#1INVESTOR PRESENTATION August 2016 ADB Treasury Department www.adb.org/site/investors/main 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines 50 YEARS ADB#2Asian Development Bank Funding Operations Green Bond Framework Appendices 2#3ADB's Vision An Asia and Pacific region free of poverty ADB's Mission To help our developing member countries reduce poverty and improve quality of life ADB's Mode of Operation ADB finances projects and programs in the territories of its developing members. Main instruments comprise loans, equity investments, guarantees, grants, and technical assistance. ADB also provides policy dialogues and advisory services and mobilizes financial resources through its cofinancing operations. 3#4• OUR STRUCTURE An international development finance institution President Takehiko Nakao Headquartered in Manila, Philippines Founded in 1966 Owned by 67 members: 48 regional, 19 non-regional . 31 field offices¹ • 3,105 employees from 59 countries¹ 1/As of 31 December 2015 HOW WE HELPED IN 2015 Total approved financing² in 2015: $27.17 billion 2/ Includes Ordinary Capital Resources, Special Funds Resources and Cofinancing Operations Loans $15.455 million Cofinancing including Trust Funds $10,735 million Grants $365 million Guarantees $341 million Technical Assistance $141 million Equity Investments $134 million#5The Region's Poverty Challenge It remains home to half of the world's extreme poor 451 million in developing Asia live on $1.90 a day 260 million people lack access to improved drinking water supply 1.5 billion people are still without sanitation access 1 out of 24 children dies before reaching age 5 5#6ASIA AND THE PACIFIC IS CHANGING FAST AND SO IS ADB 2008 ADB's long-term strategic framework Strategy 2020 commits us to help the region and its people develop through: 2014 ADB's Midterm Review of Strategy 2020 sharpens our operational focus to better address the development challenges of a transforming region through: Inclusive economic growth Environmentally sustainable growth Regional integration Increased emphasis on inclusiveness Promoting innovation and resilience Strengthening support for middle-income countries 6#7ADF-OCR MERGER to Boost Support for Region's Poor ADB's Board of Governors recently approved a groundbreaking initiative to combine the lending operations of the bank's Asian Development Fund (ADF) with its ordinary capital resources (OCR) balance sheet. The merger will become effective on January 1, 2017. The merger will boost ADB's total annual lending and grant approvals to as high as $20 billion-50% more than the current level. ADB assistance to poor countries will rise by up to 70%. The merger will further strengthen ADB's creditworthiness and is perceived favorably by rating agencies: 1. Strengthen ADB's business profile (franchise value, etc.) 2. Enhance financial profile (almost triple OCR equity base) 3. Provide further diversification of OCR loan portfolio. 7#8Strong Shareholder Support a Non-Borrowing Shareholders Ratings² 2015 Borrowing Shareholders Ratings² 2015 Japan A1/A+ 15.6% People's Republic of China Aa3/AA- 6.5% United States Aaa/AA+ 15.5% India Baa3/BBB- 6.3% Australia Aaa/AAA 5.8% Indonesia Baa3/BB+ 5.5% Canada Aaa/AAA 5.2% Malaysia A3/A- 2.7% Republic of Korea Aa2/AA- 5.0% Philippines Baa2/BBB 2.4% Germany Aaa/AAA 4.3% Pakistan B3/B- 2.2% France Aa2/AA 2.3% Thailand Baa1/BBB+ 1.4% United Kingdom Aa1/AA 2.0% Bangladesh Ba3/BB- 1.0% Italy Baa2/BBB- 1.8% Others 5.4% New Zealand AAA/AA 1.5% Others 7.5% 27 Countries 66.7% 40 Countries 33.3% Totals may not add up because of rounding. 1/ Percent of Total Subscribed Capital as of 31 December. 2/Moody's and Standard & Poor's ratings are as of 28 July 2016. (Source: Bloomberg) 8 00#9Solid Capital Structure ADB has raised its capital base five times since 1966 Callable capital is available for the protection of ADB's bondholders Growth in ADB's capital base $ bn 180.0 GCI-V 149.3 ADB has never made a call on its callable capital 150.0 ADB Capital Structure as of 31 March 2016 120.0 90.0 Pre-GCI-V 54.9 $billion 60.0 GCI-IV 30.2 Paid-in capital 7.5 30.0 GCI-II GCI-III 11.5 GCI-I Callable capital 141.8 3.7 1.0 0.0 Subscribed capital 1971 1976 1983 149.3 ■Callable Capital 1994 Paid-In Capital 2008 Mar-16#10Approved Loans by Borrower Kazakhstan $4,383 mn Georgia $1,066 mn Azerbaijan $2,242 mn Mongolia $586 mn Uzbekistan $4,201 mn Armenia Kyrgyz Republic $20 mn $513 mn People's Republic Republic of Korea $6,335 mn Regional $192 mn Marshall Islands $4 mn Turkmenistan $125 mn Afghanistan $135 mn of China $33,600 mn Tajikistan $5 mn Nepal $49 mn Bhutan $121 mn Bangladesh $5,705 mn Taipei,China $100 mn Federated States of Micronesia $9 mn Lao People's Democratic Republic $214 mn Hong Kong, China $102 mn Cook Islands $41 mn Pakistan Republic of $16,703 mn India $36,937 mn the Union of Myanmar $349 mn Viet Nam $7,592 mn Singapore $178 mn Nauru $5 mn Philippines $15,463 mn Palau $56 mn Sri Lanka $3,135 mn TOTAL - $179.6 billion Cumulative, as of 31 March 2016 Cambodia $83 mn Thailand $6,545 mn Republic of the Maldives $12 mn Malaysia $1,994 mn Papua New Guinea $1,049 mn Indonesia $29,211 mn Timor-Leste $136 mn Legend: Fiji $420 mn $0 - $500 million $501-$2,000 million $2,001-$5,000 million $5,001-$10,000 million $10,001 - $15,000 million $15,001 million - and above 10#11Outstanding Effective Loans $90.8 billion¹ as of 31 March 2016 Others, 20.3% Viet Nam 61% Philippines, 7.2% Transport, 37.3% Pakistan, 8.0% People's Republic of China, 24.2% By Borrower By Sector Indonesia, 10.6% Others, 1.7% Education, 2.6% India, 23.3% Multi-Sector, 3.0% Agriculture & Natural Resources, 5-4% Energy, 21.9% Public Sector Management, 10.6% Water Urban Infrastructure, 9.1% Finance, &4% 1/Ordinary Capital Resources (OCR) Outstanding Effective Loans include Loans Outstanding at $63.1 billion (gross) and Undisbursed Effective Loans at $27.7 billion. Sovereign at $84.6 billion (93%) and Non-sovereign at $6.2billion (7%). 11#12Operation Portfolio¹ by Country 90.3% Sovereign, 9.7% Non-sovereign as of 31 March 2016 Others, 21.5% People's Republic of China, 24.8% Others 39.2% Pakistan, 7.3% Sovereign Philippines 3.4% Indonesia 4.0% Non- Sovereign India, 19.9% India, 22.1% Philippines, 10.4% Pakistan 5.9% Thailand 8.4% People's Republic of China, 19.2% Indonesia, 13.9% 1/ The sum of disbursed and outstanding loan balances, present value of guaranteed obligations and fair values of equities. 