#1Debt Investor Presentation Abu Dhabi National Energy Company (TAQA) September 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 The information contained herein supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered.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 TЛQɅ#3Table of contents 1 Executive summary 2 TAQA/ADPower transaction recap 3 TAQA portfolio overview 4 Key investment highlights 5 Corporate governance 6 H1 2021 results 7 Q&A 8 Appendices 4 9 16 21 29 33 37 38 88 3 TQ#4TO TOTOTOTO TOTO Executive summary TAQA#5Key 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 85% 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 5 TAQɅ#6H1 2021 results - summary Stable utilities businesses boosted by strong operational and financial performance within Oil and Gas Strong operational performance amidst continuing COVID-19 circumstances · High technical availability levels maintained for power and water businesses Oil and gas production up versus prior-year period Financial performance boosted by a recovery of commodity prices Revenue of US$ 6.0 billion (+11% H1 y/y) . EBITDA of US$ 2.7 billion (+19% H1 y/y) reflecting higher revenues, partially offset by higher expenses and boosted by higher associate income Net income (TAQA-share) of US$ 778 million for H1 2021 . Driven by higher EBITDA, partially offset by higher DD&A, no impairments and lower finance costs Group financial highlights (US$ million) Revenues H1 2020PF H1 2021 EBITDA H1 2020PF H1 2021 5,441 6,042 2,262 42% margin 44% 2,689 Net income (TAQA-share) H1 2020PF H1 2021 129 778 CAPEX • Increase of c.US$ 650 million versus prior year period due to higher contribution from Oil & Gas and c.US$ 410 million post-tax impairment charge in H1 2020 H1 2020PF 560 Capex of US$ 541 million in H1 2021 (-3% H1 y/y) Reflects increased spend within Transmission and Distribution offset by lower figures within Generation and Oil & Gas Free cash flows¹ were very strong at US$ 2.0 billion for the period 1. Operational cash flows before finance costs less investing cash flows H1 2021 541 Gross debt YE 2020 6m 2021 20,696 18,864 6 TQ#7TAQA's 2030 growth strategy ✓ TAQA has introduced a new strategy with ESG at its heart Strategy focused on TAQA becoming a low carbon power and water champion for the UAE and beyond Decoupling power and water generation, deploying highly efficient reverse osmosis technology for desalination5 TAQA also aims to reduce its exposure to hydrocarbons Robust growth agenda based around renewables and expansion of UAE networks 2030 TAQA targets¹ AED 40 billion (US$ 11 billion) RAV² additions through substantial UAE-based infrastructure and networks growth projects 30GWac UAE generation capacity up from 18GWac as at YE 2020 add up to 15GWac int'l generation capacity to current 4.9GWac capacity as at YE 2020 >30% renewable power and 2/3rds RO³ up from 5% and 14% shares of power & water generation at YE 2020 Further pursue optimization and digitalisation to improve efficiencies and margins Enhance capabilities in key areas, with a particular focus on operations & maintenance and on project development In the Transmission & Distribution segment, intend to improve customer service and develop ADES ... to support UAE National Energy Strategy 2050 Demand Side 40% energy demand reduction vs. BaU4 by 2050 Supply Side 50% clean energy in capacity mix by 2050 25-50% increase in clean energy 40% increase in energy efficiency Implement growth strategy whilst maintaining prudent financial policies Commitment to maintain strong investment grade credit ratings on a standalone basis 70% emissions reduction from power generation AED 700 billion (US$ 191 billion) savings target Source: Company Information, UAE Energy Strategy 2050 document (link: https://u.ae/en/about-the-uae/strategies-initiatives-and-awards/federal-governments strategies-and-plans/uae-energy-strategy-2050). Note: 1. As per Company strategy update announced 24 March 2021; 2. Regulated asset value; 3. Reverse osmosis; 4. Business as Usual; 5. 200 MIGD RO plant already under construction (Taweelah RO) 7 TQ#8Delivering on our strategy March 2021 April May June 1 July August September Themes 24 March 2030 strategy update announcement 19 April US$1.5bn dual-tranche bond issue and concurrent tender offer resulting in finance cost savings 17 May TAQA to host launch of World Utilities Congress in May 2022, a global exhibition on the future of low carbon power and water Leader in low carbon power and water Driving efficiency Growth in the UAE and internationally Protecting our financial strength June-August TAQA subsidiary and Super ESCO, ADES, signs MoUs with ADNOC, UAE University, DCT June-July Moody's and Fitch reaffirm TAQA's credit ratings 7 July TAQA and ADPorts sign MoU for green hydrogen to ammonia project (powered by 2GW solar PV plant) 3 August TAQA and Emirates Steel sign MoU for development of region's first green steel manufacturing September Ongoing smart metering infra- structure project within T&D