FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

SECOND PARTY OPINION
FUJIFILM HOLDINGS CORPORATIONSOCIAL BOND POST-ISSUANCE PERIODICREVIEW (#1)
Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: April 20, 2023
Ref. Nr.: PRJN-340459-2022-ASTJPN-01

FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Contents
I. Scope and Objectives

3

Ⅱ. Project Overview

4

Ⅲ. Responsibilities of FUJIFILM Holdings Corporation and DNV

5

Ⅳ. Basis of DNV’s Opinion

6

V. Work Undertaken

7

Ⅵ. Findings and DNV’s Opinion

8

Schedule-1 FUJIFILM Holdings Corporation Social Bond Projects

12

Schedule-2 Social Bond Eligibility Assessment Protocol

13

SBP-1 Use of Proceeds

13SBP-2 Process for Project Selection and Evaluation

15

SBP-3 Management of Proceeds

16SBP-4 Reporting

17

Revision History
Revision
number0

Date of issue
April 20, 2023

Remarks
First Edition

Disclaimer
Our assessment relies on the premise that the data and information provided by Issuer to us as part of our review procedures have been provided in good faith.
Because of the selected nature (sampling) and other inherent limitation of both procedures and systems of internal control, there remains the unavoidable riskthat errors or irregularities, possibly significant, may not have been detected. Limited depth of evidence gathering including inquiry and analytical procedures andlimited sampling at lower levels in the organization were applied as per scope of work. DNV expressly disclaims any liability or co-responsibility for any decision aperson or an entity may make based on this Statement.

Statement of Competence and Independence
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2011 - Conformity Assessment
Requirements for bodies providing audit and certification of management systems, and accordingly maintains a comprehensive system of quality control, including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We
have complied with the DNV Code of Conduct1 during the assessment and maintain independence where required by relevant ethical requirements. This
engagement work was carried out by an independent team of sustainability assurance professionals. DNV was not involved in the preparation of statements ordata included in the Framework except for this Statement. DNV maintains complete impartiality toward stakeholders interviewed during the assessment process.

1

DNV Code of Conduct is available from DNV website (www.DNV.com)

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

I. Scope and Objectives
FUJIFILM Holdings Corporation (hereinafter, "FUJIFILM Holdings") has commissioned
DNV to conduct a post-issuance periodic review of the Social Bond issued in April 2022.
The objective of the post-issuance periodic review by DNV is to conduct an assessment
to confirm that FUJIFILM Holdings meets the Social Bond Principles (hereinafter, "SBP")
and the Social Bond Guidelines (hereinafter, "SBGLs"), which will be described later, andother relevant standards or guidelines (see the table below) and to provide a second
party opinion on the eligibility of this Social Bond.
FUJIFILM Holdings issued a social bond on April 20, 2022. The issued amount of thebond was JPY 120 billion. DNV conducted a periodic review (#1) following the Social
Bond Framework Pre-issuance Second Party Opinion (issued on March 23, 2022), basedon the SBP and SBGLs.
DNV, as an independent external reviewer, has identified no real or perceived conflict ofinterest associated with the delivery of this second-party opinion for FUJIFILM Holdings.
In this paper, no assurance is provided regarding the financial performance of the BOND,
the value of any investment in the BOND, or the long-term environmental benefits of thetransaction.
Standards/guidelines to be applied
No.

Standards/Guidelines

Scheme owner

Applied level*1*2

1.

Social Bond Principles

International Capital Market
Association, 2021

Apply

2.

Social Bond Guidelines

Financial Services Agency, 2021

Apply

*1 Apply: Eligibility for all four core common elements to each principle or guideline was assessed.
*2 Refer: Based on the social project and implementation plans, relevant contents were partially considered.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Ⅱ. Project Overview
In the "Healthcare" segment, which will accelerate growth under “VISION 2023”, theMedium-term Management Plan of the action plan based on the Fujifilm Group’s "Sustainable
Value Plan 2030", FUJIFILM Holdings has been engaged in increasing manufacturing capacity
at each site in its Bio-CDMO business as the elements of high quality and stable supply toaddress unmet medical needs and improve access to medical services through thedevelopment of the Bio-CDMO business, a business that develops and manufacturesbiopharmaceuticals on contract. This time, FUJIFILM Holdings allocated the proceeds to two
ongoing projects of the six representative projects involved in the Bio-CDMO business forwhich eligibility has been confirmed.
Project

