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Investor Presentation May 2017 May 2017 Oman Electricity Transmission Company Fixed Income Investor presentation May 2020 Disclaimer IMPORTANT: You must read the following before continuing. This presentation has been prepared solely for


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May 2017

Investor Presentation

May 2017

Oman Electricity Transmission Company Fixed Income Investor presentation

May 2020

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Disclaimer

IMPORTANT: You must read the following before continuing. This presentation has been prepared solely for information purposes. By attending this presentation you agree to be bound by the following limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained herein has been prepared by and is the responsibility of Oman Electricity Transmission Company S.A.O.C (OETC), solely as an update about the activities and operations of OETC. This document and any question and answer session that follows the oral presentation does not constitute an offering document and no offer or invitation to sell,

  • r any solicitation of any offer to subscribe for or purchase, any securities and nothing contained herein shall form the basis of any contract or commitment or

investment decision whatsoever. The information presented herein is not an advertisement and does not comprise a prospectus under any jurisdiction. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. While OETC believes it has accurately reproduced and sourced any third party information included herein from publicly available information that it believes to be reliable, it has not independently verified such information and neither can or does guarantee its accuracy. The information herein has not been reviewed or approved by any rating agency, government entity, regulatory body or listing authority and does not constitute listing particulars in compliance with the regulations or rules of any stock exchange. Neither OETC nor its affiliates shall have any liability or responsibility whatsoever (in negligence, tort, contract or otherwise) for any loss, damage or other results howsoever arising, directly or indirectly, from any use of, or reliance on, this presentation or its contents or otherwise arising in connection with this presentation. Some of the statements contained in this presentation constitute forward-looking statements with respect to the business, financial condition and results of

  • perations of OETC and certain of the plans, intentions, expectations, assumptions, goals and beliefs OETC regarding such items. Statements that are not

historical facts are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue” “should”, “will continue”, “may”, “is likely to”, “plans” or similar terminology, including variations and the negatives thereof. Viewers of this presentation should be aware that forward-looking statements are not guarantees of future performance and that OETC’s actual business, financial condition and results of operations, as well as the development of the industry in which it operates may differ significantly from those made in or suggested by the forward-looking statements contained in this presentation. Forward-looking statements involve inherent risks and uncertainties. OETC does not make any representation, warranty or prediction that the results anticipated by such forward- looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Forward-looking statements speak only as of the date that they are made and neither OETC nor its affiliates undertake to update any forward- looking statements in light of new information or future events. Nothing in this presentation should be construed as legal, tax, regulatory, accounting or investment advice or as a recommendation or an offer, commitment, solicitation or invitation by OETC or its affiliates, or any other person, to purchase securities from or sell securities to you, or to underwrite securities, or to extend any credit or like facilities to you, or to conduct any such activity on your behalf.

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Investor Relations

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Oman Electricity Transmission Company

OETC commenced its commercial operations in 2005. The company is the sole transmission operator in Oman providing electricity transmission and dispatch in the Main Interconnected System (MIS) and in the Dhofar region covering 95% of Oman’s electricity market

OETC is responsible for:

  • Providing the link between electricity generation companies,

distribution companies and directly connected customers

  • Owning, operating and maintaining the transmission system

assets

  • Managing the flow of electricity across the network in order to

maintain reliable and safe supply of electricity

OETC operates under a transparent and supportive regulatory system, which implements price controls through the Authority for Electricity Regulation (AER)

AER sets the price controls every three/four years. Current price control period started in 2019 and is applicable until 2022

▪ Shareholders: 51% government owned (50.99% indirectly via

Electricity Holding Company and 0.01% held by Nama Shared Services LLC and Numo Institute for Competency Development LLC, each own 0.005%)3. And 49%4 private owned (48.999% held by State Grid International Development Limited (SGID) a wholly

  • wned subsidiary of the State Grid Corporation of China and

0.001% held by SGID Singapore Oman Asset Private Limited).

