Second-Party Opinion Download

USE OF PROCEEDS

The eligible category for the use of proceeds, Clean Transportation, is aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 9 and 11.

PROJECT EVALUATION AND SELECTION

Tegeta Motors’ Green View Committee will select, evaluate and monitor eligible projects in line with the eligibility criteria. Tegeta Motors has in place environmental and social risk management processes that are applicable to the allocation decisions made under the Framework. Sustainalytics considers this to be in line with market practice.

MANAGEMENT OF PROCEEDS

Representatives from the following departments will be responsible for the management and allocation of proceeds to eligible projects: i) Car Sales Strategic Business Unit; ii) Trucks and Special Purpose Equipment Strategic Business Unit; iii) Administration; iv) Occupational Health and Safety; and v) Investor Relations. The proceeds will be tracked through an internal tracking system. Tegeta Motors intends to reach full allocation within six to twelve months of issuance. Pending full allocation, unallocated proceeds may be temporarily held in cash and cash equivalents. This is in line with market practice.

REPORTING

Tegeta Motors intends to report on the allocation of proceeds and corresponding impact, which will be published on an annual basis until full allocation. Allocation reporting will include the percentage figures and balance of allocated and unallocated investments. In addition, Tegeta Motors is committed to reporting on relevant impact metrics. Sustainalytics views Tegeta Motors’ allocation and impact reporting as aligned with market practice.