The funds raised from the bonds will be used primarily for environmentally sustainable fishing and aquaculture businesses. The “Blue Finance Framework”, which serves as the framework for operations, has been analyzed by the analyst in charge Keisuke Moriyasu of R&I.

 

 

Rating and Investment Information, Inc. (R&I) believes that the Blue Financing Framework formulated by Maruha Nichiro in September 2022 is consistent with the International Capital Markets Association (ICMA) Green Bond Principles 2021 and the Green Bond Principles 2021 Greens from the Loan Market Association.

 

(LMA), Asia Pacific Loan Market Association (APLMA) and Loan Syndication and Trading Association (LSTA) “Green Loan Principles 2021”, and the “Green Bond Guidelines 2022” and “Green Loan” of the Ministry of the Environment. Confirmed to be compliant with the 2022 version of the guidelines. Regarding the use of income, we have confirmed that it falls under the blue activities outlined in the International Finance Corporation (IFC) Blue Finance Guidelines.

 

 

 

The funds are expected to be invested in a land-based Atlantic salmon farming facility in Nyuzen-cho, Toyama Prefecture through a joint venture investment with Mitsubishi Corporation. (investment ratio: Maruha Nichiro 49%, Mitsubishi Corporation 51%) Our goal is to commercialize Atlantic salmon farming in a way that avoids the environmental impact of sea farming and fully carries out the process from hatching to eggs to the growth of adult fish on land. From the point of view of the prevention of marine pollution, the business classification is "Prevention and management of pollution (control of the occurrence of marine pollution)", and from the point of view of environmental management related to the business of aquaculture, “Environmentally sustainable fishery and sustainable aquaculture”. Business operations that contribute to the conservation and sustainable management of marine resources can be expected by selecting a site that can reduce environmental impact and the industry's top-tier technology base. It is appropriate to address the environmental and social risks associated with project implementation. Among the types of blue activities exemplified in the IFC guidelines, "F. Fisheries, aquaculture and seafood value chains: sustainable production and waste management and reduction measures meet and maintain standard levels such as MSC certification.• Corresponds to "superiority" The use of income is appropriate.

 

 

 

Eligible projects are consistent with management policies such as Maruha Nichiro's group vision and medium-term management plan. It is an organizational process in which the finance department coordinates with related business departments, selects project candidates, gets approval from the finance manager, and then makes the final decision by the finance officer. The evaluation and selection process is clear and rational.

 

 

Purchased funds will be managed and allocated using an internal accounting system. Unallocated funds will be managed

 

in cash and cash equivalents. If there are unallocated funds except for allocation delays, other projects that meet the eligibility criteria will be selected. Fund management is adequate.

 

 

 

We will report once a year on the website of Maruha Nichiro, etc., the status of the allocation of funds until the revenue is fully allocated and the environmental improvement effect until the revenue is fully redeemed. The first report will be made within a year after the acquisition. As for the

 

indicators related to the environmental improvement effect, in addition to the project outline, we plan to disclose the volume of aquaculture industry shipment produced by the project to be allocated, including the estimated value.