18-D-0470

September 3, 2018
Green Loan Evaluation b y Japan Credit Rating Agenc y, Ltd.
Japan Credit Rating Agency, Ltd. (JCR) announces the following Green Loan Evaluation Results.

JCR Assigned Green 1 (preliminary) to Long-term Loan
Borrowed by United Urban Investment Corporation
Subject:

Long-term loan borrowed by United Urban Investment Corporation

Type

:

Long-term Loan

Lender:Sumitomo Mitsui Trust Bank, Limited (SMTB)

BorrowingAmount:JPY 10 billion (planned)

Interest Rate:

Undecided

Date of the Loan
agreement:

September 28, 2018 (planned)

Issue Date:

September 28, 2018 (planned)

Redemption Date:

September 29, 2023 (planned)

Redemption
method:Lump-sum repayment at maturity

Use of Proceeds:

Payment of funds to acquire assets and refinancing of assets to be held<Green Loan Preliminary Evaluation Results>
Overall Evaluation

Green 1

Evaluation on Greenness(use of proceeds)
Evaluation on Management, Operation
and Transparency

g1
m1

Chapter 1：Evaluation Overview
United Urban Investment Corporation (UUR) was established in November 2003 under the Investment Trust
Law and listed on the Tokyo Stock Exchange Real Estate Investment Trust Market (J-REIT Market) in December
2003. The asset management business is conducted by Japan REIT Advisors Co., Ltd. (JRA).
UUR defines real estate that can secure stable profitability over the medium to long term as real estate that has"intrinsic value," and aims to become a comprehensive portfolio with diversified uses and investment areas(comprehensive J-REIT), and is working to secure stable earnings over the medium to long term by investing in
1/11
https://www.jcr.co.jp/en/

carefully selected properties from a wide range of investment targets, identifying the "intrinsic value" of individual
properties.
UUR also merged with Nippon Commercial Investment Corporation in 2010. Even after the merger, thecompany continued to acquire assets by raising funds through loans and public offerings. As a result, it was one of
the largest assets in the J-REIT market.
This evaluation is based on long-term loan borrowed by the UUR from the trust account (joint money trust) of
the SMTB. The overview of finance is shown below.

(Scheme Diagram)ObtainingGreen Certification

ObtainingGreen Certification

2.Lending Execution

1.Money Trust

UnitedUrban
Investment
Corporation(Borrower)
3.Payment of Interests
and Principal

Sumitomo
Mitsui
Trust
Bank,
Limited(Joint Trust/
Trust Accout)(Lender)

Investor(Trustor/Beneficiary)

Investor(Trustor/Beneficiary)

4.Distribute Dividends
and Principal Redemption

Investor(Trustor/Beneficiary)

SMTB receives money in trust (or borrowing from ABLs) from investors (1), lend the fund to UUR (2).
Principal and interest paid by UUR to SMTB (3) Dividend income (4).This is a mechanism for returning profits toinvestors.
The Loans will be used to refinance the existing office buildings and commercial buildings acquired by UUR
and to fund the acquisition of a newly acquired hotel. JRA, which is an asset management company of UUR,
defines "green eligible assets" as properties that have acquired or are expected to be acquired any of three stars ormore of DBJ Green Building certification, CASBEE Real Estate Evaluation Certification A or higher, or two or
more stars of BELS. JCR evaluates that the definition of green eligible assets set by JRA is limited to higher
environmental performance ranks than other competitors.
JCR has confirmed that the target asset to refinancing and newly acquired assets under this loan is "green eligible
assets" as defined in the asset management guidelines of JRA, the asset management company of UUR. It was
confirmed from the Environmental Performance Evaluation Report and the hearing with JRA that there is no
possibility that the target assets will have a serious negative impact on the environment that exceeds the effects ofenvironmental improvement. From the above, JCR evaluates that the use of proceeds subject to this evaluation has
a high environmental improvement effect, such as reduction of CO2 emissions and reduction of water use.
UUR is strengthening its ESG efforts to achieve "sustainable growth" and has a goal of increasing the coverage
ratio for acquiring various environmental certifications for owned properties to 50% by 2020. JCR has confirmed
the robust management structure and high transparency of the Green Loan by incorporating the criteria for theselection of eligible green assets into JRA's asset management guidelines by including investment in the green
assets, making the green finance projects subject to internal audits.
Based on the JCR Green Loan Evaluation Method, the target long-term borrowings are "g1" in the "Green
Evaluation (use of proceeds)" and "m1" in the "Management, Operation and Transparency" and the "Overall

