Daiwa Institute of Research (DIR) is committed to solving social issues, such as those related to the environment, education, economic growth and technological innovation, and to contributing to the sustainable development of society and the economy. To this end, our specialists in the research, consulting and system fields are collaborating to provide customers with solutions that support their human capital management.

• Daiwa Institute of Research Ltd.

DIR disseminates a wide range of information and offers policy recommendations about the financial and capital markets and the real economy. Human capital investment by the national government and companies is essential for Japan's economic growth and the sustainable enhancement of corporate value. In Japan, which is faced with a decrease in population, it is also important for companies to provide individuals with workplaces where they can work with high productivity while maintaining their health. DIR has many experts on the economy and the financial and capital markets as well as specialists in the field of human capital. These professionals disseminate information and offer policy recommendations from various perspectives.

• Research

DIR provides solutions to help corporate managers foster human capital management, specifically solutions to support them in examining and formulating their human resource portfolio and in holding seminars to develop the next generation of talent.

• Consulting on Human Capital Management ⟨ Japanese only ⟩

Based on its extensive expertise in the medical insurance system cultivated over many years in the social insurance field, DIR provides customers with solutions tailored to their needs, such as services to support them in making and implementing Data Health Plans and consulting on health management. The company also offers standard platform-type services for core business operations with flexible scalability and high security to health insurance associations and boasts the industry's top market share in this field. Going forward, based on these solutions, DIR will deliver a range of health-tech services in one package to support its corporate customers in promoting well-being management.
In 2025, DIR launched the Hearbit app, enabling employees to access well-being support services more smoothly. They will be able to pursue their health and happiness on a daily basis via this smartphone app. For the management side, the app will help increase the productivity of the company by increasing the well-being of employees, which will in turn help the employees work with more motivation. Also, the central management and visualization of the dispersed data about employees will help companies show their human capital information to investors and job-hunting students and workers. The app thus helps increase employee engagement while also maximizing the return on human capital investment.
Based on its secure system, DIR will analyze accumulated service data to enhance employees' daily lives and increase the corporate value.

• Well-Being Platform "Hearbit" ⟨ Japanese only ⟩

The Daiwa Institute of Research has been proactively participating in the capital market development support implemented by ASEAN and the Japan International Cooperation Agency (JICA) since around 2010, thereby contributing to the sustainable economic growth of Vietnam, the Philippines, Indonesia, Myanmar, Mongolia and others as well as to the enhancement of global partnership.

In particular, in the Project for Capacity Building on Improving Fairness and Transparency of Vietnamese Equity Market, which was implemented by JICA in Vietnam during the period from 2019 to 2023and the three-year follow-up project launched in April 2024 for capacity building to increase the efficiency of the Vietnamese stock market, DIR regards sustainable finance and sustainability-related disclosure as important themes and is collaborating with international organizations and others to support the Vietnamese authorities in building the necessary legal system and enhancing its market oversight, while conducting market awareness-raising activities through seminars.

Established in April 2018, Fintertech Co., Ltd. is funded by Credit Saison, the leading company in the credit card industry and its capital partner. By making effective use of the financial know-how, networks and leading-edge technology possessed by Credit Saison and Daiwa Securities Group, Fintertech is providing next-generation financial services.

• Fintertech Co., Ltd. ⟨ Japanese only ⟩

Fintertech provides loans backed by cryptocurrency assets (Bit Coin and Ethereum), which were not conventionally utilized as collateral in Japan. These loans enable holders of cryptocurrency assets to raise fund without selling the assets.

Fintertech borrows cryptocurrency (Ethereum) from customers and pays rental fees for it, thereby providing customers with an option to make effective use of their cryptocurrency to generate income.

Funvest is a loan-type crowdfunding service to provide customers with strictly selected investment opportunities on the Internet. Investors can receive dividends by making online investments in the fund structured by Fintertech.

This cloud-based service for the creation of tipping websites helps corporations and organizations launch a tipping website easily without programming and other professional knowledge or initial cost.

This loan service is offered to individuals and asset management companies investing in real estate by using the real estate to be purchased as collateral.

• *In principle, this service targets existing customers who have been continuously dealing with Daiwa Securities Co., Ltd. and meet the criteria set by the company.