Project Overview

Social Category

Access to essential services (health, healthcare)(Contribution to SDGs related to Goal 3 and 17)

Target Population
Major Project Activities

Biopharmaceutical users
Building new manufacturing bases, M&A, capital investment for
production capacity enhancement, development for high-efficiency
and high-productivity technologies, etc., on Bio-CDMO business(Including but not limited to related activities)

Representative Projects
and Time of allocation

①
②

③

④

⑤

【M&A】 Acquisition of Denmark Manufacturing site
Subject to allocation
Time of allocation: August 2019 (completion)of proceeds and【Capital Investment】Capacity expansion of Denmark
Manufacturing site
periodic review
Time of allocation: 2021-2023 (planned)【Capital Investment】 New manufacturing facility in North
Carolina, U.S.A.
Time of allocation: 2021-2025 (planned)【Capital Investment】 Capacity expansion of production bases in
the U.S. and U.K.
Time of allocation: 2021-2023 (planned)【M&A】 Acquisition of Dedicated Cell Therapy Manufacturing
Facility in the U.S.
Time of allocation: April 2022 (completion)

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

FUJIFILM Holdings has selected the M&A "Acquisition of Denmark Manufacturing site
(FDBD: FUJIFILM Diosynth Biotechnologies Denmark ApS) from Biogen", which was carriedout in August 2019, and the "Capacity expansion of Denmark Manufacturing site (FDBD)(expansion of six 20 kl culture tanks (total 12 tanks), etc.)", which started in 2021, as
eligible projects for the social bond, and allocated a total of JPY 120 billion.
The Denmark Manufacturing site will increase its total floor area from 40,000 m2 to 60,000
m2 and total tank capacity from 120,000 litres to 240,000 litres by the capacity expansion.

[Photo] Exterior view of the Denmark[Photo] Culture tanks in the

Manufacturing site

Denmark Manufacturing site
(existing)

Ⅲ. Responsibilities of FUJIFILM Holdings Corporation and DNVFUJIFILM Holdings has provided the information and data used by DNV during the deliveryof this review. DNV's second party opinion represents an independent opinion and isintended to inform FUJIFILM Holdings and other interested stakeholders in the allocatedSocial Bond as to whether the established criteria have been met, based on theinformation provided to us. In our work we have relied on the information and the facts
presented to us by FUJIFILM Holdings.
DNV is not responsible for any aspect of the selected assets referred to in this opinion andcannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus,
DNV shall not be held liable if any of the information or data provided by FUJIFILM
Holdings and used as a basis for this assessment were not correct or complete.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Ⅳ. Basis of DNV’s Opinion
To provide as much flexibility as possible for FUJIFILM Holdings, DNV has adapted oursocial bond assessment methodologies, which incorporate the requirements of SBP and
SBGLs, to create FUJIFILM Holdings-specific Social Bond Eligibility Assessment Protocol(hereinafter “DNV’s Protocol”). Please refer to Schedule-2 and 3. The Protocol is applicable
to Social Bonds under the SBP and SBGLs.
DNV's Protocol includes a set of suitable criteria that can be used to underpin DNV’sopinion. The overarching principle behind the criteria is that a social bond should “enable
capital-raising and investment for new and existing projects with environmental benefits”.
As per DNV’s Protocol, the criteria against which the Social Bond has been reviewed aregrouped under the four Principles.

•

Principle One: Use of Proceeds: The Use of Proceeds criteria are guided by therequirement that an issuer of a social bond must use the proceeds to eligible
activities. The eligible activities should produce clear environmental benefits.

•

Principle Two: Process for Project Evaluation and Selection: The ProjectEvaluation and Selection criteria are guided by the requirements that an issuer of asocial bond should outline the process it follows when determining eligibility of aninvestment using social bond proceeds, and outline any impact objectives it willconsider.

•Principle Three: Management of Proceeds: The Management of Proceeds criteria
are guided by the requirements that a social bond should be tracked within theissuing organization, that separate portfolios should be created when necessary andthat a declaration of how unallocated funds will be handled should be made.

