Second-Party Opinion

Black Tulip Port St. George Bahamas I

Limited (BTPSG) Green Fund
Framework

Evaluation Summary
Evaluation date September 2019
Sustainalytics is of the opinion that the Black Tulip Port St. George Bahamas I (BTPSG)
PSG Green Fund Framework is credible and impactful and aligns with the spirit, and the Issuer Location Grand Cayman,
four core components, of the Green Bond Principles 2018. This assessment is based Cayman Islands
on the following:

The eligible category for the use of proceeds – Report Sections

Sustainable Cities and Green Buildings – is aligned with those
recognized by the Green Bond Principles 2018. Sustainalytics Introduction.................................................. 2
considers the eligible category to have positive environmental impact
Sustainalytics’ Opinion ................................ 3
and to advance the UN Sustainable Development Goals, specifically
6, 7, 11, and 12. Appendices .................................................. 7

The combined BTPSG sponsor

management team, comprising Black Tulip, StarPort Resorts, and
Clairfield, assessed and evaluated the eligible project based on LEED For inquiries, contact the Sustainable
principles, and mandatory and voluntary credits requirements defined Finance Solutions project team:
under the LEED for Communities certification. Sustainalytics Ankita Shukla (New York)
considers the project selection process to be in line with market Project Manager
practice. ankita.shukla@sustainalytics.com
(+1) 617 603 3329
BTPSG has appointed a third-party
administrator, Vistra, which will separately track the net proceeds and Mayur Mukati (Toronto)
will provide reporting to an independent auditor. Pending allocation, Project Support
the net proceeds will be kept in escrow in the bank account controlled mayur.mukati@sustainalytics.com
by the administrator and may be invested in short-term money market (+1) 647 936 5656
instruments, such as cash or cash equivalent. This is in line with Paramjot Kaur (New York)
market practice. Client Relations
susfinance.americas@sustainalytics.com
BTPSG intends to publish (unaudited) quarterly and (+1) 646 518 0184
(audited) annual information on Investor Portal section of the Port St.
George’s website, which will be updated and maintained by third
parties on behalf of the BTPSG. The Investor Portal section of the Port
St. George website will include detailed project capital allocation, as
well as relevant sustainable performance metrics through the Arc
platform, where feasible. Sustainalytics views the BTPSG’s allocation
and impact reporting to be aligned with market practice.

© Sustainalytics 2019
 Second-Party Opinion
Black Tulip Port St. George Bahamas I (BTPSG) PSG Green Fund Framework

Introduction
Black Tulip Port St. George Bahamas I Limited (“BTPSG”) is a single purpose investment fund vehicle
domiciled in the Cayman Islands. The fund is exclusively structured to invest in and manage the Port St.
George eco-resort development project located on Long Island, Bahamas. The following entities are involved
in the development of Port St. George:
• Black Tulip Asset Management LLC (“Black Tulip”), a Miami-based alternative asset management
company that advises, structures and manages exchange-traded products and other fund structures
related to commercial real estate and private equity opportunities for institutional and private wealth
distribution in the US, Europe, Asia, Latin America and the Middle East.1
• Clairfield International, through its affiliates Clairfield Partners LLC and CP Real Estate Capital I LLC
(collectively “Clairfield”) is an international corporate finance firm that provides advisory services to
international corporations, family-owned businesses, and financial investors. Clairfield has
operations in over 22 countries with over 300 team members.
• StarPort Resorts Limited (“StarPort Resorts”) will develop Port St. George into a new eco-engineered
luxury resort on an 882-acre parcel of land located in the north of Long Island, The Bahamas. Port St.
George will primarily include residency projects with various waterfront town houses and
condominiums and a five-star hotel, a 640-berth marina, and amenities for various sports and retail.2,3
BTPSG has developed the PSG Green Fund Framework (the “Framework”) for the development of Port St.
George. The Framework defines eligibility criteria in the following area:
• Sustainable Communities and Green Buildings:
a. Port St. George will be certified LEED for Communities (Certified or above); and
b. Majority or all of StarPort Resorts’ buildings will be certified with LEED Gold and/or WELL
Building Standard.
Black Tulip Asset Management LLC engaged Sustainalytics to review the Framework, dated September 2019,
and provide a second-party opinion on the Framework’s environmental credentials and its alignment with the
spirit of the Green Bond Principles 2018 (GBP 2018).4 This Framework will be published as an Appendix, or
auxiliary document, to the Private Placement Memorandum.5
As part of this engagement, Sustainalytics held conversations with various members of BTPSG’s sponsor
management team to understand the sustainability impact of their business processes and planned use of
proceeds, as well as the management of proceeds and reporting aspects of the Framework. Sustainalytics
also reviewed relevant public documents and non-public information.
This document contains Sustainalytics’ opinion of the Framework and should be read in conjunction with that
Framework.

