02-08-3.8(d)-00

Nippon Kaiji Kyokai
GHG Ref. No.: 075G

Verification Statement
IINO Kaiun Kaisha, Ltd.
Head Office and its Consolidated Organization
Nippon Kaiji Kyokai (hereinafter referred to as "the Society") was commissioned by IINO
Kaiun Kaisha, Ltd. (IINO Lines; Head Office location: Uchisaiwai-cho, Chiyoda-ku, Tokyo;
hereinafter referred to as the "the Applicant") to assure and verify its GHG Emissions Inventory(ver. 1.6) (hereinafter referred to as “the Report”) for the fiscal year 2018 (01 April 2018 to 31March 2019) as the base year. The GHG emissions inventory covers direct emissions andenergy indirect emissions.
Scope of Verification Engagement:
The applicant's head office and its group companies including domestic and overseas offices,
and all ocean-going vessels and coastal vessels managed by the applicant, excluding vessels forrental.
Applicable Standards:① ISO14064-1:2006 Specification with guidance at the organization level for quantification
and reporting of greenhouse gas emissions and removals② ISO14064-3:2006 Specification with guidance for the validation and verification ofgreenhouse gas assertions
Note: The applicant’s “GHG Data Management Manual ver.3.0 (latest ver.) has selected thebelow specifications as the quantification methodologies.
③ ASSET Monitoring and Reporting Guidelines Ver.9.0 (Ministry of the Environment)④ Guidelines for Tokyo Metropolitan Emission Trading Scheme
Level of Assurance and Materiality:
Reasonable level of assurance (materiality threshold is 5% of the total emissions)
Summary of GHG inventory for FY 2018
Verified GHG emissions (scope)
Direct GHG Emissions (Scope 1)
Energy Indirect GHG emissions (Scope 2)
Total GHG Emissions

Tonnes (CO2)
787,681.3
11,590.7
799,272

Verification opinion:
In our opinion the report has been prepared, in all material respects, based on the international
standard ISO 14064-1. "Direct GHG emissions" and "energy indirect GHG emissions" arecalculated in accordance with the selected quantification methodologies.
July 31, 2020
NIPPON KAIJI KYOKAI

Hirofumi Takano,
Executive Vice President∗ This Verification Statement is a summary of the appended verification statement (official document), and isvalid only when it is published at the same time as the appended verification statement (official document).

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02-08-3.8(d)-00

Nippon Kaiji Kyokai
GHG Ref. No.: 075G

Verification Statement
IINO Kaiun Kaisha, Ltd.
Head Office and its Consolidated Organization
Scope of Verification Engagement
This Verification Statement is to be issued to IINO Kaiun Kaisha Ltd. (IINO LINES)
Nippon Kaiji Kyokai (hereinafter referred to as "the Society") was commissioned by IINO
Kaiun Kaisha, Ltd. (IINO Lines; Head Office location: Uchisaiwai-cho, Chiyoda-ku, Tokyo;
hereinafter referred to as the "the Applicant") to assure and verify its GHG Emissions Inventory(ver. 1.6) (hereinafter referred to as “the Report”) for the fiscal year 2018 (01 April 2018 to 31
March 2019) as the base year. The GHG emissions inventory covers direct emissions andenergy indirect emissions.
The Report (final revised Version1.6), relates to direct GHG emissions (Scope 1) and energy
indirect GHG emissions (Scope 2). The Report excludes other indirect GHG emissions (Scope3).
The scope of the verification engagement includes the applicant's head office and its groupcompanies including domestic and overseas offices, and all ocean-going vessels and coastal
vessels managed by the applicant, excluding vessels for rental. The consolidation method ofGHG emissions is "Operational Control" in "Control Approach".
Note: The applicant's head office is located in the IINO building of IINO Kaiun Kaisha, Ltd.
together with other tenant companies’ offices. In calculating the emissions from the applicant’shead office, the boundary was defined to include emissions from tenant companies’ offices inaccordance with the Tokyo Metropolitan Emission Trading Scheme, in which the applicant
participates, even though electrical power meters were installed in every floor.
Operational boundaries are set up in such a manner as to account for direct and indirect GHG
emissions emitted from activities taking place in the above mentioned consolidatedorganizations and ships; GHG emissions are calculated only for CO2, and other GHG gases,NOx, SOx, sinks and reservoirs are out of scope.
Applicable Standards:① ISO 14064-1:2006 Specification with guidance at the organization level for quantification
and reporting of greenhouse gas emissions and removals② ISO 14064-3:2006 Specification with guidance for the validation and verification ofgreenhouse gas assertions
Note: The applicant’s “GHG Data Management Manual ver.3.0 (latest ver.) has selected thebelow specifications as the quantification methodologies.
③ ASSET Monitoring and Reporting Guidelines Ver.9.0 (Ministry of the Environment)④ Guidelines for Tokyo Metropolitan Emission Trading Scheme
GHG Data Management Responsibility
The applicant was responsible for preparing the Report and for maintaining effective internal
controls over the data and information disclosed. In addition, the Society was responsible forcarrying out the verification engagement on the Report in accordance with the contract madewith the applicant. It is the applicant who, in the final instance, will approve the Report. The
report will continue to remain under the applicant’s responsibility.

