NEWS RELEASE
24-D-0529

July 18, 2024
Japan Credit Rating Agency, Ltd. (JCR) announces the following Climate Transition Bond Evaluation Results.

The Government of Japan
5-year Japan Climate Transition Bo nd(2 n d )Assignment

Overall
Evaluation

Greenness/
Transition
Evaluation(Use of Proceeds)

Management,Operation andTransparency
Evaluation

Green 1(T)

gt1

m1

IssuerSubject
Type
Issue AmountInterest Rate
Auction Date
Redemption Date
Method ofRedemption
Use of Proceeds

The Government of Japan
5-year Japan Climate Transition Bonds (2nd)interest-bearing government bonds
JPY 349.6 billion
Nominal Coupon 0.5% (per annum)
July 18, 2024
June 20, 2029
Lump-sum redemption at maturity
Projects that meet the eligibility criteria identified in the ClimateTransition Bond Framework based on the GX Promotion Strategy

The planned issuance amount and other details of Japan Climate Transition Bonds to be issued in FY2024 are as
follows1. For evaluation details, please refer to the JCR Preliminary Evaluation Report on Japan Climate Transition
Bond ﴾FY2024﴿ published on May 31, 2024 ﴾24-D-0240﴿.
Auction DateMay 28, 2024
July 18, 2024
October 2024
January 2025

Security / Issue Number10-year bonds(2nd)5-year bonds(2nd)10-year bonds(2nd)5-year bonds(2nd)AmountJPY 349.6 billion
JPY 349.6 billion
About JPY 350 billion
About JPY 350 billion——————————————
1

Source: Ministry of Finance, "Issuance amount of Climate Transition Bonds in FY2024"
https://www.mof.go.jp/english/policy/jgbs/topics/JapanClimateTransitionBonds/index.html
However, the schedule may be revised depending on the market environment, etc.

Redemption Date
March 20, 2034
June 20, 2029
March 20, 2034
June 20, 2029

Green 1(T)Evaluation Result (Conclusion)

JCR assigned "gt1" to the appraisal of "Greenness/Transition Evaluation ﴾Use of Proceeds,﴿" "m1"
to the appraisal of "Management, Operation and Transparency Evaluation" based on JCR GreenFinance Evaluation Methodology. As a result, JCR assigned "Green 1﴾T﴿" to the "JCR Climate
Transition Bond Evaluation" for this Bonds. This Bonds meet the criteria for the items required in
the Green Bond Principles, the Green Bond Guidelines, the Climate Transition Finance Handbook,and the Basic Guidelines on Climate Transition Finance.

Management/operation/transparency evaluation

Greenness/ Transition

Evaluation

m1m2

m3m4m5

gt1

Green 1(T)Green 2(T)Green 3(T)Green 4(T)Green 5(T)gt2

Green 2(T)Green 2(T)Green 3(T)Green 4(T)Green 5(T)gt3

Green 3(T)Green 3(T)Green 4(T)Green 5(T)

N/A

gt4

Green 4(T)Green 4(T)Green 5(T)

N/A

N/A

gt5

Green 5(T)Green 5(T)

N/A

N/A

N/A

Responsible Analyst: Atsuko Kajiwara, Kosuke Kajiwara, Tomohiko Inamura, Takuto Toda, Haruna GotoImportant Explanation on this Evaluation
1. Assumptions, Significance, and Limitations of JCR Climate Transition Finance Evaluation
JCR Climate Transition Finance Evaluation provided by Japan Credit Rating Agency (hereinafter referred to as "JCR")
covers the policies set out in the JCR Climate Transition Finance Evaluation as an evaluation target and states JCR's
comprehensive opinion on the extent to which allocation is made to the Green/Transition Project defined by JCR andon the degree to which the efforts to ensure the management, operation and transparency on the use of proceeds atpresent. It is therefore not intended to evaluate the specific environmental benefits and the management/operation
system/transparency on the use of proceeds, such as individual bonds or borrowings implemented based on the policies.

JCR, in principle, does not directly measure the environmental benefits of proceeds financed through the green/transition
finance although JCR confirms that the environmental benefits are quantitatively and qualitatively measured by an issuer orborrower (hereinafter the issuer and borrower are collectively referred to as a "finance raiser") or the third parties requestedby the finance raiser.

2. Methodology Used in this Evaluation
The methodology used to make this evaluation is posted as JCR Green Finance Evaluation Methodology in the Sustainable
Finance/ESG section on the JCR's website at https://www.jcr.co.jp/
3. Relation with Conduct for Credit Rating Business
The conduct of assigning and providing JCR Green Finance evaluation is performed by JCR as its related business and isdifferent from the conduct for the credit rating business.
4. Relation with Credit RatingThis evaluation is different from a credit rating and does not commit to providing a predetermined credit rating or makeavailable for inspection.
5. Impartiality when Evaluating JCR Green Finance
There are no capital or personnel relationships that could create a conflict of interest between this evaluation target and JCR.
Points to Consider

The information contained in this document was obtained by JCR from finance raisers and accurate and reliable sources. Such information however may be mistaken
for artificial, mechanical or other reasons. Therefore, JCR makes neither representation nor warranty, express or implied, as to the accuracy, result, eligibility, timeliness,completeness, merchantability, or fitness for any particular purpose of such information, and JCR assumes no responsibility for any errors, omissions or consequencesof using such information. JCR shall not be liable for any loss of opportunity and extraordinary, indirect, incidental or consequential damage of any kind, including any
loss of money, which result from any use of such information under any circumstances, whether contractual liability, tort liability, negligence or other causes of liability,
and whether such damage is foreseeable or unforeseeable. JCR Green Finance Evaluation does not express any opinion on various risks (credit risk, price fluctuation
risk or market liquidity risk) on the green finance that is the subject of evaluation. JCR Green Finance Evaluation is a comprehensive opinion of JCR at present and does
neither represent facts nor make any recommendation regarding risk assessments or decisions on the purchase, sale or holding of individual bonds or commercial paper.
JCR Green Finance Evaluation may be modified, suspended or withdrawn due to changes in information or lack of information. All rights pertaining to this document,
including data from the JCR Green Finance Evaluation is prohibited from being reproduced, modified or otherwise altered without the permission of JCR.

Terminology

JCR Climate Transition Finance Evaluation: The assessment of the extent to which proceeds financed by the Climate Transition Finance are allocated to green/transition
finance defined by JCR and the degree of management, operation and transparency related to the use of proceeds for the green/transition finance. The evaluation is madeon a scale of five in the order from top to bottom with evaluation symbols, Green 1 (T), Green 2 (T), Green 3 (T), Green 4 (T), Green 5 (T)Status of Registration as External Evaluator of Sustainability Finance・Ministry of the Environment: Registered as External Reviewer of Green Finance・ICMA (observer registration as an external evaluator with the International Capital Market Association)
・UNEP FI Positive Impact Financial Principles Working Group Member
・Climate Bonds Initiative Approved Verifier

Other Registration Status as Credit Rating Agency
・Credit Rating Agency: the Commissioner of the Financial Services Agency (Credit Rating) No. 1
・EU Certified Credit Rating Agency
・NRSRO: JCR registered with the following four of the five credit rating classes of the Nationally Recognized Statistical Rating Organization ("NRSRO") as defined by
the U.S. Securities and Exchange Commission: (1) financial institutions, broker/dealers, (2) insurance companies, (3) general business corporations and (4) national/local governments. In cases where disclosure is required based on Rule 17g-7(a) of the Securities Exchange Act, such disclosure is attached to News Release on theJCR webpage at https://www.jcr.co.jp/en/.

For inquiries, please contact us below
TEL: 03-3544-7013 FAX: 03-3544-7026
Information Service Department

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

Copyright © Japan Credit Rating Agency, Ltd. All rights reserved.