[PPT] - Arab Petroleum Investments Corporation A Multilateral Development PowerPoint Presentation

SLIDE 1 1 APICORP | Investor Presentation April 2020

Arab Petroleum Investments Corporation

A Multilateral Development Bank (MDB)

April 2020

SLIDE 2 2 APICORP | Investor Presentation April 2020

Disclaimer

THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY JURISIDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES. This document has been prepared by Arab Petroleum Investments Corporation (the “Company”) solely for use at the investors’ presentation held in relation to a possible debt offering. Prior to transacting with the Company, you should consult with your own professional advisors and ensure that you fully understand the terms of any transaction and any applicable risks. This document and any information provided at this presentation or in this document is confidential proprietary information and is being made available

n a strictly confidential basis. All material contained herein and all information disclosed in connection with this presentation, including any proposed terms and conditions, is in summary draft form, is for discussion purposes only, is subject to correction, update and

change, and is strictly not to be relied upon for any purpose whatsoever. It does not purport to contain all information required to evaluate the Company and/or its financial position and, in particular, is subject to completion, amendment, revision, verification, correction and updating in its entirety. This document and the information contained herein may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person (whether within or outside such person's organization or firm) or published or used in whole or in part, for any purpose. If this document has been received in error, it must be returned immediately to the Company. Neither this document nor the meeting at which it is presented constitute a recommendation regarding any loans or securities of the Company or any of its subsidiaries. This presentation should be read in conjunction with any announcement released by, or document published by, the Company in connection with the transaction, available at www.apicorp-arabia.com. This presentation is not, and should not be construed as, a prospectus or offering circular, is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. Any decision to purchase securities in any offering should be made solely on the basis of information contained in any prospectus or offering circular that may be published by the Company in final form in relation to any proposed offering. The information contained in this document and provided at the presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. The Company has not decided finally whether to proceed with any offering of securities. Such a decision would be taken only after assessing a number of criteria, including feedback and prevailing market conditions. If a decision is made to proceed with a transaction, the offer to acquire securities pursuant to the transaction would be made, and any investment decision should only be made on the basis of information contained in such prospectus or offering circular. If published, any such prospectus or offering circular would include a description of risk factors in relation to an investment in the Company. The prospectus or offering circular would supersede all information provided to you before the date of such document, and your investment decision, if any, would have to be made only

n the basis of the information contained therein. You should conduct your own independent analysis of all relevant data provided in any prospectus or offering circular and you are advised to obtain independent expert advice as to the legal, tax, accounting,

financial, credit and other related aspects before making any investment decision. The presentation includes market share and industry data obtained by the Company from industry publications and surveys and internal surveys. The Company may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from publicly available sources. As a result, neither the Company, the Banks or any of their or their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ advisors, representatives, directors, officers, employees or agents are able to verify such numerical data, market data and other information and assume no responsibility for the correctness of any market share or industry data or other information included in this document or provided at the

presentation. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the

markets in which the Company operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy

r completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained herein. Certain figures contained in this presentation, including financial information, have been

subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this presentation may not confirm exactly to the total figure given. Certain information contained at this presentation is based on management accounts, current financial statements and estimates of the Company and has not been audited or reviewed by the Company's auditor. Recipients should not place any reliance on this information. This document has not been reviewed or approved by any regulatory or supervisory authority. The views reflected herein are solely those of the Company and are subject to change without notice. All estimates, projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance. This document and the presentation speak, as of the date hereof, does not purport to be comprehensive and have not been independently verified and no representation, warranty, or undertaking, express or implied, is made by Credit Agricole Corporate & Investment Bank, Standard Chartered Bank, HSBC Bank plc or J.P. Morgan Securities plc (together, the “Banks”), the Company nor any of their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ directors,

fficers, employees, shareholders, advisors, representatives or agents as to the truth, fullness, fairness, accuracy, completeness or correctness of the information (or whether any information has been omitted) or the opinions contained in this document or provided

at the presentation or in any question-and-answer session that follows the presentation. No reliance should be placed on the accuracy, completeness or fairness of such information or opinions for any purpose whatsoever, including but not limited to any investment

considerations. To the fullest extent permitted by law, none of the Banks, the Company nor any of their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ advisors, representatives, directors, officers,

employees, shareholders or agents shall have any responsibility or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents, or for information or opinions or for any errors, omissions or misstatements contained herein, or from any use of any information provided at the presentation or otherwise arising in connection with this document or the presentation at which it was presented. This presentation may include forward-looking statements that reflect the Company’s intentions, beliefs or current expectations. Forward-looking statements involve all matters that are not historical by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “target”, “believe” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could prove to be wrong. Any forward- looking statements made by or on behalf of the Company speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR INFORMATION ONLY AND DOES NOT CONTAIN ALL OF THE INFORMATION THAT COULD BE MATERIAL TO AN INVESTOR IN THE COMPANY.

