Second-Party Opinion Download

Sustainalytics is of the opinion that the Tokyu Fudosan Holdings Corporation (“Tokyu Fudosan Holdings” or “the Company”) Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 (GBP). This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds 1) Green Buildings, and 2) Renewable Energy, are aligned with the GBP. Sustainalytics considers that Tokyu Fudosan ‘s eligible projects will deliver positive environmental impacts and advance the UN Sustainable Development Goals 7 and 9.

PROJECT EVALUATION/SELECTION

Projects are selected by the Finance Department and the Sustainability Promotion Department according to the eligibility criteria and final decisions will be made by the officers administering the Departments. Sustainalytics views this process as aligned with market practices.

MANAGEMENT OF PROCEEDS

The Finance Department is assigned to tracking the amount of allocated and unallocated proceeds on a semiannual basis, using the Company’s internal management system. Unallocated proceeds will be held in cash or cash equivalents, and the Company has committed to allocating the proceeds in less than 18 months. The Company's management of proceeds is aligned with market best practices.

REPORTING

Tokyu Fudosan Holdings intends to provide a report on its website annually regarding the allocation of proceeds and positive environmental impacts of financed projects. The allocation reporting will include the amount of allocated proceeds on a project category basis, the amount of unallocated proceeds, and the amount allocated to refinancing, while the environmental impact reporting will provide, environmental impact metrics relevant to project category, including names of financed projects, types and levels of certifications received, and the amount of CO₂ emissions reduced(t-CO₂). Sustainalytics considers Tokyu Fudosan Holdings’ reporting as aligned with market practices.