Commercial | Scale-up fuel, LPG and lubricants businesses in the attractive markets while exploring inorganic opportunities Main fuels LPG Lubricants Largest markets: Abu Dhabi and the Northern Emirates Largest cylinders markets: Abu Dhabi emirate - Dubai Demand driven by: higher population and number of Gasoil demand driven by: construction industry (65- emirate for bulk LPG cars 70%), heavy transport (15-20%) Demand driven by: Growing investments in industrial sector resulting in - industrial sector increased manufacturing & construction activities - construction of malls and hotels Growing logistics of raw materials and industrial - hospitality sector output drive demand for automotive & marine - single-owned restaurants (demand for cylinders) lubricants UAE diesel demand (mL) 5,010 UAE LPG demand (mL) 1,251 Lubricants Demand (mtpa) CAGR +3.0% 4,888 CAGR +2.5% 1,220 Asia Africa Middle East 4,768 1,190 CAGR +1.3% CAGR +1.3% CAGR +1.8% 4,651 1,173 4,483 1,138 15.8 16.8 4,332 1,102 7.3 7.6 2.3 2.6 1.76 1.9 8.5 9.2 0.6 0.7 0.4 1.7 1.9 0.4 2023 2024 2025 2026 2027 2028 1.4 1.5 2023 2024 2025 2026 2027 2028 2022 2028 2022 2028 2022 2028 Inland transport Inland trasport Non-transport 22 1. Frost and Sullivan (2021 study) Source: S&P Global Commodity Insights, ©2024 by S&P Global Inc.