ESG Repor t 2021

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Top Message
As society becomes increasingly concerned about sustainability, companies are required to take various actions toresolve issues related to environmental, social, and governance (ESG). Regarding our business initiatives for addressing
pollution, conserving resources and reducing waste, issues facing society, such as those related to human rights andrevitalization of communities, and issues related to governance, such as compliance with laws and regulations andrisk management are the main issues. While we recognize these as medium to long term risk factors, we also believe

Top Message

issues related to the environment, such as climate change, conserving water resources, preventing environmental

that they will lead to improved corporate value and unitholder value, including the creation of new value and new
business opportunities. In addition, the spread of COVID-19 has been the catalyst for a further emphasis on ensuring
the health and safe living of the working people.

(ESG) issues in all aspects of our operations. We believe that logistics facilities are social infrastructure, which are themain investment target for Mitsui Fudosan Logistics Park Inc. (“MFLP-REIT”), can especially contribute to resolving
environmental and social issues.

Views on ESG

In the asset management business as well, it is extremely important to address environmental, social, and governance

Mitsui Fudosan Co., Ltd., the sponsor of MFLP-REIT, has established a Group Environmental Policy and a Policy forSocial Contribution Initiatives in relation to activities that contribute to society and the environment, in accordance

Mitsui Fudosan Logistics REIT Management Co., Ltd., the asset management company of MFLP-REIT, also establishedbasic guidelines in the form of its ESG (Environment, Society, Governance) Policy in November 2017, and is forging
ahead with ESG initiatives for the reduction of the environmental impact and for its stakeholders such as local

Environmental
Initiatives

with its corporate statement of “Bringing affluence and comfort to urban living.”

communities and employees through the operation of logistics facilities and so forth.
Social Responsibility

The objective of this ESG report is to provide a wide range of information to enhance
stakeholder understanding of the ESG initiatives taken by MFLP-REIT and the AssetManagement Company. Going forward, we will contribute to achieving a moresustainable society by promoting our ESG initiatives. We ask our unitholders for theircontinued support and unreserved advice.

Mitsui Fudosan Logistics Park Inc.

ESG Report 2021

Index

contribute to our stakeholders by leveraging

07 Climate Change
Initiatives

05 Sustainability
Promotion
Structure

11 Environmental KPIs

06 Supported
Initiatives,
External
Evaluation, Etc.

Editorial Policy

1

13 Environmental
Performance Results
and Initiatives

19 Basic Approach
Regarding Social
Considerations
23 Initiatives for
Employees of theAsset Management
Company

Governance

ESG Finance

31 Governance
Framework

37 Initiatives for
ESG Finance

33 Internal Control

Overview of theInvestment Corporation
Overview of the AssetManagement Company

40 Overview of theInvestment
Corporation and
the Asset
Management
Company

17 Initiatives to Obtain
Green Building
Certification

The objective of this ESG report is to provide a wide range of information to enhance stakeholder understanding of the views on ESG and ESG
initiatives taken by MFLP-REIT and the Asset Management Company. The content of this report is current as of January 31, 2022, but contains
statements that refer to other periods of time.

This report has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated version and theJapanese original, the original shall prevail.

Overview of theInvestment Corporation
Overview of the AssetManagement Company

a strategic partnership with Mitsui Fudosan.

03 Policy for ESG
Initiatives

Social Responsibility

ESG Finance

Environmental
Initiatives

Views on ESG

We aim to maximize unitholder value andGovernance

Hiroshi Asai, Executive Director

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Policy for ESG Initiatives
Mitsui Fudosan Group’s ESG Principles

ESG (Environment, Society, Governance) Policy
The Asset Management Company regards the ESG initiatives as a management issue of utmost importance, andestablished the “ESG (Environment, Society, Governance) Policy” in November 2017. The Asset Management
Company believes that the ESG initiatives are essential for ensuring the sustainability and long-term, stableprofits of MFLP-REIT, and for contributing to the benefit of all our stakeholders. We are steadily promoting ESG
initiatives, including initiatives through collaboration with Mitsui Fudosan.

In VISION 2025, Mitsui Fudosan Group’s long-term management vision, Mitsui Fudosan Group’s objective is toachieve a sustainable society and drive continual profit growth by addressing ESG issues based on the philosophyof the Mitsui Fudosan “” logo. As part of these efforts, we will focus on the following six priority goals.

As a member of the Mitsui Fudosan Group, Mitsui Fudosan Logistics REIT Management Co., Ltd. (the “AssetManagement Company”) shares the Mitsui Fudosan Group’s ESG Principles, and while building a highly energyefficient portfolio centered on MFLP facilities (leading-edge logistics facilities with Mitsui Fudosan quality), willcontribute to our stakeholders in order to achieve a sustainable society.

(1) Energy saving and the reduction of CO2 emissions

1. Consideration and responseto the environment(2) C onservation of the water resources andpromotion of resource saving and waste reduction(3) Utilization of green building certification systems

Society(1) Respect for human rights

2. C
 onsideration and response
to society(2) Initiatives to enhance comfort, safety and security(3) Consideration for local communities(4) Initiatives for officers and employees(5) Sustainable procurement(1) Compliance with laws and regulations

Share Mitsui FudosanGroup’s ESG Principles

3. C
 onsideration and responseto governance(2) Information disclosure to unitholders, etc.

Governance

GovernanceSocial Responsibility

Sharing of the ESG Principles with Mitsui Fudosan Group

Environment

Environmental
Initiatives

1. Establish ultra-smart societies by creating neighborhoods
2. Achieve a society where a diverse workforce can thrive
3. Achieve health, safety and security in people’s daily lives
4. Create new industries through open innovation
5. Reduce environmental impact and generate energy
6. Continuously improve compliance and governance

ESG (Environment, Society, Governance) Policy

Views on ESG

Mitsui Fudosan Group’s environmental and social initiatives

Top Message

The Mitsui Fudosan Group is committed to social and economic development as well as global environmental
preservation under the principles of harmony and coexistence, while working to link diverse values and achieve asustainable society as represented by its “ ” corporate logo. Under Mitsui Fudosan Group’s “” principle,
we recognize the need to create neighborhoods that remain in tune with global environmental concerns. “”
therefore reflects Mitsui Fudosan Group’s aim to help establish a society that enriches both people and the planet.

(3) Building of appropriate relations with interested
parties, including the sponsor
ESG Finance3

Consideration forstakeholders to build
a sustainable society

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Develop a highly
energy-efficient
portfolio focusedon MFLP

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Sustainability Promotion Structure

Supported Initiatives, External Evaluation, Etc.

Sustainability Promotion Committee and subcommittees

Initiatives
Support for the Task Force on Climate-related Financial Disclosures (TCFD)
The Asset Management Company has endorsed the recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD), which works to promote disclosure of risks and opportunities faced by companies inrelation to climate change. And the Asset Management Company is also active in the TCFD Consortium, whichbrings together Japanese companies who have endorsed the TCFD recommendations.

Top Message
Views on ESG

In order to oversee and promote ESG initiatives undertaken by the Asset Management Company in accordance with its ESG(Environment, Society, Governance) Policy, a Sustainability Promotion Committee (“the Committee”) has been establishedwith the President & CEO of the Asset Management Company acting as chairperson who bears ultimate responsibility. This
incorporates a secretariat and four subcommittees to execute the matters deliberated by the Committee. The Committee
meetings are held at least once every three months, and the Committee deliberates and decides on policies, strategies, andsystems related to sustainability considering ESG-related risks and opportunities. Each subcommittee will formulate andimplement specific action plans based on the decisions made by the Committee. In addition, the subcommittees report on
the progress of the action plan to the Committee at least once a year through the secretariat.
The secretariat will inform the officers and employees of the activities and share the details with them.

Organizational chart
Board of Directors of
MFLP-REIT

Sustainability Promotion Subcommittees
Investment Criteria Scrutiny Subcommittee[Major activities]
Measures aimed at improving the environmental
performance of the portfolio

ReportSustainability Promotion Committee[Major activities]
Cooperation, etc. between LM* and tenants for promotionof ESG initiatives* LM: Logistics Manager

Disclosure Subcommittee[Major activities]
Broadening disclosure of ESG-related information, etc.
Human Capital Subcommittee
Presentation[Major activities]
Initiatives for employees of the Asset Management Company

GRESB
The Global Real Estate Sustainability Benchmark (GRESB), the establishment of which
was primarily driven by European pensions groups, is a benchmark for assessing thedegree of environmental and social awareness shown by real estate companies andreal estate asset management organizations. Major institutional investors in Europe,
the United States and Asia use it to select investments. MFLP-REIT beganparticipating in these assessments in 2021.
MFLP-REIT was awarded a GRESB 4-star rating (on 5-star scale) in the 2021 “GreenStar” GRESB Real Estate Assessment.

ESG-related policies and rules

Governance

Main agenda items:
Sustainability vision, strategies and organization, various
policies and targets related to sustainability, participation inand endorsement of environmental organizations, etc.,
content of sustainability disclosures, and execution of ESG
financings, etc.

InstructParticipation in GRESB Real Estate Assessment
Social Responsibility[Members]• Chairperson: President & CEO (chief sustainability officer)• Standing member: Chief Investment Officer (sustainability
executive officer)• Standing member: Chief Finance Officer• Secretariat

LM Cooperation Subcommittee

External evaluation

Environmental
Initiatives

Board of Directors of theAsset Management Company

Relationship chart
ESG (Environment, Society, Governance) Policy

Sustainability Promotion Structure Rules

Sustainability Promotion Committee Rules

In addition to further promoting ESG initiatives by procuring funds through ESG finance, MFLP-REIT intends tostrengthen the funding base by expanding our sources of funding through approaching the group of investors
interested in ESG investment and financing.

ESG Finance

Climate Change and Resilience Policy

Initiatives for ESG financeGreenhouse Gas Emissions Reduction Policy

Sustainable Procurement Policy

5

Operational Manual for EMS (Energy Management System)

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Energy Efficiency Policy

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Climate Change Initiatives
Awareness of climate change

Strategy
In order to incorporate the uncertainties arising from the progression of climate change into the business strategy of
the Asset Management Company, we have identified risks and opportunities, conducted scenario analyses based on a
1.5-2°C scenario and a 4°C scenario, and assessed the financial impact of climate-related risks and opportunities.

