Asian Development Bank Presentation Sept 2016

1. INVESTOR PRESENTATION
September 2016
ADB Treasury Department
www.adb.org/site/investors/main
6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

2. 2
Asian Development Bank
Funding Operations
Green Bond Framework
Appendices

3. 3
An Asia and Pacific region free
of poverty
ADB’s Mission
ADB’s Vision
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.

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
4
Total approved
financing2 in
2015:
$27.17 billion
2/ Includes Ordinary Capital Resources, Special
Funds Resources and Cofinancing Operations

5. 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
The Region’s
Poverty
Challenge

6. 6

7. 7
ADF-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.

8. 8
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 24 August 2016. (Source: Bloomberg)
Strong
Shareholder
Support

9. ADB has raised its capital base
five times since 1966
Callable capital is available for
the protection of ADB’s
bondholders
ADB has never made a call on
its callable capital
9
Growth in ADB’s capital base
Solid Capital
Structure
GCI-I
1.0
GCI-II
3.7
GCI-III
11.5
GCI-IV
30.2
Pre-GCI-V
54.9
GCI-V
149.3
0.0
30.0
60.0
90.0
120.0
150.0
180.0
1971 1976 1983 1994 2008 Mar-16
$ bn
Callable Capital Paid-In Capital
$billion
Paid-in capital 7.5
Callable capital 141.8
Subscribed capital 149.3
ADB Capital Structure as of 31 March 2016

10. TOTAL – $179.6 billion
Cumulative, as of 31 March 2016
Legend:
$0 - $500 million $5,001 - $10,000 million
$501 - $2,000 million $10,001 - $15,000 million
$2,001 - $5,000 million $15,001 million - and above
10
Indonesia
$29,211 mn
Papua New Guinea
$1,049 mn
Fiji
$420 mn
Nauru
$5 mn
Federated States of Micronesia
$9 mn
Marshall Islands
$4 mn
Regional
$192 mn
Republic of Korea
$6,335 mn
People’s Republic
of China
$33,600 mn
Thailand
$6,545 mn
Malaysia
$1,994 mn
Lao People’s
Democratic Republic
$214 mn
India
$36,937 mn
Sri Lanka
$3,135 mn
Pakistan
$16,703 mn
Nepal
$49 mn
Afghanistan
$135 mn
Kazakhstan
$4,383 mn
Uzbekistan
$4,201 mn
Mongolia
$586 mnAzerbaijan
$2,242 mn
Hong Kong, China
$102 mn
Singapore
$178 mn Philippines
$15,463 mn
Viet Nam
$7,592 mn
Taipei,China
$100 mn
Bangladesh
$5,705 mn
Cambodia
$83 mn
Georgia
$1,066 mn
Republic of the Maldives
$12 mn
Bhutan
$121 mn
Republic of
the Union
of Myanmar
$349 mn
Cook Islands
$41 mn
Armenia
$513 mn
Palau
$56 mn
Turkmenistan
$125 mn
Kyrgyz Republic
$20 mn
Timor-Leste
$136 mn
Approved Loans
by Borrower
Tajikistan
$5 mn

11. 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
$90.8 billion1 as of 31 March 2016
Outstanding Effective Loans

12. 90.3% Sovereign, 9.7% Non-sovereign as of 31 March 2016
1/ The sum of disbursed and outstanding loan balances, present value of guaranteed obligations and fair values of equities.
12
Operation Portfolio1 by Country

13. 13
ADB lends primarily to the governments of member countries
who afford ADB preferred creditor status.
1/ Includes Loans Outstanding and Undisbursed Effective Loans as of 31 March 2016.
High Asset Quality
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

14. Balance Sheet Overview
31 March 2016
Net Loans 1
$63.1bn
Other 2
$34.9bn
Investments
$27.6bn
TOTAL = $125.6bn
ASSETS
Borrowings
$71.5bn
Other 2
$36.3bn
Equity
$17.8bn
TOTAL = $125.6bn
LIABILITIES & EQUITY
14
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.
Conservative
Financial and Risk
Management Policies

15. CONTENTS
15
Asian Development Bank
Funding Operations
Green Bond Framework
Appendices

16. 16
Agency Rating
FitchRatings 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.