1 Black Tulip Asset Management LLC, About: https://www.blacktulipam.com/

2 StarPort Resorts, Port St. George: http://starportresorts.com/home.html
3 Caribbean News Now, StarPort Resorts committed to eco-sustainability of The Bahamas:

https://www.caribbeannewsnow.com/2019/01/31/starport-resorts-committed-to-eco-sustainability-of-the-bahamas/
4 The Green Bond Principles are administered by the International Capital Market Association and are available at https://www.icmagroup.org/green-

social-and-sustainability-bonds/green-bond-principles-gbp/
5 The BTPSG Green Fund Framework will be published as an Appendix or auxiliary document to the Private Placement Memorandum.

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Sustainalytics’ Opinion

Section 1: Sustainalytics’ Opinion on the PSG Green Fund Framework

Summary
Sustainalytics is of the opinion that the PSG Green Fund Framework is credible and impactful, and aligns with
the spirit, and the four core components, of the GBP 2018. Sustainalytics highlights the following elements of
the Framework:
• Use of Proceeds:
- The use of proceeds will deliver environmental benefits in that the development project is
expected to perform better than comparable cities/communities on a number of important
sustainability metrics.
- Port St. George will be certified under the recently developed LEED for Communities program,
which requires the achievement of prerequisites and credits at the city or community level in the
areas of natural systems and ecology, transportation and land use, water efficiency, energy and
greenhouse gas emissions, materials and resources, and quality of life.6 In addition, some or all
of StarPort Resorts’ buildings will be certified to LEED Gold (or higher), and/or to the WELL
Building Standard.
- Sustainalytics regards the pursuit of such recognized certification schemes as evidence of
commitment on the part of Black Tulip, StarPort Resorts and BTPSG’s team to develop
sustainable infrastructure for eco-tourism purposes.7 Sustainalytics has conducted an
evaluation of the certification schemes and views them positively (Appendix 1 & Appendix 2
provide additional information on the certification schemes).
- Sustainalytics notes that, while LEED for Communities is expected to be an impactful
certification program, it applies at the level of the city or community and does not include
requirements for the performance of individual projects or activities within the city/community
boundary. For example, buildings are not required to be certified LEED (although as noted above,
StarPort Resort intends to certify the majority or all of their buildings LEED Gold or higher). The
potential that funds will be allocated to projects, activities and/or land uses that do not adhere
to recognized sustainability standards is considered a limitation.
• Project Evaluation and Selection:
- The combined BTPSG sponsor management team comprising Black Tulip, StarPort Resorts, and
Clairfield assessed and evaluated the eligible project based on LEED principles as well as the
mandatory and voluntary credits requirements defined under the LEED for Communities
certification. Sustainalytics considers the project selection process to be in line with market
practice.
• Management of Proceeds:
- BTPSG has appointed a third-party administrator, Vistra, which will separately track the net
proceeds from the private placement through an internal system and will provide reporting to an
independent auditor. Pending allocation, the net proceeds will be kept in escrow in the bank
account controlled by the administrator and may be invested in short-term money market
instruments, such as cash or cash equivalent. The funds will be disbursed according to the
capital requirements of the project as stated in the Private Placement Memorandum. This is in
line with market practice.
• Reporting:
- BTPSG intends to publish (unaudited) quarterly and (audited) annual information on Investor
Portal section of the Port St. George’s website until full allocation, and as necessary thereafter
in the event of material developments.8 Sustainalytics views BTPSG’s allocation and impact
reporting to be aligned with market practice.

