Second-Party Opinion Download

Sustainalytics is of the opinion that the Telia Company Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers the financing of Renewable Energy, Green Digital Solutions, Energy Efficiency, and Green Buildings to lead to positive environmental impacts and advance the UN Sustainable Development Goals (7) Affordable and Clean Energy; (9) Industry, Innovation and Infrastructure and; (11) Sustainable Cities and Communities.

PROJECT EVALUATION/SELECTION

Telia Company’s internal process in evaluating and selecting projects is aligned with market practice. Telia Company has established a Green Bond Committee (GBC) to manage the project evaluation and selection process. The GBC is comprised of representatives from Telia Company’s Treasury, Strategy, Technology and Sustainability teams and will meet at least annually to ensure the ongoing eligibility of selected Green Bond projects throughout the life of all Green Bonds.

MANAGEMENT OF PROCEEDS

Telia Company’s processes for the management of proceeds are handled by the Treasury department. An amount equal to the net proceeds raised through green financing instruments will be allocated to eligible projects. Allocation will be tracked through the Treasury management system. Pending full allocation, an amount equal to the unallocated balance will be maintained in cash, cash equivalents and/or short-term liquid assets

REPORTING

Telia Company intends to report on the allocation of proceeds on an annual basis, the report will be made available on the Company’s website. Allocation reporting will include total allocation to eligible project categories, a list of corresponding eligible projects and the amount of unallocated proceeds. The Company will employ an independent party to provide an examination of a management assertion on the allocation reporting, a strong practice. In addition, Telia Company is committed to reporting on relevant impact metrics. Sustainalytics views Telia Company’s allocation and impact reporting as aligned with market practice.