ＣＯＮＴＥＮＴＳ
1．Environment◆ Eco Declaration・Eco-Mission ・・・・・・・・・・・・・・・・・・・・・・ P2◆ Initiatives Through Business Activities ・・・・・・・・・・・・・・・ P2◆ Environmental Assessment Loan
・・・・・・・・・・・・・・・・P5◆ Eco-Friendly Activities by Employees ・・・・・・・・・・・・・・・・・・P5

2．Social◆ Initiatives for Our Customers ・・・・・・・・・・・・・・・・・・・・・・・・・・P6◆ Initiatives for Our Employee ・・・・・・・・・・・・・・・・・・・・・・・・・・・P8◆ Contributions to Local Communities ・・・・・・・・・・・・・・・・・・・P9

3．Governance◆ Our Idea of Corporate Governance ・・・・・・・・・・・・・・・・・・・ P10◆ Compliance ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P11◆ Risk Management ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P12◆ Timely and appropriate disclosure ・・・・・・・・・・・・・・・・・・・・ P12

T O P

I

C S

We has established the Tosei Group ESG Policy and the ESG Action
Guidelines on Jun,2019.
・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P13

The Tosei Group’s Profile
Tosei Corporation

President and CEO: Seiichiro Yamaguchi
Date of establishment: February 2, 1950
Address: Toranomon Tosei Bldg., 4-2-3 Toranomon, Minato-ku, Tokyo
Capital: 6,556,175 thousand yen
Employees: 458(Consolidated) 191(Non-Consolidated)
Fields of business: Revitalization; Development; Rental;
Fund and Consulting; Hotel

Tosei Community Co., Ltd.

Fields of business: Property management; building interior andexterior repair and maintenance, management, security, cleaning, etc.

Tosei Asset Advisors, Inc.

Fields of business: Investment management business, etc.

Tosei Revival Investment Co., Ltd.

Fields of business: Buying and selling of debt; mergers and acquisitions;buying and selling of real estate, brokerage and money lending business, etc.

Tosei Hotel Management Co., Ltd.

Fields of business: Hotel and restaurant business management,
and operation

Tosei Singapore Pte. Ltd.

Fields of business: Consultancy Service Relating to Real Estate

Urban Homes, Inc.

Fields of business: Detached house development & sales;
Custom home construction; Real estate brokerage, etc.

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（ As of November 30, 2018 ）１．Environment◆Tosei Group Eco Declaration・Eco-Mission (Action Policy)
The Tosei Group has been striving to reduce the burden on the global environment by promoting
human and eco friendly corporate activities under the Tosei Eco Declaration.
Tosei
Group Eco
Declaration

EcoMission

In order to achieve our slogan "Heart into the City", the Tosei Group declares its intention
to promote corporate activities that are friendly to people and the environment and towork to reduce burdens on the environment, while keeping true to our philosophy "Tocreate new value and inspiration in all aspects of real estate."■Mission 1
Promote environmental
practice throughbusiness activities
We strive to minimize
environmental burdens byintroducing measures tocontribute to energy
conservation andresource saving in thereal-estate revitalization.

■Mission 2
Comply with environmental
laws, regulations and raising ofenvironmental awarenessWe work to conserve theenvironment by complying withenvironmental laws andregulations. We will also conductvarious measures aiming toincrease Tosei group employees
environmental conservation■Mission 3
Inform our activities tostakeholder
Starting with theannouncement of “EcoDeclaration” and “EcoMission”, we will promote
open communication withthe society whileproviding information on
our progress and results.

awareness.

◆Initiatives Through Business Activities➢Receiving of the Excellence Award for the revitalization of a large used office building
The Nishidai Tosei Building, the largest vacant office revitalized by Tosei, received the Excellent
Business Award for the real estate-related sector at the 8th award ceremony sponsored by the Zenkoku
Jutaku Sangyo Kyokai (National Housing Industry Association) , a general incorporated association, in
recognition of efforts to carry out upgrades in response to market needs, without resorting to a scrapand-build process but rather making the most of the existing building.