•Principle Four: Reporting: The Reporting criteria are guided by the recommendationthat at least Sustainability Reporting to the bond investors should be made of the useof bond proceeds and that quantitative and/or qualitative appropriate performanceindicators should be used, where feasible.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

V. Work Undertaken
Our work constituted a high level of review of the available information, based on theunderstanding that this information was provided to us by FUJIFILM Holdings in good faith.
We have not performed an audit or other tests to check the veracity of the information
provided to us. The work undertaken to form our opinion included:i. Pre-Issuance Assessment of Social Bond (*not included in this report)•

Creation of the Issuer-specific DNV’s Protocol, adapted to the purpose of the Social
Bond, as described above and in Schedule-2 to this Assessment.

•

Assessment of documentary evidence provided by FUJIFILM Holdings on the Bondand supplemented assessment by a comprehensive desktop research. These checks
refer to current assessment best practices and standards methodology;•

Discussions with FUJIFILM Holdings, and review of relevant documentation;•

Documentation of findings against each element of the criteria.

ii. Post-Issuance Assessment of Social Bond *This report•

Assessment of evidential documents provided by the Issuer after issuance of the
BOND, and supplemental assessment by desk review from a higher perspective;•

Interview with key personnel of the Issuer, and review of the relevant
documentation;•

Field research and inspection (if necessary);•

Review of the nominated projects and assets at the time of the post-issuance
verification (update of the details mentioned in Schedule-1);•

Document creation of post-issuance assessment result.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Ⅵ. Findings and DNV’s Opinion
DNV's findings and opinions are as follows.
(1)

Use of Proceeds

DNV has confirmed that all of the proceeds from FUJIFILM Holdings Social Bond havebeen allocated to the following two projects selected as social projects that meet thefollowing shown in the SBP and SBGLs.
DNV has also confirmed that the two selected projects are initiatives that contribute to
the two goals of the SDGs (“3. Good health and well-being” and “17. Partnerships for thegoals”) as well as having the following secondary social benefits.
<Social Project Category>

Access to essential services (health, healthcare)
Building new manufacturing bases, M&A, capital investment for production capacity enhancement,
development for high efficiency and high productivity technologies, etc., on Bio CDMO businessEligibility
Criteria
M&A in the
Bio-CDMO
business

Eligible Project
Acquisition of
Denmark
Manufacturing site

Capitalinvestment
for production
Capacity expansion
capacityof Denmark
enhancement
Manufacturing site
in the BioCDMO
business

Acquisition of
Denmark
Manufacturing sitefrom Biogen
Capacity
expansion of
Denmark
Manufacturing site
(FDBD) (expansionof six 20 kl culturetanks (total 12
tanks), etc.)

Allocation period(results)

Allocated amount*1

August 2019
(completion)$ 890 million(fully refinanced)

April-December
2021

Approx. JPY 20
billion(fully refinanced)

Total amountJPY 120 billion(fully refinanced)*1: The allocated amounts are stated in the currency units actually allocated; however, DNV has
confirmed through the assessment that the total amount was equivalent to JPY 120 billion.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion(2)

Process for Project Evaluation and Selection

Through the review, DNV has confirmed that FUJIFILM Holdings Corporation Social Bond
projects have been selected based on the "Sustainable Value Plan 2030"/"Materiality",
and that the Accounting & Finance Division consulted with the Corporate Communication
Division, ESG Division, and related Business Division, and selected eligible projects that
met the eligible criteria. DNV also confirmed that when FUJIFILM Holdings issues theSocial Bond, the Corporate Vice President in charge of the Accounting & Finance Division
made the final decision on the selected eligible projects, and the results of the decisionwere reported to the Board of Directors.
DNV has confirmed that FUJIFILM Holdings meets the eligibility criteria set forth in“Standards/guidelines to be applied” in selecting the said projects, as well as havingassessed and considered the negative impacts associated with project implementationand identified the environmental and social risks in advance.
DNV has confirmed that the Fujifilm Group maintains the effectiveness of the processes
by providing instructions and advice as necessary in response to reports from the ESG
Committee, which is chaired by the president, on the Board of Directors, which is
responsible for overseeing the compliance and risk management of the entire group.

