NEWS RELEASE
December 25, 2019

【R&I Green Bond Assessment】
Tokyo Century Corporation Unsec. Str. Bonds No.25（Tokyo Century Green Bond）：GA1 (Affirmed)
Rating and Investment Information, Inc. (R&I) has announced R&I Green Bond Assessment as describedabove.
【Rationale】
Rating and Investment Information, Inc. (R&I) has confirmed that the details, based on the initiallydetermined framework, have been disclosed appropriately on the issuer’s website.
The entire proceeds of the green bond have been used to refinance the fund to purchase solar power
generation facilities leased to the eligible projects. As its environmental impact reporting, the company has
disclosed the environmental impacts from April 2018 to March 2019 according to its plan.
One of the major power plants of the eligible projects has been out of operation since September 9 due tothe damage of the Typhoon No.15 that struck Chiba Prefecture. The damage is disclosed appropriately on
the company’s website. Despite a drop in power generation following the suspension of the damaged power
plant, environmental impacts can still be expected from the overall eligible projects. The balance of theleased assets of the eligible projects, excluding the damaged power plant, is well above the amount of thegreen bond proceeds.
【DESCRIPTION OF INSTRUMENT】
Unsec. Str. Bonds No.25(Tokyo Century Green Bond)Tokyo Century Corporation
JPY 10,000

INSTRUMENT NAMEISSUER
ISSUE AMOUNT (mn)
R&I GREEN BOND
ASSESSMENT
ISSUE DATE
MATURITY DATE

GA1 (Affirmed)
October 15, 2018
October 13, 2023

R&I Green Bond Assessment is not the Credit Rating Business, but one of the Ancillary Businesses(businesses excluding Credit Rating Service but are ancillary to Credit Rating Activities) as set forth in Article
299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With
respect to such business, relevant laws and regulations require measures to be implemented so that
activities pertaining to such business would not unreasonably affect the Credit Rating Activities, as well as
measures to prevent such business from being misperceived as the Credit Rating Business.

1■Contact: Sales and Marketing Division, Customer Service Dept.
■Media Contact: Corporate Planning Division (Public Relations)

TEL. +81-(0)3-6273-7471
TEL. +81-(0)3-6273-7273

Rating and Investment Information, Inc.

E-mail. infodept@r-i.co.jp

TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp
R&I Green Bond Assessment is R&I’s opinion regarding the extent to which the proceeds from the issuance of green bonds are used to invest in projects with environmental benefits
and is not statements of fact. R&I Green Bond Assessment does not certify the environmental benefits and other qualities of the eligible projects. Hence, R&I will not be held
responsible for the effectiveness of the projects, including their environmental benefits. R&I Green Bond Assessment is not the Credit Rating Business, but one of the Ancillary
Businesses (businesses excluding Credit Rating Service but are ancillary to Credit Rating Activities) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office
Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining tosuch business would not unreasonably affect the Credit Rating Activities, as well as measures to prevent such business from being misperceived as the Credit Rating Business. Further,R&I does not give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of theaccuracy or other aspects of the related information when issuing R&I Green Bond Assessment and makes no related representations or warranties. R&I is not liable in any way forany damage arising in relation to R&I Green Bond Assessment (including amendment or withdrawal thereof). As a general rule, R&I issues R&I Green Bond Assessment for a fee paidby the applicant. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html.

©Rating and Investment Information, Inc.