Disclaimer

THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY JURISIDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES. This document has been prepared by Arab Petroleum Investments Corporation (the “Company”) solely for use at the investors’ presentation held in relation to a possible debt offering. Prior to transacting with the Company, you should consult with your own professional advisors and ensure that you fully understand the terms of any transaction and any applicable risks. This document and any information provided at this presentation or in this document is confidential proprietary information and is being made available on a strictly confidential basis. All material contained herein and all information disclosed in connection with this presentation, including any proposed terms and conditions, is in summary draft form, is for discussion purposes only, is subject to correction, update and change, and is strictly not to be relied upon for any purpose whatsoever. It does not purport to contain all information required to evaluate the Company and/or its financial position and, in particular, is subject to completion, amendment, revision, verification, correction and updating in its entirety. This document and the information contained herein may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person (whether within or outside such person's organization or firm) or published or used in whole or in part, for any purpose. If this document has been received in error, it must be returned immediately to the Company. Neither this document nor the meeting at which it is presented constitute a recommendation regarding any loans or securities of the Company or any of its subsidiaries. This presentation should be read in conjunction with any announcement released by, or document published by, the Company in connection with any possible transaction, available at www.apicorp.org. This presentation is not, and should not be construed as, a prospectus or offering circular, is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. Any decision to purchase securities in any offering should be made solely on the basis of information contained in any prospectus or offering circular that may be published by the Company in final form in relation to any proposed offering. The information contained in this document and provided at the presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. The Company has not decided finally whether to proceed with any offering of securities. Such a decision would be taken only after assessing a number of criteria, including feedback and prevailing market conditions. If a decision is made to proceed with a transaction, the offer to acquire securities pursuant to the transaction would be made, and any investment decision should only be made on the basis of information contained in such prospectus or offering circular. If published, any such prospectus or offering circular would include a description of risk factors in relation to an investment in the Company. The prospectus or offering circular would supersede all information provided to you before the date of such document, and your investment decision, if any, would have to be made only on the basis of the information contained therein. You should conduct your own independent analysis of all relevant data provided in any prospectus or offering circular and you are advised to obtain independent expert advice as to the legal, tax, accounting, financial, credit and other related aspects before making any investment decision. The presentation includes market share and industry data obtained by the Company from industry publications and surveys and internal surveys. The Company may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from publicly available sources. As a result, neither the Company, the Banks or any of their or their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ advisors, representatives, directors, officers, employees or agents are able to verify such numerical data, market data and other information and assume no responsibility for the correctness of any market share or industry data or other information included in this document or provided at the presentation. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the markets in which the Company operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained herein. Certain figures contained in this presentation, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this presentation may not confirm exactly to the total figure given. Certain information contained at this presentation is based on management accounts, current financial statements and estimates of the Company and has not been audited or reviewed by the Company's auditor. Recipients should not place any reliance on this information. This document has not been reviewed or approved by any regulatory or supervisory authority. The views reflected herein are solely those of the Company and are subject to change without notice. All estimates, projections, valuations and statistical analyses are provided to assist the recipient in the evaluation of the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance. This document and the presentation, as of the date hereof, do not purport to be comprehensive and have not been independently verified and no representation, warranty, or undertaking, express or implied, is made by Citi, Goldman Sachs International and Standard Chartered Bank (together, the “Banks”), the Company nor any of their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ directors, officers, employees, shareholders, advisors, representatives

r agents as to the truth, fullness, fairness, accuracy, completeness or correctness of the information (or whether any information has been omitted) or the opinions contained in this document or provided at the presentation or in any question-and-answer session

that follows the presentation. No reliance should be placed on the accuracy, completeness or fairness of such information or opinions for any purpose whatsoever, including but not limited to any investment considerations. To the fullest extent permitted by law, none of the Banks, the Company nor any of their respective subsidiary undertakings or affiliates, or their or their respective subsidiary undertakings’ or affiliates’ advisors, representatives, directors, officers, employees, shareholders or agents shall have any responsibility or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents, or for information or opinions or for any errors, omissions or misstatements contained herein, or from any use of any information provided at the presentation or otherwise arising in connection with this document or the presentation at which it was presented. This presentation may include forward-looking statements that reflect the Company’s intentions, beliefs or current expectations. Forward-looking statements involve all matters that are not historical by using the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “target”, “believe” and similar expressions or their negatives. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could prove to be wrong. Any forward- looking statements made by or on behalf of the Company speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY FOR INFORMATION ONLY AND DOES NOT CONTAIN ALL OF THE INFORMATION THAT COULD BE MATERIAL TO AN INVESTOR IN THE COMPANY.

Disclaimer

SLIDE 3 3 APICORP | Investor Presentation April 2020

APICORP Overview

APICORP Highlights

The Arab Petroleum Investments Corporation (APICORP) is a multilateral development bank rated Aa2 by Moody’s, established on November 23, 1975. Its incorporation is in accordance with a multilateral agreement between the governments of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). APICORP is headquartered in Dammam, Kingdom of Saudi Arabia, and has a branch in the Kingdom of Bahrain, regulated by the Central Bank of Bahrain

APICORP is independent in its administration and in the performance of its activities and carries out its

perations on a commercial basis while developing Member Countries’ economies

Objective Vision Mission Strategy APICORP’s core objective is financing energy projects and industries. In addition APICORP also invests in projects and industries ancillary to or associated with its core objective with the priority being Arab joint ventures benefiting the member states while enhancing their capability to utilize energy resources and to invest their savings in such ways so as to strengthen their economic and financial potential To facilitate sustainable development of Arab energy-related industries through strategic, long-term financial and advisory partnerships To provide Arab energy-related commercial organizations with a competitive advantage through the provision of value-adding services, including equity investment, debt financing, advisory and industry research APICORP is a multilateral development bank that contributes to the growth, development and transformation of the Arab energy industries by providing the following services:



Debt funding in the form of Project Finance, Asset Finance and Structured Trade Finance



Financial structuring and advisory services



Equity funding to companies and projects



Industry and Economic research

Source: APICORP, Moody’s

SLIDE 4 4 APICORP | Investor Presentation April 2020 Introduction to APICORP, its Footprint, and Key Characteristics

General Overview

01

Review of Key Financial Indicators

Core Activities

02

Overview of Key Business Lines

Financial Performance

03

Agenda

Brief on the Governance Structure & Risk Management practices at APICORP

Governance & Risk Management

04

APICORP in the Capital Markets

05

Overview of Capital Markets Activity and Strategy

SLIDE 5 5 APICORP | Investor Presentation April 2020

General Overview

01

SLIDE 6 6 APICORP | Investor Presentation April 2020

APICORP at a Glance

Sovereign-owned MDB established by International Treaty and headquartered in Saudi Arabia