2/11
https://www.jcr.co.jp/en/

Evaluation" is "Green1." Detailed evaluation results are discussed in detail in the next chapter. The loan meets therequirements of the Green Loan Principles and the Ministry of the Environment's Green Bond Guidelines12.

Chapter 2: Current status of the project on each evaluation factor and JCR’s evaluations
Evaluation Phase 1: Greenness Evaluation
JCR assigns“g1”, the highest grade, to “Evaluation phase 1: Greenness Evaluation”.
Rationale: 100% use of proceeds of the Long-term Loan is allocated to green projects, considering thefactors described below.

(1) JCR’s key consideration in this factor
In this section, we first assesses whether the funding money will be allocated to green projects that have
explicit improvement effects on environment. Next, in the event that a negative environmental impact isanticipated for the purpose of uses of proceeds, the inspector shall confirm whether necessary measures foravoidance and mitigation have been taken based on a thorough examination of the impact by the specialist
department of the company or an external third-party organization. Finally, it confirms consistency with the
Sustainable Development Goals (SDGs).

(2) Current status of the project on each evaluation factor and JCR’s evaluation.
Overview of the use of proceedsa.

On the environmental improvement effects of the projecti.

100% of the funds are used to refinance or acquire existing or new "green eligible assets," which ishighly environmental improvement effect.

JRA Asset Management Guidelines (excerpt)(2)Specific Investment Criteria 2. Other Attributes of the Target Investment Property (b) Green Eligible
AssetsNew and existing management assets that have acquired or are expected to obtain DBJ Green Building
certification (three stars or more), CASBEE real estate certification (A rank or higher), and BELS
evaluation (two stars or more) (collectively referred to as "environmental certification") shall be definedas "green eligible assets," and efforts shall be made to acquire environmental certification throughinitiatives such as improving the environmental performance of those management assets that have notacquired environmental certification.
All the use of proceeds will be allocated to the existing or new "green eligible assets" set forth in theguidelines, which are the eight "green eligible assets" listed on the page 4, namely, office buildings,
commercial buildings, and hotels. These eight office buildings, commercial buildings and hotels will be
refinanced or acquired in September 2018. JCR has confirmed that seven of the eight office buildings,
commercial buildings, and hotels that measured BEI3 (six with CASBEE real estate certification and one
12

3

LMA (Loan Market Association) Green Loan Principles 2018
Ministry of the Environment's Green Bond Guidelines 2017. This is not a green bond, but as the concept of the four principles required
is very similar to that of a green bond, compliance with the Ministry of the Environment's Green Bond Guidelines is also considered in
the evaluation.
Abbreviation of Building Energy Index. This property indicates the ratio of the design primary reduced energy consumption of therelevant property to the criterion primary energy consumption. The lower the value, the higher the energy efficiency.
3/11
https://www.jcr.co.jp/en/

with BELS certification) have good results and are expected to be highly effective in improving theenvironment. JCR has also confirmed that energy-saving measures have been implemented in the scoring
sheet for one of the buildings that acquire DBJ Green Building certification.
ii. The use of proceeds falls under the category of green projects defined in the Green Bond Principles or
the Green Bond Guidelines of the Ministry of the Environment of Japan that are "energy efficient" or" green buildings which meet regional, national or internationally recognized standards orcertifications”.
b. Negative impact on Environment
JRA checks and evaluates green eligible assets using checklists, etc. at due diligence meetings. At this time,
the negative environmental impact of the eight office buildings, commercial buildings and hotels for which
this loan is expected to be utilized has not been identified. JCR confirms that if there is a negative impact
on the environment, it is necessary to take corrective measures by the seller as a precondition to avoid or
mitigate the negative impact.
(List of Assets)
NumberName