6
United States Green Building Council, LEED v4.1 Cities and Communities: Plan and Design (April 2019), https://new.usgbc.org/leed-v41#cities-and-
communities.
7 The energy performance criteria specified under LEED for Cities is based on greenhouse gas (GHG) emissions (CO e) monitoring in the unit of
2
tons/year/person. Sustainalytics recognizes that reducing emissions on a per capita basis does not necessarily exclude the possibility of fossil fuel
usage or related technologies within the development; nevertheless, BTPSG’s eligible project will create significant opportunity to reduce such exposure
with its overall positive environmental and social impacts through green and healthy (natural and built) infrastructure investments.
8 BTPSG has confirmed to Sustainalytics that the annual information may also be published, on a discretionary basis, on the commercial section of

Black Tulip’s website.

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Black Tulip Port St. George Bahamas I (BTPSG) PSG Green Fund Framework

- The allocation reporting will include detailed project capital allocation towards sustainability
aspects, as specified in the Framework.
- The impact reporting may include, where feasible, sustainability performance indicators,
including those on energy, water, waste, transportation, and human experience.

Alignment with Green Bond Principles 2018

Sustainalytics has determined that the PSG Green Fund Framework aligns with the spirit, and the four core
components, of the GBP 2018.

Section 2: Sustainability Performance of the Issuer

Contribution of the Framework to BTPSG’s sustainability efforts
Sustainalytics is of the opinion that BTPSG has demonstrated a commitment to achieve positive
environmental and social impacts by developing a sustainable resort with LEED for Communities certification,
as well as some or all StarPort Resorts’ buildings with LEED Gold and/or WELL Building Standard
certification(s). Sustainalytics views BTPSG’s Framework as well aligned with the sustainability efforts related
to the development of Port St. George.
The BTPSG sponsor management team established the goal of creating an eco-resort, while considering
environmental conservation and providing economic opportunity through eco-tourism. Due to the natural
constraints of this type of development in Port St. George, the team identified net-zero waste, energy and
water as key priority areas. These areas are critical to the overall goals and resiliency of such a project, which
will be achieved through meeting the standards established under LEED for Communities certification, LEED
Gold and/or WELL Building Standard.
The project’s design engineering consulting firm, Studio Hillier, is committed to using the best available
technology for StarPort Resorts’ infrastructural development. 9 This includes wind, solar and/or geothermal
power; solar roof tiles; battery storage; passive cooling/ventilation; LED lighting; high-performance insulation
and/or cooling & heating systems; and demand-controlled ventilation. There will be clean transportation on
site, including low-speed electric vehicles with solar/wind powered charging stations and solar-powered
yachts. Similarly, there are several planned water-efficient and waste management procedures and systems,
such as rainwater and grey water catchment; native planting and xeriscaping; high-efficiency plumbing;
stream-based recycling; policies for sustainable procurement and green cleaning; and an electronics and
battery recycling program.
Considering the importance of sustainable development and ecotourism in the Bahamas (as discussed later),
Sustainalytics believes that the use of proceeds category will serve to create a sustainable destination for
tourists while reducing the development’s overall environmental footprint, including through the use of energy,
water- and waste-related performance measures.
Well positioned to address common environmental and social risks associated with the projects
Port St. George is expected to have positive environmental benefits related to sustainable and low carbon
development, waste disposal, energy and water consumption reduction, as well as social benefits such as
health and safety and/or human experience. Nevertheless, any real estate development project contains
environmental and social risks; for this project these could include land use changes and adverse effects on
local habitat and biodiversity. However, BTPSG has policies, systems and procedures in place to mitigate the
aforementioned risks.
BTPSG has confirmed to Sustainalytics that the project has obtained all applicable and necessary
environmental permits, approvals and authorization from the regulatory authorities. Additionally, all relevant
stakeholders involved in the construction and development of Port St. George, such as contractors and
subcontractors, will continue abiding with implemented health and safety standards and underlying
procedures. Furthermore, an independent third-party conducted Environmental Impact Assessment on the
existing site condition, biodiversity and construction mitigation procedures with subsequent re-verification.
BTPSG also confirmed that the project intends to be net-zero energy/carbon neutral, net-zero water and net-
zero waste with real-time monitoring of environmental performance through Arc Platform associated with
LEED for Communities certification.