100% owned by OAPEC governments
Granted rights and privileges of a national company within shareholding countries including Saudi Arabia
Exempted from all restrictions related to currency control, convertibility and transfer of funds, as well as duties and public financial costs

Solid Investment Grade Credit Profile

"Aa2“ (Long term), "P-1"(Short term),
On October 10, 2019 Moody’s upgraded APICORP’s rating from Aa3 to Aa2 with a Stable outlook - Since June 2010, when APICORP was

initially rated A1 – APICORP has, despite regional stress, witnessed two upgrades (A1 to Aa3 in Sept 2012) Proven Track Record of Shareholder Support

Recent landmark capital raise increased APICORP’s callable capital to $8.5bn from $1bn, authorized capital also increased to $20bn, and

subscribed capital to $10bn

Pledge and undertaking from shareholders to support APICORP, jointly and severally

Supranational Immunity and Privileged Status

APICORP benefits from supranational immunity privileges and holds preferred creditor status

High Commitment to Member Countries

Leading name in MENA energy-related project development and finance and preferred partner for government-sponsored energy projects
Leader in financing the wider energy sector of the Arab world for over 45 years, and leader in transitioning to low carbon economy in Member

Countries

Retains flexibility to invest in projects outside of Member Countries

Sustained and Strong Financial Performance

Consistently profitable
Averaging US$132.6mn net profit over the past 3-years (2017-2019). Profit for 2019: US$112mn

Solid Capitalization and Low Leverage

Capital Adequacy (T1&T2) of 29.6% (FY2019)
Total Liabilities / Total Equity of 213% (FY2019)

Quality Asset Portfolio with Minimal NPLs

NPLs : 0.38% of Total Loans (US$14.7mn) (FY2019)
Provision Coverage 350% (FY2019)

Credit Highlights

Source: APICORP FY2019 Financial Statements, APICORP Press Release, Moody’s

SLIDE 7 7 APICORP | Investor Presentation April 2020

APICORP at a Glance

APICORP is a Multilateral Development Bank established to foster the development of the Arab energy industry

Who We Are

■ Kuwait 17% ■ Saudi Arabia 17% ■ UAE 17% ■ Libya 15% ■ Qatar 10% ■ Iraq 10% ■ Algeria 5% ■ Bahrain 3% ■ Egypt 3% ■ Syria 3%

Shareholding Structure

45 years of Strong Performance and Consistent Profitability

The Arab Petroleum Investments Corporation (“APICORP”) was created in accordance with an international agreement between its ten member states in 1975 as a multilateral commercially-focused financial institution that can help provide distinct and efficient financing solutions to the Arab energy industry. It is headquartered in Dammam, Saudi Arabia, and maintains a banking branch in Bahrain. Source: APICORP Website

SLIDE 8 8 APICORP | Investor Presentation April 2020

Strength of Member Country Support

Solidarity

Shareholder Share Rating (Moody’s)

Saudi Arabia 17% A1 (stable) Kuwait 17% Aa2 (RUR) United Arab Emirates* 17% Aa2 (stable) Libya 15% NR Iraq 10% Caa1 (stable) Qatar 10% Aa3 (stable) Algeria 5% NR Bahrain 3% B2 (stable) Egypt 3% B2 (stable) Syria 3% NR

Weighted Average Shareholder Rating (Moody’s)

Baa2 *Abu Dhabi Rating

As of 2019, 61% of APICORP’s shares were held by countries rated A and above

Majority of APICORP’s shareholding Member Countries are highly-rated sovereigns 17% 17% 17% 15% 10% 10% 5% 3% 3% 3% Saudi Arabia Kuwait UAE* Libya Qatar Iraq Algeria Bahrain Egypt Syria

On April 20, 2020, APICORP’s General Assembly ratified a landmark increase in callable capital to $8.5bn from $1bn

Source: Moody’s, APICORP Website

SLIDE 9 9 APICORP | Investor Presentation April 2020

APICORP vs. Highly-Rated Supranational MDBs

Profitability and Asset Quality are APICORP’s Key Strengths

(Bn. US$) APICORP IBRD AfDB ADB AIIB EBRD IADB ISDB NDB CAF Final Rating Aa2 Aaa/AAA/ AAA Aaa/AAA/ AAA Aaa/AAA/ AAA Aaa/AAA/ AAA Aaa/AAA/ AAA Aaa/AAA/ AAA Aaa/AAA/ AAA AA+/AA+ Aa3/A+/A+ Total assets 7.3 403 47 192 20 71 129 31 10 40 Purpose-related exposure 6.4 192 29 114 3 34 105 22 7 26 Adjusted common equity (ACE) 2.3 42 10 51 20 19 33 12 10 12 Liquidity coverage 12 months (x) 1.7* 1.2 1.7 1.8 7.3 1.2 1.4 1.2 1.9 1.7 Impaired loans / total (%) 0.4 0.2 2.6 4.6 2.6 N.M. 0.5 Risk-Adjusted Capital ratio (RAC) (%)

28

21 40 186 29 23 35 79 17 ACE / adjusted total assets (%) 32 10.4 21.3 26.6 99.7 26.3 25.4 39.6 95.6 29.6 Gross debt / adjusted total assets (%) 68 51.6 71.0 47.2 N.M 65.9 69.7 53.6 8.0 58.8 Net income / average ACE (%) 4.8 1.7 0.6 1.5 1.6 1.3 2.6 3.7 1.7 2.0 The majority of APICORP’s shareholding Member Countries are highly-rated sovereigns *Moody’s definition of 16-months cash outflows, excludes deposits from outflows Note: Figures shown are based on S&P rating methodology and may not correspond with prospectus. APICORP figures as of FY 2019, others as of FY 2019 (latest available). Source: S&P, APICORP financial statements, Moody’s Rating Reports

SLIDE 10 10 APICORP | Investor Presentation April 2020

Governance & Risk Management

02

SLIDE 11 11 APICORP | Investor Presentation April 2020

Governance and Management

Sustainability is in APICORP’s DNA

Social:

Annual Budget allocation for

Corporate Social Responsibility Initiatives;

Supporting Skilled

development through Donations to SPSP Education and Training Center (KSA).

