Second-Party Opinion Download

Sustainalytics is of the opinion that Whirlpool Corporation’s Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, and Social Bond Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Eco-efficient Products, Renewable Energy, Energy Efficiency, Green Buildings, Pollution Prevention and Control, Socioeconomic Advancement and Empowerment, and Access to Basic Infrastructure – are aligned with those recognized by the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 7, 8, 9, 10, 11, and 12.

PROJECT EVALUATION / SELECTION

Whirlpool Corporation’s ESG Councils, one of which deals with environmental sustainability and the other with social and governance initiatives, will be responsible for the evaluation and selection of Eligible Projects per the criteria defined in the Framework. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Whirlpool Corporation’s Treasury department will be responsible for tracking the allocation of an amount equal to the net proceeds of a bond issuance to Eligible Projects. Whirlpool Corporation intends to achieve full allocation of the amount equal to net proceeds within 36 months from the date of each bond issuance. The unallocated proceeds may be held in cash, cash equivalents or invested in liquid marketable instruments. This is in line with market practice.

REPORTING

Whirlpool Corporation intends to publish a Sustainable Bond Report to provide allocation reporting on its website on an annual basis until full allocation. The allocation reporting is expected to include category-level details on the Eligible Projects, proportion of financed and refinanced projects, and the balance of unallocated proceeds. In addition, Whirlpool Corporation intends to report on relevant quantitative impact where feasible and has provided indicative metrics within the Framework. Sustainalytics views Whirlpool Corporation’s allocation and impact reporting as aligned with market practice.