segment 1 September Oil & Gas strategic review announced - a continuation of our strategy to reduce exposure to hydrocarbons August GHG emissions baselining exercise undertaken in preparation of sustainability reporting 13 August Successfully completed one of the Northern North Sea's largest decommissioning projects with Brae Bravo topside removal 16 August Abu Dhabi DoE announces EV charging tariff to be implemented by TAQA DisCos 8 TЛQɅ#9OTOTOTO TOTO TAQA / ADPower transaction recap TAQA#10ADPower and TAQA are writing history Creating a regional water and electricity champion that will transform the sector 4 22 GWac of electrical 913 MIGD of water generation capacity desalination capacity 費 over 100,000 km of water and electricity networks 11 countries with operations 1 million end-user connections in UAE US$ 50bn1 asset size of the combined company US$ 11.8bn2 revenues Strong credit & ability to pay dividends 1. As at end-Q2 2021; 2. Last-twelve-months 10 T\Q\#11Merger timeline and key milestones Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2020 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 13 December Shareholders approve new dividend policy and interim cash dividend paid (first time since 2013) 10 November Q3 2020 proforma and statutory financials, first for combined entity Increase FOLs to 49% from 0% Propose dividend policy for shareholder approval 24 March 2030 strategy update announcement 18 March Final dividends and Board expansion at Annual General Assembly 14 February FY 2020 proforma financials and final dividend proposed (in line with dividend policy) 5 May Q1 2021 results 1 September Oil & Gas strategic review announced 19 April 11 August Bond tender offer and new issue launch H1 2021 results 11 TAQA#12Key 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 12 TAQɅ#13Corporate 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% 25.9% ADX Float 1.4% TAQA Government of Abu Dhabi 100% ADQ 100% ADPower 98.6% Other ADPower Assets ADPower NewCo 54% stake in TAQA UAE IWPPS Pre-transaction TAQA assets International IPPs 54% stake in TAQA UAE IWPPS TransCo (TRANSCO) 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. r Terminated LI (as part of the transaction) International IPPs Oil and Gas DisCos (ADDC + AADC) 60% stake in ADPower UAE IWPPS Other associates and JVs 6% stake in TAQA UAE IWPPS TAQA post-transaction EWEC 13 T\Q\#14Favourable ratings outcome post-transaction Improved business profile acknowledged through extraordinary upgrade of TAQA's standalone ratings MOODY'S Standalone ratings baa1 Final ratings TQɅ Fitch Ratings Standalone Ratings bbb+ Final Ratings AA- / Stable 6-notch upgrade Highlights Aa3 / Stable 3-notch upgrade to AD ratings less 1 notch Standalone ratings » Final ratings b1 A3 / Stable Obtained rare rating upgrade during COVID-19 Almost unprecedented 3-notch upgrade (by Moody's) 2-notch upgrade to AD 7-notch upgrade 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 14 T\Q\#15TAQA public securities market performance Significant outperformance against general market index post-transaction • TAQA's share price has tripled (up ~180%) since deal announcement • ADX market index up 49% over the same period • Average daily value traded at US$ 2-3mn (up from US$ 0-1mn pre-transaction) Corporate bond curve now trades flat to Mubadala and at significantly tighter spreads to Abu Dhabi sovereign • New 2028s trade inside and 2051s flat to Mubadala (older, less liquid 2030s shown below for historical trend, trading 13bps wide) • TAQA 10-year bonds currently yield 2.268% and 30-year bonds 3.120% Price (AED) 2.2 3 Feb Announcement 2 1.8 1.6 1.4 1.2 0.8 0.6 H 0.4 0.2 1 0 Jan-20 Apr-20 13 Dec 1 July Closing 10 Nov 9m 2020 results and new proposed dividend policy Dividend policy approved; 1 Sep 22 interim dividends distributed O&G strategic review! 14 Feb 20 FY 2020 results 20 11 Aug 29 Apr H1 2021 results: AGM approval 18 3 Nov Notice of BoD FOL discussion 24 Mar 2030 strategy announcement Jul-20 Oct-20 Jan-21 Apr-21 TAQA (AED) Traded Value (USDmn; RHS) Source: Bloomberg, as of 5 Sep 2021 16 5 May Q1 2021 results 14 Daily traded value (USDmn) Yield spread COVID-19 market dislocation 3 Feb Announcement 10 Nov 9m 2020 proforma 1.8% 29 Apr AGM approval 1 July Closing results and new proposed dividend policy 1.4% 12 TAQA AED 1.37 1.0% (+186% vs Feb 3 2020) 10 8 ADSMI 0.6% (+49%) 6 4 0.2% 2 19 Apr Bond tender offer and new issue launch 5% 96 4% Yield 3% Yield 2.268% (RHS) (-83bps vs Feb 3 2020) 2% Spread to AD 45bps (-33bps) Spread to Mubadala 13bps (-33bps) 1% Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 0 -0.2% Jul-21 ADX General (rebased 2/2/20) TAQA 2030 vs. Mubadala 2028 (& 2030*) TAQA 4.875% 2030 yield (RHS) TAQA 2030 vs. Abu Dhabi 2029 (& 2030**) 15 Source: Bloomberg as of 5 Sep 2021; * Starting 18 May 2020 as new on-the-run benchmark; ** starting 14 April 2020 TAQA#16TOTOTOTO TOTO TAQA portfolio overview TAQA#17TAQA 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%)* 