Second-Party Opinion Download

Sustainalytics is of the opinion that the S IMMO AG Sustainable Bond Framework is credible and impactful and aligns with the Green Bond Principles 2018, Social Bond Principles 2020, and Sustainability Bond Guidelines 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Renewable Energy, Affordable Housing – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 7 and 11.

PROJECT EVALUATION/SELECTION

S IMMO AG’s Sustainable Bond Committee (the “Committee”) will be responsible for the project evaluation and selection. The Committee will meet at least annually to review proposed allocations and ensure that the allocation is in line with the eligibility criteria. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

S IMMO AG’s Controlling & Finance Department will be responsible for the management of proceeds. S IMMO AG intends to reach full allocation within 24 months after issuance. Pending allocation, S IMMO AG will hold unallocated proceeds in cash or cash equivalent instruments. This is in line with market practice.

REPORTING

S IMMO AG intends to report allocation proceeds on its website on an annual basis until full allocation. Allocation reporting will include the total amount of proceeds allocated per category and the balance of unallocated proceeds. In addition, S IMMO AG is committed to reporting on relevant impact metrics. Sustainalytics views S IMMO AG’s allocation and impact reporting as aligned with market practice.