Verification Opinion

30 November 2023
Opinion No：SGS23/056

Mr. Atsuhiro Kida
Executive Director
Sekisui House Reit, Inc.
4-15-1 Akasaka, Minato-ku, Tokyo

Objective
SGS Japan Inc. (hereinafter referred to as "SGS") was commissioned by Sekisui House Reit, Inc. (hereinafterreferred to as "the Organization") to conduct independent verification based on Criteria of Verification (ISO140643: 2019 and the SGS verification protocol) regarding the data prepared by the Organization on the scope ofverification (hereinafter referred to as “the Statement”). The objective of this verification is to confirm that theStatement in the Organization's applicable scope has been correctly calculated and reported in the Statement inconformance with the criteria, and to express our views as a third party. The Organization is responsible for thepreparation and fair presentation of the Statement.

Scope
The scope of verification is Scope1 and 2 emissions, energy consumption, Scope3 emissions, amount of wateruse, and amount of waste emission.
The periods subject to report are from 1 January 2022 to 31 December 2022 (amount of water usage only) andfrom 1 April 2022 to 31 March 2023 (excluding amount of water usage).
Refer to the attached file for the detailed scope of verification.

Procedure of Verification
The Statement was verified in accordance with Criteria of Verification, and the following processes wereimplemented at a limited level of assurance:
Verification of the calculation system: Interviews on the measurement, tabulation, calculation, and reporting
methods employed by the Organization as well as review of related documents and records
Verification of the Statement: On-site verification and voucher review conducted at Hirokoji Garden Avenueand HK Yodoyabashi Garden Avenue, and analytical procedures and interviews for the other sites in the scopeof verification carried out at the data aggregation site Jones Lang LaSalle K.K. Tokyo Headquarters
The criteria for this review are based on the GHG Emissions Calculation and Reporting Manual Ver. 4.9 and theprotocol specified by the Organization.

Conclusion
Within the scope of the verification activities employing the methodologies mentioned above, nothing has come toour attention that caused us to believe that the Organization's Statement was not calculated and reported inconformance with the criteria.
SGS Japan Inc. affirms our independence from the Organization, being free from bias and conflicts of interest withthe Organization.

For and on behalf of SGS Japan Inc.
Yokohama business Park North Square Ⅰ
134, Godo-cho, Hodogaya-ku, Yokohama
Knowledge
Management Committee Member
Head of Certification/Accreditation

Yuji Takeuchi

1/3This document is issued by the Company under its General Conditions of Service accessible at www.sgs.com/terms_and_conditions.htm.
Attention is drawn to the limitation of liability, indemnification and jurisdiction issues defined therein. Any holder of this document is advised that information contained hereon
reflects the Company's findings as the time of its intervention only and within the limits of Client's instruction, if any. The Company's sole responsibility is to Client and thisdocument does not exonerate parties to transaction from exercising all their rights and obligations under the transaction documents. Any unauthorized alteration, forgery orfalsification of the content or appearance of this document is unlawful and offenders may be prosecuted to the fullest extent of the law.

Attached file
30 November 2023
Opinion No：SGS23/056

The details of the scope of verification
The Scope
1The performance data
Scope 1 and 2 include
energy related CO2 fromelectricity and city gas use.
Energy consumption
2
Scope3 category133

4

Amount of water use

Amount of waste emission

The Boundary
5 offices (Percentage ownership range),
107 residences

The Statement
Scope1： 795 t-CO2
Scope2： 1,734 t-CO2(Market Based)

5 offices (Percentage ownership range),
1 hotel/office complex, 19 residences

6,410 t-CO2*The verification scope details are provided inAppendix 1
5 offices (Percentage ownership range),
1 hotel/office complex, 111 residences*For the 78 residences, including the amountof water usage in the residential units5 offices (Percentage ownership range),
1 hotel/office complex

866,107 m3

884 t*Excluding the amount of industrial waste fromtenants who have direct contracts with waste
disposal contractors

2/3This document is issued by the Company under its General Conditions of Service accessible at www.sgs.com/terms_and_conditions.htm.
Attention is drawn to the limitation of liability, indemnification and jurisdiction issues defined therein. Any holder of this document is advised that information contained hereon
reflects the Company's findings as the time of its intervention only and within the limits of Client's instruction, if any. The Company's sole responsibility is to Client and thisdocument does not exonerate parties to transaction from exercising all their rights and obligations under the transaction documents. Any unauthorized alteration, forgery or
falsification of the content or appearance of this document is unlawful and offenders may be prosecuted to the fullest extent of the law.

Appendix 1: Scope 3 Category 13 Verification Scope Details
Verification Scope
Electricity
Electricity(inCity-gas(in tenants) residential (in tenants)
units)

AssetType

PropertyNo.

OfficeO-001

Garden City Shinagawa Gotenyama〇〇

Property NameOfficeO-003

Hommachi Minami Garden City〇〇

Hotel /OfficeComplex

O-004
H-001

Hommachi Garden City〇〇*1OfficeO-005

HK Yodoyabashi Garden Avenue〇〇*1OfficeO-006

Hirokoji Garden Avenue〇〇

OfficeO-007

Akasaka Garden City〇〇Residence

R-001

Esty Maison Ginza〇Residence

R-003

Esty Maison Ebisu ll〇*2

Residence

R-012

Esty Maison Sugamo〇*2

Residence

R-047

Prime Maison Ginza East〇Residence

R-054

Esty Maison Togoshi〇*2Residence

R-070

Prime Maison Hatchobori〇*2Residence

R-076

Esty Maison Kinshicho ll〇

Residence

R-077

Esty Maison Ojima〇Residence

R-079

Esty Maison Tsurumai〇Residence

R-081

Prime Maison Shinagawa〇Residence

R-082

Prime Maison Odorikoen〇

Residence

R-083

Prime Maison Minami 2-jo〇

Residence

R-087

Prime Maison Ebisu〇

Residence

R-092

Prime Maison Yokohama Nihon-odori〇

Residence

R-102

Prime Maison Otsuka〇

Residence

R-106

Esty Maison Toyosu Residence〇Residence

R-121

Prime Maison Nakameguro〇Residence

R-122

Prime Maison Itabashi〇Residence

R-123

Prime Maison EGOTANOMORI〇*1 Excluding city gas usage contracted directly by tenants.
*2 Limited to electricity usage for March 2023.

3/3This document is issued by the Company under its General Conditions of Service accessible at www.sgs.com/terms_and_conditions.htm.
Attention is drawn to the limitation of liability, indemnification and jurisdiction issues defined therein. Any holder of this document is advised that information contained hereon
reflects the Company's findings as the time of its intervention only and within the limits of Client's instruction, if any. The Company's sole responsibility is to Client and thisdocument does not exonerate parties to transaction from exercising all their rights and obligations under the transaction documents. Any unauthorized alteration, forgery orfalsification of the content or appearance of this document is unlawful and offenders may be prosecuted to the fullest extent of the law.