収益オフィスの省エネ改修

The award ceremony

Nidhidai Tosei Building➢Revitalization of idle company-owned apartments
With population decreasing due to the country’s
declining birthrate and aging society, it is increasingly
critical to take appropriate measures to deal with theissue of abandoned houses and offices. Tosei therefore
undertakes to purchase idle company-owned
apartments. By making upgrades to a whole building or
restyling a building for use as condominiums, it seeks
Tsuzuki Ward, Yokohama
to use existing buildings as effectively as possible.
2

Funabashi Nishinarashino

１．Environment➢ Conversion of a used office building into a Tosei branded hotel
The Tosei Hotel COCONE Ueno, the Group’s second hotel operated by
Tosei, is a hotel created through the acquisition and conversion of a used
and totally vacant office building. The entrance hall, or the face of the hotel
located on the first floor, features a double-height structure with a staircase
leading to the front desk on the second floor. The fully renovated floor offersa space featuring an open but quiet atmosphere. To address demand fromoverseas and domestic customers, the renovated hotel features guest rooms
offering different types of rooms, including Japanese Modern Rooms
designed in a Japanese style to enable guests to enjoy a traditional
Japanese atmosphere, and Family Rooms that may be used by group
tourists or families of up to four members. Going forward, Tosei will actively
work on converting used offices into hotels by making all possible
arrangements to erase any signs of those facilities being used as offices.

Stairwell

EntranceTOSEI HOTEL COCONE UENO

Japanese Modern Room

➢Development of Net Zero Energy Houses
Urban Homes, Inc. succeeded in selling all of the Net Zero Houses (hereinafter “ZEH”)
that the company constructed, as the first of such products offered by the Tosei Group,for the THE Palms Court Kamakura Shiromeguri houses that are jointly constructed andsold by Tosei and Urban Homes, Inc, its group company. Urban Homes, Inc., which isregistered as a ZEH builder in the ZEH support business promoted by the Ministry of
Economy, Trade and Industry, aims to make 60% of properties provided by the company
each year ZEH-compatible by 2020. It succeed in raising the ratio to 43% as ofNovember 30, 2018. Looking ahead, the Group will continue to contribute to the
reduction of CO2 through the popularization of ZEH.

THE Parms Cort Kamakurashiromeguri

Comodo Casa Minamimakigahara

Comodo Casa Kisohigashi1choume【 Main specifications / equipment 】

Solar power

High performance insulation

3

Energy measuring instrument

１．Environment➢Acquisition of the Green Star in the CRESB Real Estate Assessment
OSJ Kinshicho TMK, to which Tosei Asset Advisors, Inc. provides asset management
services, received high Green Star and Four Star ratings in the 2018 GRESB Real Estate
Assessment. In addition, Tosei received a B rating, the second highest rating in the fiverating grades of the GRESB Public Disclosure Level Assessment in recognition of
excellent efforts for information disclosure in relation to ESG initiatives.
GRESB･･･This is an annual benchmark assessment of ESG considerations at real estate companies
and funds that own and manage real assets (real estate, infrastructure). It was launched in 2009 by agroup of major pension funds in Europe that played a leading role in the Principles for Responsible
Investment (PRI) initiative. The number of investors using GRESB data for selecting investment
destinations or for communication with portfolio companies is 75 or more (their assets undermanagement are 18 trillion dollars (approximately 1,980 trillion yen at an assumed exchange rate of 110
yen against the U.S. dollar). In 2018, 903 real estate companies, REITs, and funds participated in the
GRESB Real Estate Assessment.

