T CAPITAL PARTNERS CO., LTD.
Principles for Responsible Investment

１．Philosophy on Responsible Investment
Trust is fundamental value for us. We believe, as investment firm, fulfillment of social
responsibility to realize sustainable society through eternal prosperity of our investee
companies shall ensure and outspread our trust. Besides we owe fiduciary duty to ourinvestors as private equity fund manager. We wish therefore to fulfill our social
responsibility while making investments that are trusted by all of our investors.

２．Approach to Responsible Investment(1) Signatory of the United Nations-supported Principles for ResponsibleInvestment (PRI)(2) ESG Policy(1) Signatory of the Principles for Responsible Investment

Sharing a common understanding with the United Nations-supported Principles for
Responsible Investment (PRI), we became a signatory to the principles in April 2013 as
the very first time signer among all private equity fund managers in Japan .
The Principles for Responsible Investment were launched by former Secretary Generalof the United Nations, Kofi Annan, in April 2006. These, alongside the United Nations
Environment Program and the United Nations Global Compact, provide a framework toincorporate environmental, social and governance (ESG) issues into investment
decisions in a way that is consistent with fiduciary duties.

1. We will incorporate ESG issues into investment analysis and decision-making
processes.
2. We will be active owners and incorporate ESG issues into our ownership policies andpractices.
3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
4. We will promote acceptance and implementation of the Principles within theinvestment industry.
5. We will work together to enhance our effectiveness in implementing the Principles.
6. We will each report on our activities and progress towards implementing thePrinciples.

(2) ESG Policy
We have developed this ESG policy based on our Philosophy on Responsible Investment.
①

Objective and Responsibilities

This policy applies, in general, to all investments that our managed funds hold majority
stakes. ESG Committee shall be established within our firm as responsible body toimplement this ESG policy and its related activities, including preparation of andrevisions to ESG checklists. In addition, the ESG Committee shall be responsible formonitoring ESG activities in investee companies.
② ESG Implementationa.

ESG Criteria
We shall proactively undertake to monitor our investee companies, as our ESG
activities, in terms of compliance with applicable laws and regulations relating toenvironment, occupational health and safety, enhancement of corporate governance,and exclusion of anti-social forces in the jurisdictions of investee companies.

b.

Exclusions from Investment
We will not invest in companies that do not comply with public order and morality,
such as anti-social forces, crime syndicates or companies residing in countries that
economic sanctions imposed by the Japanese government.

c.

Screening
During the investment decision making process, an ESG screening utilizing ESG
checklists will be implemented to determine whether to undertake comprehensive
ESG due diligence.

d.

Due Diligence
Based on the results of ESG screening, in the event that comprehensive ESG due
diligence is considered as appropriate, potential investee companies will be subject
to further investigation of ESG issues based on ESG checklists. Consideration will
be given to the use of external ESG specialists when performing comprehensive
ESG due diligence.

e.

Monitoring of Investee Companies
Following the investment, monitoring of ESG issue will be made in accordance withthe ESG checklist. In the event that serious ESG related issues are identified, wewill endeavor to improve such issues in the investee companies by such as working
with the board of investee companies.
f.

Reporting to Investors
Information relating to the ESG performance of investee companies will bedisclosed to our investors as we consider appropriate.

③

OtherThis policy will apply to investments in companies made after the date on which thispolicy came into effect.

Effective Date：27th March, 2015
Rivised Date：30th September, 2019
Rivised Date：31st July, 2020
Rivised Date：1st November, 2021

ESG Committee Rules
An ESG committee has been established based on our ESG policy
１．Committee Members
The ESG Committee will be comprised of all managing partners , the compliance officer
and the ESG officer (7 people in total). The President will be the Chairman of the ESG
Committee.
２．Roles and Responsibilities
Based on the ESG checklist, at least once per year the ESG Committee will check if
ESG issues identified by the Investment Committee during screening, due diligence andthe holding period are being properly managed. In addition, the committee will be
responsible for preparation of and revisions to ESG checklists.
３．Reporting
The ESG Committee Chairman will report to relevant parties on the activities of theESG Committee as considered appropriate.