SECOND PARTY OPINIONKIRIN HOLDINGS COMPANY, LIMITED.
GREEN BOND DNV PERIODIC REVIEW (#3)

Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: 23 June 2023
Ref. Nr.: PRJN-539237-2023-PR-JPN-01

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Table of Contents
I. Scope and Objectives

3

Ⅱ. Project Overview

4

Ⅲ. Responsibilities of Kirin Holdings and DNV

4

Ⅳ. Basis of DNV s Opinion

5

V. Work Undertaken

6

Ⅵ. Findings and DNV's Opinion

7

Schedule-1 Overview of Eligible Projects

11

Revision history
6 November 2020

Remarks
Kirin Holdings Company, Limited. Green Bond Framework Second-Party Opinion

28 June 2021

Green Bond Annual Review

28 June 2022

Green Bond Annual Review (#2)
Green Bond DNV Periodic Review (#3)

23 June 2023
(This report)

Allocation status: JPY 5.4 billion has been allocated of the JPY 10 billion raised (unallocatedbalance: JPY 4.6 billion)
Environmental benefits: Recycled PET resin ratio: 8%
GHG reduction by the introduction of heat pump systems: 2,750 t-CO2 (FY2022)

Disclaimer
Our assessment relies on the premise that the data and information provided by Issuer to us as part of our review procedures have been provided in good faith. Becauseof the selected nature (sampling) and other inherent limitation of both procedures and systems of internal control, there remains the unavoidable risk that errors or
irregularities, possibly significant, may not have been detected. Limited depth of evidence gathering including inquiry and analytical procedures and limited sampling at
lower levels in the organization were applied as per scope of work. DNV expressly disclaims any liability or co-responsibility for any decision a person or an entity may
make based on this Statement.

Statement of Competence and Independence
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2011 - Conformity Assessment Requirements
for bodies providing audit and certification of management systems, and accordingly maintains a comprehensive system of quality control, including documented policies
and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We have complied with the
DNV Code of Conduct1 during the assessment and maintain independence where required by relevant ethical requirements. This engagement work was carried out by anindependent team of sustainability assurance professionals. DNV was not involved in the preparation of statements or data included in the Framework except for thisStatement. DNV maintains complete impartiality toward stakeholders interviewed during the assessment process.

1 DNV Code of Conduct is available from DNV website (www.DNV.com)

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I. Scope and Objectives
Kirin Holdings Company, Limited (hereinafter, Kirin Holdings) has commissioned DNV to conduct a
post-issuance periodic review of the Green Bond issued on 20 November 2020. The objective of
the post-issuance periodic review of DNV is to ensure that Kirin Holdings meets the requirementsof the Green Bond Principles (hereinafter, GBP) and the Green Bond Guidelines (hereinafter,
GBGLs) described below, and to provide a second party opinion on the eligibility of this Green
Bond.
Kirin Holdings issued a Green Bond on 20 November 2020. The issuance amount was JPY 10
billion, and the repayment period was five years. DNV conducted a periodic review (#3) based on
the GBP and GBGLs.
DNV, as an independent external reviewer, identified no real or perceived conflict of interest
associated with the delivery of this second-party opinion for Kirin Holdings.
In this paper, no assurance is provided regarding the financial performance of the Green Bond,
the value of any investment in the Green Bond, or the long-term environmental benefits of thetransaction.

Standards to be Applied
No.

Standards/Guidelines

1.

Green Bond Principles

2.

Green Bond Guidelines

Scheme owner
International Capital Market
Association (ICMA), 2018
Ministry of the Environment,
2020*1 Apply: Eligibility for all four core common elements to each principle and guideline was evaluated.

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Applied level*1
Apply
Apply

Ⅱ. Project Overview
The Kirin Group has identified "Health and Well-being" as one of the key issues within "CSV
Purpose". It has determined as to enrich the sustainable Earth for future generations by generating
positive impacts from the actions .
Specifically, the Kirin Group aims to be a leading company which tackles environmental problems,and launched Kirin Group s Environmental Vision 2050, a revised version of Kirin Group Long-term
Environmental Vision. In the vision, the Kirin Group states to achieve net zero of GHG emissions in
its entire value chain by 2050, in order to overcome climate change. In 2019, the Kirin Group also
formulated the Kirin Group Plastics Policy, declaring to reduce the percentage of recycled resin
used in PET bottles in Japan to 50% by 2027.
The Green Bond was raised to finance these initiatives.
Kirin Holdings has allocated the proceeds to two projects of which eligibility has been confirmed.

