Statement on principal adverse sustainability impacts of investment decisions on sustainability factors
Financial market participant KJR Management 株式会社ＫＪＲマネジメント

Summary (Japanese follows English)
KJR Management considers the principal adverse impacts of our investment decisions on sustainability factors. The present statement is the consolidated
statement on principal adverse impacts on sustainability factors of KJR management, including its two funds Japan Metropolitan Fund Investment Corporation("JMF") and Industrial & Infrastructure Fund Investment Corporation (“IIF”).
This principal adverse impacts statement covers the reference period from 1 January 2023 to 31 December 2023.
We are making the following disclosures in accordance with Article 4 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services
sector (the “SFDR”). The disclosure requirements are subject to Regulatory Technical Standards on the content, methodologies and presentation of disclosure
under the SFDR (the “RTS”).
We are the asset manager of JMF and IIF. JMF and IIF are real estate investment funds that have been listed on the Real Estate Investment Trust (“REIT”) Sectionof the Tokyo Stock Exchange. Specifically, JMF manages retail properties, office buildings, mixed-use buildings, residence and hotels located in urban areas
and IIF manages logistic facilities, manufacturing and research and development (“R&D”) facilities, and infrastructures facilities.
A summary of this document is as follows:
Description of principal adverse impacts on sustainability factors: We recognize the importance of considering adverse sustainability impacts throughout
investment cycles. It should be noted that JMF and IIF mainly invest in real estate assets and real estate-related assets, and do not invest in companies. Thismeans there are no employees within our invested assets, unlike equity or bond investments. Therefore, we will only disclose data on “Indicators applicable
to real estate assets”.
The RTS requires us to disclose at least one indicator from both the additional climate and other environment-related indicators in Table 2 of ANNEX I and
additional indicators for social and employee, respect for human rights, anti-corruption and anti-bribery matters in Table 3 of ANNEX I. We have selected thefollowing:- “GHG emissions” and “Energy consumption intensity” from Table 2 of ANNEX I;- No indicators from Table 3 of ANNEX I, since these indicators are not applicable to the investments managed by us.
As mitigation measures against these principal adverse impacts, JMF and IIF have taken steps to install solar power generation and renewable energy,
purchase green power, and implement energy-saving modifications, such as conversion to LEDs and updating air conditioning units.
By continuing these mitigation measures, JMF and IIF plan to further reduce GHG emissions. The reduction targets for GHG emissions are as follows;
JMF: GHG emissions (absolute): 42% reduction by 2030 compared to 2020
Renewable energy ratio: 50% share of renewable energy by 2030

IIF: GHG emissions (absolute): 42% reduction by 2030 compared to 2021
Electricity consumption (per unit): Reduce by 30% in 2030 compared to 2015
Description of policies to identify and prioritize principal adverse sustainability impacts: We established the "Responsible Property Investment Policy,"(established in June 2013, renamed to "Sustainability Policy“ in September 2023). We also established the Sustainability Committee in January 2020 andappointed the Chief Sustainability Officer (“CSO”) to strengthen the sustainability promotion system.
The Sustainability Committee has approved JMF and IIF's GHG emissions and other targets. Thereafter, JMF and IIF report on their progress in reducing GHG
emissions and energy consumption and their initiatives at the committee meetings held once a quarter in principle. We do not have strictly prescribedmethodologies for data collection, but collect on wide range of data points mainly by outsourcing this work to external contractors. This has enabled us togather accurate and transparent data, which limits the possible unreliability or inaccuracy of our data. Any limitations would be sufficiently minor as to notaffect how the environmental or social characteristics promoted by the financial product are met.
Engagement policies: In the course of making decisions regarding the acquisition, disposal, or operation and management of assets, approval is obtained
from the Investment Committee and the Senior Advisory Board/Board of Directors. The asset manager takes various environmental factors into considerationsuch as property inspections, and land history investigations. In addition, the asset manager investigates legal compliance, credit checks, and environmental
risks, such as asbestos and PCBs, based on an ESG (Environmental, Social and Governance) checklist used during the due diligence process, which includes
sustainability-related items to be checked.
References to international standards: We support initiatives such as the Principles for Responsible Investment (“PRI”), Principles for Financial Action towards
a Sustainable Society (Principles for Financial Action for the 21st Century), United Nations Global Compact (“UN Global Compact”), Recommendations of the
Task Force on Climate-related Financial Disclosures (“TCFD”) , Japan Climate Initiative (“JCI”), 30by30 Alliance for Biodiversity (“30by30 Alliance”) and Japan
Business Initiative for Biodiversity (“JBIB”). In addition, JMF and IIF have received the Science Based Targets initiative (“SBTi”) certification for their GHG emission
targets, participate on the Global Real Estate Sustainability Benchmark (“GRESB”) and CDP Climate Change Program (“CDP”).
In September and October 2022, we considered the medium-to-long-term financial impacts of climate change on both IIF and JMF. We conducted a medium
and long-term scenario analysis for each portfolio of each investment corporation, referring to the 4°C and 1.5°C climate-related scenarios in the International
Energy Agency (IEA) reports and IPCC assessment reports.
Please refer to the following links for further details;
JMF: Information Disclosure Based on TCFD Recommendations
IIF: Information Disclosure Based on TCFD Recommendations