In November 2017, the Asset Management Company established the “ESG (Environment, Society, Governance) Policy”
and is promoting ESG responses in order to maintain and improve the corporate value and the asset value of theproperties under management over the medium to long term, and to contribute to all stakeholders. We recognize that
addressing climate change is one of the most important issues.

The scope of the analysis is the asset management business of MFLP-REIT.

Scope of scenario analysis

Main scenarios referenced
1.5-2°C scenario

4°C scenario

Transition risk

International Energy Agency(IEA)

IEA World Energy
Outlook 2020 NZE2050

IEA World Energy
Outlook 2020 SPS

Physical risk

Intergovernmental Panel on Climate Change(IPCC)

Fifth IPCC Assessment Report
IPCC RCP2.6

Fifth IPCC Assessment Report
IPCC RCP8.5

4°C scenario: Decarbonization and shift to low carbon fail to progress, leading to intensification of natural disasters* TCFD is an abbreviation for Task Force on Climate-related Financial Disclosures. This organization was established by the Financial Stability Board at the request of
the G20, and provides a framework for climate-related disclosure.

LM, BM

Financial institutions

Natural environment

Increase in measurestaken to address
natural disasters

Withdrawal of financing
for assets vulnerable tonatural disasters

Increase in natural
disasters due to risingtemperatures

Tenants

Investors

Preference forproperties with ahigh level of BCP

Rising concern about
the effects of natural
disasters on investments

GovernanceIn addition, as a member of the Association for Real Estate Securitization, the Asset Management Company regularlycollects information on outstanding efforts by other member companies to reduce environmental burdens and build asustainable society, which will be useful for further raising environmental awareness and expanding such efforts.

Government
Carbon tax/energyrelated laws &regulations not enacted

Social Responsibility

By endorsing the TCFD recommendations, the Asset Management Company joined the TCFD Consortium. ManyJapanese companies and organizations that have endorsed the TCFD recommendations participate in this Consortium,
where their approaches to promoting climate-related disclosure are discussed and shared. In addition to exchanging
information with other participants through its activities in the Consortium, the Asset Management Company
proactively disseminates information on its approach to climate-related disclosure.

Environmental
Initiatives

Publishing agency/organization

As noted above, in FY2021, the Asset Management Company endorsed the TCFD recommendations.
Identifying, assessing, and managing the risks and opportunities that climate change poses to MFLP-REIT’s asset
management business in line with the TCFD Final Recommendations and enhancing the resilience of the business, areessential to ensure the MFLP-REIT’s sustainable and stable earnings over the long term. We will consider further
enhancement of information disclosure in the future.

Views on ESG

Endorsement of the TCFD recommendations and participation in the TCFD Consortium

Top Message

The Paris Agreement adopted in 2015 clearly states a shared global goal of keeping the rise in average temperaturesfrom pre-industrial revolution levels to well below 2°C. The Sixth IPCC Assessment Report (Working Group I Report),
published in 2021, states that there is no longer any doubt that human activities have an impact on global warming;that unless significant reductions in greenhouse gas emissions are made over the next few decades the rise intemperature from pre-industrial revolution levels will exceed 1.5°C and 2°C during the 21st century; and that theclimate system will undergo changes, including an increase in the intensity and frequency of natural disasters.

1.5°C-2°C scenario: Following decarbonization and shift to low carbon, related laws and regulations become increasingly stringent

Governance

The Sustainability Promotion Committee deliberates and reviews each agenda item, and decisions are made by the
responsible director.
Climate-related issues are promoted within a supervisory framework centered on the President & CEO, who is the
responsible director.

7

LM, BM

Financial institutions

Natural environment

Diversifying
tenant needs

Widespread use of screeningthat takes environmental
performance into accountleads to increase in financing

Temperature increase
curbed as CO2 emissions
enter a declining trend

Tenants

Investors

Preference for properties
that have goodenvironmental performance

Increase in requests
for disclosure ofclimate change risks

Overview of theInvestment Corporation
Overview of the AssetManagement Company

The responsible executive regularly reports to the Sustainability Promotion Committee, which includes the responsible
director, on matters related to the identification and evaluation of the impact arising from climate change, themanagement of risks and opportunities, progress of initiatives, and the setting of indicators and targets.

Government
Strengthening of emissions
regulations such as carbon taxes
Strengthening of energy regulations

ESG FinanceIn accordance with the Climate Change Resilience Policy, the Asset Management Company has designated thePresident & CEO as the responsible director for climate-related issues and the Chief Investment Officer as the
responsible executive for climate-related issues.

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Climate Change Initiatives
Risk management

4°C scenario 1.5-2°C scenario
Expected financial impact

Utilization of Mitsui Fudosan’s
information and know-how
Introduction of green leases
Risk

Small Middle Middle Middle Systematic switch to LED lighting

Establishment of green energy
procurement system

Increase in rental revenues due to
growing demand for properties withhigh environmental performance

Small

Small

Additional installation of solar
Small Middle power generation equipment
and own consumption, electricity
consignment

Opportunity Small

Small

Small Middle

Small

Small Middle performance of the portfolio

Risk

Improved environmental

Risk

Small

Obtaining external evaluations
and certifications
Establishment of procurement
system for green electricity
Opportunity Small

Small Middle Large Implement tenant satisfaction

surveys

Change in status of financing

Decline in financing opportunities anddeterioration of financing conditions
due to low evaluation from investors
and financial institutions
Increased financing opportunities andimproved financing conditions due tohigh evaluation by investors andfinancial institutions

Risk

Small Middle Middle Middle

Improvement of theenvironmental performance ofthe portfolio
Obtaining external evaluations
and certifications

Opportunity Small

Small Middle

Middle Large

Small Middle

Expansion of disclosure of
ESG-related information

Occurrence of losses
Risk

Thorough BCP measures

BCP measures and increased costs
Increased demand for properties witha high level of BCP both in terms ofhardware and software and increased
rental revenues

Implementation of regulardisaster drills
Opportunity Middle Large

Implementation of regular
Small Middle
disaster risk evaluations andimplementation of response
measures

Flooding caused by rising sea
levelsIncrease in costs caused by majorrenovations (construction ofembankments)

Risk

Middle Large

Small Middle

Increase in extremely hot orextremely cold days

Increase in operating costs and repair
costs of air conditioners due to anincrease in air conditioning operating
time

Risk

Middle Large

Small Middle of high-efficiency air

Consideration and introduction
conditioning systems

Based on the results of scenario analysis, the Asset Management Company will establish an internal structure, andexamine countermeasures, and incorporate such measures into business strategies, while formulating, implementing,and monitoring them repeatedly and continuously, aiming to enhance corporate value and heighten businessresilience. Specific initiatives are presented on pages 14 to 15.

9(e) Acute physical risk: risks originating in events such as typhoons and flooding(f) Chronic physical risk: risks originating in long-term shifts in weather patterns, such as high or low temperatures sustained over long periods

In addition, in cases where themes and elements that could provide business opportunities to the Asset Management
Company and MFLP-REIT are identified during the process of uncovering risks, these are identified as climate-related
opportunities in a separate category from risks, and their feasibility is investigated.
The responsible executive provides regular reports to the Sustainability Promotion Committee on the progress andoutcomes of work to uncover risks and opportunities performed by the working group.
Process for managing climate-related risks and opportunities
For important climate-related risk and opportunity factors that the Asset Management Company has determinedshould be addressed as a priority based on the above process, a management process is set out as follows, with theaim of mitigating risks and taking advantage of opportunities.
• For high-priority climate-related risks and opportunities that have been deliberated by the Sustainability Promotion Committee andthat are important in the context of business and financial plans, the responsible director designates a team in charge of addressing
the issue, and instructs them to draft appropriate measures.
• The measures drafted by the team in charge of addressing the issue will be deliberated by the Sustainability Promotion Committee
as necessary, and the details will be finalized in accordance with the appropriate rules governing administrative authority.
• The responsible director gives instructions for climate-related risks that are important in the context of business and financial plans
to be taken into account by the existing company-wide risk management program with the aim of integrating risk identification,
evaluation and management processes.

Indicators and targets
The Asset Management Company works to establish environmental KPIs, and to set and monitor indicators andtargets, with the objective of mitigating climate-related risks and taking advantage of climate-related opportunities.
The state of progress for each initiative is summarized at least once a year by the responsible executive, who presents
a report to the Sustainability Promotion Committee.
The environmental KPIs that are currently established by the Asset Management Company, together with historical
data, are shown on pages 11 to 18.
The Asset Management Company will continue to consider and disclose any new environmental KPIs that seemappropriate to set.

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Note that on the time axis, “short term” indicates 1-3 years, “medium term” indicates 4-10 years, and “long term”
indicates a period of over 10 years.

(2) Physical risk: impact on the business arising from the progression of climate change, resulting in variations fromprevious weather patterns and climatic phenomena

ESG Finance

Chronic

Physical risks/opportunities

Acute

Increase in the frequency andintensity of natural disasters(concentrated torrential rain,
typhoons, floods, landslides,
etc.)

Increase in expenses of repair expenses
and insurance premiums, etc.

(a) Policy, law and regulation risk: risk of strengthened regulations caused by policy-driven promotion of decarbonization(b) Technology risk: risk arising from the development of new technology, and its adoption by the mainstream, related to low-carbon/decarbonization(c) Market risk: risks associated with markets, such as volatility in energy prices and fluctuations in demand for services(d)Reputation risk: risk of negative changes in reputation among stakeholders such as customers, the general public, employees, and investors

Governance

Small

Utilize ESG finance(1) Transition risk: impact on the business of the low-carbon/decarbonization transition of society and the economy

Social Responsibility

Promotion of cooperation withtenants

Once a year, the responsible executive invites those who are essential to a climate-related working group, andidentifies and evaluates climate-related risks for the Asset Management Company. Climate-related risks in this analysis
are based on the following framework.

Environmental
Initiatives

Decrease in competitiveness ofproperties with low environmental
performanceMarket/reputation

Transition risks/opportunities

Technology

Evolution of renewable energy
and energy-saving
technologies, diffusion of new Decrease in operating costs
technologies(Conversion of portfolio to ZEB) Reduction of costs through energy
savingChanges in tenant behavior

Small Middle Middle Large

Cost increase through secondary costshifting
Increase in new technology
introduction cost

In order to mitigate climate-related risks and take advantage of opportunities, the Asset Management Company
identifies, evaluates, and manages climate-related risks and opportunities based on the following framework.
Process for identifying and evaluating climate-related risks and opportunities

Risk

Increase in costs such as carbon taxes
Increase in cost of purchasing CO2
emission credits

Response by the AssetManagement Company

Views on ESG

Policies and laws

Purchase of CO2 emission
credits

Degree of financial impact
Short/ Long Short/ Long
mediummediumterm term term term

Increase in renovation costs
Strengthening of energy-saving
Fines, etc.
standards for properties held
Increase in operating costs
Introduction of carbon taxes,
etc.