Eligible projects

Green Categories

Contribution to SDGs

Procurement of recyclable PET
resin

・ Pollution prevention and control
・ Eco-efficient products and/or circular
economy adapted products, production
technologies and processes

Goals 9, 12, and 14

Introduction of heat pumpsystems to production sites

・ Energy Efficiency

Goals 7, 9, and 13

Ⅲ. Responsibilities of Kirin Holdings and DNVKirin Holdings has provided the information and data used by DNV during the delivery of thisreview. DNV s second party opinion represents an independent opinion and is intended to inform
Kirin Holdings and other interested stakeholders in the allocated Green Bond of whether theestablished criteria have been met, based on the information provided to us. In our work, we haverelied on the information and the facts presented to us by Kirin Holdings.
DNV is not responsible for any aspect of the nominated assets referred to in this opinion and cannot
be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus, DNV shall not beheld liable if any of the information or data provided by the management of Kirin Holdings and used
as a basis for this assessment were not correct or complete.

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Ⅳ. Basis of DNV s Opinion
To provide as much flexibility for the issuer, Kirin Holdings, as possible, we have adapted our Kirin
Holdings Green Bond assessment methodology, which incorporates the requirements of the GBP
and GBGLs, to create a Green Bond Eligibility Assessment Protocol (hereinafter, Protocol). (Refer to
Schedule-2 and 3). The Protocol is applicable to Green Bond based on the GBP and GBGLs.
Our Protocol includes a set of suitable criteria that can be used to underpin DNV s opinion. The
overarching principle and guidelines behind the criteria are that a Green Bond should "enable
capital-raising and investment for new and existing projects with environmental benefits."
As per our Protocol, the criteria against which the Green Bond has been reviewed are grouped
under the four Principles:Principle One: Use of Proceeds
The Use of Proceeds criteria are guided by the requirement that a Green Bond issuer
must use the funds raised to eligible activities. The eligible activities should produce clear
environmental benefits.

Principle Two: Process for Project Evaluation and Selection
The Project Evaluation and Selection criteria are guided by the requirements that a Green
Bond issuer should outline the process it follows when determining the eligibility of aninvestment using Green Bond proceeds and outline any impact objectives it will consider.



Principle Three: Management of Proceeds
The Management of Proceeds criteria are guided by the requirements that a Green Bondshould be tracked within the issuing organization, that separate portfolios should becreated when necessary and that a declaration of how unallocated funds will be handledshould be made.



Principle Four: Reporting
The Reporting criteria are guided by the recommendation that at least Sustainability
Reporting to the bond investors should be made of the use of finance proceeds and thatquantitative and/or qualitative performance indicators should be used, where feasible.

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V. Work Undertaken
Our work constituted a high-level review of the available information, based on the understandingthat this information was provided to us by Kirin Holdings in good faith. We have not performed an
audit or other tests to check the veracity of the information provided to us. The work undertaken toform our opinion included:i.

Pre-Issuance Assessment of Green Bond (*not included in this report)Creation of the issuer s specific Protocol, adapted to the purpose of the Green Bond, as
described above and in Schedule-2 to this assessment;

Assessment of documentary evidence provided by the issuer on this bond andsupplemented by high-level desktop research. These checks refer to current assessment
best practices and standards methodology;Discussions with the issuer, and review of relevant documentation;

Documentation of findings against each element of the criteria.

ii. Post-Issuance Assessment of Green Bond *This Report•

Assessment of evidential documents provided by Kirin Holdings after the Green Bondissuance, and supplemental by desk review from a higher perspective;•

Interview with key personnel of Kirin Holdings and review the relevant documentation;•

Field research and inspection (if necessary);•

Review of the nominated projects and assets at the time of post-issuance (update of thedetails mentioned in Schedule-1);•

Document creation at the time of post-issuance verification.

