Green Bond Fact SheetJapan Excellent

Date: 13-Aug-2018

Issue date: 10-Aug-2018 Maturity date: 10-Aug-2018 Tenor: 10Issuer NameJapan Excellent, Inc

Amount Issued

JPY4000m(USD36m)

Country of riskJapan

CBI Database

Included

Issuer Type1

Financial Corporate

Bond TypeGreen Bond

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

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☐ 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 emission
vehicles☐ 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☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ 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

JEI is committed to report on management of proceeds and total amount of outstanding
bonds at issuance, while book value and debt of eligible green projects and total amount ofoutstanding green bonds as of end of December will be reported post-issuance. Additionally,JEI will disclose key environmental performance indicators annually at the end of March. Keyindicators include: number of eligible green projects (and type of certification achieved),amount of leasable floor space of eligible green projects, and quantitative indicators such as
electricity and water consumption (only where JEI has energy control authority) as well as
CO2 emissions.
JEI, a Japanese real estate investment trust (J-REIT), is located in Tokyo and primarily
focuses on investments in office buildings across major metropolitan areas in Japan. The
total number of properties owned and managed is 31 with total acquisition price of 273.5
billion yen, as of July 2, 2018.1 The company has been listed on the Tokyo Stock Exchange
since 2006 (from Sustainalytics SPO).

Firsts, records andcertifications

N/A

Proceeds description

Proceeds are entirely allocated to buildings which obtain the top three levels of third-party
certifications such as: 3, 4 or 5 stars under the DBJ Green Building Certification or B+, A or S
rank under the CASBEE Certification.

Climate Bonds view

Underwriters

Green building certifications are an important indicator of a property’s green credentials.
However, we encourage JEI to adopt more ambitious standards to provide substantial
environmental impacts. Disclosure of key environmental parameters is essential to quantify
environmental impacts, and perhaps create more stringent standards compatible with a 2degree scenario. For this reason, we encourage companies to provide quantitative
indicators to support disclosure of detailed impact reports.
N/A

Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign