Commentary & Deal Flow

Allocations out in the system

Launched: 5yr: US$600m @ T+115 - Books >US$1.4bn (excl. JLM)
IPTs: 5yr: T+130a

• Issuer: Abu Dhabi Future Energy Company PJSC – Masdar
• Issuer LEI: 213800BBECR1I9FTPZ70
• Issuer Ratings: A1/AA-/AA- (Moody's/S&P/Fitch) (all stable outlook)
• Expected Issue Ratings: AA-/AA- (S&P/Fitch)
• Format: Reg S, Category 2, Registered Form
• Ranking: Senior Unsecured Bond
• Size: US$600 million
• Settlement Date: 29-Oct-26 (T+5)
• Maturity Date: 29-Oct-31
• Benchmark: 5 Year US Treasury (T 5.000% 30-Sep-31)
• Coupon: Fixed, semi-annual, 30/360
• Interest Payment Dates: Semi-annually on 29-Oct and 29-Apr in each year, up to and including the Maturity Date commencing on 29-Apr-27
• Redemption Price: 100%
• Use of Proceeds: An amount equivalent to the net proceeds will be applied by the Issuer to finance and / or refinance, in whole or in part, certain "Eligible Blue Projects" as described in the Issuer's Green Finance Framework
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• Put Options: Change of Control Put option in accordance with Condition 7.4(ii) of the Terms and Conditions
• Change of Control Redemption Amount: 100%
• Business Days: New York City
• Listing: London Stock Exchange's International Securities Market
• Clearing: Euroclear and Clearstream, Luxembourg
• Governing Law: English Law
• Documentation: The Issuer's US$6,000,000,000 Global Medium Term Note Programme
• SPO Provider for Green Finance Framework: Moody's Ratings
• Blue Structurer: Credit Agricole CIB
• Joint Lead Managers and Joint Bookrunners: Abu Dhabi Commercial Bank, BNP Paribas, Credit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan, Societe Generale
• B&D: J.P. Morgan
• Timing: Today's business
• Books Subject: 14:10 UKT / 17:10 UAE
• Allocations: To follow
• Stabilisation: ICMA/FCA applies
• ISIN / Common Code: XS3538133664 / 353813366
• NetRoadshow: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=a68c5b30 (Recommended) OR Visit www.netroadshow.com and enter the entry code: Masdar2026 (not case-sensitive)
• HR: 98% vs. CT5 (T 5 30-Sep-31)
• Deadline: 14.55 UKT