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Ⅵ. Findings and DNV's Opinion
DNV's findings and opinion are as follows.

Principle One: Use of Proceeds
DNV confirmed that a part of the proceeds JPY 10 billion raised by Kirin Holdings from the Green
Bond have been allocated to green projects, which are consistent with the following eligible project
categories outlined in the GBP and GBGLs.
DNV also confirmed that these projects have environmental benefits and contribute to SDGs.
Green project

Eligible projects

Allocated amount

Procurement of recyclable PET
resin

FY2020-2021: JPY 3.2 billion
FY2022: JPY 1.7 billion
Total allocation: JPY 4.9 billion(refinancing ratio: 42.4%)

Introduction of heat pump
Introduction of heat pumpsystems to production sites (5systems to production sites
factories)

FY2020-2021: JPY 0.2 billion
FY2022: JPY 0.3 billion
Total allocation: JPY 0.5 billion(refinancing ratio: 41.7%)

Procurement of recyclable
PET resin and capital
investment

Total amountFY2020-2021: JPY 3.4 billion
FY2022: JPY 2 billion
Total allocation: JPY 5.4 billion(unallocated balance: JPY 4.6 billion)

Schedule-1 describes the list and details of these green projects.
DNV reviewed the above nominated projects and assets for eligibility.

Principle Two: Process for Project Evaluation and Selection
For the evaluation and selection of projects closely related to the key issues outlined in "CSV
Purpose" and "Management Issues for Sustainable Growth (the Kirin Group Materiality Matrix(GMM)", DNV confirmed through the review that the accounting department and the CSV strategy
department selected the eligible projects which meet the eligible criteria defined by the
Framework, and the Executive Officer in charge of Financial Strategy made the final decisions on
the selected eligible projects.
DNV confirmed that Kirin Holdings has met the eligibility criteria set out in the Standards to be
applied in selecting the project in question, and that it has assessed and considered thenegative impacts associated with the implementation of the project and identified theenvironmental and social risks in advance.

Principle Three: Management of Proceeds
DNV confirmed the management of proceeds from January 2022 to December 2022, the period
covered by this periodic review, after the bond issuance based on specific records

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(documentation) provided by Kirin Holdings. All proceeds are managed in cash and cash
equivalents until disbursement. Details of disbursements and balances are recorded inaccordance with Kirin Holdings' internal procedures. In each accounting period (year), Kirin
Holdings reviews the balances of proceeds in accordance with the above management.
Kirin Holdings allocated JPY 4.9 billion (refinancing ratio: 42.4%) of the proceeds raised fromthe Green Bond to the procurement of recyclable PET resin.
Furthermore, JPY 0.5 billion (refinancing ratio: 41.7%) of the proceeds raised from the Green
Bond was allocated to the introduction of heat pump systems to production sites.
DNV confirmed that Kirin Holdings had allocated a total of JPY 5.4 billion of the JPY 10 billion
raised from the Green Bond to the above two projects, and that the unallocated balance of JPY
4.6 billion will be allocated to the procurement of recyclable PET resin before repayment.

Principle Four: Reporting
DNV confirmed that Kirin Holdings plans to report annually on its website with regard to
information specific to the Green Bond required by the GBP and GBGLs.
The annual report will include the allocation status of proceeds and environmental benefits as
described below until the proceeds have been allocated to projects.
Key reporting items will include the following.
<Allocation of Proceeds>

Eligible criteria and the amount of allocated proceeds:- Procurement of recyclable PET resin
FY2020-2021: JPY 3.2 billion; FY2022: JPY 1.7 billion; total allocation: JPY 4.9
billion- Introduction of heat pumps in factories (5 factories).
FY2020-2021: JPY 0.2 billion; FY2022: JPY 0.3 billion; total allocation: JPY 0.5
billionManagement methods and the balance of unallocated proceeds:- Balance of unallocated proceeds: JPY 4.6 billion- Management methods of unallocated proceeds: Managed by cash and cash
equivalentsProceeds to be allocated to refinancing:- Procurement of recyclable PET resin: JPY 2.1 billion- Introduction of heat pump systems to production sites (5 factories): JPY 0.2 billion<Environmental benefits>

