ANNEX - SECOND PARTY OPINION
EAST JAPAN RAILWAY COMPANY
GREEN BOND（ISSUED IN SEPTEMBER 2024）
PRE-ISSUANCE ASSESSMENT
Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: 28 August 2024
Ref. Nr.: PRJN-802670-2024-ANX-JPN-01

This ANNEX is prepared based on the East Japan Railway Company Sustainability Finance Framework Second
Party Opinion (hereinafter, "Master SPO") (Ref. Nr.: PRJN-461128-2022-AST-JPN-01 *5 December 2022),
which was assessed against the East Japan Railway Company Sustainability Finance Framework (hereinafter,the "Framework").
*For more information on the ANNEX - Second Party Opinion, please see following DNV website.
https://www.dnv.jp/news/page-227965 Release of a new evaluation service (Master SPO + ANNEX)

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Executive Summary
DNV Business Assurance Japan K.K. (hereinafter, "DNV") has confirmed that the East Japan
Railway Company Green Bond (issued in September 2024) (hereinafter, the "BOND") to be
executed by East Japan Railway Company (hereinafter, "JR East"), based on the Framework*1
which has already been assessed its eligibility*2 and that it is planned to be executed andmanaged through appropriate internal processes.
*1: East Japan Railway Company Sustainability Finance Framework*2: East Japan Railway Company Sustainability Finance Framework Second Party Opinion

Table-1 provides an overview of the BOND and ANNEX - Second Party Opinion. The additional
criteria to be assessed in the ANNEX - Second Party Opinion are Element-1 (Use of Proceeds)
and Element-4 (Reporting) which are under the bonds with specific use of proceeds (responseto the four elements). In addition, this report includes opinion against to EU Taxonomy criteria
related to “Manufacturing,” “Transport,” and “Energy.”
The conformance against the criteria for the other elements has already been assessed for
eligibility in accordance with the Framework.
Table-1 JR East Green Bond (issued in September 2024) ANNEX - Second Party Opinion
Target financeTargetorganization
Targetframework
Target external

JR East Green Bond (issued in September 2024)
East Japan Railway Company
East Japan Railway Company Sustainability Finance Framework
East Japan Railway Company Sustainability Finance Framework Second Party Opinion
Ref. Nr.: PRJN-461128-2022-AST-JPN-01 Issued on 5 December 2022

review

Criteria for the use of proceeds bondTarget criteria-

Green Bond Principles (ICMA, 2021)-

Green Bond Guidelines (MoE, 2022)-

EU Taxonomy “Manufacturing” “Transport” “Energy” (European Commission)

Bonds withspecific use ofproceeds(response to
the fourelements)

Element-1(Use of Proceeds)- Confirmed reliance on the Framework. Additional assessment
was implemented as follows:
・ Train cars: Investments in relation to manufacturing or
renovation of train cars powered by electricity
・ Railway infrastructure facilities: Investment (capital
expenditure) and expenses (operating expenditure) for the
maintenance, renovation or renewal of railway equipment,
tracks, signals, station buildings, rail yards, and otheressential infrastructure facilities for railway operations
・ Solar power: Expenditure related to the construction,
installation, operation, or maintenance of, or the financial
investment in solar power generation equipment
・ Wind power: Expenditure related to the construction,
installation, operation, or maintenance of, or the financial
investment in wind power generation equipment

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Element-2(Process for ProjectEvaluation and
Selection)
Element-3(Management ofProceeds)

Element-4(Reporting)- Confirmed reliance on the Framework- Confirmed reliance on the Framework- Confirmed reliance on the Framework. Additional assessment
was implemented as follows:・ Allocation of proceeds: Items and categories
・ Environment benefits:- Train cars: CO2 emissions stemming from railway
operations (g-CO2/person-km), record of introducing
train cars
- Railway infrastructure facilities: The result of rail
replacements, the result of electricity cable repairs- Solar power: Annual electricity generated by solar
power (kWh/year), the amount of CO2 emissions
reduction (t-CO2/year) created by solar power- Wind power: Annual electricity generated by wind
power (kWh/year), the amount of CO2 emissions
reduction (t-CO2/year) created by wind power➔ Details are described in “V. Findings and DNV’s
Opinion.”

