July 30, 2024
To the media and press
Tokyu Fudosan Holdings Corporation

Tokyu Fudosan Holding's Net-Zero targets approved by the SBTi-“2050 net zero emissions” CO2 emissions reduction target adopted under long-term visionTokyu Fudosan Holdings Corporation (Headquarters: Shibuya-ku, Tokyo; President & CEO: Hironori
Nishikawa; “Tokyu Fudosan Holdings” below) hereby announces that it has acquired SBT Net Zerocertification for its greenhouse gas emission reduction targets for realizing net zero emissions by the year
2050.
Having adopted “environmental management” as one of the basic policies under its long-term vision,
Tokyu Fudosan Holdings is currently implementing activities aimed at decarbonized society through itsbusinesses. These activities include renewable energy projects and the development and operation ofenvironmentally-friendly buildings such as those that are ZEB/ZEH Oriented.
After having our 2030 targets approved by SBTi in 2021, which is classified as 1.5℃, Tokyu Fudosan
Holdings steadily pursued the reduction of CO2 emissions. With the addition of these Long-Term SBT aswell, its net zero targets have been officially approved.

■ Acquisition of SBT Net Zero Approval
SBT (Science Based Targets) are greenhouse gas (GHG) emission reduction targets set by companies inline with the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels. It
intends to reduce GHG emissions not only by the company itself but also by its supply chain as a whole. InMay 2021, Tokyu Fudosan Holdings received approval from SBT initiative (SBTi) on its 2030 targets, whichis classified as 1.5℃, and at the same time set a target to reach net zero emissions. Receiving SBT NetZero approval means that in addition to the "Near-Term SBT", the 2030 target which we previously gotapproved, the long-term target by 2050 is now also approved as being in line with SBTi's 1.5°C pathway toreach Net-Zero.
Additionally, standards for achieving net zero by 2050 call for the reduction of CO2*2 emissions by at least
90% and the neutralization of the residual emissions.*3
As of July 2024, 628 companies worldwide, including 27 companies in Japan* have been approved as
SBT Net-Zero, and Tokyu Fudosan Holdings is now

one of those companies.

1*1: An international initiative aimed at a decarbonized society established by four organizations: the United Nations Global Compact (UNGC),
CDP, the World Resources Institute (WRI) and the World Wildlife Fund (WWF).
*2: CO2e including HFC (hydrofluorocarbons).
*3: The amount of emissions that cannot be reduced within the company's value chain by 2050 is referred to as "residual emissions," which are to
be reduced to net zero by "neutralizing" them through the use of forest-derived absorption and carbon removal technologies etc. outside thevalue chain.
*4: The number of companies, Tokyu Fudosan Holdings included, featured as data on the SBTi website. Small- and medium-sized enterprises
excluded.

■ Progress in targets

As milestones for achieving net zero emissions by 2050,
Tokyu Fudosan Holdings has set a target of 46.2% in

Tokyu Fudosan Holdings decarbonization targets (2019 base yesr)- 2050: Scopes 1, 2 & 3

reductions of Scope 1 & 2 (direct) CO2 emissions andScope 3 (supply chain (Subjects of reduction targets:Categories 1, 2 and 11) CO2 emissions by 2030 with 2019Realize net zero emissions- 2030: Reduce Scope 3 emissions by 46.2%- 2023: Reduce Scope 1 & 2 emissions by 50% (Achieved)

as the base year (already approved by SBTi), and ismanaging CO2 emissions performance.
Furthermore, in its Medium-Term Management Plan, while Tokyu Fudosan Holdings had targeted a 50%
reduction in Scope 1 & 2 CO2 emissions by 2023, it ended up achieving a reduction of 50.6% one year
ahead of schedule in 2022.
Additionally, in July 2023, Tokyu Fudosan Holdings formulated its “Transition Plan toward DecarbonizedSociety” as a concrete strategy having reaffirmed that its business strategy and financial strategy wereconsistent with its roadmap for reduction emissions, and will aim to achieve net zero emissions by 2050 inline with that plan.
For the details of this transition plan, please see here.

