BeZero Carbon: Usage Guidelines

Effective date: 09/01/25

These are BeZero Usage Guidelines (BeZero Usage Guidelines), as referenced in the Agreement and set out usage guidelines for Customers in relation to Information obtained from the BeZero Platform or provided directly to Customers by BeZero, including how to reference and/or attribute BeZero analysis.

Before using the Information, it is a condition that you must read the Agreement and the BeZero Carbon Rating methodology in order to understand our ratings (project ratings methodology here, portfolio ratings methodology here)

Unless otherwise specified, the definitions adopted in the Agreement are used in these BeZero Usage Guidelines.

Adherence to the BeZero Usage Guidelines is mandatory. Failure to comply may be a breach of the Agreement, and may (in addition to BeZero’s other rights) result in termination of the Agreement.

These BeZero Usage Guidelines contain the following sections:

1. BEZERO CARBON RATINGS (Project ratings and Portfolio ratings)

2. BEZERO PROJECT ANALYSIS

3. BEZERO GUIDELINES FOR API INTEGRATION

The following additional definitions apply in this BeZero Usage Guidelines:

1. BEZERO CARBON RATINGS (Project ratings and Portfolio ratings)

To the extent permitted under the Agreement, the Customer may use the BeZero Carbon Rating (BeZero Carbon ex post Ratings, BeZero Carbon Portfolio Ratings) in accordance with this Section.

The BeZero Carbon Rating methodology is a research framework for assessing voluntary carbon credits. The output is the Headline Letter Rating, a rating on an 8-point scale from AAA to D.

The BeZero Carbon Portfolio Rating methodology is a research framework for assessing portfolios of voluntary carbon credits. The output is the BeZero Carbon Portfolio Rating (BCPR), a rating on an 8-point scale from AAA_port to D_port.

1.1 Usage of the Headline Letter Rating in text:

(a) Customers must always refer to the Headline Letter Rating alongside the full spelling of the product name “BeZero Carbon Rating”.

e.g. BeZero Carbon Rating AA

e.g. BeZero Carbon Portfolio Rating AA_port

(b) Customers must clearly identify the project issuing the carbon credits using the registry ID or the Portfolio name for using Portfolio ratings.

e.g. VCS1764 (project ratings)

e.g. PORTFOLIONAME #001 (portfolio ratings)

(c) Customers must always publish our disclaimer or a link to our disclaimer, as below, alongside the BeZero Carbon Rating:

"The BeZero Carbon Rating is BeZero Carbon’s opinion on the likelihood that a given credit achieves a tonne of CO2e avoided or removed based on its analysis of publicly available information as at the date expressed and does not constitute a solicitation, recommendation or endorsement by BeZero Carbon or any third party to invest, buy, hold or sell a carbon credit. Nor is it a statement of fact. Nor should it be relied upon in isolation".

For Portfolio Ratings, customers must always publish the following disclaimer, as below, or a link to the BeZero Carbon Portfolio Rating methodology:

“The BeZero Carbon Portfolio Rating represents BeZero Carbon’s current opinion on the likelihood that portfolio carbon credits issued by a portfolio originator may achieve a tonne of CO2e avoided or removed. The BeZero Carbon Portfolio Rating and other information made publicly available or available through the BeZero Carbon Markets platform or by other means at BeZero’s discretion ("Content") is made available for information purposes only. The Content and in particular the BeZero Carbon Portfolio Rating sets out BeZero Carbon's opinion on a particular portfolio credit based on information (including from third-parties) as at the date expressed and BeZero Carbon shall have no liability to anyone in respect of the Content, opinion and BeZero Carbon Portfolio Rating. The Content is made available for information purposes only and you should not construe such Content as legal, tax, financial or investment advice. The Content is a statement of opinion as at the date expressed and does not constitute a solicitation, recommendation or endorsement by BeZero Carbon nor any third party to invest, buy, hold or sell a portfolio credit. The Content is not a statement of fact and should not be relied upon in isolation. The Content does not represent any guarantee, warrantee or assurance of any kind whatsoever as to the volume of carbon credits or any benefits derived or delivered by the portfolio carbon credits. The Content is one of many inputs used by stakeholders to understand the overall quality of any given portfolio credit. BeZero Carbon shall have no liability to you for any decisions you make in respect of the Content. If you have any questions about BeZero Carbon, the BeZero Carbon Portfolio Rating, the BeZero Carbon Portfolio Rating methodology, qualifying criteria, rating process, any element of Content, the BeZero Carbon Markets platform or otherwise please contact us at: commercial@bezerocarbon.com.”

2. BEZERO PROJECT ANALYSIS

To the extent permitted under the Agreement, the Customer may use or reproduce the following project analysis provided via the BeZero Platform:

(a) the "Project Rating Summary" which is copy content explaining the Headline Letter Rating of a voluntary carbon credit on the condition that this is copied verbatim from the BeZero Platform without amendment;

(b) The “Portfolio Rating Summary” which is copy content explaining the BeZero Carbon Portfolio Rating of a given portfolio of credits.

(c) the "Project Risk Factor Assessment" which is the assessment, from 0% to 100%, achieved by a voluntary carbon credit when analysed against the six underlying risk factors (additionality, over-crediting, leakage, permanence, policy environment and perverse incentives) to assess the likelihood that a carbon credit achieves a tonne of CO2e avoided or removed on the condition that the words “Following BeZero Carbon’s review of this project, and the carbon credits issued, its opinion of the risk factors can be summarised as follows” are published together with and before any reproduction or republication of this information; and

(d) the "Project Risk Factor Visualisation" which is a radial graph presenting the Project Risk Factor Assessment. If published in isolation from the information in paragraphs 2(a) and 2(b), the words “Following BeZero Carbon’s review of this project, and the carbon credits issued, its opinion of the risk factors can be summarised as follows” must be published before this information,

together the BeZero Project Analysis, in accordance with this Section.

Customers referring to BeZero Project Analysis must do so within the context of a specific project with clear reference to the registry name and project ID (e.g. VCS 1686).

Project Rating Summary: Customers referring to or citing the Project Rating Summary for any given project must (1) publish the disclaimer and (2) refer to ‘BeZero Carbon analysis’ as follows.

Project Risk Factor Assessment: Customers referring to the Project Risk Factor Assessment must always present all six risk factors to preserve the integrity of the methodology and the Headline Letter Rating together with the definition of each risk factor.

Project Risk Factor Visualisation: Customers including the Project Risk Factor Visualisation must always present all six risk factors, including their definitions, to preserve the integrity of the methodology and the Headline Letter Ratings. We recommend using the radial graph and colours, as featured on the BeZero Platform. Provided the data is presented accurately Customers may use a different colour palette to present project risk factor data. Furthermore, Customers may use a different graph format, for example a bar graph, as long as the data remains the same.

3. BEZERO GUIDELINES FOR API INTEGRATION

Any Customers integrating with the BeZero API to display the Headline Letter Rating and/or BeZero Project Analysis will be provided with additional guidelines contained in the BeZero API Customer Design Guidelines. These guidelines provide further explanations, brand rules and visual guidelines with access to brand assets.