概要

株式会社 KJR マネジメント（以下、「当社」）は投資意思決定において負のサステナビリティインパクト（PAI）に関する考慮をしております。
本 PAI 声明の参照期間は 2023 年 1 月 1 日から同年 12 月 31 日までです。

本文書は、金融機関に対するサステナビリティ情報開示規則（SFDR）第 4 条に基づいて作成しております。本開示の要求事項は、技術的細則（Regulatory
Technical Standards）に従うことになります。可能な限り技術的細則に従った開示 をしておりますが、今後開示要求事項が変更になる可能性がございます。当社は、日本都市ファンド投資法人（JMF）と産業ファンド投資法人（IIF）の資産運用会社です。JMF と IIF は東京証券取引所に上場しており、JMF
は、都市部（都市中心部 及び都市近郊部）に立地する「商業施設」、「オフィスビル」、「複合施設」、「集合住宅」、「ホテル」を、IIF は、「物流施設」、「工場・研究開発施設等」、「インフラ施設」をそれぞれ運用しております。
本開示における概要は以下の通りです。

PAI に関する説明：当社は、投資活動のすべてのサイクルにおいて、PAI を考慮することの重要性を認識しております。JMF と IIF は不動産及び不動産等関連資産に対してのみ投資し、事業会社への投資は行いません。また、株や債券投資とは異なり投資先に従業員はおりません。従って、「不動産に関連する指標（Indicators applicable to real estate assets）」のみ開示いたします。技術的細則では、ANNEX I の Table2「 気候・その他環境関連指標（Additional
climate and other environment-related indicator）」と Table3「社会・雇用・人権尊重・反腐敗・反賄賂指標（ Additional indicators for social andemployee, respect for human rights, anti-corruption and anti-bribery matters）」 から少なくとも 1 項目の指標を開示することが求められており、それぞれ以下の通りを開示しております。
‐Table2 より「GHG 排出量（GHG emissions）」「所有する不動産のエネルギー消費量（ Energy consumption intensity）」を開示 ‐Table3 に記載の指標については、当社の投資先に関連しないことから開示しておりません

PAI 緩和策として、JMF と IIF は、太陽光発電や再生可能エネルギーの導入やグリーン電力の購入、LED 化や空調機更新等の省エネ工事を実施しています。これら緩和策を継続して行うことにより、GHG 排出量及びエネルギー使用量の更なる削減を行う予定です。GHG 排出量及びエネルギー使用量の削減目標は以下の通りです。
JMF：GHG 排出量（総量ベース）：2030 年に 2020 年対比 42%削減