ESG is embedded within APICORP’s DNA

Board & Management:

Board and Management

Committee charters renewed;

Effective Board oversight

through 5 annual meetings;

Expanding Executive

Management team. Employees:

Enhancing Gender Diversity

at workplace (Female co- workers made up 25% of

Exec. Mgmt., and 15% of

total workforce);

20 nationalities in the

workplace. Workplace:

Improved

physical environment and workplace facilities. Policies:

Approved

Employee Code of Conduct. Framework:

Revised Key

Policies (Risk Appetite, ALM, Capital Adequacy, Leverage). Renewables:

Wind Farm Equity Investment (Jordan);
Wind Power Project (Spain);
Solar Energy Projects (Jordan);
Renewables Projects (UAE);
Energy Efficiency (Bahrain).

Recycling:

Waste-to-

Energy Project (Kuwait);

Sewage Water

Treatment (KSA). ESG Due Diligence:

New credit

assessment process includes ESG due diligence.

Source: APICORP

SLIDE 12 12 APICORP | Investor Presentation April 2020

Senior Management:

EMC: Effective overall management
Management Sub Committees:
CIC – Credit and Investment Oversight
ALCO – Asset-Liability Committee
RMC – Risk Management Committee
TBC – Procurement

Corporate Governance Six Pillars recommended by BIS & OECD

Governance and Management

Governance Framework in-line with Best Practices

Disclosure & Transparency:

Governance coverage on Annual

Report & Website

Implementation of IFRS 9
External rating
Listing in international markets

Risk Management & Internal Controls:

Board Approved Policies (New Risk

Appetite Framework, ALM Policy, Leverage Policy, Capital Adequacy Policy)

Outsourced Internal Audit function

to Big 4 audit firms

Board Practices:

Board Charter
Board Sub Committees:
BARC – Financials, Risk & Audit
BRNC – Remuneration & Governance
Establishment Agreement
Authority Matrix
Highly supportive Board which convenes 5 times annually;
Representation from all shareholders (except Syria);
Commitment to adopt best practices (e.g. Basel, External Rating Agencies, Central

Banks, etc.);

Enhanced focus on Risk Management effectiveness through separation of RALCO

into a dedicated Risk Management Committee and an Asset-Liability Committee.

Key Highlights: Senior Management

Business

activities consistent with approved strategy, risk appetite & polices Board Practices

Overall

responsibility

Oversight of

Senior Management

Qualified

Members

Governance

practice for its

wn work

Risk Management & Controls

Independent

Risk, Compliance & Internal Audit function

Functions have

sufficient authority, resources & Board access

Effective

internal controls Compensation

Board’s
versight on

compensation practice

Compensation

aligned with prudent risk taking Complex Corporate Structures

Understanding
f Overall

corporate structure

Ensure

corporate structure does not involve undue or inappropriate complexity Disclosure & Transparency

Governance

practice is adequately transparent to depositors, stakeholders and market participants Source: APICORP

Work Environment:

Employee Practice (Code of Conduct,

Grievance & Whistleblowing Policy)

Compensation Practice: Aligned with

strategy & prudent risk taking

SLIDE 13 13 APICORP | Investor Presentation April 2020

Risk Management

Risk Management Framework

Risk Management quarterly reports to the Risk & ALCO Committee and Board Audit and Risk Committee In addition to reporting on the corporation’s risk appetite, Risk Management regularly comments on the corporation’s risk limits, loan portfolio, investments portfolio, treasury portfolio, market and liquidity aspects, funding aspects, and any

perational risk incidents.

Actively promoting the Risk Culture Quarterly reporting to RMC, ALCO and BARC Periodic Stress testing and Rating Simulation Risk Analytics and Awareness Ongoing monitoring of APICORP’s limits Periodic review and update of APICORP Governance Framework Thorough review of Business transactions Policies & Procedures Ongoing review of risk appetite and benchmarking to best practices Portfolio Review

Risk Management framework is benchmarked to industry best practices

RAROC – Risk Based Pricing Model;
Business Continuity Management;
New sector and industry classification;
New ALM framework and Leverage

Policy;

Revised Risk Appetite Framework and

Capital Adequacy Policy;

IFRS 9 Implemented (policy and

systems) - forward looking provisions.

Key Highlights: Risk Appetite Strategy Business Plan

Capital

adequacy

Leverage

Profitability Capital Structure Asset Quality Funding & Liquidity Strategy Reputation

NPL
Provision coverage
Portfolio rating
RoE, RoA
Cost to income
Net interest

margin

Reputational

scorecard

LCR
LAR/Survival horizon
Funding mix
Corporate rating
Asset growth
Concentration
Strategic scorecard

Risk Appetite Source: APICORP

SLIDE 14 14 APICORP | Investor Presentation April 2020

03 Core Activities

SLIDE 15 15 APICORP | Investor Presentation April 2020

Actively manages APICORP’s loans

and investments portfolio post disbursement.

Drives exit strategies and portfolio

performance.

Portfolio Management

Core Activities

What We Do

Focuses on captive private equity

transactions.

Through direct investments and

selectively via funds, we acquire stakes in high-quality private businesses with clear potential for growth and value creation.

Investments

APICORP provides financing

solutions for government and private entities through project & trade financing and working capital facilities.

Focus on funding select projects in

the wider energy sector.

Corporate Banking

Treasury proactively ensures that

APICORP is adequately funded through diversified sources of funds.

Manages the liquidity

requirements of APICORP.

Treasury and Capital Markets

EESS conducts industry research,

publishes investment outlook, and monitors APICORP’s sustainability aspects.

Energy Research & Sustainability

OUR LINES OF BUSINESS

Source: APICORP

SLIDE 16 16 APICORP | Investor Presentation April 2020

Core Activities

Total Asset Composition

38% 10% 9% 9% 7% 5%

Top Country Exposures (FY2019)1

Saudi Arabia Qatar Egypt United Arab Emirates Bahrain Oman 32% 22% 16% 13% 6% 11%

Exposure by Sector (FY2019)

Energy Material Financials Utilities Industrials Sovereign & Public Finance

Core Business Segment Amount (US$ mn) 2017 Amount (US$ mn) 2018 Amount (US$ mn) 2019 2019 % Internal Rating Asset Growth 2017 –2019 Corporate Banking 3,105 3,653 3,698 51.55% A 19.10% Investments 1,143 1,030 1,032 14.38%

(9.71%)

Treasury 2,004 2,267 2,444 34.07% A 21.96% Treasury (Excl. Placements & Cash) 1,491 1,471 1,789 N/A A 19.99%

1Data as of 2019 and excludes Treasury Placements & Cash Source: APICORP Financial Statements

SLIDE 17 17 APICORP | Investor Presentation April 2020

Corporate Banking

Quality and Structure of the Loan Book

16% 58% 26%

Loans by Country Rating

AAA to AA Countries A to BBB Countries Non Investment Grade Countries

The mission of the Corporate Banking team is to play an instrumental and leading role in the structuring and arrangement of debt finance in order to support the development and

transformation of the Arab energy industry worldwide;

APICORP offers both conventional as well as Islamic financing solutions to our core clients who are the local, regional and international energy players active in the Arab world;
Our suite of products include funded and unfunded solutions that are typically in project, asset based and trade & commodity finance deals;
In addition to the above suite of products, we complement our offering with financial advisory services.

42% 18% 16% 12% 11%

Top 5 Country Loan Exposures

Saudi Arabia Qatar United Arab Emirates Bahrain Egypt 13% 9% 12% 44% 22%

Loan Distribution by Industry

Chemicals Logistics Metals & Mining Oil, Gas Power 45% 24% 20% 11%

Loan Distribution by Sector

Energy Materials Utilities Industrials Source: APICORP, APICORP FY2019 Financial Statements

SLIDE 18 18 APICORP | Investor Presentation April 2020

Project Description

150 MW CSP Project, a greenfield IPP developed as the third project for the

Moroccan Agency for Solar Energy (MASEN) in a series of planned developments at the Ouarzazate Solar Complex;

APICORP structured and arranged a $120.7 million Equity Bridge Facility to finance

the equity commitment of ACWA Power in the Project. APICORP brought in Standard Chartered Bank and First Abu Dhabi Bank into the financing. Project Company ACWA Power Ouarzazate III SA Location Ouarzazate, Morocco Sponsors ACWA Power, Sener, MASEN Capital Offtaker MASEN Capacity 150 MW Technology Solar tower technology and molten salt thermal energy storage (7 hours) Project Cost US$862 million Commercial Operations Date Q2 2019

Corporate Banking

Select Renewables Projects

ACWA Power Ouarzazate III – Renewables in Non-Member Countries SHUAA ENERGY 2 – A Landmark Transaction

Project Description

800 MW PV Project, a greenfield IPP developed in Dubai by Masdar and EDF Energies

Nouvelles;

APICORP as Mandated Lead Arranger structured and arranged along with Export

Development Canada, Korea Development Bank, Siemens Bank GmbH, Natixis, Islamic Development Bank and Union National Bank, a $655 million limited recourse

facility. APICORP is also the Investment Agent of the Islamic tranche.

Project Company SHUAA ENERGY 2 Location Dubai, UAE Sponsors MASDAR, EDF Energies Nouvelles, DEWA Offtaker DEWA Capacity 800 MW Technology Photo-Voltaic – Single axis tracking system Project Cost US$942 million Commercial Operations Date 3 phases: Phase A – 200MW (April 2018); Phase B – 300MW (April 2019); Phase C – 300 MW (April 2020)

Source: APICORP Annual Report 2017, ACWA Power Annual Report 2017, EDF Press Release June 2017

SLIDE 19 19 APICORP | Investor Presentation April 2020

Corporate Banking

Select Renewables Projects

Project Description

Alfanar Company, a Kingdom of Saudi Arabia (“KSA”) family owned industrial

conglomerate, was awarded with the rights to develop 720 MW of wind technology in the auction launched on July 26, 2017, by Spain’s Ministerio de Energía, Turismo y Agenda Digital, as set out by RD 650/2017 of June 16 and

rder ETU 615/2017;
APICORP provided a $75 million Equity Bridge Facility to finance part of the

equity commitment of Alfanar Group in the Project;

The first phase, comprising 9 wind farms for a total installed capacity of 190.2

MW, reached financial close in 2019;

The second phase is scheduled to reach financial close in the coming months;
The Project, when completed, will lead to a CO2 reduction of 815,000

tons / annum.

