Second-Party Opinion Download

Sustainalytics is of the opinion that the TITAN Cement Group Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023. This assessment is based on the following:

Selection of Key Performance Indicators

The TITAN Cement Group Sustainability-Linked Financing Framework defines one KPI: Gross scope 1 GHG emissions intensity (in kgCO2/tonne of cementitious product). Sustainalytics considers the KPI chosen to be very strong based on its relevance, scope of applicability and comparability to external benchmarks.

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPTs to be aligned with TITAN’s sustainability strategy. Sustainalytics further considers both SPT 1 and SPT 2 to be highly ambitious based on comparisons with past performance, peer performance and science-based trajectories. • Bond Characteristics TITAN will link the financial characteristics of the sustainability-linked notes to achievement of the SPTs, namely a step-up in coupon rate.

Reporting

TITAN commits to report on an annual basis on its performance on the KPI in its Integrated Annual Report which will be published on its website. TITAN also commits to disclose relevant information that may materially affect the KPI, such as any recalculations or updates to the Company’s sustainability strategy or ESG governance. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2023.

Verification

TITAN commits to have external limited or reasonable assurance conducted against each SPT for the KPI at least once a year, which is aligned with the Sustainability-Linked Bond Principles 2023.