Category

Top Message

Related item for property
management

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Environmental KPIs

Environmental KPI

CO2 emissions
intensity in logistics
facilities(Base year: 2016)

2022

2023

2025

2030

Owner-managed
portionWhole building

30% reduction

24% reduction

75% or more

95%

90% or more

100% reduction

2016

2030

Post-FIT
solar
power

100%

Tenant-managed
portion100%

100
Tenant-managed portion (Scope 3)

Water usage intensity
in logistics facilities(Base year: 2016)

Not to increase above base-year level

100

Certified Green
Buildings inlogistics facilities

95% or more

Certified Green
Buildings in
portfolio as a whole

90% or more

76

2016

2030

Approach to setting numerical targets for CO2 emissions intensity

Means of reduction

Breakdown of CO2 emissions in 2020
Ownermanaged
portion15%

Tenantmanaged
portion85%• Installation of additional photovoltaic generation facilities and private consumption
and consignment of electricity• Purchase of green electricity (owner and tenant)

..., etc.

*1 For the base year 2016, a whole year’s actual performance figures of properties acquired through the IPO are set to 100.
*2 Gross floor area in 2030 is expected to be double that at the end of fiscal 2020.
*3 It is assumed that the business-as-usual scenarios for intensity levels in 2030 will have roughly the same conditions as in 2020.
*4 “Various energy-saving measures” means reductions from the shift to LED lighting, controlled illumination, upgrades to air conditioning systems, and otheroperational improvements.
*5 “Post-FIT solar power” means the reduction that would be achieved if all currently sold renewable energy generated by solar power generation were consumed
in-house.
*6 The reductions shown above do not incorporate an increase in electricity consumption driven by the installment of new air-conditioning systems and introductionof automated facilities at the request of tenants.

Overview of theInvestment Corporation
Overview of the AssetManagement Company

11

2030

• Various energy-saving measures

MFLP-REIT aims to reduce not only the portion of CO2 emitted in ownermanaged portion (Scope 1 and 2) but also in the tenant-managed portion(Scope 3), aiming for reducing total CO2 emissions for the whole building.
Going forward, it is conceivable that CO2 emissions from tenant businessactivities could increase due to additional installation of air conditioning
systems to improve working environments and the introduction of
automation equipment. However, to realize CO2 emissions reductions acrossthe portfolio, it is essential to take various measures in cooperation withtenants, and MFLP-REIT will make arrangements for tenants to be able tostably procure green electricity.

2016

ESG Finance

CO2 emissions originating in the business activities of tenants within thebuildings account for approximately 85% of the CO2 emissions in MFLPREIT’s portfolio as a whole.

2050

Governance* CO2 emissions intensity, water use intensity, and recycling rate are excluded industrial real estate, due to confidentiality agreements etc., pertaining to data centers(industrial real estate).

Social Responsibility

70% or morelogistics facilities* Figures are calculated ongross floor area basis

24% reduction

70

Waste recycling rate inGreen Building
certification

Environmental
Initiatives

100

Views on ESG

Green leases as percentage of
total in portfolio

portfolio

Owner-managed portion (Scopes 1, 2)

30% reduction

Tenant-managed
portionOwner-managed
portionWhole building (Scopes 1, 2, 3)

100% reduction(Scopes 1, 2)(Scope 3)

LED installed aspercentage of total in

How CO2 emissions intensity can be reduced
Top Message

Reflecting the basic approach to environmental awareness set out in the ESG (Environment, Society, Governance)
Policy, we set new environmental KPIs in FY2021.

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Environmental Performance Results and Initiatives
Environmental performance results

Introduction of green leases

2016 (Base year)

2019

2020

Total energy consumption (thousand kWh)

14,806

34,70247,595030

32

14,80534,672

47,563

33.3

30.3

34.6

Fuel consumption (thousand kWh)Electricity consumption (thousand kWh)
Energy intensity (kWh/m2)

With the permission of tenants, we are converting lighting in tenant-managed areas to LED lighting, with the aim ofboth saving energy for the property as a whole and reducing running costs.
Properties that apply green leases (non-exhaustive)
MFLP Ibaraki

MFLP Sakai

MFLP Hino

MFLP Yokohama Daikoku

CO2 emissions
Item2016 (Base year)
7,581

16,083

21,234

0.017

0.012

0.015

Scope 1 emissions (t-CO2)

0.65

64.28

68.49

Scope 2 emissions (t-CO2)

1,638

2,534

3,204

Scopes 1 and 2 emissions intensity (t-CO2/m2)

0.060

0.051

0.048

CO2 emissions (t-CO2)
CO2 emissions intensity (t-CO2/m ) total
2

Owner-managed portion

Tenant-managed portion
Scope 3 emissions (t-CO2)

5,944

13,485

17,962

Scope 3 emissions intensity (t-CO2/m2)

0.014

0.013

0.014

Item

2016 (Base year)

2019

2020

Charges for water used from water source (m2)

22,96680,28894,528

0.07

0.07

0.07

Water intensity (m2/m2)

LED lighting

Solar power panels

With the aim of raising theasset value of our portfolio byaddressing environmental
issues, as well as responding totenant needs, we are moving
MFLP Osaka I
forward with the introductionof LED lighting (exclusive-use and common-use areas).
LED installed as percentage of total (as of February 2, 2022)

Some of the logistics facilities
owned by MFLP-REIT havesolar power panels installed togenerate renewable energy.
MFLP Ibaraki

Whole building

Common areas (excluding buildings leased as a whole)

Solar power panel annual power generation(Actual, 2021)

82.3%

89.1%

18.9 GWh (12 properties)* F igures are calculated based on the gross floor area, considering the quasi
co-ownership interests in each property.

* For the properties owned by MFLP-REIT after acquiring the properties acquiredin the 12th fiscal period, the value stated is the power generated during January
1, 2021 to December 31, 2021 from the 12 properties with solar panels installed.
Note that this value is the total power generated from the entire properties anddoes not take into consideration MFLP-REIT’s ownership ratio of the properties.

Reuse and recycle of water

Item2016 (Base year)

2019

2020

Waste emissions weight (t)—11,282

11,899Recycling rate

—

66.3%

67.3%

The Mitsui Fudosan Group collaborates withtenants on a variety of initiatives to reduce
environmental impacts.
Specifically, we are actively working to gain
cooperation from tenants by putting up 3Rs(“reduce, reuse, recycle”) posters toencourage the sorting of garbage,
distributing a Sustainability Guide and so on.

Overview of theInvestment Corporation
Overview of the AssetManagement Company*1 The data in the table above were collected during the periods below. Please note that the data for 2016 is aggregated only from the multi-tenant type facilities of
GLP-MFLP Ichikawa Shiohama, MFLP Kuki, MFLP Yokohama Daikoku, MFLP Yashio, and MFLP Sakai.
2016: from August 1, 2016 to July 31, 20172019: from April 1, 2019 to March 31, 2020
2020: from April 1, 2020 to March 31, 2021
*2 The numerator is the total gross floor area of the properties owned (excluding MFIP) for which data for the relevant period is known, and the denominator is thetotal floor area of the properties owned (excluding MFIP) at the end of the relevant period.
*3 Intensity is the figure representing the consumption volume, etc. as the numerator with the total gross floor area of the properties owned (excluding MFIP) for
which data for the relevant period is known as the denominator, with the consumption volume adjusted for months of operation (data covering less than 12
months is adjusted to represent 12 months of operation).

Collaboration programs with tenants

ESG Finance

Certain logistics facilities owned by MFLP-REIT are equipped with facilities to reuse well water, and we are working to
reduce the amount consumed from water sources.

Waste

13

Introduction of solar power panels

Governance

Water consumption

Introduction of LED lighting

Social Responsibility

2020
Environmental
Initiatives

2019

Views on ESG

Item

MFLP-REIT is gradually introducing green leases across the whole of its portfolio. A green lease is a lease in which bothowner and tenant promote environmental consideration through a building lease agreement.

Top Message

Energy consumption (whole buildings)■

Putting up 3R posters■

Sustainability Guide

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Environmental Performance Results and Initiatives
Environmental initiatives in collaboration with the Mitsui Fudosan Group

Environmental management system / PDCA cycle

Implementation/
promotion of initiatives

Monitoring progress

Analysis/countermeasures

P lan

D o

C heck

A ctionSocial Responsibility

Setting targets

Environmental
Initiatives

The Asset Management Company established its own environmental management system (EMS) and implements a
PDCA cycle in accordance with the aforementioned structure and governance in order to manage the environmentalload of its entire portfolio, such as energy consumption, CO2 emissions, water consumption, and waste generation,
and achieve its targets.

Views on ESG

In addition, MFLP-REIT has outsourced logistics management operations of logistics facilities and industrial properties
owned by MFLP-REIT to Mitsui Fudosan, and is efficiently promoting environmentally friendly initiatives by leveraging
the comprehensive capabilities of the Mitsui Fudosan Group. With regard to various new environmentally friendly
initiatives, MFLP-REIT is in discussions with Mitsui Fudosan.

Top Message

By utilizing the strategic partnership with Mitsui Fudosan to prioritize the incorporation into our portfolio of properties
with outstanding environmental performance developed by Mitsui Fudosan itself, we will reduce the environmental
impact of the portfolio and mitigate environmental risks.

Understanding and reducing environmental risks in investment decisions and monitoring

15

Overview of theInvestment Corporation
Overview of the AssetManagement Company

MFLP-REIT utilizes the support of Nikken Sekkei Construction Management, Inc. as an expert consultant forsuggestions for the portfolio’s energy management and measures that contribute to increasing environmental
performance.

ESG FinanceUtilization of an external consultant

GovernanceRegarding due diligence for new investments, MFLP-REIT obtains an understanding of environmental and social risks
by utilizing external experts and uses this information in its investment decisions. With regard to environmental risks inparticular, before an investment decision is made, surveys are carried out as part of the engineering report for soil
contamination risks, and to establish whether or not hazardous substances (such as asbestos and PCBs) have beenused. Periodic monitoring of environmental and social risks is conducted for properties held as well and initiatives thatprovide opportunities for reducing risks and increasing property value are carried out, e.g., expert building assessments
such as “Energy Efficiency Walkthroughs.”

