March 23, 2023
The Norinchukin BankJapan Real Estate Investment Corporation

We support the Sustainable Development Goals

Conclusion of Sustainability Linked Loan Agreement between
The Norinchukin Bank and Japan Real Estate Investment Corporation
The Norinchukin Bank (President & CEO: Oku Kazuto) announces that it concluded the Sustainability Linked
Loan (“SLL”) Agreement with Japan Real Estate Investment Corporation (Executive Director: Jo Kato, hereinafter“JRE”). It is the fifth SLL between the two organizations.
SLL are loan instruments that aim to facilitate and support environmentally and socially sustainable economic
activity and growth. In this loan scheme, the borrower sets sustainability performance targets (“SPTs”) based on its
business management strategy, and the lender incentivizes the borrower’s achievement of those objectives byaligning loan terms to the borrower’s performance against the relevant predetermined SPTs.
JRE believes that it is the social responsibility expected of a listed investment corporation to endeavor forenhanced sustainability of society, including environmental awareness, social contributions, and reinforced
governance, and that such is essential for maximizing unitholder value. In addition, in March 2022, JRE determined
more ambitious targets1 for CO₂ emissions reduction (80% reduction compared to FY2019 by FY2030, with netzero by FY2050) than those announced in 2020. JRE is further promoting initiatives such as proactively introducing
renewable electricity, renovating facilities to reduce environmental burdens, acquiring green building certifications,and contributing to community development.
The Norinchukin Bank sets sustainable management at its core and commits 10 trillion JPY new transactions forsustainable finance in its Medium/Long-term Goals announced in May 2021. With empathy to the philosophy ofJRE’s long-term vision for sustainable management, the Bank aims to support JRE’s efforts to reduce CO₂ emissions
and other climate change-related issues through this loan.
The SLL Agreement sets SPTs for CO2 emissions (FY2030 target: 80% reduction compared to FY2019, on anabsolute basis) and the number of ZEB-certified properties2 (FY2030 target: 5 buildings), in alignment with targets
based on JRE’s Sustainability Policy.
In concluding the SLL agreement, the Norinchukin Bank and JRE obtained the second-party opinion fromJapan Credit Rating Agency, Ltd., which views that the SLL is compliant with SLL Principles, and the SPTs setfor the SLL are meaningful and ambitious.

1For further information on the targets, please refer to the following link.
https://www.j-re.co.jp/file/en-news-92eae2d1fc70a38f014d5d5308f7ce5791b62cdb.pdf
2
Includes Nearly ZEB, ZEB Ready, ZEB Oriented under BELS (Building-Housing Energy-efficiency LabelingSystem) assessment.

Summary of the Loan
■Date of execution: March 27, 2023
■Loan term: 10 years■Loan amount: 3.5 billion JPY■Use of proceeds: Refunding funds
Main SDGs contributed by the SLL

Reference Link
JRE’s ESG site:
https://jre-esg.com/https://jre-esg.com/
Third-party opinion from Japan Credit Rating Agency, Ltd.:
https://www.jcr.co.jp/greenfinance/https://www.jcr.co.jp/greenfinance/