Overview Current Structure of Nama Holding and SGID

Notes: (1) Operates in generation, transmission and distribution (2) EHC holds 98.9% stake in Dhofar Power (3) The AGM/EGM has approved the transfer of the MoF shareholding of 0.01% (now held by Numo Shared Services LLC and Nama Institute for Competency Development LLC, both these companies are owned by EHC) to another GRE as part of restructuring of Govt’s shareholdings in all Govt companies (4) Including 1 share for SGID Singapore Oman Asset Private Limited Rural Area Electricity(1) Generation Transmission Distribution Planning & procurement OETC Mazoon Electricity Muscat Electricity Majan Electricity Dhofar Power(2) OPWP 100% SGID (State Grid International Development) SGID Singapore Oman Asset Private Limited 48.999% EHC [Nama Holding] Government Ownership 50.99% 0.005% Rural Area Electricity(1) Rural Area Electricity(1)

A natural monopoly position in Oman’s electricity transmission with 51% government ownership

Nama Shared Services LLC Numo Institute for Competency Development LLC Ministry of Finance (MoF) 0.005% Private Ownership 0.001%

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Nama Holding

Nama Holding is a joint-stock company, registered in the Sultanate of Oman. The company commenced its commercial

  • perations on 16 September 2003 and holds the shares of the

Government in subsidiary companies. NG’s key roles and responsibilities consist in:

  • Supporting

and implementing government privatization policies for the electricity and water sector.

  • Implementing the Government’s policy electricity and related

water sector, and maintaining the Government’s interests therein.

Nama Group (NG) was established as a result of restructuring

  • f the electricity and related water sector in 2004 and

commenced its commercial operations on 1 May 2005.

NG’s operations are spread across generation, procurement, transmission, distribution and supply of electricity and related water services in the Sultanate.

Overview

Nama Holding adheres to stringent corporate governance practices and standards to ensure consolidation of business objectives across all levels of the Group

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State Grid International Development

State Grid International Development Co., Ltd. (SGID), a wholly-owned subsidiary of State Grid Corporation of China (State Grid), was set up in June 2008, responsible for State Grid's overseas investment in and operations of energy assets.

As the operating arm of State Grid's international business, SGID adheres to the principle of extensive consultation, joint contribution, shared benefits, openness, inclusiveness, and win-win cooperation. Leveraging State Grid’s substantial strength, state-of-the-art technologies, management expertise, and powerful brand, it carries

  • ut equity investment, greenfield projects, and assets operation and management in

global energy markets. SGID is committed to building a world-class energy multinational with strong growth momentum and market competitiveness.

Since its establishment, SGID has successfully acquired stakes of the National Grid Corporation of the Philippines (NGCP), Redes Energéticas Nacionais, SGPS, S.A. (REN) in Portugal, ElectraNet in Australia, SGSP (Australia) Assets Pty Ltd (SGSPAA) in Australia, AusNet Services Limited (AusNet) in Australia, HK Electric Investments (HKEI) in Hong Kong SAR, CDP Reti in Italy, CPFL Energia in Brazil, Independent Power Transmission Operator S.A. (IPTO) in Greece, Oman Electricity Transmission Company SAOC (OETC) in Oman, Chilquinta Energía S.A. in Chile and 100% stakes of 14 Brazilian concessionaries of power transmission. It has also won bids for the Teles Pires Hydropower Transmission Project, and the Belo Monte Hydropower UHV DC Transmission Project in Brazil (PhaseⅠand Ⅱ) among other greenfield projects. The company's total overseas assets amounted to nearly $42 billion in 2019.

As a responsible shareholder, SGID runs its overseas assets in a sound and efficient manner, and receives sustained returns on investment. It has also enabled steady progress in greenfield projects. Leveraging State Grid’s brand and expertise in technology and management, SGID shares technologies and experience with its partners to jointly enhance the performance of overseas assets. Step by step, SGID has forged win-win cooperation with stakeholders to increase the corporate value of its invested enterprises.

