) TAQA 2030 vs. Mubadala 2028 (& 2030*) TAQA 4.875% 2030 yield (RHS) TAQA 2030 vs. Abu Dhabi 2029 (& 2030**) 10 Source: Bloomberg as of 26 February 2021 * Starting 18 May 2020 as new on-the-run benchmark; ** starting 14 April 2020#11TAQA portfolio overview TOTOTOTO TOTO TAQA#12TAQA at a glance (1) Our global footprint Canada Oil and gas assets TAQA-operated and non-operated 72,928 boepd (62%)* 16% crude / 70% gas/14% NGL 2P reserves: 263mn boe (82%)* Power Power and Water Country Plant name United States Red Oak gas-fired power plant (New Jersey) Non-operated merchant asset; Operatorship; TAQA ownership Power/water (installed capacity^) P(W)PA residual life (as at 31/12/2020) Transmission and Distribution 85% TAQA 832 MW (4%)* 2 years (tolling agreement) Lakefield wind farm (Minnesota) Non-operated; 50% TAQA 206 MW (1%)* Oil and Gas Country Asset description Operatorship FY 2020 average production Hydrocarbon production mix (% crude/gas/NGL) 2P reserves (as at 31/12/2020) 11 years UK the Netherlands Oil and gas assets (off and onshore) TAQA-operated and non-operated 34,755 boepd (29%)* 85% crude / 14% gas/ 1% NGL 2P reserves: 29mn boe (9%)* Two gas storage facilities GSB (60% TAQA), PGI (40%); Gas storage capacity: 4.7 bcm (53.2 TWh) Morocco Jorf Lasfar coal-fired power plant TAQA-operated; 86% (units 1-4), 91% (units 5-6) 2,056 MW (9%)* Iraq Atrush block in Kurdistan Region of Iraq TAQA-operated; 10,283 boepd (9%)* 100% crude 2P reserves: 27mn boe (9%)* United Arab Emirates 12 gas-fired and renewable power and water plants Non-operated; 40-80% TAQA; 0-20% Other GRE; 40% Int'l Partners** 17,668 MW (82%)* / 913 MIGD (100%) 13 years weighted average P(W)PA residual life India Neyveli lignite-fired power plant TAQA-operated; 100% TAQA 250 MW (1%)* 12 years 23 years Ghana Takoradi gas-fired power plant TAQA-operated; 90% TAQA 330 MW (2%)* 20 years United Arab Emirates Transmission and distribution Operated; 100% TAQA 100,000 km power and water networks Oman Sohar Aluminium smelter Non-operated; 40% TAQA 1,000 MW *** / 375k tons aluminium per year Captive Saudi Arabia Jubail Energy gas-fired power and steam plant Non-operated; 25% TAQA 250 MW (1%) / 510 tons per hour of steam 4 years Note: 49% associate investment in Massar Solutions not shown Λ Installed gross power and water capacity at PCOD * ** Percentage of global TAQA capacity / production / 2P reserves of 21,592 MW, 913 MIGD / 118.Omboped / 320mmboe Int'l partners include: Engie, Marubeni, JGC, JinkoSolar, Sumitomo, ACWA Power, BTU, EDF, JERA, Kepco, Powertek, Kyuden, Sembcorp, Osaka, Total *** Not included in total capacity given TAQA stake in whole smelter (powered by a captive power plant) 12 TAQɅ#13r TAQA at a glance (2) Our Abu Dhabi and UAE home markets Transmission (Transco) 100% TAQA ~80k km power and water networks Shuweihat S1 60% TAQA 1,615 MW/101 MIGD Gas/MSF; 4 years Shuweihat S2 60% TAQA 1,627 MW/101 MIGD Gas/MSF; 16 years Sweihan PV 60% TAQA 1,177 MW (DC) Solar PV; 24 years Umm al Naar 60% TAQA 2,290 MW/96 MIGD Gas/MSF; 7 years Ras al Khaimah Umm Al Quwain Ajman Sharjah Dubai Fujeirah F1 60% TAQA 882 MW/131 MIGD Gas / MSF, RO; 15 years Fujeirah F2 60% TAQA 2,114 MW 132 MIGD Gas/MED, RO; 10 years Fujeirah F3 I (under construction) | 40% TAQA, 20% Mubadala 2,400 MW Gas; 25 years (from PCOD, expected 2023) Distribution (ADDC & AADC) 100% TAQA ~18k km power and water networks ~1 million customers Interconnection Shuweihat S3 60% TAQA 1,647 MW Gas; 19 years to Saudi Arabia (GCCIA) Power (thermal) Power (renewable) Power and Water (cogeneration) Water Plant name TAQA and GRE ownership Power/water (installed capacity^) Fuel / desalination technologies (as applicable) (P)(W)PA residual life (as at 31/12/2020) Development projects Transmission and Distribution Asset name TAQA ownership Transmission or distribution networks Other details Al Mirfa (MIPCO) 60% TAQA 1,665 MW/53 MIGD Gas/MSF, RO; 22 years Al Dhafra PV\ (under construction) 40% TAQA, 20% Masdar I 2,000 MW (DC) I I Solar PV; 30 years (from PCODI expected 2022), Abu Dhabi Al Ain Interconnection to Oman (GCCIA) Taweelah A1 60% TAQA 1,671 MW/84 MIGD Gas/MSF, MED; 8 years Taweelah A2 60% TAQA 760 MW /53 MIGD Gas/MSF; Taweelah B 60% TAQA 1 year 2,220 MW/162 MIGD Gas / MSF; 8 years Taweelah RO (under construction) I 20% TAQA, 40% Mubadala 168 MW/ 200 MIGD | Solar PV / RO; 30 years (from PCOD, expected 2022) 13 TAQA#14Current growth projects Significant generation capacity and network additions to meet demand and energy transition Country Generation Taweelah RO Al Dhafra PV Distribution Group Fujairah F3 Recycled Water Distribution C Overview • World's largest sea-water reverse osmosis plant (44% larger than current largest plant) 200 MIGD water desalination capacity • 68 MW onsite (captive) solar PV power generation capacity • World's largest solar photovoltaic plant 2 GW (DC) power generation capacity One of the most cost-competitive tariffs at US$ 1.35 cents/kWh (levelized cost of electricity basis) US$ 1.0 billion • UAE's largest gas-fired (CCGT) independent power project (IPP) • 2.4 GW power generation capacity • One of