17. 17
AAA Rating based on
Strong Fundamentals“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). ” – FitchRatings, July 2015

18. 18
Selected Bond Issuances
by ADB in Asia
and the Pacific
2016 Singapore
Hong Kong, China
India
Georgia
SGD 100mn bond
CNY 130mn bond
INR 3bn bond
GEL 64mn bond
2005 People’s Republic of China
Philippines
Thailand
CNY 1bn bond
PHP 2.5bn bond
THB 4bn bond
2015 Georgia GEL 100mn bond 2004 India
Malaysia
Singapore
INR 5bn bond
MYR 400mn bond
SGD 200mn bond
2014 India
Hong Kong, China
INR 3bn bond
CNY 1.0bn bond
1998 Australia AUD 1bn bond
2013 Singapore SGD 500mn bond 1995 Taipei,China
Republic of Korea
NTD 2.6bn bond
KRW 80bn bond
2010 Hong Kong, China
New Zealand
CNY1.2bn bond
NZD 225mn bond
1970 Japan JPY 6bn bond
2007 Kazakhstan KZT 6bn bond

19. 19
OUTSTANDING BORROWINGS1 – $71.5 billion
1/ As of 31 March 2016
United States
CanadaNorway
United Kingdom Netherlands
Germany
LuxembourgSwitzerland
Italy
Belgium
Austria
Kuwait
Saudi
Arabia
Brazil
People’s
Republic of
China
India
Thailand
Malaysia
Singapore
Philippines
New Zealand
Australia
Japan
Hong Kong, China
Republic
of Korea Taipei,China
Kazakhstan
Mexico
South Africa
Turkey
ADB Borrowings
across Currencies
Euro
Georgia

20. Borrowing Program: 2005 – 2016
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Amount
(actual, $ billion)
4 5 9 9 10 15 14 13 12 14 19
20
(indicative)
20
1/ ECP dealers include Banc of America Securities Limited, Barclays, Citibank, Goldman Sachs, ING Bank N.V., and UBS.
Ensure availability of funds at all times to meet operational needs
Benchmark issuance Public bond issues
Structured private
placements and
other reverse
inquiries
Retail targeted
transactions
Local currency bond
issuance
ECP Program1
Funding Availability
at all times

21. Denominated in US Dollar and Euro
In 2, 3, 5, 7 or 10-year maturities
About $1 billion to $3.25 billion in
size1
Issued at least once a year
Documentation
GMTN Programme
Clearing
Federal Reserve Book-Entry
System
Euroclear and Clearstream
GLOBAL
BENCHMARK BONDS
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 – Australia
UBS Supra-Sovereign Index
Documentation and Clearing
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
ADB b t d Nnds issued in Australia, Cand i d i A t li C
FUNDING
PLATFORMS
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
PRIVATE
PLACEMENTS
21
Financing
Instruments
1/ Green bonds are typically US$500 million and above.

22. 0
1
2
3
4
5
6
7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Aug-16
Ave. maturity
in years
$bn
Global $/€ Benchmark Bonds
Public Bond Issues
Local Currency
Other private placements
(institutional,Uridashi, retail-
targeted)
Structured private
placements
Average maturity
(based on first call date)
Borrowings by Type: 2005 – YTD 2016
Note: Excluding Euro-Commercial Paper issuances (ECPs). Year 2016 figures include trades up to 24 August 2016.
22
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Aug-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 52
Diversified Product
and Currency Mix

23. 1.90
0.30
3.00
1.00
2.30
1.00
0.50
1.00
0.78
2.50
2.10
2.00
1.00
1.25
3.25
1.00
1.50
0.65
1.05
0.80
2.25
1.15
1.00
2.20
3.00
0.50
1.00
2.25
1.50
0.50
1.00
0.50
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
2017
2017
2017
2017
2017
2017
2017
2018
2018
2018
2018
2018
2018
2018
2019
2019
2019
2019
2019
2019
2020
2020
2020
2020
2021
2021
2021
2022
2025
2025
2026
2026
US$bn
Year of Maturity
1.750% Global Bonds of 2013
FRN PO of 2014
1.875% Global Bonds of 2014
FRN PO of 2014
0.75% Global Bonds of 2014
1.50% Global Bonds of 2014
2.125% Global Bonds of 2014
2.0% Global Bonds of 2015
FRN PO of 2015
1.875% Global Bonds of 2015
2.125% Global Green Bonds of 2015
0.75% Global Bonds of 2015
1.125% Global Bonds of 2015
1.5% Global Bonds of 2015
1.625% Global Bonds of 2015
FRN PO of 2015
FRN PO of 2016
0.875% Global Bonds of 2016
1.75% Global Green Bonds of 2016
FRN PO of 2016
1.625% Global Bonds of 2016FRN PO of 2016
2.0% Global Bonds of 2016
1.0% Global Green Bonds of 2016
23
USD Public Offerings
outstanding:
Over $45 billion
USD Global benchmark
bonds issued
YTD 2016: $9.75 billion
0% risk-weighted
(Basel II)
Strong sponsorship
from underwriters
Robust participation
from broad investor
base
Selected US$ Public Bond Issuances
5.250% Global Bonds of 2007
2.250% Eurodollar PO of 2010
1.875% Global Bonds of 2011
1.125% Global Bonds of 2012
1.750% Global Bonds of 2012
1.375% Global Bonds of 2013
ADB
in the US Dollar Market
Floating Rate Note
Fixed Rate Note
1.375% Global Bonds of 2016
FRN PO of 2016

