Credit Rating & Selected Index

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JAPEX currently has credit ratings by the rating agency and is selected as an index by the index provider as follows:

Credit Rating

Rating Agency	Credit Rating (Forecast)
Moody's	Baa1 (Stable)
Rating & Investment Information	A+（Stable）

Rating Agency	Credit Rating
Rating & Investment Information	a-1

For details of the rating, please refer to the rating agency's website.

Selected Index (Index Provider)	Outline
S&P/JPX Carbon Efficient Index (S&P Dow Jones Indices / Japan Exchange Group)	The index that the weighting of its components is determined based on their status of environmental information disclosure and carbon efficiency (carbon emissions per unit of net sales).
MSCI Japan Empowering Women Index (WIN)(MSCI)	The index to select high-scored companies in each industry sector by the gender diversity score that calculates from multiple aspects based on data on female employment disclosed under the Law for the Promotion of Women's Activities.
FTSE Blossom Japan Index (FTSE Russell)	A comprehensive ESG index that reflects the performance of Japanese companies that excel in ESG responsiveness, which is assessed by the ESG assessment scheme.
FTSE Blossom Japan Sector Relative Index (FTSE Russell)	A comprehensive ESG index that reflects the performance of Japanese companies that demonstrate relatively strong ESG practices in each sector.
Japan ex-REIT Gender Diversity Tilt Index (Morningstar)	The index is designed to emphasize the stocks of companies that have strong gender diversity policies embedded in their corporate culture and that ensure equal opportunities to employees, irrespective of their gender.

Each ESG index we have selected is included in the ESG index adopted by the General Pension Investment Fund (GPIF).