‘Second Opinion’ on Balder ’s Green Financing Framework 13 Assessment of alignment with Green Bond Principles CICERO Shades of Green assesses alignment with the International Capital Markets’ Association’s (ICMA) Green Bond Principles. We review whether the framework is in line with the four core components of the GBP (use of proceeds, selection, management of proceeds and reporting). We assess whether project categories have clear env ironmental benefits with defined eligibility criteria . The Green Bonds Principles (GBP) state that the “overall environmental profile” of a project should be assessed. The selection process is a key governance factor to consider in CICERO Shads of Green’s assessment. CICERO Shades of Green typically looks at how climate and environmental considerations are considered when evaluating whether projects can qualify for green finance funding. The broader the project categories, the more importance CICERO Shades of Green places on the selection process. CICERO Shades of Green assesses whether net proceeds or an equivalent amount are tracked by the issuer in an appropriate manner and provides transparency on the intended types of temporary placement for unallocated proceeds. Transparency, reporting, and verification of impacts are key to enable investors to follow the implementation of green finance programs.