Green Bond Fact SheetGreater Orlando Aviation Authority

Date: 17-Apr-2018

Issue date:03-Oct-2017 Maturity date: 01-Oct-2052 Tenor: 35Issuer NameGreater Orlando
Aviation Authority

Amount Issued

USD924m

Country of risk

USA

CBI Database

IncludedIssuer Type1

Local Government

Bond TypeUS MuniGreen Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

E1/78 (S&P Global Ratings)☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ 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☐ Wastewater
treatment☐ Water storage☐ Storm water mgmt
☐ 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☐ 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
Reporting

Proceed allocations will be reported quarterly through meetings open to the public. Metrics
for environmental impacts of the projects will be tracked only internally.

Company information

The Greater Orlando Aviation Authority operates the Orlando International Airport
and Orlando Executive Airport located in Florida.

Firsts, records andcertifications

This is the largest green bond from an issuer from Florida to date.

Proceeds description

The bond was issued to finance the construction of five new buildings (includingadditional terminal space and car park extension) and enabling works, and part of
the South Terminal Complex project at Orlando International Airport. The buildings
will be built to comply with the LEED Version 4 standards and are expected toobtain the Certified level of LEED ratings, which is the lowest of four levels. Theissuer aims at achieving a 20% energy efficiency improvement compared toexisting buildings.

Climate Bonds view

Targeting minimum levels of LEED certification is unambitious, especially incomparison to Mexico City Airport which is targeting LEED Gold and Platinum
certification levels for the upgrades funded by its two green bonds. The additionalenergy efficiency target provides some assurance on the energy performancecredentials of the buildings, but is on the low side: we prefer to see 25-30% or
higher targets.

Underwriters

RBC

Deal comments
Credit Rating

A+(S&P), A+ (Fitch), A1 (Moody’s)

Pricing summary
Investors summary

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