ANNEX - SECOND PARTY OPINION
EAST JAPAN RAILWAY COMPANY
GREEN BOND（ISSUED SEPTEMBER, 2023）
PRE-ISSUANCE ASSESSMENT
Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: 25 August 2023
Ref. Nr.: PRJN- 596330 -2023-ANX-JPN-01

This ANNEX is prepared based on the East Japan Railway Company Sustainability Finance Framework Second
Party Opinion (hereinafter, "Master SPO") (Ref. Nr.: PRJN-461128-2022-AST-JPN-01 *5 December 2022),
which was assessed against the East Japan Railway Company Sustainability Finance Framework (hereinafter,"Framework").
*For more information on the ANNEX - Second Party Opinion, see following DNV website
https://www.dnv.jp/news/page-227965 Release of a new evaluation service (Master SPO + ANNEX)

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Executive Summary
DNV Business Assurance Japan K.K. (hereinafter, "DNV") has confirmed that the East Japan
Railway Company Green Bond (Issued September,2023) (hereinafter, “BOND”) to be executedby East Japan Railway Company (hereinafter, "JR East"), based on the Framework*1 which has
already been assessed its eligibility*2 and that is planned to be executed and managed throughappropriate internal processes.
*1: East Japan Railway Company Sustainability Finance Framework*2: East Japan Railway Company Sustainability Finance Framework Second Party Opinion

Table-1 provides an overview of the BOND and ANNEX - Second Party Opinion. The additional
criteria to be assessed in the ANNEX - Second Party Opinion are Element-1 (Use of Proceeds)
and Element-4 (Reporting) which are under the specific use of proceeds bond (response to thefour elements). In addition, this report includes opinion against to EU Taxonomy criteria related
to “Transportation” and “Energy”.
The conformances against to the criteria for the other elements has already been assessed its
eligibility in accordance with Framework.
Table-1 JR East Green Bond (Issued September, 2023) ANNEX - Second Party Opinion
Target financeTargetorganization
Targetframework
Target external

JR East Green Bond (Issued September, 2023)
East Japan Railway Company
East Japan Railway Company Sustainability Finance Framework
East Japan Railway Company Sustainability Finance Framework Second Party Opinion
Ref. Nr.: PRJN-461128-2022-AST-JPN-01 Issued on 5 December 2022

review

Criteria for the use of proceeds bondTarget criteria-

Green Bond Principles (ICMA, 2021)-

Green Bond Guidelines (MoE, 2022)-

Bonds withspecific use ofproceeds(response to
the fourelements)

EU TaxonomyTaxonomy “Transportation” “Energy” (EU committee)- Confirmed reliance on the Framework. Additional assessment
was implemented as follows:
・ Train cars; Investments in relation to manufacturing or
renovation of train cars powered by electricity
・ Railway facilities; Investment (capital expenditure) and
expenses (operating expenditure) for the maintenance,
renovation or renewal of railway equipment, tracks,
signals, station buildings, rail yards and other essential
Element-1
facilities for railway operations(Use of proceeds)
・ Solar power generation; Expenditure related to theconstruction, installation, operation or maintenance of, or
the financial investment in solar power generationequipment
・ Wind power generation; Expenditure related to theconstruction, installation, operation or maintenance of, or
the financial investment in wind power generationequipment

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Element-2(Process for project
evaluation andselection)
Element-3(Management ofproceeds)

Element-4(Reporting)- Confirmed reliance on Framework- Confirmed reliance on Framework- Confirmed reliance on Framework. Additional review was
carried out as follows:・ Allocation of proceeds：Items and categories
・ Environment benefits：- Train Cars; CO2 emissions stemming from railway
operation（g-CO2/person-km）- Railway facilities; Details of maintenance, renovation
and renewal of essential facilities to operate railways,
including tracks, signals, station buildings and rail yards- Solar power generation; Annual electricity generated
by solar power (kWh/year), the amount of CO2
emissions reduction (t-CO2/year) created by solar
power- Wind power generation; Annual electricity generated
by wind power (kWh/year), the amount of CO2
emissions reduction (t-CO2/year) created by windpower
➔ Details are described in section V

DNV, as an external reviewer, provided an additional eligibility assessment on the use ofproceeds and reporting of the BOND, based on an assessment of the Framework, additional
criteria (EU Taxonomy “Transportation” and “Energy”) and other relevant documents andinformation provided by JR East. DNV also confirmed that there were no changes to the otheritems (in accordance with the framework).

