Second-Party Opinion Download

Sustainalytics is of the opinion that the VF Corporation 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 - Sustainable Products & Materials, Sustainable Operations & Supply Chain and Natural Carbon Sinks - are aligned with recognized categories of the Green Bond Principles 2018, namely eco-efficient and/or circular economy adapted products, production technologies and processes, renewable energy, energy efficiency, green buildings, sustainable water, pollution prevention and control, and environmentally sustainable management of living natural resources and land use. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance key UN Sustainable Development Goals, particularly Goals 7, 9, 12, and 15.

PROJECT EVALUATION/SELECTION

VF Corporation’s Global Responsible Sourcing & Sustainability Team will evaluate and determine project eligibility and is responsible for recommending the allocation of proceeds to the VF Finance department. This is in line with market practice.

MANAGEMENT OF PROCEEDS

The proceeds from the Green Bond issuances will be allocated and managed by VF Corporation’s Finance department. The department will track the allocation of proceeds in accordance with its internal systems. Pending allocation, net proceeds may be temporarily invested and/or held in cash or other short-term and liquid instruments, used to repay other borrowings, or other general corporate purposes until full allocation. This is in line with market practice.

REPORTING

VF Corporation has committed to providing allocation reporting, including disbursements towards Eligible Projects, and impact reporting, including relevant key performance indicators where feasible; reporting will be made available on VF Corporation’s website on an annual basis until full allocation. The reports will also be accompanied by management assertion regarding the amounts or percentages allocated to each Eligible Category, and a report by an external auditor on the examination of such assertion. This is in line with market practice.