VERIFICATION STATEMENT
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initiate reporting ofStatement No.: PRJN-495037

Daio Paper Corporation< Verification Objectives >DNV Business Assurance Japan K.K. has been commissioned by Daio Paper Corporation (hereinafter "theOrganization") to perform an independent verification of the greenhouse gas scope 3 emissions(hereinafter the "GHG scope 3 emissions") calculation results prepared by the Organization. The objectiveof this verification is to confirm that the GHG scope 3 emissions claimed by the Organization have been
calculated and reported appropriately based on the calculation standards and to express an independentopinion.

< Verification Scope >The scope of this verification is category 1, 2, 3, 4, 5, 6, 7, 9, and 12 of GHG Scope 3 emissions of theOrganization and its group of companies (including overseas offices) in FY2021.

< Calculation and Verification criteria >The criteria for identification, calculation, monitoring, and reporting of GHG scope 3 emissions to be verified
are the calculation and reporting procedures established by the Organization. The criteria for verification
include ISO 14064-3:2019, as well as the criteria required by the calculation and reporting procedures
established by the Organization.

< Verification Process and Methodology >The reviews of the GHG scope 3 emissions calculation results, relevant documents, and subsequent followup interviews have provided DNV with sufficient evidence to determine the fulfilment of the stated criteria.

< Verification Statement >It is DNV's opinion that with a limited level of assurance, nothing has come to our attention that causes us tobelieve that the assertion of GHG scope 3 emissions does not accurately reflect the Organization and its
group’s environmental data in accordance with the verification criteria identified as stated above.
Place and date: Kobe, Japan, 7 April 2023
DNV Business Assurance Japan K.K.
The verification has been performed

The technical review has been performed

Independent Validation Verification Body:

under the supervision of:under the supervision of:

DNV Business Assurance Japan K.K.

Tsuyoshi Katori, Lead Verifier

Koichiro Tanabe, Technical Reviewer

Naoki Maeda, Managing Director

This Verification Opinions is based on the information made available to us and the engagement conditions detailed above. Hence, DNV cannot guarantee
the accuracy or correctness of the information. DNV cannot be held liable by any party relaying or acting upon this Verification Opinion.
DNV Business Assurance Japan K.K. Sannomiya Chuo Bldg.9th Floor, 4-2-20, Goko-dori, Chuo-ku, Kobe 651-0087

VERIFICATION STATEMENT
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Statement No.: PRJN-495037< Period Covered by Calculation >The period covered by the FY2021 GHG Scope 3 Emissions is 1 April 2021 to 31 March 2022.
※Only for Elleair International Korea Co., Ltd., the period covered is 1 January 2021 to 31 December 2021.

< Organization Boundary of Verification >Management Control

Equity ShareOthers< Quantification of GHG Data >DNV’s opinion is that the GHG data results in the quantification of GHG emissions that are real, transparent,and measurable.

 Type of GHGs Verified
CO2CH4

N2O

HFCs

PFCs

SF6

NF3

 Amount of GHG Scope 3 Emissions Verified
1,781,912 tCO2e

Emissions by Scope 3 Categories
Category 1: Purchased goods and services

682,935 t-CO2e

Category 2: Capital goods

165,658 t-CO2e

Category 3: Fuel- and energy-related activities (not includedin Scope 1 or Scope 2)

319,515 t-CO2e

Category 4: Upstream transportation and distribution

313,071 t-CO2e

Category 5: Waste generated in operations

25,553 t-CO2e

Category 6: Business travel

1,679 t-CO2e

Category 7: Employee commuting

6,076 t-CO2e

Category 9: Downstream transportation and distribution

91,032 t-CO2e

Category 12: End-of-life treatment of sold products

176,393 t-CO2e※ The scope of each category is the Organization and its group (Up to 35 consolidated subsidiaries).
The reported values above are fully covered by the verification.

< Verification Opinion >Unmodified Opinion
Modified Opinion
Adverse OpinionAs an independent third party, DNV has no financial dependencies on the Organization.

This Verification Opinions is based on the information made available to us and the engagement conditions detailed above. Hence, DNV cannot guarantee
the accuracy or correctness of the information. DNV cannot be held liable by any party relaying or acting upon this Verification Opinion.
DNV Business Assurance Japan K.K. Sannomiya Chuo Bldg.9th Floor, 4-2-20, Goko-dori, Chuo-ku, Kobe 651-0087