Second-Party Opinion Download

Sustainalytics is of the opinion that the Gimv Sustainable Finance Framework aligns with the Green Bond Principles 2018, Social Bond Principles 2020, Sustainability Bond Guidelines 2018 and Green Loan Principles 2020 with one substantial limitation. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Eco-efficient and/or Circular Economy Adapted Products, Production Technologies and Processes, Sustainable Water and Wastewater Management, Pollution Prevention and Control, Clean Transportation, Green Buildings, Access to Essential Services, Socioeconomic Advancement and Empowerment, Healthy Sustainable Food – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that the eligible categories may lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 3, 6, 7, 8, 9 and 11.

PROJECT EVALUATION/SELECTION

Gimv’s Investment Platform teams will be responsible for reviewing and selecting eligible investments under the Framework. Gimv’s Investment Committee will review and evaluate the portfolio based on its internal ESG due diligence process and alignment with the Framework criteria, which will then be approved by either the Committee or the Company’s Board of Directors. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Gimv will manage net proceeds using a portfolio investment approach. Gimv will strive to, over time, achieve a level of allocation to the portfolio of eligible companies which matches or exceeds the balance of net proceeds from its outstanding issuances under the Framework. Pending allocation, unallocated proceeds may be used for the payment of outstanding indebtedness or other capital management activities. This is in line with market practice.

REPORTING

Gimv intends to report on the allocation and impact of proceeds on its website, on an aggregated basis, annually and until full allocation. Allocation reporting may include the total amount outstanding, the amount of net proceeds allocated to eligible companies, the balance of unallocated proceeds, and the amount or percentage of new financing vs. refinancing, while impact reporting will draw on relevant quantitative and qualitative environmental and social metrics, where feasible. Sustainalytics views Gimv ’s allocation and impact reporting as aligned with market practice.