Newly/Existing

Certification

1

Pacific Marks
Yokohama East

Existing

CASBEE
Real Estate

Rank A（★★★★）

Obtained

2

Pacific Marks
Shin-Yokohama

Existing

CASBEE
Real Estate

Rank A（★★★★）

Obtained

3

Pacific Marks
Sapporo Kita-Ichijo

Existing

CASBEE
Real Estate

Rank A（★★★★）

Obtained

4

Mallage Kashiwa

Existing

CASBEE
Real Estate

Rank S（★★★★★）

Obtained

5

Pacific Marks
Tsukishima

Existing

CASBEE
Real Estate

Rank A（★★★★）

Obtained

6

Pacific Marks
Akasaka-mitsuke

Existing

CASBEE
Real Estate

Rank A（★★★★）

Obtained

7

Tsubogawa Square
Building

Existing

DBJ Green Building

Three Stars★★★

Obtained

8

The "b" Fukuoka
Tenjin

Newly
Acquired

BELS

Above Two
Stars
（★★）

To be acquired

Rank

Status*: "The “b" Fukuoka Tenjin" describes the ranks expected to be acquired by the UUR because BELS's environmental
certification was not obtained at the time of this Green Loan Evaluation.
4/11
https://www.jcr.co.jp/en/(Reference) Certification System for Each Green Building
1. CASBEE
An acronym for the English name of the Building Environmental Performance Assessment System(Comprehensive Assessment System for Built Environment Efficiency).
This is a method to evaluate and rate the environmental performance of buildings. The Comprehensive
Environmental Evaluation Research Committee for Buildings was established in April 2001 as a joint projectof industry, government and academia with the support of the Housing Bureau of the Ministry of Land,
Infrastructure, Transport and Tourism, and has been continuously developing and maintaining buildings sincethen. Valuation tools include CASBEE-architecture, CASBEE-streets, etc., as well as CASBEE-real estatedeveloped to provide easy-to-understand environmental performance to the real estate market.
The evaluation results are divided into five grades: Rank S (excellent), Rank A (very good), Rank B (good),
Rank B (slightly poor), Rank C (poor), and CASBEE-Real Estate scoring has four grades : Rank S(Excellent), Rank A (very good), Rank B+(good), and Rank B (Satisfaction of mandatory items).

2. DBJ Green Building
A certification system provided by DBJ (Development Bank of Japan) that evaluates properties withenvironmental and social considerations. The evaluation results are expressed as the number of stars, and theevaluation axis is "Buildings with consideration for the environment and society. "Each is represented by fivestars (the best class in Japan), four stars (exceptionally high), three stars (excellent), two stars (high), and one
star (satisfactory). Although it is not an environmental performance-specific evaluation, it is highly
recognized in Japan and has a certain evaluation item regarding environmental performance. Therefore, JCR
believes that this certification corresponds to "regional, national or internationally recognized standards andcertified green buildings" of the Green Project Classification as defined in the Green Loan Principles.
However, since the certification is not limited to environmental performance, JCR believes that it is desirable
to confirm the evaluation of environmental performance individually.

3. BELS
An acronym for the English name of the Energy-saving Performance Indication System for Buildings(Building-housing Energy-efficiency Labeling System).
In October 2013, the Ministry of Land, Infrastructure, Transport and Tourism established the "Evaluation
Guidelines for Labeling the Energy Conservation Performance of Non-Residential Buildings (2013)", andbased on the guidelines, a third-party organization will properly evaluate and label the energy-saving
performance of non-residential buildings. The results of the evaluation are indicated by the number of stars
based on the achievement value of the energy conservation criterion.
Five stars, four stars, three stars (induction criterion), two stars (energy conservation standard), and one
star (existing energy conservation standard), respectively.