(3)

Management of Proceeds

DNV confirmed how FUJIFILM Holdings tracked and managed the proceeds for one year
from the bond issuance.
FUJIFILM Holdings has allocated approximately $ 890 million worth of Japanese yen as
refinancing out of the proceeds from the Social Bond for the acquisition of the Denmark
Manufacturing site from Biogen in August 2019.
In addition, expenditure as the capacity expansion of FDBD from April 2021 to December
2021 is "capital expenditure (including, but not limited to, related activities) related to
production capacity expansion in the Bio-CDMO business". Examples of the main
expenditure include the construction of new buildings and the design, manufacture, andinstallation of culture tanks. FUJIFILM Holdings has allocated approximately JPY 20 billionof the proceeds as refinancing for these activities.
DNV has confirmed that FUJIFILM Holdings has fully allocated the JPY 120 billion raised
through the Social Bond to the above two projects and that there are no unallocatedproceeds.
The allocated amounts are stated in the currency units actually allocated, however, DNV
has confirmed through the assessment that the total amount was equivalent to JPY 120
billion.

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion(4)

Reporting

DNV has confirmed that FUJIFILM Holdings would report annually on the FUJIFILM
Holdings website regarding social bond specific information required by the SBP and
SBGLs.
The following allocation status and social benefits will be reported on an annual basis
until the proceeds are allocated to the project and the production facilities are incommercial operation.
Key reporting items will include:<Allocation status>
 Allocated amount and unallocated amount Refinance amount and share<Social benefits> Project outline (location, size, etc.)
 Production capacity of Bio-CDMO business (L)Page 10 of 17

FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Assessment Conclusion
On the basis of the information provided by FUJIFILM Holdings and the work undertaken, it
is DNV’s opinion that the FUJIFILM Holdings Social Bond meets the criteria established in
the DNV’s Protocol and that it is aligned with the stated definition or purpose of social bondwithin the SBP and SBGLs, which is to "enable capital-raising and investment for new andexisting projects with social benefits".
DNV Business Assurance Japan K.K.

April 20, 2023

Mark Robinson

Naoki Maeda

Manager, Sustainability Services

Managing Director

DNV Business Assurance, Australia

DNV Business Assurance Japan K.K.

Masato Kanedome

Hisashi Hashimoto

Project Leader

Assessment leader

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

About DNV
Driven by our purpose of safeguarding life, property and the environment, DNV enables organisations to advance thesafety and sustainability of their business. Combining leading technical and operational expertise, risk methodology andin-depth industry knowledge, we empower our customers’ decisions and actions with trust and confidence. We
continuously invest in research and collaborative innovation to provide customers and society with operational andtechnological foresight.
With our origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000
professionals are dedicated to helping customers make the world safer, smarter and greener.

Disclaimer
Responsibilities of the Management of the Issuer and the Second-Party Opinion Providers, DNV : The management ofIssuer has provided the information and data used by DNV during the delivery of this review. Our statement represents
an independent opinion and is intended to inform the Issuer management and other interested stakeholders in the Bond
as to whether the established criteria have been met, based on the information provided to us. In our work we haverelied on the information and the facts presented to us by the Issuer. DNV is not responsible for any aspect of thenominated assets referred to in this opinion and cannot be held liable if estimates, findings, opinions, or conclusions areincorrect. Thus, DNV shall not be held liable if any of the information or data provided by the Issuer’s management andused as a basis for this assessment were not correct or complete
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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Schedule-1 FUJIFILM Holdings Corporation Social Bond Projects
Among the projects listed in the table, ①-② are projects that have already been allocated after the Social Bond issuance (as of March 2023).
The representative projects ③-⑤ are several nominated social projects that have been evaluated for eligibility after the bond issuance (as ofMarch 2023).
SocialProjects

Social Projects
Category

Target Population

Representative Project Overview① 【M&A】 Acquisition of Denmark Manufacturing site
Time of allocation: August 2019 (completion)

https://www.fujifilm.co.jp/corporate/news/articleffnr_1451.html

Building new
manufacturing bases,
M&A, capital
investment for
production capacity
enhancement,② 【Capital Investment】Capacity expansion of Denmark Manufacturing
siteTime of allocation: 2021-2023 (planned)

