ARE Holdings Group Human Rights Policy

In accordance with the Asahi Way, the ARE Holdings Group (hereinafter “the Group”) is committed
to compliance with all applicable laws and regulations and respect for human rights in all aspects ofits corporate activities as a company of good people with high ethical standards and social
conscience, thereby contributing to the development of a sustainable society.

This ARE Holdings Group Human Rights Policy (hereinafter “the Policy”), which clearly defines theGroup’s views on human rights, applies to all employees of the Group including directors andexecutives. We pledge to comply with the Policy in all of our corporate activities.

We also support and respect international norms on human rights, such as the International Bill ofHuman Rights (Universal Declaration of Human Rights and International Covenants on HumanRights), the ILO Declaration on Fundamental Principles and Rights at Work of the International
Labour Organization (ILO), and the United Nations Guiding Principles on Business and HumanRights. Furthermore, we expect all the stakeholders involved in our business activities to work
together to promote respect for human rights, by understanding and practicing respect for humanrights in accordance with the Policy.

1.

Prohibition of discrimination
In accordance with the basic principle that all people are entitled to respect for their individuality
and human rights, to fair treatment, and to equal opportunity, we do not tolerate any form of
discrimination or disadvantageous treatment based on age, gender, nationality, race, religion,ideological beliefs, sexual orientation, gender identity, or disability. We promote a workplaceenvironment in which diverse human resources are empowered to participate energetically, withequal opportunity in terms of recruitment, assessment, training, assignments and postings, and pay
rises and job promotions.

2.

Prohibition of harassment
We do not tolerate any form of behavior such as sexual harassment and abuse of authority that
offends the dignity of an individual or causes him/her discomfort. At the same time, we strive
continually to prevent such harassment through employee education and other means.

3.

Prohibition of forced labor and child labor
As part of our effort to defend fundamental human rights, we prohibit any form of forced labor,child labor, or hazardous work for children under 18 years of age in any place that we do business,

making sure to always conduct our business activities in compliance with applicable laws andregulations.

4.

Management of working hours and pay
In accordance with the Labor Standards Act, labor-management agreements, and all applicablelaws and regulations, we endeavor to prevent overwork and limit overtime work by carefully
considering appropriate working hours and rest periods, appropriate overtime work, work-lifebalance, and the maintenance and promotion of employee health. In compliance with all legalrequirements regarding minimum wages, statutory benefits and deductions, overtime work, etc.,
we establish salary regulations to ensure that we pay minimum wage or higher remuneration,
taking into account the income necessary to ensure a stable livelihood. We also pay our employees
directly.

5.

Ensuring employee health and safety
In accordance with all applicable laws and regulations relating to work safety and health, we strive
to ensure and maintain a healthy and safe work environment so that each and every employee
enjoys the peace of mind to work energetically and fully demonstrate their abilities.

6.

Respect for freedom of association and the right to collective bargaining
In compliance with all applicable laws and regulations, we respect the freedom of association andright to collective bargaining of our employees.

The Policy was approved by the Board of Directors of ARE Holdings.

January 31,2024

Tomoya Higashiura
Representative Director,
President＆CEO
ARE Holdings, Inc.