ｃ. Alignment with SDGs goals and target
This project is classified into energy-saving and regional, national or internationally recognized standards
and certification green buildings. JCR evaluated the project to contribute to the following SDGs targets andtargets, referring to ICMA's SDGs mapping.
Goal 7: Ensure access to affordable, reliable, sustainable, and modern energy for all.
Target 7.3. By 2030, double the global rate of improvement in energy efficiency.

Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrializationand foster innovation.
Target 9.4. By 2030, upgrade infrastructure and retrofit industries to make themsustainable, with increased resource-use efficiency and greater adoption of clean andenvironmentally sound technologies and industrial processes, with all countries
taking action in accordance with their respective capabilities. With all countries
taking action in accordance with their respective capabilities.
5/11
https://www.jcr.co.jp/en/Goal 11: Make cities and human settlements inclusive, safe, resilient and sustainable.
Target 11.6. By 2030, reduce the adverse per capita environmental impact of cities,
including by paying special attention to air quality and municipal and other waste
management.

Evaluation Phase 2: Evaluation on Management, Operation and Transparency
JCR assigns “m1”, the highest rating on JCR evaluation Phase 2: Evaluation on Management andOperation and Transparency.
Rationale: These projects have allocated the funding and implemented the businesses as planned
through a firmly equipped management and operation system and high transparency as described below.

1. Appropriateness and Transparency concerning selection standard and processes of
the use of proceeds(1) JCR’s key consideration in this factor
This section confirms that the objectives to be achieved through the green bond, the criteria for selecting green
projects, the appropriateness of the process, and the series of processes are appropriately disclosed to investors.

(2) Current status of evaluation targets and JCR evaluationa.

Goal
In the "Sustainability Targets" published in its website, the UUR states that "As the owner of a large-scale
facility that is believed to emit a considerable amount of greenhouse gases, the UUR aims to reduce theenergy consumption per unit of production, which is calculated by taking into account the energy
consumption and the total floor area of its facilities, by an average of 1% per year over a five-year period.
Specific measures to reduce the emissions include upgrading the efficiency of air conditioning systems andadopting high-efficiency equipment at the time of renewal of lighting, etc., in accordance with theconditions of the facilities." The refinancing and acquisition of new green eligible assets are part of thisplan.
In addition, UUR is strengthening its ESG initiatives with the aim of achieving "sustainable growth" andhas a goal of increasing the coverage ratio for acquiring various environmental certifications for owned
properties to 50% by 2020.
JCR believes that these set of targets are specific, with numerical targets.

b. Selection criteria
JRA's Sustainability Committee, which has specialized knowledge, evaluates green assets.
The Sustainability Committee evaluates based on the criteria set out in the JRA Asset Management
Guidelines. The Sustainability Committee also plays a principal role in selecting "green eligible assets" tobe eligible for refinancing and new acquisition. In addition, when the acquisition of "green eligible assets"is considered to have a negative impact on the environment, the company has adopted a limited impact
measure, such as requiring the seller to take corrective measures for the purpose of complying with laws
and regulations as a precondition for avoiding or mitigating the negative impact.

6/11
https://www.jcr.co.jp/en/

JRA's criteria for selecting "green eligible assets" are new and existing operating assets that have acquiredor are expected to acquire either DBJ Green Building certification (three stars or more), CASBEE realestate certification (A rank or higher), or BELS assessment (two stars or more), as described above on page
3 of this evaluation report. JCR highly appreciates this selection criterion in that they are limited to higher
environmental performance rankings than other companies.
c. Process
JRA's Sustainability Committee evaluates the green quality of its "green eligible assets," and the FinanceTeam proposes the appropriation of these assets to be acquired and refinancing of "green eligible assets,"
which is approved and resolved by the JRA Board of Directors.
The Sustainability Committee consists of the Chief Executive Officer, the Chief Investment Officer, theChief Financial Officer, and the Chief Compliance Officer (CCO). JCR also evaluates that the management
is involved in the selection process of green eligible assets appropriately and the institutional decisionmaking process is clear.
The JCR believes that goal, selection criteria, and process are outlined in this evaluation report and thattransparency for investors is ensured.