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 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%)* 11 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 Oil and Gas Country Asset description Operatorship FY 2020 average production Hydrocarbon production mix (% crude/gas/NGL) 2P reserves (as at 31/12/2020) 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) 17 TAQɅ#18r TAQA at a glance (2) Our Abu Dhabi and UAE home markets Transmission (Transco) 100% TAQA ~14k km power and water networks Distribution (ADDC & AADC) 100% TAQA ~89k km power and water networks ~1 million end-user connections 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 Shuweihat S3 60% TAQA Interconnection to Saudi Arabia (GCCIA) Al Mirfa (MIPCO) 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 1,647 MW Gas; 19 years 60% TAQA 1,665 MW/53 MIGD Gas/MSF, RO; 22 years Abu Dhabi 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) Al Ain Interconnection to Oman (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 Dhafra PV\ (under construction) | 40% TAQA, 20% Masdar I 2,000 MWdc (1,500 MWac) | I Solar PV; 30 years (from PCOD I expected 2022), Taweelah A1 60% TAQA 1,671 MW/84 MIGD Gas / MSF, MED; 8 years Taweelah A2 60% TAQA 760 MW /53 MIGD Gas/MSF; 1 year Taweelah B 60% TAQA 2,220 MW/162 MIGD Gas/MSF; 8 years V Taweelah RO (under construction) I 20% TAQA, 40% Mubadala 168 MW/ 200 MIGD | Solar PV / RO; 30 years (from PCOD, expected 2022) 18 TQ#19Current growth projects Significant generation capacity and network additions to meet demand and energy transition Generation Taweelah RO Al Dhafra PV Distribution Group Fujairah F3 Recycled Water Distribution TAQɅ Country 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 GWdc (1.5GWac) power generation capacity One of the most cost-competitive tariffs at US$ 1.32 cents/kWh (levelized cost of electricity basis) US$ 1.0 billion C UAE's largest gas-fired (CCGT) independent power project (IPP) • 2.4 GW power generation capacity One of the most efficient in the region C 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$ 870 million US$ 1.1 billion • US$ 245 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 3.9 GWac/ 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 19#20Water desalination Generation energy and technology mix Clear and rapid transition to clean technologies Old TAQA (pre-transaction) Power generation New TAQA (current, Q2 2021) Thermal (natural gas) ■Thermal (natural gas) Thermal (coal) 1% renewables Thermal (coal) Renewable (wind) 1% 14% Renewable (solar PV) Renewable (wind) 11% ■Thermal (natural gas cogeneration) Electric (reverse osmosis) 17.1 GWac¹ 85% 21.3 GWac¹ 84% New TAQA (proforma end-2023) 5% renewables ■Thermal (natural gas) ■Thermal (coal) 11% renewables Renewable (solar PV) Renewable (wind) 1% 10% 9% 24.5 GWac¹ 80% 11% reverse osmosis ■Thermal (natural gas cogeneration) 14% reverse osmosis ■Thermal (natural gas cogeneration) 11% Electric (reverse osmosis) 14% Electric (reverse osmosis) 29% 909 MIGD 913 MIGD 1,113 MIGD 71% 89% 86% 29% reverse osmosis Targeting >30% share of renewables and 2/3rds share of reverse osmosis within total Group generation capacities by 20302 1. Alternating current capacity and excluding TAQA's stake in Sohar Aluminium (Oman), a smelter with a 1GW captive power generation plant; 2. As per updated strategy announced 24 March 2021 20 TAQɅ#21TOTOTOTO TOTO Key investment highlights TAQA#22Key investment highlights TAQ दि AA ☑ 6 1 National champion and one of the largest listed integrated utility companies in EMEA 2 Vertically integrated across the value chain, benefiting from exclusivity rights over strategic power and water infrastructure assets Leader in the utilities sector 3 Highly predictable and secure cash flow profile 4 Long-standing, transparent and internationally-aligned regulatory framework 5 Strong ties to Abu Dhabi Inc. and fully aligned with Abu Dhabi Economic Vision 2030 89 Secure cash flow powerhouse Positioned to capture infrastructure growth in Abu Dhabi and selectively seeking value-added growth outside the Emirate Stable platform with clear growth channels 22 22 TQ#231 One of the largest listed integrated utilities in EMEA Top EMEA Utilities - Market Capitalization (US$ bn)¹ Top EMEA Utilities - RAB (US$ bn)1,3,4 enel 100 eDF IBERDROLA 12 79 Orsted 99 65 TAQA 42 DeDF 41 35 ENGIE 55 e.on 28 RWE 26 Naturgy 25 25 nationalgrid enel e.on 57 50 50 40 37 IBERDROLA ENGIE snam 25 TЛ\Q\ 25 22 22 Terna 19 22 GWac electricity generation capacity 913 MIGD of water desalination capacity 34 67 US$ 50 billion³ in total assets Highlights Top listed integrated utility player in the region5 Top 5 listed entity on ADX and in the UAE5 ✓ Top 10 listed non-financial institution in the GCC5 Top 5 utility player in EMEA by market capitalization and top 10 by RAB 1 million end-user connections in the UAE TAQA Source: Company information. Notes: 1. FX rates as of 14 March 2021; EUR/USD of 1.1940, DKK/USD of 0.1606 and GBP/USD of 1.3897; 2. Factset as of 14 March 2021; 3. As per latest disclosure; 4. Excludes Saudi Electricity who have not yet disclosed regulatory asset base following recent regulatory reforms; 5. Based on market capitalization. 