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Initiatives to Obtain Green Building Certification
Policy for acquiring Green Building certification

Certification acquisition status for portfolio properties (as of February 2, 2022)

96.3%

Property name

DBJ Green Building Certification

Green Building
certification acquired for
portfolio as a whole

92.5%

DBJ Green Building
CASBEE
Certification(New Construction)

GLP/MFLP Ichikawa Shiohama
MFLP Kuki
MFLP Yokohama Daikoku

Rank A*¹★★★

CASBEE certification for Real Estate

MFLP Atsugi

Rank A*²★★★★

76 ％削減建築物省エネルギー性能表示制度
国土交通省告示に基づく第三者認証
2021年8月25日交付★★★★

Rank A*¹

Rank A*²

76％削減

ZEB Ready

Rank A*²
Rank A*¹

MFLP Prologis Park Kawagoe

★★★★

★★★★★

MFLP Hiroshima I★★★★

Rank A*²★★★★★

ZEB Ready

MFLP Ibaraki★★★★

Rank A*²★★★★★

ZEB Ready

MFLP Kawaguchi I★★★★

Rank S*²★★★★★

ZEB Ready★★★★★

Nearly ZEB

118

Rank A*¹

MFLP Osaka I

Rank A*²

MFLP Hiratsuka II

Rank A*²

Total certifications acquired

10

9

12

*1 The certification period has expired.
*2 This is an evaluation based on the local government notification system.
*3 In addition to the above green building certifications, MFLP Sakai also won the FY2015 Osaka Environmentally Friendly Architecture Award (Retail and otherfacilities category).

Overview of theInvestment Corporation
Overview of the AssetManagement Company

この建物のエネルギー消費量★★★★★

Rank A*²

MFLP Yachiyo Katsutadai

2021年8月25日交付 国土交通省告示に基づく第三者認証

ZEB ReadyESG Finance

MFLP Fukuoka I★★★★★

Governance

BELS is a third-party evaluation system that displays the energy-saving performance of buildings. From April 2016,
real estate companies and other entities are required to make efforts to display the energy-saving performance ofbuildings based on the Act on the Improvement of Energy Consumption Performance of Buildings (“Building Energy
Efficiency Act”). The specific method of display is set out in the energy conservation performance display guidelines
この建物のfor buildings prescribed by the Ministry of Land, Infrastructure, Transport and Tourism, and BELS is assessed based
エネルギー消費量
on these guidelines and rated on a 5-star scale.

ZEB Ready★★★★

Rank S*¹

MFLP Hiratsuka

ZEB (Net Zero Energy Building) is a building that aims to achieve a zero energy balance through substantial
reductions in annual primary energy consumption. This is achieved by saving as much energy as possible via better
thermal insulation of the building and highly energy efficient equipment, etc., coupled with creating energy by solar
power generation or other energy generating methods, while maintaining a comfortable environment. In the BELS
certification system, the certification of the level of ZEB is presented in four stages: “ZEB,” “Nearly ZEB,” “ZEB
Ready,” and “ZEB Oriented.”

17

★★★★★

MFLP Komaki

MFLP Atsugi II★★★★★

Rank A*²

Rank A*¹

BELS certification

ZEB certification★★★★*¹MFLP Kashiwa

MFLP Inazawa

ZEB Ready

Rank A*¹

Rank A*¹

MFLP Hino

★★★★★
★★★★

Rank A*²

MFLP Funabashi Nishiura

MFLP Sakai*3

The CASBEE certification awarded by the Institute for Building Environment and Energy Conservation and its
designated certification bodies consists of four evaluation tools: CASBEE for Pre-Design, CASBEE for New
Construction, CASBEE for Existing Building, and CASBEE for Renovation. These are used to provide an evaluation
on a five-grade scale: Superior (S), Very Good (A), Good (B+), Slightly Poor (B-) and Poor (C). CASBEE certification
for real estate for buildings whose construction was completed at least one year ago consists of an evaluation on afour-grade scale (S, A, B+, or B), which is in turn based on an assessment spanning five different categories: energy/
greenhouse gases, water, materials, biodiversity/sustainable site, and indoor environment.

Rank S

BELS certification ZEB certification

Social Responsibility

CASBEE (Comprehensive Assessment System for Built Environment Efficiency) is a comprehensive system, createdunder the leadership of the Ministry of Land, Infrastructure, Transport and Tourism, for evaluating the quality ofbuildings. In addition to the original goals of reduced energy consumption and the use of building materials withlow environmental impacts, it also takes into account the comfort of the interior and the landscape.

CASBEE(Real Estate)

Rank A*¹★★★★★

MFLP Yashio

54.1%

Environmental
Initiatives

DBJ Green Building Certification aims to encourage the spread of real estate (“green buildings”) that takes into
account environmental performance and disaster preparedness, as well as the societal needs of various
stakeholders, including local communities. This is assessed using a proprietary scoring model developed by
Development Bank of Japan Inc., resulting in selected properties that address the needs of the times being given aranking of 1 to 5 on a 5-star scale.

ZEB certificationacquired inlogistics facilities

Views on ESG

MFLP-REIT has been actively working to acquire Green Building certification, including ZEB certification. As of February
2, 2022, the proportion of logistics facilities that have acquired Green Building certification was 96.3%, and theequivalent figure for portfolio as a whole was 92.5%.

Green Building
certification acquiredin logistics facilities

Top Message

MFLP-REIT sets the targets as described on page 11 with the aim of acquiring Green Building certification for its entire
portfolio for the purpose of reducing the environmental risks of its portfolio and increasing asset value over the
medium to long term.

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Basic Approach Regarding Social Considerations• Investors: Distribution of stable profit, maximization of the interests of unitholders in the medium to long term, andtimely and appropriate disclosure of information• Tenants: Provision of safe, secure and functional spaces in buildings in collaboration with LM, and increase ofbusiness continuity and employee satisfaction

CS survey

LaLaport discount tickets

To provide a comfortable work
environment for tenant employees,
seasonal decorations have been
introduced.

In order to achieve better operation offacilities, we also conduct regularsatisfaction surveys of tenant employees.

Various preferential privileges are offered
to tenant employees, including discounts
at a variety of stores in Mitsui Fudosanmanaged shopping centers.

Issuance of seasonal magazine

Cafeteria

LoungeWe publish a quarterly magazine toprovide tenants with timely information.

To provide a comfortable work
environment for tenant employees, thecafeteria within a facility offers a diverse
food menu.

Spaces are also provided to enable truck
drivers using a facility to rest.

Adoption of seismic isolation

Emergency power generator

Remote monitoring using ITV

We adopted seismic isolation technology
to not only ensure the safety of users in
the event of a large-scale earthquake,but also mitigate the impact on goods
stored.

The facilities are equipped withemergency power generators that canoperate for up to 72 hours for BCP
response, including ensuring safety in thefacility in the event of a power outage.

The facilities are equipped with a systemthat, in the event of a natural disaster,
enables the state of damage sufferedboth inside and outside a facility to bechecked in real time.

• LM and business partners: Provision of a safe, secure, and comfortable work environment• Local communities: Contribution to local vitalization and development, and support during emergencies• Employees of the Asset Management Company: Provision of a safe, secure, and comfortable work environment,
and opportunities for capability development

Social Responsibility

Unmanned store

Commuter shuttle bus

Bicycle sharing

To meet the needs of facility users, anunmanned concession stand is available
24 hours a day, 7 days a week.

We provide shuttle buses to support thecommuting of tenant employees. It also
contributes to ease crowding in local
public transport.

To enhance the convenience oftransportation for tenant employees, weoffer a bicycle sharing scheme.

Sky deck

ICT LABO 2.0

To provide a comfortable work
environment for tenant employees, we
provide a full range of spaces for foodand rest.

To provide a comfortable work
environment for tenant employees, we
provide resting places with extensive
outside views.

We provide expert solutions in
automation and labor-saving measures
to prospective MFLP tenants, such as
logistics companies.

Areas notconsidered
flood zones:
56%

Stockpiles for disaster prevention

Measures based on hazard maps

We have prepared for emergencies bystocking a wide range of necessary
items, such as drinking water andemergency food rations for those having
difficulty returning home in the event of
a disaster.

56% of the entire portfolio is located in areas thatare not considered likely to suffer from flooding, andflood-control measures have been taken for theremaining 44%, including measures for raising theheight of voltage substations, emergency power
generators and other critical equipment.

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Sky lounge

100%

ESG Finance

Flooding
measurescomplete:
44%

Governance

Providing comfortable work environment

BCP initiatives

Examples of specific initiatives

Environmental
Initiatives

Seasonal decorations

Views on ESG

Responsibilities of MFLP-REIT and the Asset Management Company to key stakeholders

Top Message

MFLP-REIT and the Asset Management Company intend to actively fulfill our roles and responsibilities and makecontributions through their business activities, etc. to all stakeholders, including not only investors but also tenants, LMand business partners, local communities, and employees of the Asset Management Company. For example, MFLPREIT’s portfolio is geographically diversified, and contributes both to regional job creation and to the vitalization of
local communities. In addition, all properties in MFLP-REIT’s portfolio offer convenience commuting using public
transport (train stations, bus stops, etc.) and are also accessible to people with disabilities.

Providing comfortable work environment

Stakeholders of MFLP-REIT

Note: MFLP and each portfolio asset may not be equipped with some of the above standard specifications or features.

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Basic Approach Regarding Social Considerations

Contactlesselevator

Child care facilities on-site

Creation of community space

We conduct cleanup activities in theareas surrounding facilities to contributeto achieve a better local environment.

We provide a child care facility on-site
for child-rearing support not only for
tenant employees, but also people
nearby the facility.

By establishing public areas with green
spaces, cherry trees, etc., we provide
places for local residents to relax.

Emergency temporary toilets

Bench that can be converted to cooking grill

Designated as a tsunami evacuation building

By setting up facilities that can be used
as toilets in the event of a disaster, we
provide support for residents of thesurrounding neighborhoods in the formof infrastructure for daily life.

By setting up benches that can be used
as a stove in the event of a disaster, we
provide support for residents of thesurrounding neighborhoods in the formof infrastructure for daily life.

We support local residents living near
the facilities in the event of a disaster by
securing designations as disasterevacuation sites from municipalities.

