Second-Party Opinion Download

Sustainalytics is of the opinion that the MAS Real Estate Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Renewable Energy, and Clean Transportation – are aligned with those recognized by the Green Bond Principles 2018 and the Green Loan Principles 2020. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7 and 11.

PROJECT EVALUATION / SELECTION

MAS’ internal process in evaluation and selecting projects is managed by the Green Financing Committee (GFC), which is comprised of representatives from the Sustainability, Treasury and Investments teams. The GFC has the overall responsibility to oversee the evaluation and selection process against the criteria established in the Framework. Based on these elements, Sustainalytics considers this process to be in line with market practice.

MANAGEMENT OF PROCEEDS

MAS’ process for management of proceeds is overseen by the Treasury team. The Company will establish a Green Project Portfolio and track the allocation of net proceeds from Green Financing Instruments (GFIs) following a portfolio approach. MAS intends to maintain a level of allocation to eligible projects, which matches or exceeds the total net proceeds of all GFIs outstanding. MAS will strive to fully allocate the net proceeds of any GFIs within 24 months of the date of issuance. Unallocated proceeds will be held in cash, cash equivalents, and/or other liquid marketable instruments. Based on these elements, Sustainalytics considers this process to be in line with market practice.

REPORTING

MAS is committed to reporting on the allocation of proceeds on an annual basis on its website until allocation has been fully completed. Reporting will include details such as total amount of outstanding GFIs, the share of financing vs. re-financing, the amount allocated by project categories, and amount of unallocated assets. In addition, MAS will strive on a best effort basis and subject to data availability, to reporting on relevant impact indicators. Based on these elements, Sustainalytics considers this process to be in line with market practice.