Green Bond Fact Sheet

Norske Tog As

Date: 19/12/2019

Issue date: 11-12-2019 Maturity date: 11-12-2029 Tenor: 10Issuer Name

Norske Tog As

Amount Issued

NOK1.3bn/USD143m

Country of risk

NorwayCBI Database

Included

Issuer Type1

Non-FinancialCorporate

Bond Type

N/A

Green Bond Framework

Framework

Second party opinion

CICERO

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☒ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Norske tog will annually publish a report on the allocation and impact of the green bondissued until full allocation. The impact report will also include a section on methodology,baselines and assumptions used in impact calculations. Relevant impact metrics include: GHG
emissions avoided, energy savings (GWh), energy efficiency per passenger (CO2 perpassenger for new trains vs old trains).
Norske tog AS is wholly owned by the Norwegian Ministry of Transportation andCommunications, founded in 2016 following the implementation of the railway reformwhere the rolling stock owned by NSB AS was spun off and transferred to Norske tog.

Firsts, records andcertifications
Proceeds description

Proceeds will be used to finance or re-finance eligible projects financing electric trains thathave been evaluated and selected by Norske tog in accordance to their Green Bond
Framework. Refinancing of eligible projects will have a look-back period of no longer than 3years from the time of issuance. A process has been implemented to evaluate projectcompliance, with a board being responsible for determining asset eligibility.

Climate Bonds view

CBI welcomes investments towards railways, and values the transparency around
impact reporting, especially when specific metrics are provided to evaluate theeffective environmental impacts of the projects being financed. We hope to see suchapproach becoming best practice amongst other issuers financing clean transportation.

Underwriters
Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign