Globalworth Real Estate Investments : Green Bond Report 2020

Table of Contents
1.	Introduction....................................................................................................................................	2
2.	Green Bond Framework Aligned with Best Practices ...................................................................	3
3.	Eligibility Criteria for Green Bond Financing .................................................................................	5
4.	Selection and Assessment Process ................................................................................................	6
5.	Eligible Portfolio .............................................................................................................................	7
6.	Allocation of Proceeds ...................................................................................................................	9
7.	Performance Measures of Eligible and Allocated Portfolio........................................................	10
8.	Allocated Portfolio - Select Features ..........................................................................................	11
9.	Independent Limited Assurance Report on Allocations .............................................................	16

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1. Introduction

Globalworth is pleased to present its first Green Bond Report ("GBR"), which is released following the Groups' successfully issued inaugural Green Bond in July 2020.

Our inaugural green bond, was part of our Euro Medium Term Notes Programme (EMTN), raising €400.0 million with a 6-year term from the debt capital markets, in a transaction which was more than 2x oversubscribed by existing and new bond investors.

The purpose of this inaugural Green Bond is to finance or refinance Eligible Green Projects, as they are defined in the Group's green bond framework.

Select Green Bond Features

Issued Amount:	€400.0m
Maturity:	6 years
Pricing Date:	22 July 2020
Start Date:	29 July 2020
IPT:	MS + 400bps
Re-offer Spread:	MS + 375bps
Yield / Price:	3.381% / 97.694
Coupon:	2.950%
Deal Managers and Joint Global Coordinators:	Deutsche Bank and J.P. Morgan
Joint Bookrunners	Deutsche Bank, J.P. Morgan, Intesa Sanpaolo,
	Société Générale and UniCredit,
Joint Green Structuring Advisors	Deutsche Bank and Société Générale

Allocation by Type of Investor		Allocation by Country
Insurers /		France	Southern Europe
Pension / O.I.*		15%	12%
16%			Belelux
			7%
Banks
5%	DACH*		Other
Hedge Funds	18%		7%
1%

Fund

Managers

78%UK

41%

* Official Institutions

* Germany (D), Austria (A), and Switzerland (CH)

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Allocation by Green Investor

Conventional

Investors

35%

Green

Investors

65%

2. Green Bond Framework Aligned with Best Practices

Our Green Bond Framework aligns with the four core components of the Green Bond Principles 2018, issued by the International Capital Market Association (ICMA).

• Use of Proceeds
• Project Evaluation / Selection
• Management Proceeds
• Reporting

In addition, we engaged Sustainalytics, one of the leading providers for external reviews in the Green Bond Market, to provide us with an independent review of our Green Bond Framework.

Sustainalytics confirmed Globalworth's alignment with the Green Bond Principles, as well as its contribution to the advancement of the UN Sustainable Development Goals 7: Affordable & Clean Energy and 11: Sustainable Cities & Communities

Additionally, Sustainalytics considered that the projects to be funded by the green bond proceeds will provide a positive environmental impact by improving the energy efficiency of the building portfolio owned and operated by Globalworth

Sustainalytics was of the opinion that Globalworth's Sustainable Development Strategy demonstrates a strong commitment to sustainability, with a focus on three key environmental principles: (i) integrate efficient and sustainable operating policies, procedures and actions, (ii) be accountable as a team of professionals for environmental stewardship, and (iii) work with its shareholders and other stakeholders to make environmentally responsible decisions

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Use of Proceeds:

Project Evaluation / Selection:

Management Proceeds:

Reporting:

Sustainalytics Highlights on Globalworths' Green Bond Framework (28 May 2020)

• The eligible categories for the use of proceeds, Green Buildings and Energy Efficiency, 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 SDGs 7 & 11

• Globalworth's internal process of evaluating and selecting projects is carried out by the Green Bond Committee. The Committee is responsible for screening projects against the eligibility criteria and recommending eligible projects for inclusion in the Eligible Green Project Portfolio. The Portfolio will be reviewed annually to ensure projects' eligibility and, if no longer eligible, projects will be removed and replaced as soon as practically feasible.

• Sustainalytics considers the project selection process in line with market practice

• Globalworth will strive to ensure that the level of allocation to the Eligible Green Projects Portfolio matches or exceeds the balance of net proceeds from its outstanding green bonds. In case of any unallocated proceeds, Globalworth will hold and/or invest, at its own discretion, in its liquidity portfolio.

• This is in line with market practice

• Globalworth intends to report on allocation of proceeds on its website, on an annual basis, until full allocation. Globalworth will report on the total amount of allocation, the share of financing vs. refinancing and the details of portfolio. In addition, Globalworth is committed to reporting on relevant impact metrics.

• Sustainalytics views Globalworth's allocation and impact reporting as aligned with market practice

Sustainalytics' independent second-party opinion published at the time of issue is available on Globalworth's website: www.globalworth.com/sites/default/files/2020-07/GWI%20SPO%20%28May%202020%29.pdf

Globalworth's Green Bond Framework is in alignment with/contributes to:

Globalworth in line with its commitment under it Green Bond Framework, to enable investors to follow its Green Bond progress, and to provide insight to prioritised areas, is providing this Green Bond update consisting of an Allocation Report and an Impact Report (where feasible).

The allocation of the green bond proceeds and compliance with the financing or refinancing of Eligible Green Projects is subject to an annual external assurance by an independent third party, ERNST & YOUNG (HELLAS) Certified Auditors - Accountants S.A. (EY), (as appended hereto).

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