Second-Party Opinion Download

Sustainalytics is of the opinion that the VodafoneZiggo 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 – Renewable Energy, Energy Efficiency, Clean Transportation, Ecoefficient and/or circular economy adapted products, production technologies and process, and Green Buildings – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically Goals 7, 9, 11 and 12.

PROJECT EVALUATION/SELECTION

VodafoneZiggo has established a Green Bond Committee comprised of senior representatives from its Treasury and Corporate Social Responsibility Teams. The Committee will be responsible for evaluating and selecting projects in accordance with the eligibility criteria outlined in the Framework. Sustainalytics considers the project selection process in line with market practice

MANAGEMENT OF PROCEEDS

VodafoneZiggo intends to track proceeds through a Green Bond Register, through which proceeds will be segregated and allocated towards the financing and refinancing of projects deemed as eligible under the Framework. VodafoneZiggo has set a 36-month look-back period and intends to fully allocate within three years from the date of any applicable issuance. This is in line with market practice.

REPORTING

VodafoneZiggo intends to report allocation proceeds on its website on an annual basis until full allocation. Allocation reporting may include the total amount allocated to eligible projects, the share of an amount equal to the net proceeds for financing vs. refinancing, and the balance of unallocated proceeds. In addition, VodafoneZiggo is committed to reporting on relevant environmental impact metrics, where feasible. Sustainalytics views VodafoneZiggo’s allocation and impact reporting as aligned with market practice.