Second-Party Opinion Download

Sustainalytics is of the opinion that the Verizon Green Bond Use of Proceeds Document (defined below) is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following aspects of the Use of Proceeds Document:

USE OF PROCEEDS

The eligible categories for the use of proceeds – renewable energy, energy efficiency, green buildings, sustainable water management, and biodiversity and conservation – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in these eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals 6, 7, 9, 11, & 15.

PROJECT EVALUATION/SELECTION

Verizon’s Sustainability team will be responsible for determining if potential investments are in conformance with the eligibility criteria of the Use of Proceeds. This is in line with market practice.

MANAGEMENT OF PROCEEDS

Verizon will track allocations using its internal recording system. Pending full allocation, an amount equal to the unallocated net proceeds will be held in cash, cash equivalents, and/or US Treasury securities. Verizon has stated its intention to allocate the majority of the net proceeds within three years of issuance. This is in line with market practice.

REPORTING

Verizon intends to report, on an annual basis, on the aggregate amounts allocated to each category which is in line with market practice. With regard to impact reporting, although Sustainalytics acknowledges certain concerns that US corporations may have as a result of disclosure requirements under U.S. securities law, Sustainalytics encourages Verizon to disclose any impacts resulting from Eligible Green Investments where feasible on an annual basis.