the most efficient in the region US$ 1.1 billion Two projects to distribute recycled water beyond municipal landscaping to include commercial and agricultural operations Capacity to distribute 85 MIGD of recycled water 150 km of pipelines in two phases • US$ 245 million US$ 870 million Project cost • 40% lower than average fleet cost Expected PCOD 2022 with 30-year WPA • 2022 with 30-year PPA • 2023 with 25-year PPA Q3 2021 (30 MIGD pipeline) 20% TAQA, 40% Mubadala, 40% ACWA Power • 40% TAQA, 20% Masdar, 20% EDF, 20% JinkoSolar • 40% TAQA, 20% Mubadala, 40% Marubeni • Q4 2021 (55 MIGD pipeline) • Not applicable Sponsors 4.4 GW / 200 MIGD additional generation capacity • Substantially de- risked financial profile (1): Long-term PWPAS with EWEC (Abu Dhabi govt. owned) Contractual prot- ection for cost risks (e.g. fuel, O&M) LTSAs with OEMs for turbines UAE generation projects demonstrate new 40% exclusivity rights, which continue out to next ten years 1. For generation projects, as for existing UAE generation fleet 14 TAQɅ#15Water desalination Power generation Generation energy and technology mix Clear and rapid transition to clean technologies Old TAQA (pre-merger) New TAQA (post-merger) New TAQA (pro-forma end-2023) Thermal (natural gas) ■Thermal (natural gas) ■Thermal (natural gas) Thermal (coal) 1% renewables Thermal (coal) 6% renewables ■Thermal (coal) 13% renewables Renewable (wind) 1% 14% Renewable (solar PV) Renewable (wind) 5% Renewable (solar PV), Renewable (wind) 12% 11% 9% 17.1 GW1 22.0 GW1 25.7 GW1 85% 83% 78% ■Thermal (natural gas cogeneration) Electric (reverse osmosis) 89% 11% reverse osmosis ■Thermal (natural gas cogeneration) 14% reverse ■Thermal (natural gas cogeneration) osmosis 11% Electric (reverse osmosis) 14% Electric (reverse osmosis) 29% 909 MIGD 913 MIGD 1,113 MIGD 71% 86% Currently targeting >20% share of solar and >50% share of reverse osmosis within TAQA's UAE generation capacities by 20302 1. Excluding TAQA's stake in Sohar Aluminium (Oman), a smelter with a 1GW captive power generation plant; 2. As per initial Strategy Direction announced 3 August 2020 29% reverse osmosis 15 TAQɅ#16Key investment highlights Гототото TOTO TAQA#17Key investment highlights TAQA 1a National champion and one of the largest listed integrated utility companies in EMEA 1b 2a Vertically integrated across the value chain, benefiting from exclusivity rights over strategic power and water infrastructure assets Leader in the utilities sector Highly predictable and secure cash flow profile 2b Long-standing, transparent & internationally-aligned regulatory framework 3a Strong ties to Abu Dhabi Inc. & fully aligned with Abu Dhabi Economic Vision 2030 3b Positioned to capture infrastructure growth in Abu Dhabi and selectively seeking value-added growth outside the Emirate Secure cash flow powerhouse Stable platform with clear growth channels 17 TAQɅ#181a One of the largest listed integrated utilities in EMEA Regulated Asset Base of Largest EMEA Utilities¹ AED bn (latest available) eDF enel nationalgrid e.on IBERDROLA ENGIE snam TЛ\QɅ (Terna ~22 GW2 Gross power generation capacity 287 171 170 132 123 120 81 80 62 >900 MIGD4 Gross water desalination capacity ✓ #1 listed integrated utility player in the region³, similar to Saudi Electricity Co. ✓ #1 listed entity on ADX and in the UAE³ ✓ #4 listed non-financial institution in the GCC ³ ✓ Top 10 Utility player in EMEA by RAB >AED 185bn ~1 million Total assets Customers in the UAE Source: Company information. Notes: 1. Top utility players include: Generation, transmission, distribution and integrated companies; excludes Saudi Electricity who have not yet disclosed regulatory asset base following recent regulatory reforms 2. Excludes Fujairah F3 and Al Dhafra Solar Project; 3. Based on market capitalization as at 26 Feb 2021; 4. Excludes Taweelah RO projects. 18 TQA#191b Vertically integrated across the utilities value chain TAQA segmental overview and financial highlights Countries Generation1 fully contracted C UAE Value Chain Transmission C International Assets Distribution Generation² Oil & Gas regulated networks largely contracted N #03 5% الله اكبر Group1 FY 2020 proforma EBITDA (AED bn) and % of total Operational highlights 6.6 41% 17.7 GW / 913 MIGD gross power/water capacity³ .4.4 GW / 350 MIGD of new power/water capacity under development 49% 7.9 9.4k km of electricity transmission networks, 3.6k km of water pipelines Segment Overview . 12 I(W)PPs in UAE Exclusive rights to min. 40% stake in Abu Dhabi power and water generation projects over next 10 years •Supplies >95% 5 of Abu Dhabi's power & water • Regulated by Abu Dhabi Department of Energy Sole transmission company in Abu Dhabi • Also supplies Northern Emirates and connects to GCCIA grid (KSA, Oman) • ~1 million customers 71.3k km of electricity networks and 14.7k km of water pipelines • Sole distributors of water and electricity to end users in Abu Dhabi emirate (ADDC, AADC) 6% 1.0 3.9 GW2, 3 gross power generation capacity Includes power generation facilities in 5 countries • TAQA Morocco is listed on the Casablanca stock exchange and provides >40% of Morocco's base- load power needs 0.7 AED 16.0 118.0k boepd FY 2020A average net production 320mn boe 2020A 2P reserves 4.7 BCM gas storage capacity4 International oil and gas assets in the UK, Netherlands, Canada and Iraq 21.6 GW/913 MIGD capacity³ .