➢Participation in the for business to promote creation of quake-resistant andenergy-efficient real estate to
In 2013, Tosei Asset Advisors was selected as a manager of the first semigovernmental real estate fund operated by the general incorporated association
Real Estate Sustainability & Energy-Efficiency Diffusion (Re-Seed). The fund waslaunched under the label of a business to promote creation of quake-resistant andenergy-efficient real estate, which is promoted by the Ministry of Land,
Infrastructure, Transport and Tourism as well as the Ministry of the Environment. In
2017,The company built new funds for two properties and received a four star ratingin the Building Energy-efficiency Labeling System (hereinafter, “BELS”)
BELS･･･BELS (Building-Housing Energy-Efficiency Labeling System) is a third-party certification
system under the building energy saving performance labeling guidelines established by the Ministry ofLand, Infrastructure, Transport and Tourism. BELS implementing agencies objectively assess theenergy saving performance of new and existing buildings and give them one to five stars. Assessing theenergy saving performance of buildings and indicating the assessment in a simple manner, BELS is
expected to contribute to motivating building owners and users to renovate buildings to promote energy
saving.

➢Acquisition of A Rank Certification of CASBEE
Three office buildings developed by Tosei have obtained the A rank certification of the Comprehensive
Assessment System for Built Environment Efficiency (CASBEE).

Toranomon TOSEI Building

Kamata TOSEI Building

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Heiwajima TOSEI Building１．Environment➢Introduction of environmentally-friendly equipment
When we plan new properties or renovations to add value, we consider whether to use
environmentally conscious products on our own list, taking the features of the properties into
consideration, and actively introduce energy-saving and resource-saving products and otherenvironmentally conscious products.
●Rooftop greening, rooftop vegetable gardening, rooftop gardening●Energy-saving water heaters (Eco-Jozu, Ene-Farm) ●Solar-power generation system●Rainwater harvesting equipment●Energy saving glass●LED lighting, motion-sensor lighting ●Water-saving faucets, water saving●Electric vehicle charging equipment ●Bathroom materials made from recycled materials●Car sharing, bicycle rental◆Environmental Assessment Loan
The Tosei Group was recognized for its business stance, which is reflected in its environmentally friendly
business activities, and the Group was granted a preferential interest rate under Environmental
Assessment Loan.

◆Eco-Friendly Activities by Employees
Each employee of the Tosei Group strives to improve awareness of environmental conservation, andpursues environmental initiatives in his/her daily life. These initiatives are aimed at reducing theburden on the environment and developing a sustainable society. The project team, which consists ofmembers selected from each department, plays the leading role in internal eco-friendly activities.

➢Rooftop Greening
In May 2010, the Tosei Group introduced greening to the rooftop of its
head office, Toranomon Tosei Building. It did so mainly to bolster theenvironmental awareness of employees and to encouragecommunication, as well as to help alleviate the heat island phenomenon.
The Group strives to raise employees' environmental awareness throughevents in which employees can take part, such as raising seasonal
flowers and vegetables and holding the Harvest Festival, for example.
Seedling planting➢Familiar eco activities
We are making modest efforts. For example, we do not depend solely on air conditioners
and use also electric fans and halogen heaters. We think that continuous efforts
throughout the year is important to promote energy saving and resource saving. We willcontinue to educate each employee in carrying out daily eco-activities that they can do.

➢Adoption of new eco-friendly materials for employees’ business cards
The Group changed the material of business cards used by the Group’s employees to
LIMEX. This material is eco-friendly because almost no water or trees are used. The
Group aims to reduce the amount of paper used and raise environmental awarenessamong employees by replacing business cards, the use of which reaches 500 pieces perperson every year, with those made of eco-friendly materials.
5２．Social◆For Our Customers➢Product Planning by Women
In its detached house development business, the Tosei Group has launched the "Irodorie,"
a project featuring product planning by women. Under this project, the Group has beendeveloping products that cater to customer needs. The Group proposes homes that are
comfortable for all family members, by focusing attention on the ideas of women, who
support family life through household tasks, childcare, and other activities.