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Table of Contents
Executive Summary

2

I. Scope and Objectives

5

II. Responsibilities of JR East and DNV

6III. Basis of DNV’s Opinion

6

IV. Work Undertaken

8

V. Findings and DNV's Opinion

9

Ⅵ. Assessment Conclusion

17

Schedule-1 Green Bond Nominated Projects

18

Revision History
Date of Issue

Remarks

15 February, 2023

Initial version, JR East Green Bond ANNEX - Second Party Opinion

25 August, 2023

Initial version, JR East Green Bond (Issued September, 2023) ANNEX - Second
Party Opinion

Disclaimer
Our assessment relies on the premise that the data and information provided by Fundraiser to us as part of our review procedures have been provided in good faith.
Because of the selected nature (sampling) and other inherent limitation of both procedures and systems of internal control, there remains the unavoidable risk thaterrors 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 anentity 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 an independent team of sustainability assurance professionals. DNV was not involved in the preparation of statements or data included in the
Framework except for this Statement. 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
DNV has been commissioned by JR East to provide a pre-issuance assessment on the JR
East Green Bond. Our objective has been to implement an assessment to confirm that JR
East meets the criteria established on GBP/GBGLs and related EU TaxonomyTaxonomy
criteria, which are the criteria for BOND with the specific use of proceeds, to provide ANNEX- Second Party Opinion regarding the eligibility of the BOND.
DNV, as an independent external reviewer, has identified no real or perceived conflict ofinterest associated with the delivery of this ANNEX - Second Party Opinion for JR East.
In this report, no assurance is provided regarding the financial performance of the BOND,
the value of any investments in the BOND, or the long-term environmental benefits of thetransaction.

(1) Scope of review*As per the review, DNV assessed the following elements and confirmed their alignment with the GBP:☒

Use of Proceeds☐

Process for Project Evaluation and Selection☐

Management of Proceeds☒

Reporting＊

DNV has already reviewed "Process for Project Evaluation and Selection", and "Management of Proceeds"
and has issued Master SPO as below1). DNV also confirmed through our assessment with JR East that there
were no changes in these elements for the BOND to be issued this time or no additional assessments are
required for them.
1) East Japan Railway Company Sustainability Finance Framework Second Party Opinion
Ref. Nr.: PRJN-461128-2022-AST-JPN-01, 5 December 2022

(2) Role(s) of review provider☒

Second Party Opinion☐

Certification☐

Verification☐

Ratings☐

Other（please specify）:(3) Standards/guidelines to be applied
No.

Standards/guidelines

Scheme owner

1.

Green Bond Principles (GBP)

International Capital Market Association(ICMA), 2021

2.

Green Bond Guidelines (GBGLs)

Ministry of the Environment, 2022

3.

EU Taxonomy (Transportation) (Energy)*1

European Commission*1

This report additionally provides opinion on the alignment with EU Taxonomy criteria “Transportation”(Activity number 6.1 “Passenger interurban rail transport” and 6.14 “Infrastructure for rail transport”) and“Energy” (Activity number 4.1 “Electricity generation using solar photovoltaic technology” and 4.3“Electricity generation from wind power”.)

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II. Responsibilities of JR East and DNV
JR East has provided the information and data used by DNV during the delivery of this review.
DNV’s ANNEX - Second Party Opinion represents an independent opinion and is intended to
inform JR East and other interested stakeholders in the BOND as to whether the establishedcriteria have been met, based on the information provided to us. In our work we have relied on
the information and the facts presented to us by JR East. DNV is not responsible for any aspectof the nominated projects and assets referred to in this opinion and cannot be held liable if
estimates, findings, opinions, or conclusions are incorrect. Thus, DNV shall not be held liable if
any of the information or data provided by JR East’s management and used as a basis for thisassessment were not correct or complete.

