ESG Indices and External Valuation

Our Company has been selected as a constituent of multiple ESG (Environment, Social, and Governance) indices and has also received various certifications and evaluations related to the environment, diversity, DX (digital transformation), and other areas.

Category	Organization	Description of Activities
ESG Indices	FTSE4Good Index Series_※1 / FTSE JPX Blossom Japan Index_※2 / FTSE JPX Blossom Japan Sector Relative Index_※3	The FTSE4Good Index Series is a series of ESG stock indices developed by FTSE Russell, a UK-based index provider. Companies are selected based on stringent ESG criteria, and the series includes companies that actively pursue sustainable management. The FTSE JPX Blossom Japan Index is an index composed of Japanese companies judged to excel from an ESG perspective. The FTSE JPX Blossom Japan Sector Relative Index is an index composed of companies with relatively high ESG ratings within each sector.
	MSCI Selection Indexes / MSCI Japan ESG Select Leaders Index / MSCI Nihonkabu ESG Select Leaders Index_※4	MSCI Selection Indexes are indices developed by MSCI Inc. (U.S.) consisting of companies with high ESG ratings. Companies with relatively high ESG ratings are selected within each industry, and the indices are used by institutional investors as benchmarks for ESG investing. This index is constructed by selecting companies with superior ESG ratings from among the constituents of the parent index (MSCI Japan IMI Index), targeting 50% of the free-float-adjusted market capitalization within each GICS®[1] industry classification in the parent index. This index is constructed by selecting companies with superior ESG ratings from among the constituents of the parent index, targeting 50% of the number of constituent stocks within each GICS®[1] industry classification.
	Morningstar Japan ex-REIT Gender Diversity Tilt Index_※5	Morningstar Japan ex-REIT Gender Diversity Tilt Index (GenDi J) is an index calculated by Morningstar, Inc. (U.S.) using the Gender Equality Score provided by Equileap. The index places emphasis on including companies where policies related to gender diversity are embedded in corporate culture and where equal opportunities are provided to employees regardless of gender.
	S&P/JPX Carbon Efficient Index	The S&P/JPX Carbon Efficient Index is a Japan equity ESG index jointly developed by S&P Dow Jones Indices and Japan Exchange Group. Based on the constituents of TOPIX (Tokyo Stock Price Index), it adopts a mechanism that adjusts constituent weights within each industry by taking carbon efficiency (carbon emissions per unit of revenue) into account.
Certifications and Evaluations	Noteworthy DX Companies	Noteworthy DX Companies is an award program administered by the Ministry of Economy, Trade and Industry (METI) and the Tokyo Stock Exchange. Companies that promote DX and actively work to enhance corporate value and transform business models are selected.
	Eruboshi	“Eruboshi” is a certification program based on the Act on Promotion of Women’s Participation and Advancement in the Workplace. After a company formulates and submits a general employer action plan, it may receive certification from the Minister of Health, Labour and Welfare if its initiatives to promote women’s advancement are recognized as excellent. Visit our “Promoting the Advancement of Women” website.
	PRIDE Index	The PRIDE Index is an index established in 2016 by the general incorporated association work with Pride as Japan’s first framework to evaluate corporate initiatives related to LGBTQ+ and other sexual minorities. Our Company has received the Gold rank for two consecutive years since 2024.
	ECO FIRST	The Eco First Program is a certification program established by the Ministry of the Environment. It certifies companies as “Eco First Companies” that, as industry top runners, engage in advanced and distinctive environmental conservation initiatives. Visit our “Environmental Management” website.
	Gomez ESG Web Awards	The Gomez ESG Site Ranking is a program that evaluates the content and presentation of corporate ESG disclosures and ranks websites that provide outstanding ESG information. From a third-party perspective, it assesses the comprehensiveness and clarity of sustainability information.
	All Markets Ranking in Japan	The All Listed Companies Website Content Ranking is a ranking in which Nikko Investor Relations, Inc. surveys the websites of approximately 4,000 listed companies from three perspectives—“clarity,” “usability,” and “amount of information”—and recognizes companies with excellent IR disclosure. Our Company’s website was selected as the top company in the overall ranking in the 2025 edition of this ranking.

Notes

※1

FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that SHIMIZU CORPORATION has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices. The FTSE4Good indices are used by a wide variety of market participants to create and assess responsible investment funds and other products.

※2

FTSE Russell confirms that SHIMIZU CORPORATION has been independently assessed according to the index criteria, and has satisfied the requirements to become a constituent of the FTSE JPX Blossom Japan Index. Created by the global index and data provider FTSE Russell, the FTSE JPX Blossom Japan Index is designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices. The FTSE JPX Blossom Japan Index is used by a wide variety of market participants to create and assess responsible investment funds and other products.

※3

FTSE Russell confirms that SHIMIZU CORPORATION has been independently assessed according to the index criteria, and has satisfied the requirements to become a constituent of the FTSE JPX Blossom Japan Sector Relative Index. The FTSE JPX Blossom Japan Sector Relative Index is used by a wide variety of market participants to create and assess responsible investment funds and other products.

※4

THE INCLUSION OF SHIMIZU CORPORATION IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF SHIMIZU CORPORATION BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.

※5

Morningstar, Inc. and/or its affiliates (collectively, whether individually or as a group, “Morningstar”) has authorized Shimizu Corporation to use the Morningstar Japan Gender Diversity Tilt Index (ex-REIT) logo (the “Logo”) to reflect the fact that Shimizu Corporation was ranked in the top group of constituents of the Morningstar Japan Gender Diversity Tilt Index (ex-REIT) (the “Index”) for the specified ranking year with respect to workplace gender diversity. Morningstar authorizes Shimizu Corporation’s use of the Logo solely for informational purposes. Shimizu Corporation’s use of the Logo does not constitute a recommendation of Shimizu Corporation by Morningstar, nor does it recommend, suggest, or solicit the purchase, sale, or underwriting of any security associated with Shimizu Corporation. While the Index is designed to reflect workplace gender diversity in Japan, Morningstar does not guarantee the accuracy, completeness, or timeliness of the Index or any data included therein. Morningstar makes no express or implied warranties regarding the Index or the Logo and expressly disclaims warranties of merchantability and fitness for a particular purpose or use with respect to the Index, data included in the Index, or the Logo. Without limiting any of the foregoing, in no event shall Morningstar or any third-party content provider be liable for any damages (whether direct or indirect) arising from any party’s use of or reliance on the Index or the Logo, even if Morningstar had been advised of the possibility of such damages. The Morningstar name, index name, and Logo are trademarks or service marks of Morningstar, Inc. Past performance is not indicative of future results.