Introduction of green curtains

Facility tour for social studies

Planted area

We mitigate any sense of oppression by
establishing green curtains on slope
areas, for local residents and thelandscape they see.

We provide tours of the facility tostudents from the local area as part oftheir social studies class.

We work to create harmony with thesurrounding by establishing a planted
belt, environment, for local residents andthe landscape they see.

Catering food truck (typical lunchtime scene)

Art exhibition

At MFLP Kawaguchi I, we held a catering food truck event in cooperation with a support group for people with disabilities. Thiswas implemented on a monthly basis between March and December 2021, and involved the sale to tenant employees of currywhich was made at locations that employ people with disabilities work, and the equivalent to 450 meals were sold in total. In
collaboration with the same organization, works of art created by people with disabilities were given their debut in society, andan exhibition of art for sale was also held.

Governance

Cleanup activities near facilities

Catering food truck

Social Responsibility

To ensure that those using the facilities aswell as tenant employees can continue to
use the facility comfortably, bodytemperature management checks are
implemented when people enter and leave.

Environmental
Initiatives

To ensure that those using the facilities
as well as tenant employees can continue
to use the facility comfortably, alcoholbased sanitizers have been set up, andcontactless elevators have been installed.

Views on ESG

To ensure that those using the facilities
as well as tenant employees can continue
to use the facility comfortably, cleaningand sanitization are carried out at regularintervals.

Body temperature management

Top Message

Response to local communities

Alcohol-based
hand sanitizer

Initiatives for local communities

COVID-19 infection prevention

Thorough disinfection

Cooperation with support group for the disabilities

ESG Finance
Overview of theInvestment Corporation
Overview of the AssetManagement Company

Note: MFLP and each portfolio asset may not be equipped with some of the above standard specifications or features.

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Initiatives for Employees of the Asset Management Company
Initiatives for human rights

Diversity and inclusion of the Asset Management Company

Details

Total number of officers and employees(Note 1)

24

24(Number of direct employees)

14

14

Male: 7, Female: 7

Male: 7, Female: 7

Percentage of female employees*

50%

50%

Average employment period*(Note 2)

2.2 years

3.0 years

Rate of used portion of paid vacation*(Note 3)

56%

82%

Rate of health checks received

100%

100%

Employment of people with disabilities

00

Number of seconded employees accepted10

10Number of new hires*

50

Number of retired employees*

0

0

0%

0%

[Examples of initiatives]
Training by viewing a DVD that promotes understanding of human rights and diversity (promoting active participation of
women, employment of senior employees, training on LGBT issues)

Overview of theInvestment Corporation
Overview of the AssetManagement Company

There were no serious violations of labor-related laws and regulations during the period from January 1, 2021 to
December 31, 2021.

(Note 1) In this report, indication of “officers and employees” means the total officers and employees including direct employees and seconded employees
mentioned above.
An asterisk (*) indicates data for direct employees, including contract employees.
(Note 2) T he average employment period is the average of figures calculated by dividing the total number of days enrolled as an employee up to each day by 365,
as the number of days in one year.
(Note 3) C alculated using data on enrolled employees as of the fiscal year-end (December 31, 2021 for FY2021), but excluding those mid-career hires who joined
during the fiscal year.

ESG Finance

The Asset Management Company conducts labor management while abiding
by the labor laws and regulations. In terms of wages, the Asset Management
Company has adopted a basic policy of following the rules on minimum
wages.

Employee turnover rate in the fiscal year*

Governance

The Asset Management Company shall support and respect the freedom of
association and the right to collective bargaining.
Up to the present, no labor unions have been formed, but labor-management
relations at the Asset Management Company have been harmonious, andthere have been no large-scale mergers, acquisitions, or layoffs in the past.
In addition, the Asset Management Company has entered into a labormanagement agreement on overtime work (36 Agreement) with its
employees, and is striving to maintain the health of its employees and improvelabor productivity by appropriately managing working hours.
The Asset Management Company is making the following efforts to reduce
excessive working hours and overtime.

Social Responsibility

Policy to prevent child labor orforced labor

The Asset Management Company shall not permit child labor or forced labor.
The Asset Management Company has never used child or forced labor. To
ensure that none is used in the future, the Asset Management Company
complies thoroughly with the laws and regulations of each country.

• Monitoring working hours• Periodic interviews with supervisor• Notifying both employees and their direct supervisors when they are indanger of overwork• Implementing stress checks

23

FY2021

Environmental
Initiatives

Prohibition of discriminationand harassment

Policy supporting rights to aminimum wage and living wage

FY2020

Policy and initiatives
The Asset Management Company shall prohibit discrimination or unfair
treatment based on nationality, social status, race, belief, gender, age,disability, sexual orientation, gender identity, education, marriage status,
employment type or any other reason not related to business roles. In
addition, no harassment in any form is allowed in the workplace.

Freedom of association and theright to collective bargaining

Item

Views on ESG

Based on the above, the Asset Management Company has defined the initiatives for respect of human rights in
the Compliance Manual as described in the table below and is working to instill its policy on respecting humanrights in all employees.

The Asset Management Company will strive to build an organization that recognizes diversity and inclusion.
Specifically, in accordance with the management philosophy of the Mitsui Fudosan Group of “coexist in harmony
with society and achieve a sustainable society,” in response to the dramatically changing needs of society, we areworking to realize new value creation based on work style reforms, with the management ranks overseeing thediversity of employees, working to build an organization in which human resources of diverse values, talents, andlifestyles can realize their full individual potential and comfortable workplace.

Top Message

The Asset Management Company has established a human rights policy based on the Mitsui Fudosan Group
Human Rights Policy and the Mitsui Fudosan Group Sustainable Procurement Standards of Mitsui Fudosan. MFLPREIT and the Asset Management Company support and respect international norms regarding human rights,
such as the core labor standards set out in the ILO Declaration on Fundamental Principles and Rights at Work
(freedom of association, recognition of the right to collective bargaining, elimination of forced labor, abolition ofchild labor, and elimination of discrimination) in light of the Universal Declaration of Human Rights and theInternational Bill of Human Rights. In addition, the Sustainable Procurement Policy established by MFLP-REIT
incorporates respect for human rights into the selection and evaluation standards used to choose the content ofwork and business partners for the portfolio value chain.

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Initiatives for Employees of the Asset Management Company
Initiatives for human resource development

2 Various training programs
One of the pillars of the Asset Management Company’s human resource development efforts is the various
training programs listed below under “ 2 -(1) to 2 -(3).”Fiscal year

Training expenses

Training expenses per person

FY2021¥1,712,000¥71,333

Total hours

Total hours per person

523 hours and 12 minutes 21 hours and 48 minutes* Data are as of December 31, 2021.

For the purpose of periodically updating fundamental knowledge necessary for asset management of all
employees, we regularly conduct training programs led by external lecturers to learn the circumstances of theeconomic environment and real estate market and the REIT market, etc.

1 -(1) Support for acquisition and maintenance of specialized qualifications[Examples of trainings]
CBRE real estate market study group
Data center-related study group
Example 5 ESG training
Example 1

Example 2

Example 3

Example 4

Logistics field study group
Real estate market research explanation meeting

ARES (Association for Real Estate
Securitization) Certified Master

7

Real estate transaction agent

14

Real estate appraiser1

2 -(2) Level- and field-specific human resource development business seminars

First-class architect

1

Real Estate Consulting Master1

Certificate-holder Member of the
Securities Analysts Association of Japan2

Eco Test (Certification Test forEnvironmental Specialists)

1

We use a system that enables all employees to choose from around 1,700 level- and field-specific courses by external
specialist institutions per year. The primary objective is to provide an environment that assists the development ofexecutive candidates by improving their management and leadership skills and encourages the active development ofa career vision by each employee. Moreover, we also introduce seminars, lectures, and courses for self-improvement inreal estate-related operations and ESG to employees as needed and encourage them to take courses.

Care fitter

1

US CPA

1(Note 1) As of December 31, 2021.
(Note 2) Includes personnel who have passed the credentialing exam but are notyet credentialed.

2 -(3) Compliance training

We strive to enhance not only individual capabilities but also organizational capabilities by implementing
compliance training programs for all officers and employees.

Fiscal year

Officers and employees
using the system

Amount of support funds(excl. tax)

FY20193

3 (15%)¥149,246

FY202055 (21%)¥248,888

FY202114

11 (45%)¥517,243• Training on intercepting relationships or trouble related to anti-social forces (February 2021)• Training on general theory of compliance (May 2021)• Training on conflicts of interest (July 2021)• Building internal control systems based on trends in financial administration (September 2021)• Training on conflict of interest (example case), operational errors, accidents, etc. (November 2021)• Training on information management (November 2021)

1 -(2) Others

We hold a start-of-year interview (goal setting), interim interview (progress check and advice), and end-of-year
interview (evaluation result feedback) for direct employees, as part of building a transparent goal-setting andevaluation feedback system that ensures mutual understanding of intentions between supervisors andsubordinates. Furthermore, as a separate measure, a biannual career interview with directors is held to provide
an opportunity for employees to talk about their own career formation, receive performance feedback, and talkabout their hopes for the Asset Management Company.
Fiscal year

Ratio of interviews held (direct employees)

FY2021

100% (14 out of 14 employees)

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Since MFLP-REIT conducts public offerings in overseas markets, we make efforts to improve the English language
abilities of the employees of the Asset Management Company for developing human resources able to operate
globally, and have also established an English conversation school course fee support system for directly
employed employees.

3 Periodic career interviews

ESG Finance* FY2021 data are as of December 31, 2021.

Governance[Examples of initiatives]
Number of cases using thequalification support system

Social Responsibility

The number of employees with specialized
certificates is as shown below (including seconded
employees accepted).

Number of
employees withqualifications

Qualification

Environmental
Initiatives

Employees (including contract employees) receive
support for acquiring specialist qualifications, such asreal estate transaction agent and ARES (Association
for Real Estate Securitization) Certified Master. They
are also supported in acquiring the Certification Test
for Environmental Specialists qualification, whichhelps them to contribute to society in their daily
lives. Furthermore, to encourage the acquisition ofdifficult qualifications, a qualification allowance ispaid to employees who hold qualifications as eithera real estate appraiser, lawyer, tax accountant, or
certified public accountant.