再生可能エネルギー：2030 年に再生可能エネルギーの割合を 50%とする

IIF ：GHG 排出量（総量ベース）：2030 年に 2021 年対比 42%削減

電力使用量（原単位ベース）：2030 年に 2015 年対比 30%削減

PAI を識別・優先させるための説明：当社は、「責任不動産投資（RPI）に係る基本方針」（2013 年 6 月制定）（2023 年 9 月「サステナビリティ基本方針」に改称）を制定しております。また、2020 年 1 月に「サス テナビリティ委員会」として、新たに組織化したほか、サステナビリティ推進体制を強化するため、最高サステナビリティ責任者（以下、CSO）を指名しました。サステナビリティ委員会において、JMF 及び IIF の CO2 排出量及び電力使用量の削減目標

が承認されており、以後、原則として四半期に一度開催する委員会において、JMF 及び IIF から GHG 排出量及びエネルギー使用量の削減や取り組みについて
進捗状況が報告されます。これらデータは、第三者のプロパティマネジメント会社（PM 会社）により収集され、別の第三者が提供するシステムに保管しています。PM 会社は、メーター目視または請求書等から数値を収集するため、原則誤差は発生しません。
エンゲージメントポリシー：資産の取得・処分・運用管理についての決定に際しては、資産運用検討委員会規程、経営会議規程及び取締役会規則に従い承認を得ています。物件取得では、現地の視察や地歴の調査に加え、建物、遵法性、信用調査やアスベストや PCB 等環境リスクなどを考慮するほか、ESG チェッ
クリストを実施しています。

国際基準への参画：当社が賛同するイニシアティブとして、責任投資原則（PRI）、持続可能な社会の形成に向けた金融行動原則（21 世紀金融行動原則）、
国連グローバル・コンパクト（UNGC）、気候関連財務情報開示タスクフォース（TCFD（Task Force on Climate-Related Financial Disclosures））の提言、
気候変動イニシアティブ（JCI）、生物多様性のための 30by30 アライアンス（30by30 アライアンス）、企業と生物多様性イニシアティブ（JBIB）があげられます。また、JMF と IIF は 、GHG 排出量削減目標について SBT の認定を取得している他、GRESB 及び CDP 気候変動プログラムに参加しております。
Description of principal adverse sustainability impacts
The indicators shown below are required to disclose under the RTS. It is noted that JMF and IIF mainly invest in real estate assets and do not invest in “investee companies” orsovereigns and supranationals. Therefore, we disclose only “Indicators applicable to real estate assets”
Indicators applicable to investments in investee companies
Adverse sustainability indicator

MetricImpact 2023

Impact 2022

Explanation

Actionstaken andactionsplannedandtargets set
for thenext
reference
period

CLIMATE AND OTHER ENVIRONMENT-RELATED INDICATORSGreenhousegas emissions

1. GHG emissions

Scope 1 GHG emissions

N/A

N/A

JMF and IIF do notinvest in investee
companies (weinvest mainly in realestate assets).

N/AScope 2 GHG emissions

N/A

N/A

N/A

From 1 January 2023, Scope 3
GHG emissions

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Total GHG emissions
2. Carbon footprint Carbon footprint

Biodiversity

3. GHG intensity ofinvesteecompanies

GHG intensity of investee
companies

N/A

N/A

N/A

4. Exposure tocompanies
activein the fossil
fuelsector
5. Share of nonrenewableenergyconsumption
andproduction

Share of investments incompanies active in the fossil
fuel sector

N/A

N/A

N/A

Share of non-renewable energy
consumption and nonrenewable energy productionof investee
companies from non-renewableenergy sources compared torenewable energy sources,
expressed as a percentage
Energy consumption in GWhpermillion EUR of revenue ofinvestee companies, per highimpact climate sector

