Commentary & Deal Flow

Abu Dhabi National Energy Co PJSC (TAQAUH), exp Aa3 (s) by Moody's and AA- (s) by Fitch, US$1.75bn 144a/Reg S (Cat 2) 2-part sr notes (7yr due 10/9/31 and L12yr Green due 3/9/37). BOC/Barc/Citi (B&D)/FAB/JPM/MIZ/MUFG/Natixis as JBRs/JLMs. Joint Green Structurers: Citi/FAB/MUFG. 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).

IPT: 7yr T+120 area; L12yr T+140 area.

GUIDANCE: 7y T+90-95, L12y Green T+110-115.

UPDATE: 7y set at T+85, L12y Green set at T+105. Total deal size $1.75bn.

LAUNCHED:
$900m 7y at T+85.
$850m L12y Green at T+105.