DNV, as an external reviewer, provided an additional eligibility assessment on the use ofproceeds and reporting of the BOND, based on an assessment of the Framework, additional
criteria (EU Taxonomy “Manufacturing,” “Transport,” and “Energy”) and other relevant
documents and information provided by JR East. DNV also confirmed that there were nochanges to the other items (in accordance with the Framework).

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Table of Contents
Executive Summary

2

I. Scope and Objectives

5

II. Responsibilities of JR East and DNV

6III. Basis of DNV’s Opinion

6

IV. Work Undertaken

8

V. Findings and DNV's Opinion

9

Ⅵ. Assessment Conclusion

18

Schedule-1 Green Bond Nominated Projects

19

Revision History
Date of Issue
15 February 2023
25 August 2023
28 August 2024

Remarks
Initial version, East Japan Railway Company Green Bond ANNEX - Second Party
OpinionInitial version, East Japan Railway Company Green Bond (issued in September2023) ANNEX - Second Party Opinion
Initial version, East Japan Railway Company Green Bond (issued in September2024) ANNEX - Second Party Opinion

Disclaimer
Our assessment relies on the premise that the data and information provided by Fundraiser to us as part of our review procedures have been provided in good faith.
Because of the selected nature (sampling) and other inherent limitation of both procedures and systems of internal control, there remains the unavoidable risk thaterrors or irregularities, possibly significant, may not have been detected. Limited depth of evidence gathering including inquiry and analytical procedures and limited
sampling at lower levels in the organization were applied as per Scope of work. DNV expressly disclaims any liability or co-responsibility for any decision a person or anentity may make based on this Statement.

Statement of Competence and Independence
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2011 - Conformity Assessment
Requirements for bodies providing audit and certification of management systems, and accordingly maintains a comprehensive system of quality control, including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We
have complied with the DNV Code of Conduct1 during the assessment and maintain independence where required by relevant ethical requirements. This engagement
work was carried out by an independent team of sustainability assurance professionals. DNV was not involved in the preparation of statements or data included in the
Framework except for this Statement. DNV maintains complete impartiality toward stakeholders interviewed during the assessment process.

1 DNV Code of Conduct is available from DNV website (www.DNV.com)

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I. Scope and Objectives
DNV has been commissioned by JR East to provide a pre-issuance assessment on the East
Japan Railway Company Green Bond. Our objective has been to implement an assessment
to confirm that JR East meets the criteria established on GBP/GBGL and related EU
Taxonomy criteria, which are the criteria for bonds with specific use of proceeds, to provide
ANNEX - Second Party Opinion regarding the eligibility of the BOND.
DNV, as an independent external reviewer, has identified no real or perceived conflict ofinterest associated with the delivery of this ANNEX - Second Party Opinion for JR East.
In this paper, no assurance is provided regarding the financial performance of the BOND,
the value of any investments in the BOND, or the long-term environmental benefits of thetransaction.

(1) Scope of review*As per the review, DNV assessed the following elements and confirmed their alignment with the GBP:☒

Use of Proceeds☐

Process for Project Evaluation and Selection☐

Management of Proceeds☒

Reporting＊ DNV has already reviewed "Process for Project Evaluation and Selection" and "Management of Proceeds" andhas issued Master SPO as below1). DNV has also confirmed through our assessment on JR East that there
were no changes in these elements for the BOND to be issued this time or no additional assessments are
required for them.
1) East Japan Railway Company Sustainability Finance Framework Second Party Opinion
Ref. Nr.: PRJN-461128-2022-AST-JPN-01 Issued on 5 December 2022

(2) Role(s) of review provider☒

Second Party Opinion☐

Certification☐

Verification☐

Ratings☐

Other (please specify):(3) Standards/guidelines to be applied
No.

Standards/guidelines

Scheme owner

1.

Green Bond Principles (GBP)

International Capital Market Association(ICMA), 2021

2.

Green Bond Guidelines (GBGL)

Ministry of the Environment, 2022

3.