24. 24
BY GEOGRAPHY BY INVESTOR TYPE
Investors Demand
for USD Global Bonds
Note: Includes fixed, floating rate note (FRN) and reopenings on Global format. Percentages may not total 100% because of rounding.

25. 25
ADB has maintained a consistent presence in the Kangaroo market since 2006 with at least one
issuance per year. As of 24 August 2016, ADB has A$9.18 billion principal outstanding.
Year to date, ADB has issued about A$875 million in Kangaroo bonds.
AMOUNT COUPON MATURITY
A$325 mn 3.00% Oct 2026
A$700 mn 3.75% Mar 2025
A$150 mn 4.50% Sep 2023
A$800 mn 5.00% Mar 2022
A$550 mn 2.80% Jan 2021
A$1.0 bn 6.25% Mar 2020
A$1.2 bn 2.60% Jan 2020
A$200 mn Floating May 2019
A$1.0 bn 3.50% May 2019
A$650 mn 3.50% Jul 2018
A$700 mn 6.00% Feb 2018
A$200 mn Floating Jul 2017
A$1.2 bn 3.50% Jul 2017
A$500 mn 3.00% Nov 2016
0.500
1.200
0.200
0.700
0.650
1.000
0.200
1.200
1.000
0.550
0.800
0.150
0.700
0.325
0.000 0.500 1.000 1.500
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2022
2023
2025
2026
A$bn
Year of Maturity
Floating Rate Note
Fixed Rate Note
ADB
in the Kangaroo Market

26. 26
BY GEOGRAPHY BY INVESTOR TYPE
Investor Demand
for Kangaroo Offerings

27. 27
0.150
1.000
0.950
0.300
0.200
0.000 0.200 0.400 0.600 0.800 1.000 1.200
2016
2017
2019
2020
2021
NZ$ bn
Year of Maturity
3.875% NZ$300mn due Jan 2020
4.125% NZ$150mn due Oct 2016
3.250% NZ$1.0bn due Jul 2017
4.625% NZ$950mn due Mar 2019
As of 24 August 2016, ADB has NZ$2.6 billion principal outstanding across five maturities.
ADB
in the Kauri Market
2.875% NZ$200mn due Apr 2021

28. 28
0.475
0.250
0.425
0.000 0.100 0.200 0.300 0.400 0.500
Dec 2016
Dec 2017
Dec 2018
£ bn
Year of Maturity
As of 24 August 2016, ADB has £1.15 billion principal outstanding across three maturities.
Amount Coupon Maturity
£425mn 1.00% Dec 2018
£250mn 1.50% Dec 2017
£475mn 1.00% Dec 2016
ADB
in the Sterling Market
BY INVESTOR TYPEBY GEOGRAPHY

29. 29
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.
AMOUNT COUPON MATURITY
RMB1.2 bn 2.85% Oct 2020
RMB1.0 bn 4.20% Dec 2019
RMB1.3 bn 3.20% Nov 2019
ADB
in the Onshore/Offshore RMB Market
1.3
1.0
1.2
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4
2019
2019
2020
Year of Maturity Offshore
Onshore
RMB bn

30. 30
Private Placements: 2005 – 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 24 August 2016.
59 issues
43 issues
84 issues
102 issues
35 issues
72 issues
52 issues
60 issues
36 issues
24 issues
30 issues
31 issues
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD 2016
$ bn
Dynamic Participation
in Private Placements

31. 29
70
90
118
124
206
237
270
279
562
820
822
1,091
1,306
1,343
1,521
1,908
1,928
7,716
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
THB
GEL
INR
NOK
MYR
CHF
HKD
ZAR
MXN
CNY
SGD
TRY
JPY
BRL
CAD
GBP
NZD
EUR
AUD
US$ mn
31
Outstanding Non-USD Issuances
1/ As of 31 July 2016.
2/ Excluding Euro-Commercial Paper issuances.
3/ BRL issuances are payable in USD or JPY.
4/ INR issuance is payable in USD.
Multi-currency
Issuances