GHG emission reduction by the introduction of heat pump systems: 2,750 t-CO2(FY2022)

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Calculation method:[Annual reduction in city gas consumption due to introduction of systems(Nm3/year)] x [CO2 emission factor (t-CO2/Nm3)]*1- [Annual increase in electricity consumption due to introduction of systems(MWh/year)] x [CO2 emission factor*2 (t-CO2/MWh)]*3*1: Annual reduction in city gas consumption calculated by comparison with metered steam
consumption*2: Emission factor by electricity provider (for calculation of GHG emissions of specificemitter)*3: Increased annual electricity consumption due to the introduction of heat pump systems

Percentage of recyclable PET resin procured: 8%
Calculation method:[Amount of recyclable resin used] / [Amount of resin used for plastic bottles]

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Assessment Conclusion
On the basis of the information provided by Kirin Holdings and the work undertaken, it is DNV s
opinion that Kirin Holdings meets the criteria established in the Protocol and is aligned with thestated definition and purpose of the Green Bond within the GBP and GBGLs, which is to "enable
capital-raising and investment for new and existing projects with environmental benefits."

DNV Business Assurance Japan K.K.
23 June 2023

Mark Robinson

Naoki Maeda

Manager, Sustainability Services

Managing Director

DNV Business Assurance, Australia

DNV Business Assurance Japan K.K.

Masato Kanedome

Yasuaki Miyamoto

Project Leader

Team Leader

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

About DNV
Driven by our purpose of safeguarding life, property and the environment, DNV enables organisations to advance the safety
and sustainability of their business. Combining leading technical and operational expertise, risk methodology and in-depth
industry knowledge, we empower our customers decisions and actions with trust and confidence. We continuously invest in
research and collaborative innovation to provide customers and society with operational and technological foresight. With our
origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000 professionals are
dedicated to helping customers make the world safer, smarter and greener.

Disclaimer
Responsibilities of the Management of the Issuer and the Second-Party Opinion Providers, DNV : The management of Issuer
has provided the information and data used by DNV during the delivery of this review. Our statement represents an
independent opinion and is intended to inform the Issuer management and other interested stakeholders in the Bond as towhether the established criteria have been met, based on the information provided to us. In our work we have relied on theinformation and the facts presented to us by the Issuer. DNV is not responsible for any aspect of the nominated assets referred
to in this opinion and cannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus, DNV shall not beheld liable if any of the information or data provided by the Issuer s management and used as a basis for this assessment were
not correct or complete.

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Schedule-1 Overview of Eligible Projects
The projects in the table are those that have already been allocated after the issuance of the Green Bond.
Environmental
Projects Categories
・ Pollution prevention
and control
・ Eco-efficient
products and/or
circular economy
adapted products,
production
technologies andprocesses

Green project

Eligible projects

Environmental Benefits

Procurement ofrecyclable PET
Procurement of recyclable PET resin
resin and capital
investment

Percentage of recyclable
PET resin: 8%

Allocated amount*

FY2020-2021: JPY 3.2 billion
FY2022: JPY 1.7 billion
Total allocation: JPY 4.9 billion(refinancing ratio: 42.4%)

Fukuoka Plant (system introduced in
February 2019)・ Energy Efficiency

Introduction ofheat pumpsystems to
production sites

Introduction ofheat pumpsystems to
production sites

Okayama Plant (system introduced in
December 2019 and March 2022)
Toride Plant (system introduced in
January 2020)
Shiga Plant (system introduced in
January 2020)

GHG emission reduction by FY2020-2021: JPY 0.2 billion
the introduction of heat
FY2022: JPY 0.3 billion
pump systems: 2,750 t-CO2 Total allocation: JPY 0.5 billion(FY2022)(refinancing ratio: 41.7%)

Nagoya Plant (system introduced in
February 2020)

Total amount*As of December 2022

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FY2020-2021: JPY 3.4 billion
FY2022: JPY 0.2 billion
Total allocation: JPY 5.4 billion(unallocated balance: JPY 4.6 billion)

Schedule-2 Green Bond Eligibility Assessment Protocol
The following GBP-1 ~ GBP-4 are DNV's Framework Eligibility Assessment Protocol created for Kirin Holdings based on the requirements of GBP (2018).
The "Confirmed documents in the work undertaken includes internal documents of the issuer and are provided by the Kirin Holdings as evidence of
eligibility judgement for DNV. The Kirin Holdings Green Bond Framework and related legal documents (Publication Registration Supplement Document)
and the periodic report on FY2020 and FY2021 results, which are listed in the table, are separately disclosed as explanatory materials for investors.