23#242 Vertically integrated across the utilities value chain. TAQA segmental overview and financial highlights UAE Value Chain Transmission International Assets Generation² Oil & Gas Countries Generation1 fully contracted C LTM (end-Q2 2021) EBITDA (US$ bn) and % of total 1.8 Operational highlights Segment Overview 37% Distribution regulated networks C 44% 2.2 C largely contracted 6% 0.3 海辉的 * 11% الله اكبر Group1 0.5 US$ 4.9 · 17.4 GWac / 913 MIGD gross power/water capacity³ • 3.9 GWac / 200 MIGD of new power/water capacity under development 11 I(W)PPs in UAE Exclusive rights to min. 40% stake in Abu Dhabi power and water generation projects over next 10 years ⚫ Supplies >90% of Abu Dhabi's power & water 10.4k km of electricity transmission networks, 3.6k km of water pipelines • 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 end-user connections 74.6k km of electricity networks and 14.1k km of water pipelines • Sole distributors of water and electricity to end users in Abu Dhabi emirate (ADDC, AADC) 4.9 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 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 22.3 GWac / 913 MIGD capacity², 3 .~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 proforma 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 include Corporate segment and operational highlights exclude Taweelah RO, Fujairah F3 and Al Dhafra Solar growth projects; 2. EBITDA figures exclude JV investment (Lakefield) and operational highlights include TAQA's minority stake in Sohar Aluminium (Oman), a smelter with a 1GW captive power generation plant; 3. Installed gross alternating current capacities at PCOD. 4. Capacities at Bergermeer Gas Station & Peak Gas Installation in The Netherlands; 5. Excluding captive power generation in UAE, e.g. ADNOC, EGA; 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). 24 TAQɅ#253 Highly predictable and secure cash flow profile Over 85% of revenues and EBITDA derived from regulated and contracted businesses Regulated and long-term contracted earnings represent over 85% of revenues and EBITDA Single regulatory framework in place for 3 regulated networks (Transco, ADDC and AADC) in Abu Dhabi ensures predictable cash flows 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 Contracted + Regulated: c.86% of Revenue • • LTM Revenue (end-Q2 2021) ■Regulated ■Contracted ■ Other 14% 27% US$ 11.8bn1 59% Contracted + Regulated: c.89% of EBITDA LTM EBITDA (end-Q2 2021) ■Regulated Contracted Other 11% US$ 4.9bn¹ 44% 43% Contracted: Local and international power generation assets Regulated: Transmission and Distribution companies • Other: Pre-dominantly Oil and Gas³ Long-term predictability and visibility of cash flow profile underpinned by 85% or more of revenues and EBITDA derived from regulated and contracted assets 1. TAQA last twelve months (LTM) consolidated financials including 'Corporate segment'; 2. Weighted by gross installed power capacity and excluding Red Oak tolling agreement - merchant asset; 3. Includes Red Oak tolling agreement (revenues and EBITDA) as well as Massar Solutions and Sohar Aluminium among other minority investments (EBITDA) 25 TɅQɅ#264 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 دائرة الطاقة T&D suppliers 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 26 TAQA#275 Strong ties to Abu Dhabi Inc. & fully aligned with Abu Dhabi Economic Vision 2030 A key strategic 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 حكومة أبوظبي GOVERNMENT OF ABU DHABI AQ القابضة Strategically important, providing over 90%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 UAE Goals TAQA's Contribution Economic Development Increased contribution of non- hydrocarbon GDP ⚫ Future energy & water security • Key enabler in diversification of the economy • Key contributor to Abu Dhabi's economy (~3% of 2019 GDP²) Environmental Development Human Capital Development • Environmental sustainability • Emiratisation, especially in highly skilled niche roles • Accredited HS&E standards with improving KPIs • 6% renewable contribution in TAQA's proforma energy mix³ Social Development • Effective management of labor resources • Improvements in education • One of the highest Emiratization rate among UAE-listed companies ● 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 captive power generation, e.g. EGA, ADNOC; 2. Calculated using TAQA's 2019A PF revenues for the T&D segment in the UAE of AED 24.7bn and Abu Dhabi's GDP at constant prices in 2019 of AED 804bn; 3. As at YE2020 27 TAQA#286 Ability to access high-value growth opportunities... Growth across the value chain in the UAE Selective approach to growth in international markets Optimally placed to capture potential growth Key role in delivering targets of the UAE Exclusivity rights in all future power and water projects opportunities