Overview

SGID adheres to the corporate spirit of “in search of excellence, and a philosophy of seeking shared growth”

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Operational highlights of Oman Electricity Transmission Company

Operational Highlights

Transmission network comprises 93 grid stations interconnected by a network of 132kV, 220kV and 400kV

  • verhead lines and underground cables

Source: Company annual reports and filings

System Availability

99.7% 99.2% 98.5% 98.8% 98.3% 97.8% 98.5% 99.2% 2012 2013 2014 2015 2016 2017 2018 2019

Revenue Breakdown by Customer Type (YE 2019)

Distribution companies 97.6% Generation companies 1.1% Directly connected customers 1.2%

Total: OMR129.9mm

▪ OETC expanded its transmission network to 7,300Km as of 2019

up from 3,806Km in 2010 implying a 7% CAGR

▪ Regulated asset base of OMR 1,026m as of 2019 ▪ Total value of connection assets OMR 286.2m as on 2019 for 33

connected customers which represents 22% of total assets.

  • OETC’s assets include certain customer funded assets, which

are assets that are constructed solely for the benefit of OETC’s customers and paid for by those customers

▪ A total of 49 transmission projects are planned over a five year

period.

▪ OETC’s focus will continue to be on improving the reliability of the

network by effective capital investment and asset management.

Transmission Energy Loss

2.70% 2.70% 2.10% 1.60% 1.65% 1.64% 1.36% 1.21% 2012 2013 2014 2015 2016 2017 2018 2019

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Business Highlights

Focus on increasing efficiency with support from the Shareholder

OETC is focusing on improving efficiency across all business areas and to realise the benefits of strategic initiatives

Obtained accreditation for ISO 55001:2014 in (Asset Management System) from May 2019 up to May 2022, ISO 14001 in (Environment Management System) from September 2018 to February 2022, ISO 45001:2018 (Occupational Health and Safety Management System) from December 2019 to September 2021 & ISO 27001:2013 in (Information Security Management System) from August 2018 to October 2021. Supportive Regulatory Framework

Autonomous Regulator continues to oversee Electricity Sector in Oman since 2005

Current Price Control cycle for 2019-22 (PCR5) started with effect from 1st January 2019 to 31st December 2022. PCR 5 reflects a higher WACC compared to previous cycle (revised to 5.1% from earlier 4.8%)

Focus by the regulator on increasing the efficiency of licensees through introduction of efficiency factor in PC calculations (CPI- X regulation where value of X factor for efficiency is currently set at 1% on opex for OETC)

Maximum Allowed Revenue (MAR) provided to OETC is intended to allow it to continue and complete its capex program

Regulatory updates Business updates

Operate within a clearly defined price control and subsidy framework that has been in place since 2005

Cost Reflective Tariff (CRT) introduced for large industrial and commercial consumers with effect from 1st January 2017, which will impact subsidy for these consumers

Electricity subsidy to Distribution Cos.

Taxation changes

New VAT introduction

All GCC countries including Oman are preparing for introduction of VAT. Accordingly, KSA & UAE have implemented VAT effective from January 2018. Tentatively this will be applicable in Oman during 2021. Oman VAT Regulations are not published yet by Taxation Authorities.

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Transparent and supportive regulatory system

Source: Authority for Electricity Regulation report Notes: (1) Pass through costs include licence fee and GCCIA.

Cost of Equity Cost of Debt Gearing Weighted Average Cost

  • f Capital

Capex Depreciation Regulated Asset Base Return on RAB Depreciation Opex Maximum Allowed Revenues

OETC operates under a transparent and supportive regulatory system, which implements price controls

The MAR is the primary factor driving OETC’s revenue

MAR is a form of price-cap regulation that limits the revenue that OETC can recover each year

It is effected by the AER through the charge restriction conditions imposed on the operations of OETC in its Licence.

