Second-Party Opinion Download

Sustainalytics is of the opinion that the Deutsche Wohnen Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy and Clean Transportation – are aligned with those recognized by the Green Bond Principles 2018 and the Green Loan Principles 2020. Sustainalytics considers that investments in the eligible categories are expected to reduce the carbon footprint of Deutsche Wohnen’s building stock and advance the UN Sustainable Development Goals, specifically SDG 7, 9 and 11.

PROJECT EVALUATION/SELECTION

Deutsche Wohnen’s eligible projects will be evaluated and selected by a dedicated Green Finance Committee made up of the Chief Finance Officer, the Chief Development Officer, and representatives from the Asset Management, Corporate Finance/Treasury, and Sustainability Management/CSR departments. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Net proceeds will be managed by Deutsche Wohnen’s Corporate Finance department. The Company intends to fully allocate proceeds within 24 months of issuance of financing transactions. Pending full allocation, proceeds will be held in cash or other short-term instrument or used to refinance outstanding debt. This is in line with market practice.

REPORTING

Deutsche Wohnen intends to report on the allocation of proceeds annually on its website until full allocation via a dedicated Green Finance Investor Report. Allocation reporting will include proceeds allocated per category, type of funding instrument and the number of properties. In addition, the Company is committed to reporting on relevant impact metrics. Sustainalytics views Deutsche Wohnen’s allocation and impact reporting as aligned with market practice.