Daiwa Energy & Infrastructure Co., Ltd. (DEI) was launched as the successor to the energy investment division of Daiwa PI Partners, and started operation on October 1, 2018. The company aims to provide new value as a member of an integrated securities group with a hybrid business model, and contribute to the SDGs through investment and financing in the renewable energy, infrastructure, and resource fields.

• Daiwa Energy & Infrastructure Co., Ltd.

DEI has been actively working on development of and business investment in renewable energy generation projects, taking advantage of the Daiwa Securities Group's network. In the solar power generation field, the eight owned solar photovoltaic power plants whose construction has been completed as of May 2024 are all operating stably.
In the biomass power generation field, DEI has been steadily promoting the development of wood biomass power generation plants that use tree trimmings in Japan as their primary source of fuel. The development is underway with Green Thermal Co., Ltd., with which DEI has formed a capital and business alliance. The commercial operation of a plant in Yonezawa, Yamagata began in January 2018 as the first alliance project, and a plant in Kamitonda, Wakayama as the second project also began operation in June 2020. The plant in Kai, Yamanashi, was completed in 2023.

DEI has formed a capital and business alliance with Green Thermal, a leader in the development and operation of woody biomass power generation plants, and Biomass Fuel Co., Ltd., a biomass fuel supplier. It has been actively promoting the construction of power plants and biomass-related businesses, including the fuel supply business.
The woody biomass power generation business uses carbon-neutral power generation facilities that do not affect the amount of carbon dioxide. Moreover, since it adds new value as fuel to wood trimmings from forests and PKS that have been left and discarded, it is expected to generate new industries and employment and contribute to local economies in Japan as well as the development of industry in developing countries.

DEI offers DSREF Core Amaterasu Fund, Investment Limited Partnership (hereinafter, "Amaterasu") as a vehicle to invest in brownfield solar power projects in Japan. The fund was originally established by Daiwa Real Estate Asset Management. DEI plans to provide stable-operating solar power plants to Amaterasu.

The Group will develop a capital recycling model in the renewable energy sector by combining DEI's investment and financing function with Daiwa Real Estate Asset Management's infrastructure asset management function. The Group will continue these initiatives to meet the needs of investors in alternative assets.

Japan's agricultural business faces various social issues, such as the aging of people engaged in farming, a decreasing number of new farmers, shortages of successors, and an increase in abandoned farmlands.
Daiwa Food & Agriculture Co., Ltd. (DFA), which was established in November 2018, will contribute to solving various issues faced by Japan's agriculture and food-related businesses through the expansion of scale, increase in efficiency of the agricultural production business and the introduction of leading-edge technologies.

• Daiwa Food & Agriculture Co., Ltd. ⟨ Japanese only ⟩

DFA has been producing and selling tomatoes and paprikas at its large-scale horticultural facilities. In March 2024, it started to a new operation to produce paprikas in Hokkaido for the establishment of an independent year-round paprika supply system, which is rare in Japan.
By taking advantage of cultivation using large-scale horticultural facilities and its expertise in operating such facilities, DFA will continue to pursue expansion of scale and increase in efficiency of agricultural production, thereby engaging in business that contributes to the stable supply of food in Japan and overseas and to the revitalization of local economies.

DFA provides an agricultural consulting service for accompanying support, leveraging its agricultural management know-how. Based on its own experience of entering the agricultural market from another industry, the company offers effective advice on agricultural production, marketing, investment and management. It mainly supports Japanese companies and governmental agencies in conducting examinations about a potential agricultural business, launching and operating the business, and making improvements and formulating relevant measures for agricultural management.

Securing nursing care services of high quality is an important social issue to be addressed in Japan's super-aging society. Good Time Living is implementing a range of measures for sustainable business management, including making effective use of ICT, responding to diversified customer needs, improving the workplace comfort for its staff and promoting diversity.

By fostering the sharing of information and knowledge and facilitating communication among its staff, Good Time Living is improving its service quality and increasing its operational efficiency. Its staff input and share records on the health and daily life of residents of the company's care facilities on the mobile terminals that they carry with them to enhance the residents' living environment and the company's care services, thereby meeting the individual needs of the residents.

It is predicted that the number of elderly people who need both nursing and medical care will rapidly increase. In response, Good Time Living opened its first visiting nurse station as an annex to its care facilities for the elderly in FY2023. As of June 2025, it operates a total of five such stations in the Tokyo metropolitan region and the Kansai region. These stations operate around the clock, with nurses available to respond to calls from users and make home visits as necessary. The company is thereby offering peace of mind to those who need 24/7 medical support.

