Second-Party Opinion Download

Sustainalytics is of the opinion that the SFIL Group Social Note Framework is credible and impactful, and aligns with the four core components of the Social Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

While the proceeds will not be used on a project basis, Sustainalytics considers SFIL’s investments in hospitals to be impactful and aligned with the Social Bond Principles categories seeking to achieve positive socio-economic outcomes for target populations. Sustainalytics is of the opinion that the use of proceeds will meaningfully support France’s health care system in accordance with France’s National Healthcare Strategy 2018-2022.

PROJECT EVALUATION/SELECTION

SFIL established an internal mandatory process for assessing the Healthcare Added Value and credit worthiness of the public hospital loans prior to the approval phase. The selection process is executed by SFIL’s Head of Investor Relations and the Treasury & Financial Markets Management. Sustainalytics considers this approach to be in line with market practices.

MANAGEMENT OF PROCEEDS

SFIL will track its social bond proceeds internally through a register established to monitor its entire Health Loan Portfolio. Pending full allocation, SFIL will hold its unallocated proceeds as per the company’s treasury policy. Sustainalytics assesses this process to be aligned with market practices.

REPORTING

SFIL commits to providing allocation reporting on an annual basis until proceeds are fully allocated and on a timely basis in case of material changes. The allocation report will provide relevant transaction information such as the total amount of proceeds allocated to the Health Loan Portfolio or others. This process is in line with market practices. With regards to impact reporting, SFIL will provide data on an annual basis including the hospital capacity generated (in terms of number of spaces, beds, etc.), on a best effort basis. Sustainalytics views positively SFIL efforts to provide relevant and quantifiable impact metrics and encourages the company to always ensure that its impact report is published on a regular basis.