Second-Party Opinion Download

Sustainalytics is of the opinion that the Akropolis Group Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds – Green Buildings – is aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 and 9.

PROJECT EVALUATION AND SELECTION

Akropolis has established a Green Finance Working Group, which will be responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. The Company has implemented internal processes, overseen by the working group, to identify potential material environmental and social risks associated with eligible projects and establish appropriate mitigation measures. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Akropolis’ Finance Team will manage the net proceeds using a portfolio approach and will track their allocation using an internal tracking system. The Company intends to allocate proceeds within 24 months of each issuance. Pending full allocation, unallocated proceeds will be temporarily held in cash or cash equivalents, or invested in debt repurchasing or refinancing, in line with Akropolis’ Treasury management policy. The Company has confirmed that unallocated proceeds will not be invested in carbonintensive assets. This is in line with market practice.

REPORTING

Akropolis will report on the allocation of proceeds and their corresponding impact on its website annually until full allocation or in the event of material changes. Allocation reporting will include the size of the portfolio of eligible projects, the balance of unallocated proceeds, if any, the amount or share of new financing versus refinancing, the geographic location of the projects, if feasible, and the amount or percentage of projects aligned with the EU Taxonomy, if feasible. Sustainalytics views Akropolis’ allocation and impact reporting as aligned with market practice.