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Responsibilities of the Management of Anchor Hanover Group and DNV The management of Anchor has provided the information and data used by DNV during the delivery of this review. This review represents an independent opinion and is intended to inform Anchor management and other interested stakeholders in the Bond as to whether the established criteria have been met, based on the information provided to us. In our work we have relied on the information and the facts presented to us by Anchor. DNV is not responsible for any aspect of the nominated assets referred to in this opinion and cannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus, DNV shall not be held liable if any of the information or data provided by Anchor’s management and used as a basis for this assessment were not correct or complete.
Basis of DNV ’s opinion
As per our Protocol, the criteria against which the Bond has been reviewed are grouped under the four Principles:
• Principle One: Use of Proceeds . The Use of Proceeds criteria are guided by the requirement that an issuer of a Green Instrument must use the funds raised to finance eligible activities. The eligible activities should produce clear environmental benefits. • Principle Two: Process for Project Evaluation and Selection. The Project Evaluation and Selection criteria are guided by the requirements that an issuer of a Green Instrument should outline the process it follows when determining eligibility of an investment using Green Instrument proceeds and outline any impact objectives it will consider. • Principle Three: Management of Proceeds. The Management of Proceeds criteria are guided by the requirements that a Green Instrument should be tracked within the issuing organization, that separate portfolios should be created when necessary and that a declaration of how unallocated funds will be handled should be made. • Principle Four: Reporting. The Reporting criteria are guided by the recommendation that at least Sustainability Reporting to the instrument investors should be made of the use of instrument proceeds and that quantitative and/or qualitative performance indicators should be used, where feasible. Work undertaken Our work constituted a high-level review of the available information, based on the understanding that this information was provided to us by Anchor in good faith. We have not performed an audit or other tests to check the veracity of the information provided to us. The work undertaken to form our opinion included: • Creation of an Anchor-specific Protocol, adapted to the purpose of the Bond, as described above and in Schedule 3 to this assessment; • Execution of a Green Bond Principles External Review Protocol, which is summarised in Schedule 3;
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