Attributing importance to ensuring and increasing workplace comfort for its staff, Good Time Living is increasing its operational efficiency through the use of ICT and also enhancing its training system and supporting the staff in obtaining qualifications. Also, the company has established a mental healthcare system to provide its staff with workplaces where they can work with ease of mind for many years.

Good Time Living started to accept non-Japanese staff in FY2019, and have accepted a total of 35 people^* from outside Japan, including from Vietnam, the Philippines, Indonesia and Myanmar. The company is supporting these staff in improving their Japanese language ability, obtaining national qualification to work as a certified care worker and developing and establishing their careers, while respecting their respective culture and values.

• *Cumulative total number of specified skilled workers for care giving and technical intern trainees employed by the company (as of June 2025)

• Good Time Living Co., Ltd. ⟨ Japanese only ⟩

Communication and information sharing about residents between staff members, traditionally done verbally or in writing, is digitized. The tool can convey information more quickly and reliably. It also facilitates active communication across job boundaries, including caregivers and nurses. Important points to consider when giving care to each resident and other various knowledge is also accumulated and shared between different professions, leading to more attentive services.

We utilize CareWiz Toruto, a physical function analysis AI service, to measure the effectiveness of rehabilitation programs.
When a person is video recorded walking a distance of about 5 meters, the video is analyzed in about 2 minutes. The walking condition is scored in four indicators: speed, rhythm, reeling, and left-right difference. Measurement results are output on a single sheet, enabling specific and timely feedback to residents and their families.

Feedback from residents and staff

• It is specific, easy to understand, and easy to compare with previous results. (Resident)
• I was surprised to find that I could walk straighter than I thought I could. (Resident)
• Toruto analysis with and without a cane showed that the resident could walk more stably with a cane, leading to more personalized care. (Caregiving staff member)

Body motion sensors are placed under the bed mattress to detect body movements (such as rolling over, heartbeat, breathing) of residents in bed. We have begun to create an environment where residents' conditions (measurement results) can be monitored using mobile devices and other devices.
In addition to strengthened monitoring via remote confirmation, the Monitoring Assistance system allows its staff to provide better services to residents by understanding and monitoring changes in the residents' physical conditions based on the measurement results.

Data on residents' health and lives, which used to be handwritten by care-giving staff members, is now entered into the care-giving record system. The system automatically creates progress graphs using vital data such as temperature and blood pressure. It has also made it easier to retrieve recorded data and reduced work.

Feedback from staff

• We didn't have enough opportunities to look at care given by other staff members, but we are now able to learn points for good care by looking at records.
• CARE KARTE has reduced the time required for recording data, enabling us to increase time for conversation with residents.

Good Time Living established this portal site to facilitate the convenient provision of information to residents and their families. The site has enabled the timely sharing of information regarding invoices and payment receipts, various notices, and crisis management information. Such materials and information used to be provided via notices posted in the building or individually addressed letters. The opening of the portal site has led to a substantial reduction in printing and postal mail and increased the convenience of residents and their families due to the smooth dispatch of information.

A new Photo Gallery service was also added. The families (and only the families) of residents can freely view photos not only of special events but also of the daily life and activities of their loved one taken by on-site staff. The service thus helps to foster a sense of security among residents' families.

Feedback from residents' families (Photo Gallery service)

• I can seldom visit the facilities, so viewing the photos provides me with a sense of relief.
• I was happy to see the residents enjoying their time with the staff members.

Daiwa Corporate Investment Co., Ltd., a venture capital firm of Daiwa Securities Group, helps to solve social issues through investment in ventures, thereby contributing to the realization of a sustainable society.
Daiwa Corporate Investment manages multiple venture funds that invest in ventures. Some of these funds are strongly related to the SDGs, such as funds specializing in biotechnology and an environmental fund managed jointly with a Chinese environmental firm.
The firm incorporates an SDGs perspective into its investment activities for other funds as well, such as selection of investee companies and management support provided after investment. In recent years, Daiwa Corporate Investment has been especially strengthening efforts to relate its activities to the SDGs due in part to an increase in the number of entrepreneurs who have a strong awareness of solving social issues.

• Daiwa Corporate Investment Co., Ltd.

Daiwa Corporate Investment invests in many ventures. They include many companies related to the SDGs as shown below.