Initiatives to reduce Scope 1 & 2 emissions
Tokyu Land Corporation, the core enterprise of Tokyu Fudosan Holdings Group, completed the transition
to 100% renewable energy for the electricity used*5 in its own offices and owned facilities*6 as of December
1, 2022, the company was subsequently certified by the CDP, the RE100 Secretariat, for achieving theRE100. Taking advantage of Tokyu Land Corporation’s strength in developing a renewable energy businesswith over 1.7 GW of renewable energy generation capacity, approximately 98% of annual renewable energy
electricity consumption (approximately 300 million kWh) is provided by renewable energy generated at its
renewable energy power plants, Tokyu Land is contributing to the early achievement of the Scope 1 & 2emission reduction targets of Tokyu Fudosan Holdings overall.
*5: Excludes electricity from on-site cogeneration because RE100-approved green gas does not exist in the Japanese market. Note that Tokyu
Land conducts decarbonization initiatives using carbon neutral gas supplied by Tokyo Gas.
*6: Excludes properties scheduled to be sold or torn down that are outside the scope of RE100 and certain joint projects for which Tokyu Land
does not have energy management authority.
*7: The remaining approximately 2% largely consists of electricity prior to the expiration of the terms of renewable energy retail contracts withother companies.

2Initiatives to reduce Scope 3 emissions
For initiatives aimed at the upstream supply chain, Tokyu Fudosan Holdings is improving the precision of
its CO2 emission calculations and examining and implementing measures aimed at emission reductions. Itis taking part in the formulation of a manual for calculating emissions upon construction in the Real Estate
Companies Association of Japan of its own accord, and is currently engaged in the testing and verificationof that manual.
For initiatives aimed at the downstream supply chain, Tokyu Fudosan Holdings has set targets ofapproximately 50% by 2025 and 100% by 2030 for building performance that is equivalent to or exceeds
ZEB/ZEH Oriented on a new construction commencement basis. Furthermore, moving up its timetable, it
has implemented ZEB standardization for all newly constructed buildings in principle from March 2022
onwards*8. In addition, for newly constructed condominiums for sale, Tokyu Fudosan Holdings is targeting
ZEH standardization for all condominiums for sale from 2023 onwards and for all urban rental and student
residence properties from 2025 onwards.
Going forward, Tokyu Fudosan Holdings will work in concert with both its upstream and downstream
stakeholders, including design and construction companies and customers, as it endeavors to contribute tothe environment across its entire supply chain.
*8: Targets large non-residential properties owned by Tokyu Fudosan Holdings (with a total floor area of at least 10,000 m2). Certain joint
businesses, etc. excluded■ Representative ESG investment indices for which Tokyu Fudosan Holdings has been selected forinclusion
FTSE4Good Index Series

Stock index developed byFTSE Russell, a member
company of the London Stock
Exchange Group. Tokyu
Fudosan Holdings has been
selected for inclusion for a totalof fourteen straight years*1
between 2010 and 2023.

FTSE Blossom JapanFTSE Blossom Japan

S&P/JPX Carbon Efficient

Index

Sector Relative Index

Index

Founded in 2017. Index forJapanese enterprises thattake outstanding action withrespect to ESG. Tokyu
Fudosan Holdings has been
selected for inclusion for eightstraight years. Adopted byGovernment Pension
Investment Fund (GPIF) as astock index for ESG
investment.

Founded in 2022. Index forwhich Japanese enterprises
with high ESG ratings are
selected for inclusion for eachsector. Tokyu Fudosan
Holdings has been selectedfor inclusion for three straightyears. Adopted by GPIF as astock index for ESG
investment.

Stock index focused on theenvironment aspect of ESG. A
ratio of incorporation into theindex is determined forconstituent stocks of the Tokyo
Stock Price Index (TOPIX)
following consideration of theirstate of disclosure ofenvironmental information andtheir carbon efficiency (carbon
emissions per unit of net sales).
Adopted by GPIF as a stockindex for ESG investment.

