129

2021 INTEGRATED MANAGEMENT REPORT

ADJUSTED EBITDA EVOLUTION DEC20 - DEC21 ( M)

458

429 22 44

(18) (30)

905

2020 Adjusted EBITDA

Price effect

Volume Effect Opex Provisions and others

Currency 2021 Adjusted EBITDA

Adjusted EBITDA in the Exploration & Production segment amounted to 905 million in 2021, 98% higher than in 2020.

This increase was mainly due to the significant rise in crude oil realised prices, which had a positive impact of 429 million, and to the increase in crude oil volumes sold in MENA, with a favourable impact on the income statement of 22 million. The decrease in operating expenses due to the disposal of Coastal's assets, which were in terminal phase due to field depletion, had a positive impact of 44 million on the income statement.

Adjusted Net Profit for the year was positive in the amount of 144 million as compared with a loss in 2020.

Investments for the year related primarily to the development of the Sarb and Umm Lulu fields in Abu Dhabi, particularly the start- up of the Umm Lulu Super Complex and the development of the Timimoun gas field in Algeria.