Second-Party Opinion Download

Sustainalytics is of the opinion that the Orexo Social Financing Framework is aligned 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 Services – Healthcare, is aligned with those recognized by the Social Bond Principles and 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

Orexo’s Social Financing Committee, which is a subgroup of Orexo’s sustainability committee, will be responsible for the project evaluation and selection process. Orexo has processes in place to identify and mitigate common environmental and social risks potentially associated with the eligible project. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Orexo’s Finance Department will be responsible for the management and allocation of proceeds and will track the proceeds through an earmarked account. Orexo intends to allocate proceeds within 36 months of issuance. Pending full allocation, proceeds will be placed in a liquidity reserve. This is in line with market practice.

REPORTING

Orexo commits to report on allocation of proceeds on its website on an annual basis until full allocation. In addition, Orexo intends to report on relevant impact metrics. Sustainalytics views Orexo’s allocation and impact reporting as aligned with market practice.