Second-Party Opinion Download

Sustainalytics is of the opinion that the mBank S.A. Group Green Bond Framework 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 – Green Buildings, Renewable Energy, Clean Transport, Energy Efficiency and Waste Management – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 9, 11 and 12.

PROJECT EVALUATION/SELECTION

mBank Group’s internal process for evaluating and selecting projects is managed by the Sustainable Finance Committee (the “Committee). The Committee of each entity reports to a Group-wide Sustainable Finance Committee (“Group Committee”), comprised of representatives from Treasury, Financing & Product Development, Risk, Investor Relations and Communication and Marketing responsible for CSR. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

mBank Group’s process for management of proceeds is handled by the Committee, which will strive to ensure that the allocation of proceeds into the eligible assets pool matches or exceeds the total proceeds raised from the bond. The Group will monitor the use of net proceeds with its internal information systems. In the event of unallocated proceeds, they will be invested at mBank Group’s discretion in cash and/or cash equivalent and/or short-term liquid instruments. This is in line with market practice.

REPORTING

mBank Group intends to report allocation proceeds on its website on an annual basis until full allocation. Allocation reporting will include notional amount and maturities of the outstanding Green Bonds Issues, total amount of proceeds allocated to eligible assets/projects, year of allocation of the proceeds to the portfolio and the balance of unallocated proceeds. In addition, mBank Group is committed to reporting on relevant impact metrics on an annual basis until full allocation of proceeds. Sustainalytics views mBank Group’s allocation and impact reporting as aligned with market practice.