Fuel retail | Visible industry-leading UAE retail fuel margins and high throughputs Stable and proven Margin downside Retail fuel margin Throughput per station regulatory environment protection Pricing mechanism Margin guarantee $0.13/liter* 12.4mL/pa** UAE pump prices are set Retail margin protection monthly by a committee in agreement with ADNOC which ADNOC Distribution is provides downside protection represented. Pump prices are and a margin floor, and offers benchmarked to market oil upside from inventory gains Global benchmark: Throughput drivers: prices Regulated industry margins Fuel demand Supply contract range from $0.01/liter to growing at a low single-digit % ADNOC Distribution $0.15/liter rate successfully renewed its Unregulated industry margins Low penetration supply agreement with determined by marginal-player UAE: ~4.5K vehicles / station ADNOC for a new 5-year term economics, which can be US, EU and China: ~1.9K effective through Dec. 2027 impacted by volumes, non-fuel vehicles / station retail contribution and cost inflation 21 * 2022: based on the UAE/KSA retail fuel volumes, excluding inventory movements. ** 2023: based on the UAE/KSA retail fuel volumes