12#13High Asset Quality ADB lends primarily to the governments of member countries who afford ADB preferred creditor status. Sovereign' 93% O Fully Performing Loans 100% Nonsovereign 7% Loans in non-accrual status 0% ADB has strict policy with regard to non-accrual loans. If loan is overdue by: - 60 days — no new loans 90 days - suspension of disbursements 6 months non-accrual status - 1/ Includes Loans Outstanding and Undisbursed Effective Loans as of 31 March 2016. 13#14Conservative Financial and Risk Management Policies Balance Sheet Overview 31 March 2016 ASSETS Net Loans $63.1bn Investments $27.6bn Other 2 $34.9bn TOTAL = $125.6bn 136162 AMRY COME the M.72 8041.96 15609939 7001969 LIABILITIES & EQUITY Borrowings $71.5bn Equity $17.8bn Other 2 $36.3bn TOTAL = $125.6bn 1/ Net of allowance for loan losses and inclusive of net unamortized loan origination costs. 2/ Mostly derivative assets and liabilities. Net derivative liability is $1.7 billion. 14#15Asian Development Bank Funding Operations Green Bond Framework Appendices 15#16Agency Rating Fitch Ratings AAA Moody's Aaa Standard & Poor's AAA ADB as a Borrower ADB is a leading AAA borrower in international and domestic capital markets, having issued bonds across various markets in 32 currencies. Borrowings finance Ordinary Capital Resources (OCR) operations. OCR loans are generally made to developing members that have attained a higher level of economic development. ADB's debt securities carry the highest possible investment ratings from major international credit rating agencies. 16#17AAA Rating based on Strong Fundamentals STANDARD & POOR'S RATINGS SERVICES MOODY'S INVESTORS SERVICE Fitch Ratings "We base our ratings on AsDB on our assessment of its extremely strong business profile and very strong financial profile. We consider the unwavering public policy mandate and the preferred creditor treatment for the bank as key strengths. We expect the AsDB to maintain its healthy liquidity position, strong funding presence, and high capitalization level."- Standard and Poor's, July 2016 "The Asian Development Bank's (ADB) Aaa long-term issuer and debt ratings are supported by the bank's strong capital adequacy, ample liquidity buffers, and preferred creditor status. Strong shareholder support further enhances the ADB's robust financial performance. The bank's credit strengths, that have remained intact through recent periods of global and regional economic stress, have also been backed by prudent financial management.” - Moody's, July 2016 "Due to its preferred creditor status, AsDB enjoys extremely low levels of loan impairments. The average rating of loans is BBB- as of FY-2014, which compares favourably to AAA-peers, and reflects the excellent performance of its loan book (no impairment on its sovereign portfolio)." - Fitch Ratings, July 2015 17#18Selected Bond Issuances by ADB in Asia and the Pacific 2016 Singapore Hong Kong, China India Georgia 2015 Georgia SGD 100mn bond CNY 130mn bond INR 3bn bond GEL 64mn bond GEL 100mn bond 2005 People's Republic of China CNY 1bn bond Philippines Thailand PHP 2.5bn bond THB 4bn bond 2004 India Malaysia Singapore 1998 Australia INR 5bn bond MYR 400mn bond SGD 200mn bond AUD 1bn bond 2014 India Hong Kong, China 2013 Singapore INR 3bn bond CNY 1.0bn bond SGD 500mn bond 1995 Taipei,China Republic of Korea 2010 Hong Kong, China New Zealand 2007 Kazakhstan CNY1.2bn bond NZD 225mn bond KZT 6bn bond 1970 Japan NTD 2.6bn bond KRW 80bn bond JPY 6bn bond 18#19ADB Borrowings across Currencies United Kingdom Norway Netherlands Georgia Kazakhstan Canada United States Taipei,China Mexico Belgium Germany Turkey Japan Switzerland Luxembourg Kuwait Euro Italy Austria Saudi People's Republic of China Republic of Korea Arabia Hong Kong, China India Thailand Philippines Malaysia Singapore Australia South Africa OUTSTANDING BORROWINGS1 - $71.5 billion 1/As of 31 March 2016 New Zealand Brazil 19#20Funding Availability at all times Borrowing Program: 2005 - 2016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Amount 20 4 5 9 9 10 15 14 13 12 14 19 (actual, $ billion) (indicative) Benchmark issuance Public bond issues Structured private placements and other reverse inquiries Retail targeted transactions Local currency bond issuance ECP Program¹ Ensure availability of funds at all times to meet operational needs 1/ECP dealers include Banc of America Securities Limited, Barclays, Citibank, Goldman Sachs, ING Bank N.V., and UBS. 20 20#21Financing Instruments GLOBAL BENCHMARK BONDS Denominated in US Dollar and Euro In 2, 3, 5, 7 or 10-year maturities About $1 billion to $3.25 billion in size Issued at least once a year Documentation GMTN Programme Clearing Federal Reserve Book-Entry System Euroclear and Clearstream FUNDING PLATFORMS ADB bonds issued in Australia, Canada, New Zealand, Singapore, Switzerland, and UK are repo-eligible Included in various indices: Barclays Capital Global Aggregate Index ➤ Citigroup WBIG > JPM Euro Sterling Index > Markit iBoxx USD Indices > UBS Composite Bond Index > UBS Supra-Sovereign Index Documentation and Clearing - Australia GMTN Programme - Euroclear and Clearstream; DTC AUD MTN Programme - Austraclear; Euroclear and Clearstream ☐ NZD MTN Programme - Austraclear NZ System; NZ Clearing System ACN Programme - CDP; HKMA; BNM; PDEX (if applicable), TDCC; Euroclear and Clearstream MYR MTN Programme - Bank Negara Malaysia PRIVATE PLACEMENTS Tailor-fit to meet investor requirements (currency, size, tenor, structure) Thematic bonds: Water, Clean Energy and Green bonds Uridashi notes Retail-targeted bonds Structured notes Documentation GMTN Programme ACNP Programme 21#22$bn 20.0 Diversified Product and Currency Mix Borrowings by Type: 2005 - YTD 2016 Ave. maturity in years 7 Global $/€ Benchmark Bonds 18.0 16.0 14.0 Public Bond Issues 5 12.0 Local Currency 4 10.0 3 8.0 6.0 4.0 2 L 2.0 0.0 Other private placements (institutional, Uridashi, retail- targeted) Structured private placements -Average maturity (based on first call date) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jul-16 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jul-16 No. of Currencies 7 13 13 7 7 9 9 8 10 11 11 14 No. of Transactions 64 51 94 113 44 92 68 77 58 50 56 44 Note: Excluding Euro-Commercial Paper issuances (ECPs). Year 2016 figures include trades up to 28 July 2016. 