22-D-0305
June 24, 2022

BOT Lease Announced Capital and Business Allianceamong 4 Companies—Capital Adequacy Will SignificantlyImprove; JCR Will Pay Attention to Future Relationshipswith Major Shareholders
The following is Japan Credit Rating Agency, Ltd. (JCR)'s opinion on the announcements by BOT Lease Co.,
Ltd. (security code: -) for the third-party allotment of shares and capital and business alliance.

(1) On June 23, BOT Lease Co., Ltd. (the “Company”) together with MUFG Bank, Ltd. (MUFG Bank),
The Norinchukin Bank (Norinchukin) and Tokyo Century Corporation (Tokyo Century) announced thatthey had entered into a capital and business alliance agreement among the 4 companies and thatthey agreed that the Company's capital increase through third-party allotment would be undertaken
by MUFG Bank, Norinchukin, and Tokyo Century. The total amount of the capital increase is expected
to be approximately 30 billion yen, with Mitsubishi UFJ Financial Group, Inc. (MUFG, consolidatedbasis) holding 27.7% (of which, MUFG Bank 22.3%), Norinchukin 25%, and Tokyo Century 25% after
the capital increase. Upon approval by the relevant authorities, the payment is expected to be madein August to September 2022. The Company is currently an equity-method affiliate of MUFG andMUFG Bank, and after the capital increase, it is expected to become an equity-method affiliate ofNorinchukin and Tokyo Century in addition to MUFG and MUFG Bank.
(2) JCR has been indicating that there is much room for improvement in the capital adequacy of theCompany, and if the capital increase is implemented, the equity ratio is expected to significantlyincrease. On the other hand, JCR has long been incorporating its close relationship with MUFG intothe rating. This capital and business alliance is intended to strengthen the Company's risk-taking
function in the asset business, which is said to have "an important position for MUFG," and JCR ispaying attention to whether the Company's strategic importance to MUFG will increase. It is also
expected that the Company will utilize the management resources of Norinchukin and Tokyo Century,
and JCR will follow whether this will lead to the strengthening of the Company's business foundation.
Atsushi Kato, Hidekazu Sakai<Reference>Issuer: BOT Lease Co., Ltd.
Long-term Issuer Rating: A

Outlook: Stable

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