Saudi Electricity Co. announces its Intention to commence holding calls with fixed income investors in preparation for potential issuance of International Green Sukuk

Element List	Explanation
Issuance Type	US$ fixed rate RegS Senior Unsecured International Green Sukuk.
Board Resolution Date	2020-02-05 Corresponding to 1441-06-11
Issuance Amount	Amount is subject to market conditions and SEC’s requirements.
Purpose of Issuance	To finance certain eligible green capital projects (as described in SEC’s Green Sukuk Framework (GSF)).
Approvals	Sukuk issuance will be subject to the approval of the relevant official authorities.

The stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance. Additional Information Saudi Electricity Co. (“SEC”), rated A- by Fitch (stable outlook), A- by S&P (stable outlook), and A2 by Moody’s (Negative outlook) has mandated HSBC and MUFG as Green Structuring Advisors along with First Abu Dhabi Bank (“FAB”), HSBC, J.P. Morgan, MUFG and Standard Chartered Bank as Joint Lead Managers to arrange a series of fixed income investor calls in Asia, Europe and the Middle East commencing on 9th September 2020.

SEC has recently released its GSF. The GSF has been prepared in accordance to ICMA Green Bond principles and in alignment with EU taxonomy regulation environmental objectives regarding mitigating climate change. The GSF has been independently reviewed and assessed by an international second party ESG verifier (Vigeo Eiris). The independent rating arrived at

a ‘reasonable’ assurance (the highest level of assurance) on the contribution of the contemplated Green Sukuk to sustainability.

For further details, the GSF and the second party opinion reports are available on the investor relations section of SEC’s website

https://www.se.com.sa/en-us/invshareholder/Pages/default.aspx

SEC has also recently released its 2019 ESG

report under the theme, "Empowering Future with Sustainable Energy”. The report includes SEC’s ESG framework which guides SEC’s Key ambitions towards sustainability, and reviews its key ESG achievements, milestones and performance indicators during the year 2019. The report is also available on the investor relations section of abovementioned SEC’s website.

The potential offering of the green Sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions.

SEC will announce further developments in due course

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.