    Independent Verification Report
Prepared for Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation: 01 June, 2023

As signatories to the Operating Principles for Impact Management (the Impact Principles)1, Shinsei Impact Investment Limitedand Japan Social Innovation and Investment Foundation engaged BlueMark to undertake an independent verification of thealignment of the Japan Impact Investment II Limited Hataraku Fund’s impact management (IM) system with the Impact
Principles. The Japan Impact Investment II Limited Hataraku Fund’s assets under management covered by the Impact Principles(Covered Assets) totals $26,088,0102, for the period ending 04/2023.

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BlueMark has independently verified the Hataraku Fund’s extent of alignment with the Impact Principles. Key takeaways
from BlueMark’s assessment are as follows:Principle 1: The Fund has developed a clear impact strategy with thematic areas of focus mapped to the SDGs, alongside a Fundlevel theory of change. To further align, the Fund should capture supporting evidence for the causal links between its activities
and its desired outputs and outcomes.
Principle 2: The Fund aligns its staff incentives to the achievement of impact. To further align, the Fund should apply its ex-ante
impact rating tool to investments ex-post to enable the comparison of actual impact across the portfolio.
Principle 3: The Fund actively engages with its portfolio companies to enhance their impact by providing tailored support toimprove operational processes, develop strong impact management approaches, promote business growth, and prepare forimpact IPOs. Contribution activities are systematically monitored ex-post.
Principle 4: The Fund applies a series of impact criteria to each investment and assesses expected impact ex-ante using an impact
rating table informed by the IMP’s Five Dimensions.
Principle 5: The Fund follows an ESG risk assessment approach centred on the use of an ex-ante ESG Questionnaire, ESG KPIs
are developed where material risks are identified, and ESG processes are aligned to industry standards. To further align, theFund should track progress against ESG KPIs and monitor all investments for unexpected ESG risks.
Principle 6: The Fund captures impact data for each investment in its Annual Impact Report. To further align, the Fund shouldformalise its process for collecting and monitoring impact data and develop a process to address impact underperformance.
Principle 7: The Fund has developed an approach to ensure the longevity of impact following IPO, its preferred exit mode. To
further align, the Fund should develop a responsible exit framework and exit memo template and apply it consistently acrossinvestments.
Principle 8: The Fund has begun to capture learnings related to its investments and operations and identifies priority actions forimprovement. To further align, the Fund should establish a more systematic approach to conducting periodic reviews of
portfolio-level impact performance. 
1 Principle 9 states that signatories “shall publicly disclose, on an annual basis, the alignment of its impact management systems with the Impact Principles and, at regular intervals, arrange

for independent verification of this alignment. The conclusions of this verification report shall also be publicly disclosed. These disclosures are subject to fiduciary and regulatory concerns.”
2 Assets under management figure as reflected in the Hataraku Fund Disclosure Statement as of April 30, 2023, converted from JPY to USD. BlueMark’s assessment did not include

verification of the AUM figure.

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Prepared for Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation: 01 June, 2023

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Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation provided BlueMark with the relevant
supporting documentation for the policies, processes, and tools related to the IM system applicable to the Covered Assets for theHataraku Fund. The scope of BlueMark’s work was limited to processes in place related to the Covered Assets as of April 2023.
BlueMark’s assessment of the IM system included an evaluation of both the system itself and supporting documentation, as well as
the consistency of the draft disclosure statement with the IM system. BlueMark believes that the evidence obtained in the scope of
its assessment is sufficient and appropriate to provide a basis for our conclusions.3
BlueMark’s full assessment methodology, based on its professional judgment, consisted of:1. Assessment of the IM system in relation to the Impact Principles, using BlueMark’s proprietary rubric, and examining
processes and policies against the following criteria:• Compliance of the IM system with a threshold level of practice;• Quality of the IM system’s design in terms of its consistency and robustness; and• Depth of sub-components of the system, focused on completeness
2. An interview with Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation staff
responsible for defining and implementing the IM system;
3. Testing of selected transactions to check the application of the IM system; and4. Delivery of detailed assessment findings to Shinsei Impact Investment Limited and Japan Social Innovation andInvestment Foundation, outlining areas of strong alignment and recommended improvement, as well as BlueMark’s
proprietary benchmark ratings on the extent of alignment to each of the Impact Principles.

 This statement, including our conclusions, has been prepared solely for Shinsei Impact Investment Limited and Japan Social
Innovation and Investment Foundation in accordance with the agreement between our firms, to assist Shinsei Impact Investment
Limited and Japan Social Innovation and Investment Foundation in fulfilling Principle 9 of the Operating Principles for Impact
Management. We permit Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation to disclose
this statement in its entirety online, or to furnish this statement to other interested parties to demonstrate the Hataraku Fund’salignment with the Operating Principles for Impact Management. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundationfor our work or this statement except where terms are expressly agreed between us in writing.

  BlueMark, a Tideline company, is a leading provider of impact verification services in the impact investing market. BlueMark wasfounded with a mission to “strengthen trust in impact investing” and to help bring more accountability to the impact investment
process. BlueMark is a wholly owned subsidiary of Tideline Advisors, LLC, a certified women-owned advisory firm in impact
investing. Since its founding in 2014, Tideline has become a recognised leader in impact measurement and management, workingwith leading asset owners and managers to design and implement impact management systems.

3 The scope of BlueMark’s assessment procedures does not include the verification of the resulting impacts achieved. BlueMark’s assessment is based on its analyses of publicly available

information and information in reports and other material provided by Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation. BlueMark has relied on
the accuracy and completeness of any such information provided by Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation. The assessment results
represent BlueMark’s professional judgment based on the procedures performed and information obtained from Shinsei Impact Investment Limited and Japan Social Innovation andInvestment Foundation.     Independent Verification Report
Prepared for Shinsei Impact Investment Limited and Japan Social Innovation and Investment Foundation: 01 June, 2023
BlueMark has conducted this verification with an independent and unconflicted team experienced in relevant impact
measurement and management issues. BlueMark has implemented a Standard of Conduct requiring our employees to adhere tothe highest standards of professional integrity, ethics, and objectivity in their conduct of business activities.
BlueMark has office locations in London, UK; New York, NY; Portland, OR; and San Francisco, CA and is headquartered at 915
Battery St, San Francisco, CA 94111, USA. For more information, please visit www.bluemarktideline.com.