LETTER OF
CONFORMANCEStatement No.: PRJN- 722384-2024-LOC01-JPN

Tokyo Century Corporation. Transition-Linked FinanceTokyo Century Corporation (hereinafter, “Tokyo Century”) will fund the loan resources raised from
Sumitomo Mitsui Trust Bank, Limited (hereinafter, “SMTB”) as an Enabler to a low-carbon anddecarbonisation business projects implemented by Mitsui O.S.K. Lines, Ltd., and its subsidiaries(hereinafter, the “MOL Group”) as lease finance.
DNV Business Assurance Japan K.K. (hereinafter, “DNV”) confirmed that the eligibility assessmentof this lease finance as Transition-Linked Finance based on Tokyo Century's framework＊ has been
appropriately carried out by Tokyo Century, and that the lease finance to be implemented as anEnabler is aligned with the principles, guidelines, etc. related to Transition-Linked Finance and iseligible as Transition-Linked Finance.
*: The framework has been established by Tokyo Century to act as an Enabler (the entity thatraises the proceeds, including investments and loans) of the Transition-Linked Loan, and a second
party opinion has been obtained from an independent external reviewer (DNV) on its eligibility(Report No. PRJN- 722384-2024-AST-JPN-01. 7 May 2024).

This letter of conformance is valid for the following scopes (including similar transactions coveringand executing scopes 1) to 4) below):
1) Target framework: the Tokyo Century Sustainability-Linked Finance and Transition-Linked Finance
Frameworks.
2) Target transaction: Transition-Linked finance funded by Tokyo Century as Enabler (Tokyo Century
Transition-Linked Equity and Transition-Linked Loans financed by SMTB (financing based on theSustainable Finance Framework developed by Mitsui O.S.K. Lines of Credit, Ltd.))※ Finance characteristics are confirmed in TLL-3 of the evaluation protocol (next section).
3) Target counterparty: MOL Group (Date of first transaction: 2 July 2024)
4) Target activity: business projects that contribute to low carbon and decarbonisation based on
KPIs/SPTs* in accordance with SLLP and SLLGL.
*: KPIs/SPTs are confirmed to be selected and set in TLL-1 and TLL-2 of the evaluation protocol (nextsection).

Place and date:

For the issuing office:

Kobe, 2 July, 2024

DNV Business Assurance Japan K.K.
7-1-15, Gokodori, Chuo-ku, Kobe, Hyogo 651-0087, Japan____________________________________________________________________________________________________

Project Manager

Representative Director/SCPA, Senior Vice

Masato Kanedome

President
Naoki Maeda

About DNV
DNV Business Assurance Group, as an independent third-party assessment body, declares that it has no interest in the facts andperceptions of Tokyo Century Corporation in the provision of this service.
DNV's assessment assumes that the information provided by Tokyo Century is accurate and does not audit or test the accuracy of
the information provided. The results of this evaluation do not provide any assurance as to the financial performance of any
individual investment or loan, the value of any investment or loan, or the long-term environmental benefits.

DNV Transition-Link Finance Assessment Protocol
DNV, through its assessment of Tokyo Century, confirmed that the eligibility assessment for the MOL Group
was appropriately carried out by Tokyo Century as an Enabler and that the lease finance was eligible.
The following is a summary of the results of Tokyo Century's eligibility assessment (or MOL Groupinitiatives, which have already been evaluated as eligible by an external evaluation body).

Item

CTF-1
Fundraiser’s
climatetransition
strategy andgovernance

Keywordsa) Climate
Transition
Strategyb) Governancestructure forachievingcarbonneutralityc)

CTF-2
Business model
environmental
materiality

CTF-3.
Climatetransition
strategy to be‘science-based’
includingtargets andpathwaysCTF-4.
Implementationtransparency

Environmental
materiality

DNV assessment results
 DNV confirmed that the MOL Group's MOL Group Environmental
Vision 2.2 is consistent with the environmental targets set by theInternational Maritime Organisation (hereinafter, “IMO”) and theMinistry of Land, Infrastructure, Transport and Tourism(hereinafter, “MLIT”) as a transition strategy and sets scientifically
based long-term and medium-term targets for greenhouse gas(hereinafter, “GHG”) emissions reduction. Furthermore, the longterm and medium-term targets for GHG emission reductions arescientifically based.
 DNV confirmed that the MOL Group has established an internal
structure and a disclosure process based on the TCFD asgovernance and disclosure for the implementation of the transitionstrategy.
 DNV confirmed that the approximately three-quarters of the MOLGroup's GHG emissions from its business projects are attributable toits main activity, the operation of ships, confirming that tackling“climate change” through ship operations is an environmental
materiality for the MOL Group.