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

6. Energy
consumption
intensity perhighimpact climate
sector
7. Activities
negatively
affectingbiodiversi

Share of investments ininvestee companies withsites/operations located in ornear to biodiversity- sensitivetysensitiveareas

areas where activities of
those investee companies
negatively affect those areas

Water

8. Emissions
t o water

Waste

9. Hazardous
waste
ratio

Tonnes of emissions to water
generated by investee
companies per million EUR
invested,
expressed as a weighted
averageTonnes of hazardous waste
generated by investee
companies per million EUR
invested, expressed as aweighted average

N/A

N/A

N/A

N/A

N/A

N/A

SOCIAL AND EMPLOYEE, RESPECT FOR HUMAN RIGHTS, ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS
Social andemployeematters

10. Violations ofUN
GlobalCompact
principles andOrganisation
for Economic
Cooperation
andDevelopment(OECD)
Guidelinesfor
Multinational
Enterprises
11. Lack ofprocesses
andcompliance

Share of investments ininvesteecompanies that have been
involved in violations of the
UNGC principles or OECD
Guidelines forMultinational Enterprises

N/A

N/A

Share of investments in investee N/Acompanies without policies tomonitor compliance with the
UNGC principles or OECD

N/A

JMF and IIF do notinvest in investee
companies (weinvest mainly in realestate assets).

N/A

N/A

mechanisms tomonitorcompliancewith
UN Global
Compact
principles andOECD
Guidelines forMultinational
Enterprises
12. Unadjusted
gender pay
gap

Guidelines forMultinational Enterprises orgrievance /complaints handlingmechanisms to address
violationsof the UNGC principles or OECD
Guidelines for Multinational
Enterprises

Average unadjusted gender pay N/Agap
of investee companies

N/A

N/A

13. Board gender
diversity

Average ratio of female to maleboard members in investee
companies

N/A

N/A

N/A

14. Exposure tocontroversia
l weapons(antipersonnel
mines,
clustermunitions,chemicalweaponsandbiologicalweapons)

Share of investments in investee N/Acompanies involved in the
manufacture or selling ofcontroversial weapons

N/A

N/A

Indicators applicable to investments in sovereigns and supranationals

Adverse sustainability
indicator

MetricImpact 2023

Impact 2022

Explanation

JMF and IIF do notinvest in sovereigns
and supranationals(we invest mainly in
N/Areal estate assets).

Environmental

15. GHG
intensity

GHG intensity of investee
countries

N/A

N/A

Social16. Investee
countries
subject tosocialviolations

Number of investee countries
subject
to social violations (absolute
number and relative number
divided by all investee
countries), as referred to ininternational treaties andconventions, United Nations
principles and, whereapplicable, national law

N/A

N/A

Actionstaken
and actions
planned andtargets set
for the nextreference
periodN/A

Indicators applicable to investments in real estate assets
Adverse sustainability
indicator

MetricImpact 2023

Impact 2022

Explanation

Actionstaken
and actions
planned andtargets set
for the nextreference
periodFossil fuels

17. Exposure tofossilfuels
through realestateassetsShare of investments in realestateassets involved in theextraction,
storage, transport or
manufactureof fossil fuels0%0%

JMF and IIF does not N/Ainvest in real estate
assets related tofossil fuels.

Energyefficiency

18. Exposure toenergyinefficient
real estate
assetsShare of investments inenergy- inefficient realestate assets

N/A

N/A

We do not disclose
the figures due todifferent EPC(Engineering,
Procurement andConstruction)
regulations inJapan.

We have set
KPIs andtargets
regardingenergyefficiency(e.g.
renewableenergyratio) andmonitoringby theSustainabilityCommittee.

Aggregation periodof impact 2023 foreach financial
product :-JMF: January 2023 –December 2023
-IIF: January 2023–
December 2023
Aggregation period

We have set
KPIs andtargets
regardingGHG
emissions
reductions,planning to
reduce GHG

Other indicators for principal adverse impact
19. GHG emissions GHG emissions (Scope 1, 2
and 3)

Scope129 Thousand
tCO2

Scope133 Thousand
tCO2

Scope218 Thousand
tCO2

Scope219 Thousand
tCO2

Scope3

Scope3

20. Energy
consumption

218 Thousand 210 Thousand of impact 2022 for
tCO2
tCO2
each financial
product :Scope1-3
Scope1-3-JMF: January 2022 –265 Thousand 262 Thousand December 2022
tCO2
tCO2
-IIF: January 2022–
December 2022

emissions by
42%(absolute) by
2030.