GBP-1 Use of Proceeds
Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

1aType of bond

The bond must fall in one of the following
categories, as defined by the Green Bond
Principles:Green Use of Proceeds BondGreen Use of Proceeds Revenue BondGreen Project Bond
OthersConfirmed Documents:• Kirin Green Bond Framework(hereinafter, Framework)• Publication Registration
Supplement Document
Interviews with stakeholders

Through the evaluation process, DNV confirmed that Kirin Holdings'
Green Bond falls into the following categories.

The cornerstone of a green bond is theutilization of the proceeds of the bondwhich should be appropriately describedin the legal documentation for the bond.

Confirmed Documents:• Framework• Publication Registration
Supplement Document• Allocation results-related
documents• Project-related documents
Interviews with stakeholders

DNV confirmed that all of the proceeds have been allocated to thefollowing projects.

1bGreen Project
Categories

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Green Use of Proceed Bond

<Businesses related to energy efficiency>- Introduction of heat pump systems to production sites (5 factories)<Businesses related to pollution prevention and control,
environmentally-friendly products, manufacturing technologies, andprocesses>- Procurement of recyclable PET resin and capital investment

Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

1cGreen benefits

All designated Green Project categories
should provide clear greenly sustainable
benefits, which, where feasible, will bequantified or assessed by the issuer.

Confirmed Documents:• Framework• Project-related documents• Environmental benefits result
documents
Interviews with stakeholders

DNV confirmed that the green project is a solution for the objective
environmental issue, and that the environmental benefits of the
project are clearly identified by the issuer.
Specifically, DNV confirmed that each green project had environmental
benefits respectively: introduction of heat pump systems to production
sites for energy efficiency, and procurement of recyclable PET resinand capital investment for pollution prevention and control,
environmentally-friendly products, manufacturing technologies, andprocesses, and that the benefits were quantitatively evaluated interms of GHG emission reduction and percentage of recyclable resin
used, respectively.

1d

Refinancing
share

In the event that a proportion of theproceeds may be used for refinancing, it
is recommended that issuers provide anestimate of the share of financing vs. refinancing, and where appropriate, also
clarify which investments or project
portfolios may be refinanced.

Confirmed Documents:• Framework• Publication Registration
Supplement Document• Allocation results-related
documents
Interviews with stakeholders

At the end of December 2022, a total of JPY 5.4 billion of theproceeds (JPY 10 billion) had been allocated to green projects asfollows, and the unallocated balance was JPY 4.6 billion.
Procurement of recyclable PET resin: JPY 4.9 billion (refinancing
ratio: 42.2%)
Introduction of heat pump systems to production sites: JPY 0.5
billion (refinancing ratio: 41.7%)

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GBP-2 Process for Project Selection and Evaluation
Ref.

Criteria

2a2bRequirements

Work Undertaken

DNV Findings

InvestmentThe issuer of a Green bond should outline
decision process the decision-making process it follows todetermine the eligibility of projects using
Green bond proceeds. This includes,
without limitation:• A process to determine how the
projects fit within the eligible Green
Projects categories;• The criteria making the projects
eligible for using the Green bondproceeds; and The environmental sustainability
objectives

Confirmed Documents:• Framework• Green Bond periodic review
materials• Project selection records
Interviews with stakeholders

DNV confirmed that the accounting department and the CSV
strategy department selected the eligible projects which meet theeligible criteria defined by the Framework, and the Executive Officer
in charge of Financial Strategy made the final decisions on theselected eligible projects.