d) Climatechangerelated
scenarios

 DNV confirmed that the MOL Group's Transition Strategy has beendeveloped based on the risks and opportunities resulting from theanalysis based on the IEA's 2.6°C, Lower-2°C and 1.5°C scenarios,
confirming that the Transition efforts will contribute to significant
qualitative and quantitative environmental improvement effects(impact).

e) Scientificrationale

 DNV confirmed that the MOL Group has a science-based transition
strategy that is consistent with the Paris Agreement and a transition
trajectory that is consistent with the IMO, MLIT, etc.

f)Considerationof key
emissionscopes DNV confirmed that the MOL Group's transition strategy includes all
scopes and that GHG emissions have been calculated for the main
sub-categories - Scope 3.

g) Investment
plan DNV confirmed that the MOL Group plans to invest approximately
JPY 650 billion in environmental investments over the three-year
period FY2023-FY2025.

h) Outcomes andimpact(including fairtransitions) DNV confirmed that the investments and projects required toimplement the MOL Group's transition strategy are carried out inaccordance with internal management systems and processes andwith appropriate timelines.

ItemKeywords

DNV assessment results
 DNV confirmed that the MOL Group has selected the KPIs thatwere qualified in the framework assessment as KPIs for thisTransition-Linked Finance.
 KPI: Energy Efficiency Operational Indicator (EEOI)a) KPI – material tocore sustainabilityand businessstrategy

Unit: g-CO2 /Tonmile The KPIs measure the reduction in relative carbon intensity (GHGemissions intensity) of the MOL Group's current and near-term
shipping operations and are closely linked to the MOL Group'ssustainability and business strategies.
 All elements comprising the EEOI are under MOL's control andimpact on MOL's own value creation and external stakeholders
and are identified as key KPIs.

TLL-1.
Selection ofKPIs

 DNV confirmed that the EEOI, which was selected as a KPI, is acarbon intensity index widely used in the shipping industry thatindicates CO2 emissions per unit cargo weight and transportation
distance during ship operation, and its calculation method is
specified by IMO.
b) KPI - Measurabilityc)

KPI – Clear
definition

 DNV confirmed that the EEOI as a KPI is measurable based on aconsistent methodology, is externally verifiable and can bebenchmarked against an external reference, and that the EEOI isa robust and reliable indicator, and that it has been concluded
that the EEOI is a robust and reliable indicator for measuring GHG
emissions from ships.
 See also a).
 SPT: 45% EEOI reduction by FY2035 (compared to FY2019).

d) Target Setting Meaningful

TLL-2.
Calibration ofSPTs

 DNV confirmed that the based on MOL's Oceangoing Fleet
Composition Transition Plan, the SPT is realistic, the plan isfeasible and the SPT targets outlined in MOL's Framework arelikely to be achieved.
e) The SPTs should
be ambitiousf)

TLL-3.
Financecharacteristic

 DNV confirmed that the SPTs are consistent with industry
standards (targets set by the IMO and the MLIT, etc.), based on
the Paris Agreement's 'Net Zero in 2050'.

Loancharacteristics –SPTs
Financial/structuralimpactg) Loan
Characteristics –Fallbackmechanism

 The 45% EEOI reduction by FY2035 compared to the FY2019
baseline set by MOL is an ambitious target that is consistent with
the IMO, MLIT and other targets for the entire period between
FY2019-FY2035 when converted to the IMO, MLIT and otherbaselines, and it is an initiative that goes beyond "Business asUsual." Tokyo Century and MOL Group confirm that thefinancial/structural impact will be clarified in the lease
documentation and that, depending on the achievement of theSPTs in a single year, there will be a reduction in lease payments
when the SPTs are achieved and no reduction in lease payments
when it is not achieved, as stated in the lease documentation.
 In line with the above and the TCC framework, equity and loan
terms are also confirmed to be varied depending on theachievement of the SPTs.
 DNV confirmed that the final SPT attainment determination dates
for the lease and loan periods are completed before FY2035, theMOL Group's trigger determination year.
 MOL has considered an appropriate fallback mechanism(preliminary alternative) and has confirmed that it will notestablish another SPT or calculation method at this time, as therisks that cannot be calculated or observed are extremely small.
 DNV confirmed that the MOL has explained to the stakeholders
that as a future fallback mechanism, MOL may take in respond tochanges in the business environment, business structure reforms,
KPI changes, etc., regardless of whether the event is due toexternal factors or the result of MOL's management decisions if
there is a reasonable reason to do so.
TLL-4.
ReportingTLL-5.
Verificationh) Reportingi)

Externalverification

 DNV confirmed that the necessary information can be obtained
from the MOL Group once a year as stated in the Tokyo Century
framework.
 DNV confirmed that the MOL Group plans to undergo independent
verification of the data related to the KPIs at least once a year by
an independent external reviewer with relevant expertise in SPT
triggering events.