~80k/ 20k km electricity / water networks • Fully integrated utility with upstream and midstream oil and gas assets and operations in 11 countries. Source: TAQA FY 2020 pro-forma financials (disclosed in MD&A); figures may not show corporate segment or eliminations; percentages may not add to 100% due to rounding. 1. EBITDA figures and operational highlights exclude Taweelah RO, Fujairah F3 and Al Dhafra Solar Project; 2. EBITDA figures exclude JV investment (Lakefield) and operational highlights exclude TAQA's minority stake in Sohar Aluminium (Oman), a smelter with a 1GW captive power generation plant; 3. Installed gross capacities at PCOD. 4. Capacities at Bergermeer Gas Station & Peak Gas Installation in The Netherlands; 5. Excluding captive power generation, e.g. EGA, ADNOC; 6. In early 2020, TAQA North exited all its oil and gas activities in the United States (a non-core region with mature assets and production of less than 1,000 boepd). 19 T\Q\#202a Highly predictable and secure cash flow profile Over 90% of revenues and EBITDA derived from regulated and contracted businesses Regulated and long-term contracted earnings represent over 90% of revenues and EBITDA Single regulatory framework in place for 3 regulated networks (Transco, ADDC and AADC) in Abu Dhabi ensures predictable cash flows • . Pro forma FY 2020 Revenue ■Contracted ■Regulated Other 11% 29% AED 41.2bn1 60% Pro forma FY 2020 EBITDA ■Contracted ■Regulated Other 4% 49% AED 16.0bn1 47% Contracted: Local and international power generation assets Regulated: Transmission and Distribution companies Other: Oil and Gas 12 years² weighted residual life of P(W)PAS excluding projects under development. The latter will have 25 or 30-year purchase agreements once completed in the next 2 years Long-term predictability and visibility of cash flow profile underpinned by 90% or more of revenues and EBITDA derived from regulated and contracted assets 1. TAQA FY 2020 pro-forma consolidated financials (contained in MD&A) 2. Weighted by gross installed power capacity and excluding Red Oak tolling agreement - merchant asset 20 TAQɅ#212b Long-standing, transparent & internationally-aligned regulation Business Model for Transmission and Distribution segment in Abu Dhabi Key Elements of the T&D Regulation Remuneration of transmission and distribution companies Abu Dhabi government objective & guidelines Local Regulator T&D suppliers دائرة الطاقة regulated by the DoE Abu Dhabi Distribution Company (ADDC) Al Ain Distribution Company (AADC) • Abu Dhabi Transmission and Despatch Company (Transco) حكومة أبوظبي GOVERNMENT OF ABU DHABI DEPARTMENT OF ENERGY Abu Dhabi Department of Energy Regulation of energy sector is fully aligned with Government of Abu Dhabi's objectives of guaranteeing supply to customers in line with global levels of service • Regulates and supervises the energy sector in Abu Dhabi Regulations and codes are available publicly on DoE website Evolution of Regulatory Periods Since 1999 Revenue Flow in the Regulated Networks System Transco TUOS Discos (ADDC and AADC) Gov't subsidy Tariff Abu Dhabi Government Customers RAB-based framework with transparent and publicly available regulatory guidelines Framework adjusted every 4 years, following a stable methodology and internationally-aligned regulatory WACC Abu Dhabi networks' regulation in place since 1999, with no major changes to regulatory principles since then Revenue Building Blocks for Regulated Companies MAR dominated by fixed component at 85% of total revenues Other Pass-Through Performance Incentives Variable Terms MAR collected from end users and government subsidy acting as a revenue balancer PC1, 2, 3, 4 & 5 RC1 RC2 Previous regulatory periods Current period 1999-2017 2018-2022 Next period 2023 2026 • Stable regulatory framework with same principles being applied since inception of regulation in 1999 • Regulatory periods usually last for 4 years • Current RC1 period to be extended for an extra year to ensure continuity during the Covid situation Depreciation Opex Return on Capital (WACC x RAV) Required Revenue Fixed Terms Maximum Allowed Revenue (MAR) NPV framework to determine Fixed & Variable terms Sources: Abu Dhabi Department of Energy Regulation & Supervision Bureau (now superseded by the Abu Dhabi Department of Energy) TAQA's constant dialogue with the regulator and relationship with the DoE ensure a continuing optimal regulatory environment 21 TAQA#223a Strong ties to Abu Dhabi Inc. & fully aligned with Abu Dhabi Economic Vision 2030 A key asset for Abu Dhabi ... 