Second-Party Opinion Download

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

USE OF PROCEEDS

The eligible category for the use of proceeds, Access to Essential Healthcare Services, is aligned with those recognized by the Social Bond Principles and the Social Loan Principles that seek to achieve positive socio-economic outcomes for target populations. Sustainalytics considers that investments in the eligible category will lead to positive social impacts and advance the UN Sustainable Development Goals, specifically SDG 3.

PROJECT EVALUATION AND SELECTION

Asklepios’ Social Finance Committee which consists of members from the Management Board, ESG Board and the Corporate Finance and Treasury departments will be responsible for the evaluation and selection of projects in line with the Framework’s eligibility criteria. The committee also monitors Asklepios’ internal process to mitigate environmental and social risks associated with the eligible projects, and will implement processes to ensure adherence to applicable laws and regulations. Sustainalytics considers the risk mitigation process to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

The Social Finance Committee will be responsible for the management of proceeds and will track the proceeds through a portfolio approach. Asklepios intends to allocate all proceeds within 24 months of issuance. Pending full allocation, Asklepios will temporarily invest the unallocated proceeds in cash, short-term liquid instruments or at the discretion of Asklepios’ treasury business. This is in line with market practice.

REPORTING

Asklepios commits to report on the allocation of proceeds and corresponding impacts on an annual basis until full allocation or until the maturity of the financial instruments. The reporting will be shared privately with the investors of the underlying financial instruments. Allocation reporting will include the size of identified eligible social portfolio per eligible category, total amount of proceeds allocated to the eligible social projects, balance of unallocated proceeds, amount or percentage of new financing and refinancing and total amount of social financing instruments issued. Sustainalytics views Asklepios’ allocation and impact reporting as aligned with market practice.