22#23ADB in the the US Dollar Market Selected US$ Public Bond Issuances Year of Maturity 2026 2025 USD Public Offerings 2025 2022 outstanding: 2021 1.00 2.125% Global Bonds of 2014 Over $44 billion 2021 0.50 FRN PO of 2016 2021 USD Global benchmark 2020 bonds issued 2020 YTD 2016: $9.75 billion 2020 2020 1.00 2.0% Global Bonds of 2016 0.50 2.125% Global Green Bonds of 2015 1.50 2.0% Global Bonds of 2015 2.25 1.875% Global Bonds of 2015 1.625% Global Bonds of 2016 3.00 2.20 1.625% Global Bonds of 2015 1.00 FRN PO of 2016 1.375% Global Bonds of 2013 1.15 2.25 1.5% Global Bonds of 2015 2019 1.05 FRN PO of 2015 0% risk-weighted 2019 0.65 FRN PO of 2014 (Basel II) 2019 2019 Strong sponsorship 2019 1.50 1.875% Global Bonds of 2014 1.00 1.750% Global Bonds of 2012 1.375% Global Bonds of 2016 3.25 from underwriters 2018 2018 1.00 1.25 1.875% Global Bonds of 2011 1.50% Global Bonds of 2014 Robust participation 2018 2018 from broad investor 2018 2.00 1.750% Global Bonds of 2013 2.10 1.125% Global Bonds of 2015 2.50 0.875% Global Bonds of 2016 base 2018 0.78 FRN PO of 2014 2018 1.00 FRN PO of 2016 2017 0.50 FRN PO of 2015 2017 2.250% Eurodollar PO of 2010 1.00 2017 2.30 0.75% Global Bonds of 2015 Floating Rate Note 2017 1.00 5.250% Global Bonds of 2007 Fixed Rate Note 2017 1.125% Global Bonds of 2012 3.00 2017 0.30 FRN PO of 2016 2017 0.00 0.50 1.00 1.50 1.90 0.75% Global Bonds of 2014 2.00 2.50 3.00 US$bn 3.50 23#24Investors Demand for USD Global Bonds BY GEOGRAPHY BY INVESTOR TYPE 100% 100% 5% 5% 16% 5% 7% 14% 90% 19% 21% 18% 11% 19% 14% 16% 18% 16% 15% 5% 80% 80% 15% 6% 10% 9% 70% 15% 26% 70% 34% 12% 25% 26% 10% 60% 32% 60% 30% 50% 50% 25% 23% 28% ALDS 37% 29% 40% 30% 57% 52% 58% 52% 52% 46% 20% 30% 10% 20% 40% 41% 40% 35% 27% 29% 00 10% 2011 2012 2013 2014 2015 2016 Others 0% 2011 Asia 2012 Europe 2013 2014 2015 2016 Middle East & Africa Americas ex-US US Note: Distribution based on demand. Fund Managers/Insurance/Pension Banks Central Banks/Official Institutions Note: Distribution based on demand. Note: Includes fixed, floating rate note (FRN) and reopenings on Global format. Percentages may not total 100% because of rounding. 24#25☐ ADB in the Kangaroo Market ADB has maintained a consistent presence in the Kangaroo market since 2006 with at least one issuance per year. As of 28 July 2016, ADB has A$8.8 billion principal outstanding. Year to date, ADB has issued about A$625 million in Kangaroo bonds. Year of Maturity AMOUNT COUPON MATURITY 2026 0.325 Floating Rate Note A$225 mn 3.00% Oct 2026 Fixed Rate Note 2025 0.700 A$700 mn 3.75% Mar 2025 2023 0.150 A$150 mn 4.50% Sep 2023 2022 0.800 A$800 mn 5.00% Mar 2022 2021 0.300 A$300 mn 2.80% Jan 2021 2020 1.000 A$1.0 bn 6.25% Mar 2020 2020 1.200 A$1.2 bn 2.60% Jan 2020 2019 0.200 A$200 mn Floating May 2019 2019 1.000 A$1.0 bn 3.50% May 2019 2018 0.650 A$650 mn 3.50% Jul 2018 2018 0.700 A$700 mn 6.00% Feb 2018 2017 0.200 A$200 mn Floating Jul 2017 2017 1.200 A$1.2 bn 3.50% Jul 2017 2016 0.500 A$bn A$500 mn 3.00% Nov 2016 0.000 0.500 1.000 1.500 25#26Investor Demand for Kangaroo Offerings BY GEOGRAPHY BY INVESTOR TYPE 100% 2% 100% 7% 90% 80% 28% 9008 12% 18% 13% 32% 10% 80% 43% 39% 47% 70% 70% 57% 60% 40% 45% 45% 60% 53% 50% 40% 68% 30% 5005 58% 25% 31% 40% 24% 30%- 25% 56% 31% 43% 20% 39% 41% 20% 38% 38% 31% 32% 29% 27% 10% 10% 18% 13% 0% 1906 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Australia Europe Asia Americas Central Banks/Cofficial institutions Ranks Middle East and Africa Note: Distribution based on demand. Fund Managers/Insurance/Pension Others Note: Distribution basic demand 26#27ADB in the Kauri Market As of 28 July 2016, ADB has NZ$2.6 billion principal outstanding across five maturities. Year of Maturity 101 90% 80% 0.200 0.300 2.875% NZ$200mn due Apr 2021 3.875% NZ$300mn due Jan 2020 0.950 4.625% NZ$950mn due Mar 2019 1.000 3.250% NZ$1.0bn due Jul 2017 2021 2020 2019 2017 2016 0.150 0.000 0.200 19% 4.125% NZ$150mn due Oct 2016 0.400 0.600 0.800 1.000 1.200 NZ$ bn BY GEOGRAPHY 100% BY INVESTOR TYPE 0% 213 go 90% 21% 23% 25% 34% 39% 80% 44% Su% 35% 70% 40% 60% 54% 47 % 50% 54% 42% 92% 40% 65% 31% 48% 30% 55% 27% R% 17% 20% 207 37% 31% 100%6 24% 23% 10. 13% 0% 7011 2012 2018 ורוות Australia and New Zealand Anh Asa MEMEA MAmericas Central Banks/Official Institutions Hund Managers/Insurance/Pension Note: Distribution based on demand 9% 2014 2015 2016 Banks Others 27#28ADB in the Sterling Market As of 28 July 2016, ADB has £1.15 billion principal outstanding across three maturities. Year of Maturity Dec 2018 Amount 0.425 Coupon Maturity £425mn 1.00% Dec 2018 Dec 2017 0.250 £250mn 1.50% Dec 2017 Dec 2016 0.475 £475mn 1.00% Dec 2016 £ bn 0.000 0.100 0.200 0.300 0.400 0.500 due Dec 2018 Que Det 2017 duc Ile:: 2016 BY GEOGRAPHY BY INVESTOR TYPE 16% 52% 16% 16% due Dec 2018 31% 7% 40% 60% 9% 35% 19% due Dec. 2017 45% 30% 25% 18% 35% ہیں 20% 10% 60% Asia MUK Europe ex-UK Americas Note: Distribution based on demand. 80% Middle East and Africa 100% due Dec 41% 2016 14% 39% 0% 20% 40% 60% 80% 100% Banks Others Central Banks/Ollicial Institutions Fund Managers/Insurance/Pension Note: Distribution based on demand. Percentages may not total 100% because of rounding. 28#29ADB in the Onshore/Offshore RMB Market ☐ ☐ Year of Maturity In 2005, ADB issued its inaugural RMB 1.0bn onshore RMB bonds (the "Panda Bonds") in China. ADB is the first foreign issuer in the onshore RMB market. In 2010, ADB successfully launched its first offshore RMB bonds (the "Dimsum Bonds") with a principal amount of RMB 1.2bn with a 10-year maturity, extending the yield curve for the offshore RMB market. To date, ADB has RMB 3.5bn outstanding bonds, of which RMB 2.5bn are issued offshore. 2020 2019 Offshore Onshore 1.2 AMOUNT COUPON MATURITY RMB1.2 bn 2.85% Oct 2020 1.0 RMB1.0 bn 4.20% Dec 2019 RMB1.3 bn 3.20% Nov 2019 1.3 RMB bn 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 2019 29 29#30$ bn 6.0 Dynamic Participation in Private Placements Private Placements: 2005 - YTD 2016 84 issues 5.0 102 issues 72 issues 60 issues 4.0 52 issues 3.0 43 issues 35 issues 59 issues 2.0 1.0 II 30 issues 29 issues 24 issues 36 issues 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IILL 2015 YTD 2016 Responds to investor needs: ■ Quick execution time ■ Flexible issue size ■ Broad maturity range ■ Varied currency and interest rate structure Note: Includes structured notes, institutional and retail-targeted transactions. Year 2016 figures include trades up to 28 July 2016. 