2. Appropriateness and Transparency of Management of the proceeds(1) JCR’s key consideration in this factor
The management method of the procured funds is usually assumed to be diverse depending on the issuer.
Confirm whether the funds procured through green loans are allocated to green projects and whether a mechanism
and an internal system are in place to enable easy tracking and management of the appropriations.
It also attaches importance to evaluating the management and operation of the unallocated funds, as well as toconfirming that the funds procured from the loan will be allocated to the green projects at an early stage.

(2) Current status of evaluation targets and JCR evaluationa.

The total amount of long-term loan will be appropriated for the refinancing and new acquisitions of the eight"green eligible assets" described on page 4 of this report. There is no plan to use the proceeds for any otherpurpose.

b.

With regard to account management, JRA's department in charge (finance team, etc.) confirms that the use ofproceeds, dates, and balances are managed via electronic media, such as Excel files, for each procurement
fund. JCR has confirmed that long-term loans can be allocated to refinance "green eligible assets" as soon as
they are procured, and that it is sufficient to track management at the time of collective allocation.

c.

As it stated in the Asset Management Guidelines revised on July 31, 2018, JRA is required to confirm thestatus of its portfolio at least once a year and obtain CFO approval when publishing it on the website.
Therefore, an internal management system is in place.

d.

The use of proceeds is to refinance and acquire green eligible assets as soon as possible after procurement,
and therefore, no unallocated funds will be generated.
The Finance Team of JRA has confirmed that, in the event that unallocated funds are generated by the sale of"green eligible assets" before repayment of all long-term loans, the JRA will endeavor to reallocate thebalance to green projects such as the acquisition funds and refinancing funds of other green eligible assets at
the earliest possible stage after recognizing and management the balance.
7/11
https://www.jcr.co.jp/en/

JCR has confirmed that funds are securely allocated to "green eligible assets," that management of proceeds isappropriate within JRA and that internal management systems are in place, and that "green eligible assets" areappropriately selected and that funds are appropriately substituted even if unallocated funds are generated.
JCR has evaluated that funds management is highly appropriate and transparent.

3. Reporting(1) JCR’s key consideration in this factor
This section evaluates whether the disclosure system for investors, etc. before and after the issuance of green
bonds is planned in a detailed and effective manner at the time of the issuance of green bonds.

(2) Current status of evaluation targets and JCR evaluationa.

Reporting about the proceeds allocations
As confirmed in the previous section, theproceeds will be immediately allocated to refinance or acquire"green eligible assets," and therefore, no reporting of unallocated funds during the period is currently
assumed. However, JCR confirms that in the event of a material change in the situation, such as the sale of"green eligible assets" acquired through the current long-term borrowings resulting in unappropriated funds,
JRA will disclose the information after obtaining the approval of management, such as CEO, CFO, CIO,
CCO, etc., from the UUR website.
b. Impact reporting for environmental benefits
The list and outline of "green eligible assets" are shown in the list of uses of funds in Evaluation Phase 1 ofthis report. UUR plans to disclose electricity, gas, CO2, and water usage on its website and other media
once a year.
UUR will also receive a third-party review of the accuracy of the reporting status once a year by JCR until
the due date.
JCR believes that the above-mentioned reports are intended to be appropriately disclosed to investors andother parties regarding both the appropriation of funds and the effects of environmental improvement

4. Efforts taken by the organization(1) JCR’s key consideration in this factor
This section evaluates whether the issuer's management positions environmental issues as a high-priority
management issue, and whether the JCR green loan borrowing policy, process and the criteria for selecting green
projects are clearly defined through the establishment of a department specializing in the environmental field or
through the assistance of external organizations.