Views on ESG

2 -(1) Specialized field training

1 Qualification support system

Top Message

The Asset Management Company is taking steps to secure and develop specialists with high-level expertise inreal estate finance and potential leaders who have the management ability to increase the productivity of theorganization. Furthermore, it aims to develop human resources who will contribute to society and to increasing
corporate earnings, aiming not only to build knowledge, comprehension, and communication skills throughshort-term education and training, but also the ability to grasp the big picture of a situation or incident from a
broad perspective and envisage the future course of events.

* As of December 31, 2021.

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Initiatives for Employees of the Asset Management Company
Human resource development and retention strategy

Employees interviews with directors provide an opportunity to air their various hopes for the Asset Management
Company and to confirm their own career options.

[Number of persons seconded from Mitsui Fudosan and other companies] As of December 31, 2021

(3) Introduction of cumulative investment unit investment program

Reference: Career Programs of Mitsui Fudosan, Human Resources Management/ESG Report 2021

Furthermore, Mitsui Fudosan regularly conducts new graduate recruitment, and the Asset Management Company also
accepts secondments of young employees with less than 10 years of experience at Mitsui Fudosan who havecompleted human resource development training programs at Mitsui Fudosan.
For detailed information on recruitment of new graduates, please refer to Career Program described in ESG Report
2021 of Mitsui Fudosan as stated above.

Human resources are recognized as the most important asset of the Asset Management Company, which not only
meets the legal standards for health and safety, such as work-life balance, employee health, labor management, andrisk management, but also works to create working environments where all employees can continue to work withconfidence through the various initiatives described later. In addition, the Asset Management Company has been
examining to change the office layout to further improve the level of comfort for working environment.

• Congratulation and condolence leave• Cafeteria plan*• Subsidization of regular health checkup and screening fee• Loan of mobile laptop computer• Loan of smartphone• Loan of tablet device• Term-end bonuses• Award of prizes and bonuses under a reward system*C afeteria plan: A subsidy support plan for resort travel, sports, health, living, childcare, recreation, and attainment of various qualifications, etc. intended to enrich
the leisure time of direct employees and support their self-improvement.

Initiatives for health of employees
The Asset Management Company has joined the Mitsui Health Insurance Association and it provides various assistancesystems such as subsidies for influenza and other vaccinations as well as health screening fees.

[Examples of improvements in response to the employee satisfaction survey]

In cooperation with an industrial physician, the Asset Management Company has established a consultation point
where direct employees can consult about both mental and physical health. Furthermore, to ensure the safety of
workplaces, the Asset Management Company conducts onsite checks by an industrial physician.

• Expanded the scope of the qualification support system• Renewed the network system to help improve the IT environment

In addition, the Asset Management Company conducts stress checks to care for the mental health of direct employees(participation rate in FY2021 was 100%).

Overview of theInvestment Corporation
Overview of the AssetManagement Company

In FY2020, the Asset Management Company started conducting an employee satisfaction survey to ascertain thecurrent status and hopes of employees for use in improving the working environment. Since then, the AssetManagement Company has confirmed employee satisfaction regarding the degree of fulfillment of their current
assignments and satisfaction with their work environments at least once a year. (On a five-point satisfaction scale, theaverage score was 3.54 (FY2021)). Based on the results of this survey, the Asset Management Company is striving tobuild better working environments.

• Cumulative investment unit investment program• Defined contribution pension plan
• Flex-time system• Pre- and post-natal leave system• Childcare leave system• Child nursing leave• Nursing care leave system• Nursing care leave

ESG Finance(1) Employee satisfaction survey

The various benefit and welfare (incentive) programs listed below have been established to create a working environment
in which employees (including contract employees) can continue to work in comfort and with peace of mind.

Governance

Creation of working environments conducive to work and work-life balance(4) Benefit and welfare

Social Responsibility

At the Asset Management Company, the Board of Directors and General Meeting of Shareholders oversee theappointments of officers. Other managerial appointments are determined by the President & CEO. When making
changes to personnel appointments, an appropriate management candidate is selected from among direct employees
and the Mitsui Fudosan human resource pipeline, and the change is planned to ensure smooth continuation ofbusiness and duties.

Targeting all direct employees of the Asset Management Company, it has introduced a “cumulative investment unit
investment program” in which employees can acquire investment units of MFLP-REIT. With the introduction of thisprogram, it is anticipated that direct employees will be more focused on improving the performance of MFLP-REIT,
which is believed to contribute to continuous growth of MFLP-REIT and enhancement of unitholder value.
Furthermore, the Asset Management Company provides financial incentives to direct employees utilizing the programin an endeavor to further enhance its benefit and welfare programs for direct employees.

Environmental
Initiatives• Mitsui Fudosan: 8 • Sumitomo Mitsui Banking Corporation: 1 • Reiwakaikeisha Tax Corporation: 1

Views on ESG

Employees in managerial positions seconded from Mitsui Fudosan possess expert know-how as well as organization
management skills, thus they have contributed to asset management and vitalization of the Asset Management
Company.

In addition, the Asset Management Company has established internal and external contact points for consultation
based on the internal consultation and whistleblowing regulations. The system enables all employees to anonymously
report organizational or individual behavior that violates laws and regulations (behavior that violates or is suspected ofviolating laws, corporate ethics, and internal rules such as the compliance manual) or harassment to the Chief
Compliance Officer (or for matters concerning the Chief Compliance Officer, the President & CEO) or an external law
office. The same regulations protect whistleblowers and prohibit any disadvantage to whistleblowers, including
retaliatory measures by the Asset Management Company such as dismissal. The regulations also oblige the AssetManagement Company to determine and take appropriate measures regarding the reported matters.

In addition, the Asset Management Company has accepted highly expert personnel with diverse backgrounds on
secondment from Mitsui Fudosan and other companies. We are making use of their expert capabilities to makequalitative improvements in operational expertise, aiming to realize advanced asset management operations.

27(2) Structure for collecting requests and grievances of employees

Top Message

As the scale of assets under management increases, the Asset Management Company is conducting continuous midcareer hiring with a view to securing the necessary operation execution structure, and also promoting various
capability development for employees through the aforementioned education and training programs. In addition, theAsset Management Company has a full benefit program and is promoting the establishment of comfortable working
environments to enable employees to continue working with confidence. We are also promoting efforts to increase
work efficiency by encouraging long-term employment and increasing the motivation of employees.

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Initiatives for Employees of the Asset Management Company
Initiatives to prevent the spread of COVID-19
Top Message

The Asset Management Company conducts initiatives aimed at supporting employees and providing them with a safe
working environment, and has introduced various facilities.

Views on ESG

Mouthwash and alcohol-based sanitizers

Installation of partitions in conference rooms• Introduction of web conferencing system• Expansion of social networking services for employees• Provision of mobile devices and PCs to employees• Installation of partitions in conference rooms• Regular disinfection of door handles and provision ofdisinfection• Rigorous observance of social distancing (keeping 1
meter distance wearing masks)• Workplace vaccination system• Distribution of PCR test kitsSocial Responsibility• Encouragement of satellite office work
• Promotion of staggered commuting• Abolition of core time from the flextime system• Controlled rate of employees attending the office• Daily health management of employees• Ensured everyone informed of commuting rules

Provision of safe working environment

Environmental
Initiatives

Establishment of flexible commuting system

Loan of office automation equipment topeople working at home

GovernanceInitiatives for employee comfort
At the Head Office, a work space and refresh space have been set up to provide comfort for employees.

ESG Finance29

Cafeteria space

Conference room

Overview of theInvestment Corporation
Overview of the AssetManagement Company

Refresh space30

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Governance Framework
Organization of the Investment Corporation

Directors

Furthermore, the executive directors of MFLP-REIT do not serve concurrently as directors of the Asset Management
Company.

Position

Name of director, etc. (status of attendance)*

Monthly remuneration per title

Executive director

Masayuki Isobe (41/42; 98%)

¥400 thousand

Supervisory director

Izuru Goto (42/42; 100%)

Tadao Toyoshima (41/42; 98%)

¥250 thousand for each

* In the status of attendance, the absences of Masayuki Isobe and Tadao Toyoshima occurred at different meetings of the Board of Directors, and the number of
meetings of MFLP-REIT’s Board of Directors attended by a majority of directors was 42 times.

Organization
MFLP-REIT

Sumitomo Mitsui
Trust Bank, Limited

General Meeting of Unitholders

Accounting
serviceentrusting
agreement

Board of Directors

Executive Director: Hiroshi Asai
Supervisory Director: Izuru Goto
Supervisory Director: Eiko Osawa

Reiwa Accounting
Holdings Co., Ltd.
General Administrator(Tax affairs)Tax affairs
entrusting
agreement

Fiscal agency
agreement

Reiwakaikeisha
Tax Corporation
General Administrator(Investment corporation bonds)

Independent Auditor

Sumitomo Mitsui
Banking Corporation

KPMG AZSA LLC
Trademark licensing agreement
Logistics management agreement
Agreements for entrustment of control and coordination services
Property management agreement

Mitsui Fudosan Co., Ltd.

Mitsui Fudosan Logistics REITManagement Co., Ltd.

Supervisory Director

Izuru Goto

Eiko Osawa

Organization Chart
Management of the assets of MFLP-REIT is entrusted to the Asset Management Company. The Asset Management
Company engages in operations under the following operation structure in accordance with the Asset Management
Agreement concluded with MFLP-REIT.
General Meeting of Shareholders

Asset Management Company
Right of first look and preferential negotiation agreement
Trademark licensing agreement
Advisory contracts regarding real estate

Supervisory Director

Hiroshi Asai

Corporate Auditor
Board of Directors
Chief Compliance Officer

Compliance Committee

GovernanceSpecified Related
Corporation

Asset managementagreement

Executive Director

Social Responsibility

Asset custody agreement
Transfer agency service agreement
General administrative service
agency agreement

General Administrator(Accounting)

Environmental
Initiatives

CustodianTransfer Agent
General Administrator(Institutional)

Moreover, at the General Meeting of Unitholders on October 27, 2021 the executive director (one male) and supervisory
directors (one male and one female) were elected, and the composition of MFLP-REIT’s Board of Directors for the 11th
Fiscal Period (the period from November 1, 2021 to January 31, 2022 within the fiscal period) was as follows.

Views on ESG

The organization of MFLP-REIT is composed of the General Meeting of Unitholders, which is comprised of unitholders;the Board of Directors, which is comprised of one executive director, two supervisory directors, and the independent
auditor.