98.6% indirect ownership by the Government of Abu Dhabi (GOAD) Board members include executives of ADQ and other GoAD entities ...given TAQA's essential contribution to Abu Dhabi's economy AQ حكومة أبوظبي GOVERNMENT OF ABU DHABI القابضة Strategically important, providing over 95%¹ of Abu Dhabi's power and water needs Long track record of government support including equity contributions and grants TAQA was specifically established through an Emiri decree TAQA is the largest holding in the ADQ Portfolio ...with full alignment with Abu Dhabi Economic Vision 2030 Economic Development Environmental Development Human Development Social Development UAE Goals TAQA'S Contribution Increased contribution of non- hydrocarbon GDP Future energy & water security Key enabler in diversification of the economy Key contributor to Abu Dhabi's economy, representing ~5% of 2019 GDP2 Environmental sustainability Accredited HS&E standards with improving KPIs 12% renewable contribution in TAQA's pro forma energy mix Emiratisation, especially in highly skilled niches One of the highest Emiratization rate among UAE-listed companies Effective management of labor resources Improvements in education Improving living standards in local communities through social investments with a meaningful impact Source: TAQA corporate disclosures, Government of Abu Dhabi bond prospectus & supplement Notes: 1. Excluding capitve power generation, e.g. EGA, ADNOC; 2. Calculated using TAQA's 2019A PF revenues in the UAE of AED 40bn and Abu Dhabi's GDP at constant prices in 2019 of AED 804bn. 22 TAQA#233b Ability to access high-value growth opportunities Growth across the value chain in the UAE Selective approach to growth in international markets C Optimally placed to capture potential growth opportunities in the United Arab Emirates, including playing a key role in delivering the United Arab Emirates Energy Strategy 2050 TAQA will selectively seek value-added growth outside of UAE Generation Invest in new Power & Water capacity in Abu Dhabi to match demand growth and transition to renewables Focus on contracted or regulated power and water generation opportunities with attractive risk-adjusted returns Investment in RO1 and solar, fulfil UAE strategy of raising renewable share of power generation to 50% by 2050 Focus on markets where we have a strong competitive advantage or an existing presence Transmission and distribution * Upgrade of existing connections and new networks 1. Reverse osmosis Growth of power and water grid to accommodate new demand Enter projects with substantial size that fit TAQA's core competencies 23 TAQA#24TO TOTOTOTO TOTO Corporate governance TAQA#25Board of Directors Seven members that also hold positions on boards and committees of various GoAD organizations; two advisory members H.E. Mohamed Hassan Al Suwaidi Chairman Board member since 2019, elected Chairman in 2020 CEO of ADQ, the parent company of ADPower Also serves on the boards of ADPower, EWEC, ENEC and Abu Dhabi Pensions & Benefits Fund Previously a Director of Manufacturing at Mubadala Bachelor's in Accounting from UAE University • • H.E. Saeed Mubarak Al Hajeri Vice Chairman Board member since 2011, elected Chairman in 2014 and Vice Chairman in 2020 Executive Director at ADIA Vice-Chairman of Islamic Arab Insurance Company ("Salama") BBA from Lewis & Clark college, Executive Education from Harvard Business School, CFA charter holder Other TAQA roles: NRC Chair H.E. Saif Mohamed Al Hajeri Board Member Elected to the Board in 2020 Chairman of ADPower Previously Chairman of Abu Dhabi's Dept. of Economic Development and member of the Executive Council of Abu Dhabi Served as CEO of Tawazun Economic Council and Tawazun Holding BBA and Bachelor's degree in Economics from Lewis & Clark College Other TAQA roles: NRC member Jasim Husain Thabet Board Member and CEO • Board member since 2019 • Energy executive with over 18 years experience in the UAE and wider region • Board member of EWEC, Etihad Aviation Group and Abu Dhabi Ports • • Served as the CEO of Tabreed and VP of Industry at Mubadala Bachelor's degree in Mechanical Engineering from St. Martin's University, Washington, USA Other TAQA roles: SIC member, MD & Group CEO Prof. Dr. Klaus-Dieter Maubach Board Advisor Board advisor since 2020 Over 25 years experience in the energy and utilities sector, including leadership roles at E.ON, Avacon and Encavis Member of supervisory boards of Uniper, ABB Deutschland and Fortum amongst others. Ph.D. in Electrical Engineering from University of Wuppertal, Germany, and lecturer at Clausthal University of Technology • . Khalifa Sultan Al Suwaidi Board Member • Elected to the Board in 2020 • Chief Investment Officer for ADQ Chairman of SENAAT, Agthia, NPCC, AI Foah Board Member of ADPower and EWEC Previously Executive Director of Refining & Petchems at Mubadala and Acting CEO of Abu Dhabi National Chemical Company Bachelor's degree in Business from California State University and EMBA from Zayed University • • • Salem Sultan Al Dhaheri Board Member Board member since 2011 Deputy Director at ADIA Board Member of Al Etihad Credit Bureau Member on the audit committees of ADNOC, EIA, Etisalat, General Pension and Social Security Authority (GPSSA) and the Abu Dhabi Retirement Pensions & Benefit Fund Certified Public Accountant • • Khaled Abdulla Al Mass Board Member Board Member since 2014 Chairman of