Second-Party Opinion Download

Sustainalytics is of the opinion that the DP World Sustainable Financing 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 are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers projects and activities aligned to (i) Renewable Energy, (ii) Energy Efficiency, (iii) Sustainable water and wastewater management, (iv) Aquatic biodiversity conservation, (v) Green buildings, (vi) Climate change adaptation, (vii) Socioeconomic advancement and empowerment, (viii) Employment generation, and (ix) Clean transportation to have positive environmental or social impacts and to advance the UN Sustainable Development Goals.

PROJECT EVALUATION/SELECTION

DP World’s internal process for evaluating and selecting projects is managed by the Sustainable Development Financing Committee (the “Committee”), which is comprised of various departments and management employees. The Committee oversees alignment of projects with eligibility criteria outlined in the Framework and reports to the DP World Sustainability Advisory Committee and the Group CFO. This process is aligned with market practice.

MANAGEMENT OF PROCEEDS

DP World’s processes for management of proceeds is handled by the Committee. DP World intends to establish a Sustainable Development Financing Register (the “Register”) to track the allocation of proceeds to eligible assets. The Register will be reviewed at least annually by the Committee to ensure that proceeds have been allocated to eligible projects. Unallocated proceeds will be managed according to DP World’s cash and liquidity risk management policies. This process is aligned with market practice.

REPORTING

DP World intends to publish a Sustainability Impact Report containing information on the allocation of proceeds and impact of projects and activities on an annual basis and until full allocation. The report will be located on DP World’s website. The Report will include a list of eligible project categories, the amounts allocated, the amounts of refinancing vs financing, and the remaining balance of any unallocated proceeds. Additionally, DP World will report on relevant impact metrics for each of the eligible project categories. Sustainalytics views DP World’s allocation and impact reporting as aligned with market practice.