The composition of MFLP-REIT’s Board of Directors during the 11th Fiscal Period (the period from August 1, 2021 toOctober 31, 2021 within the fiscal period) totaled three members, namely one executive director (one male member)and two supervisory directors (two male members). The attendance rate of these three directors at meetings of MFLPREIT’s Board of Directors (during the period from March 2016 to October 2021) and their compensation are as follows.

Top Message

Investment corporations have at least one executive director and at least one more supervisory director than thenumber of executive directors. Please refer to “Directors” for information regarding the composition of directors.

President and Chief Executive Officer
Management Committee

Investment Committee

Investment & Operations Division

Finance Division

Independent auditor

Name

Amount of remuneration in the 11th Fiscal Period

KPMG AZSA LLC¥10,000 thousand■

Fines arising from ESG issues in the audited accounts

During the year from January 1, 2021 to December 31, 2021, there were no cases of fines levied due to ESG problems.

31

Operations Team

Finance and Strategic
Planning Team

Corporate
Administration TeamFor further details, please refer to the section of “(ii) Operation system” in the securities report.

Asset management fee structure consistent with the interests of unitholders
The aim is to keep the interests of MFLP-REIT’s unitholders consistent with the interests of the Asset Management Company.
Asset management fee I

Total assets × 0.1% (maximum)

Asset management fee II

Operating income (before deduction of asset management fees and depreciation) × 5.5% (maximum)

Asset management fee III

Pre-tax earnings (before deduction of asset management fees) × Pre-tax EPU (before deduction of asset
management fees) × 0.001% (maximum)

Overview of theInvestment Corporation
Overview of the AssetManagement Company* No payment of fees for non-auditing services has been made. Furthermore, the independent auditor operates as follows, in accordance with the provisions on independent
auditors under the Certified Public Accountants Act, etc.
• Engagement partners may work on the audit operation for no more than seven accounting periods and lead engagement partners for no more than five accounting periods.
• Engagement partners may not work on the audit operation again for five accounting periods after being replaced, and lead engagement partners may not work on the audit
operation again after being replaced.

Investment TeamESG Finance

Audit remuneration paid to the independent auditor for the 11th Fiscal Period (August 1, 2021 to January 31, 2022)
was as follows.

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Internal Control
Initiatives for thorough compliance

The Asset Management Company considers “Compliance” not only as legal compliance but also as observing its
internal rules and taking appropriate actions following social ethics and codes. As such, the Asset Management
Company sets internal rules, such as “Compliance Rules” as concrete guidelines and rules. In addition, the Chief
Compliance Officer has drawn up a Compliance Program, and is promoting a company-wide culture of compliancethat includes compliance awareness-raising and training activities for officers and employees.

33

At least once every three years, an audit is conducted of the entire scope of operating activities, using an internal
auditor (including audits using external experts).
■

Fines, surcharges and settlements related to bribery and corruption

There were no serious violations of laws and regulations due to non-compliance with anti-bribery regulations nor
fines, surcharges or settlements related to corruption paid from January 1, 2021, to December 31, 2021.
■

Employees subjected to discipline or dismissal related to bribery and corruption

No employees were disciplined or dismissed in relation to bribery or corruption from January 1, 2021, toDecember 31, 2021.
■

Establishment of systems for refusing dealings with antisocial groups

MFLP-REIT and the Asset Management Company strive to take a firm position on antisocial group and refuse any
relationships with them in accordance with the Mitsui Fudosan Group Compliance Policy. Furthermore, when MFLPREIT or the Asset Management Company starts a transaction with a third party, they investigate and confirm that thecounterparty is not an antisocial group before starting the transaction. If it becomes clear that the counterparty is ananti-social force, and if the anti-social force makes an unjustified demand, the concrete procedures are set forth in the
Compliance Manual and the Regulation for Refusing Dealings with Antisocial Forces for clarifying the firm response toanti-social forces. The Asset Management Company is a supporting member of the Tokyo Center for Removal of
Criminal Organizations, and has established a structure for refusing dealings with anti-social forces by appointing a
responsible person under Article 14 paragraph 1 of the Act on Prevention of Unjust Acts by Organized Crime Group
Members. If it encounters unjustified demands or violent behavior from anti-social forces, the Asset Management
Company contacts the police station with jurisdiction and takes necessary legal measures and so forth.

Overview of theInvestment Corporation
Overview of the AssetManagement Company

MFLP-REIT and the Asset Management Company have positioned thorough compliance as a fundamental principle ofmanagement, and are striving to build a compliance system and promote compliance. They ensure thoroughcompliance and prevention of bribery and corruption by stipulating in the Compliance Manual regarding excluding
refusing dealings with anti-social forces, preventing money laundering, ensuring fair competition, prohibiting insider
trading, and receiving gifts, entertainment and donation.

All officers and employees (including contract employees) receive compliance training, including corruption prevention
such as “refusing dealings with anti-social forces,” “prohibition on money laundering,” “fair and transparent decisionmaking,” “prohibition of insider trading,” “entertainment, gifts, and donations,” as set out in the Compliance Manual
to ensure that they are fully aware of these. In selecting new business partners and developing business in Japan andoverseas, MFLP-REIT and the Asset Management Company strive to evaluate the risk of corruption and prevent it.
Through a checksheet for counterparties and confirmation, etc. by the Chief Compliance Officer, new business
partners are checked comprehensively for “refusing dealings with anti-social forces,” “prevention of money
laundering,” “elimination of unfair trading practices,” “prohibition of insider trading,” and “entertainment, gifts, anddonations,” and for businesses deemed to be a high risk of corruption, the response is determined by theManagement Committee after discussion by the Compliance Committee. These anti-corruption policies are overseenby the Board of Directors. Specifically, the Compliance Committee oversees and periodically reports to the Board of
Directors on corruption prevention such as “refusing dealings with antisocial groups,” “prohibition of money
laundering,” “prohibition of insider trading,” and “entertainment, gifts, and donations.”

ESG FinanceAnti-bribery and anti-corruption policy

Anti-corruption initiatives

GovernanceIn addition, the Asset Management Company has established internal and external contact points for consultation
based on the Internal Consultation and Whistleblowing Regulations. The system enables officers and employees toanonymously report organizational or individual behavior that violates laws and regulations (behavior that violates or issuspected of violating laws, corporate ethics, and internal rules such as the compliance manual) to the Chief
Compliance Officer (or for matters concerning the Chief Compliance Officer, the President) or an external law office.
These regulations are designed to help ensure compliance with laws and regulations for the activities of MFLP-REIT
and the Asset Management Company. Companies are required to determine and execute appropriate measures forreported matters, and whistleblowers are protected by the Whistleblower Protection Act.

■

Social Responsibility

The Asset Management Company sets forth in its “Compliance Rules” that when doubts concerning a breach of or
conflict with laws, regulations or internal rules, etc. arise, its officers and employees must immediately report the facts to
the Chief Compliance Officer. In cases where the Chief Compliance Officer judges that there are problems with thecontent of a report, the Chief Compliance Officer shall promptly report them to the President & CEO, the Chief Investment
Officer, and the Chief Finance Officer, and form an appropriate response after conducting internal deliberations andperforming checks with external specialists, as required. Subsequently, after summarizing investigations into the facts of thematter, how the issue occurred, and measures to resolve it, a report is submitted to the Compliance Committee, the Board of
Directors, and the Board of Directors of MFLP-REIT. Furthermore, reports will also be made to the relevant government
agencies, as required. In light of applicable laws and regulations or internal rules etc., if a compliance violation or an act
deemed to be a compliance violation exists, the relevant officer will be subject to necessary measures pursuant to deliberationby the Board of Directors, and the relevant employee will be subject to a disposition under its work rules. (There were nocomplaints, violations or discipline of officers or employees related to non-compliance from January to December 2021.)

In addition, the Compliance Manual also prohibits accepting entertainment or gifts that go beyond the bounds ofmoderation internally or for business partners or relevant parties, accepting, requesting, or promising bribes, etc.
(entertainment or gifts, etc., that exceed the bounds of moderation) from external business partners or relevant
parties, or providing special arrangements based on such bribes.

Environmental
Initiatives

Pursuant to the “Operation Policies” and the “Operation Guidelines” setting forth its basic philosophy for thefulfillment of fiduciary responsibility in asset management operations, the Asset Management Company considers
compliance to be an important issue in its management in order to increase trust from investors and all other relatedparties. In addition, as an asset management company that is entrusted with asset management, the AssetManagement Company has fiduciary responsibility to strive to manage assets appropriately by setting out concrete
standards, strategies, and processes to be observed.

At the Asset Management Company, the Compliance Manual prohibits providing entertainment or gifts that go
beyond the bounds of moderation internally or for business partners or relevant parties, providing entertainment or
gifts that are intended to influence the decisions of the other party, and, in accordance with the National PublicService Ethics Act, providing entertainment or gifts that are presented to office holders of government offices.

Views on ESG

Pursuant to the Act on Investment Trusts and Investment Corporation and the Articles of Incorporation of MFLP-REIT,
MFLP-REIT stipulates in its Board of Directors Regulations that a Board of Directors meeting must be held at least once
every three months, at which the executive director must report on the status of business execution to ensure thesupervision and control function of the supervisory directors. As of December 2021, there are no cases where theinterval between Board of Directors meetings has exceeded three months. The Board of Directors has a structure with
one executive director and two supervisory directors, both of whom are selected as experts with external
specializations such as a lawyer and a Certified Public Accountant.

Prohibition of bribery and handling of gifts and entertainment
Top Message

All officers and employees of MFLP-REIT and the Asset Management Company are to conduct corporate activities
honestly and appropriately based on high ethical standards beyond mere compliance with laws and regulations.

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Internal Control
Political contributions■

MFLP-REIT and the Asset Management Company aim to evade and minimize risks in investment and management of
its assets under management.

94,568

17.4

Custody Bank of Japan, Ltd. (trust account)

63,62911.7

Mitsui Fudosan Co., Ltd.

28,900

5.3

Custody Bank of Japan, Ltd. (securities investment trust account)

26,007

4.8

The Nomura Trust and Banking Co., Ltd. (investment trust account)

23,485

4.3

SSBTC CLIENT OMNIBUS ACCOUNT

14,145

2.6

THE BANK OF NEW YORK MELLON 140044

11,0652.0

STICHTING PENSIOENFONDS ZORG EN WELZIJN

9,244

1.7

BNYM AS AGT/CLTS 10 PERCENT

8,074

1.5

STATE STREET BANK WEST CLIENT-TREATY 505234

7,843

1.4

• Establishment of person responsible for overall management of information security• Periodic revision of information management regulations and rules in line with IT technology innovationand internal promotion throughout the Asset Management Company• Ensuring rigorous information management regarding outsourcing providers*“
 Number of investment units owned expressed as a percentage of total number of investment units issued and outstanding” is rounded to the first decimal place.

