Green Bond Fact Sheet

Majiid Al Futtaim Properties LLC

Date: 21/05/2019

Issue date: 14-05-2019 Maturity date: 14-05-2029 Tenor: 10Issuer Name

Majid Al Futtaim
Properties LLC

Amount Issued

USD600m

Country of risk

United Arab Emirates

CBI Database

Included

Issuer Type1

Financial Corporate

Bond Type

Sukuk

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☒ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☒ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Water & wastewater☒ Water distribution☒ Water treatment☒ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingMajid Al Futtaim has committed to publishing an annual report on the proceed allocationand environmental impact of its Green Eligible Project Portfolio. The allocation report willcontain• A list of Eligible Projects• The total amount allocated to each Eligible Project• The amount by Project Category, and• The balance of unallocated proceeds.
The impact report will provide details at the level of each Project Category. A list of possible
metrics for each category are listed on pages 8 and 9 of the issuer’s Framework. Majid Al
Futtaim will also commission an external review of its reporting from a third party, which
will be available under the sustainability section of the issuer’s website.

Company information

Majid Al Futtaim is an owner, operator, and developer of retail and commercial properties
in the Middle East & North Africa (MENA) region. Founded in 1992, MAF operates 40
shopping malls, hotels, and mixed-used developments, with further projects underway,
through its three operating subsidiaries: Majid Al Futtaim Properties, Majid Al Futtaim
Retail, and Majid Al Futtaim Ventures.

Firsts, records andcertifications

This is the first UAE sukuk from a financial corporate issuer, and only the second one out of
the country in total (after the National Bank of Abu Dhabi’s market entry in March 2017).

Proceeds description

The proceeds will be used to finance new and existing projects in four eligible categories:••••

Green buildings (certified to LEED Gold or BREEAM Very Good or above)
Renewable energy (wind or solar)
Sustainable water management, andEnergy efficiency (in buildings, with a minimum 20% improvement).

Specific eligibility criteria have been defined for each category, which are outlined on pp. 5– 6 of the issuer’s Green Finance Framework.

Climate Bonds view

Underwriters
Deal comments
Credit Rating

CBI are pleased to see more activity from a country (and broader region) whose economy
has traditionally relied heavily on fossil fuels. We hope the success of this issuer will spurothers to join the momentum. Majid Al Futtaim’s Green Finance Framework is robust withclear targets for each eligible project category. The issuer has also committed to obtaining
an external review of its post-issuance reporting from a third party, which will be madepublicly available. This is in line with existing market best practice and is a laudable
demonstration of the issuer’s efforts. The issuance is a great start toward a wider lowcarbon transition that is needed in the United Arab Emirates.

Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign