Human rights

• There is growing interest and rising expectations both within and outside the company regarding efforts to address human rights issues through our business activities.
• In particular, as a corporate group that connects people, towns and communities to the future, we have a responsibility to realize a sustainable society in which everyone can experience wellness.
• Therefore, acting with respect for the dignity and basic human rights of all people is an essential premise for the business activities of our Group.

Impact on Business Models and Value Chains

When formulating our Human Rights Policy, our Group investigated human rights risks throughout our entire value chain.
Based on a survey focused on “severity of potential human rights impact (scale, scope, and difficulty of remediation)” and “possibility of human rights impact (country-specific situation and industry-specific situation),” we have identified risks in terms of overseas operations and employment of foreign workers.
We conduct human rights due diligence on any elements identified and take corrective action if necessary.

• *1
  Participation rate for the online Human Rights, Wellness, and D&I Training conducted jointly by the Group

Participation in the Human Rights Due Diligence Promotion Council

Our Group participates in the Human Rights Due Diligence Promotion Council for the construction and real estate sector, which consists of nine companies in total: three general contractors that serve as our suppliers and six real estate developers, including our own company.
The council was established to fulfill the corporate responsibility to avoid infringing on the human rights of others and to prevent, mitigate, and rectify adverse human rights impacts with which they are involved as required by the Guiding Principles on Business and Human Rights.
We strive to prevent human rights abuses including forced labor in the industry as a whole.

News release (Japanese text only)

Exchanges of Opinion on Human Rights Issues

Through the Human Rights Due Diligence Promotion Council, whose active participants include construction and real estate companies, the Group implements engagement initiatives with NGOs, lawyers, and other external bodies to prevent adverse impacts on human rights with respect to the acceptance of foreign technical interns and human rights issues related to Group business activities. During the engagement, we received feedback regarding issues such as forced labor and working conditions in the Asia-Pacific region, where our company also conducts business.
Based on the results of the engagement, we will reflect these insights in our future activities and plans, and promote appropriate business practices in line with international standards.

Acceptance of, and Communication with, Foreign Technical Interns

Nomura Real Estate Amenity Service, a member of our Group, accepts foreign technical interns from Indonesia, Vietnam, the Philippines, and Myanmar. To ensure that interns can work with confidence, the Company gives due consideration to the improvement of their working environments, the thorough implementation of safety standards, the provision of appropriate living arrangements, and other key factors. To elicit opinions, requests, consultations, and concerns from trainees, we provide periodic opportunities for interviews with their superiors (line care), and the Human Resource Development Section staff and technical interns (those who have completed their technical internship training) provide lifestyle support and mental care (staff care) to the trainees when patrolling their dormitories. We also hold Japanese language study sessions (once a week), Japanese culture experiences (monthly), and social gatherings (once a year).
In addition, in our Group’s inclusive design workshop initiatives, we invited foreign technical interns to participate and work together with us. Through these shared hands-on experiences, all participants considered the perspectives needed and the actions to be taken to create a work environment at BLUE FRONT SHIBAURA where everyone can work comfortably.
Going forward, we are also considering further expanding the number of trainees we accept and, moving forward, recognize the need to be more considerate of the human rights of, and communicate better with, technical intern trainees.

Human Rights Initiatives to Date

Period	Initiatives
FY21/3	Established the Human Rights Subcommittee to strengthen and promote activities in accordance with international norms on human rights and began formulating the Human Rights Policy Conducted sustainability monitoring interviews with 10 major suppliers
FY22/3	Formulated and announced the Nomura Real Estate Group Human Rights Policy Identified prominent human rights issues within the Group Conducted a Group-wide desktop survey to ascertain the current status of human rights issues within the Group Conducted a detailed survey, including interviews and questionnaires, involving seven Group companies, six in Japan and one in Vietnam, in the property and facility management business, hotel business, and overseas business, as these are operations with relatively high human rights risks Identified four priority issues (1) Wellness and human rights of employees (2) Overseas business and non-Japanese workers (3) Human rights in the supply chain (4) Remedial measures
FY23/3	Implemented various measures, mainly through the Wellness and D&I Management Committee (measures such as encouraging employees to take paid leave) Incorporated human rights elements into project evaluation criteria for overseas operations Created checklists to confirm human rights risks in the Company Created and distributed an interview sheet for suppliers to use in determining the employment status of non-Japanese technical interns Reformed the internal reporting system for workers at overseas bases and announced the reforms Formulation of a Three-Year Roadmap for priority issues
FY24/3	Implemented various measures, mainly through the Wellness and D&I Management Committee (measures such as increasing the rate of one-on-one meetings) Started implementation of overseas project evaluation criteria incorporating human rights elements Started using human rights risk checklists and conducting face-to-face interviews with some business companies Conducted direct meetings with suppliers in the presence of an external consulting firm
FY25/3	Implemented various initiatives, led mainly by the Human Resources, Wellness, and D&I Committee (including measures to raise awareness of inclusive design) Conducted on-site assessments at overseas locations (Vietnam) to identify country-specific human rights risks Conducted desktop assessments based on overseas project evaluation criteria that incorporate human rights factors Began examining the establishment of a traceability framework for timber procurement Established and launched the Nomura Real Estate Group Human Rights Consultation Desk Update of the three-year action roadmap

Four Priority Issues

The Group is establishing a human rights due diligence process based on the UN Guiding Principles on Business and Human Rights for identifying, preventing and mitigating negative impacts on human rights, directly related to our business, products, and services as a result of our business activities and relationships.
With the cooperation of external experts, we completed establishment of the priority issues to be addressed on human rights due diligence by fiscal year ended March 2022 and formulated a three-year roadmap of initiatives (hereinafter, the “Three-Year Roadmap”). Specifically, we selected four priority issues: (1) employee wellness and human rights, (2) overseas business and non-Japanese workers, (3) human rights in the supply chain, and (4) remedial measures, and we designated departments with jurisdiction over these issues.We have been implementing a full-scale human rights due diligence and a PDCA cycle based on the roadmap since fiscal year ended March 2023.

Update of the Three-Year Roadmap

The fiscal year ended March 2025 marked the final year of the Three-Year Roadmap. In addition to reviewing the progress made to date, we analyzed changes in the external environment and social conditions, and conducted on-site assessments at our overseas locations to identify new issues. Based on these findings, we updated our risk map and the list of salient human rights issues.
Until now, human rights issues had been categorized into “four priority issues.” However, during this update, we reclassified the issues by domestic and international rights holders, with the aim of clarifying which rights holders each initiative is intended to support.

For the human rights issues identified, we engaged in dialogue with internal and external stakeholders to confirm alignment between the priority issues and actual circumstances on the ground. These findings were incorporated into the new Three-Year Roadmap, which was implemented starting in the fiscal year ending March 2026.
Furthermore, going forward, we will also focus on the interrelationship between human rights issues and climate change and AI.

To ensure alignment between priority issues and real-world conditions, we held discussions with the following stakeholders:

Scope of Human Rights Due Diligence

• (1)
  Conducted human rights due diligence in Vietnam to identify country-specific risks in our overseas business, including interviews and dialogues with our local subsidiary and partner companies.
• (2)
  Conducted a desktop assessment in Vietnam as part of human rights due diligence based on the overseas project evaluation criteria.

Establishment of a Grievances Mechanism

The Group has set up multiple points of contact, which are accessible to all employees regardless of employment status, for consultation on human rights issues and has also established a point of contact for reporting on human rights abuses by Group employees and other acts that may conflict with the Group’s code of ethics.
Reports and consultations received through these points of contact are accepted anonymously and remain strictly confidential. If, as a result of investigation, there is a clear violation of respect for human rights, the Group takes appropriate action against the perpetrator, and protects the victim and whistleblower so that they are not treated prejudicially for having made a report.
In this way, by setting up multiple points of contact for consultation, the Group has created an environment where it is easy to seek advice, and is working for the early detection and resolution of any problems and taking measures to prevent reoccurrence.
The points of contact for consultation report semi-annually to the Risk Management Committee and report on legal violations and fraud to the Risk Management Committee as well as the Audit & Supervisory Committee, and management reviews the operational status of the points of contact.
In fiscal year ended March 2025, there were 109 consultation matters relating to discrimination and harassment, and we investigated the facts and took appropriate action.
Going forward, we plan to strengthen the system to improve the effectiveness of the points of contact for consultation.

Human Rights Consultation Service

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