Ratings and Bonds

Rating Information

(As of end of June 2024)

Overview of Bonds

Straight Bonds

(As of end of June 2024)

• *1With a step-up clause

Subordinated Bonds : Rating A

(As of end of June 2024)

• *1Hulic may, at its discretion, redeem the Hybrid Bonds on July 2, 2025 or any interest payment date thereafter
• *2Hulic may, at its discretion, redeem the Hybrid Bonds on July 2, 2027 or any interest payment date thereafter
• *3Hulic may, at its discretion, redeem the Hybrid Bonds on July 2, 2030 or any interest payment date thereafter
• *4Hulic may, at its discretion, redeem the Hybrid Bonds on October 19, 2027 or any interest payment date thereafter
• *5Hulic may, at its discretion, redeem the Hybrid Bonds on October 19, 2032 or any interest payment date thereafter

Sustainability-Linked Bonds

Third-party verification

The compliance of the bonds with the Ministry of Environment Guidelines and SLB Principles has been confirmed by the Ministry of Environment and its contractors (JCR, E&ES).

pre-issuance report(Japanese)

Progress against the targets is reviewed annually by JCR.

Post-Issuance Verification Report
(Japanese, issued in August 2021)

Post-Issuance Verification Report
(Japanese, issued in August 2022)

Post-Issuance Verification Report
(Japanese, issued in September 2023)

Post-Issuance Verification Report
(Japanese, issued in October 2024)

Overview of the Bonds

SPTs&Progress against targets

1. Achieve RE100 goals by the end of FY2025

In 2020, Hulic began RE100 initiatives to convert to 100% electricity sourced from renewable energy for the electricity consumed across the Group, including subsidiaries. The aim was to achieve the RE100 goals by the end of FY2025.
As a result of efforts to promote the development of new solar photovoltaic equipment, we achieved the RE100 goals as of May 2023, two years ahead of schedule.
This is the first time in Japan that a company has achieved the RE100 goals by developing new solar photovoltaic equipment without relying on existing renewable energy plants and equipment.

Progress against the target

List of solar photovoltaic equipment developed by the Company

Solar power generation results and RE100 rate of progress

• *RE100 rate of progress is reported to CDP, and the calculation method is as follows.
  the amount of power generated by Hulic-owned solar photovoltaic equipment for one year ÷ the total amount of electricity used at the Hulic head office building and on the floors occupied by Group companies in one year

2. Completion of Japan's first 12-story fire-resistant wooden commercial facility in the Ginza 8-chome Development Plan

Since 2018, Hulic has been developing fire-resistant wooden buildings using timber that requires less energy for manufacturing and processing, in response to Japan Forestry Agency’s effort to expand use of wood under a series of initiatives to reduce overall CO2 emissions. Trees absorb CO2 in the air and provide a carbon dioxide fixing solution as they grow, so an abundance of trees in the nation’s land can help cut down CO2 levels. Considering trees are losing ability to absorb CO2 as they get older, it is possible to maintain a certain number of young, CO2 absorbing trees by planting new trees after cutting down old trees to use as building materials. This initiative for fire-resistant wooden buildings helps promote forest circulation, which in turn leads to reduction in CO2.
Hulic is developing Japan’s first 12-story, fire-resistant wooden commercial facility (hybrid construction combining mainly domestic wooden and steel structures) in Ginza, one of its focus areas. Construction was completed in October 2021.

Progress against the target

Completed in October 2021.

Forest Circulation

Ginza 8-chome Development Plan (HULIC &New GINZA 8) (fire-resistant commercial building)

Asset type	Commercial facility
Location	Ginza 8-chome (four-minute walk from Shinbashi Station)
Structure	Hybrid construction combining wooden and steel structure
No. of floors	12 floors above ground, 1 below
Site area	251.98m2
Total floor area	2,459.55m2
Design and construction	Takenaka Corporation
Exterior design supervisor	Kengo Kuma and Associates
Completion	October 2021

List of investors that have committed to investing in the Bonds

The list of investors that have committed to investing in the Bonds is included in the press release.

Press release(English)

Received the silver prize in the second ESG Finance Award Japan

In February 2021, we received the silver prize as well as the Minister of the Environment award in the issuer category of the second ESG Finance Award Japan hosted by the Ministry of the Environment for this bond issuance.