(2) Current status of evaluation targets and JCR evaluation
UUR formulated its Environmental Policy in May 2012, and declared that UUR will contribute to thedevelopment of a sustainable society by taking environmental considerations and reducing environmental impact.
According to the Environmental Policy, as measures against “1.energy efficiency and global warming
prevention”, the report states that "we will actively promote the efficient use of resources and energy and strive torealize a low-carbon society through the introduction of environmentally friendly technologies and systems." In
addition, regarding “2.reduction of environmental impact”, the report states that "we will strive to reduce

8/11
https://www.jcr.co.jp/en/environmental impact and realize a realization of recycle-oriented society by reducing water consumption,
reducing waste generation, reusing (reuse), recycling (recycling), etc., in addition to reducing carbon."In addition, the UUR has independently established key sustainability issues (materiality), linking eachmateriality with each objective of the Sustainable Development Goals (SDGs), and evaluating and publishingeach fiscal year on the website.
In particular, with regard to the environmental, JRA publishes the following as "Sustainability Targets" on its
website;"As the owner of a large-scale facility that generates a considerable amount of greenhouse gas emissions, weare aiming to reduce the energy consumption per unit of energy, which is calculated by taking into account theenergy consumption in the facility and the total floor area, by an average of 1% per year over a five-year period.
As a concrete measure to reduce emissions, we will adopt high-efficiency equipment by replacing airconditioning systems and adopting high-efficiency equipment when replacing lighting, etc., in accordance withthe conditions of the facility."
Every fiscal year, the amount of electricity used, gas used, CO2 emissions, and water consumption forproperties owned by the UUR is disclosed. As for reducing waste, in addition to the amount of non-hazardous andhazardous waste, the recycling rate, incineration rate, landfill rate, etc. are also disclosed every fiscal year. In thisway, information on environmental performance is actively disclosed to the public.
JCR also believes that JRA's Sustainability Committee, which has expert knowledge and includes management
as a member, is involved in determining the investment policy for "green eligible assets," and that JRA has clearly
positioned the funding policy, process, and green project selection criteria as an organization.
JCR recognizes that environmental problems are a high priority for these organizations, and that departmentswith expertise are clearly involved in green loan procurement policies and processes and the selection of green
projects.

■Assessment result
Based on the JCR Green Loan Evaluation Method, long-term loans subject to the evaluation were classified as "g1"in the Green Evaluation (use of proceeds) and "m1" in the Management/Operation and Transparency Evaluation, and"Green1" in the Overall Evaluation. In addition, this Loan is considered to meet the criteria for the items required by
the Green Loan Principles and the Green Bond Guidelines issued by the Ministry of the Environment of Japan.

<JCR Green Loan Evaluation Matrix>
Management, Operation & Transparency

Greenness

m1

m2

m3

m4

m5

g1

Green 1

Green 2

Green 3

Green 4

Green 5g2

Green 2

Green 2

Green 3

Green 4

Green 5

g3

Green 3

Green 3

Green 4

Green 5

Not qualified

g4

Green 4

Green 4

Green 5

Not qualified

Not qualified

g5

Green 5

Green 5

Not qualified

Not qualified

Not qualified

9/11
https://www.jcr.co.jp/en/

< Evaluation Subject>
Borrower: United Urban Investment Corporation[Assignment]
Issue

Amount (bn)Long-term Loan
JPY 10 bil.
(Green Loan)

Date of
Borrowing

Sep. 28, 2018

Maturity date

Sep. 29, 2023

Interest Rate

Preliminary Evaluation

Undecided

JCR Green Bond Evaluation :Green1
Greenness Evaluation:g1
Management, Operation, andTransparency:m1

GB Analysts in charge of this evaluation: Atsuko Kajiwara, Kosuke Kajiwara and Yuichi Yamada

