External Ratings

Logo	Index	Overview of the Group’s rating
	MSCI Japan ESG Select Leaders Index *1	The index is composed of stocks of companies with superior ESG performance relative to their peers, with the top 700 stocks in market capitalization of the MSCI Japan IMI covering Japanese stocks as the parent index. The H.U. Group has been selected as a constituent for six consecutive years since 2017.
	MSCI Japan Empowering Women Index (WIN)*1	The index is composed of stocks of companies with excellent gender diversity scores, with the top 700 stocks in market capitalization of the MSCI Japan IMI covering Japanese stocks as the parent index. The H.U. Group has been selected as a constituent for four consecutive years since 2019.
	SOMPO Sustainability Index	The index is composed of some 300 stocks with strong reputations for environmental, social, and corporate governance (ESGs), selected based on the results of an ESG management survey conducted by SOMPO Risk Management Inc. The H.U. Group has been selected two years in a row starting in 2021.
	FTSE Blossom Japan Sector Relative Index *2	The index consists of around 500 corporate brands with excellent response to ESG issues, selected from among those with comparatively high FTSE Russell ESG ratings in their respective industries. H.U. Group Holdings was selected in 2022, when the Index was first launched.

• THE INCLUSION OF H.U. Group Holdings, Inc. 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 H.U. Group Holdings, Inc. 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.
• FTSE Russell (Registered trademark of FTSE International Limited and Frank Russell Company) hereby certifies that H.U. Group Holdings, Inc. has qualified for inclusion in the FTSE Blossom Japan Sector Relative Index as a result of independent research. The FTSE Blossom Japan Sector Relative Index is widely used to create and evaluate sustainable investment funds and other financial products.

Index	Overview of the Group’s rating
MSCI ESG Ratings *	An MSCI ESG Rating rates companies on a scale of “AAA to CCC” according to their exposure to ESG risks and how well they manage those risks relative to peers. The H.U. Group earned a highest rating of AAA in 2022.
Sustainalytics’ ESG Risk Ratings	The ratings focus on ESG issues that pose significant risks to corporate performance and rate companies on three aspects of corporate governance, material ESG issues, and industry-specific issues. The H.U. Group has earned a rating of “Low Risk”, the second highest, since 2020.
CDP	CDP is an international NGO that requests business enterprises and other institutions to complete a questionnaire on global environmental issues. CDP allocates a score based on the answers and discloses relevant information. The H.U. Group received the following ratings: ✓ Climate Change 2022：　A－ （for the second consecutive year） ✓ Supplier Engagement Rating 2021：　A－
Toyo Keizai Inc. CSR Company Ranking	The ranking evaluates Japanese companies from four aspects of CSR initiatives (human resources and utilization, environment, corporate governance, and social responsibility) and financial aspects. The H.U. Group was rated as follows in the 14th survey in 2021. (1,631 companies surveyed) ✓ Ranking of CSR Companies: Ranked 234th overall and 4th in three-year average growth rate
Ministry of Economy, Trade and Industry, and Nippon Kenko Kaigi Certified Health and Productivity Management Organization Large Enterprise Category	Nippon Kenko Kaigi, jointly with the METI, presents awards to large and small and medium-sized enterprises that have implemented particularly excellent health management based on their efforts to meet local health issues and the health promotion initiatives of the organization. H.U. Group Holdings, Inc. has been certified as a “2022 White 500 Health & Productivity Management Outstanding Organization”.

* THE USE BY H.U. Group Holdings, Inc. 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 H.U. Group Holdings, Inc. 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.