Energy consumption intensity 0.00035 GWh/ 0.00034 GWh/ Aggregation periodof impact 2023 for㎡㎡
each financial
product :-JMF: January 2023 –December 2023
-IIF: January 2023–
December 2023
Aggregation periodof impact 2022 foreach financial
product :-JMF: January 2022 –December 2022
-IIF: January 2022–
December 2022

We aremonitoringon theSustainability
Committee
with regard
to energy
consumption.

Description of policies to identify and prioritise principal adverse sustainability impacts
To identify and prioritise principal adverse impacts on sustainability factors, we formally established our "Sustainability Policy".
Sustainability Policy
Based on the Responsible Property Investment Policy (established in June 2013, renamed to "Sustainability Policy“ in September 2023), we implement
RPI (Responsible Property Investment) that integrates environmental, social, and governance elements into property investment. Owning andmanaging properties in an environmentally-friendly and socially responsible manner adds value to an investment by limiting the risks of regulatorynon-compliance and losing its competitive position in the market, by making a property more appealing to tenants and purchasers and by reducing
expenses and improving returns. Therefore, we believe that this is an important strategy for us. We also believe that the strategy will bring about amore desirable result for our environment and society.
Our Commitment

・ Through dialogue and cooperation with diverse stakeholders, including tenants and local communities, we contribute to the creation of asustainable society.

・We form a diverse and inclusive organization that attracts and engages talent from a variety of backgrounds, and provide stable investment
management services.

・We provide investors with more stable returns by incorporating the concept of RPI into our asset management strategies.
Our RPI strategy is integrated into the asset management of JMF and IIF and is implemented by all operational functions of the company during theentire ownership cycle, from the acquisition of the asset management, marketing, renovation and maintenance through sale.
We are implementing our RPI strategy in our investment and management process as follows:・Investment Decisions- Incorporate environmental and social risks and opportunities into the evaluation criteria when acquiring, selling or operating properties- Integrate RPI strategies, but not at the expense of long-term client financial performance

・Refurbishment- Incorporate RPI strategies into the design and financial analysis of all property renovations- Evaluate obtaining certifications, such as for environmental performance (green building certifications etc.) or social performance (measuresconsidering diversity), applicable for each property type and location prior to refurbishment to expedite approval process and enhance the property's
competitive position to maximize occupancy, rents and tenant quality- Engage with planners and other external project partners and consultants to achieve objectives

・Operations and Maintenance- Define and implement best practice measures (priority on no costs and low costs) to improve energy efficiency, water conservation and waste
management for all operating assets in order to promote sustainable practices- Reduce operating expenses and thereby increasing property values- Evaluate obtaining certifications, such as for environmental performance (green building certifications etc.) or social performance (measuresconsidering diversity), applicable for each property type and location in order to enhance the property's competitive position and to maximize
occupancy, rents and tenant quality- Monitor changes in regulations and laws in order to adopt and implement RPI strategies