The project meeting

The discussion meeting with male employee

The project member【THE Palms Court Kamakurashiromeguri】

Dust space with high storage capacity

Bright and stylish island kitchen➢Barrier-Free Houses
In certain projects in its detached house development
business, the Tosei Group provides barrier-free houses byapplying a unique design code consisting of ten items,
which are based on the concept of "permanent residence."
The Group aims to develop houses that are comfortable foryoung children and the elderly and that are homes where
all generations of families can continue to live comfortably.
THE Palms Court Hashimoto (2016）➢Creation of community spaces
Tosei converted T’s garden Kitakashiwa , an idle company-owned apartment, into a rental condominium
for families through value-improving work that made the most of the existing building. With a focus on
meeting the needs of the child-bearing generation, it created three community spaces: the Kids Room, inwhich parents and children can play without worry about inconveniencing the neighbors, the Party Room,where residents can have a good time with friends and relatives through activities such as cooking
classes or birthday events, and the Study Room, in which residents can enjoy solitude while studying
alone or reading. Through such efforts, it provides spaces that all family members can use to make theirlives more comfortable depending on different situations. Starting with the management of applications
for rentals in July 2016, Tosei has been engaged in the operation of the condominium.
6

２．Social

Kids room

Party room

Study room

➢Management of product quality■Implementation of evaluations and inspections by third parties
For the Palms Yutenji Master Place, a newly constructed condominium, Tosei
implements evaluations and inspections through the Japan Constructive
Inspect Association, a third party designated by the Minister of Land,
Infrastructure and Transport, as well as inspections based on laws andregulations to provide safe and reliable housing to customers.

■ ISO 9001 (quality management system)
Tosei is an ISO 9001-certified company for the planning, design, construction work
management and after-sales service (regular inspections) of condominiums, officebuildings, commercial buildings and detached houses, and engages in strict quality
management in compliance with ISO 9001. Tosei Community Co., Ltd., a subsidiary of
Tosei Corporation, is also an ISO 9001-certified entity that undertakes the planning andprovision of general management operations for condominiums, office buildings andrental condominiums.

■Efforts to pursue quality improvements in products in response tocustomer needs Meetings
As part of quality management, the Tosei Group is in the process of adopting more unique initiatives.
【Meetings for examining quality improvements】
In conjunction with the construction or renovation of new or existing office buildings and condominiums,
among other properties, Tosei conducts detailed checks on specifications and in-depth meetings with theattendance of three parties—the Company, design and construction management companies, andconstruction companies. It seeks to strengthen collaboration among concerned parties to provide better
products while preventing the occurrence of issues.
[TOSEI-QC-10]
Tosei manages all processes related to the construction andmaintenance of new or existing office buildings or condominiums
through three parties—the Company, design and construction
management companies, and construction companies—based on
Tosei's unique quality control standards, TOSEI-QC-10. Tosei strives
to provide customers with safe and reliable products by conducting
inspections and particularly rechecking those items that customers
cannot oversee.
【Feedback on customer requests for products】
Tosei is moving forward with efforts to plan and design products with better quality by internally sharing
feedback on complaints and requests raised by customers during after-sales inspections and theirstraightforward opinions obtained from personal perspectives and resident questionnaires.

7

２．Social◆For Our Employees➢ Human resource development training
The Tosei Group helps each employee enhance their skills andabilities through the implementation of human resource training
programs and the adoption of systems that facilitate personal
development and qualification acquisition. To develop a globallyminded group of seasoned professionals, as described in its
corporate philosophy, the Group also provides externalmanagement school training aimed to develop the next generationof leaders as well as training for employees according to
occupational level.