32. 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.
32
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.
Foray into
Thematic Bonds

33. 33
Maturity Profile of Outstanding Borrowings
As of 31 July 2016
Note: Based on notional amounts. Bonds with put and call options were considered maturing on the first put or call date. Includes ECPs.
Redemption Profile

34. CONTENTS
34
Asian Development Bank
Funding Operations
Green Bond Framework
Appendices

35. 35
4.2 Billion
Population in Asia
1.8 Billion
No. of people w/o
access to clean cooking
615 Million People without
access to electricity
Energy Access
in Asia and Pacific Region
ADB incorporates the principles of environmental sustainability in its
investments across the region.

36. Background
• 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.
36
* ADBI 4 Sept 2013.

37. Overview: ADB’s Project Cycle
37
1. Country Partnership
Strategy
ADB
Project
Cycle
2. Preparation
3. Approval4. Implementation
5. Evaluation
Source: http://www.adb.org/projects/cycle

38. Green Bond Framework1
1. 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
2. Project Selection: The project selection
criteria will be implemented by sector
specialists in coordination with the treasury
department
3. Proceeds: Green bond proceeds will be
allocated to a subportfolio and tracked
against disbursement of eligible projects
4. Reporting: ADB will make available
eligible project list and green bond annual
newsletter online
1/ With second opinion.
38
Source: http://www.adb.org/sites/default/files/adb-green-bonds-framework.pdf

39. Highlights
ADB successfully priced the first ever dual tranche Green Bond global transaction
from an SSA issuer consisting of US$800 million 3-year benchmark due 16 August
2019 and US$500 million 10-year benchmark due 16 August 2026.
The 3-year was priced with a spread of +1bps over mid-swaps, equivalent to
+22.75bps over the UST 0.75% due July 2019. The 10-year was priced with a
spread of +33bps over Mid Swaps, equivalent to +21.9bps over the UST 1.625%
due May 2026.
This transaction represents the first ever dual tranche green bond by an SSA.
It is ADB’s second Green Bond issue in benchmark format and its largest to date,
which follows from ADB’s inaugural Global Green Bond issued in March 2015.
On 9 August 2016, ADB
successfully priced the
first ever dual tranche
Green Bond global
transaction.
Pricing Details
39
ADB US$1.3bn Dual Tranche
Green Bond
Issuer: ADB
Ratings: Aaa/AAA/AAA
Size: US$1.3bn
Tranches:
US$800mn 1%
due 16 August 2019/
US$500mn 1.75%
due 14 August 2026
Pricing Date: 09-Aug-16
Settlement Date: 16-Aug-16
Maturity Dates: 16-Aug-19/14-Aug-26
Coupon: 1% / 1.75%
Bookrunners:
Bank of America Merrill Lynch
Credit Agricole CIB
J.P. Morgan
US$800mn 3-year Distribution by Investor Type US$800mn 3-year Distribution by Geography
US$500mn 10-year Distribution by Investor Type US$500mn 10-year Distribution by Geography

40. Highlights
ADB successfully priced a US$500 million Green Bond global
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.
On 12 March 2015, ADB
successfully priced a
US$500 million Green
Bond global transaction.
Pricing Details
Overall Distribution by Investor Type Overall Distribution by Geography
40
Issuer: ADB
Ratings: Aaa/AAA/AAA
Format: Global
Size: US$500mn
Pricing Date: 12 Mar 2015
Settlement Date: 19 Mar 2015
Maturity Date: 19 Mar 2025
Coupon: 2.125%
Re-offer: Mid Swaps+1 bp
UST + 12.45 bps
Bookrunners:
Bank of America Merrill
Lynch
Morgan Stanley
SEB AG
ADB US$500 Million 10-year Global
Green Bond
Asia
31%
Europe
37%
Middle
East &
Africa
8%
US
22%
North
America
ex-US
2%
Central
Banks/
Official
Institutions
16%
Banks
22%
Fund
Managers/
Insurance/
Pension
61%
Others
1%