9The Bahamas Investor, US architect to design new Bahamas eco-resort:

http://www.thebahamasinvestor.com/2018/us-architect-to-design-new-bahamas-eco-resort/
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In addition, BTPSG committed to ensure steps will be undertaken in order to reduce negative impacts on
biodiversity, such as through the protection/restoration of greenfield areas; restoration of native or adapted
vegetation, implementation of construction pollution prevention program, best management practices for
storm water management and a pollution reduction plan. BTPSG will also ensure the use of environmentally
benign construction materials by screening against the International Living Future Institute’s Red List10 that
makes note of harmful chemicals which generally cause significant harm to humans and the ecosystem.
Based on the environmental approvals, assessment, best management practices, and a commitment to
sustainable development, Sustainalytics is of the opinion that BTPSG is well-positioned to mitigate the risks
associated with the development, construction and operation of Port St. George.

Section 3: Impact of Use of Proceeds

The use of proceeds category is recognized as impactful by GBP 2018.
Importance of sustainable infrastructure development for tourism in The Bahamas
The Bahamas is a low-lying, small island developing state in the Caribbean which has experienced investment
gaps in infrastructure with exposed vulnerability to climate change and rising sea levels. The Bahamas’ 25-
year National Development Plan: Vision 2040 incorporated the Sustainable Development Goals in order to
bring structural reforms within the country. The country, under the Plan, focuses on four pillars of
development: (i) governance, (ii) human capital, (iii) the natural and built environment, and (iv) economy. 11
With an emphasis on inclusive economic growth and building a sustainable and resilient environment, the
Bahamas intends to address challenges related to its sustainable infrastructure and tourism development.
In 2019, the member states within the Caribbean Community (CARICOM) overwhelmingly met their energy
needs through the import of fossil fuel, which makes up around 95% of the total electricity demand. 12 In order
to increase the share of renewables in its energy mix and improve its energy efficiency, The Bahamas has
implemented the National Energy Policy 2013-2033,13 which aims at supporting key economic sectors, such
as the hotel industry, embrace eco efficiency and energy conservation. Furthermore, tourism is one of the key
economic drivers of the Caribbean states, and therefore, must constantly be improved through sustainable
practices to ensure long-term viability of resources, including human, physical and natural capital.
However, according to the Situation Analysis report14 – a joint initiative by UNEP and the Global Partnership –
some of the major barriers to the implementation of sustainable tourism in the Caribbean states are related
to funding opportunities, public awareness, and stakeholder collaboration. Furthermore, there was a
recommendation on “financial, tax and investment incentives” for resource efficiency and conservation to
“encourage and strengthen sustainable tourism development.”14 In addition, there are specific energy and
environmental problems to be addressed within the tourism industry in The Bahamas. For example, a study
released by the Caribbean Hotel Energy Efficiency and Renewable Energy Action (CHENACT) program
analysed the energy usage profile of hotels from The Bahamas, Barbados and Jamaica, between 2013 and
2016, and showed that hotels/resorts in The Bahamas had the highest energy usage per-guest-night.15
Sustainalytics notes that BTPSG intends to finance the development of LEED for Communities certified eco-
resort with some or all StarPort Resorts’ buildings certified with LEED Gold and/or WELL Building Standard.
Since such certifications reduce the development’s environmental footprint and enhance the environmental
and social performance of the existing and new buildings/infrastructure, BTPSG’s investments are in line with
The Bahamas’ intention to integrate sustainable development with its economic growth. Sustainalytics

