Abu Dhabi National Energy Company TAQA PJSC

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• Abu Dhabi National Energy Company TAQA PJSC
• Annual General Meeting

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• Agenda of the Annual General Meeting
• 1 Consider and approve the Board of Directors
  Report of the companys activity and financial
  position for the financial year ending 31
  December 2007.
• 2 Consider and approve the Auditors report for
  the financial year ending 31 December 2007.
• 3 Consider and approve the Balance Sheet and
  Profit and Loss account for the fiscal year
  ending 31 December 2007.
• 4 Consider and approve the Board of Director's
  proposal concerning the distribution of dividends
  for the year 2007 at 10 of the nominal value.
• 5 Absolve the Board of Directors from liability
  for the activities of the company for the year
  ending 31 December 2007 and determine their
  remuneration. Absolve the external auditor the
  year ending 31 December 2007.
• 6 Appointment of the external auditors for 2008
  and fixing their remuneration.
• 7 Election of the Board of Directors.

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Taqas Chief Executive Officer Presentation
The Unprecedented Always Happens!
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Framework of Dynamic Forces Driving TAQAs
Evolution

• Brand gt Strategy / HSSE / CSR
• Finance gt Results
• Culture gt Organisation / Performance
• Reach gt Scale / Productivity
• Market gt Material
• Operations gt Best in Class Top Quartile
• People gt Defining Difference
• Competitive Meritocracy
• HP Human Potential
• TLP TAQA Leadership Programme
• TPP TAQA Professional Programme

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Building A Global Energy Company

• 2007 has been a year of transformation for TAQA
• TAQA started the year as the essential energy and
  water provider in the Emirate of Abu Dhabi,
  providing 90 of the water and electricity
  requirements of the Emirate of Abu Dhabi through
  domestic generation subsidiaries
• TAQA has since grown into an Aa2 / AA- rated1
  global energy company expanding its operations
  and investments across the energy value chain
• Established an operational footprint which
  extends to 9 countries in the Middle East,
  Africa, India, Europe and North America

Strategy is Destiny
1 Credit ratings from Moodys and SP
respectively
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Delivering on Growth
Canada
Netherlands

• 12th largest EP company
• 10th largest gas reserves

• Developing largest EU gas storage field

Morocco

• 45 of the power production

UAE
Ghana

• 90 of Abu Dhabis water and electricity

• 80 of the Power Production

Target Market
Existing Operations / Investments
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Delivering on Growth
Upstream
Downstream
Midstream

• Asset base has grown by 30 to AED 68 billion
• World Class Operations!

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Downstream

• Total global gross generation capacity of 9,423
  MW, with total power production ran to 48,229 GWh
  
• Total water desalination capacity of 594 MIGD
  with 2007 recording total water desalination of
  182,382 MIG
• Acquisition of assets from CMS Generation and ABB
  substantially expanded TAQAs downstream
  footprint into Saudi Arabia, Morocco, Ghana and
  India

2007 Gross power generation (MW) by plant
2007 Water desalination output
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Midstream

• Expansion into midstream through acquisition of
  BP Netherlands Energie BV, Pioneer and Northrock
  acquisitions
• Three major natural gas storage projects in the
  Netherlands and Canada
• Alkmaar Piek Gas Installatie in Netherlands
• Bergermeer Gas Storage Project in Netherlands
• East Cantuar Storage facility in Canada
• Current and future gas capacity storage volume
  700m Nm3 (current), 3,900m Nm3 (future)
• Maintaining our long-term position of 75 MMcf/d
  on the Alliance pipeline system in North America
  until 2015
• TAQA is considering the development of a major
  offshore LNG regassification terminal

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Upstream

• Proven and probable reserves 247 mmboe
• Reserve replacement ratio 69
• Average daily oil gas production 42mboe/d
• Expansion into upstream market through
  acquisition
• BP Netherlands in January 2007
• Northrock Resources in Canada in August 2007
• Pioneer Natural Resources in August 2007
• Talisman Energys non-operated assets in North
  Sea in December 2007
• PrimeWest Energy Trust in January 2008

Excluding PrimeWest Excluding PrimeWest and
TAQA Bratani
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The TAQA Way

• Development of a common approach across assets
• Protection of people, communities and the
  environment are central to our values
• Recordable injury frequency rate of just 0.102
  per 200,000 hours worked
• Code of Business Ethics developed to ensure legal
  compliance and promote transparency
• External auditors appointed to monitor CSR
  practices
• 2,800 employees from 38 different nationalities
  showcases our inclusive meritocracy
• Competitive meritocracy - individuals are
  encouraged to fulfill their human potential
  through TAQA leadership and professional programs

A Learning Organisation
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TAQA People
Curiosity
Q
Intelligence
Emotional
Passion
Drive Change Manage Uncertainty Optimise
Performance
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Culture of Constructive Confrontation Commitment

• 3 Ways we add Value to Core New Business
  Opportunities
• Adaptation
• Aggregation
• Arbitrage
• Leads TAQA to
• Reduced Cost
• Create Options
• Gain Market Share
• Reduce Risk

Shareholder Value / Profits
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Global Village Environmentally Responsible

• First GCC company to join Global 3C Initiative
• Monitoring and minimizing emissions from
  portfolio
• Implementation of car hybrid buying program for
  employees

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2007 Financial Highlights

• Total YTD revenue grew 72 to AED 8.3 Billion
• Net profit (TAQA share) grew 113 to AED 1
  Billion
• Basic earnings per share grew 113 to AED 0.25

Global Reach Reduces Risk
Performance Progression
Profit Breakdown
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Strong Financial Performance

• EBITDA of AED 5.2 billion in 2007 versus EBITDA
  of AED 3.0 billion in 2006
• Consistent margin of 62
• Finance costs increased from AED 1.4 billion to
  AED 2.5 billion, due to acquisitions completed
  during 2007
• Net profit (after minority interests) grew 113
  to AED 1.0 billion compared to AED 0.5 billion
  for 2006

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Delivering Value to Shareholders

• Earnings-per-share more than doubled to AED 0.25
  versus AED 0.12 for 2006
• Proposed cash dividend for 2007 of AED 415million
  (up from AED 207.5million in 2006)
• Equivalent to 10 fils per share (up from 5 fils
  in 2006)
• Dividend represents 2.9 yield based on closing
  share price of AED 3.50 on 16 March 2008

Value Implementation
Value Identification
Value Realisation
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Sustainable Competitive Advantages
Government Ownership Support
Solid Investment Grade Financial Position
Attractive UAE Power Market
Prudent Growth Strategy
Experienced Management
Operational Integration Focus
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• Agenda of the Extra-Ordinary General Meeting
• 1 Amendment of Article 37 of the articles of
  association.
• 2 The issuance of instruments convertible into
  shares of the Company for a total amount of up to
  AED 4.150 billion and to authorize the board and
  who ever is so authorized by the board to
  determine the terms and conditions and increasing
  the capital of the company which will be
  consequential to each conversion pursuant to the
  terms and conditions of such issue.