in the UAE Energy Strategy 2050 tendered in Abu Dhabi over the next ten years with a 40% stake Generation Transmission and distribution • • Enjoys a monopoly on T&D networks in Abu Dhabi TAQA will selectively seek value- added growth outside of UAE • • Invest in new power & water capacity in Abu Dhabi to match demand growth and transition to renewables Investment in RO¹ and solar, fulfilling UAE strategy of raising renewable share of power generation to 50% by 2050 Focus on markets where we have a strong competitive advantage, e.g. existing presence or strong G2G relationships Major projects to expand and interconnect the power, water and recycled water infrastructure of Abu Dhabi Growth of power and water grid to accommodate new / growing demand Focus on contracted or regulated power and water generation opportunities with attractive risk-adjusted returns Potential for further UAE networks consolidation with similar regulation Distribution and Customer Services Entry to and development of new customer services, e.g. EV charging and smart meters Enter projects with substantial size that fit TAQA's core competencies 1. Reverse osmosis 28 T\Q\#29Corporate governance TOTOTOTO TOTO TAQA#30TAQA Board of Directors Nine members with positions on boards and committees of various Abu Dhabi GRES H.E. Mohamed Hassan Al Suwaidi Chairman, Independent Non-Executive Elected to the Board in 2019 and elected as Chairman in 2020 External appointments: Chief Executive Officer of ADQ, Chairman of EWEC, Member of the board of directors of ADNOC Distribution, Emirates Global Aluminum, ENEC; and Abu Dhabi Retirement Pensions & Benefits Fund. Qualifications & recognition: Bachelor of Science in Accounting from United Arab Emirates University Saeed Mubarak Al Hajeri Vice Chairman, Non-Executive Elected to the Board in 2011 and elected as Vice Chairman in 2020 • External appointments Executive Director at ADIA, Vice Chairman of the Board of Islamic Arab Insurance Co. (Salama), Member of the board of INSEAD. Qualification & recognition: BBA from Lewis & Clark college, Executive Education from Harvard Business School, CFA charter holder Other TAQA roles: NRC H.E. Saif Mohamed Al Hajeri Member, Independent Non-Executive Elected to the Board in 2020 • Qualification & recognition: BBA and Bachelor's degree in Economics from Lewis & Clark College Jasim Husain Thabet Managing Director and Group CEO Elected to the Board in 2019 . External appointments: Board member and member of Nominations and Remunerations Committee of AD Ports, Board member and member of Nominations and Remunerations Committee, Audit and Risk Committee of Etihad Aviation Group Khalifa Sultan Al Suwaidi Member, Independent Non-Executive Elected to the Board in 2020 • • • Qualification & recognition: Bachelor's degree in Mechanical Engineering from St. Martin's University, Washington, USA External appointments: Chief Investment Officer of ADQ Chairman of SENAAT, Agthia and Vice Chairman of Abu Dhabi Ports and Board member of EWEC Qualification & recognition: Bachelor's degree in Business from California State University and EMBA from Zayed University Other TAQA roles: NRC Chair Salem Sultan Al Dhaheri Member, Non-Executive Elected to the Board in 2011 • External appointments: Deputy Director, Internal Audit Department, ADIA, Board member and member of the Audit Committee of Al Etihad Credit Bureau. Member of the Audit Committee of Abu Dhabi Retirement Pensions & Benefits Fund, ADNOC, EIA, SPC/ADNOC, Etisalat; and GPSSA Qualification & recognition: Bachelor's degree in Accounting, Metropolitan State College, Denver, USA, Certified Public Accountant Other TAQA roles: AC Khaled Abdulla Al Mass Member, Independent Non-Executive Elected to the Board in 2014 • External appointments: Chairman of the board and owner of iMass Investments, Chairman of the board of iTech Management Consultancy (iTech), Non-Executive and Independent board member of SEHA and member of the board of Advanced Cure Diagnostic Centers and MHDH Qualification & recognition: Bachelor's degree in business administration from Marylhurst University, United States Other TAQA roles: AC Chair, SIC Note: AC = Audit Committee; NRC = Nomination and Remuneration Committee; SIC = Strategy & Investment Committee. Other TAQA roles: SIC Chair, NRC • • Mansour Mohamed Almulla Member, Independent Non-Executive Chief Investment Officer - Alternative Investments & M&A at ADQ Board member and Audit Committee Chair at Abu Dhabi Ports; Board and Audit Committee member of Etihad Aviation Group • Qualification & recognition: BBA Information Systems from Portland State University, Oregon, • USA Hamad Abdulla Al Hammadi Member, Independent Non-Executive Portfolio Management Director at ADQ Chairman of AD Power, Member of TAQA Morocco's Supervisory Board, Board member and member of finance & projects and audit & risk committee of EWEC, Board member of TA'ZIZ ADNOC JV and Nabil Foods Higher Diploma in Business and Management (Accounting) from the Higher Colleges