Commentary & Deal Flow

TenneT Netherlands B.V. (ticker: "TENNNL"), expected issue rating Aaa/AAA (Moody's/S&P), has mandated BNP Paribas and Deutsche Bank as Global Coordinators and Joint Lead Managers, and ABN AMRO, HSBC, ING and UniCredit as Joint Lead Managers to lead manage a new EUR Fixed Rate, Reg S, Registered, 0% RW, HQLA Level 1, dual-tranche Green transaction, comprising of a EUR Benchmark 7-year and EUR 1bn WNG 15-year. An investor presentation is available on the issuer's website.

Launch is expected in the near future, subject to market conditions, off the Issuer's EMTN Programme.

• Guarantor: The payment obligations of TENNNL under the notes will be unconditionally and irrevocably guaranteed by the State of the Netherlands as set out in the State Guarantee Agreement available on the issuer’s website (https://www.tennet.eu/nl-en/state-guarantee).
• Use of Proceeds: An amount equivalent to the net proceeds from the issue of the notes will be used to finance, refinance and/or invest in Eligible Green Investments meeting the Eligibility Criteria.
• EMTN: https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/emtn-programme
• Green Finance Framework & SPO: https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/green-financing
• Investor Presentation: https://www.tennet.eu/nl-en/about-tennet/investor-relations/investor-presentation
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK disclosure document required by DISC