The Real estate notary training<Main training list>- Group training for new
graduates- Training for instructors of new
graduates- Training for mid-career hires- Training for newly assigned
junior administrator (one year)- Training on management for
managers- Training at business schools(one year)- Real estate notary training- Compliance training- Mental health training- ESG training

The Training for mid-career hires➢Supporting employees' work-life balance■Occupational safety and health
Employees are obliged to have a health checkup once a year for health management. In addition, theHealth Committee, which is comprised of employees and partner industrial physicians, reviews thegeneral working environment monthly, including the status of the office environment and medical
checkups. The results of the reviews are provided to employees as feedback.

■Metal healthcare
The Group sends questionnaires and provides training to all employees in relation to mental healthcare under the guidance of partner industrial physicians. It also moves forward with initiatives tomaintain employees’ physical and mental health condition by requiring employees who engage inovertime work that exceeds a certain amount to have an interview with industrial physicians and otherprofessionals. In addition, the Group provides a consultation service for sound mental health incollaboration with external medical institutions. The service provides a contact point for employees andtheir families through which they can casually request health consultations without worry, either byphone or e-mail.

■ Implementation of family workplace visit
The Group has a family workplace visit day every year in the hope that the children of employees canhave a better understanding of their parents’ jobs and workplaces.
A total of 79 persons from 26 families visited the Company in 2018 and enjoyed the experience of
exchanging business cards, attending a stamp-rally in which they visited different workplaces andcollected stamps, and creating model housing, among other programs. The event serves as a place ofinteraction between employees’ families.

Business card exchange experience with our officers

Making a model of a detached house8

２．Social◆ Contributions to Local Communities➢Volunteers for cleaning activities
The Group has participated in community volunteer activities since 2009. This year, it took part in the
Nishinagisa-Hatsu Tokyo-Satoumi-Aid, a clean-up event held at Kasai Rinkai Park to remove marine
debris. It also checked the types of debris collected and measured the total volume to contribute tofuture surveys for identifying the cause of marine debris. Going forward, the Company will continue topromote environmental conservation activities.

➢The green feather fundraising activity
The activity aims to provide support for a range of programs, such as the maintenance of forests,
development of forestry volunteers and provision of forestry and environmental education for children.

➢Collection boxes for plastic bottle caps
The activity aims to send vaccines to children in developing countries by using profits earned from thesale of plastic bottle caps to recycling companies.

➢Continuation of activities for supporting areas affected by the Great East Japan Earthquake
Since 2011, the Tosei Group has been engaged in activities for supporting areas affected by the Great
East Japan Earthquake. Its recent activities include the organization of dental seminars and painting ofrusted playground equipment at nursery centers in the affected areas, as well as support for the openingof food stalls for a festival held at a temporary housing site. These activities were carried out incooperation with an NPO that is engaged in volunteer activities in the affected areas.

■ Operation support for autumn festival and child booth
In 2018, we supported the operation of the “Autumn Festival” held in the Nobiru district inHigashimatsushima City, Miyagi Prefecture, and operated a booth for children. In the city, 91.5 hectaresof hillside forests were created after the earthquake, which was damaged by the massive tsunami, andthe group relocation site “Nobirugaoka” was established. Nine volunteer members participated as asupport for the festival held by the residents' association.

■ A Japanese drum was donated to the affected junior high school
We raised donations for volunteer members of our group employees and donated 28
Japanese drums to the Naruse Future Junior High School, which was just opened in
Higashimatsushima City. In the city, Japanese drum performances have been popular
at elementary and junior high schools since ancient times, but most of them were lost
due to the tsunami damage. The Japanese drums donated this time were very
delighted by the school and the local community that they were able to safely performthe Japanese drums at the school festival.
93．Governance◆Our Idea of Corporate Governance
Our Group aspires to be a valuable contributor to all kinds of our
stakeholders in the society, including the shareholders, the employees,
the business partners and others, by promptly and appropriately
responding to the changes in the business environment and continuing
operational activities which enable the Group to achieve a sound growth.
For this purpose, the Group has placed the greatest importance onenhancement of corporate governance, and in particular, “fully
cultivating compliance mind,” “enhancing risk management” and“conducting timely disclosure” as three key initiatives.
Furthermore, the Group is determined to make efforts in a unified manner, from the top management
down to each employee of the Group companies, led by the Board of Directors, to develop an internal
control system as required by the Companies Act and the Financial Instruments and Exchange Act, as
well as to set up a system which is credible to investors, as a financial instruments business operator.