of Technology, UAE Other TAQA roles: AC Other TAQA roles: SIC 30 TAQA#31Executive management team Includes industry and domain experts with diverse backgrounds 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 Steve 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 Executive Director T&D 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 Executive Director 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 Executive Director 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 Qualified to practice law as a Solicitor of the Supreme Court of England & Wales and holds a Post-Graduate Diploma in Legal Practice from the College of Law as well as a Bachelor of Laws from the University of Westminster, London • Noel Aoun Executive Director Strategy Appointed August 2021, leads development of TAQA's corporate strategy and operating model, whilst coordinating strategies across the organization's business units. Served as Group Strategy & Business Development Director at TAQA since March 2018. 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. • Nabil Almessabi Chief Human Resource Officer Appointed September 2021, overseeing Strategic Development of human resource and administration. Served as Executive Director of Human Capital and Communications at ADPower Bachelor of Science in Electrical Engineering from the UAE University, a Management Diploma from the University of Cambridge - Judge Business School Executive MBA from INSEAD Chris George Executive Director M&A Appointed August 2021, leads development of the company's investment strategies and the process of mergers and acquisitions within TAQA Group's portfolio. served as the Head of Corporate Transactions at Saudi Aramco Bachelor of Arts in Accounting and Finance from Kingston University, London. olds qualifications as an ACA 31 TAQɅ#32Corporate 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 Information Security HSSE Management 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 2020 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 Internal Audit Department Enterprise Risk Management Department Risk & HSE Committee Compliance Department HSSE Department Business Continuity Department 1. Based on SCA's Resolution No.3 of 2020 concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies. 32 2 TAQ#33OTOTOTOTOTO TOTO H1 2021 results TAQA#34H1 2021 results - summary Stable utilities businesses boosted by strong operational and financial performance within Oil and Gas Strong operational performance amidst continuing COVID-19 circumstances · High technical availability levels maintained for power and water businesses Oil and gas production up versus prior-year period Financial performance boosted by a recovery of commodity prices Revenue of US$ 6.0 billion (+11% H1 y/y) . EBITDA of US$ 2.7 billion (+19% H1 y/y) reflecting higher revenues, partially offset by higher expenses and boosted by higher associate income Net income (TAQA-share) of US$ 778 million for H1 2021 . Driven by higher EBITDA, partially offset by higher DD&A, no impairments and lower finance costs Group financial highlights (US$ million) Revenues H1 2020PF H1 2021 EBITDA H1 2020PF H1 2021 5,441 6,042 2,262 42% margin 44% 2,689 Net income (TAQA-share) H1 2020PF H1 2021 129 778 CAPEX • Increase of c.US$ 650 million versus prior year period due to higher contribution from Oil & Gas and c.US$ 410 million post-tax impairment charge in H1 2020 H1 2020PF 560 Capex of US$ 541 million in H1 2021 (-3% H1 y/y) Reflects increased spend within Transmission and Distribution offset by lower figures within Generation and Oil & Gas Free cash flows¹ were very strong at US$ 2.0 billion for the period 1. Operational cash flows before finance costs less investing cash flows H1 2021 541 Gross debt YE 2020 6m 2021 20,696 18,864 34 TQ#35Liquidity and debt profile Strong liquidity levels and significant debt reduction Key credit metrics Robust liquidity position Total liquidity of US$ 5.1 billion consisting of: - - Cash and cash equivalents of US$ 1.5 billion Undrawn credit facilities of US$ 3.6 billion Dec-2020 Jun-2021 Net debt-to-capital ratio¹ 49% 47% EBITDA (LTM) / net finance costs (LTM)² 4.9x 5.4x Net debt/EBITDA (LTM) 4.2x 3.6x 87% 95% Debt levels lower on RCF repayments and project finance amortization Gross debt of US$ 18.9 billion (-9% vs. YE 2020) with RCF repayment of US$ 1.1 billion during Q2 2021 and ongoing project debt amortization Corporate debt maturity profile³ (US$ million as at quarter end) Fixed rate debt (% total) 1,842 1,751 1,469 1,646 873 1,001 21 22 23 24 25 26 26 1,561 1,377 654 583 Drawn RCF Bonds (corporate) Project / subsidiary debt 390 389 411 380 326 27 28 29 30 31 32 33 34 35 35 1,211 500 286 120 117 37 38 40 14 “ 36 37 38 39 40 41 42 43 49 1. Net capital defined as net debt plus equity (including minorities and accumulated changes in the fair value of derivatives); 2. net finance costs include ARO accretion expenses 750 2051 35 TAQA#36Delivering on our quarterly dividend policy Shareholder-approved dividend policy of rising minimum pay-outs for 2020-2022 US$ 765mn (AED 2.50 fils/share) paid for FY 2020 and US$ 337mn (AED 1.10 fils/share) paid year-to-date . Quarterly payment frequency going forward, a first in the UAE and unique among EMEA integrated utilities. 