Second-Party Opinion Download

Toyota Leasing (Thailand) Company Limited has developed the Sustainable Financing Framework dated January 2026, under which it intends to issue green, social and sustainability bonds and loans to fund projects in Thailand in one environmental and two social categories.

We have assessed the overall Sustainability Contribution of the Framework as Significant, based on the average Sustainability Contribution of the Framework’s three use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

Expenditures under Clean Transportation include zero emission private and public passenger vehicles (Battery Electric Vehicles (BEVs), hydrogen Fuel Cell Electric Vehicles (FCEVs)) and road freight transport vehicles, as well as, supporting infrastructure that enables zero emission road transport. T hese expenditures are expected to strongly contribute to the decarbonization of the transport sector in Thailand. Under Access to Essential Services, vehicle financing with affordability mechanisms for low-income individuals and small-scale farmers (earning less than 80% of the median income in T hailand) can significantly enhance financial inclusion and therefore support socioeconomic advancement and empowerment. Vehicle financing for Micro, Small, and Medium Enterprises (MSMEs) that meet the International Finance Corporation’s relevant criteria, with financial advantages that meaningfully lowers the cost of borrowing or addresses other barriers to accessing finance, can significantly contribute to increasing access to financial services for MSMEs.

We have assessed the Framework as Aligned with the Green Bond Principles 2025, Social Bond Principles 2025, Sustainability Bond Guidelines 2021, Green Loan Principles 2025 and Social Loan Principles 2025.