➢ Operation of the Meetings of Board of Directors
The Board of Directors is constituted by Seven
directors, two of whom are outside directors. Basedon the regulations of the Board of Directors, thedirectors hold regular meetings every month, andextraordinary meetings are held as necessary. As
the highest management decision-making body, theBoard of Directors makes resolutions on
management policies and material issues and alsosupervises the execution of duties by the directors.
In addition, the outside directors (the independent
directors), by sharing their opinions from theirobjective standpoint, provide advices andsuggestions to ensure the adequateness andappropriateness of the decisions made by the Boardof Directors.

➢ Executive Officer System
The Company has adopted the executive officer system in order to more clearly segregate themonitoring/supervision of the Company's business management, which is the duty and responsibility ofthe directors, from the execution of the business. The executive officers are appointed at the board
meetings and the representative director and president has assumed the position of the chief executive
officer.
All of the Company's executive officers adhere to its internal rules and regulations as well as to theresolutions of the Board of Directors in executing and controlling the business operations of the Company.
In addition, CEO holds the management meetings twice a month as a general rule to seek for
consultations on the material issues to be decided by him, and to discuss the matters to be resolved at theboard meetings in advance.

10

3．Governance➢ Nominating and Compensation Advisory Committee
The Company established the Nominating and Compensation Advisory Committee voluntarily as aconsultative body to the Board of Directors to ensure appropriateness and transparency in such mattersas the process of selecting candidates in connection with director election proposals submitted to thegeneral meeting of shareholders and resolutions of the Board of Directors relating to allocation of
remuneration, etc. to individual directors. The constituent members of the committee include a
representative director (one person), a full-time director (one person), outside director(s) (independent
director(s), one person or more), and a full-time audit & supervisory board member (outside audit &supervisory board member, one person). An outside director who is a committee member will assume
the office of the chair of committee. The Board of Directors will continue to fulfill its mandate from theCompany's shareholders and investors by respecting the recommendations of the committee to the
maximum extent and developing an appropriate governance system.

➢ Three-way auditing (coordination of audits by corporate auditors, internal
audits, and audits by the accounting auditor)■Audits by corporate auditors
The Audit & Supervisory Board Members carry out an efficient and effective audit under an annual
audit plan in cooperation with the accounting auditor and the Internal Auditing Department. The fulltime Audit and Supervisory Board Members regularly interview each full-time Director and head ofeach department and check the status of business execution. They also regularly exchange opinionswith Independent Directors.
■Internal audits
As a department directly controlled by the President, the Internal Auditing Department carries out anaudit of the entire Group under an annual plan and helps correct inadequacies by recommending
actions and conducting follow-up activities, including giving specific guidance.

■Audits by the accounting auditor
The accounting auditor carries out an audit under an annual audit plan. It carries out not only a fiscal
year end audit but also quarterly reviews (accounting auditor: Shinsoh Audit Corporation).

◆ Compliance
The Tosei Group puts top priority on compliance in management. Everyone in the Group from senior
executives to general staff was made aware of compliance.

➢ In-house training
The Group gave education on compliance in FY2018 throughgroup training for all employees, e-learning on insider trading,training to deal with antisocial forces, financial instruments
business training, and mental health training, among othersessions. We display posters stating compliance slogans that are
created by employees. We publish and deliver to the Group’s
employees an e-mail newsletter, Compliance Mind, for raising
employees’ awareness of compliance and legal issues.

11

Training to deal with antisocial forces

3．Governance◆ Risk Management
Assuming every possible risk, we prepare and practice emergency responses under normal conditions
with a special focus on eliminating relationships with anti-social forces.

