TDC : Notice of Rate Adjustment TDC A/S EUR 50

TDC A/S

EUR 500,000,000 3.75 per cent. Notes due 2 March 2022 (XS0752467497) (the "2022 Notes") GBP 550,000,000 5.625 per cent. Notes due 23 February 2023 (XS0593952111) (the "2023 Notes")

(each a "Series" and together the "Notes")

Notice of Rate Adjustment

Unless otherwise defined, all capitalised terms used herein shall have the same meanings given to them in the terms and conditions and/or the final terms of each Series.

TDC A/S herby announces that the Notes relating to each Series have been downgraded (the " Step Up Event ") since 4 May 2018 as follows:

TDC A/S hereby announces that following the occurrence of a Step Up Event with respect to each Series, the interest rate applicable to the Notes with effect from the effective date stated in the table below (the " Effective Date ") shall be the Rate of Interest plus the Step Up Margin per annum (the " Rate Adjustment "), as further outlined below:

The Rate Adjustment shall apply in respect of each Interest Period commencing on or after the Effective Date until the date on which either a further rate adjustment becomes effective or the relevant Notes cease to bear interest, as the case may be.

This announcement contains inside information for the purposes of the EU Market Abuse Regulation (EU) 596/2014. In accordance with the above and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Dennis Callesen, Investor Relations Manager of the Issuer.

This Notice is given by TDC A/S. Noteholders should contact the following for further information:

Deutsche Bank AG, London Branch Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom

Tel:                                     +44 (0)207 545 8000 Fax:                                    +44 20 7547 6149 Attention:     The Managing Director (TSS-SFS)

Date: 9 May 2018

TDC A/S

Attachment

• Notice of Rate Adjustment