Second-Party Opinion Download

Sustainalytics is of the opinion that the TAG Immobilien AG Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings & Energy Efficiency, Renewable Energy, Clean Transportation, Affordable Housing, Low-Barrier Housing, and Community Engagement – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles, and Social Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 4, 7, 9, and 11.

PROJECT EVALUATION / SELECTION

TAG Immobilien AG’s internal process in evaluating and selecting projects is managed by the Sustainable Financing Committee, comprised of the Company’s management board, head of the strategic real estate management department, and head of financing and treasury department. The Committee evaluates all eligible projects and ensures they align with TAG Immobilien AG‘s environmental and social risk policies. Sustainalytics considers the environmental and social risk management processes to be adequate and the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

TAG Immobilien AG’s processes for management of proceeds is supervised by the Sustainability Financing Committee in collaborating with the Company’s financing and treasury departments. The Company intends to fully allocate proceeds within 24 months post issuance. Pending allocation, unallocated proceeds will be held in cash, or cash equivalents. TAG Immobilien AG will use internal reporting systems to track the receipt and use of proceeds. This is in line with market practice.

REPORTING

TAG Immobilien AG intends to report on allocation of proceeds on its website on an annual basis until full allocation. The allocation reporting will include the total amount of proceeds allocated to eligible assets, remaining balance of any unallocated funds, and the proportion of proceeds used for financing and refinancing. In addition, TAG Immobilien AG is committed to reporting on relevant impact metrics. Sustainalytics views TAG Immobilien AG ’s allocation and impact reporting as aligned with market practice.