iMass Investments and of iTech Management Consultancy Board member of Abu Dhabi Health Services Company (SEHA), Advanced Cure Diagnostic Centers and CAPM Investing (CAPM) Bachelor's degree in Management from Marylhurst University, United States Chris Finlayson Board Advisor Board advisor since 2020 Nearly 40 years of technical and commercial experience in the oil and gas industry Former CEO of BG Group and previously responsible for BG Advance, including exploration team, the Group's major capital projects programme, contracts and procurement and technology. Previously executive vice president with Shell Bachelor's degree in Physics and Geology from University of Manchester, UK. Other TAQA roles: SIC Chair; AC and NRC member Other TAQA roles: AC Chair Note: AC Audit Committee; NRC = Nomination and Remuneration Committee; SIC = Strategy and Investment Committee Other TAQA roles: AC and SIC member 25 TAQA#26Executive management Jasim Husain Thabet Group CEO and MD • CEO and MD since July 2020 . Board member since 2019 • • • Over 18 years experience in the energy and utilities sector Board member of EWEC Served as CEO and MD of ADPower, CEO of Tabreed and VP of Industry at Mubadala Bachelor's degree in Mechanical Engineering from St. Martin's University, Washington, USA Stephen Ridlington CFO CFO since July 2020 Previously Chief Investment Officer at ADPower. Held leadership positions at BP, TNK-BP, and Tabreed, serving as CFO at the latter Master's degree in Economics from Oxford University, UK, bachelor's degree in Economics & Mathematics from University of Sussex, UK • Omar Abdulla Alhashmi Transmission & Distribution Executive Director Transmission & Distribution since July 2020 Previously Executive Director Asset Management at ADPower Held leadership positions in Etihad Airways and Mubadala Investment Company. MBA from London Business School, UK and Master's degree in Mechanical Engineering from George Washington University, USA. Farid Al Awlaqi Generation Executive Director Generation since July 2020 Previously served as Senior Vice President in the Energy platform at Mubadala. Sloan Master's degree from London Business School, UK and a master's degree in Petroleum Engineering from Imperial College London, UK Franco Polo Oil and Gas Executive Director Oil and Gas since July 2020 More than 30 years of experience in international exploration and production Previously served as Executive Vice President of Upstream of the Asian Pacific region at Eni, an integrated energy company. Master's and bachelor's degrees in Geology from University of Bologna, Italy. • Stephen Wackerle Chief Risk and Internal Audit Officer Chief Risk and Internal Audit Officer since July 2020 Held similar leadership roles with ADPower and BP Bachelor's and post-graduate degree in Accounting from the University of Cape Town, South Africa • Mohammad Adnan Sharafi Chief Legal Officer and Board Secretary Chief Legal Officer since July 2020 • Served as General Counsel at ADPower Holds a post-graduate diploma in legal practice (LPC) from The College of Law and a Bachelor of Laws from University of Westminster, UK. • Noel Aoun Strategy and M&A (acting) Head of Strategy and M&A (acting) since July 2020 and previously Group Strategy and Business Development Director since 2018 Held leadership positions in Schneider Electric and Booz&Co. • MBA from INSEAD and a master's in Electrical and Computer Engineering from Ecole Supérieure des Ingénieurs de Beirut Gareth Wynn Chief Communications Officer Appointed January 2021, overseeing external and internal communication, government advocacy and CSR activities across the Group. Held senior communications positions at Oil & Gas UK and management positions at EDF Energy and FTI Consulting. Bachelor of Science in Microbiology and Microbial Technology from University of Warwick, UK. 26 TAQɅ#27Corporate governance Guiding Principles TAQA's corporate governance policy is based on the principles of transparency, fair disclosure, financial supervision and accountability; follows the rules laid out for all UAE-listed entities¹ • These principles are essential to establish a successful governance framework and laying down the foundations and methodologies to achieve TAQA's goals in line with the interests of its clients, shareholders and employees TAQA Current Board & Management Committees Board Audit Committee Nomination & Remunerations Committee Code of Business Ethics Business Continuity Relevant Policies and Priorities Delegation of Authority HSSE Management Information Security Whistleblowing Strategy & Investment Committee Responsibilities of the Board of Directors Setting the Group's strategy and business principles Supervising the Group's executive management Supervising the adequacy of the human resources required to implement the Group's strategies • Supervising the adequacy and effectiveness of internal controls and corporate governance Approving investments, business plans, budgets and financial statements of the Group Ensuring that shareholders receive accurate, timely and appropriate information Dealing in Company Shares No Board