Green Bond Fact Sheet

Mobilinx Hurontario General Partnership

Date: 04/11/2019

Issue date: 21-10-2019 Maturity date: 31-05-2054 Tenor: 35
Issuer Name

Mobilinx Hurontario
General Partnership

Amount Issued

CAD751m/USD572m

Country of risk

CanadaCBI Database

Included

Issuer Type1

Non-Financial
Corporate/ Loan

Bond TypeSr secured/ Project financeGreen Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

S&P (E1/87)☐ 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 emission
vehicles☒ 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

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ 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
ReportingCompany information

Metrolinx has provided expected environmental KPIs, but neither Mobilinx nor Metrolinx
have committed to report impacts or confirmation on the use of proceeds going forward.
However:Metrolinx plans to complete a one-time post in-service business case for Hurontario
LRT, to include an analysis of GHG emissions – approximately three years after
completion of construction.
Separately to this issuance, the Province of Ontario has issued and expects to issue
more green bonds to finance eligible green projects. One of those is the Hurontario
LRT system and, as such, the province expects to report on impact statistics on anannual basis.
Mobilinx Hurontario General Partnership (Mobilinx) is a public-private partnership with a
35-year availability-based concession from Metrolinx (Ontario’s regional transportation
authority) and Ontario Infrastructure and Lands Corp. (Infrastructure Ontario) to design,build, finance, operate, maintain and rehabilitate the Hurontario Light Rail Transit (LRT)
project. Mobilinx is owned by John Laing Investment (35%), Salini-Impregilo (21%), Astaldi
Canada Enterprise (14%), Hitachi Rail (20%), Amico Project Holdings (5%) and Transdev
North America (5%). Metrolinx and Infrastructure Ontario are both crown agents ofProvince of Ontario.
65% of this issuance is composed of a project finance loan, the remainder being themedium- and long-term bonds.

Firsts, records andcertifications

According to S&P, it is S&P’s first green evaluation on a public-private partnership.

Proceeds description

The proceeds will finance part of the Hurontario LRT concession project, which involves
18km of a new double-track light rail transit system from the Port Credit Government ofOntario transit station in Mississauga to the Gateway Terminal in Brampton, along with asemi-exclusive at-grade guideway in the centre of Hurontario Street and a LEED (silver)
certified operations, maintenance, and storage facility (OMSF) buildings. Bicycle paths will
also be built on both sides of Hurontario Street from Steeles to the Queensway. The OMSFbuilding will accommodate a fleet of 28 light rail vehicles, an operations control centre andfacilities to support the operation and maintenance of the project. 92.4% of the proceeds
will be spent on the light rail transit system and 7.6% on the OMSF building.
Once construction is complete, the project will use the completion payment from theconcession provider to repay the construction facility. During operation, the project will
rely on fixed availability payments to repay the medium- and long-term notes, including thefacilities evaluated.

Climate Bonds view

Investments in mass public transport, especially in urban environments, are urgentlyneeded. We are pleased to see another Canadian public authority backing such a project
via a long-term concession, following past issuances by the Province of Ontario itself (asmall portion of which actually financed this project) and several other public transport
investments in other Canadian cities. As a PPP, this is also an example of a multistakeholder approach, showing how private entities can be leveraged to deliver projects ofa public good nature.

Underwriters
Deal comments
Credit Rating
Pricing summaryInvestors summary

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