30 30#31Multi-currency Issuances Outstanding Non-USD Issuances AUD EUR 1,919 NZD 1,882 GBP 1,544 CAD 1,353 BRL 1,320 JPY 1,083 TRY 829 SGD 816 CNY 562 MXN 283 HKD 237 ZAR 229 CHF 204 MYR 125 NOK 119 INR 44 GEL 42 THB 28 0 1,000 7,492 US$ mn 2,000 3,000 4,000 5,000 6,000 7,000 8,000 1/ As of 30 June 2016. 2/ Excluding Euro-Commercial Paper issuances. 3/ BRL issuances are payable in USD or JPY. 4/ INR issuance is payable in USD. 31#32Foray into Thematic Bonds ADB's thematic bonds highlight its efforts to support key initiatives such as its water programs and clean energy projects through its AAA quality notes. ADB launched its first ever topical bonds (Uridashi) in 2010: Two-tranche Water Bonds (total amount of $638 million equivalent) Four-tranche Clean Energy Bonds (total amount of $233 million equivalent) In 2015, ADB has raised an equivalent of about $177 million from its sale of water bonds. ADB has issued approximately $2.3 billion equivalent in clean energy and water bonds since 2010. 32#33Redemption Profile Maturity Profile of Outstanding Borrowings As of 30 June 2016 US$ bn 18.00 16.00 14.00 17.00 10.00 8.00 6.00 4.12 4.00 16.14 15.52 10.62 9.34 5.74 2.98 3.57 2.52 7.00 0.41 0.00 0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 onwards Note: Based on notional amounts. Bonds with put and call options were considered maturing on the first put or call date. Includes ECPs. 33#34Asian Development Bank Funding Operations Green Bond Framework Appendices 34#35B Energy Access in Asia and Pacific Region *** 888 4.2 Billion Population in Asia 615 Million 8 1.8 Billion No. of people w/o access to clean cooking People without access to electricity ADB incorporates the principles of environmental sustainability in its investments across the region. 35#36Background • Asia's overall national infrastructure needs are estimated to be around $8 trillion over 2010-2020 or approximately $730 billion per year with key priorities in energy and transport (82%)* Sustainable energy and transport solutions are not only good for the environment but are key national security issues for many developing and developed Asian countries ADB recognizes the importance of sustainable investments in the region and have been investing over $2 billion in clean energy projects each year since 2011. *ADBI 4 Sept 2013. 36#37Overview: ADB's Project Cycle 1. Country Partnership Strategy 5. Evaluation ADB Project Cycle 2. Preparation 4. Implementation 3. Approval Source: http://www.adb.org/projects/cycle 37#38Green Bond Framework¹ 1. 2. 3. 4. Project eligibility: ADB's Green Bond Framework defines eligible projects to support developing member countries seeking to adapt to and mitigate the consequences of climate change Project Selection: The project selection criteria will be implemented by sector specialists in coordination with the treasury department Proceeds: Green bond proceeds will be allocated to a subportfolio and tracked against disbursement of eligible projects Reporting: ADB will make available eligible project list and green bond annual newsletter online 1/ With second opinion. Source: http://www.adb.org/sites/default/files/adb-green-bonds-framework.pdf 38#39ADB US$500 Million 10-year Global Green Bond On 12 March 2015, ADB successfully priced a US$500 million Global Green bond. Highlights ADB successfully priced a US$500 million Global green bond transaction due 19 March 2025. The bond pays a coupon of 2.125%. The bond was priced at a spread of +1 bp over Mid Swaps, and +12.45 basis points over the 2.0% US Treasury Notes due February 2025. Pricing Details Issuer: Ratings: Format: ADB Aaa/AAA/AAA Global Overall Distribution by Investor Type Overall Distribution by Geography Size: US$500mn Central Banks/ Banks Europe 37% Pricing Date: 12 Mar 2015 Settlement Date: 19 Mar 2015 Official Institutions 16% .22% Maturity Date: 19 Mar 2025 Coupon: Re-offer: 2.125% Mid Swaps+1 bp Fund _Asia Middle UST 12.45 bps North. US Bank of America Merrill Lynch Others Managers/ Insurance/ 31% East & America 22% Africa ex-US 1% Pension 8% 2% Bookrunners: 61% Morgan Stanley SEB AG 39#40Eligible Project Criteria Eligible Projects: selected pool of projects funded, in whole or in part, by ADB that promotes the transition to low-carbon and climate resilient growth as determined by ADB √ Mitigation - - Renewable Energy • Solar Wind Geothermal Small Hydro (20MW and below) Energy Efficiency¹ Sustainable Transport √ Adaptation - Energy¹ Water and other Urban Infrastructure and Services Transport 1/ Excludes fossil fuels. 40#41Eligible Project: Sarulla Geothermal Power Development, Indonesia PROJECT CATEGORY: Renewable energy TOTAL LOAN: $250 million OUTPUTS: ✓ Approximately 350MW renewable power to be commissioned EXPECTED RESULTS: ✓ About 1.3 million tons of CO2 emissions avoided per year (30 years project life) 41#42Eligible Project: Energy-Efficient Electric Vehicles, Philippines PROJECT CATEGORY: Transport TOTAL LOAN: $405 million ADB DO-036 (of which $300 million is OCR) OUTPUTS: ✓ About 100,000 e-trikes operating by 2017 ✓ 5 solar charging stations of 200 kW each 00-036 ✓ Lithium Ion battery supply chain created EXPECTED RESULTS: ✓ About 332,150 tons of CO2 emissions reduced per year (10 years project life) 42#43Asian Development Bank Funding Operations Green Bond Framework Appendices 43#44APPENDIX 1: ADB IN THE NEWS 44#45ADB in the News GlobalCapital The ELCEDA ADB adds to dual tranche dollar trend as OeKB aims for threes The Asian Development Bank and Oesterreichische Kontrollbank hit screens with dollar deals on Monday, with ADB adding more supply to a burst of dual tranche trades the included deals last week by the World Bank and the Japan Bank for International Cooperation. By: Ben Jaglom 18 April 2016 ADB mandated leads Bank of America Merrill Lynchh, BNP Paribas, Goldman Sachs and Mizuho for a dual tranche global deal at two and 10 years. Initial price thoughts of 8bp area over mid-swaps were circulated for the two year bond and 42bp area over swaps for the 10 year. The decisions to opt for a dual tranche follows last week's deals by the World Bank and JBIC in dual tranche formats. World Bank printed at two and seven years on 12 April while JBIC went for a deal at 5 and 10 years the same day. "There are a number of reasons why so many issuers are opting for dual tranche deals," said a head of SSA syndicate on the deal. "There is a window of opportunity that issuers are spotting in the market after the dismal start to the year we had and the global decline in equity prices. Doing a dual tranche enables issuers to minimize their execution risk while also limiting the number of times they have to come to the market." A head of SSA syndicate on the deal said that funding conditions were likely to stay strong in April. "We began April with a great deal of supply and we felt that this would be a great moment to get in early while investors remained in key spirits," he said. Public Finance International NEWS & CONVENT ON GLOBAL PURCANCIAL MANAGEMENT ADB sells $3bn bond in US market By: Emma Rumney 9 Mar 16 The Asian Development Bank has re-entered the US dollar bond market with the sale of a $3bn, five-year global benchmark bond. The bank, which aims to raise a total of $20bn from capital markets this year, said the proceeds of the bond will become part of its ordinary capital resources and used in its non-concessional operations. "This is another stellar outcome for the ADB against a challenging backdrop that has prevailed since the beginning of 2016," said ADB treasurer Pierre Van Peteghem. "Strong demand for the transaction allowed us to size a $3bn new issue in line with our strategy of providing the market with liquid benchmark bonds across the curve." Van Peteghem added that the bank is pleased by the geographically diverse investor participation, with 46% of bonds placed in Asia, 29% in Europe, the Middle East and Africa and 25% in the Americas. He said this is "testament to the institution's robust credit fundamentals and loyal global following in the capital markets". The majority (58%) of bonds went to central banks and official institutions, with banks taking a further 29% and the remaining 13% brought by fund managers and other types of investors. The five-year bond has a coupon rate of 1.625% payable semi-annually and a maturity date of 16 March 2021. 45#46ADB in the News Bloomberg ADB Sells $3.25 Billion 3-Year Global Benchmark Bond M2 Communications 01/07/2016 4:41 AM ET MANILA, PHILIPPINES - The Asian Development Bank (ADB) has returned to the US dollar bond market with the pricing of a $3.25 billion 3-year global benchmark bond, proceeds of which will be part of ADB's ordinary capital resources and used in its non-concessional operations. "This is a fantastic outcome and represents ADB's largest-ever global benchmark transaction issued to date. We were definitely pleased by the level of oversubscription in the order book with investor interest in excess of $4 billion, testament to the institution's robust credit fundamentals and loyal global following in the capital markets," said ADB Treasurer Pierre Van Peteghem. The 3-year bond, with a coupon rate of 1.375% per annum payable semi-annually and a maturity date of 15 January 2019, was priced at 99.655% to yield 23.2 basis points over the 1.250% US Treasury notes due December 2018. The transaction was lead-managed by Bank of America Merrill Lynch, HSBC, Morgan Stanley, and TD Securities. A syndicate group was also formed consisting of BMO Capital Markets, BNP Paribas, Citi, Credit Agricole, Credit Suisse, Daiwa, Deutsche Bank, J.P. Morgan, Mizuho, Nomura, RBC Capital Markets, and Standard Chartered. The issue achieved wide primary market distribution with 35% of the bonds placed in Asia, 34% in Europe, Middle East, and Africa, and 31% in the Americas. By investor type, 68% of the bonds went to central banks and official institutions, 20% to banks, and 12% to fund managers and other types of investors. ADB plans to raise around $20 billion from the capital markets in 2016. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - 48 from the region. Bloomberg ADB $2 Billion 5-Year Global Benchmark Issue M2 Communications 08/20/2015 3:41 AM ET MANILA, PHILIPPINES The Asian Development Bank (ADB) returned to the US dollar bond market yesterday with the pricing of a $2 billion 5-year global benchmark bond issue, proceeds of which will be part of ADB's ordinary capital resources and used in its non-concessional operations. "We are pleased with the transaction and the consistent sponsorship from investors globally which allowed us to upsize the transaction to $2 billion," said ADB Treasurer Pierre Van Peteghem. The 5-year bond, with a coupon rate of 1.625% per annum payable semiannually and a maturity date of 26 August 2020, was priced at 99.461% to yield 16.1 basis points over the 1.625% US Treasury notes due July 2020. The transaction was lead-managed by Bank of America Merrill Lynch, Goldman Sachs, JP Morgan and RBC. A syndicate group was also formed consisting of BNP Paribas, Citi, Credit Suisse, Daiwa, DBS Bank, Deutsche Bank, HSBC, Morgan Stanley, Nomura, and TD Securities. The issue achieved wide primary market distribution with 34% of the bonds placed in Asia, 25% in Europe, Middle East and Africa and 41% in the Americas. By investor type, 53% of the bonds went to central banks and official institutions, 38% to banks, and 9% to fund managers and other types of investors. ADB plans to raise around $19 billion from the capital markets in 2015. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion. 46#47APPENDIX 2: HIGHLIGHTS OF LOAN OPERATIONS 47#48Bangladesh: Supporting Capital Market Reforms Third Capital Market Development Program Development impact: Sector: Drivers of Change: Project Term: ADB Financing: Enhanced capacity and size of the capital market in a strong legal and regulatory framework Finance - Money and capital markets Governance and capacity development Knowledge solutions Partnerships Private sector development 2015 2018 $400 million DHAKA STOCK EXCHANGE LTD PROJECT SUMMARY: The program will help Bangladesh continue capital market reforms which should boost private investment and support the country's drive to achieve middle-income status by 2021. The third program will strengthen the Bangladesh Securities and Exchange Commission and support the establishment of a clearing and settlement company. It will also support new areas such as strengthening the Insurance Development and Regulatory Authority to promote the insurance industry's growth and stability, and encourage insurers to use the capital markets more. To improve enforcement and to boost accounting and auditing standards, a special tribunal for capital market-related cases will be put into operation and a financial reporting council with an independent audit oversight function will be established, resulting in the adoption of international accounting standards which will enhance market confidence and encourage investment. To increase the supply of high quality bonds and other market instruments, policy actions will be taken to remove the 60:40 debt-to- equity ratio ceiling that companies must adhere to, to cut the initial public offering lock-in period for private equity investors, and to draw up rules to promote Islamic finance, including sukuk. The program will also spur a more liquid bond market with pilot sales of floating-rate government bonds and by allowing primary dealers to short sell government securities. Meanwhile, rule changes on taxes and exchange-traded funds will seek to promote a more robust mutual fund industry. 