Commentary & Deal Flow

TenneT Netherlands B.V. (ticker: "TENNNL"), expected issue rating Aaa/AAA (Moody's / S&P), has mandated Deutsche Bank (DM/B&D) and Santander as Global Coordinators and Joint Lead Managers, and Commerzbank, NatWest, Rabobank and SMBC as Joint Lead Managers to lead manage a new EUR Fixed Rate, Reg S, Registered, 0% RW, HQLA Level 1, Green, EUR Benchmark 5-year offering. The issuer has made an investor presentation available on its website.

An expected € Benchmark, Reg S, Green 5yr offering will follow, subject to market conditions.

• Issuer: TenneT Netherlands B.V.
• 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)
• Expected Issue Rating: Aaa/AAA (Moody's / S&P)
• 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