Verification Opinion

1 March 2024
Opinion No：SGS24/089

Mr. Mitsuru Izumo
President
Euglena Co., Ltd.
G-BASE Tamachi 2F, 5-29-11 Shiba, Minato-ku, Tokyo

Objective
SGS Japan Inc. (hereinafter referred to as "SGS") was commissioned by Euglena Co., Ltd. (hereinafter referred toas "the Organization") to conduct independent verification based on Criteria of Verification (ISO14064-3: 2019 andthe SGS verification protocol) regarding the data prepared by the Organization on the scope of verification(hereinafter referred to as “the Statement”). The objective of this verification is to confirm that the Statement in theOrganization's applicable scope has been correctly calculated and reported in the Statement in conformance withthe criteria, and to express our views as a third party. The Organization is responsible for the preparation and fairpresentation of the Statement.

Scope
The scope of verification is Scope 1 and 2 emissions.
The period subject to report is from 1 January 2023 to 31 December 2023.
Refer to the attached sheet 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 Tsurumi demonstration plantand Yaeyama Shokusan Co., Ltd., and analytical procedures and interviews for the other sites in the scope ofverification carried out at the head office
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

1/2This 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.

Attached file
1 March 2024
Opinion No：SGS24/089

The details of the scope of verification
The Scope
1
The performance data Scope
1 and 2 include energy related
carbon dioxide emissions.

The Boundary
17 sites of the domestic organizationand the consolidated companies (10production sites, 7 non-production
sites)The Statement
Scope 1: 1,572 t-CO2
Scope 2: 3,318 t-CO2

2/2
This 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.