The formula for calculating MAR is designed to allow OETC to cover the costs of operations and to earn a reasonable commercial rate of return on invested capital

The AER sets the MAR every three/four years based on a formula set out in the Licence consisting of numerous factors including:

▪ Opex and capex, investment return on RAB, depreciation of

assets, weighted average cost of capital, pass through costs, such as the AER Licence Fee

Setting the MAR requires forecasts of transmission system maximum demand and units transmitted in each year of the MAR

  • period. The present value of expected costs (capital costs,
  • perating costs, and capital employed) for meeting forecast

demand is derived using pre-tax weighted average cost of capital

Current Price Control cycle for 2019-22 started with effect from 1st January 2019. Pass through costs(1)

OETC operates within a clearly defined price-control and subsidy framework that has been in place since 2005

RAB (Opening balance) MAR = Opex allowance + Return on RAB + Depreciation + Pass through costs

Overview of the Maximum Allowed Revenue (MAR) Mechanism Components of the MAR Mechanics

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Indicative example of MAR computation for transmission business

Source: Financial model

1 Including RAB for MIS and Dhofar

Year x OMR M Opex allowance 20 Less: Opex which will be realized through connection charges O&M: 20% approx. 4 OPEX allowance eligible for MAR 16 Capex allowance 105 Opening RAB1 655 Add: Capex additions 105 Less: Depreciation (22) Closing RAB 738 Average RAB (op. 655 + clos. 738) / 2 697 WACC % 5.1% ROI (expected EBIT) 36 Expected EBITDA = Expected EBIT (36) + Depreciation (22) 58 Expected Gross Revenue excluding pass through costs = Expected EBITDA (58) + Opex allowance eligible (16) for MAR 74 Add: Pass through costs licence fee and GCC IA costs 2 Maximum allowed revenue 76

1 2 3 4 5 6 7

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A clearly defined payment framework

Source: 2013 annual Authority for Electricity Regulation report

Authority for electricity regulation (via the Sector Law)

Generation Transmission Distribution User end consumer Ministry of Finance (MoF)

Procurement

OPWP

Electricity flow Payment flow MoF subsidy payments to distribution companies based on the Maximum Allowed Revenue framework Tariff payments OPWP (sole bulk buyer and seller of electricity) makes bulk purchase of electricity Transmission Connection Charges + Transmission Use of System Charges Transmission Connection Charges Private Generation Companies Oman Electricity Transmission Dhofar Power Majan Electricity Mazoon Electricity Muscat Electricity Rural Electricity Residential Commercial Government Industrial

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Consistent track record of operational & financial performance

High levels of reliability, availability and safety in providing electricity transmission services in Oman

21,040 21,898 26,799 30,616 31,910 33,877 35,326 35,452 2012 2013 2014 2015 2016 2017 2018 2019 4,448 4,634 5,708 6,239 6,657 6,870 6,922 7,108 2012 2013 2014 2015 2016 2017 2018 2019 (GWh)

Total Output (RUT) Peak Load No of Grid Stations

(MW) 55 57 70 72 81 87 89 93 2012 2013 2014 2015 2016 2017 2018 2019

(2)

Sources: Company annual reports and filings

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▪ EBITDA figures include other revenues1 ▪ Increase in 2019 EBITDA due to increase in Transmission Use of System Revenue and slight reduction in G&A costs. ▪ Decrease in net income from 2014 to 2018 mainly due to increasing finance charges related to Lamar I bond of USD 1bn raised i n 2015, Omgrid bond USD 500mm raised in 2017 and increasing depreciation.