EU Taxonomy (Manufacturing) (Transport) (Energy)*1

European Commission*1

This report additionally provides opinion on the alignment with EU Taxonomy criteria “Manufacturing”(Activity number 3.19 “Manufacture of rail rolling stock constituents”), “Transport” (Activity number 6.1“Passenger interurban rail transport” and 6.14 “Infrastructure for rail transport”), and “Energy” (Activity
number 4.1 “Electricity generation using solar photovoltaic technology” and 4.3 “Electricity generationfrom wind power”).

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II. Responsibilities of JR East and DNV
JR East has provided the information and data used by DNV during the delivery of this review.
DNV’s ANNEX - Second Party Opinion represents an independent opinion and is intended to
inform JR East and other interested stakeholders in the BOND as to whether the establishedcriteria 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 JR East. DNV is not responsible for any aspectof the nominated projects and 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 JR East’s management and used as a basis for thisassessment were not correct or complete.

III. Basis of DNV’s Opinion
To provide a more flexible ANNEX - Second Party Opinion for the issuer, JR East, DNV
identified the key assessment targets and carried out assessments in accordance with its
protocol.
DNV, as an independent external reviewer, provides ANNEX - Second Party Opinion according
to the protocol.
Our protocol includes a set of suitable criteria that can be used to underpin DNV’s opinion. The
overarching principle behind the green bond as the basis for the opinion is as follows:“enable capital-raising and investment for new and existing projects with environmental
benefits”

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As per our protocol, the criteria against which the BOND has been grouped into common
elements below.
The additional assessment for this ANNEX - Second Party Opinion covers Element-1 andElement-4 out of the four common elements of GBP/GBGL and EU Taxonomy criteria“Manufacturing,” “Transport,” and “Energy”.
Part of four elements of the BOND and their alignment with GBP/GBGL have already beenassessed for eligibility. Detailed results of the eligibility assessment for such parts can befound in the “East Japan Railway Company Sustainability Finance Framework Second Party
Opinion” (Ref. Nr.: PRJN-461128-2022-AST-JPN-01 Issued on 5 December 2022).

(1) Four elements of GBP/GBGL
Principle One: Use of Proceeds＊

Subject to additional assessment of ANNEX - Second Party Opinion
The Use of Proceeds criteria are guided by the requirement that an issuer of a green bond must use
the funds raised to bond eligible activities. The eligible activities should produce clear environmental
benefits.

Principle Two: Process for Project Evaluation and Selection
The Process for Project Evaluation and Selection criteria are guided by the requirements that an issuerof a green bond should outline the process it follows when determining eligibility of an investmentusing the proceeds from green bond, 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 bond should betracked within the issuing organization, that separate portfolios should be created when necessary andthat a declaration of how unallocated funds will be handled should be made.

Principle Four: Reporting＊

Subject to additional assessment of ANNEX - Second Party Opinion
The Reporting criteria are guided by the recommendation that at least Sustainability Reporting to
the bond investors should be made of the use of bond proceeds and that quantitative and/or
qualitative performance indicators should be used, where feasible.

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IV. Work Undertaken
Our work constituted a comprehensive review of the available information, based on theunderstanding that this information was provided to us by the issuer in good faith. We havenot performed an audit or other tests to check the veracity of the information provided to us.
The work undertaken to form our opinion included:i. Pre-funding assessment (ANNEX - Second Party Opinion)•

Assessment of additional documentary evidence provided by JR East on the BOND andsupplemented assessment by a comprehensive desktop research. These checks refer
to current assessment best practice and standards methodologies;•

Discussions with JR East, and review of relevant documentation;•

Documentation of findings against each element of the criteria to be additionallyassessed.

ii. Post-funding assessment (periodic review) (*not included in this report)•

Interviews with the issuer’s managers and review of relevant documentation;•

Site surveys and inspections (if required);•Documentation of post-issuance assessment results.

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V. Findings and DNV's Opinion
DNV’s findings and opinion are as described below.
Please see Schedule-1 for details.

