Second-Party Opinion Download

Sustainalytics is of the opinion that the adidas Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds Sustainable Materials, Sustainable Processes and Community Engagement 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, 9, 10, 12.

PROJECT EVALUATION/SELECTION

adidas’ internal process in evaluating and selecting projects is managed by the Sustainability Sponsor Board (the “Board”). The Board is responsible for ensuring that eligible projects are aligned with the eligibility criteria and for reviewing and approving allocation, among other tasks. The Board will meet at least on a quarterly basis. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

The management of proceeds will be handled by the Corporate Treasury department (the “Treasury”). adidas plans to use existing internal tracking systems with Treasury using a register to keep track of allocation of proceeds. Pending allocation, proceeds may be temporarily invested or otherwise maintained in cash, cash equivalents, short-term investments, or used to repay other borrowings, such as general corporate purposes. This is in line with market practice.

REPORTING

adidas intends to report allocation proceeds on its website on an annual basis until full allocation. Allocation reporting will include the total amount of net proceeds allocated to projects per category and unallocated proceeds. In addition, adidas is committed to reporting on relevant impact metrics, such as % of CO₂ emission reduction compared to baseline (2017) or number of scholarships financed for Black students. Sustainalytics views adidas’ allocation and impact reporting as aligned with market practice.