‘Second Opinion’ on Balder ’s Green Financing Framework 12 3 Terms and methodology This note provides CICERO Shades of Green’s second opinion of the client’s framework dated June 2023 . This second opinion remains relevant to all green bonds and/or loans issued under this framework for the d uration of three years from publication of this second opinion, as long as the framework remains unchanged. Any amendments or updates to the framework require a revised second opinion. CICERO Shades of Green encourages the client to make this second opinio n publicly available. If any part of the second opinion is quoted, the full report must be made available. The second opinion is based on a review of the framework and documentation of the client’s policies and processes, as well as information gathered d uring meetings, teleconferences and email correspondence. ‘Shades of Green’ methodology CICERO Shades of Green second opinions are graded dark green, medium green or light green, reflecting a broad, qualitative review of the climate and environmental risks and ambitions. The shading methodology aims to provide transparency to investors that seek to understand and act upon potential exposure to climate risks and impacts. Investments in all shades of green projects are necessary in order to successfully implement the ambition of the Paris agreement. The shades are intended to communicate the following: The “S hades of G reen ” methodology considers the strengths , weaknesses and pitfalls of the project categories and their criteria . The stre ngths of an investment framework with respect to environmental impact are areas where it clearly supports low - carbon projects; weaknesses are typically areas that are unclear or too general. Pitfalls are also raised , including potential macro - level impacts of investment projects . Sound governance and transparency processes facilitate delivery of the client’s climate and environmental ambitions laid out in the framework. Hence, key governance aspects that can influence the implementation of the green bond a re carefully considered and reflected in the overall shading. CICERO Shades of Green considers four factors in its review of the client’s governance processes: 1) the policies and goals of relevance to the green bond framework; 2) the selection process use d to identify and approve eligible projects under the framework, 3) the management of proceeds and 4) the reporting on the projects to investors. Based on these factors, we assign an overall governance grade: Fair, Good or Excellent. Please note this is no t a substitute for a full evaluation of the governance of the issuing institution, and does not cover, e.g., corruption.