Issuer s
environmental,social andgovernanceframework

Confirmed Documents:• Framework• Green Bond periodic review
materials
Interviews with stakeholders

DNV confirmed that Kirin Holdings' social projects are in line with
Kirin Holdings' CSV Purpose and the Long-Term Management
Vision Kirin Group Vision 2027 (KV2027), and compliance withenvironmental laws, regulations, ordinances and agreements withthe relevant regions was taken into account when implementing
the projects. DNV also confirmed that the environmental benefits ofsocial projects have been clearly identified through the review of
the Framework and other documents and interviews with relevant
stakeholders.

In addition to information disclosed by anissuer on its Green bond process, criteria
and assurances, Green bond investors
may also take into consideration thequality of the issuer s overall framework
and performance regarding green
sustainability.

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DNV also confirmed that Kirin Holdings has met the eligibility
criteria set out in the Standards to be applied in selecting the
project in question, and that it has assessed and considered thenegative impacts associated with the implementation of the projectand identified the environmental and social risks in advance.

GBP-3 Management of Proceeds
Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

3aTracking
procedure-1

The net proceeds of Green bond shouldbe credited to a sub-account, moved to a
sub- portfolio or otherwise tracked by theissuer in an appropriate manner andattested to by a formal internal processthat will be linked to the issuer s lending
and investment operations for Green
Projects.

Confirmed Documents:• Framework• Green Bond periodic review
materials
Interviews with stakeholders

DNV confirmed through document review and interviews thefollowing required by the cash management.

So long as the Green bond outstanding,the balance of the tracked proceeds
should be periodically reduced byamounts matching eligible green
investments made until green benefit
appearance or completion of proceeds
allocation.

Confirmed Documents:• Framework• Green Bond periodic review
materials
Interviews with stakeholders

DNV confirmed through document review and interviews thefollowing required by the cash management.

Pending such investments orConfirmed Documents:
disbursements to eligible Green Projects, • Framework
the issuer should make known to• Green Bond periodic review
investors the intended types of temporary materials
investment instruments for the balance of Interviews with stakeholders
unallocated proceeds.

DNV confirmed through document review and interviews thefollowing required by the cash management.

3b

3C

Tracking
procedure-2

Temporaryholdings

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The net proceeds were credited to the account of Kirin Holdings andallocated through group companies and local subsidiaries to theeligible projects indicated in Schedule-1. DNV also confirmed that theproceeds from the Green Bond were managed by the internalmanagement system, which specifies the recipients and the amountof proceeds to be allocated.

Tracking and management of proceeds from the Green Bond
(deposits, withdrawals, and balance checks) were conducted by the
Kirin Holdings accounting department every month, and were
controlled by the internal management system and internal
regulations.

The proceeds were managed in cash and cash equivalents until thetime of actual allocation. The unallocated balance will be allocated to
procurement of recyclable PET resin before repayment.

GBP-4 Reporting
Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

4aPeriodical
reportingIn addition to reporting on the use ofproceeds and the temporary investmentof unallocated proceeds, issuers should
provide at least annually a list of projects
to which Green bond proceeds have been
allocated including- when possible with regards toconfidentiality and/or competitive
considerations- a brief description of the projects andthe amounts disbursed, as well as the
expected greenly sustainable impact.

Confirmed Documents:• Framework• Green Bond periodic review
materials
Interviews with stakeholders

DNV confirmed that Kirin Holdings plans to disclose information on
the Kirin Holdings website regarding specific items required by theGreen Bond (reporting of allocation status and impact reporting).
 Eligible criteria and the amount of allocated proceeds:
Procurement of recyclable PET resin (FY2020-FY2021: JPY 3.2
billion, FY2022: JPY 1.7 billion, total allocation: JPY 4.9 billion);
introduction of heat pump systems to production sites (5factories) (FY2020-FY2021: JPY 0.2 billion, FY2022: JPY 0.3
billion, total allocation: JPY 0.5 billion)
 Management methods and the balance of unallocated proceeds:
JPY 4.6 billion was managed in cash and cash equivalents
 Proceeds to be allocated to refinancing: Procurement of recyclable
PET resin (JPY 2.1 billion); introduction of heat pump systems to
production sites (JPY 0.2 billion)
 Percentage of recyclable PET resin: 8%
 GHG emission reduction due to introduction of heat pumpsystems: 2,750 t-CO2 (FY2022)

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