Social Responsibility

The Master Trust Bank of Japan, Ltd. (trust account)

Name

Environmental
Initiatives

Information security management system

The Asset Management Company has established “Information Management Regulations” and “Information
Management Rules” to counter information asset risk. These regulations and rules classify information assets and set
out a code of conduct for officers and employees as well as judgment criteria and so forth, aiming to protect
information assets by maintaining and increasing the level of organizational information management and information
security. Specifically, the Asset Management Company strives to manage risk by stipulating the following.

Occurrence of an information security incident

Disaster and terrorism response

ESG Finance

MFLP-REIT and the Asset Management Company strive to raise awareness of disaster prevention through ordinary
training, inspections, and education, and aim to ensure safety and security by establishing and regularly reviewing
crises management manuals for disasters.

GovernanceNo information system faults with financially or socially significant impacts occurred during the year from January 1,
2021 to December 31, 2021.
■

Number of investment units
owned expressed as apercentage of total numberof investment units issued
and outstanding (%)

Views on ESG

Risk management initiatives■

Number ofinvestment units
owned (units)

Record of donations related to political activities and support for activities of political groups

No political contributions were made in the year from January 1, 2021 to December 31, 2021.

■

Of the total number of investment units issued and outstanding as of January 31, 2022, the top 10 ranking companies
by percentage of investment units owned is as follows.

Top Message

No donations were made related to political activities to people outside of political parties or political foundations.
Moreover, when supporting the activities of a political group, MFLP-REIT and the Asset Management Company do soappropriately in accordance with relevant laws and regulations, such as the Political Funds Control Act and the Public
Offices Election Act.

Status of unitholders

Overview of theInvestment Corporation
Overview of the AssetManagement Company

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Initiatives for ESG Finance

Sustainability Finance Framework

Management of Proceeds
The upper limit of funds raised through sustainability finance is calculated by multiplying the Interest-bearing debt
ratio (as of the most recent fiscal year-end that can be calculated as of the payment date or execution date of bond or
loan financing) by total acquisition price of the Eligible Sustainable Assets.
External review

Overview of the Sustainability Finance Framework

Eligible Green Project Criteria
Properties that address environmental issues+

Eligible Social Project Criteria
Properties that address social issues

Use of Proceeds from sustainability financehttps://www.jcr.co.jp/en/greenfinance/

Issuance of Sustainability Bonds
On February 12, 2021, MFLP-REIT issued its first bond as a sustainability bond, for which it experienced strong demand
from investors with an interest in ESG.

Eligible Sustainable Assets
Summary
Name

Eligible Green Project Criteria

Total issue amountThe acquisition or planned future acquisition of certification or re-certification (hereinafter “Green Building
Certification”) by the following third-party certification institutions (1) to (5):

1st Unsecured Bonds(Sustainability Bonds)

Eligible Social
Project Criteria

Eligible Green Project Criteria¥3,000 million
February 12, 2021

Term to maturity

10 yearsInterest rate

0.50%

OthersEligible Green
Project Criteria

Unsecured, not guaranteed

MFLP Kawaguchi I

MFLP Ibaraki

Investors who declared investment in the Sustainability Bonds (companies are listed in Japanese syllabary order)
Eligible Social Project Criteria
New or existing real estate properties that meet two or more of the following criteria (1) to (3).

• The Kita Osaka Shinkin Bank

(2) Access to essential services for daily life
Real estate with adequate countermeasures to disaster such as evacuation centers used in the event of adisaster or has stockpiles of supplies for local residents.
Real estate that contributes to the local community such as having an authorized nursery center in the property.

• Shizuoka Yaizu Shinkin Bank

• The SAGAMI Shinkin Bank
• The Sawayaka Shinkin Bank

Overview of theInvestment Corporation
Overview of the AssetManagement Company• GUNMAMIRAI Shinkumi Bank

• The TAKAMATSU SHINKIN BANK
• Chugoku Labour Bank
• Tokio Marine Asset Management Co., Ltd.
• Nagano Shinkin Bank
• Manulife General Account Investments (Singapore) Pte. Ltd.
• The Yokohama Shinkin Bank
Total: 12 investors

ESG Finance(1) Basic infrastructure development to revitalize the local community
Real estate that utilizes the land lot in a way that contributes to “urban development (machi-zukuri)” of thesurrounding area such as providing recreational green space based on the needs of the local society.

(3) Socio-economic improvement and empowerment
Contributions to local societies and economies such as job creation by tenant companies and utilization of local
companies in construction projects.

37• Aoi Mori Shinkin Bank

Governance(1) DBJ Green Building Certification: 3 stars or higher (top three certification levels)(2) BELS Certification: Three or more (top three certification levels)(3) CASBEE Appraisal: B+ or higher (top three certification levels)(4) LEED Certification: Silver, Gold or Platinum (top three certification levels)(5) Top three certification levels from any other third-party certification program

Issue date

Assets eligible for investment

Social Responsibility

Eligible Green Assets meet the following Eligible Green Project Criteria. Eligible Sustainable Assets meet therequirements of both Eligible Green Project Criteria and Eligible Social Project Criteria (for these two types of eligible
assets, hereinafter referred to as “Eligible Assets”).

Environmental
Initiatives

The proceeds (the “Proceeds”) from sustainability finance shall be allocated towards the acquisition of specific assets(“Eligible Green Assets” and “Eligible Sustainable Assets” under sustainability finance, as defined below) and towards
refinancing new or existing debt and bonds to acquire these assets.

For details of the evaluation, please refer to JCR’s website

Views on ESG

Establish
Sustainability
Finance Framework

In a third-party evaluation of its Sustainability Finance Framework, MFLP-REIT has been assigned an “Su1(F)”evaluation, the highest of in the JCR Sustainability Finance Framework Evaluation by Japan Credit Rating Agency, Ltd.
(JCR). In addition, as a third-party evaluation of 1st Unsecured Bonds also obtained SU1 by JCR, the highest on therating scale for the JCR Sustainability Bond Evaluation.

Top Message

MFLP-REIT aims to strengthen the funding base by expanding the group of investors interested in ESG investment andfinancing, along with promoting initiatives for ESG even further, by procuring funds through ESG finance.

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Initiatives for ESG Finance

Overview of the Investment Corporation and the Asset Management Company

Reporting

Overview of the Investment Corporation

Status of fund allocation
Mitsui Fudosan Logistics Park Inc.
1st Unsecured Bonds (Sustainability Bonds)

Total amount of allocated Proceeds¥3,000 million

Amount of Proceeds not yet allocated¥–* Balances as of January 31, 2022.

Reporting on environmental improvement effects

Reporting on social benefits
Output indicators

Representative

Hiroshi Asai, Executive Director

Address

6-8-7 Ginza, Chuo-ku, Tokyo

Asset management company(Office contact)

Mitsui Fudosan Logistics REIT Management Co., Ltd.
+81-3-6327-5160

Accounting period

Six-month periods every year from February 1 to the last day of July and from
August 1 to the last day of January in the following year

3 properties
MFLP Hino

MFLP Sakai

MFLP Kawaguchi I

Number of Eligible Social Assets

Environmental
Initiatives

Mitsui Fudosan Logistics Park Inc.

Views on ESG•T he status of the green building assessments and certification levels
See pages 17 and 18 for details.

Name of the Investment
Corporation

Top Message

MFLP-REIT will publish the following items each year on its website as long as there is outstanding sustainability finance.

Overview of the Asset Management Company(1) Basic infrastructure development to revitalize the local community
Overview of the project (Target Assets)

MFLP Sakai

As well as being seismically isolated, this building provides infrastructure
for use in times of emergency, such as stockpiles for disaster prevention,
emergency-use toilets, and disaster relief vending machines. It has also
been designated a tsunami refuge by the local government.

MFLP Kawaguchi I

When acquiring and developing real estate owned by the City of Kawaguchi, as
well as helping to promote local industry in Kawaguchi, we also provide disaster
relief services to local residents and establish spaces for their relaxation.

Number of facilities equipped with seismic isolation structures

Mitsui Fudosan Logistics REIT Management Co., Ltd.

Representative

Yukio Yoshida, President and Chief Executive Officer

Address

6-8-7 Ginza, Chuo-ku, Tokyo
Governance

MFLP Hino

As well as incorporating a certified child care facility that can be used not
only by employees but also by local residents, the seismically isolated
structure also contains stockpiles for disaster prevention.

Company nameSocial Responsibility

Outcome2 properties/3 properties(2) Access to essential services
1 property/3 properties

Number of facilities equipped with disaster relief vending machines

2 properties/3 properties

Number of facilities equipped with emergency supply stockpiles

3 properties/3 properties

Number of facilities equipped with cooking bench*

Disclaimer• These materials may contain statements about future performance, plans, management targets, and strategies.
These statements regarding the future are based on present hypotheses and assumptions regarding future eventsand trends in the business environment, however, these hypotheses and assumptions may not be accurate. Actual
results may differ significantly from these forecasts due to a variety of factors.

1 property/3 properties

Number of facilities equipped with emergency toilets

2 properties/3 properties• Unless otherwise noted, these materials are prepared in accordance with accounting policies in Japan.

Number of facilities equipped with emergency power supply

3 properties/3 properties

Number of licensed nursery centers

1 property/3 properties• These materials are not prepared with the intention of soliciting the acquisition of investment securities of Mitsui
Fudosan Logistics Park Inc., or the conclusion of other financial instrument transaction contracts. Investments should
be made through the investors’ own judgment and responsibility.

(3) Socio-economic improvement and empowerment
Number of facilities hiring local residents

3 properties/3 properties

Number of facilities hiring local companies for construction work

3 properties/3 properties

Asset management company: Mitsui Fudosan Logistics REIT Management Co., Ltd.

Overview of theInvestment Corporation
Overview of the AssetManagement Company* The “cooking bench” is a brick-enclosed base with a seat plate
placed on it. It is normally used as a bench, but it is also used as a
kitchen range in the event of a disaster.

ESG Finance

Number of facilities designated as evacuation sites inthe event of a disaster* Information as of January 31, 2022.

3940