TOYO CONSTRUCTION CO., LTD.

　Toyo Construction Co., Ltd. (the “Company”), MODEC, Inc., JERA Co., Ltd., and Furukawa
Electric Industry Co., Ltd. (hereinafter jointly the “Consortium”), today launched a subsea ground
survey (the “Survey”) in Ishikari Bay, Hokkaido, in preparation for verification testing of power
generation using tension leg platform (“TLP”^*1) floating offshore wind turbines.

　The survey is part of the “Project to Develop Cost-Reducing Technology for TLP Floating
Offshore Wind Turbines,”*² which the Consortium was selected to conduct by the New Energy
and Industrial Technology Development Organization (NEDO) under its Green Innovation Fund
program, and aims to understand the geotechnical structure and other characteristics of the
seabed, which are necessary for verification testing, in the sea area assumed by JERA Co.,
Ltd.

　The Consortium will move forward in conducting surveys and studying plans in anticipation
of future verification testing of power generation using TLP floating offshore wind turbines. In
formulating plans for verification testing, the Consortium will continue to consult with local
fishing industry, residents, government administrations, and other stakeholders to ensure their
understanding.

　Based on results of the seabed survey, the Company will promote the establishment of
design technique for mooring foundation and low-cost construction technology at mooring
works.

　The Company raises the offshore-wind-power related business as a “growth driver” and is
promoting the business to make it our future core business. Particularly, we put priority and
focus on developing technologies for lowering costs related to the offshore wind power
generation business.

　The Company will contribute to the realization of carbon neutrality by 2050, engaging in
various initiatives for offshore wind power generation.

Conceptual drawing of TLP [Source: MODEC]

Survey Vessel [Source: JERA]

*1 TLP (Tension Leg Platform “tension mooring”) system is the method for mooring floating by
tension mooring to a seafloor foundation. TLP systems are expected to reduce the cost of power
generation because the high stability of floating body in the ocean wave enables installation of
large 15 MW-class wind turbines, which have the potential to become mainstream in the future, on
compact floating platforms. In addition, TLP mooring lines are expected to be more socially
acceptable than other mooring systems because they can reduce the space occupied under the
sea by 1/1,000 approximately and have less impact on existing businesses such as the fishing
industry and ship operations.

*2 “Project to Develop Cost-Reducing Technology for TLP Floating Offshore Wind Turbines” for
the realization of the 2050 Carbon Neutral Declaration by the governments of Japan, proposed by
NEDO under its Green Innovation Fund program【R&D item: Phase 1-②】The component
technology development project for approximately two years: the Consortium, including the
Company, applied to the technology development program for cost reduction of manufacture and
installation of floating foundation, and was accepted on January 21, 2022.

In addition to conducting simulations and demonstrations of component technologies previously
studied by each company — mooring foundations by the Company , floating and mooring systems
by MODEC, and power transmission systems by Furukawa Electric — a basic plan for a 15 MW-
class power generation demonstration facility will be drawn up based on design and environmental
parameters provided by JERA. The Consortium will also begin considering supply chains for mass
production and cost reduction with the aim of realizing commercial projects following the power
generation demonstration.

PDF version is available. Please see here.

https://www.toyo-const.co.jp/en/wp/wp-content/uploads/2022/08/20220819_eng.pdf

(End)

　Toyo Construction Co., (Head Office: Chiyoda City, Tokyo Metropolis, Kyoji Takezawa,
Representative Director, President, “Toyo Construction”) and Akari Inc., an AI start-up company
originating from Matsuo Lab of the University of Tokyo, (Head Office: Hongo, Bunkyo City, Tokyo
Metropolis, Yuki Noro, Chief Executive Officer, “Akari”), will start a DX promotion project for BIM
data utilization.

　Toyo Construction has advanced various efforts, raising “Change the whole design construction
process by BIM-DPX®*!”.
　We are pleased to announce that the Company will conduct a cooperative DX promotion project
aimed at the utilization in the area of design and construction, in a cross-functional manner, extracting
various information from BIM by using the technologies used in BIM algorithms such as Akari’s BIM
analysis engine. This will be an effort to find a solution to a challenge in the normally invisible area,
by combining the design construction process with the analyses by AI algorithms.
　We will aim for creation of value previously buried as well as new, highlighting challenges through
conducting AI analysis of the information described in BIM data or CDE.