Alfanar Wind Farm - Renewables Beyond MENA (Spain)

Geographical Location Huelva

Ayamonte / 26 MW La Vívora / 26 MW La Granada / 22 MW 1 2 3

Cádiz

El Barroso / 22 MW 4

Sevilla

Lomas Pinos / 34 MW Pinarejo 1 / 26 MW Pinarejo 2 / 22 MW 5 6 7

Asturias

Escorpio / 20 MW Leo / 17 MW Cassiopea / 39 MW Campón / 10 MW 16 17 18 19

Soria

Cabezuelas / 50 MW Pedrecha / 50 MW San Cristóbal / 50 MW Torrecilla / 50 MW 20 21 22 23

Granada

Melguizas / 36 MW Carricondo / 44 MW Blanco / 34MW 8 9 10

Almería

Los Balazos/ 34 MW La Colina / 20 MW Espilo / 34 MW Arce / 29 MW Parrancanas / 27 MW 11 12 13 14 15 8 9 10 11 12 13 14 15 1 2 3 4 5 6 7 16 17 18 19 20 21 22 23 Source: APICORP Press Release May 2019

SLIDE 20 20 APICORP | Investor Presentation April 2020

Equity Investments

The Equity Investments business focuses on captive Private Equity opportunities

Private equity investments undertaken by APICORP are in opportunities that support the growth and economic progress of its Member Countries, MENA region and the Arab region;
APICORP maintains a diversified equity portfolio, investing in opportunities that emphasize sustainable and socially responsible development;
APICORP invests alongside like-minded partners in high-quality private businesses with high growth potential.

66.2% 10.0% 7.8% 3.0% 2.7% 2.7% 2.5% 2.1% 1.2% 0.8% 0.7% 0.4%

Investment by Sub-Sector (FY2019)

Petrochemicals Oil & Gas Drilling Oil & Gas Marine / Shipping Power & Electricity Generation

Conventional

Cement Fertilizers & Agricultural Chemicals Oil & Gas Equipment & Services 32% 58% 1% 4% 6%

Investment by Industry (FY2019)

Energy Materials Industrials Utilities Financials Source: APICORP 67% 15% 9% 5% 2% 1% 1% 3%

Investment by Geography (FY2019)

Saudi Arabia Egypt North America United Kingdom Bahrain Tunisia UAE Others

SLIDE 21 21 APICORP | Investor Presentation April 2020

Equity Investments Portfolio

Current Portfolio

Source: APICORP INVESTMENT COUNTRY PRINCIPAL ACTIVITIES Fair Value (US$’000)

Ibn Zahr Saudi Arabia MTBE and Poly Propylene 424,000 Emethanex Egypt Production and marketing of Methanol 127,900 Yansab Saudi Arabia Production and marketing of Poly-Ethylene, Ethylene Glycol, Poly Propylene and other by-products 110,841 Taqa Saudi Arabia Drilling, geophysical, oil field services, manufacturing 87,467 Goldman Sachs Fund North America Current Portfolio includes 3 equity investment in O&G sector 54,225 Ashtead UK Provider of subsea equipment and services to the offshore oil and gas industry 38,537 Shuqaiq Saudi Arabia Water desalination and Power Plant 28,145 Mopco Egypt Production and marketing of Ammonia and Urea 26,828 AL-Khuref Kuwait Oil and gas services and facility management 27,644 ARAMCO Saudi Arabia Production and marketing of oil 21,888 Falcon Bahrain Production and marketing concrete products 17,138 SMI Saudi Arabia Manufacturer of engineering products and components 12,720 COMO UK Wellbore services 10,211 YDE UAE Installation, lease, operations and maintenance of solar PV panels 10,000 GC-16 JV Kuwait Oil and gas services and facility management 8,585 Tankmed Tunisia Storage and handling of petroleum products at La Skhira terminal 8,000 ADWOC Libya Owns and operates fleet of rigs & drilling services 7,223 IBN RUSHD Saudi Arabia Production and marketing of methyl tertiary butyl ether (MTBE) and polypropylene 7,773 IFC MENA Fund MENA Initial establishment of investment fund for regional opportunities 3,277 Total 1,032,402

SLIDE 22 22 APICORP | Investor Presentation April 2020

Liquidity and Funding

Highly Liquid

(US$ mn)

As of Dec 2019, APICORP’s Liquidity Ratio*

stood at 128%;

APICORP’s liquid Treasury assets have

migrated to more highly rated assets in the form of HQLA.

Key Highlights:

APICORP’s conscious improvement in Asset

& Liability Management has led to a healthy position in maturity matching;

Source: APICORP Financial Statements *Liquidity Ratio is defined as liquid assets / 18 months net anticipated cash flow requirements 1,268 1,442 1,495 63% 63% 128% 0% 20% 40% 60% 80% 100% 120% 140% 1,150 1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 2017 2018 2019

Availability of Liquid Assets

Liquid Assets Liquid Assets/18 Mths Net Cash Outflows 62% 66% 79% 27% 27% 19% 10% 7% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2017 2018 2019

Treasury Book by Rating

Rated A & above Rated BBB and Below Not Rated

SLIDE 23 23 APICORP | Investor Presentation April 2020

Dual Impacts of Oil Pressure / COVID-19

Impact on Investments and Operations

The MENA region is experiencing unprecedented challenges from COVID-19 compounded by the

recent oil market dynamics

The crisis has tightened external financing conditions for MENA countries, disrupting trade, supply

chains, and investment flows. Oil prices have affected the fiscal positions of high-grade energy exporting MENA countries that have looked to international markets to fund their widening deficits

APICORP’s role as a Multilateral Development Bank focused on the development of the energy

sector is of utmost importance to the containment and mitigation of economic consequences, especially in the highly energy-dependent MENA region MENA region is facing unprecedented challenges

APICORP has earmarked a US$500m countercyclical support package to be disbursed by 2020

year-end to support Member Countries during these times of crisis. The package will be deployed towards sustainable impact-driven projects by extending funding for projects and working capital within the areas of utilities, renewables, petrochemicals, amongst other energy sub-sectors