10 The Red List contains the “worst in class” construction materials that cause harm to construction workers, environmental pollution, and that bio-
accumulates in the food chain until they reach toxic concentrations. International Living Future Institute (ILFI), the Red List:
https://living-future.org/declare/declare-about/red-list/
11 Government of The Bahamas, The Bahamas- Voluntary National Review on the Sustainable Development Goals:

https://sustainabledevelopment.un.org/content/documents/19874VNR_document_03.07.18_master_document.pdf
12 The Nassau Guardian, Bahamas to adopt CARICOM Regional Energy Efficiency Building Code:

https://thenassauguardian.com/2019/04/23/bahamas-to-adopt-caricom-regional-energy-efficiency-building-code/
13 The Bahamas, The Bahamas National Energy Policy 2013-2033: http://www.thebahamasweekly.com/uploads/16/energypolicy.pdf
14 UN, Advancing Sustainable Tourism, A Regional Sustainable Tourism Situation Analysis- Caribbean:

https://sustainabledevelopment.un.org/content/documents/commitments/4907_7411_commitment_Advancing%20Sustainable%20Tourism%20-
%20A%20Regional%20Sustainable%20Tourism%20Situation%20Analysis%20Caribbean.pdf
15 The Nassau Guardian, Study outlines high energy usage profile of Bahamas hotels:

https://thenassauguardian.com/2017/02/08/study-outlines-high-energy-usage-profile-of-bahamas-hotels/
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believes that the use of proceeds will strengthen the country’s infrastructure and positively contribute towards
its resilience to climate change as well as the wellbeing of its communities.
Alignment with/contribution to SDGs
The UN Sustainable Development Goals (SDGs) were set in September 2015 and form an agenda for achieving
sustainable development by the year 2030. Black Tulip’s green fund advances the following SDG goals and
targets:

Use of Proceeds SDG SDG target

Category
Sustainable 6. Clean Water and 6.3 By 2030, improve water quality by reducing pollution,
Communities and Sanitation eliminating dumping and minimizing release of
Green Buildings hazardous chemicals and materials, halving the
proportion of untreated wastewater and substantially
increasing recycling and safe reuse globally 11.6 By 2030,
reduce the adverse per capita environmental impact of
cities, including by paying special attention to air quality
and municipal and other waste management.
7. Affordable and 7.B By 2030, expand infrastructure and upgrade
Clean Energy technology for supplying modern and sustainable energy
services for all in developing countries, in particular least
developed countries, small island developing States, and
land-locked developing countries, in accordance with
their respective programmes of support.
11. Sustainable Cities 11.B By 2020, substantially increase the number of cities
and Communities and human settlements adopting and implementing
integrated policies and plans towards inclusion, resource
efficiency, mitigation and adaptation to climate change,
and resilience to disasters.
12. Responsible 12.4 By 2020, achieve the environmentally sound
Consumption and management of chemicals and all wastes throughout
Production their life cycle, in accordance with agreed international
frameworks, and significantly reduce their release to air,
water and soil in order to minimize their adverse impacts
on human health and the environment.

Conclusion
Black Tulip Port St. George Bahamas I Limited (BTPSG) has developed the PSG Green Fund Framework under
which it intends to seek investment in the fund for the development of an eco-resort project called Port St.
George. Sustainalytics considers that the project funded by the green fund proceeds will provide significant
environmental benefits related to high performance in energy, water, waste, transportation, and human
experience.
Sustainalytics believes that the PSG Green Fund Framework is aligned with the overall sustainability efforts
of Black Tulip and StarPort Resorts, and that the environmental use of proceed category will also contribute
to the advancement of the UN Sustainable Development Goals, specifically 6, 7, 11, and 12. Additionally,
Sustainalytics is of the opinion that PSG Green Fund Framework has sufficient measures to identify, manage
and mitigate environmental and social risks commonly associated with the eligible project funded by the use
of proceeds.
Overall, Sustainalytics is of the opinion that the PSG Green Fund Framework is robust, transparent, and in
alignment with the spirit, and the four core components, of the Green Bond Principles 2018.