2/3Verification Procedure
Verification by the Society has been carried out in accordance with "ISO14064-3 Specification
with guidance for the validation and verification of greenhouse gas assertions" to provide
reasonable assurance that GHG data as presented in the Report have been prepared inaccordance with “ISO14064-1: 2006 Specification with guidance at the organization level for
quantification and reporting of greenhouse gas emissions and removals." ASSET Monitoring
and Reporting Guidelines Ver.9.0 and Guidelines for Tokyo Metropolitan Emission Trading
Scheme have been selected as the quantification methodologies, and applied only for the relatedpart of monitoring and calculation in the Report.
To form a conclusion, the verification engagement was undertaken as a sampling exercise thatincluded the following:• Site visit to the applicant's Head Office (Tokyo)• Interviews with the key personnel responsible for aggregating GHG emissions data andinformation management and preparation of reports at the above-mentioned site
• Review of the management process of GHG emissions data and information included in theReport• Verification of the integrity of the information sources available at the visited site andaggregation in the Head Office for GHG emissions performance data and information
included in the Report• Review of the structure and emission source data of ocean-going vessels and coastalvessels• Review of QA/QC system of BDNs and double-check system at the time of refuelling.
Level of Assurance and Materiality
The verification opinion declared in this Verification Statement was determined based on areasonable level of assurance setting the materiality threshold value as 5% of total emissions.
Verification Opinion
In our opinion the report has been prepared, in all material respects, based on the international
standard ISO 14064-1 and "direct GHG emissions" and "energy indirect GHG emissions" arecalculated in accordance with the selected quantification methodologies.
Recommendations for Improvements
The applicant is advised to proceed henceforth with the approaches mentioned below. |• The report does not include other GHGs than CO2. We recommend the development of a
new monitoring plan, which, for the sake of completeness, would provide for themonitoring and calculation of all types of GHGs. Moreover, we suggest the applicant begin
to develop ways of calculating scope 3 emissions.
July 31, 2020
NIPPON KAIJI KYOKAI
Certification Department

Takashi Kawamoto, Lead verifier
Summary of GHG inventory for FY 2018
Verified GHG emissions (scope)
Direct GHG Emissions (Scope 1)
Energy Indirect GHG emissions (Scope 2)
Total GHG Emissions

Tonnes (CO2)
787,681.3
11,590.7
799,272∗ This Verification Statement, together with the "the Report" (Ver.1.6) is valid only when both are published at thesame time.
∗ This Verification Statement requires that the overall Accounting System of the applicant be subject to review, but it
is not meant to assure the appropriateness of the Accounting System.

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