Unlike similar packages announced by APICORP’s MDB peers, APICORP is committed to disbursing

the full amount by year-end 2020

The counter-cyclical nature of APICORP’s interventions will allow Member Countries to better

weather the volatility in energy prices due to COVID-19 knock-on effects

APICORP will continue to play an important role in the low-carbon footprint energy transition in its

Member Countries

ESG considerations will continue to guide APICORP’s support in its Member Countries

APICORP stands ready to play a significant role to help the region weather this period APICORP’s Strong Position to Provide Support in Times of Challenge APICORP is in a good position to help MENA countries tackle COVID-19, with a resilient and stable credit profile supported by high quality assets and resilient financing

Defensiveness of Asset Quality Traditionally Low NPLs Strong Underwriting Standards Resilient Project Financing Structures Conservative Provisions Preferred Creditor Status

APICORP’s low NPL ratio confirms the defensive nature of the

asset portfolio

APICORP’s traditionally low NPLs put APICORP on a

competitive footing versus peers, particularly in the energy sector in MENA countries

APICORP continues to maintain a conservative provisioning

policy in line with its risk management framework

APICORP’s Preferred Creditor Status in its Member Countries

allows APICORP to remain dynamic and resilient simultaneously

APICORP’s strong governance framework and robust risk

management policies ensure that strong underwriting standards are upheld

Structures embedded in the project finance portfolio are

inherently resilient through solid offtake contracts and experienced turn-key contractors Source: APICORP

SLIDE 24 24 APICORP | Investor Presentation April 2020

04 Financial Performance

SLIDE 25 25 APICORP | Investor Presentation April 2020

Financial Performance

Asset Growth and Net Income

Source: APICORP Financial Statements 6.24 6.95 7.35 103.7 182.2 111.9

50

100 150 200 250 5.60 5.80 6.00 6.20 6.40 6.60 6.80 7.00 7.20 7.40 7.60 2017 2018 2019 Net Income Total Assets

Assets Growth vs. Net Income Growth

Total Assets (US BNs) Net Income (US MNs) (US$ Billions) (US$ Millions) 1.66% 2.76% 1.52% 2017 2018 2019

Return on Assets

4.82% 8.40% 4.76% 2017 2018 2019

Return on Shareholder’s Equity

SLIDE 26 26 APICORP | Investor Presentation April 2020

Capital Adequacy

Leverage Position

APICORP has consistently maintained strong

Capital Adequacy Ratios;

Total Leverage Ratio has remained stable in line

with consistent growth in Equity from Retained Earnings;

MT / LT Debt to Equity ratio has improved

significantly since 2017 through improvements in our Funding Profile.

Key Highlights:

Source: APICORP Financial Statements (23%) Risk appetite level 27.76% 28.88% 29.55% 0.00% 10.00% 20.00% 30.00% 2017 2018 2019

Capital Adequacy Ratio (as per Basel)

1.90 2.07 2.13 1.17 1.65 1.81

0.50

1.00 1.50 2.00 2.50 2017 2018 2019

Leverage Trend

Total Leverage to Total Equity MTD / LTD to Equity

SLIDE 27 27 APICORP | Investor Presentation April 2020

Capital Adequacy

Asset Performance

Non-performing loans increased from

US$ 12.5mn to US$ 14.7mn (net increase of US$ 2.2mn) due to ORSSAL past dues moving to NPLs worth US$ 3.4mn; this was partially netted off with ADWOC’s repayment of past due amounts totaling US$ 1.2mn;

Higher provision coverage ratio based
n forward looking IFRS 9 policy.

*Development-related Assets “DRA” only include Gross Loans and Equity Investments (excl. Guarantees)

Key Highlights:

Source: APICORP Financial Statements 1.56% 0.28% 0.38% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2017 2018 2019

Non-Performing Assets / Dev. Assets*

SLIDE 28 28 APICORP | Investor Presentation April 2020

Financial Performance

Evolution in Shareholders Equity Positive evolution of capital in line with APICORP’s balance sheet growth; continuous Shareholder support

Callable Capital Growth

1,500 1,500 2,000 2,000 10,000 340 400 460 550 750 1,000 1,000 1,000 1,500 960 1,200 1,200 1,200 2,400 2,400 2,400 2,400 20,000

1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 1976-77 1981 1996 2003 2011 2014 2016 2019 2020 APR 2020 Subscribed Capital Paid up Capital Authorized Capital Callable Capital

Callable Capital increased to US$ 8,500m

25,000 20,000 15,000 10,000 APR 2020 (US$ mn) Capitalizations through Bonus Share issue Increased Subscribed Capital from US$ 1.5bn to US$ 2.0bn Increased Subscribed Capital from US$ 550m to US$ 1.5bn Increased Subscribed Capital from US$ 2.0bn to US$ 10.0bn Source: APICORP Annual Report and Press Release 2,150 2,267 2,351 2017 2018 2019

Shareholder’s Equity (US$ Millions)

SLIDE 29 29 APICORP | Investor Presentation April 2020

05 APICORP in the

Capital Markets

SLIDE 30 30 APICORP | Investor Presentation April 2020

APICORP in the Capital Markets

Capital Markets Strategy and Highlights

Diversifying our funding base to cover the U.S.,

Europe, and Asia;

Funding Products (i.e. Bonds, Formosa, Dim Sum,

FRNs, Sukuk etc.);

Funding programs have been updated and Non-

Deal Roadshows have been regularly conducted in 2019, prior to COVID-19;

Funding is done on a hedged basis per the ALCO.

Funding Highlights:

APICORP has accessed the capital markets as a key source of funding and aims

to continue issuing on a regular basis to address its funding requirements;

APICORP has a $3 billion GMTN program (listed in Ireland) and a Trust

Certificate Issuance Program, and has accessed the US$ 144A / Reg S market.

APICORP’s Key Capital Markets Objectives:

Regular Issuer in the International Capital Markets

APICORP aims to build a liquid traded curve as the basis for its future funding

requirements.

Build a Curve Issue in Benchmark Size

APICORP aims to issue benchmark-sized offerings on a regular basis;
Ongoing discussions to substantially increase the GMTN program size by 2021.

Currency Diversification

APICORP has previously issued in USD, CNY, and SAR and aims to continue to

tap new currencies and diversify its funding composition.

Obtain Additional Rating

APICORP is actively working on obtaining a second rating in H2 2020 and aims

to obtain a third rating by 2021. 78% 21% 2%

Funding by Currency (2019)

USD SAR CNY

Source: APICORP

SLIDE 31 31 APICORP | Investor Presentation April 2020

APICORP in the Capital Markets

Capital Markets Issuances over Time

APICORP has established itself as a regular issuer of debt instruments in the international markets with offerings in multiple currencies and products

2016 2017 2018 2019 2015

Amt Cur. Tenor Description 375 Mn SAR 2 yrs Term Deposit 50 Mn USD 3 yrs Bilateral Term Loan 146 Mn USD 2 yrs Term Repo 300 Mn USD 5 yrs 3rd Formosa Floating Rate Note 1.5 Bn SAR 5 yrs Syndicated Term Loan 1.5 Bn SAR 5 yrs Bilateral Term Loan 325 Mn USD 5 yrs 4th Formosa Floating Rate Note 100 Mn USD 5 yrs Bilateral Term Loan 1,821 Mn USD Total Amt Cur. Tenor Description 150 Mn USD 3 yrs Bilateral Term Loan 630 Mn CNH 3 yrs 1st China/Dim Sum Bond Issuance 150 Mn USD 3 yrs Bilateral Term Loan 75 Mn USD 3 yrs Bilateral Term Loan 750 Mn USD 5 yrs Conventional 144A Public Issuance 1,225 Mn USD Total Amt Cur. Tenor Description 105 Mn USD 5 yrs 2nd Formosa Floating Rate Note 375 Mn SAR 3 yrs Term Deposit 500 Mn USD 5 yrs 2nd Public Sukuk Issuance 705 Mn USD Total Amt Cur. Tenor Description 250 Mn SAR 3 yrs Private Placement Sukuk 300 Mn USD 5 yrs 1st Formosa Floating Rate Note 366 Mn USD Total Amt Cur. Tenor Description 500 Mn USD 5 yrs 1st Public Sukuk Issuance 500 Mn USD Total

1 1

Offe Offering

3

Offe Offerings

2

Offe Offerings

5

Offe Offerings

8

Offe Offerings Source: APICORP

SLIDE 32 32 APICORP | Investor Presentation April 2020

Mr. Burnell joined APICORP in

May 2006, and is the Deputy Treasurer in APICORP, as well as Branch Manager of APICORP’s Bahrain Branch.

Prior to joining APICORP, he

worked at the National Bank of Kuwait as Assistant General Manager – Treasury.

His experience spans more than

40 years in Treasury and Capital Markets, working in the U.S., UK and the GCC, covering the conventional and Islamic DCM and Loan markets. Richard Burnell Deputy Treasurer

APICORP Team

Experience and Strong Capital Markets Knowhow

Dr. Ayoub joined APICORP in June

2019 as Chief Financial Officer.

Prior to joining APICORP, he held

several senior roles at the Islamic Development Bank and was seconded to the Islamic Financial Services Board (IFSB) in Malaysia where he served as Assistant Secretary General.

Dr. Ayoub has a PhD in Finance

from Edinburgh Univ., a Master’s degree from Columbia Univ. and Bachelor’s degree from Baldwin Wallace Univ. He is also a CFA and CPA. Sherif Ayoub, Ph.D., CFA, CPA. Chief Financial Officer (CFO)

Mr. Farid joined APICORP in 1996,

and was promoted to Acting Executive VP – Treasury & Capital Markets before assuming his current role in June 2010.

Prior to joining APICORP, Mr. Farid

worked in a range of roles at Arab International Bank, including Head

f Fixed Income Investments from

1990 to 1996.

Mr. Farid has a Bachelor’s degree

and a Master’s degree in Business Administration from The American University in Cairo. Hesham Farid Treasurer

Dr. Karatas joined APICORP in

2020 as Senior Vice President.

Dr. Karatas previously worked at

the Asian Infrastructure Investment Bank, as well as at the Islamic Development Bank as Division Manager heading Treasury Investments. Dr. Karatas spent 12 years on Wall Street where he was last Head of U.S. Fixed Income Trading at Natixis.

Dr. Karatas also worked at Barclays

and, earlier, at Lehman Brothers.

Dr. Karatas has an MBA from Yale

Univ., a BA from Middlebury College, and a PhD from INCEIF. Abdullah Karatas, Ph. D. Senior Vice President

SLIDE 33 33 APICORP | Investor Presentation April 2020

Key Credit Highlights

Best-in-class MDB with a Focus on the Energy Industry

Sovereign-owned MDB Established by International Treaty & Headquartered in Saudi Arabia Solid Investment Grade Credit Profile Proven Track Record of Shareholder Support Supranational Immunity and Privileged Status High Commitment to Member Countries and ESG Principles Sustained and Strong Financial Performance Solid Capitalization and Low Leverage Highly Liquid with Quality Asset Portfolio and Minimal NPLs

1 2 3 4 5 6 8 7

SLIDE 34 34 APICORP | Investor Presentation April 2020

For queries please reach out to:

Thank you

Abdullah Karatas, Ph.D. Senior Vice President APICORP Mobile: +966 550 255 090 Email: akaratas@apicorp.org