III. Basis of DNV’s Opinion
To provide a more flexible ANNEX - Second Party Opinion for the issuer, JR East, DNV
identified the key assessment targets and carried out assessments in accordance with its
procedures.
DNV, as an independent external reviewer, provides ANNEX - Second Party Opinion according
to the protocol.
Our Protocol includes a set of suitable criteria that can be used to underpin DNV’s opinion. The
overarching principle behind the green bond as the basis for the opinion are as follows:“enable capital-raising and investment for new and existing projects with environmental
benefits"

As per our Protocol, the criteria against which the BOND has been grouped into common
elements below.
The additional assessment for this ANNEX - Second Party Opinion covers Element-1 andElement-4 out of the four common elements of GBPs/GBGLs, and EU Taxonomy criteria“Transportation” and “Energy”.
Part of four elements and their alignment of the BOND with GBP/GBGLs eligibility havealready been assessed for eligibility. Detailed results of the eligibility assessment for suchparts can be found in the "East Japan Railway Company Sustainability Finance Framework
Second Party Opinion” (Ref. Nr.: PRJN-461128-2022-AST-JPN-01 Issued on 5 December2022).

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(1) Four elements of GBP/GBGLs
Principle One: Use of Proceeds＊

Subject to additional assessment of ANNEX - Second Party Opinion
The Use of Proceeds criteria are guided by the requirement that an issuer of a green bond must use
the funds raised to bond 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 an issuer of a green
bond should outline the process it follows when determining eligibility of an investment using theproceeds from green bond, 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 bond should betracked within the issuing organization, that separate portfolios should be created when necessary andthat a declaration of how unallocated funds will be handled should be made.

Principle Four: Reporting＊

Subject to additional assessment of ANNEX - Second Party Opinion
The Reporting criteria are guided by the recommendation that at least Sustainability Reporting to
the bond investors should be made of the use of bond proceeds and that quantitative and/or
qualitative performance indicators should be used, where feasible.

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IV. Work Undertaken
Our work constituted a comprehensive review of the available information, based on theunderstanding that this information was provided to us by the issuer in good faith. We havenot performed an audit or other tests to check the veracity of the information provided to us.
The work undertaken to form our opinion included:i. Pre-funding assessment (ANNEX - Second Party Opinion)•

Assessment of additional documentary evidence provided by JR East on the BOND andsupplemented assessment by a comprehensive desktop research. These checks refer
to current assessment best practice and standards methodologies;•

Discussions with JR East, and review of relevant documentation;•

Documentation of findings against each element of the criteria to be additionallyassessed.

ii. Post-funding assessment (periodic review) (*not included in this report)•

Interviews with fundraiser managers and review of relevant documentation;•

Site surveys and inspections (if required);•Documentation of post-issuance assessment results.

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V. Findings and DNV's Opinion
DNV’s findings and opinion are as described below.
Please see Schedule-1 for details.

GBP/GBGLs-1. Use of Proceeds
JR East has defined the criteria applied eligible project to green projects which are
categorized in GBP/GBGLs and EU Taxonomy.
The proceeds of the BOND will be used for the nominated 5 projects. Please see
Schedule-1 and following assessment results for details.
The amount of proceeds of the BOND will be disclosed in future documents relating to the
BOND issuance. DNV confirmed at the time of this assessment that the proceeds will beallocated mainly to new investments and partly for refinancing. The actual allocation
results will be reported on an annual basis in accordance with GBP/GBGLs-4.Reporting.

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Project-01：Train cars（Shinkansen Series E5 train and E8 train）-

Train cars (Shinkansen Series E5 train and E8 train) is a project categorized as “Clean
transportation” in GBP 2021 and “Passenger interurban rail transport” in EU Taxonomy
Activity number 6.1.

- Specifically, DNV confirmed that the nominated project is direct zero emission trains
which meets climate mitigation criteria of EU Taxonomy described above. It has been
widely recognized and demonstrated by JR East that zero-emission trains realize
substantial contribution of CO2 emission reduction compared to competitive transportation
media such as Privately owned car, Aviation, and Bus, etc.ref.)-Use of proceeds from the BOND will be allocated to manufacturing trains and purchasingof equipment of Shinkansen Series E5 train, which will be operated at Tohoku andHokkaido Shinkansen line (from Tokyo to Shin-Aomori (Tohoku) and Shin-HakodateHokuto (Hokkaido)), and Shinkansen Series E8 train (the newest series improved safety
and comfortability), which will be operated at Yamagata Shinkansen line (from Tokyo to
Shinjo (Yamagata)).

-

Environmental benefits from the Project-01 are CO2 emissions stemming from E5 and E8
trains operation (estimation) and record of introducing E5 and E8 train cars (actual) byannum.