2021-22 dividends expected as follows: • 20% interim dividends post Q1, Q2 and Q3 results 40% final dividend post AGA the following year Rating considerations (and our commitment for investment grade standalone ratings) are an explicit consideration within dividend policy wording. Shares listed on ADX with free float largely held by retail investors¹ TAQA dividend policy Dividends (US$ million) 765 (paid) 842 918 DPS (AED fils/share) +10% p.a. 3.00 2.75 2.50 1.20 1.10 112.4bn shares outstanding, 110.9bn (98.60%) strategically held by ADQ / ADPower 1.40% free float (held by 95,000+ shareholders¹) 1.00 0.60 0.55 1.50 0.55 0.60 99.96% of shares are held locally, 0.04% by foreigner investors (FOL at 49%) 0.55 0.60 2020 21 2022 1. Proposed total dividend payouts of indicated financial years; Stacked bar chart showing interim dividends paid or expected to be paid 36 1. Largely through legacy privatization upon first market listing in 2005 TAQA#37OTOTOTOTOTO TOTO Q&A session TAQA#38OTOTOTOTOTO Appendix A TO TOTOTO Additional slides related to Abu Dhabi power and water sector TAQA#39Abu 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 TAQA [Local Partner] [International Partner] [x]% [International Partner] [International Partner] [x]% [x]% Off-taker: EWEC (single buyer) Local Partners HoldCo 60% 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) Int'l Partners HoldCo 40% Lenders 39 TAQA#40Abu Dhabi power & water sector dynamics TAQA structurally integral to the entire Abu Dhabi power & water value chain Abu Dhabi Water & Power Supply Chain Abu Dhabi Department of Energy (formerly the Regulation and Supervision Bureau, RSB) Key Market Features FSA² ADNOC - - Fuel | Regulates and oversees Emirates Water & Electricity Company (EWEC) DEL1 FSA² Buys power & water Generation I(W)(P)Ps 10x TAQA I(W)PPS 3x I(W)(P)Ps (under development) Other Generators TAQ capacity under P(W)PAS Material flow Contractual flow Transmission I BST Distribution 1 EWEC procures electricity/water under long-term (P)(W)PAs with I(W)(P)Ps (which typically last 20-30 years) which is sold to distribution companies Abu Dhabi Dept. of Finance 2 (MAR less tariffs) Balance 3 ADDC TUOS 4 P&W TRANSCO I MAR P&W AADC Commercial TAQA monopoly on T&D in Abu Dhabi P&W Consumers Household Industry Customer Tariffs Distributors purchase from EWEC under BST agreements, while paying TRANSCO a TUOS charge Ownership of I(W)PPs are split 60-40 between the government (with TAQA holding 100% of the government's share for 10 current assets and a minimum 2/3rds of the government's share until February 2030) and private companies, respectively TAQA holds perpetual licenses for the Transmission and Distribution assets in Abu Dhabi 5 For T&D, MAR per annum is calculated formulaically, of which 85% is derived from fixed components (consisting of depreciation, opex and return on capital) 6 IWPPS are paid capital recovery and fixed O&M costs on a committed availability basis, in addition to variable O&M, while EWEC provides IWPPs fuel for free through a fuel service agreement; EWEC pays ADNOC and DEL for fuel separately Notes: I(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 40 T\Q\#41OTOTOTOTOTO OTOTO Appendix B Additional slides related to H1 2021 TAQA financial results TAQA#42Transmission & Distribution highlights Stable EBITDA margins and net income contribution boosted by one-off gains High network availability and security of supply during the period 98.2% for power and water transmission (98.5% H1 2020) Higher revenues partially offset by higher operating expenses . Increased revenues (+6% H1 y/y) on higher pass-through costs incurred related to bulk supply tariffs paid by the distribution businesses Revenues further increased on new revenues associated with battery storage projects previously carried out by the distribution businesses . Higher operating expenses (+8% H1 y/y) reflected higher bulk supply tariffs . Regulated asset base lower (-1% during H1 2021) on UAE deflation during the period EBITDA of US$ 1.2 billion (+4% H1 y/y) Net income contribution to the Group of US$ 642 million (+8% H1 y/y) boosted by new revenues for battery storage projects previously carried out by the distribution companies Capex higher (+13% H1 y/y) on accelerated spend in comparison to prior-year period which saw project cancellations and deferrals driven by the COVID-19 pandemic. AU T&D highlights (US$ million) Regulated asset base (RAB) 6m 2021 YE 2020 Revenues H1 2020PF H1 2021 EBITDA H1 2020PF H1 2021 21,571 21,820 1,131 34% margin 1,171 33% Net income (consolidated) H1 2020PF 3,293 3,498 595 H1 2021 642 CAPEX H1 2020PF 336 H1 2021 379 42 TЛQɅ#43Generation highlights Continues to be underpinned by UAE contracted power and