GBP/GBGL-1. Use of Proceeds
JR East has defined the eligibility criteria for the use of proceeds as green projects, which
are categorized in GBP/GBGL and EU Taxonomy.
The proceeds of the BOND will be used for the nominated five projects. Please see
Schedule-1 and following assessment results for details.
The amount of proceeds of the BOND will be disclosed in future documents relating to the
BOND issuance. DNV confirmed at the time of this assessment that the proceeds will beallocated mainly to new investments and partly for refinancing. The actual allocation
results will be reported on an annual basis in accordance with GBP/GBGL-4.Reporting.

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Project-01：Train cars (Shinkansen Series E8)-

Train cars (Shinkansen Series E8) is a project categorized as “Clean transportation” in
GBP 2021 and “Passenger interurban rail transport” in EU Taxonomy Activity number 6.1.

- Specifically, DNV confirmed that the nominated project is direct zero emission trains,which meets the climate change mitigation criteria of EU Taxonomy described above. It
has been widely recognized and demonstrated by JR East that zero-emission trains realize
substantial contribution of CO2 emission reduction compared to competitive transportation
media such as Privately owned car, Aviation, Bus, etc.Ref.)-

The proceeds from the BOND will be allocated to manufacturing of train cars andpurchasing of equipment for Shinkansen Series E8 train cars, which will be operated at
Yamagata Shinkansen line (from Tokyo to Shinjo (Yamagata)) (the newest series withimproved safety and comfortability).

-

Environmental benefits from the Project-01 are CO2 emissions (estimation) stemmingfrom operation of E8 train cars and record (actual) of introducing E8 train cars perannum.

Project-01 Train cars (Shinkansen Series E8)
Ref. JR East websiteRef.) CO2 Emissions per Transport Volume (Passenger Transportation) (Fiscal 2022)

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Project-02：Train cars (Conventional railcars Series E235, E233)-

Train cars (Conventional railcars Series E235, E233) is a project categorized as “Clean
transportation” in GBP 2021 and “Passenger interurban rail transport” in EU Taxonomy
Activity number 6.1.

-

Specifically, DNV confirmed that the nominated project is direct zero emission trains,which meets the climate change mitigation criteria of EU Taxonomy described above. It
has been widely recognized and demonstrated by JR East that zero-emission trains realize
substantial contribution of CO2 emission reduction compared to competitive transportation
media such as Privately owned car, Aviation, Bus, etc.)-

The proceeds from the BOND will be allocated to manufacturing of train cars andpurchasing of equipment for the conventional railcars Series E235 train cars, which will be
operated in the Tokyo metropolitan area, and conventional railcars Series E233 train cars,
which will be operated in the Tokyo metropolitan area and its suburbs.

-

In addition to being classified as "Clean Transportation" under GBP 2021 and EU
Taxonomy Activity No. 6.1 "Passenger interurban rail transport," all of these train cars areequipped with the latest energy-saving technologies to improve environmental
friendliness (e.g., use of SiC (silicon carbide) semiconductors), dual systems for mainequipment and the latest condition monitoring functions to improve stable operation, andincreased comfortability with wider seats.

-

Environmental benefits from the Project-02 are CO2 emissions (estimation) stemmingfrom operation of E235 and E233 train cars and record (actual) of introducing E235 andE233 trains cars per annum.

Project-02 Train cars(left: E235; center: E233; right: E233 green (first class) car)Ref. JR East website

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Project-03: Train cars (Shinkansen modification (installation of bogie monitoring
equipment))-

Train cars (Shinkansen modification (installation of bogie monitoring equipment)) is a
project categorized as “Clean transportation” in GBP 2021 and “Manufacture of rail rollingstock constituents” in EU Taxonomy Activity number 3.19.

-

Specifically, DNV confirmed that the nominated project is installation of equipment, whichis essential for safe and stable transportation of train cars with zero direct CO2 emissions,which meets the climate change mitigation criteria of EU Taxonomy described above.

-

The proceeds from the BOND will be allocated to Shinkansen modification (installation ofbogie monitoring equipment).

-

Environmental benefits from the Project-03 are the introduction result of modified
Shinkansen railcars.