41. Eligible 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.
41

42. Eligible 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)
42

43. PROJECT CATEGORY: Transport
TOTAL LOAN: $405 million
(of which $300 million is OCR)
OUTPUTS:
About 100,000 e-trikes operating by 2017
5 solar charging stations of 200 kW each
Lithium Ion battery supply chain created
EXPECTED RESULTS:
About 332,150 tons of CO2 emissions
reduced per year (10 years project life)
43
Eligible Project: Energy-Efficient Electric
Vehicles, Philippines

44. Asian Development Bank
Funding Operations
Green Bond Framework
Appendices
44

45. APPENDIX 1: ADB IN THE NEWS
45

46. 46
ADB in the News
ADB doubles up in green
Asian Development Bank mandated for a dual tranche global green
bond in dollars on Monday, with the longer tranche likely to gain
support from investors in Japan, said bankers
By Craig McGlashan 08 Aug 2016
ADB raises $74 million via 5-year rupee-linked
offshore bonds
By Deepshikha Sikarwar , ET Bureau | Jul 28, 2016, 10.34 AM IST
The Asian Development Bank (ADB) has raised about
$74million via 5-year Indian rupee linked offshore bonds.
This is ADB's third bond issue in the offshore INR-linked
market, and the second INR issue this year.
"The strength of the Indian economy has led to increasing
demand from international investors for Indian rupee-linked
bonds," said ADB Treasurer Pierre van Peteghem. "Today's
transaction, with the longest maturity and the largest size of
any previous ADB rupee bonds, demonstrates the underlying
investor interest in India and ADB's commitment to help
develop the country's capital markets," he said. Proceeds
from the bonds will be mobilized to support private sector
lending in the Indian market.
India is ADB's fourth largest shareholder and is its largest
borrower, excluding co-financing. In 2015, ADB approved $836
million in private sector projects in India, its largest market.
The bonds, which are denominated in Indian rupees but
settled in US dollars, carry a coupon of 6.45% and mature on 8
August 2021. The bond was underwritten by Citibank and JP
Morgan. 31% of the bonds were placed in Asia and 69% in
Europe, Middle East, and Africa. By investor type, 70% of the
bonds were placed with banks, and 30% with fund managers.

47. 47
ADB in the News
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.
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.

48. APPENDIX 2: HIGHLIGHTS OF LOAN OPERATIONS
48

49. 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.
49
Third Capital Market Development Program
Development
impact:
Enhanced capacity and size of
the capital market in a strong
legal and regulatory framework
Sector: Finance – Money and capital
markets
Drivers of Change: Governance and capacity
development
Knowledge solutions
Partnerships
Private sector development
Project Term: 2015 – 2018
ADB Financing: $400 million
Bangladesh:
Supporting Capital Market Reforms

50. 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.
50
Second Jharkhand State Road Project
Development
impact:
State roads reconstructed or
rehabilitated
Sector: Transport - Road transport (non-
urban) - Transport policies and
institutional development
Drivers of
Change:
Governance
Capacity development
Project Term: 2015 – 2020
ADB Financing: $200 million
India:
Improving Road Links

51. 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%.
51
Electricity Grid Strengthening—Sumatra Program
Development
impact:
Existing transmission system
strengthened and expanded
Sector: Energy – Electricity transmission
and distribution
Drivers of
Change:
Governance and capacity
development
Knowledge solutions
Partnerships
Private sector development
Project Term: 2015 – 2020
ADB Financing: $575 million
Indonesia:
Sustainable Use of Electricity

52. 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.
52
Low-Carbon District Heating Project in
Hohhot in Inner Mongolia Autonomous
Region
Development
impact:
Improved air quality and reduced
greenhouse gas emissions in
Hohhot
Sector: Energy
Drivers of
Change:
Knowledge solutions
Partnerships
Project Term: 2015 – 2020
ADB Financing: $150 million
PRC:
Reduced Greenhouse Gas Emissions

53. 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.
53
Mahaweli Water Security Investment Program
Development
impact:
Improved agricultural production
and sustained economic growth
Sector: Agricultural , natural resources and
rural development
Drivers of
Change:
Governance and capacity
development
Knowledge solutions
Partnerships
Project Term: 2015 - 2024
ADB Financing: $453 million
Sri Lanka:
Secured Access to Water Resources

54. APPENDICES 3 - 9
54

55. LLending 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
55
Appendix 3: Conservative Financial Policies

56. 56
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
Appendix 4: Safeguard Policy Statement

57. 57
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
Appendix 5: Anticorruption and Integrity Policies