Project-01 Train cars (Left figure; Shinkansen Series E5 train, Right figure; Shinkansen
Series E8 train)
Ref. JR East websiteRef.) CO2 emission per Transport Volume (Passenger Transportation), FY2021

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Project-02：Train cars（Conventional railcars Series E235, E131, E233 trains）-

Train cars (Conventional railcars Series E235, E131, E233 trains) is a project categorized
as “Clean transportation” in GBP 2021 and “Passenger interurban rail transport” in EU
Taxonomy Activity number 6.1.

-

Specifically, DNV confirmed that the nominated project is direct zero emission trains
which meets climate mitigation criteria of EU Taxonomy described above. It has been
widely recognized and demonstrated by JR East that zero-emission trains realize
substantial contribution of CO2 emission reduction compared to competitive transportation
media such as Privately owned car, Aviation, and Bus, etc.)-

Use of proceeds from the BOND will be allocated to manufacture and purchase equipment
for the conventional railcars Series E235 train, which will be operated in the Tokyo
metropolitan area, and Series E131 train, which will be operated in suburban areas of theTokyo metropolitan area, and Series E233 train, which will be operated in the Tokyo
metropolitan area and its suburbs.

-

In addition to being classified as "Clean Transportation" under GBP2021 and EU
Taxonomy Activity No. 6.1 "Passenger interurban rail transport," all of these trains areequipped with the latest energy-saving technologies to improve environmental
friendliness (e.g., use of silicon carbide semiconductor devices), dual systems for mainequipment and the latest condition monitoring functions to improve stable operation, andincreased comfort through wider seats. In addition to the classification as "intercity
transportation (intercity transportation)," the new system also offers improved
environmental friendliness through the latest energy-saving technologies (e.g., use of SiC(silicon carbide) semiconductors), improved operational stability through the use of dual
systems for main equipment and the latest condition monitoring functions, and improved
comfort through wider seats.

-

Environmental benefits from the Project-02 are CO2 emissions stemming from E235,
E131 and E233 trains operation (estimation) and record of introducing E235, E131 andE233 trains cars (actual) by annum.

-

Project-02 Train cars（Left figure; E235, Middle figure; E131, Right figure; E233）
Ref. JR East website

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Project-03: Railway facilities (to increase and maintain the resilience of railway)-

Railway facilities is a project categorized as “Clean transportation” and part of “Climatechange adaptation” in GBP 2021 and “Infrastructure for rail transport” in EU Taxonomy
Activity number 6.14.

-

Specifically, DNV confirmed that the nominated project is essential to economic activity
which increases (reinforces) and maintains the resilience against natural disaster fromdirect zero emission trains operation area covered by JR East, which meets climate
mitigation and adaptation criteria of EU Taxonomy described above.

-

Use of proceeds from the BOND will be allocated to the work of civil engineering,
construction work, and purchasing of equipment of the railway of Shinkansen andconventional railcars.

-

Environmental benefit of the Project-03 is its contribution to enhance clean transportation
operation opportunities (green economic activities). Therefore, project progress will bereported in the annual reporting contents.

Project-03-1 The railway facilities of Shinkansen(to increase and maintain the resilience of railway)(Ref. JR East Group, Integrated report 2022）

Seismic reinforcement of bridge plers

Elevated railway tracks (conventional railcars)

Project-03-2 The railway facilities of conventional railcars(to increase and maintain the resilience of railway)(Ref. JR East Group Press Release 2017）

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Project-04：Solar power generation-

Solar power generation is a project categorized as “Renewable energy” in GBP 2021 and“Electricity generation using solar photovoltaic technology” in EU Taxonomy Activity
number 4.1.

-

Specifically, DNV confirmed that the nominated project is the activity generates electricity
using solar PV technology which meets climate mitigation criteria of EU Taxonomy
described above.

-

Use of proceeds from the BOND will be allocated and managed by adopting a portfolio
management approach. Specifically, the proceeds will be allocated and managed as partof the investment in several solar power plants, including those already in operation andunder construction, invested by JR East Energy Development Corporation, a consolidated
subsidiary to which East Japan Railway Company provides loans through its cash
management system.

-

DNV has confirmed that this allocation method is a reasonable control because direct
tracking by JR East of the allocation of proceeds for this project is not practical due to its
complexity and wide range of details, and because it is possible to track and confirm theallocation status in the event that any doubt should arise.