Members or their direct family members traded in TAQA's shares during 2019 External Auditors Deloitte became the independent auditor for TAQA from 1 July 2020, replacing Ernst & Young Middle East; this appointment was confirmed during the Group's AGM on 29 April 2020 Executive Management Committee Executive Management Investment Committee Risk & HSE Committee Internal Audit Department Compliance Department HSSE Department Enterprise Risk Management Department Business Continuity Department Corporate Governance and Organisational Structure reflect changes post-merger but may undergo further review 1. Based on SCA's Resolution No.3 of 2020 concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies. 27 TAQɅ#28FY 2020 proforma results Гототото TOTO TAQA#29FY 2020 results - summary Significant COVID-19 impact on oil and gas segment absorbed by expanded utilities business Group financial highlights (AED million) Full year pro-forma consolidated financials post ADPower asset transfer Strong operational performance amidst COVID-19 circumstances • High technical availability levels maintained for power and water businesses Oil and gas production slightly lower on delayed drilling campaigns Financial performance significantly impacted by lower commodity prices . Revenue of AED 41.2bn (-6% y/y) . EBITDA of AED 16.0bn (-13% y/y) with margin compression to 39% (from 42% FY 2019) reflecting lower margins in the Oil & Gas segment Net profit (TAQA-share) of AED 2.8bn for FY 2020 Revenues FY 2019 FY 2020 EBITDA 43,898 41,151 FY 2019 FY 2020 18,310 16,004 42% margin 39% Net income (TAQA-share) FY 2019 5,435 FY 2020 2,788 CAPEX . Driven by lower revenues partially offset by lower operating and administrative expenses FY 2019 4,990 FY 2020 4,045 . Further impacted by Q1 2020 impairment charges partially offset by lower finance costs (debt amortization and floating rate RCF) and other gains Recommended total dividend of AED 2.8 bn for FY 2020 implies close to 100% payout Gross debt¹ YE 2019 1. Gross debt includes bonds that have been fair valued on TAQA's books as of 1 Jul 2020, resulting in a mark-up of c.AED 4.7bn in excess of par value as of 1 July 2020; YE 2020 77,758 76,007 29 TAQɅ#30Liquidity and debt profile Strong liquidity levels and stable debt levels Robust liquidity position Total liquidity of AED 16.5bn consisting of: - Cash and cash equivalents of AED 8.3bn - Undrawn credit facilities of AED 8.2bn Debt levels stable despite RCF borrowing Gross debt¹ of AED 76.0bn (-2% vs. YE 2019) with net RCF borrowing (AED 0.9bn during FY 2020) partially offsetting project debt amortization Corporate debt maturity profile³ (US$ million) 2,554 1,353 3,295 2,229 1,606 1,783 1,651 757 719 674 Key metrics YE/FY 2019 YE/FY 2020 Net debt-to-capital ratio² 52% 49% EBITDA / net finance costs³ 5.1x 4.9x Net debt / EBITDA 4.0x 4.2x Term loan Undrawn RCF Drawn RCF Bonds Project / subsidiary debt 1,212 481 479 502 470 326 500 120 117 286 37 38 40 14 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 2049 1. Gross debt includes bonds that have been fair valued on TAQA's books as of 1 Jul 2020, resulting in a mark-up of c.AED 4.7bn in excess of par value as of 1 July 2020; 2. Net capital defined as net debt plus equity (including minorities and accumulated changes in the fair value of derivatives); 3. net finance costs include ARO accretion expenses 30 TAQA#31по Delivering on our new dividend policy Board recommends AED 2.8bn (2.50 fils/share) for FY 2020 and close to 100% payout Board has proposed a total dividend for the year 2020 of AED 2.8bn (2.50 fils/share) in line with TAQA's recently instated dividend policy Final divided of AED 1.1bn (1.00 fils/share) in addition to interim dividend of AED 1.7bn (1.50 fils/share) paid earlier in December • Implied payout ratio of close to 100% of TAQA-share of net income for FY 2020 Quarterly payment frequency going forward, a first in the UAE and unique among EMEA integrated utilities. 2021-22 dividends expected as follows: . 20% interim dividend post Q1 results 20% interim dividend post Q2 results 20% interim dividend post Q3 results 40% final dividend post AGA . We remain committed to maintaining solid investment grade ratings on a standalone basis, as previously communicated TAQA dividend policy Dividends (AED billion) 3.1 3.4 2.8 DPS (fils/share) +10% p.a. 3.00 2.75 2.50 2020 21 1. Proposed dividend payouts of indicated financial years 2022 31 TAQA#32TOTOTOTOTO TOTO 2020 highlights TAQA#332020 a year of great progress, change and achievement for TAQA ...despite unprecedented circumstances surrounding the COVID-19 pandemic Transaction with ADPower February ADPower offer received by TAQA April TAQA Board recommend transaction to shareholders who approve transaction at Annual General Assembly 1 July Transaction completed inside six months from date of offer Credit ratings upgrades July Rating agencies issue multi- notch upgrades to standalone / final ratings (Moody's to baa1/Aa3 stable; Fitch to bbb+ / AA- stable). TAQA rated one-notch below Abu Dhabi sovereign TAQA commits to solid investment grade standalone credit