3GRESB

Tokyu Fudosan Holdings
acquired the GRESB Real
Estate Assessments of “FourStars” and Green Star” as well
as a GRESB Disclosure
Assessment of A, the highest
grade, for seven consecutiveyears. In fiscal 2023, Tokyu
Fudosan Holdings received aperfect GRESB Score of 100
for the second straight year.

MSCI
ESG Leaders

Global MSCI index configured
by selecting mid-capital andlarge-capital stocks whose
Environmental, Social andGovernance (ESG) aspects
have been evaluated relatively
highly.

MSCI JapanMSCI JapanESG Select Leaders

Empowering WomenIndex(WIN) Select Index

ESG-themed general index
developed by MSCI that isconfigured by selectingenterprises with a relatively
high ESG ranking fromvarious business categories.
Adopted by GPIF as a stockindex for ESG investment.

ESG-themed index developedby MSCI that is configured by
selecting enterprises with ahigh gender diversity scorefrom various businesscategories based on data
regarding female employment
disclosed under the Act on thePromotion of Women’s Active
Engagement in ProfessionalLife. Adopted by GPIF as astock index for ESG
investment.

CDPCDP

Supplier Engagement
LeaderTokyu Fudosan Holdings wasselected for three consecutiveyears since fiscal 2021 forinclusion in CDP’s A List, thehighest ranking given by thatinternational environment NPO
for climate change
countermeasures according tocorporate surveys on climatechange conducted by CDP.

Tokyu Fudosan Holdings wasselected for four consecutive
years since fiscal 2020 toreceive the highest grade of A(Leadership) according tosurveys on companies' efforts
to understand theirgreenhouse gas Scope 3(upstream) emissions, set
reduction targets, and engage
with their suppliers that areconducted by CDP, theinternational environment NPO
for climate change.

For details, please see the Sustainability Site on Tokyu Fudosan Holdings’ corporate website.

■ Initiatives for Environmental Management and Digital Transformation (DX) that Tokyu Fudosan
Holdings is striving for under its GROUP VISION 2030 long-term vision
Tokyu Fudosan Holdings Corporation announced its long-term vision, GROUP VISION 2023, in 2021.
With “WE ARE GREEN,” an expression of its aim to realize its ideal shape by the year 2030 through diverse
green power, as its slogan, the company continues to tackle environmental management and DX as its
basic policies.
As the Tokyu Fudosan Holdings Group’s core enterprise, Tokyu Land Corporation is actively pursuing amyriad of initiatives with the aim of becoming an environmentally advanced company. In December 2022,
it completed the changeover of its offices and facilities held*1 to 100% renewable energy. In April 2024,
Tokyu Land Corporation was certified by the CDP, the RE100 Secretariat, for achieving the RE100*2.
According to the RE100 Secretariat, this marks the first time a business company that achieved the RE100in Japan*3 was granted that certification.
Going forward, Tokyu Fudosan Holdings will continue using electricity from renewable energy in house as
well as keep on providing environmental value to its customers through supplying such electricity throughcorporate PPA and other arrangements as it aims to realize a decarbonized society through its businesses.
*1: Certain joint business projects, etc. excluded.
*2: Excludes electricity from on-site cogeneration because RE100-approved green gas does not exist in the Japanese market. Note that Tokyu
Land Corporation conducts decarbonization initiatives using carbon neutral gas supplied by Tokyo Gas.
*3: Financial institutions excluded.

4

SDGs Contributed ToTokyu Fudosan Holdings’ “GROUP VISION 2030”
https://www.tokyu-fudosan-hd.co.jp/english/group-vision-2030/
Tokyu Fudosan Holdings’ “Medium-Term Management Plan 2025”
https://www.tokyu-fudosan-hd.co.jp/ir/mgtpolicy/mid-term-plan/5