Access to essential services(Health, Healthcare)
Sub category(Secondary and additional
benefits) :development for highResponding to unmet medical

efficiency and highneeds and improving access to

productivity

medical services through a stable

technologies, etc., on

supply of high-quality

Bio CDMO businessbiopharmaceuticals

https://www.fujifilm.com/jp/ja/news/list/5049

Biopharmaceuticalusers③ 【Capital Investment】 New manufacturing facility in North Carolina,
U.S.A.
Time of allocation: 2021-2025 (planned)

https://www.fujifilm.com/jp/ja/news/list/5874④ 【Capital Investment】 Capacity expansion of production bases in the
U.S. and U.K.
Time of allocation: 2021-2023 (planned)

https://www.fujifilm.com/jp/ja/news/list/6719⑤ 【M&A】 Acquisition of Dedicated Cell Therapy Manufacturing Facility in
the U.S.
Time of allocation: April 2022 (completion)

https://www.fujifilm.com/jp/ja/news/list/7501

Look-back will be applied to the expenditures of 2021 in ③ and ④ above.

*The red box shows allocated projects, which are subject to periodic review.

FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Schedule-2 Social Bond Eligibility Assessment Protocol

The following SBP-1 ~ SBP-4 are DNV's Social Bond Eligibility Assessment Protocol created for FUJIFILM Holdings based on the requirements of SBP(2021). The "Confirmed documents” in the work undertaken includes internal documents of the issuer and are provided by the FUJIFILM Holdings
as evidence of eligibility judgement for DNV.

SBP-1 Use of Proceeds
Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

1aType ofbond

The bond must fall in one of thefollowing categories:•
Use of Proceeds Bond•
Revenue Bond•
Project Bond•
Securitized or covered Bond

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

Through the evaluation process, DNV confirmed that FUJIFILM
Holdings' social bonds fall into the following categories(Standard) Social Bond

1b

SocialProject
Categories

The cornerstone of a Social Bond is theutilization of the proceeds of the bondwhich should be appropriately describedin the legal documentation for the
security.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

DNV confirmed that all of the proceeds have been allocated to
the following projects.
“Access to essential services (health, healthcare)”“Responding to unmet medical needs and improving access to
medical services through a stable supply of high-quality
biopharmaceuticals”

1cSocialbenefits

All designated Social Project categories
should provide clear socially sustainable
benefits, which, where feasible, will bequantified or assessed by the issuer.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

DNV confirmed that the social project is solution for the objective
social issue, that local characteristics are taken into account, andthat the target population and social contribution (outcome) of
the project are clearly identified by the issuer.
Based on materials from the Ministry of Health, Labour andWelfare, Ministry of Economy, Trade and Industry (METI), andindustry associations, it was confirmed that social project is a
globally recognized social issue and that the results are

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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

Ref.

Criteria

Requirements

Work Undertaken

DNV Findings
quantitatively evaluated against social benefits through the stableproduction and supply of biopharmaceuticals as the global supply
chain of pharmaceuticals becomes more and more problematic.
DNV also confirmed that " Biopharmaceutical users" wereidentified as beneficiaries of the social project.

1d

Refinancing
share

In the event that a proportion of theproceeds may be used for refinancing,
it is recommended that issuers provide
an estimate of the share of financing
vs. refinancing, and where appropriate,
also clarify which investments or
project portfolios may be refinanced.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

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DNV confirmed that the proceeds from the Social Bond have been
fully allocated to refinance projects ① and ② of Social Bond
projects listed in Schedule-1.
FUJIFILM Holdings will report the eligible projects and refinancing
ratios in its annual reporting.

FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

SBP-2 Process for Project Selection and Evaluation
Ref.

Criteria

Requirements

Work Undertaken

DNV Findings

2aInvestmentdecision
process

The issuer of a Social Bond should outline theConfirmed Documents:• Social Bond Framework• Social Bond one-year periodic
review materials• Project selection records
Interviews with stakeholders

It was confirmed from the Social Bond Framework that the
FUJIFILM Holdings Accounting & Finance Division consulted
with the Corporate Communications Division, ESG Division,and relevant Divisions, and selected eligible projects that met
the eligible criteria, and then, the officer in charge ofaccounting made the final decision on the project. It was also
confirmed that the results of this process were reported to
the Board of Directors.
It was also confirmed that negative effects on theenvironment and society associated with social projects wereextracted and evaluated based on the Fujifilm Group's risk
management regulations when evaluating and selecting
social projects, and that action plans were formulated andimplemented.

Confirmed Documents:• Social Bond Framework• Social Bond one-year periodic
review materials
Interviews with stakeholders

As a result of a comprehensive review of FUJIFILM Holdings'
business activities, including the Social Bond Framework andinformation disseminated externally, DNV confirmed throughthe assessment that FUJIFILM Holdings' sustainability
management practices, efforts to address SDGs and ESG
risks, and the output from its business activities willcontribute to social benefits. In an interview with FUJIFILM
Holdings officials, DNV confirmed that the social projects that
FUJIFILM Holdings has implemented or will implement in its
Bio-CDMO business are effective in realizing a sustainable
society.

decisionmaking process it follows todetermine the eligibility of projects using
Social Bond proceeds. This includes, without
limitation:• A process to determine how the projects fit
within the eligible Social Projects categories
identified in the ICMA SBP 2020;• The criteria making the projects eligible forusing the Social Bond proceeds ;• The social sustainability objectives

2bIssuer’s
environmentand social
governanceframework

In addition to information disclosed by anissuer on its Social Bond process, criteria andassurances, Social Bond investors may also
take into consideration the quality of theissuer’s overall framework and performance
regarding social sustainability.

FUJIFILM Holdings Corporation
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FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

SBP-3 Management of Proceeds
Ref.

Criteria

3a

Tracking
procedure

3b

3cTracking
procedure

Temporaryholdings

Requirements

Work Undertaken

DNV Findings

The net proceeds of Social Bonds should be
credited to a sub-account, moved to a subportfolio or otherwise tracked by the issuer in
an appropriate manner and attested to by aformal internal process that will be linked to theissuer’s lending and investment operations forSocial Projects.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

DNV confirmed through document review and interviews
the following required by the cash management.

So long as the Social Bonds are outstanding,the balance of the tracked proceeds should beperiodically reduced by amounts matchingeligible Social investments or loan
disbursements made during that period.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

DNV confirmed through document review and interviews
the following required by the cash management

Pending such investments or disbursements toeligible Social Projects, the issuer should makeknown to investors the intended types of
temporary investment instruments for thebalance of unallocated proceeds.

Confirmed Documents:• Social Bond Framework• Social Bond one-year
periodic review materials
Interviews with stakeholders

DNV confirmed through document review and interviews
the following required by the cash management.

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The net proceeds were credited to the account of FUJIFILM
Holdings and allocated through group companies and local
subsidiaries to the eligible projects indicated in Schedule-1.
DNV also confirmed that the proceeds from the Social Bond
were managed by the accounting management system,
which specifies the recipients and the amount of proceeds
to be allocated.

Tracking and management of proceeds from social bonds(deposits, withdrawals, and balance checks) wereconducted by the FUJIFILM Holdings Accounting & Finance
Division at the end of the month, and were controlled by
the accounting management system and internal
regulations.

The proceeds were managed in cash until the time ofactual allocation.

FUJIFILM Holdings Corporation Social Bond Post-issuance Periodic Review (#1) Second Party Opinion

SBP-4 Reporting
Ref.

Criteria

4aPeriodical
reporting

Requirements

Work Undertaken

DNV Findings

In addition to reporting on the use ofproceeds and the temporary investmentof unallocated proceeds, issuers should
provide at least annually a list of projects
to which Social Bond proceeds have been
allocated including - when possible withregards to confidentiality and/or
competitive considerations - a brief
description of the projects and theamounts disbursed, as well as the
expected socially sustainable impact.

Confirmed Documents:• Social Bond Framework• Social Bond one-year periodic
review materials
Interviews with stakeholders

DNV confirmed that FUJIFILM Holdings plans to disclose
information on April 2023 on the FUJIFILM Holdings
website regarding specific items required by the Social
Bond (reporting of allocation status and impact
reporting).
From a confidentiality and nondisclosure standpoint, thedisclosure will include: Allocation status of the issued amount of the social
bond to eligible projects
 The share of new financing and refinancing of theallocated amount Overview of eligible projects to which the proceeds
were allocated The production capacity of the Bio-CDMO projects (L)(as of March 2023)

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