Investor Presentaiton

Rise of Environmental, Social, and Governance (ESG) Standards Adoption in Japan Should Unlock Greater Returns to Shareholders Japan has embraced the adoption and integration of ESG factors into corporate business at a fast pace: + Developments include the initiation of a new Japan Stewardship Code and Corporate Governance Code. These initiatives helped alter how institutional investors engaged with Japanese businesses + Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund became a signatory to the United Nations Principles for Responsible Investment (UNPRI) in 2015 and backed the launch of multiple Japanese ESG indexes + Nippon Steel regularly wins awards for embracing green technology + In an aim to create cleaner versions of their products – Toyota has been the front runner for hydrogen engines and Mitsubishi Heavy Industries has joined local and global green-oriented groups + Transition away from fossil fuels into new technologies should benefit companies such as Nippon, Toyota and Mitsubishi which could emerge as leading edge solution. providers in hydrogen power, wind turbine power, ammonia fuel and mini nuclear facilities Source: Wisdom Tree as of April 20, 2021 22

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