48#49India: Improving Road Links Second Jharkhand State Road Project Development State roads reconstructed or impact: rehabilitated Sector: Transport Road transport (non- urban) - Transport policies and institutional development Governance Drivers of Change: Capacity development Project Term: 2015 2020 ADB Financing: $200 million PROJECT SUMMARY: Roads are the dominant form of transport in the Jharkhand state, but about 40% of the main network is in poor condition, hampering mobility and opportunities between remote areas and industrial and economic centers. Jharkhand has an estimated 40% of India's mineral resources, but it is also one of the poorest states, with over a third of its 33 million people living below the state poverty line. Jharkhand has set out a $2.5 billion investment plan to improve over 6,000 km of roads in 2012-2017, and ADB supported the state's goals with an initial loan for road improvements in 2009. The new assistance will continue the ongoing physical upgrades, as well as building up the capacity of the State Highways Authority of Jharkhand to design, plan, and maintain roads, and adopt a road safety master plan. The state's road accident rate is sharply higher than the national average. A number of safety and environmentally friendly features are included in the project design, including over 60 bus stop shelters; 50 km of raised sidewalks in urban areas; 4 km of dedicated bicycle lanes; and solar-powered street lights. The project will also generate employment opportunities for residents in five districts, including for women, who will get a guaranteed share of a least 20% of jobs for afforestation work alongside the upgraded roads. 49#50Indonesia: Sustainable Use of Electricity Electricity Grid Strengthening-Sumatra Program Development impact: Sector: Drivers of Change: Project Term: Existing transmission system strengthened and expanded Energy Electricity transmission and distribution Governance and capacity development Knowledge solutions Partnerships Private sector development 2015-2020 ADB Financing: $575 million PROJECT SUMMARY: ADB has approved the assistance for Indonesia's state electricity corporation, Perusahaan Listrik Negara (PLN), to carry out major power transmission and distribution system upgrades in Sumatra. The assistance will help deliver sufficient and reliable electricity supply, improving the quality of life and supporting efforts to make the region a major industrial center. The funds will finance enhancements to existing 150 kilovolt transmission lines, extension of substations, and the installation of new and upgraded equipment, including switchgears. On the distribution side, work will be carried out to expand and reinforce the medium-voltage and low voltage networks, including the installation of distribution transformers, service connections, and customer meter boxes. The program will also provide capacity building and institutional strengthening for PLN. These improvements will help Sumatra achieve an electrification rate of 90% by 2019 and support the overall government target of achieving universal access to electricity by 2024, from the current national rate of around 84%. 50#51PRC: Reduced Greenhouse Gas Emissions Low-Carbon District Heating Project in Hohhot in Inner Mongolia Autonomous Region Improved air quality and reduced greenhouse gas emissions in Development impact: Hohhot Sector: Energy Drivers of Knowledge solutions Partnerships Change: Project Term: $150 million ADB Financing: 2015-2020 PROJECT SUMMARY: Coal has been the predominant fuel for heating in Hohhot, capital of the Inner Mongolia Autonomous Region (IMAR) of the People's Republic of China (PRC). Adequate heating is a basic human need and essential for socioeconomic activities in IMAR, an area that experiences subzero temperatures for typically half of the year, causing indoor and outdoor air pollution and affecting human health. The project will reduce respiratory diseases in the local population by designing a hybrid district heating system using low-emission natural gas boilers and zero-emission wind-based boilers, as well as pioneering a new business model for wind-powered district heating sharing renewable energy subsidies. After completion, the project will emit 60% less carbon dioxide and 82% less nitrous oxide, 98% less sulfur dioxide, and produce negligible particulate matter compared to the existing heating system. About 294,500 households - or 30% of the city's population - will directly benefit, along with 18 schools, 35 kindergartens, and 12 hospitals. 51#52Sri Lanka: Secured Access to Water Resources Mahaweli Water Security Investment Program Development impact: Sector: Drivers of Change: Project Term: Improved agricultural production and sustained economic growth Agricultural, natural resources and rural development Governance and capacity development Knowledge solutions Partnerships 2015-2024 ADB Financing: $453 million PROJECT SUMMARY: The Mahaweli Water Security Investment Program will assist the Government of Sri Lanka complete outstanding water conveyance investments under the Mahaweli Development Program. Completion of the program is a key priority of the government and will maximize the productivity of Mahaweli River Basin water resources by transferring available water to the northern dry zone areas of Sri Lanka for irrigation, drinking, and commercial purposes. This will accelerate local and national economic growth. Sri Lanka has abundant water resources but with uneven water distribution. Local communities have addressed the water stress by constructing many small cascade systems of reservoirs, transfer canals, and irrigation schemes, but these merely provide supplementary irrigation to single paddy crop each year. The storage is not even sufficient for drinking water supply. The outputs of the program will be (i) new and improved water conveyance and storage infrastructure constructed, (ii) systems for improving water resource management and developed productivity, and (iii) operational multidisciplinary investment program management. 