- Collaborate with tenants, property managers and suppliers of services and materials to achieve objectives
Also, we established a Sustainability Committee in January 2020. As a result, we are committed to delivering our best results through an enhanced
sustainability promotion structure, where the Sustainability Committee plays a central role in formulating strategies and monitoring the activities of JMF
and IIF. This management structure enables us to deliver on our mission to create value that exceeds the expectations of our stakeholders. Additionally,
we appointed the CSO to strengthen the sustainability promotion system. The CSO is expected to cooperate with various stakeholders and raiseawareness of our ESG commitments throughout the company. To this end, the CSO will serve as the chair of our Sustainability Committee and report onimportant matters to the Board of Directors. The Sustainability Committee decides on our sustainability policy, strategy, and system. Sustainability
Committee meetings are held once a quarter in principle and the committee members include other senior management, our fund managers and others.
Matters to be approved by the Sustainability Committee include the following:• the enactment of our sustainability policies, strategies and systems;• our decision to join and sign up to environment-related organizations, including “UN PRI”, "UNGC"; and• A resolution regarding sustainability targets and monitoring KPIs, including "GHG emissions", "renewable energy ratio” and “energy consumption
intensity".
Furthermore, we have appointed a sustainability officers in each related division e.g., each fund's Asset Management Dept. Along with theimplementation of our sustainability-focused activities, these personnel will be tasked with integrating sustainability considerations into our investment
and asset management processes.
Energy data selected from Table 2 in Annex I, i.e., "GHG emissions" and "energy consumption intensity," is managed using external energy management
systems and calculated in accordance with standards in accordance with Japanese environmental laws and regulations. This data is certified by a third
party and reported to the Sustainability Committee.
We do not have strictly prescribed methodologies for data collection, but collect on A wide range of data points mainly by outsourcing this work to
external contractors. The external contractors collect the figures from meter readings or from invoices. This has enabled us to gather accurate andtransparent data, which we consider limits the possible unreliability or inaccuracy of our data. We consider that any limitations would be sufficiently
minor as to not affect how the environmental or social characteristics promoted by the financial product are met.
Engagement policies

KJR Management is the asset manager of JMF and IIF. JMF and IIF invest mainly in real estate. In the course of making decisions regarding the acquisition,
disposal, or operation and management of assets, approval is obtained from the Investment Committee and the Senior Advisory Board/Board of Directors.

JMF and IIF monitor environmental indicators through the Sustainability Committee. The Committee has approved JMF’s and IIF's reduction targets. Thereafter,
JMF and IIF report on their progress in reducing GHG emissions and energy consumption and their initiatives at the committee meetings held once a quarterin principle.
The asset manager takes various environmental factors into consideration such as property inspections and land history investigations. In addition, the asset

manager investigates legal compliance, credit checks, and environmental risks, such as asbestos and PCBs, based on an ESG checklist used during the due
diligence process, which includes sustainability-related items to be checked.
References to international standards
We support the following initiatives:

Principles for Responsible Investment (“PRI”)

In solidarity with the fundamental ideas of the PRI, we became a signatory in August 2013. We are the first J-REIT asset manager to become a signatory
to the PRI.
In December 2022, PRI launched a new initiative, PRI Advance. The overall objective of the initiative is to advance human rights and positive outcomesfor people through investor stewardship. We have endorsed the initiative.

Principles for Financial Action towards a Sustainable Society (“Principles for Financial Action for the 21st Century”)

In solidarity with these principles put forth by the Ministry of the Environment of Japan, we became a signatory in June 2013.

United Nations Global Compact (“UN Global Compact”)

We became the first J-REIT asset manager to sign up to the UN Global Compact in October 2016. As a signatory and respecting the ten principles of the
UN Global Compact, we have further strengthened our corporate governance in the areas of human rights, labor, the environmental, and anti-corruption,
based on our corporate mission to “always create new value for people, the community, and the world.”
Based on the ten principles of UNGC, we will respect the following:- prohibit discrimination, child labour and forced labour;- support freedom of association; and- promote diversity and inclusion

Recommendations of the TCFD climate-related financial disclosure (“TCFD”)

We support the spirit of the recommendations published in June 2017 by the TCFD, which was established by the Financial Stability Board, and in August
2019, we declared our support for the TCFD recommendations.
The TCFD was established in 2015 by the Financial Stability Board, which is composed of the central banks and financial regulatory authorities of majorcountries. In June 2017, in order to reduce risks associated with destabilizing financial markets, the TCFD recommended that companies disclose businessrisks and opportunities presented by climate change in the medium to long term, along with the effects of these on financial conditions, as well as specificmeasures and strategies.