ratings Positive market reaction Share price increases ~200% by end of 2020 compared to ADX market index up 1% Bond spreads to Abu Dhabi sovereign curve tighten significantly and trade flat to Mubadala curve New oil and gas operatorships January TAQA secures transfer of operatorship of Brae fields from RockRose Energy October Transfer of operatorship complete following transition period. Transmission grid connections August Unit 1 of Barakah Nuclear plant (1.4GW) connected to grid via 950km+ of high voltage power lines New dividends and policy December Shareholders approve new dividend policy. Interim cash dividend paid - the first since 2012 Increased gas storage capacity August Dutch govt. grants perm- ission to increase storage at GSB, after two-year permit process. Morocco PPA extension and debt refinancing January TAQA extends PPA for JLEC 1-4 IPP by 17 years to 2044 to match JLEC5&6 PPA tenor September New US$ 300mn private placement reduces debt cost by >20% whilst extending maturities by 11 years FY 2020 cost savings OPEX down 1%, G&A down 8%, Finance costs down 8% Lifting foreign ownership restrictions November Board resolves to lift foreign ownership limit in TAQA shares to 49% from 0% (ownership previously restricted to UAE institutions and nationals) Progress on growth projects July financial close for Fujairah F3, UAE's largest gas-fired (CCGT) independent power project (IPP) December financial close for Al Dhafra PV, world's largest single-site solar photovoltaic plant 33 TAQA#34TOTOTOTOTO TOTO Q&A session TAQA#35OTOTOTOTOTO TOTOTO Appendix A Additional slides related to Abu Dhabi power and water sector TAQA#36Abu Dhabi I(W)(P)P framework Business model for the Generation segment in the UAE Each UAE IWPP has a similar project structure as outlined below • Long-term (power) (and) (water) purchase agreement (PWPA) with EWEC, which provides very stable cash flows Off-taker: TAQA EWEC (single buyer) [Local Partner] Local Partners Hold Co 60% [International Partner] [x]% [International Partner] [x]% [International Partner] [x]% 20 to 30-year (P)(W)PA Fuel Supplier: EWEC 20 to 30-year FSA Project Co Engineering, Procurement and Construction (EPC) Long-term Service Agreement (LTSA) O&M Agreement Sources: Abu Dhabi Department of Energy Regulation & Supervision Bureau (now superseded by the Abu Dhabi Department of Energy) Lenders 36 7612#37Abu Dhabi power and water sector dynamics Fuel: ADNOC Firm gas supply contracts DEL TAQ Abu Dhabi Department of Energy (formerly the Regulation and Supervision Bureau, RSB) Emirates Water & Electricity Company (EWEC) Sell all capacity and P&W, under PPAs MAR Balance (MAR I less tariffs) Tariffs BST Material flow → Contractual flow Abu Dhabi Department of Finance Consumers: Generation I(W)(P)Ps: Transmission: Distribution: Household TUOS 12x TAQA I(W)PPS ADDC P&W P&W TRANSCO Industry 4x I(W)(P)Ps P&W AADC (under development) Note: (W)(P)P = Independent (Water) (and) (Power) Producer; P&W = power and water; TRANSCO = Abu Dhabi Transmission & Dispatch Co.; ADDC = Abu Dhabi Distribution Co; AADC Al Ain Distribution Co; ADNOC = Abu Dhabi National Oil Co.; DEL = Dolphin Energy Ltd.; BST = Bulk Supply Tariff; TUOS = Transmission Use of System; MAR = Maximum Allowed Revenue, as defined by the First Regulatory Controls 1 (RC1) framework; (P)(W)PA = (Power) (and) (Water) Purchase Agreement Commercial 37 TAQɅ#38OTOTOTOTOTO TOTOTO Appendix B Additional slides related to FY 2020 TAQA financial results TAQA#39FY 2020 proforma consolidated results - basis of preparation Transco as the accounting acquiror, acquisition accounting and focus on pro-forma financials Acquisition accounting applied for purposes of the merger • Acquired assets/liabilities are remeasured to fair value as of 1 July 2020 Chosen over predecessor accounting, where historical book values are used . Fair value approach adopted in light of recent market developments Transco, the transmission operating company, determined as 'accounting acquiror' . Highest fair value among candidates TAQA, Transco and ADDC . Applying acquisition accounting results in all entities, except Transco, being fair valued on TAQA books Focus on pro-forma financials to enable like-for-like comparisons With Transco as the accounting acquirer, TAQA adopts Transco's historic financial results prior to 1 July 2020 transaction date for published statutory IFRS reporting Pro-forma financials adjust financials to assume the transaction occurred on 1 January 2019 and back-dates impact of purchase price allocation (fair valuation exercise) New TAQA Group structure Existing TAQA assets TAQA (as legal acquirer) UAE IWPPS Int'l Generation Oil & Gas ASOS & JVs Assets transferred to TAQA Al Maqam Energy (transaction SPV) TransCo (Acc. acquirer) 2x DisCos 4x UAE IWPPS 10% TAQA IWPPS + RO / PV2 Statutory financial statements (FY 2020*) Income statement Balance sheet Transco New TAQA PPA 6 months + 6 months + 6 months Jan-June Jul-Dec Jul-Dec New TAQA FY 2020 New TAQA as at Dec + PPA as at Dec New TAQA as at Dec * Comparative 2019 financials are of Transco standalone 39 TAQɅ#40Transmission & Distribution highlights Deflationary effects lower RAB as regulatory framework safeguards real returns AU T&D highlights (AED million) Transmission availability (%) FY 2019 Power Water 99.0% 95.9% 99.1% 97.8% High network availability and security of supply throughout FY 2020 99.1% / 97.8% for power/water transmission (99.0% / 95.9% FY 2019) Weaker financial performance on lower revenues and flat costs . Reduced revenues (-2% y/y) on deflationary effects in the UAE lowering RAB (-3% y/y) • Lower revenues also reflect external regulation-specific factors, which slightly front-load revenue throughout the regulatory period without affecting returns EBITDA of AED 7.9bn (-6% y/y) on pass-through lower revenues Net income contribution to the Group of AED 3.9 billion (-15% y/y) FY 2020 Regulated asset base (RAB) YE 2019 82,678 80,135 YE 2020 Revenues FY 2019 25,147 24,659 FY 2020 EBITDA FY 2019 8,325 33% margin 32% FY 2020 7,863 Net income (consolidated) CAPEX FY 2019 FY 2020 4,660 3,949 FY 2019 2,942 FY 2020 2,711 40 TAQA#41Generation highlights. Underpinned by contracted power and water generation Strong operational performance throughout FY 2020 Global technical availability at 93.9% (vs. 93.7% for FY 2019) Stable financial performance for contracted business Overall power and water generation revenues of AED 12.3bn (-3% y/y) - Higher revenues for contracted UAE business . Down 16% for international power 1. Reduced demand and lower production at our single merchant asset (Red Oak, USA), and 2. Lower fuel reimbursement revenues (on falling fuel cost trend and lower production) largely offset by lower corresponding operating expenses EBITDA of AED 7.6bn (+1% y/y) - Up 5% for UAE sub-segment Down 20% for international power and water reflecting Red Oak losses Net income contribution to the Group of AED 999mn (+83% y/y) Reflecting higher EBITDA, lower finance costs and other gains (EPC claims won) Generation highlights (AED million) Global technical availability (%) FY 2019 FY 2020 Revenues 93.7% 93.9% FY 2019 FY 2020 12,669 12,314 EBITDA FY 2019 7,481 59% margin FY 2020 7,557 61% Net income (consolidated) FY 2019 545 FY 2020 999 CAPEX FY 2019 687 FY 2020 483 41 TAQA#42Oil & Gas highlights Significantly lower commodity prices, lower production and asset impairments Global production slightly lower at 118.0 mboepd (-5% y/y) on delayed drilling campaigns Weaker financial performance on significantly lower commodity prices Revenues of AED 4.2bn (-31% y/y) reflecting the drop in TAQA's blended output energy price to US$ 23.5/boe from US$ 33.4/boe (-30% y/y) Net income includes a post-tax impairment charge to specific assets of AED 1.5bn taken in Q1 following a revision of 2020 and 2021 oil price assumptions Acquisition accounting exercise included further revisions to long-term commodity prices Net loss to the Group of AED 1.5bn (FY 2019 profit: AED 1.1bn 1) Benchmark gas prices (US$/mm Btu) Oil & Gas highlights (AED million) Production (mboepd) FY 2019 FY 2020 Revenues FY 2019 FY 2020 EBITDA 124.4 118 6,082 4,178 Margin FY 2019 2,532 42% FY 2020 733 18% Benchmark oil prices (US$/bbl) 80 60 660 40 20 0 Brent -20 WTI -40 2019 8 00 Henry Hub -AECO NBP 4 2 Whith 0 2020 2019 2020 Net income (consolidated)1 FY 2019 FY 2020 -1,523 CAPEX FY 2019 FY 2020 1,361 851 1,096 1. Historical line items below EBITDA reflect back-dated PPA adjustments reducing DD&A in particular 42 42 TAQA#43OTOTOTOTOTO TOTO Appendix C TAQA#44Abbreviations used • 2P: Proved Plus Probable (reserves) . AADC: Al Ain Distribution Company . ADDC: Abu Dhabi Distribution Company MIG (D): Million Imperial Gallons (per Day); 1 cubic metre = MSF: Multi-Stage Flash (desalination technology) MW (h): Megawatt (hours) 220 MIG . ADPower: Abu Dhabi Power Corporation (aka ADPC) . NGL: Natural Gas Liquids • Bbl: Barrel • O&G: Oil and Gas (TAQA business line) • Boe(pd): Barrels of Oil Equivalent (per day) • O&M: Operations and Maintenance • BCM Billion Cubic Metres • CCGT: Combined Cycle Gas Turbines • DC: Direct Current • DoE: Abu Dhabi Department of Energy . DisCo: Distribution Company EWEC: Emirates Water and Electricity Company OEM: Original Equipment Manufacturer PCOD: Plant Commercial Operations Date PGI: Peak Gas Installation (in the Netherlands) (P)(W)PA: (Power) (and) (Water) Purchase Agreement PJM: Pennsylvania, Jersey, Maryland Interconnection PV: Photovoltaic • GCCIA: Gulf Cooperation Council Interconnection Authority . RO: Reverse Osmosis (desalination technology) • GSB: Gas Storage Bergremeer (in the Netherlands) • • GW (h): Gigawatt (hours) I(W)(P)P: Independent (Water) (and) (Power) Producer SCA: Securities and Commodities Authority (UAE capital markets regulator) . T&D: Transmission & Distribution (TAQA business line) TransCo: Transmission Company . JV: Joint venture • LTSA: Long-Term Service Agreement • MED: Multiple-Effect Distillation (desalination technology) Transco: Abu Dhabi Transmission and Despatch Company TW (h): Terawatt (hours) UAE: United Arab Emirates 44 1614#45For investor enquiries, please contact Investor Relations: Shadi Salman, CFA ([email protected]) TAQA **LOL