Consistent track record of operational & financial performance (Cont’d)

OETC maintained profitability, with EBITDA margin of 86% in 2019

(OMR’000) 57,684 86,507 92,074 99,000 95,840 98,481 102,226 129,984 2012 2013 2014 2015 2016 2017 2018 2019

(2)

42,569 70,337 75,093 78,178 75,739 78,403 83,620 112,213 2012 2013 2014 2015 2016 2017 2018 2019

82% 80%

Margin: 74%

81% 82%

(OMR’000) 27,585 46,174(3) 44,460 41,684 34,636 16,985 22,927 42,135 2012 2013 2014 2015 2016 2017 2018 2019 CAGR: 5% Margin: 48%

53% 42%

(OMR’000)

79% 79% 36%

Revenues EBITDA Net income

48% 17% 86% 22% Sources: Company annual reports and filings

1 Other revenue include sale of scrap, contract forms and tenders, deferred revenue recognition from Government sponsored projects, write back of accruals/provisions and penalties, fines and forfeits

32%

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Capital expenditure program

Sources: Company annual reports and filings (1) Excludes OMR 49mm Dhofar Power Co. assets acquisition and OMR 9mm other assets acquisition in Dhofar transmission network in 2014

OETC operates the Extra High Voltage (EHV) transmission network covering over 95% of Oman’s electricity market in its two licenced areas

  • f Northern Oman (referred to as the Main Interconnected System or

MIS) and Southern Oman (Dhofar Governorate).

Transmission network connects electricity generators and distributors and other bulk consumers

Transmission network comprises 93 grid stations as at end of 2019, interconnected by 132kV, 220kV & 400kV overhead lines and underground cables

OETC expanded its transmission network from 3,806 km of power lines at the end of 2010 to over 7,300km at the end of 2019

During the years 2016 to 2019, OETC completed 48 major projects with total value of OMR 507mm comprising new grid stations, overhead transmission lines and underground cables

OETC is progressing with its capital expenditure programme which comprises 49 transmission projects over the next five years (2020-2024)

OETC has a budgeted capex program of OMR 534mm over the next five years (2020-2024) covering 242mm generation related, 275mm load, 11mm non-load related projects and 6mm common assets.

These projects are designed for the evacuation of new generation capacity and support load growth and system security

Significant capital expenditure program to support the growth of the electricity sector

67,474 76,020 106,454 111,776 132,184 183,565 141,725 62,931 2012 2013 2014 2015 2016 2017 2018 2019 (OMR’000) CAGR: -1%

(1)

Construction 22 Design 21 Planning 6 Total: 49 projects

Budgeted capex program of OMR534mm over the next five years (2020- 2024)

Overview of OETC Network Upgrading Transmission Network Historical Capex Annual Addition (VOWD) Project Pipeline Mix

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OETC maintains a strong financial profile

(OMR’000)

Despite the large capex program, OETC maintains a conservative funding strategy utilizing its strong equity base and an operating cash flows

(OMR’000) (OMR’000) (OMR’000)

Total Non-Current Assets Total Regulated Asset Base Total Equity Net Debt (1)

450,187 500,523 586,772 651,382 739,802 818,305 952,000 1,026,000 2012 2013 2014 2015 2016 2017 2018 2019 254,880 282,337 355,775 315,402 365,128 465,026 583,957 619,226 2012 2013 2014 2015 2016 2017 2018 2019 583,394 635,877 780,568 870,643 978,123 1,133,632 1,254,276 1,295,524 2012 2013 2014 2015 2016 2017 2018 2019 183,250 231,362 274,522 404,778 428,164 433,899 446,703 473,088 2012 2013 2014 2015 2016 2017 2018 2019

Sources: Company annual reports and filings Note: (1) Debt includes amounts due to holding company (up to 2014 before Balance Sheet Restructuring)

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49% 47% 57% 57% 58% 2015 2016 2017 2018 2019

Financial Ratios

Debt equity ratio Net debt to EBITDA Net debt to fixed asset Debt service coverage ratio

4.0 4.8 5.9 7.0 5.5 2015 2016 2017 2018 2019 6.6 4.9 3.2 2.9 3.9 2015 2016 2017 2018 2019 36% 37% 41% 47% 49% 2015 2016 2017 2018 2019

OETC maintains good financial health and long-term sustainability

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Key investment highlights

▪ Both operational and legal monopoly in the electricity transmission business in Oman ▪ Sole licensee from the Regulator (AER) for provision of electricity transmission and dispatch services

in northern Oman and in the Dhofar Governorate in southern Oman, covering about 95% of Oman’s electricity demand Natural Monopoly

1

▪ 51% government ownership, with indirect support mandated by law ▪ Four of the Seven members of the board of directors of OETC are linked to Government ▪ Four of the Five members of the board of directors of EHC are Government officials

51% Government Ownership

2

▪ Low business risk as OETC has a natural monopoly position in electricity transmission and dispatch ▪ Operates within a clearly defined price-control and subsidy framework that has been in place since

2005. Transparent and Supportive Regulatory System

3

▪ High cash flow visibility given 100% stable transmission / distribution activities, low exposure to

commodity risks and with low operating risks High Visibility of Cash Flows

4

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Appendix

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Key articles governing the sector law

Source: Authority for Electricity Regulation annual report

68 18 4

Availability of financial subsidy to licensed suppliers from Ministry of Finance Strong barriers to entry Management

  • versight

Article Article 66

The Electricity Holding Company shall undertake to hold the shares

  • f the government in the following

companies: (a) The Oman Power and Water Procurement Company SAOC; (b) The Oman Electricity Transmission Company SAOC; (c) The Wadi Al Jizzi Power Company SAOC; (d) The Al Ghubrah Power and Desalination Company SAOC; (e) The Mazoon Electricity Company SAOC; (f) The Majan Electricity Company SAOC; (g) The Muscat Electricity Distribution Company SAOC; and (h) The Rural Areas Electricity Company SAOC. “The Ministry of Finance shall pay the value of the annual financial subsidy to Licensed Suppliers after the calculation of such subsidy in accordance with the following: (a) The Authority shall assess the level of allowed revenue in the relevant year the earning of which was available to each Licensed Supplier where he has effectively discharged his obligations specified in this Law and his Licence; (b) The Authority shall determine the value of revenue represented by the amounts, which have to be collected by the Licensed Supplier in the relevant year where he has effectively discharged his

  • bligations specified in this Law and his Licence;

(c) The Authority shall calculate the difference between the assessments specified pursuant to paragraph (a) and (b) and approve such difference in its Annual Report, and if the assessed value pursuant to paragraph (b) (representing the revenue collected from customers and others) is less than the assessed value pursuant to paragraph (a) (representing the allowed revenue) the Ministry of Finance shall be obliged to pay such difference to the Licensed Supplier and this Ministry shall specify the time and the manner of such payment which shall be, at least, every three months during the relevant year; (d) The Authority shall calculate any differences between the assessments being prepared for the preceding year and what has been actually available for collection by the licensee in such year in the light of relevant circumstances, and the Authority shall notify the Ministry Of Finance about the methodology of calculating the differences pursuant to the provisions of this Article and shall include such methodology in the Annual Report mentioned in Article (29) of this Law.” “Each of the companies stipulated in Article 66 of this law shall have a board of directors constituted by a decision of the Ministry of Finance after the approval of the council of ministers.” “It shall not be permissible for any Person to undertake any of the regulated activities stipulated in the preceding Article without obtaining a Licence or Exemption from the Authority, and the undertaking of the licensed activity shall be by the licensee in accordance with the terms, periods and rules contained in this law and pursuant to the contents of the Licence or Exemption.”