Project-03 Train cars (Shinkansen modification (installation of bogie monitoring
equipment))
Ref. JR East website

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Project-04: Railway infrastructure facilities (investments and expenses formaintenance, renovation, and renewal)-

Railway infrastructure facilities (investments and expenses for maintenance, renovation,and renewal) is a project categorized as “Clean transportation” and part of “Climatechange adaptation” in GBP 2021 and “Infrastructure for rail transport” in EU Taxonomy
Activity number 6.14.

-

Specifically, DNV confirmed that the maintenance and management of railway facilities
are essential, in normal times and in times of natural disasters (e.g., typhoons), forsecuring safe and stable transportation within direct zero emission trains operation area*
covered by JR East, which meets the climate change mitigation and adaptation criteria of
EU Taxonomy described above.

-

The proceeds from the BOND will be allocated to investments (CapEx) and expenses(OpEx) for maintenance, renovation, and renewal of Shinkansen and conventional railway
equipment, such as aging replacements and repairs (e.g., rail replacements, electricity
cable repairs).

-

Environmental benefits from the Project-04 are its contribution to enhance cleantransportation operation opportunities (green economic activities). Therefore, the resultsof rail replacements and electricity cable repairs will be reported as project progress inthe annual reporting.
＊Train cars owned by JR East includes some diesel trains as well as zero direct CO 2 emission trains,
however, it only accounts for a small percentage and DNV confirmed that the amount allocated to thisproject is less than the total project amount, prorated by the proportion of trains in the total train cars.

Project-04 Railway infrastructure facilities (investments and expenses for maintenance,
renovation, and renewal) (left image: rail replacement; right image: electricity cablerepair)Ref. JR East website

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Project-05: Solar power-

Solar power is a project categorized as “Renewable energy” in GBP 2021 and “Electricity
generation using solar photovoltaic technology” in EU Taxonomy Activity number 4.1.

-

Specifically, DNV confirmed that the nominated project is the activity generates electricity
using solar PV technology, which meets the climate change mitigation criteria of EU
Taxonomy described above.

-

The proceeds from the BOND will be allocated and managed by adopting a portfolio
management approach. Specifically, the proceeds will be allocated and managed as partof the investment in several solar power plants, including those already in operation andunder construction, invested by JR-EAST Energy Development Co., Ltd., a consolidated
subsidiary to which JR East provides loans through its cash management system.

-

DNV confirmed that the allocation and management method is a reasonable control
because direct tracking by JR East of the allocation and management of proceeds for thisproject is complex and has wide range of details, and because it is possible to track andconfirm the allocation and management status in the event that any doubt should arise.

- Environmental benefits from the Project-05 are calculated and reported as power
generation amount (kWh) of power plants already in operation and impact of CO2
emissions reduction (t-CO2/year).

Project-05 Solar power（e.g., Fukushima Prefecture Tomioka Revitalization Mega Solar Power Plant）
Ref. JR-EAST Energy Development website

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Project-06: Wind power-

Wind power is a project categorized as “Renewable energy” in GBP 2021 and “Electricity
generation from wind power” in EU Taxonomy Activity number 4.3.

-

Specifically, DNV confirmed that the nominated project is the activity generates electricity
using wind power technology, which meets the climate change mitigation criteria of EU
Taxonomy described above.

-

The proceeds from the BOND will be allocated and managed by adopting a portfolio
management approach. Specifically, the proceeds will be allocated and managed as partof the investment in several wind power plants, including those already in operation andunder construction, invested by JR-EAST Energy Development Co., Ltd., a consolidated
subsidiary to which JR East provides loans through its cash management system.

-

DNV confirmed that the allocation and management method is a reasonable control
because direct tracking by JR East of the allocation and management of proceeds for thisproject is complex and has wide range of details, and because it is possible to track andconfirm the allocation and management status in the event that any doubt should arise.

- Environmental benefits from the Project-06 are calculated and reported as power
generation amount (kWh) of power plants already in operation and impact of CO2
emissions reduction (t-CO2/year).