• Rhelixa (DVGF2): Omics analysis service, consulting, and development and management of cloud-based research support service
• TechDoctor (DVGF2): Development of digital biomarkers that give insights into health

In October 2020, in collaboration with the China Energy Conservation and Environmental Protection (CECEP) Group, China's only state-owned company specializing in the environment, Daiwa Corporate Investment established a fund in Wuhan, Hubei Province, to invest in environment-related companies in China. The fund aims to contribute to the SDGs, and is engaged in investment business based on the principles of the Chinese government's policy to protect the Yangtze River. In 2022, the fund received an investment from the China National Green Development Fund, a joint fund established by the Chinese central government (Ministry of Finance, and Ministry of Ecology and Environment) and the Shanghai Municipal Government, bringing the current total investment fund to approximately 10 billion yen as of May 31, 2025. The fund mainly invests in Chinese blue chips in the fields of energy conservation, the environment, circular economy, new energy, new materials, and equipment manufacturing. It invested in the following companies in FY2024:

• Jiangsu Cnano Technology Ltd. (Zhenjiang, Jiangsu Province): Manufacture of carbon nanotube materials (conductive additives)
• Shenzhen Qingyi Photomask Limited (Shenzhen, Guangdong Province): Manufacture of photomasks

At the same time, it has been continuing to provide post-investment support to investee companies operating in the fields of solar cells, battery materials and drainpipe inspection. Through investment in these companies, among the 17 SDGs, Daiwa Corporate Investment aims to make concrete contributions to Goal 6 Clean Water and Sanitation, Goal 7 Affordable and Clean Energy, and Goal 9 "Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation."

• CECEP (Hubei) SDG Industry Equity Investment Fund Limited Partnership 2024 Sustainability Report

DCI Partners is a venture capital firm that has been investing in the biotech field for more than 20 years, including the period of NIF Ventures (now Daiwa Corporate Investment). The firm currently manages two of Japan's largest bio-venture funds, making investments in Japan and Taiwan. In addition to existing bio-venture investments, the firm may expand the scope of investment to the many promising drug candidates that exist in pharmaceutical companies and academia, establish companies under the direction of the fund, and promote the drug development business. Leveraging its human resources, expertise, and financial strength of the fund to provide managerial resources through the fund, DCI Partners is committed to advancing development beyond hands-on support, from strategy planning to implementation. Industry-government-academia cooperation (including venture capital) has recently been promoted for the establishment of a drug discovery ecosystem. Funding of as much as roughly 350 billion yen has also been allocated by the government to a project to support companies in developing practical applications of new drugs in cooperation with approved venture capital firms, in which we were also approved to participate. Moreover, governmental agencies are making growth investments to speed up measures to enhance drug discovery and reduce lead times. This field is expected to flourish greatly in the future.. The majority of new drugs developed in recent years have been developed by bio-ventures. DCI Partners will support these companies through its investment activities and strive to build a foundation for industry and technological innovation and contribute to the health of all people and society.

• DCI Partners Co., Ltd.

DCI Partners is a venture capital firm that invests in biotech startups in Japan and Taiwan, with a focus on drug development. It manages one of Japan's largest bio-venture investment funds. Following Fund I, established in January 2015 with a total capital of ¥11.6 billion, Fund II was established in December 2020 with a capital commitment of ¥15.3billion.

• PRISM Biolab (listed on Tokyo Stock Exchange Growth Market in July 2024): Research and development of pharmaceuticals using its proprietary PepMetics technology

Daiwa Corporate Investment Co., Ltd. operates the Great East Japan Earthquake SME Reconstruction Support Fund, receiving investment from the Organization for Small & Medium Enterprises and Regional Innovation, JAPAN (SME Support, Japan), The Aomori Bank, Ltd., The Bank of Iwate, Ltd., The 77 Bank, Ltd., The Toho Bank, Ltd., and other institutions. Targeting unlisted private companies in the disaster-affected areas, the fund aims to expeditiously provide risk finance. The goal is to actively support companies in their efforts to secure renewed growth and development by supplying finance for a variety of purposes. These include restoration and reconstruction following the 2011 earthquake disaster, new business development, the shift to a new industry or line of business, business reorganization and succession, and business incubation. The fund thereby aims to contribute to the early restoration and sustainable development of the disaster-affected areas.