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Black Tulip Port St. George Bahamas I (BTPSG) PSG Green Fund Framework

Appendices

Appendix 1: LEED for Cities and Communities Certification Scheme

LEED version 4.1 Cities and Communities: Plan and Design 16

Background LEED for Cities and Communities: Plan and Design is a certification scheme designed to promote sustainability
and quality of life in a new city or community. It was launched on April 2, 2019 and is designed to guide
governments and development teams through the process of considering sustainability in all aspects of the new
city or community.

Certification levels Certified, Silver, Gold, Platinum

Areas of • Ecology & Natural Systems

Assessment • Transportation & Land Use
• Water Efficiency
• Energy and Greenhouse Gas Emissions
• Materials and Resources
• Quality of Life

Requirements Prerequisites (independent of level of certification) + Credits with associated points

These points are then added together to obtain the LEED level of certification
Projects with phases at various stages of planning and construction must adhere to the following guidance:
• Precertification – A project must use Plan and Design precertification for the full project. This is a
mandatory requirement.
• Certification – A project must use Plan and Design rating system for the phase that is at planning stage
or is constructed less than 75% of its total building floor area.17

Performance
display

16 USGBC, LEED v4.1 Cities and Communities: Plan and Design: https://new.usgbc.org/leed-v41#cities-and-communities.
17
USGBC, LEED v4.1 Cities and Communities: Plan and Design: Getting started guide for beta participants (April 2019) at 9.
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Appendix 2: Comparison of Green Building Certification Schemes

LEED18 WELL Building Standard

Background Leadership in Energy and Environmental Design
(LEED) is a US Certification System for
residential and commercial buildings used
worldwide. LEED was developed by the non-
profit U.S. Green Building Council (USGBC) and
covers the design, construction, maintenance
and operation of buildings.
Certification levels Certified
Silver
Gold
Platinum
WELL Building Standard (“WELL”) is a building certification
issued by the International WELL Building Institute (IWBI);
Comprehensive, third-party verified standard targeting the
commercial and institutional office buildings. The WELL
standards measure the health, well-being, productivity and the
happiness of building occupants. In 2018, the WELL standard
was updated to WELL V2, which makes some changes to the
requirements and scoring compared to WELL V1.
Core (V2 Only)
Silver
Gold
Platinum

Areas of • Energy and atmosphere V1

Assessment • Sustainable Sites • Air
• Location and Transportation • Water
• Materials and resources • Nourishment
• Water efficiency • Light
• Indoor environmental quality • Fitness
• Innovation in Design • Comfort
• Regional Priority • Mind

V2
• Air
• Water
• Nourishment
• Light
• Movement
• Thermal comfort
• Sound
• Materials
• Mind
• Community
Requirements Prerequisites (independent of level of V1
certification) + Credits with associated points The building must meet a minimum of 5 preconditions to
receive the Silver Certification, a minimum of 7 preconditions
These points are then added together to obtain
to receive the Gold certification or a minimum of 9 to receive
the LEED level of certification
the Platinum certification. The preconditions comprise 102
There are several different rating systems KPIs for the following quality indicators: Air, Water,
within LEED. Each rating system is designed to Nourishment, Light, Fitness, Comfort, Mind
apply to a specific sector (e.g. New
V2
Construction, Major Renovation, Core and Shell
Projects must achieve all preconditions, as well as a certain
Development, Schools-/Retail-/Healthcare New
number of points to earn different levels of certification.
Construction and Major Renovations, Existing
Projects must earn a minimum of two points per concept.
Buildings: Operation and Maintenance).
Projects may earn no more than 12 points per concept. Point
thresholds are 40, 50, 60, & 80 for the four certification levels.
Performance
display

18 USGBC, LEED: www.usgbc.org/LEED

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