Project-06 Wind power（e.g., Akita Prefecture Mitane Wind Farm）
Ref. JR-EAST Energy Development website

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Common (From Project-01 to Project-06): DNSH (Do No Significant Harm) criteria
JR East demonstrated that negative impacts due to the projects and related activities are
identified and measures are taken.
Specifically, DNSH criteria (Climate adaptation, Water, Circular economy, Pollution
prevention and Biodiversity) and Minimum safeguards are considered based on theprinciple of EU Taxonomy 2.1.6, which describes that:“locally relevant standards may reasonably be applied in countries outside the EU”
According to EU Taxonomy principle, DNV confirmed that JR East properly complies withmost of the Japanese laws and regulations related to DNSH criteria, and that it voluntarily
manages those without legal standards.
DNV also confirmed that JR East has been taking measures to improve and respond to
Japanese laws and regulations as per instruction from related ministries and local
municipality in a timely manner.

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GBP/GBGL-4.Reporting
DNV has confirmed that JR East will report specific information related to sustainability
finance required by the GBP, GBGL, etc. in its Integrated Report or on the website once ayear.
Annual reports will be made on the allocation status of proceeds and the social andenvironmental benefits, as described below, until the proceeds are fully allocated. In
addition, a part or all of the following items related to social and environmental benefits areplanned to be disclosed on a project or portfolio basis, within the limits of confidentiality as
far as reasonably practicable. Where feasible, estimated indicator values of appropriate
environmental benefits and the progress of the project will be disclosed until thecommencement of the project. It is also planned to disclose any material changes in the
projects during the redemption period in a timely manner. The major reporting items are
the following:<Allocation Status>•••

Allocated amount on a project basis*
Unallocated amount of proceeds
Amount of proceeds allocated as refinancing* Project-04: Railway infrastructure facilities (investments and expenses for maintenance, renovation,and renewal) will be disclosed for the amount allocated to CapEx and OpEx respectively.

<Environmental Benefits>-

Green Category: Clean transportation (EU Taxonomy 3 Manufacturing and 6
Transport) and Renewable Energy (EU Taxonomy 4 Energy)-

Eligible Projects: Overall rail transportation, solar power, and wind power#
1

Reporting content on environmental benefits<Train cars>

 CO2 emissions stemming from railway operations (g-CO2/person-km)
 Record of introducing train cars
2

<Railway infrastructure facilities>
 The result of rail replacements
 The result of electricity cable repairs

3<Solar power>*1

 Annual electricity generated by solar power plants already in operation(kWh/year) The amount of CO2 emissions reduction (t-CO2/year) created by solar power
4<Wind power>*1

 Annual electricity generated by wind power plants already in operation(kWh/year) The amount of CO2 emissions reduction (t-CO2/year) created by wind power*1

Environmental benefits will be calculated in proportion to the Issuer's interest in the relevant project.

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Ⅵ. Assessment Conclusion
On the basis of the information provided by JR East and the work undertaken, it is DNV’sopinion that the BOND mostly meets the criteria established in the eligibility assessment
protocol, and that it is aligned with the following stated definition or purpose of the bonds
with specific use of proceeds within the GBP/GBGL:“enable capital-raising and investment for new and existing projects with environmental
Benefits”

DNV Business Assurance Japan K.K.
28 August 2024

Thomas Leonard

Naoki Maeda

Head of Section, Sustainability Services Supply

Managing Director/SCPA Senior Vice President

Chain & Product Assurance

DNV Business Assurance Japan K.K.

DNV Australia, New Zealand and Southeast Asia

Masato Kanedome

Akira Tsukasaki

Project Leader

Assessor

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

About DNV
Driven by our purpose of safeguarding life, properly and the environment, DNV enables organisations to advance the safety
and sustainability of their business. Combining leading technical and operational expertise, risk methodology and in-depth
industry knowledge, we empower our customers’ decisions and actions with trust and confidence. We continuously invest in
research and collaborative innovation to provide customers and society with operational and technological foresight.
With our origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000
professionals are dedicated to helping customers make the world safer, smarter and greener.
Disclaimer
Responsibilities of the Management of the Fundraiser and the Second-Party Opinion Providers, DNV: The management ofFundraiser has provided the information and data used by DNV during the delivery of this review. Our statement represents
an independent opinion and is intended to inform the Fundraiser 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 the Fundraiser. DNV is not responsible for any aspect of the nominatedassets 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 the Fundraiser’s management and used as a basis
for this assessment were not correct or complete.