water generation Solid operational performance throughout the period Global technical availability at 92.6% (vs. 93.3% for H1 2020) Reflects major planned outage within the Jorf Lasfar power complex in Morocco Robust profitability across the portfolio Overall generation revenues broadly flat at US$ 1.6 billion (-0.5% H1 y/y) with lower revenues in Morocco offset by stronger UAE, Ghana and Red Oak performance Lower operating expenses (-9% H1 y/y) reflected lower pass-through fuel costs in Morocco EBITDA of US$ 1.1 billion (+7% H1 y/y) Net income contribution to the Group of US$ 153 million . Higher EBITDA, lower finance costs on amortizing project finance debt and higher associate income from Sohar Aluminium on higher output prices Capex declined to US$ 36 million (-51% H1 y/y) reflecting higher comparative period spend in H1 2020 on lifetime extension projects on turbines within our Shuweihat S1 plant Generation highlights (US$ million) Global technical availability (%) H1 2020PF H1 2021 Revenues H1 2020PF H1 2021 EBITDA 93.3% 92.6% 1,617 1,608 H1 2020PF 1,002 62% margin H1 2021 1,076 67% Net income (consolidated) H1 2020PF 92 H1 2021 153 CAPEX H1 2020PF 74 H1 2021 36 43 TЛQɅ#44Oil & Gas highlights Significant increase in profitability on commodity price rebound and higher volumes Global production higher at 124.2 mboepd (+1% H1 y/y) Stronger financial performance on higher volumes and commodity prices Revenues of US$ 937 million (+76% H1 y/y) reflect recovery in TAQA's realized output oil and gas prices (oil price +76% H1 y/y to US$ 60.4/bbl; gas price +78% to US$ 3.4/boe) Higher volumes reflected TAQA's recognition of additional interest in certain fields of the UK North Sea following a partner default Net income to the Group of US$ 145 million (H1 2020 loss: US$ 428 million) D Oil & Gas highlights (US$ million) Production (mboepd) H1 2020PF H1 2021 Revenues H1 2020PF 122.4 124.2 532 H1 2021 937 EBITDA Margin H1 2020PF 150 28% Benchmark oil prices (US$/bbl) Benchmark gas prices (US$/mmBtu) H1 2021 493 53% 80 80 16 40 60 40 20 Brent -WTI 60 Henry Hub Net income (consolidated) AECO 12 NBP H1 2020PF H1 2021 -428 145 8 CAPEX 20 H1 2020PF 150 0 0 H1 2021 125 2020 2021 2020 2021 44 TAQ#45OTOTOTOTOTO TOTOTO Appendix C Additional slides related to FY 2020 TAQA proforma financial results TAQA#46FY 2020 results - - summary Significant COVID-19 impact on oil and gas segment absorbed by expanded utilities business Full year proforma 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 US$ 11.2bn (-6% y/y) . EBITDA of US$ 4.4bn (-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 US$ 759mn for FY 2020 . Driven by lower revenues partially offset by lower operating and administrative expenses 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 US$ 765mn for FY 2020 implies close to 100% payout Group financial highlights (US$ million) Revenues FY 2019 FY 2020 EBITDA FY 2019 11,953 11,205 4,986 42% margin 39% FY 2020 4,358 Net income (TAQA-share) FY 2019 1,480 FY 2020 759 CAPEX FY 2019 1,359 FY 2020 1,101 Gross debt YE 2019 YE 2020 21,173 20,696 46 TAQA#47- - FY 2020 proforma consolidated results – basis of preparation Transco as the accounting acquiror, acquisition accounting and focus on proforma 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 proforma 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 Proforma 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 TAQA (as legal acquirer) Existing TAQA assets 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 11 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 47 TAQA#48OTOTOTOTOTO Appendix D тогого TOTO TAQA#49Abbreviations used . 2P: Proved Plus Probable (reserves) AADC: Al Ain Distribution Company . ADDC: Abu Dhabi Distribution Company • ADPower: Abu Dhabi Power Corporation (aka ADPC) . Bbl: Barrel • Boe(pd): Barrels of Oil Equivalent (per day) • 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 GCCIA: Gulf Cooperation Council Interconnection Authority . MIG(D): Million Imperial Gallons (per Day); 1 cubic metre = 220 MIG MSF: Multi-Stage Flash (desalination technology) MW(ac/dc)(h): Megawatt (alternating/direct current)(hours) NGL: Natural Gas Liquids O&G: Oil and Gas (TAQA business line) • O&M: Operations and Maintenance 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 . RO: Reverse Osmosis (desalination technology) • GSB: Gas Storage Bergremeer (in the Netherlands) • • GW(ac/dc)(h): Gigawatt (alternating/direct current)(hours) I(W)(P)P: Independent (Water) (and) (Power) Producer JV: Joint venture LTSA: Long-Term Service Agreement MED: Multiple-Effect Distillation (desalination technology) SCA: Securities and Commodities Authority (UAE capital markets regulator) . T&D: Transmission & Distribution (TAQA business line) TransCo: Transmission Company Transco: Abu Dhabi Transmission and Despatch Company TW(h): Terawatt (hours) UAE: United Arab Emirates 49 1414#50For investor enquiries, please contact Investor Relations: Shadi Salman, CFA ([email protected]) TAQA **LOLD