- Environmental benefit of the Project-04 is power generation of power plants already inoperation (kWh) and impact of CO2 emissions reduction (t-CO2/year).

Project-04 Solar power generation（e.g., Fukushima Prefecture Tomioka Revitalization Mega Solar Power Plant）
Ref. JR-East Energy Development website

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Project-05：Wind power generation-

Wind power generation is a project categorized as “Renewable energy” in GBP 2021 and“Electricity generation from wind power” in EU Taxonomy Activity number 4.3.

-

Specifically, DNV confirmed that the nominated project is the activity generates electricity
from wind power which meets climate mitigation criteria of EU Taxonomy describedabove.

-

Use of proceeds from BOND will be allocated and managed by adopting a portfolio
management approach. Specifically, the proceeds will be allocated and managed as partof the investment in several solar power plants, including those already in operation andunder construction, invested by JR East Energy Development Corporation, a consolidated
subsidiary to which East Japan Railway Company provides loans through its cash
management system.

-

DNV has confirmed that this allocation method is a reasonable control because direct
tracking by JR East of the allocation of proceeds for this project is not practical due to its
complexity and wide range of details, and because it is possible to track and confirm theallocation status in the event that any doubt should arise.

- Environmental benefit of the Project-05 is power generation of power plants already inoperation (kWh) and impact of CO2 emissions reduction (t-CO2/year).

Project-05 Wind power generation（e.g., Akita Prefecture Mitane Wind Farm）
Ref. JR-East Energy Development website

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Common (From Project-01 to Project-05): DNSH (Do No Significant Harm) criteria
JR East demonstrated that negative impacts due to the projects and related activities are
identified and measures are taken.
Specifically, DNSH criteria (Climate adaptation, Water, Circular economy, Pollution
prevention and Biodiversity) and Minimum safeguards are considered with the principle of
EU Taxonomy 2.1.6, which describes that;“locally relevant standards may be applied in countries outside the EU”
According to EU Taxonomy principle, DNV confirmed that JR East properly complies withmost of the Japanese laws and regulations related to DNSH criteria, and that it voluntarily
manages those without legal standards.
DNV also confirmed that JR East has been taking measures to improve and respond to
Japanese laws and ordinances as per admonition from related ministries and local
municipality in a timely manner.

GBP/GBGLs-4. Reporting
DNV has confirmed that JR East will report specific information related to sustainability
finance required by the GBP, GBGLs in its Integrated Report or on the website once a year.
Annual reports will be made on the allocation status of proceeds and the social andenvironmental benefits, as described below, until the proceeds are fully allocated. In
addition, a part or all of the following items related to social and environmental benefits areplanned to be disclosed on a project or portfolio basis, within the limits of confidentiality as
far as reasonably practicable. Where feasible, estimated indicator values of appropriate
environmental benefits and the progress of the project will be disclosed until thecommencement of the project. It is also planned to disclose any material changes in the
projects during the redemption period in a timely manner. The major reporting items are
the following:<Allocation Status>•••

Allocated amount on a project basis
Unallocated amount of proceeds
Amount of proceeds allocated as refinancing<Environmental Benefits>-

Green Category: Clean transportation (EU Taxonomy 6、Transportation) and
Renewable Energy (EU Taxonomy 4、Energy)
Eligible Projects: Overall rail transportation, Solar power generation and Wind power
generation

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#1

Reporting content on environmental benefits<Train cars>

 CO2 emissions stemming from railway operations (g-CO2/person-km)
 Record of introducing train cars
2

<Railway facilities> Details of investment in disaster countermeasure for the railway facility

3<Solar power generation>*1

 Annual electricity generated by solar power (kWh/year) The amount of CO2 emissions reduction (t-CO2/year) created by solar power
4<Wind power generation>*1

 Annual electricity generated by wind power (kWh/year) The amount of CO2 emissions reduction (t-CO2/year) created by wind power*1

Environmental benefits will be calculated in proportion to the issuer's interest in the relevant project.

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Ⅵ. Assessment Conclusion
On the basis of the information provided by JR East and the work undertaken, it is DNV’sopinion that the BOND mostly meets the criteria established in the Protocol, and that it isaligned with the following stated definition or purpose of the bonds that specify the use ofproceeds within the GBP/GBGLs:“enable capital-raising and investment for new and existing projects with environmental
benefits"

DNV Business Assurance Japan K.K.
25 August 2023

Thomas Leonard

Naoki Maeda

Sustainability Services Manager

President and Representative Director

DNV Business Assurance, Thailand.