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Schedule-1 Green Bond Nominated Projects
No.

Green Eligible Project
Category

Project Overview

Sub Category
Project-01, 02: Train cars
EU Taxonomy(Sector 6,
Transport）

 Train cars (Shinkansen Series E8 and Conventional railcars Series E235,
E233) are direct zero emission train cars, which meets the climatechange mitigation criteria of “Passenger interurban rail transport” in EU
Taxonomy 6.1.
 The proceeds will be allocated to manufacturing of and purchasing of
1

Clean

Overall railtransportationtransportationequipment for the following train cars:
6.1“Passenger
interurban railtransport”- Shinkansen Series E8 train cars, which will be operated at Yamagata
Shinkansen line (from Tokyo to Shinjo (Yamagata)) (the newest
series with improved safety and comfortability)- Conventional railcars Series E235 train cars, which will be operated in
the Tokyo metropolitan area, and conventional railcars Series E233
train cars, which will be operated in the Tokyo metropolitan area andits suburbs

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No.

Green Eligible Project
Category

Project Overview

Sub Category

Project-03: Train cars (Shinkansen modification (installation of bogie monitoring
equipment))

2

EU Taxonomy(Sector 3,
Manufacturing）

Clean Train cars (Shinkansen modification (installation of bogie monitoring
equipment)) is installation of equipment, which is essential for safe andstable transportation of train cars with zero direct CO2 emissions, whichmeets the climate change mitigation criteria of EU Taxonomy Activity

transportation

3.19“Manufacture ofrail rolling stock
constituents”

number 3.19 “Manufacture of rail rolling stock constituents.”
 The proceeds from the BOND will be allocated to Shinkansen modification(installation of bogie monitoring equipment).

Project-04: Railway infrastructure facilities
Overall railtransportation

EU Taxonomy(Sector 6,
Transport）

 Railway infrastructure facilities is a project, in which the maintenance andmanagement of railway facilities are essential, in normal times and intimes of natural disasters (e.g., typhoons), for securing safe and stabletransportation within direct zero emission trains operation area covered

3

Clean

by JR East, which meets the climate change mitigation and adaptationtransportation

criteria of EU Taxonomy Activity number 6.14 “Infrastructure for rail

Climatetransport.”changeresponse

6.14“Infrastructure forrail transport”

 The proceeds from the BOND will be allocated to investments (CapEx)
and expenses (OpEx) for maintenance, renovation, and renewal of
Shinkansen and conventional railway equipment, such as aging
replacements and repairs (e.g., rail replacements, electricity cablerepairs).

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No.

Green Eligible Project
Category

Project Overview

Sub Category
Project-05: Solar power Solar power is an activity generates electricity using solar PV technology,
EU Taxonomy(Sector 4,
Energy）

which meets the climate change mitigation criteria of EU Taxonomy
Activity number 4.1 “Electricity generation using solar photovoltaic
technology.” The proceeds from the BOND will be allocated and managed by adopting

4

a portfolio management approach. Specifically, the proceeds will be

RenewableenergySolar power
Wind power

4.1“Electricity
generation using
solar photovoltaic
technology”

allocated and managed as part of the investment in several solar power
plants, including those already in operation and under construction,
invested by JR-EAST Energy Development Co., Ltd., a consolidated
subsidiary to which JR East provides loans through its cash management
system.

Project-06: Wind power Wind power is an activity generates electricity using wind power
EU Taxonomy(Sector 4,
Energy）

5

technology, which meets the climate change mitigation criteria of EU
Taxonomy Activity number 4.3 “Electricity generation from wind power.” The proceeds from the BOND will be allocated and managed by adopting
a portfolio management approach. Specifically, the proceeds will be

4.3“Electricity
generation fromwind power”

allocated and managed as part of the investment in several wind power
plants, including those already in operation and under construction,
invested by JR-EAST Energy Development Co., Ltd., a consolidated
subsidiary to which JR East provides loans through its cash management
system.

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