Japan Climate Initiative (“JCI”)

We participated in JCI in May 2020 in support of the JCI's declaration "Joining the front line of global trend for decarbonization from Japan.”
JCI was established in July 2018 as a network of Japanese companies, local governments, organizations, NGOs, etc. that are actively engaged in climatechange countermeasures toward the realization of a decarbonized society aimed at by the Paris Agreement.
30by30 Alliance for Biodiversity (“30by30 Alliance”)

We participated in October 2023. This is an initiative to achieve the 30by30 target outlined in the Kunming-Montreal Global Biodiversity Framework. The
objective is to register areas that have been conserved by the private sector and others as OECMs, as well as to promote activities for natural capital by
the private sector, along with the expansion of nature conservation areas in Japan.
Japan Business Initiative for Biodiversity (” JBIB”)
We joined in October 2023. JBIB is a group of Japanese corporations committed to biodiversity conservation through their businesses.
JMF and IIF have both received SBT certification for their respective GHG emission reduction targets.
JMF

For both of targets, accreditation is obtained.

- Reduce absolute Scope 1+2 emissions by 42% by 2030 (compared with 2020)- Aim for net-zero absolute GHG emissions throughout the entire value chain by 2050

IIF

For target of 2030, accreditation is obtained.

- Reduce absolute Scope 1+2 emissions by 42% by 2030 (compared with 2021)- Aim for net-zero absolute GHG emissions throughout the entire value chain by 2050
JMF and IIF have also received several positive overall ratings from GRESB and CDP. GRESB undertakes an annual benchmarking assessment to measure
ESG integration of real estate companies and funds.
GRESB Real Estate Assessment 2023

GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds,
as well as the name of organization which runs the assessment.
The recent evaluations are as follows;

JMF: Designated as five star (five-star scale).

Rated “A”, the top rating in the GRESB Public Disclosure Level evaluation.

IIF: Designated as four star (five-star scale).

Rated “A”, the top rating in the GRESB Public Disclosure Level evaluation.

CDP Climate Change Program 2023

CDP is an international non-profit organization researching measures taken against global warming by listed companies with the support of institutional
investors around the world.
The recent evaluations are as follows;

JMF: Designated as “A-” (A to D-, eight scales).

IIF: Designated as “A”, the highest level “Leadership”. (A to D-, eight scales).

Both funds were also named as the “Supplier Engagement Leader” based on Supplier Engagement Rating to evaluate engagement with suppliers forclimate change.
The following adverse impact indicators, chosen from Annex I of the RTS, are linked to the goals under the Paris Agreement: “17. Exposure to fossil fuels
through real estate assets”, “19. GHG emissions” and “20. Energy consumption”. The Paris Agreement is an international framework on climate change
adopted in 2015. Its long term goal is stated as holding the increase in the global average temperature to well below 2°C above pre-industrial levels andsharing efforts to limit the temperature increase to 1.5°C, and aiming to turn global greenhouse gas emissions downward as soon as possible so as toachieve a balance between emissions and their removal (effectively zero emissions) in the second half of this century.
We are working to improve our performance including sustainability based on the assessments of GRESB and UN PRI. These assessments are notforward-looking and measure past performance, but we have incorporated the items that need improvement into our sustainability strategy andcontinue to make improvements.
We are conducting forward-looking climate scenario analysis based on TCFD recommendations while gathering information and will disclose the resultsin the future in stages, starting with the parts that have been analyzed in detail.
Historical comparison
GHG emissions
Scope1(Thousand tCO2)

Scope2265

29
18

Scope3
Energy consumption intensity

2023(GWh/㎡)

2022

262

33
19

2021

288

26
39

2020

291

13
36

218

210

222

241

0.00035 GWh/㎡

0.00034 GWh/㎡

0.00037 GWh/㎡

0.00035 GWh/㎡

The figures are an aggregation of JMF and IIF. The aggregation period of the above table is from January to December for each year based on at least
the average of four calculations made by the financial market participant on 31 March, 30 June, 30 September and 31 December during the reference
period.