Second-Party Opinion Download

Sustainalytics is of the opinion that the TDC NET Sustainability-Linked Finance Framework aligns with the Sustainability-Linked Bond Principles 2024 and the Sustainability-Linked Loan Principles 2025. This assessment is based on the following:

Selection of Key Performance Indicators

The TDC NET Sustainability-Linked Finance Framework defines the following KPIs: i) absolute scope 1 and 2 GHG emissions (tCO2e); and ii) absolute scope 3 GHG emissions (tCO2e). Sustainalytics considers KPIs 1 and 2 to be very strong based on materiality, relevance, scope of applicability and comparability to external benchmarks.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with TDC NET’s sustainability strategy. Sustainalytics assessed the SPTs as follows, based on historical performance, peer targets and science-based trajectories, as applicable: SPTs 1a -1d highly ambitious and SPTs 2a – 2f highly ambitious. 

Financial Instruments Characteristics

TDC NET has linked the financial characteristics of the sustainability-linked instruments to the achievement of the SPTs. The failure to achieve the SPTs will trigger a coupon step-up or premium payment for bonds and margin adjustment for loans.

Reporting

TDC NET commits to provide details of its performance on the KPIs in its annual report, which is available on its website. The reporting commitments are aligned with the SLBP and SLLP.

Verification

TDC NET commits to have external limited assurance conducted against each SPT for each KPI at least once a year, which is aligned with the SLBP and SLLP.