DNV Business Assurance Japan K.K.

Masato Kanedome

Akira Tsukasaki

Project Leader

Assessor

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

About DNV
Driven by our purpose of safeguarding life, properly 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 Fundraiser and the Second-Party Opinion Providers, DNV: The management ofFundraiser 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 Fundraiser management and other interested stakeholders in the Bond
as to whether the established criteria have been met, based on the information provided to us. In our work we have relied on
the information and the facts presented to us by the Fundraiser. DNV is not responsible for any aspect of the nominatedassets referred to in this opinion and cannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus,
DNV shall not be held liable if any of the information or data provided by the Fundraiser’s management and used as a basis
for this assessment were not correct or complete.

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Schedule-1 Green Bond Nominated Projects
No.

Green Eligible Project
Category

Project Overview

Sub Category
Project-01, 02: Train cars
EU Taxonomy(Sector 6, Transport）

 Train cars (Shinkansen Series E5, E8 and Conventional railcars
Series E235, E131, E233) is direct zero emission trains whichmeets climate mitigation criteria of “Passenger interurban railtransport” in EU Taxonomy 6.1.
 Use of Proceeds will be allocated to manufacture the following
trains and purchase equipment;

1

Clean
transportation

Overall railtransportation

6.1“Passenger interurban
rail transport”- Shinkansen Series E5 train, which will be operated at
Tohoku and Hokkaido Shinkansen line (from Tokyo toShin-Aomori (Tohoku) and Shin-HakodateHokuto(Hokkaido)), and Shinkansen Series E8 train (thenewest series improved safety and comfortability), which
will be operated at Yamagata Shinkansen line (from Tokyo
to Shinjo (Yamagata)).
- The conventional railcars Series E235 train, which will be
operated in the Tokyo metropolitan area, and Series E131
train, which will be operated in suburban areas of theTokyo metropolitan area, and Series E233 train, which will
be operated in the Tokyo metropolitan area and its
suburbs.

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No.

Green Eligible Project
Category

Project Overview

Sub Category
Project-03: Railway facilities
EU Taxonomy(Sector 6, Transport）

2

No.

6.14
“Infrastructure for railtransport”

 Railway facilities is essential economic activity to increase(reinforce) and maintain the resilience against natural disasterfrom direct zero emission trains operation area covered by JR
East, which meets climate mitigation criteria of “Infrastructure
for rail transport” in EU Taxonomy 6.14.
 Use of proceeds from the BOND will be allocated to the work ofcivil engineering, construction work, and purchasing ofequipment of the railway of Shinkansen and conventional
railcars.

Green Eligible Project
Category

Project Overview

Sub Category

Project-04: Solar power generation

Solar power3

Renewable
EnergyEU Taxonomy(Sector 4, Energy）

generation
Wind power
generation

4.1“Electricity generation
using solar
photovoltaic
technology”

 Solar power generation is the activity generates electricity
using solar PV technology which meets climate mitigation
criteria of “Electricity generation using solar photovoltaic
technology” in EU Taxonomy 4.1.
 Use of proceeds from BOND will be allocated and managed byadopting a portfolio management approach. Specifically, theproceeds will be allocated and managed as part of theinvestment in several solar power plants, including thosealready in operation and under construction, invested by JR
East Energy Development Corporation, a consolidated

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No.

Green Eligible Project
Category

Project Overview

Sub Categorysubsidiary to which East Japan Railway Company provides
loans through its cash management system.

Project-05: Wind power generation
EU Taxonomy(Sector 4, Energy）

4

4.3“Electricity generationfrom wind power”

 Wind power generation is the activity generates electricity fromwind power which meets climate mitigation criteria of“Electricity generation from wind power” in EU Taxonomy 4.3.
 Use of proceeds from BOND will be allocated and managed byadopting a portfolio management approach. Specifically, theproceeds will be allocated and managed as part of theinvestment in several wind power plants, including thosealready in operation and under construction, invested by JR
East Energy Development Corporation, a consolidated
subsidiary to which East Japan Railway Company provides
loans through its cash management system.

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