MSCI Inc. (hereinafter, “MSCI”) is a financial services company headquartered in New York, USA. It calculates and publishes numerous stock indices and provides institutional investors globally with a variety of tools to support their decision-making on investment. MSCI ESG Ratings comprehensively evaluates the companies’ activities for the environment, social, and governance of thousands of companies around the world and compares them by industry. MSCI evaluates and rates the companies in seven grades from the highest rank “AAA” to the lowest “CCC”.

Nissha Group considers social issues to be business opportunities based on our view that “initiatives for sustainable growth and development for both the company and society” are important. We strive to leverage our strengths to provide products and services that help solve social issues, while also work on further ESG initiatives, such as strengthening the management foundation underpinning our business activities, reducing risks that could hamper business continuance, and promoting governance to ensure these are all carried out appropriately.

*THE USE BY Nissha Co., Ltd. OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF Nissha Co., Ltd. BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.