10/11
https://www.jcr.co.jp/en/

Important explanations about this Green Loan Evaluation
1. Assumptions, meaning and limits of JCR Green Loan Evaluation
Assumptions, Significance, and Limitations of JCR Green Loan Evaluation JCR Green Loan Evaluation, which is granted andprovided by the Japan Credit Rating Agency (JCR), is a comprehensive expression of JCR's current opinion on the extent towhich the funds procured from the issuance of green loans, which are subject to evaluation, are allocated to green projects
defined by JCR and the extent to which the management, operation, and transparency of the use of green loans are ensured. JCR
Green Loan Evaluation does not fully indicate the extent to which the funds procured from such green loans are allocated andthe management, operation, and transparency of the use of the funds are ensured.
JCR Green Loan Evaluation assesses the plan or status of the appropriation of funds at the time of the green loan issuanceplan or at the time of issuance, and does not guarantee the status of the appropriation of funds in the future. In addition, the JCR
Green Loan Evaluation does not prove the environmental effects of green loans and is not responsible for their environmental
effects. JCR confirms that the effects of the funds procured from the Green Loan on the environmental are measured
quantitatively and qualitatively by the issuer or by a third party requested by the issuer, but in principle it does not directly
measure the effects.
2. Methods used in the conduct of this evaluation
The methods used in this evaluation are listed on JCR website (Green Finance ESG in https://www.jcr.co.jp/greenfinance)) as
JCR Green Finance Evaluation Method.
3. Relationship with Acts Related to Credit Rating Business
The JCR Green Loan Evaluation is determined and provided by JCR as a related business, which is different from theactivities related to the credit rating business.
4. Relationship with Credit Ratings
The Assessment differs from the Credit Rating and does not promise to provide or make available for inspection apredetermined Credit Rating.
5. Third-party character of JCR
There is no conflicts of interest related to capital or human resources relationships between the subject of this evaluation and
JCR.
■Disclaimers

The information contained in this document has been obtained by JCR from the Issuer and from accurate and reliable sources. Provided, however, that suchinformation may be erroneous due to human, mechanical or other reasons. Accordingly, JCR makes no representation or warranty, express or implied, as to theaccuracy, results, accuracy, timeliness, completeness, marketability, or fitness for a particular purpose of such information, and JCR assumes no responsibility for any
error, omission, or result of using such information. In no event shall JCR be liable for any special, indirect, incidental or consequential damages of any kind,including opportunity loss, monetary loss, which may arise from any use of such information, whether contractual, tort, negligence or other cause of liability, andwhether or not such damages are foreseeable or unforeseeable. The JCR Green Bond Evaluation does not express any opinion on the various risks (credit risk, pricefluctuation risk, market liquidity risk, price fluctuation risk, etc.) associated with the green bond subject to the assessment. The JCR Green Bond Evaluation is acomprehensive statement of opinion at the present time of the JCR and is not a statement of fact and does not make any recommendations regarding risk judgment or
the decision to purchase, sell or hold individual bonds, commercial paper, etc. JCR Green Bond Evaluations may be changed, suspended, or withdrawn due tochanges in information, lack of information, or other reasons. All rights to this document, including data from the JCR Green Bond Assessment, are held by JCR.
Reproduction, adaptation, modification or alteration of this document, in whole or in part, including data from the JCR Green Bond Assessment, without thepermission of JCR is prohibited.

■Glossary

JCR Green Loan Evaluation: JCR Green Loan Evaluation evaluates the extent to which the funds procured from the Green Loan are allocated to the Green Project as
defined by JCR, and the extent to which the management, operation, and transparency of the Green Loan are ensured. Evaluations are graded on a scale of5,beginning with the top, using the Green1, Green2, Green3, Green4, and Green5 symbols.

■Status of registration as an external assessor of green finance・ Ministry of the Environment's external green bond reviewer registration
・ ICMA (registered as an observer with the International Capital Markets Association)■Status of registration as a credit rating agency, etc.
・ Credit Rating Agency: the Commissioner of the Financial Services Agency (Rating) No.1
・ EU Certified Credit Rating Agency
・ NRSRO: JCR has registered with the following four of the five credit rating classes of the Securities and Exchange Commission's NRSRO(Nationally RecognizedStatistical Rating Organization. (1)Financial institutions, broker dealers, (2) insurance companies, (3) general business corporations, and (4) government and local
governments. If the disclosure is subject to Section 17g-7(a) of the Securities and Exchange Commission Rule, such disclosure is attached to the news releases
posted on the JCR website (http://www.jcr.co.jp/en/).

■For further information, contact

Information Service Dept. TEL: 03-3544-7013 FAX: 03-3544-7026

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.

11/11
https://www.jcr.co.jp/en/