Second-Party Opinion Download

Sustainalytics is of the opinion that the RioCan Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Resource Efficiency and Management, Renewable Energy, Adaptability and Resilience to Climate Change – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG Goals 6, 7, 9, 12 and 13.

PROJECT EVALUATION/SELECTION

RioCan Real Estate Investment Trust (“RioCan”, or the “Company”) has established a Green Bond Working Committee who will be responsible for initial project evaluation, while RioCan’s senior leadership team (CEO, President & COO, and CFO) will be responsible for final project approval. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

The net proceeds from the green bond issuances will be managed and allocated by RioCan’s Finance department. The department will track the allocation of net proceeds in accordance with its internal systems. RioCan has stated its intention to fully allocate the net proceeds within 24 months of issuance of a green bond. Pending allocation, net proceeds may be used for repayment of RioCan’s credit facilities or may be held in cash or cash equivalents. This is in line with market practice.

REPORTING

RioCan intends to report allocation proceeds on its website at www.riocan.com and/or in its Annual Report on an annual basis until full allocation. In addition, RioCan is committed to reporting on relevant impact metrics. Sustainalytics views RioCan’s allocation and impact reporting as aligned with market practice.