LETTER OF

CONFORMANCEStatement No.:
SS149-2022-OAS-KOBE-DNV

IHI Corporation
Toyosu IHI Building 1-1 Toyosu 3-chome, Koto-ku, Tokyo 135-8710
It was confirmed that the loan, which IHI Corporation receives from Sumitomo Mitsui
Banking Corporation, meets the criteria of “ESG/SDGs Assessment Loan (PIFPrinciple-applied)” developed by Sumitomo Mitsui Banking Corporation, which has
been confirmed by DNV to comply with the Positive Impact Finance Principles(hereinafter PIF).
This Letter of Conformance is valid for the following scopes:Target organization: IHI Corporation
Target loan : ESG/SDGs Assessment Loan (PIF Principle-applied)
Target activity : - Activities related to ESG / SDGs of IHI Corporation- The following activities set as material action items(1) Realizing a carbon-free, sustainable, recycling society(2) Diversity and inclusion (human resource development)(3) Reducing environmental impact(4) Addressing climate change

Place and date:
Kobe, 21 December, 2022

For the issuing office:
DNV Business Assurance Japan K.K.
Sannomiya Chuo Bldg. 9th Floor,4-2-20, Goko-dori, Chuo-ku, Kobe 651-0087______________________________________________________________________________

Naoki Maeda
Management Representative

About DNV
DNV Business Assurance Group, as an independent third-party body, declares that it has no factual or cognitive
interest in relation to the provision of verification services and with IHI Corporation. Also, our work constituted ahigh-level review of the available information, based on the understanding that this information was provided to usby IHI Corporation in good faith, and we have not performed an audit or other tests to check the veracity of theinformation provided to us. This evaluation does not provide an assessment of the financial performance of theloan, the value of any investment or loan, or its contribution to long-term ESG performance or SDGs.

Lack of fulfilment of conditions as set out in the Certification Agreement may render this Certificate invalid.

DNV Positive Impact Finance Principles Evaluation Protocol
DNV evaluated and confirmed the following through the assessment.

Key word *Principle(Work undertaken)

Principle 1
Definitiona)Principle 2Frameworksa) Establish the specificprocesses, criteria
and methodologies toidentify positive
impactPrinciple 3
Transparencyb ) Establish theverification
processes, criteria
and methodologies
to monitor theachievement ofintended impactsc) Allocate and equip
staffs with therelevant mandates
and skills to enforce
the above processesd) Review SPO
assurances on theimplementation of
the above processes
as appropriatea) Disclosure of
positive impactb)

Principle 4
Assessment

Assess both positive
and negative
impacts

Disclosure of theprocesses todetermine eligibility,
and monitoringa) Evaluate the degreeof achievement ofthe intended impactb) Variety of positive
impacts delivered

DNV Findings
 Sumitomo Mitsui Banking Corporation (hereinafter, SMBC)
appropriately evaluates the negative impact of the ESG /SDGs activities promoted by IHI Corporation (hereinafter, IHI)
in addition to the positive impact.
 Of the ESG / SDGs activities, the four activities with eight
evaluation indcators set as "material action items" wereevaluated by the lender SMBC as important activities for therealization of sustainability management through IHI's
business, and it is planned that the impact achievement
status based on specific eight evaluation indicators ismonitored.
 SMBC has established an ESG/SDGs Assessment loan
process determining sheet, which complies PIF to evaluate
positive impact.
 In addition to the positive impact evaluation of IHI based on
this determining sheet, SMBC confirms its eligibility throughdiscussions with IHI.
 SMBC has established a verification process, criteria, andmethodologies for the achievement of intended impact basedon ESG / SDGs activities carried out by IHI. The concreteplan was shared with SMBC and IHI through discussion, andit was confirmed that IHI’s efforts will be promoted toachieve impact.
 SMBC has assigned departments and staffs with thenecessary competence and skills to implement the process,and appropriately confirms ESG/SDGs activity plans andimplementation status based on PIF principles of IHI.
 The appropriateness and validity of the ESG / SDGs
Assessment loan process determining sheet and the abovementioned efforts for determining positive impact defined by
SMBC have been confirmed by a third party.
 SMBC plans to confirm (monitor) that IHI will disclose
information on ESG / SDGs activities related to positive
impact to the general public at least once a year through IHI
Integrated Report, etc., and to ensure its transparency.
 The eligibility determining process and monitoring process(see Principle 1 and Principle 2) are evaluated by a third party
and disclosed to stakeholders including SMBC and IHI.
 SMBC confirms how positive impact of IHI will be achieved
through the experiences of IHI and the discussions with IHI.
 SMBC has evaluated IHI’s each ESG/SDGs activities(environmental, social and governance aspect, andcontribution to SDGs achievement) based on the ESG/SDGs
Assessment loan process determining sheet, and has
confirmed that various impacts will be brought.

Lack of fulfilment of conditions as set out in the Certification Agreement may render this Certificate invalid.

c) Magnitude of theimpacts deliveredd) Scale of impacts
delivered relative toamount of funds
spente) Magnificationf) Level of additionality

 Based on the characteristics of IHI’s business, SMBC has set
four “material action items” as activities that have animportant effect on the positive impacts, in addition toevaluating various ESG / SDGs activities of IHI. It is intended
that the financing will deliver a large (significant) impact andon the invested capital.

 Not applicable SMBC has confirmed that IHI’s ESG activities are associatedwith SDGs, and evaluates them as an additional positiveimpact.
＊Key word: From the perspective that SMBC apply when evaluating individual finance based on the PIF
principle, DNV has set concise indicators for key evaluation items. The PIFp-eligibility of SMBC's modelframework for this financial product “ESG / SDGs Assessment Loan (PIF Principle-applied)” has been
separately evaluated and confirmed by DNV.

Lack of fulfilment of conditions as set out in the Certification Agreement may render this Certificate invalid.