NEWS RELEASE

R&I Green Bond Assessment is R&I’s opinion regarding the extent to which the proceeds from the issuance of green bonds areused to invest in projects with environmental benefits. In R&I Green Bond Assessment, R&I may also provide a second
opinion on a green bond framework. R&I Green Bond Assessment does not certify the environmental benefits and otherqualities of the eligible projects. Hence, R&I will not be held responsible for the effectiveness of the projects, including theirenvironmental benefits. R&I Green Bond Assessment is not the Credit Rating Business, but one of the Ancillary Businesses(businesses excluding Credit Rating Service but are ancillary to Credit Rating Activities) as set forth in Article 299, paragraph(1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business,relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not
unreasonably affect the Credit Rating Activities, as well as measures to prevent such business from being misperceived as theCredit Rating Business.
R&I Green Bond Assessment is not, in any sense, statements of current, future, or historical fact and should not beinterpreted as such, and R&I Green Bond Assessment is not a recommendation to purchase, sell, or hold any particular
securities and does not constitute any form of advice regarding investment decisions or financial matters. R&I Green BondAssessment does not address the suitability of an investment for any particular investor. R&I issues R&I Green BondAssessment based on the assumption that each investor will investigate and evaluate the securities which they plan topurchase, sell, or hold for themselves. All investment decisions shall be made at the responsibility of the individual investor.
The information used when R&I issues R&I Green Bond Assessment is information that R&I has determined, at its own
discretion, to be reliable. However, R&I does not undertake any independent verification of the accuracy or other aspects ofthat information. R&I makes no representation or warranty, express or implied, as to the accuracy, timeliness, adequacy,completeness, merchantability, fitness for any particular purpose, or any other matter with respect to any such information.
R&I may suspend or withdraw R&I Green Bond Assessment at its discretion due to insufficient data or information, or othercircumstances.
R&I is not responsible or liable in any way to any party, for all or any damage, loss, or expenses arising out of or in relation toerrors, omissions, inappropriateness of, or insufficiencies in the information used when issuing R&I Green Bond Assessment,R&I Green Bond Assessment or other opinions, or arising out of or in relation to the use of such information or R&I Green
Bond Assessment, or amendment, suspension, or withdrawal of R&I Green Bond Assessment (regardless of the nature of thedamage, including direct, indirect, ordinary, special, consequential, compensatory, or incidental damage, lost profits, nonmonetary damage, and any other damage, and including expenses for attorneys and other specialists), whether in contract,tort, for unreasonable profit or otherwise, irrespective of negligence or fault of R&I. As a general rule, R&I issues R&I Green
Bond Assessment for a fee paid by the applicant.
The Assessment Methodologies R&I uses in connection with evaluation are R&I’s opinions prepared based on R&I’s own
analysis and research, and R&I makes no representation or warranty, express or implied, as to the accuracy, timeliness,adequacy, completeness, merchantability, fitness for any particular purpose, or any other matter with respect to theAssessment Methodologies. Further, disclosure of the Assessment Methodologies by R&I does not constitute any form ofadvice regarding investment decisions or financial matters or comment on the suitability of any investment for any party. R&I
is not liable in any way for any damage arising in respect of a user or other third party in relation to the content or the use of
the Assessment Methodologies, regardless of the reason for the claim, and irrespective of negligence or fault of R&I. All rights
and interests (including patent rights, copyrights, other intellectual property rights, and know-how) regarding the Assessment
Methodologies belong to R&I. Use of the Assessment Methodologies, in whole or in part, for purposes beyond personal use(including reproducing, amending, sending, distributing, transferring, lending, translating, or adapting the information), andstoring the Assessment Methodologies for subsequent use, is prohibited without R&I’s prior written permission.
【Japanese is the official language of this material and if there are any inconsistencies or discrepancies between theinformation written in Japanese and the information written in languages other than Japanese the information written in
Japanese will take precedence.】

2■Contact: Sales and Marketing Division, Customer Service Dept.
■Media Contact: Corporate Planning Division (Public Relations)

TEL. +81-(0)3-6273-7471
TEL. +81-(0)3-6273-7273

Rating and Investment Information, Inc.

E-mail. infodept@r-i.co.jp

TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp
R&I Green Bond Assessment is R&I’s opinion regarding the extent to which the proceeds from the issuance of green bonds are used to invest in projects with environmental benefits
and is not statements of fact. R&I Green Bond Assessment does not certify the environmental benefits and other qualities of the eligible projects. Hence, R&I will not be held
responsible for the effectiveness of the projects, including their environmental benefits. R&I Green Bond Assessment is not the Credit Rating Business, but one of the Ancillary
Businesses (businesses excluding Credit Rating Service but are ancillary to Credit Rating Activities) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office
Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining tosuch business would not unreasonably affect the Credit Rating Activities, as well as measures to prevent such business from being misperceived as the Credit Rating Business. Further,R&I does not give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of theaccuracy or other aspects of the related information when issuing R&I Green Bond Assessment and makes no related representations or warranties. R&I is not liable in any way forany damage arising in relation to R&I Green Bond Assessment (including amendment or withdrawal thereof). As a general rule, R&I issues R&I Green Bond Assessment for a fee paidby the applicant. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html.

©Rating and Investment Information, Inc.