58. 58
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. require collective efforts and actions of two or more countries to jointly respond to cross-border issues;
b. are national in nature, but with significant regional dimensions and/or implications;
c. facilitate regional policy dialogue, including the establishment of regional policies for greater RCI;
d. support research and promote knowledge generation and dissemination among DMCs in the area of
RCI;
e. strengthen institutional capacity of regional and/or subregional groupings; or
f. 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.
Appendix 6: Investment Climate Facilitation Fund

59. 59
Appendix 7: Midterm Review of Strategy 2020
ADB’s Strategic Priorities for 2014 – 2020:
A. Sharpening ADB’s Operational Focus 1. Poverty reduction and inclusive economic
growth
2. Environment and climate change
3. Regional cooperation and integration
4. Infrastructure development
B. Responding to the New Business Environment 5. Middle-income countries
6. Private sector development and operations
7. Knowledge solutions
C. Strengthening ADB’s Capacity and Effectiveness 8. Financial resources and partnerships
9. Delivering value for money in ADB
10.Organizing to meet new challenges

60. 60
REGIONAL MEMBERS Rating
Year of
Membership
Rating
Year of
Membership
Afghanistan NR/NR 1966 Micronesia, Fed. States of NR/NR 1990
Armenia B1/NR 2005 Mongolia B2/B 1991
Australia Aaa/AAA 1966 Myanmar NR/NR 1973
Azerbaijan Ba1/BB+ 1999 Nauru NR/NR 1991
Bangladesh Ba3/BB- 1973 Nepal NR/NR 1966
Bhutan NR/NR 1982 New Zealand Aaa/AA 1966
Brunei Darussalam NR/NR 2006 Pakistan B3/B- 1966
Cambodia B2/NR 1966 Palau NR/NR 2003
People's Republic of China Aa3/AA- 1986 Papua New Guinea B2/B+ 1971
Cook Islands NR/B+ 1976 Philippines Baa2/BBB 1966
Fiji B1/B+ 1970 Samoa NR/NR 1966
Georgia Ba3/BB- 2007 Singapore Aaa/AAA 1966
Hong Kong, China Aa1/AAA 1969 Solomon Islands NR/NR 1973
India Baa3/BBB- 1966 Sri Lanka B1/B+ 1966
Indonesia Baa3/BB+ 1966 Taipei,China Aa3/AA- 1966
Japan A1/A+ 1966 Tajikistan NR/NR 1998
Kazakhstan Baa3/BBB- 1994 Thailand Baa1/BBB+ 1966
Kiribati NR/NR 1974 Timor-Leste NR/NR 2002
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
NON-REGIONAL
MEMBERS
Rating
Year of
Membership
Austria Aa1/AA+ 1966
Belgium Aa3/AA 1966
Canada Aaa/AAA 1966
Denmark Aaa/AAA 1966
Finland Aa1/AA+ 1966
France Aa2/AA 1970
Germany Aaa/AAA 1966
Ireland A3/A+ 2006
Italy Baa2/BBB- 1966
Luxembourg Aaa/AAA 2003
The Netherlands Aaa/AAA 1966
Norway Aaa/AAA 1966
Portugal Ba1/BB+ 2002
Spain Baa2/BBB+ 1986
Sweden Aaa/AAA 1966
Switzerland Aaa/AAA 1967
Turkey Baa3/BB 1991
United Kingdom Aa1/AA 1966
United States Aaa/AA+ 1966
Note: Moody’s and Standard & Poor’s ratings are as of 24 August 2016. (Source: Bloomberg)
Appendix 8: ADB’s Shareholders –
31 December 2015

61. ADB website www.adb.org
Investor website www.adb.org/site/investors/main
Strategy 2020 www.adb.org/about/policies-and-strategies
Country Operations www.adb.org/countries/main
Annual Reports www.adb.org/documents/series/adb-annual-reports
Funds and Resources www.adb.org/site/funds/main
Sectors and Themes www.adb.org/focus-areas
Data and Research www.adb.org/data/main
Asian Bonds Monitor asianbondsonline.adb.org
News and Events www.adb.org/news
Bloomberg ADB <GO>
61
Appendix 9: Sources of Additional
Information

62. 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.
62
Disclaimer

63. Asian Development Bank
Treasury Department
Funding Division
6 ADB Avenue, Mandaluyong City
1550 Metro Manila, Philippines
Email capitalmarkets@adb.org
Investor Website www.adb.org/site/investors/main
Bloomberg ADB <GO>
Tel. No. +632 683-1204
Fax No. +632 632-4120
Asian Development Bank
Fighting Poverty in Asia and the Pacific
All images are from the ADB Photo Library.