R&I Green Bond Assessment

The 2022 update represents a significant expansion of Kyushu Railway Company's green bond program rather than a fundamental revision of terms. The key change is the consolidation and expansion of bond issuances into three separate tranches (11th, 12th, and 13th) totaling JPY 25 billion with different maturity dates, compared to a single JPY 20 billion bond in 2021. The Use of Proceeds categories remain identical (Clean transportation/Green buildings), and the overall assessment rating (GA1) is maintained. The 2022 version includes more comprehensive legal and procedural disclaimers but does not materially tighten or loosen eligibility criteria, add new climate targets, or introduce new standards alignment requirements.

• expanded Use of Proceeds — Expanded bond program from a single JPY 20 billion issuance to three tranches (11th, 12th, 13th) totaling JPY 25 billion while maintaining identical Use of Proceeds categories (Clean transportation/Green buildings)
• expanded Governance & Standards Alignment — Added comprehensive legal disclaimers clarifying R&I Green Bond Assessment as an Ancillary Business under Japanese financial regulations, distinguishing it from Credit Rating Business