Translation

Independent Assurance Report
20 January 2024
Opinion No：SGS24/102

Hironori Nishikawa
President
Tokyu Fudosan Holdings Corporation
1-21-1 Dogenzaka, Shibuya-ku, Tokyo
SGS Japan Inc. (hereinafter referred to as "SGS") has conducted a limited assurance engagement on the sustainability data for
the fiscal year 2023 indicated with ✓ (hereinafter referred to as "the Statement") in ESG data for FY2022 (Assurance)(hereinafter referred to as " ESG data ") prepared by Tokyu Fudosan Holdings Corporation (hereinafter referred to as "theOrganization") based on their request.
The Organization's Responsibility
The Organization is responsible for preparing the Statement in conformance with the calculation and reporting standards(hereinafter referred to as "the Organization's Criteria," described in ESG data) adopted by the Organization.
The calculation of GHG emissions is inherently uncertain due to the incomplete scientific knowledge required to determine
emission factors and the numerical data, for combing emissions of different gases.
Our Independence and Quality Control
SGS has complied with the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for
Accountants, which includes independence and other requirements based on fundamental principles of integrity, objectivity,professional competence and due care, confidentiality, and professional behavior.
In accordance with International Standard on Quality Control 1, we maintain a comprehensive system of quality control
including documented policies and procedures regarding compliance with ethical requirements, professional standards, andapplicable legal and regulatory requirements.
Our Responsibility
Our responsibility is to express a limited assurance conclusion on the Statement based on the procedures performed and theevidence obtained.
SGS has performed the limited assurance engagement in accordance with International Standard on Assurance Engagements(ISAE) 3000 "Assurance Engagements Other than Audits or Reviews of Historical Financial Information" and ISAE 3410
"Assurance Engagements on Greenhouse Gas Statements."
The procedures performed by SGS are based on our professional judgment and include the following:
Evaluation of the appropriateness and inquiries regarding the Organization's Criteria used to measure, aggregate,calculate, and report the Statement.
Verification that the Statement and the underlying records are consistent.
Analytical procedures and inquiries regarding quantitative data.
On-site inspection of TOKYU LIVABLE, INC and EWEL, Inc.
Assessment of the Organization's Criteria to develop estimates were appropriate and consistently applied.
(This does not include testing the data underlying the estimate or developing independent estimatesto evaluate the estimate.)
The procedures performed in a limited assurance engagement vary in nature from and are less in scope than, those performed
in a reasonable assurance engagement.
As a result, the level of assurance obtained in a limited assurance engagement is lower than what would have been obtained ifa reasonable assurance engagement had been performed.
Limited Assurance Conclusion
Based on the procedures performed and evidence obtained by us, nothing has come to our attention that causes us to believethat the Statement in ESG data are not prepared in conformance with the Organization's Criteria in all material respects.

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
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 or
falsification of the content or appearance of this document is unlawful and offenders may be prosecuted to the fullest extent of the law.

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