Q Financial Results Analyst Presentation Abu Dhabi National Energy Company PJSC (TAQA) Abu Dhabi, May 11th 2016

Disclaimer These materials have been prepared by the Abu Dhabi National Energy Company - TAQA (“Company”). These materials are for information purposes only and do not constitute a prospectus, offering memorandum or offering circular or an offer to sell any securities and are not intended to provide the basis for any credit or any third party evaluation of any securities or any offering of them and should not be considered as a recommendation that any investor should subscribe for or purchase any securities. The information contained herein is preliminary as of the date hereof, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered. Any investor who subsequently acquires any securities must rely solely on any final offering memorandum published in connection with such securities, on the basis of which alone purchases of or subscription for any securities may be made. In addition, investors should pay particular attention to any sections of any such final offering memorandum describing any risk factors. 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. The merits or suitability of any securities to any investor's particular situation should be independently determined by such investor. Any such determination should involve inter alia, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of any securities. No person is authorized to give any information or to make any representation not contained in and not consistent with these materials and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company. These materials are confidential and are being submitted to selected recipients only. They may not be taken away, reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of the Company. These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular, these materials are not intended for distribution, except (i) to accredited investors as defined under applicable Canadian securities laws, (ii) within the United States to persons that are qualified institutional buyers under Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act") and (iii) outside the United States to persons that are not U.S. persons (as defined in Regulation S under the Securities Act) in offshore transactions in compliance with Regulation S. These materials contain, or may be deemed to contain, "forward-looking statements" (as defined under applicable Canadian securities laws and in the U.S. Private Securities Litigation Reform Act of 1995). By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of the Company may vary from the results expressed in, or implied by, the following forward looking statements, possibly to a material degree. Any investment in securities is subject to various risks, such risks should be carefully considered by prospective investors before they make any investment decisions. May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)1

Q Summary May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)2 Low commodity price environment Significant decline in realized prices −UK North Sea oil: - 39% −North America oil: - 36% −North America gas: - 42% Operational performance Power volumes up 7% to 17,022 GWh Oil & Gas production of mboed, 3% decline Iraq oil production to start in 2016 Cost transformation program Cash costs reduced by 18% or AED 293 million −Opex savings AED 241 million −G&A savings AED 52 million Reduction in capex of 72% or AED 701 million Financial performance Free cash flow up 83% to AED 1.5 billion Revenues and EBITDA down 24% and 21% AED 608 million net income loss Liquidity AED 12.2 billion, after AED 1.5 billion reduction of bank lines Credit ratingS&P affirmed TAQA credit rating at ‘A’ (stable outlook) in April 2016

Operational performance review

Power & Water: High availability, record production  Gross power production up 7% to 17,022 GWh  Technical availability steady at 87%: -Strong performance in UAE -Planned maintenance in Morocco  Water volumes at 56,584 MIG: -Planned maintenance -F1 expansion adds 1,500 MIG May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)4 Power and Water production MIG GWh Technical availability (%)

Oil & Gas: Strong production, greater efficiency May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)5 Q1 2015Q Europe North America Iraq-- Total Operating costs ($/boe)  Q1 production at mboed  Decline limited to 3% despite lower capex  North America production up: -Outstanding well performance at Upper Mannville tight-gas play -Return of third-party pipeline capacity  Europe production supported by North Sea Cladhan  Iraq production to commence in 2016  Focus remains on reducing per-barrel operating costs -Europe & North America - 29% Average production (mboed)

Transformation program continues momentum  AED 293 million (18%) reduction: -Opex savings AED 241 million -G&A savings AED 52 million  Continued costs savings across Oil & Gas May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)6  AED 701 million (72%) Capex reduction: -Completion of major projects -Cutting discretionary investment -Protecting future opportunities with selective capex deferrals Cash Costs Capex Cost savings AED 293 million Capex AED 701 million

Financial performance

Total sales revenue EBITDA Net Income Opex and G&A costs* AED Million AED million AED Million Abu Dhabi National Energy Company PJSC (TAQA)May 11, *Opex excludes construction and fuel costs, and G&A is net after recoveries

83% increase in free cash help offset impact of low prices  Free cash flow up AED 680 million (83%) to AED 1.5 billion  Impact of low prices on free cash flow offset by: -Cash costs and capex reductions -Favorable changes to working capital -Lower tax payments May 11, 2016Abu Dhabi National Energy Company PJSC (TAQA)9 *Free cash flows represent operating less investing cash flows Cash Flow (million AED)

Liquidity and key ratios Liquidity (AED billions)Q1 2015Q Cash and cash equivalent 3,5733,523 Undrawn credit facilities 10,6608,659 Abu Dhabi National Energy Company PJSC (TAQA)May 11, Key ratiosQ1 2015Q Net debt / net capital 84%87% EBITDA/Interest 2.6x2.0x Net Debt/EBITDA* 5.6x7.8x * LTM value of EBITDA was used to calculate the ratio

Concluding remarks Abu Dhabi National Energy Company PJSC (TAQA)May 11,

Appendix

Operational Data – Power & Water KPIs Abu Dhabi National Energy Company PJSC (TAQA)May 11, months ended March UAE domestic plants Power generation(GWh) 11,440 12,619 Water desalination(MIG) 59,430 56,584 Technical availability(%) International plants Power generation(GWh) 4,458 4,403 Technical availability(%)

Operational Data – Oil & Gas Production Abu Dhabi National Energy Company PJSC (TAQA)May 11, Average Production 3 months ended March North America Crude oil(mbbls/day) Natural gas liquids(mbbls/day) Natural gas(mmcf/day) Average(mboe/day) Europe Crude oil(mbbls/day) Natural gas liquids(mbbls/day) Natural gas(mmcf/day) Average(mboe/day) Total Production Crude Oil(mbbls/day) Natural Gas Liquids(mbbls/day) Natural Gas(mmcf/day) Average(mboe/day)

Operational Data – Oil & Gas Pricing Abu Dhabi National Energy Company PJSC (TAQA)May 11, Average Realized Prices 3 months ended March North America Crude oil(US$/bbl) Natural gas liquids(US$/bbl) Natural gas(US$/mcf) Average(US$/boe) Europe Crude oil(US$/bbl) Natural gas liquids(US$/bbl) Natural gas(US$/mcf) Average(US$/boe)

Operational Data – Oil & Gas Netbacks Abu Dhabi National Energy Company PJSC (TAQA)May 11, Operating Netbacks 3 months ended March North America Gross price Royalties Net sales price Operating costs Operating netback Europe Gross price Royalties 0.00 Net sales Operating costs Operating netback