BIM-DPX®*: abbreviation of BIM-Digital Process Transformation. Newly defined by Toyo
Construction, attempting to make the efforts by the construction industry for the better in any and all
aspects by penetration of digital process using BIM

　Toyo Construction Co., Ltd. (Chiyoda-ku, Tokyo Metropolis, President and Representative
Director: Kyoji Takezawa, hereinafter “Toyo Construction”) and Hitachi Zosen Corporation (Osaka
City, Osaka prefecture, Sadao Mino: Representative Director President & COO, hereinafter “Hitachi
Zosen”) have conducted a verification test of construction technology for the suction bucket
foundation (multiple buckets), aiming at application to bottom-mounted offshore wind power
generation facilities, in a real sea area this summer. This project is implemented with subsidy from
New Energy and Industrial Technology Development Organization (NEDO) for the “Low-Cost
Construction Technology Development for Offshore Wind Power Generation (Verification of
Construction Technology)” of Research and Development of Wind Power Generation Technologies
(Research and Development of Offshore Wind Power Generation Technologies).

　In this development, Toyo Construction is in charge of construction and Hitachi Zosen is in charge
of design & manufacturing; following the demonstration experiment of mono bucket in a real sea area
last fiscal year, in FY 2022, the demonstration experiment of multiple buckets in a real sea area for
large-sized windmills of 15MW or more was conducted.

　Regarding the workability, in addition to assured removability and low impact of vibration, noise,
and pollution on the surrounding environment, we confirmed that the vertical accuracy is ensured in a
manner easier than mono bucket. In the future, we aim for practical use of the suction bucket
foundation around 2026.

　The two companies will contribute to the realization of a low carbon & sound material-cycle society
by developing technologies for spread of clean energy.

Status of Verification Test

Contact

Toyo Construction Co., Ltd.

Civil Construction Div., Offshore Wind Dept.

Phone: 03-6361-5462

Hitachi Zosen Corporation

Corporate Planning Dept., Publicity and IR Section

Phone: 06-6569-0005 (Osaka)

　　　 03-6404-0802 (Tokyo)

Announcement Concerning Expression of Opinion in Favor of Tender Offer by INFRONEER Holdings, Inc. for Shares of Company and Recommendation to Tender

Notice Regarding a Change of Opinion Pertaining to the Tender Offer for the Company’s Shares by INFRONEER Holdings, Inc.

Summary of Consolidated Financial Results for the Year Ended March 31, 2022 (Based on Japanese GAAP)

Notice of the 100th Annual General Meeting of Shareholders

Financial Results Supplementary Material For the Ended March 31, 2022

Financial Highlights Explanatory Materials of FY 2021

Regarding the Company’s Opinion Regarding the ISS Report Concerning Proposal No. 5 at the 100th Annual General Meeting of Shareholders

Notice of Resolutions of the 100th Annual General Meeting of Shareholders

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Based on Japanese GAAP)

Launch of Survey off Ishikari Bay, Hokkaido, in Preparation for Verification Testing of Power Generation Using TLP Floating Offshore Wind Turbines

Financial Results Supplementary Material For the Three Months Ended June 30, 2022

Toyo Construction Co., and Akari Inc., will start a DX promotion project for BIM data utilization.

Conduct of a verification test of construction technology for the suction bucket foundation (multiple buckets) in a real sea area

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2022 (Based on Japanese GAAP)

Financial Results Supplementary Material For the Six Months Ended September30, 2023

State of Discussions Concerning Application to Purchase All of the Company’s Shares by Godo Kaisha Yamauchi-No. 10 Family Office (Formerly Godo Kaisha Vpg) and Kabushiki Kaisha KITE

Announcement of revised earnings forecast

The January 23, 25, 27, 2023 Press Releases from Yamauchi-No. 10 Family Office etc.

Re: The February 7, 2023 Press Release from Yamauchi-No. 10 Family Office