[ABU DHABI NATIONAL ENERGY CO]

Abu Dhabi National Energy Co PJSC “TAQAUH” (Aa3 (s) by Moody's and AA- (s) by Fitch) hit the market today with US$1.75bn 144a/Reg S (Cat 2) 2-part sr notes (7yr due 10/9/31 and L12yr Green due 3/9/37). CoC at 100. A “Change of Control” shall occur if the Emirate of Abu Dhabi, including, without limitation, any agency of its government or any entity controlled by it, at any time ceases to own and control (directly or indirectly) more than 50 per cent. of the economic and voting rights in respect of the Issuer. Governing Law: English Law. UOP: 7yr: GCP; L12yr Green: Financing eligible green projects as described in prospectus. Investor Presentation: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=0e13cf42 (Recommended) OR visit www.netroadshow.com and enter the entry code: taqa24 (not case-sensitive). Pricing 10/02. Settles 10/9 (T+5).

BOC/Barc/Citi (B&D)/FAB/JPM/MIZ/MUFG/Natixis as JBRs/JLMs. Joint Green Structurers: Citi/FAB/MUFG.

Announced overnight with benchmark size, we heard initial thoughts as 7yr 120a; L12yr 140a.

Guidance came in at 7y T+90-95; L12yr Green T+110-115.

Ultimately, a $1.75bn deal was launched $900m 7yr at T+85bp; $850m L12yr Green at T+105bp. *BOTH TRANHES INSIDE GUIDANCE**

PRICED:
$900m 4.375% 10/9/31 99.292 4.494% T+85.
$850m 4.75% 3/9/37 99.236 4.833% T+105.

As for r/v, outstanding TAQAUH was quoted as follows:

TAQAUH 2.000% due 04/29/28 T+75bp (G76; $92.41) - $750m pxd Apr 2021
TAQAUH 4.375% due 01/24/29 T+73bp (G73; $100.31) - $500m pxd Apr 2023
TAQAUH 4.875% due 04/23/30 T+74bp (G72; $102.74) - $1.0bn pxd Apr 2018
TAQAUH 4.696% green due 04/24/33 T+75bp (G82; $100.95) - $1.0bn pxd Apr 2023
TAQAUH 6.500% due 10/27/36 T+92bp (G83; $116.15) - $1.5bn pxd Oct 2006
TAQAUH 4.000% due 10/03/49 T+99bp (G96; $83.95) - $500m pxd Sept 2019
TAQAUH 3.400% due 04/29/51 T+96bp (G94; $75.17) - $750m pxd Apr 2021

** 7yr – Looking at the most recent bonds above, (Jan ‘29s G73; Apr ‘33s G82) the 2031 maturity should land around 79bp. At the T+85bp pricing level, 7YR CONCESSION IS 6BP.
** 12yr – Working off the most recent ‘33s at G82 add 3bp to get to T+85 current 10yr f/v + 15bp 10s/12s = T+100bp. At the T+105bp pricing level, 12YR CONCESSION IS 5BP.

The proximity to the current conflict may have caused TAQA to pay a bit more than they usually do today.

Iran on 10/01 fired approx. 200 missiles into Israel in retaliation for Israel’s campaign of strikes against Hezbollah – including the killing of its leader. Netanyahu vowed to respond, calling the attack a “major mistake”. Iran has warned Israel of a subsequent “crushing response” if Israel retaliates. Today the Israel military said that infantry and armored units were joining ground operations in southern Lebanon.

When TAQAUH hit the market in 2023 it came in with a neg 10bp NIC on the Jan 29s (book was 11.30x covered) and a neg 5bp NIC on the Apr ‘33s (book was 7.25x covered)

When it hit the market in 2021 it came in with a flat NIC on the 2.00% due Apr 28s and a flat NIC on the 3.400% due Apr 51 (didn’t catch a book on this one for some reason).

FINAL BOOK:

$900m 7yr - $2.400bn (2.67x) – PEAK $2.500BN
$850m 12yr - $2.600bn (3.06x) – PEAK $2.600BN