52 52#53共和 APPENDICES 3-9 53#54Appendix 3: Conservative Financial Policies Lending Limitation: Under the policy, the total amount of disbursed loans, disbursed equity investments, and the related prudential buffer, and the maximum amount that could be demanded from ADB under its guarantee portfolio may not exceed the total of ADB's unimpaired subscribed capital, reserves, and surplus, exclusive of the special reserve. Borrowing limitation: ADB's borrowing policy limits ADB's gross outstanding borrowings to no more than the sum of callable capital of non-borrowing members, paid-in capital, and reserves (including surplus). Risk Bearing Capacity: ADB annually assesses its capital adequacy using a stress test methodology that entails, among other things, estimated non-accrual shocks and their impact on ADB's capital and income over the next 10 years. The framework provides ADB with the ability to assess its capital adequacy based on changing portfolio risk profiles as well as on ADB's characteristics as an MDB, including callable capital structure, preferred creditor status, and developmental mandate. Conservative Investment Guidelines: The maximum allowable average duration of all investments outstanding is 4 years. ADB's investment guidelines permit only high quality instruments such as government and government-agency debt and highly-rated corporate securities. Further, the Office of Risk Management monitors the investment portfolio on a daily basis and ensures compliance with prescribed limits. For further details, please see go to http://www.adb.org/site/investors/credit-fundamentals/financial- and-risk-management-policies 54#55Appendix 4: Safeguard Policy Statement Approved on 20 July 2009, the new Safeguard Policy Statement reaffirms and strengthens ADB's commitment to ensuring that borrowers/clients meet ADB safeguard requirements to avoid, minimize, mitigate and/or compensate adverse impacts of ADB operations on the environment and project-affected people. The policy commits ADB to assessing country safeguard systems, assisting borrowers/clients to strengthen both their approaches and country capacity to manage environmental and social risks, and to increasing ADB oversight during implementation. As a central part of ADB's mission to promote environmentally sustainable and inclusive economic growth, the new Safeguard Policy Statement consolidates and builds upon current ADB policies on Environment, Indigenous Peoples and Involuntary Resettlement that are already applied to all bank-supported projects in developing member countries (DMCs). The policy ensures that ADB's safeguards are harmonized with other multilateral development banks and remain relevant to the evolving needs of DMCs and private sector clients. The policy contains new provisions on biodiversity conservation, community health and safety, and physical cultural resources. Key features include emphasis on capacity development of borrowers and more attention to safeguard implementation and supervision. The Safeguard Policy Statement became effective on 20 January 2010. For further details, please see http://www.adb.org/site/safeguards/main 55#56Appendix 5: Anticorruption and Integrity Policies Developing good governance and fighting corruption are core ADB strategic objectives and are crucial to effective, transparent and accountable aid, to which ADB committed by endorsing the Paris Declaration on Aid Effectiveness. ADB's Office of Anticorruption and Integrity (OAI), an independent body since October 2009, is the initial point of contact for allegations of integrity violations involving ADB-related activities or ADB staff. Its mission is to ensure ADB and its partners maintain the highest ethical and professional standards, and prevent resources intended to improve the lives of the poor from being used to line the pockets of the unscrupulous. Any party found to have committed fraudulent, corrupt, coercive, collusive, obstructive practices, or other integrity violations identified by ADB risks being sanctioned with debarment. Debarred entities are ineligible to participate in ADB-financed, administered or supported activities. A debarred firm's ineligibility extends to all employees and officers of a firm, and may extend to other principals and contractual employees of the firm. Debarred individuals may not participate in ADB-related activity, as individuals or through nomination by an eligible firm, unless they have completely disassociated themselves with an ineligible firm. Following the Harmonized Framework adopted by MDBs in 2006, the Agreement on Cross-Debarment was signed by ADB, the World Bank Group, the African Development Bank (AfDB), the Inter-American Development Bank (IADB) and the European Bank for Reconstruction and Development (EBRD) in Luxembourg on 9 April 2010. An important global milestone in the fight against corruption, this Agreement allows that an entity debarred by one of the participating MDBs be subsequently cross-debarred by the other participating MDBs, and constitutes an important step in strengthening global anticorruption efforts. The base sanction for integrity violations is 3-year debarment. The Integrity Oversight Committee (IOC) may impose a greater or lesser debarment period depending on the circumstances of each case. The IOC will be guided by the following ranges: 1) First debarments (including cases where a party has previously been given a reprimand) - 1 year to indefinite for individuals and 1 to 7 years for firms, 2) Second debarments up to indefinite for individuals and up to 10 - years for firms, 3) Subsequent debarments up to indefinite for individuals and up to 20 years for firms. In accordance with ADB's Anticorruption Policy, ADB's zero tolerance to corruption is linked to broader support for governance and improvement in the quality and capacities of developing member countries (DMCs), with fraud and corruption detection