Energy

Spotlight on NEOM's Green Ammonia Export Megaproject 3 We are advi sing NEOM on all aspects of i ts $ 6.5 bi lli on world-scale green hydrogen and green ammoni a product ion f acility. The proj ect i s powered by 4 G W of renewable electricit y and i s both t he largest renewables proj ect i n hi st ory, as well as t he largest hydrogen plant and t he largest ammoni a plant i n hi story. The proj ect i s a j oint venture between NEOM Company (our cli ent ), Air P roducts and ACWA Power. L ocat ed at NEOM i n t he K ingdom of S audi Arabia, t he f acility wi ll produce green hydrogen and green am m onia f uels i n various f orms f or export t o global markets. O ur w ork on t he project also i ncludes advisi ng on all aspect s of t he f i nancing, w hi ch wi ll be one of t he largest proj ect f i nancings ever i n t he Mi ddle East, as well as t he f irst proj ect f inanci ng of a green energy export project. We are proud t o be advising NEOM, t he developer of t he ground-breaki ng NEOM m egaproject on t he R ed S ea i n nort hwest S audi A rabia. NEOM will i nclude t owns and ci ti es, port s and enterprise zones, research centers, sport s and entert ai nment venues and t ouri st destinati ons. It i s a centerpiece of Saudi Arabia's 2030 V isi on plan t o grow and di versify t he Saudi economy and posit ion t he country t o play a leading role i n global development. It ai ms t o bui ld a new model f or sustainable li ving and worki ng. B ACK G R O UND TO THE P R OJ ECT Announced June 2020 Scheduled to be onstream in 2025 Involves approx. 4 GW of captive greenfield wind and solar generation 2.2 GW of electrolysis using Thyssenkrupp technology Located in NEOM, a new $500 billion city being developed in Northwest Saudi Arabia, bordering Jordan and the Red Sea To produce 1.2 million tons per year of green ammonia using Haldor Topsoe technology NEOM, ACWA and Air Products each own one third of the Project Air Products to offtake 100% of green ammonia for distribution around the world to produce green hydrogen for the transportation market WE HAVE AD VIS E D O N ALL AS P E CTS O F P RO J ECT HE LIOS , INCLUD ING Initial MOU 1 JV structuring 2 IP licensing 4 Marketing and regulatory matters (including interaction with European regulation such as RED II, as well as regulation in the United States and key Asian countries) 5 Offtake 6 Utilities supply 7 Land arrangements 8 Export arrangements 9 Ensuring bankability of documents for project financing 10 Project financing process 11 O&M arrangements 12 EPC, including electrolyser and ammonia loop procurement 3

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