ESG+R Policy
TA Realty believes that we can improve the value of our investments through thoughtfully
incorporating Environmental, Social, Governance and Resilience (ESG+R) considerations
into our investment process. Throughout an investment’s lifecycle, we aim to mitigate
risks, reduce our environmental impact on nature, make our assets desirable to tenants,
decrease operating expenses, and ultimately create and preserve value for our clients.
ESG+R issues are incorporated into our evolving culture which enhances our responsible
business practices, including fundamental support of human rights, just labor practices
and anti-corruption. Our mindfulness of ESG+R practices is carried over into our corporateculture. We strive to improve our employees’ lives by creating healthy work environments.
We support our local communities to help them thrive. By embracing our ESG+R
objectives, TA Realty seeks to be more sustainable and improve the resiliency of our assets.

Environmental Stewardship
Objectives•••••Benchmark our properties’ energy, greenhouse gas (GHG) emissions, water and waste metrics
to measure our portfolios’ environmental performance and establish a baseline for potential
improvement. TA Realty strives to track all property owner data and obtain tenant data whenavailable.
Continue to enroll TA Realty’s assets into our Environmental Management Systems (EMS) in aneffort to reduce our environmental impacts, improve our operating efficiencies, decrease
operating expenses and increase the value of our assets
Identify opportunities to improve our buildings and reduce the portfolios’ environmental
footprint by identifying inefficiencies, increasing water conservation and diverting more wastefrom landfills to reduce operating expenses and enable higher returns
Improve sustainability, health and well-being measures at our properties when evaluating thirdparty green building certifications and pursue ENERGY STAR® certification for eligible properties
annually to seek recognition for energy improvements and ESG+R achievements with the intent
to attract and retain tenants
Evaluate opportunities for renewable energy across the portfolios including, but not limited tothe installation of solar photo voltaic panels and green power procurement in deregulatedmarkets. Potential benefits include:• Providing on-site solar as an amenity to tenants• Ability to source reduced energy rates in deregulated energy markets• Opportunity to prioritize assets, based on location, for reduction of emissions andpotential carbon fines• Making our buildings more attractive to potential buyers and helping future-proof ourassets
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Collaborate with our service providers to lessen the impact of renovations/construction on ourenvironment through reductions in products that produce carbon emissions and throughconsiderate biodiversity designs
Encourage the development and usage of environmentally friendly technologies that will benefit
our investments and support a precautionary approach to environmental changes

Targets (using a 2021 baseline year) *Targets are set for Scope 1 & 2 only (utilities the landlord controls)••••

25% reduction in GHG emissions over 10 years (2.5% annually)
25% reduction in energy consumption over 10 years (2.5% annually)
15% reduction in water consumption over 10 years (1.5% annually)
40% diversion rate within 10 years

Social Responsibility
Objectives•

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Foster, cultivate, and preserve a culture of diversity, equity, and inclusion (DE&I) throughout theorganization by supporting the ongoing development of a work environment that encourages
respectful communication, cooperation, teamwork and active engagement (participation)
among our employees
Increase outreach, mentorship and education about careers in commercial real estate
Provide relevant guidance and resources to property teams and tenants related to increased
sustainability, better health and well-being standard practices and community outreach, in aneffort to increase tenant engagement, monitor tenant satisfaction and make assets more
attractive to current and potential tenants
Encourage charitable donations through financial support and volunteerism with the guidanceof TA Realty’s Social Impact Committee. Encourage property teams to create local community
support at our properties.
Seek ways for TA Realty to support the United Nations Sustainable Development Goals (SDGs)
Provide professional training to employees including career development, health and wellbeing, DE&I, compliance and environmental issues and survey employees’ satisfaction annually
to retain talent

Corporate GovernanceObjectives•

Educate and update stakeholders on our ESG+R implementation and achievements throughappropriate ESG+R reporting, disclosures and commitments, including GRESB and the United
Nation’s Principles for Responsible Investment (PRI).

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Improve transparency by sharing our corporate sustainability report with our ESG+R goals andperformance on our corporate website
Ensure and track our assets’ compliance with (1) applicable city and state benchmarking
ordinances, (2) audit and improvement mandates and (3) GHG emissions performancerequirements
Ensure our employees participate in annual compliance, code of ethics, and ESG+R
review/training to enhance our ability to maintain high standards and responsible businesspractices

Climate Change Resilience
Objectives
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Reduce investment risks related to climate change by evaluating our exposure to physical andtransition risks at the asset and portfolio levels. Create plans for each to minimize our risks,
future-proof our assets and minimize effects of natural disasters on our assetsAssess our properties’ GHG emissions performance compared to applicable performancerequirements and implement efficiency improvements to maintain high-performing buildings
and avoid potential fines associated with noncompliance. Evaluate property resilience reports,
resilience scores and potential values at risk in an effort to choose modifications at assets thatmeet our financial goals and reduce business interruption after climate events
Report progress on our climate program in alignment with the Task Force on Climate-Related
Financial Disclosures (TCFD), the industry standard framework to disclose climate-related risks
and opportunities
Target having a Disaster Recovery Plan or an Emergency Preparedness Plan at every asset that isshared with tenants to maintain or support continuity of operations after an emergency

THE REALTY ASSOCIATES FUND XI S.C.S. (the "Luxembourg Fund")
It is noted that, with respect to the Luxembourg Fund, which is subject to the provisions ofArticle 6 of the Disclosure Regulation (as defined below), the Sanne LIS S.A. ESG Policy being
published at https://www.fundrock-lis.com/esg/ shall apply. Considering that the Luxembourg
Fund is closed for subscription, no pre-contractual documentation will be updated in light ofRegulation (EU) No 2019/2088 of the European Parliament and of the Council of 27 November
2019 on sustainability-related disclosure requirements in the financial services sector (the"Disclosure Regulation").

The above objectives may vary by fund/account depending on the investment strategy disclosed in theapplicable confidential private placement memorandum (PPM) and by separate account mandates.
Contact your TA Realty representative for additional inquiry. TA Realty reviews these ESG+R objectives
annually and is committed to the implementation and integration of ESG+R practices.
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