training given to government agencies in several of these DMCs. ADB also organizes knowledge support activities to improve integrity awareness and skills. Since 2010 it is mandatory for all ADB staff to be briefed on the importance of fighting corruption and adherence to ADB's Anticorruption Policy. For further details, please see http://www.adb.org/site/integrity/main 56#57Appendix 6: Investment Climate Facilitation Fund The Investment Climate Facilitation Fund (ICFF) was established by the Government of Japan (GOJ) and the Asian Development Bank (ADB) in 2008 as a trust fund under the Regional Cooperation and Integration Financing Partnership Facility (RCIFPF) of ADB. The objective of ICFF is to promote investments in ADB's developing member countries (DMCs) and facilitate regional cooperation and integration (RCI) through the construction of basic infrastructure, improvements in the investment climate, capacity building, and promotion of good governance, among others. Activities to be supported by ICFF are projects that: a. b. C. d. e. f. require collective efforts and actions of two or more countries to jointly respond to cross-border issues; are national in nature, but with significant regional dimensions and/or implications; facilitate regional policy dialogue, including the establishment of regional policies for greater RCI; support research and promote knowledge generation and dissemination among DMCs in the area of RCI; strengthen institutional capacity of regional and/or subregional groupings; or support regional partnership building with international institutions. All ADB DMCs are eligible for support from ICFF. Funding priority will be given to projects that promote financial sector development and regional investment. Likewise, projects which will promote the visibility of ICFF as well as those which will be implemented in cooperation with Japanese aid agencies will be prioritized. ADB has been appointed by GOJ as the administrator of ICFF. Project implementation, supervision, and monitoring are conducted by the concerned departments and offices following ADB's standard policies, procedures, and guidelines, including consulting services and procurement, social and environmental safeguards, financial management and reporting, and anticorruption and governance, as amended from time to time. Total funds committed amounted to approximately $31.5 million as of 31 March 2016. 57#58Appendix 7: Midterm Review of Strategy 2020 ADB's Strategic Priorities for 2014 - 2020: A. Sharpening ADB's Operational Focus B. Responding to the New Business Environment C. Strengthening ADB's Capacity and Effectiveness 1. Poverty reduction and inclusive economic growth 2. Environment and climate change 3. Regional cooperation and integration 4. Infrastructure development 5. Middle-income countries 6. Private sector development and operations 7. Knowledge solutions 8. Financial resources and partnerships 9. Delivering value for money in ADB 10.Organizing to meet new challenges 58#59Appendix 8: ADB's Shareholders - 31 December 2015 Year of REGIONAL MEMBERS Rating Rating Membership Year of Membership NON-REGIONAL MEMBERS Rating Year of Membership Afghanistan NR/NR 1966 Micronesia, Fed. States of NR/NR 1990 Austria Aa1/AA+ 1966 Armenia B1/NR 2005 Mongolia B2/B 1991 Belgium Aa3/AA 1966 Australia Aaa/AAA 1966 Myanmar NR/NR 1973 Canada Aaa/AAA 1966 Azerbaijan Ba1/BB+ 1999 Nauru NR/NR 1991 Denmark Aaa/AAA 1966 Bangladesh Ba3/BB- 1973 Nepal NR/NR 1966 Finland Aa1/AA+ 1966 Bhutan NR/NR 1982 New Zealand Aaa/AA 1966 France Aa2/AA 1970 Brunei Darussalam NR/NR 2006 Pakistan B3/B- 1966 Germany Aaa/AAA 1966 Cambodia B2/NR 1966 Palau NR/NR 2003 Ireland A3/A+ 2006 People's Republic of China Aa3/AA- 1986 Papua New Guinea B2/B+ 1971 Italy Baa2/BBB- 1966 Cook Islands NR/B+ 1976 Philippines Baa2/BBB 1966 Luxembourg Aaa/AAA 2003 The Netherlands Aaa/AAA 1966 Fiji B1/B+ 1970 Samoa NR/NR 1966 Georgia Ba3/BB- 2007 Singapore Aaa/AAA 1966 Norway Aaa/AAA 1966 Hong Kong, China Aa1/AAA 1969 Solomon Islands NR/NR 1973 Portugal Ba1/BB+ 2002 Spain Baa2/BBB+ 1986 India Baa3/BBB- 1966 Sri Lanka B1/B+ 1966 Sweden Aaa/AAA 1966 Indonesia Baa3/BB+ 1966 Taipei, China Aa3/AA- 1966 Switzerland Aaa/AAA 1967 Japan A1/A+ 1966 Tajikistan NR/NR 1998 Turkey Baa3/BB 1991 Kazakhstan Baa3/BBB- 1994 Thailand Baa1/BBB+ 1966 United Kingdom Aa1/AA 1966 Kiribati NR/NR 1974 Timor-Leste NR/NR 2002 United States Aaa/AA+ 1966 Republic of Korea Aa2/AA- 1966 Tonga NR/NR 1972 Kyrgyz Republic NR/NR 1994 Turkmenistan WR/NR 2000 Lao People's Democratic Republic NR/NR 1966 Tuvalu NR/NR 1993 Malaysia A3/A- 1966 Uzbekistan NR/NR 1995 Republic of the Maldives NR/NR 1978 Vanuatu NR/NR 1981 Marshall Islands NR/NR 1990 Viet Nam B1/BB- 1966 Note: Moody's and Standard & Poor's ratings are as of 28 July 2016. (Source: Bloomberg) 59#60Appendix 9: Sources of Additional Information ADB website Investor website Strategy 2020 Country Operations Annual Reports Funds and Resources Sectors and Themes Data and Research Asian Bonds Monitor News and Events Bloomberg www.adb.org www.adb.org/site/investors/main www.adb.org/about/policies-and-strategies www.adb.org/countries/main www.adb.org/documents/series/adb-annual-reports www.adb.org/site/funds/main www.adb.org/focus-areas www.adb.org/data/main asianbondsonline.adb.org www.adb.org/news ADB <GO> 60 60#61Disclaimer Every effort has been made to ensure the accuracy of the data used in this publication. Variations in data in the Asian Development Bank (ADB) publications often result from different publication dates, although differences may also come from source and interpretation of data. ADB accepts no responsibility from any consequence of their use. This presentation is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy any ADB securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation. The term "country", as used in the context of ADB, refers to a member of ADB and does not imply any view on the part of ADB as to the member's sovereignty or independent status. In this publication, $ refer to US dollars. 61#62Asian Development Bank Fighting Poverty in Asia and the Pacific Asian Development Bank Treasury Department Funding Division 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines Email Investor Website Bloomberg Tel. No. [email protected] www.adb.org/site/investors/main ADB <GO> +632 683-1204 Fax No. +632 632-4120 All images are from the ADB Photo Library.