22

(10)

Ensuring financial & technical capability by the Authority

“The Authority shall: (10) Ensure the financial and technical capability of Licensees”

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Financial highlights

Balance Sheet For the Year Ended 31 December

(OMR’000) 2019 2018 2017 2016 2015 Assets Non-current assets Property, plant and equipment 1,272,122 1,244,922 1,133,632 978,123 870,643 Right of use assets 13,816 – – – – Contract Assets 9,586 9,354 Total non-current assets 1,295,524 1,254,276 1,133,632 978,123 870,643 Current assets Contract Assets 150 146 – – – Inventories 5,504 4,952 4350 4,413 4,580 Trade and other receivables 19,866 12,309 32,335 36,882 39,000 Other current assets 1,781 1,872 – – – Short term deposits – – 108,000 10,088 65,000 Cash and cash equivalents 21,083 813 1,259 7,059 1,481 Total current assets 48,384 20,092 145,944 58,442 110,061 Total assets 1,343,908 1,274,368 1,279,576 1,036,565 980,704 Equity and Liabilities Capital and reserves Share capital 225,000 225,000 225,000 225,000 225,000 Legal reserve 75,000 75,000 75,000 75,000 75,000 General reserve 250 250 250 250 250 Retained earnings 172,838 146,453 133,649 127,914 104,528 Total equity 473,088 446,703 433,899 428,164 404,778 Non-current liabilities Long term borrowing 575,236 574,770 574,285 382,275 381,883 Provisions 1,015 1,005 1,063 1,041 981 Deferred tax liability 73,191 64,364 54,759 37,846 32,100 Deferred revenue 64,294 65,710 67,404 69,353 70,916 Lease liabilities 13,140 – – – – Trade and other payables 7,433 12,785 18,108 12,827 12,890 Contract Liability 6,621 5,377 – – – Total non-current liabilities 740,930 724,011 715,619 503,342 498,770 Current liabilities Deferred revenue 2,175 2,252 2,152 1,928 1,500 Trade and other payables 57,492 89,504 127,109 102,404 74,058 Lease liabilities 966 – – – 394 Provisions 553 388 418 348 289 Short-term borrowings 65,073 10,000 – – – Other current liabilities 2,121 – – – – Provision for taxation 1,344 1,344 379 379 915 Contract Liability 166 166 – – – Total current liabilities 129,890 103,654 130,058 105,059 77,156 Total liabilities 870,820 827,665 845,677 608,401 575,926 Total equity and liabilities 1,343,908 1,274,368 1,279,576 1,036,565 980,704 Sources: Company annual reports and filings

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For the Year Ended 31 December (OMR’000) 2019 2018 2017 2016 2015 Revenue 114,936 88,884 98,481 95,840 99,000 Operating costs (38,575) (33,669) (30,323) (29,077) (26,856) Gross profit 76,361 55,215 68,158 66,763 72,144 General and administrative expenses (17,105) (17,397) (17,699) (16,951) (17,470) Provision (for) /Reversal of impairment on financial asset (80) 141 Other income 1,905 1,928 1,546 1,583 2,081 Profit from operations 61,081 39,887 52,005 51,395 56,755 Finance income 15,105 14,460 1,857 970 713 Finance costs (25,224) (21,475) (19,964) (11,983) (10,021) Profit before tax 50,962 32,872 33,898 40,382 47,447 Taxation (8,827) (9,945) (16,913) (5,746) (5,763) Profit for the year and total comprehensive income 42,135 22,927 16,985 34,636 41,684

Financial highlights (cont’d)

Statement of Cash Flows Income Statement

For the Year Ended 31 December (OMR’000) 2019 2018 2017 2016 2015 Cash generated from operations 69,374 59,375 111,228 105,107 73,685 Net cash used in investing activities (62,818) (30,804) (279,407) (77,162) (176,776) Net cash from financing activities 13,737 (29,016) 162,379 (22,367) 104,568 Net changes in cash and cash equivalents during the year 20,293 (445) (5,800) 5,578 1,477 Cash and cash equivalents, beginning of the year 814 1,259 7,059 1,481 4 Cash and cash equivalents at the end of the year 21,107 814 1,259 7,059 1,481

Sources: Company annual reports and filings

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Thank you