➢ Establishment of a committee
The Company has established the Risk Management and Compliance Committee consisting of
Executive Officers in charge of departments, heads of all departments, and risk management andcompliance officers of Group companies. The committee identifies, analyses, and assesses risks at theentire Group, gathers information on individual risks, and discusses countermeasures.
The committee is conducting a PDCA cycle for risk management under a risk management andcompliance program for each fiscal year and is enhancing monitoring of risk management.

➢ In-house training
In FY2018, we conducted training to deal with antisocial forces, mental health training, training to prevent
insider trading, comprehensive emergency drills (safety confirmation, training for the business continuityplan), and training for fire-fighting organizations for self-protection, among other sessions, to enhance each
employee’s awareness of crisis management. We have formed a business continuity plan (BCP) to deal
with disasters. We have also prepared plans for specific actions at each division in the Group.

Self-defense fire brigade training

Evacuation drills◆ Timely and appropriate disclosure
In addition to information disclosed under the Companies Act, the Financial Instruments and ExchangeAct, among other laws and regulations, and rules of stock exchanges, the Tosei Group provides
corporate information in a timely and appropriate manner to stakeholders, such as shareholders,investors, and business partners, through IR activities and the website.

➢ Financial results presentations
We hold financial results presentations twice a year for institutional investors and securities analysts
to deepen their understanding of Tosei. In addition, senior management actively hold other meetings
with individual stakeholders. We held a business strategy presentation meeting for individual
shareholders, which we hold every year, after the 68th general meeting of shareholders in February.

➢ Disclosure on the website and external evaluation
Following our listing on the Singapore Stock Exchange, we have been
disclosing information in Japanese and English simultaneously. On our
website, we distribute videos of results presentations and post resultspresentation material for stakeholders who were not able to attend
presentation meetings. We aim to create a user-friendly website. Our
website has been positively assessed by external website assessment
organizations.

12T O P I C S
We has established the Tosei Group ESG Policy andthe ESG Action Guidelines on Jun,2019.
Recently, ESG investment has been expanding worldwide, particularly among major institutional investors.
ESG investment refers to an investment method in which consideration is given to important indicators ofwhether investment target companies recognize three factors, namely, the environment, society andgovernment, as significant in terms of management and implement corporate management (ESG
management) accordingly. As part of its CSR initiatives, the Group has been enhancing corporate
governance and promoting the revitalization and development of real estate with an eye on the reduction ofenvironmental loads. With expectations for ESG increasing on a global basis, the Group has established theTosei Group ESG Policy and the ESG Action Guidelines to reintegrate activities that it has undertaken so
far as ESG management and facilitate the further development of such activities.

The Tosei Group ESG Policy
The Tosei Group has a mission of creating new value and inspiration in all aspects of realestate as a global-minded group of seasoned professionals . It regards its commitment to
the Environment, Society and Governance as a priority management challenge. It will
seriously address the social issues associated with real estate to contribute to society andachieve its own continuous growth.

The Tosei Group ESG Action Guidelines
１．Carry out business activities that achieve sound growth
６．Increase customer satisfaction
２．Comply with laws and regulations
７．Increase employee satisfaction
３．Take actions that increase the value of real estate
８．Disclose ESG information
４．Carry out business activities with environmental considerations
５．Contribute to tenants, locals and communities through real estate owned■ The positioning of ESG Policy
The Tosei Group's Corporate Philosophy
Basic Policy on internal control system
ESG Policy

S
G
Basic Policy on Corporate GovernanceE
Eco Declaration

Basic Policy on
Human resource
development
Ethics Code

■ ESG promotion system
ESG promotion meetings
Decision/Instruction/Confirmation
Proposal/Do/Report

ESG project teams
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－Contacts－
Tosei Corporation
Corporate Planning Department
TEL：03－3435－2864 FAX：03－3435－2866