Green Bond Fact SheetJapan Retail Fund Investment Corp

Date: 18-May-2018

Issue date: 25-May-2018 Maturity date: 25-May-2023 Tenor: 5Issuer NameJapan Retail FundInvestment Corp

Amount Issued

JPY8bn (USD73m)

Country of riskJapan

CBI Database

Included

Issuer Type1

Non-financialCorporate

Bond TypeGreen Bond

Green Bond Framework

N/A

Second party opinion

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Sustainalytics

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

JRF will annually report on their website on the book value of all the Eligible Green Projects
and the Debts of Eligible Green Projects and the total amount of outstanding green bonds asof the end of February. Additionally, JRF will disclose quantitative environmental
performance indicators such as: i) electricity consumption ii) fuel consumption iii) water
consumption and iv) CO2 emissions of the Eligible Green Projects.

JRF is a real estate investment trust (REIT) that has been listed on the Real Estate
Investment Trust (REIT) Section on Tokyo Stock Exchange since 2002 as the third
listed REIT in Japan. It is one of the largest listed Japan's real estate investment
trusts (J-REITs) and also the largest and the first REIT in Japan to specifically target
retail property assets.

Firsts, records andcertifications
Proceeds description

Proceeds are allocated towards the acquisition of existing and/or new buildings
which must comply with either of the following eligibility criteria: i) 3, 4 or 5 starsunder the DBJ Green Building Certification Programme or ii) B+, A or S rank under
the CASBEE Certification Rank.

Climate Bonds view

Introducing energy efficiency measures in buildings is paramount to reduce CO2emissions. Eligibility thresholds for both DBJ Green Building Certification
Programme and the CASBEE Certification Rank are on the middle-to-upper end of
the scheme levels. We strongly encourage issuers to aim for high-end certificationlevels to maximise the environmental impact of energy efficiency related
investments.

Underwriters

Mizuho, SMBC, MUFG, DBJ SecuritiesDeal comments
Credit Rating
Pricing summary

AA-Investors summary

1AISIN SEIKI Co., Ltd; Kansai University; Mitsubishi UFJ Trust and Banking
Corporation; Nippon Life Insurance Company; Shikoku Labour Bank; Taiyo Life
Insurance Company; THE OITA BANK, LTD; The Toa Reinsurance Company, Limited;
The 77 Bank, Ltd; Tokio Marine & Nichido Fire Insurance Co., Ltd.

Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign