Sustainability Report

2023
Mitsubishi Estate Group Sustainability Report 2023

Contents

Editorial Policy

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Mitsubishi Estate Group Sustainability Report 2023

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03

Messages

05

06
12

Sustainability Management

Message from the President
Messages from the Director Responsible for
Sustainability and an Outside Director

17

Corporate Philosophy and Sustainability Vision
Value Creation Model
Sustainability Promotion System
Participation in Global Initiatives
Stakeholder Engagement
External Evaluations of ESG Performance
Mitsubishi Estate Group ESG-Related Rules and Policies

18
21
22
28
33
41
43

Mitsubishi Estate Group
2030 Goals for SDGs

46

Sustainability Activities (ESG) 107

INDEX (GRI・SASB・TCFD, etc.)

334

Key Theme 1: Environment

51

Key Theme 2: Diversity & Inclusion

65

Key Theme 3: Innovation

Initiatives to Support Active Participation by Diverse People 67
Initiatives to Address Globalization
70
Action on Human Rights and Supply Chain
72
Creating Workplaces with Diversity
77

80

Operating Incubation Oﬃces
82
Promoting Real Estate Digital Transformation (DX)86
Leveraging the Latest Technologies
Creating Innovation through Collaborations and Alliances 90

Key Theme 4: Resilience94

Establishment of Disaster Preparedness and Mitigation
96
Framework
Initiatives to Enhance Disaster Preparedness in Buildings 103

Environment

107

Social200

Governance268

ESG Data

301

Independent Third-Party
Assurance Report

333

335
ESG Content Index
338
GRI Standards Content Index
Information Disclosure in351
Accordance with the SASB Standards
Information Disclosure Based on
115
TCFD Recommendations

Reducing GHG Emissions and Promoting Utilization of
Renewable Energy
Reducing Waste and Increasing Recycling Rate
Making Use of Japan-grown Timber to Promote
Sustainable Use of Forest Resources

54
58
62

Policies and Targets
Promotion System
Information Disclosure Based on TCFD Recommendations
Climate Change Strategies
List of Buildings Introducing Renewable Energy
Reducing Waste and Preventing Pollution
Conserving Water Resources
Preserving Biodiversity
Promoting Sustainable Use of Wood
Promoting Acquisition of Sustainability Certiﬁcations
Adopting Sustainable Finance

108
113
115
119
139
149
158
163
173
179
189

Promoting Diversity
Creating Environment and Programs Conducive toOpen Innovation
Human Capital
Human Rights Initiatives
Supply Chain Management
Employment and Labor Relations
Occupational Health and Safety / Health Management
Enhancing Customer Satisfaction
Social Contribution Activities / Support for Communities

201
206

Corporate GovernanceCompliance
Risk Management
Internal Audit
Tax Transparency
E：Environmental data
S：Social data
G：Governance data

214
224
231
238
239
246
250
269
286
297
298
302
318
327

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

EDITORIAL POLICY

Editorial Policy
The Mitsubishi Estate Group publishes the Sustainability Website and the Sustainability Report as a means of informing stakeholders ofGroup efforts to realize a sustainable world.

In the scal 2022 report, the Group provides information on advancements in the Group’s initiatives under the four key themes of the
Mitsubishi Estate Group 2030 Goals for SDGs set forth as part of the Long-Term Management Plan 2030 aimed at achieving the Mitsubishi
Estate Group Sustainability Vision 2050, a vision of the Group's future through 2050. The report on the Group's sustainability activities isorganized under the environmental, social and governance (ESG) criteria to disclose policies, activity results and other details. Numerical
data related to these activities is disclosed in the ESG Data, including data from past years.

Reporting Structure
The Sustainability Website is designed to provide a full range of information regarding the Group's sustainability activities, including detailed
numerical data, utilizing the advantages that the website offers, with care taken to reflect most updated information in a timely manner.

Starting in fiscal 2021, a PDF edition of the report with an enhanced search functionality is available to provide a handy access to
information disclosed on the website.

We invited you to review the Group's Integrated Report also for its medium- to long-term initiatives to enhance corporate value including
sustainability. Details regarding the company profile and performance can be found on the Mitsubishi Estate website.

Integrated Report

IR Information

Corporate Data

3

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Scope
Mitsubishi Estate Co., Ltd.
Mitsubishi Estate consolidated subsidiaries in principle
Note: The ESG Data sets out the scope of each data respectively.

List of organizations covered (PDF 218KB)

PeriodIn this report, “fiscal 2022” refers to the period from April 1, 2022 to March 31, 2023, and other fiscal years are referred to in a corresponding
manner. The report covers fiscal 2022, but also includes information pertaining to other fiscal years.

Reference Guidelines
Global Reporting Initiative (GRI) Standards
ISO 26000:2010 Guidance on social responsibility
Environmental Reporting Guidelines (2018 edition), Ministry of the Environment, JapanSASB Standards, Sustainability Accounting Standards Board

Publication date

September, 2023

Next issue

The next issue is scheduled for publication in September 2024.

Production overseen by

Sustainability Management and Promotion Department, Mitsubishi Estate Co., Ltd.

Contact address

Otemachi Park Building, 1-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8133 Japan
Tel: +81-3-3287-5780

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

MESSAGES

Message fromthe President
Atsushi Nakajima
President & Chief Executive
Officer
Mitsubishi Estate Co., Ltd.

READ MORE

Bunroku Naganuma

Tetsuo Narukawa

Executive Vice President
Mitsubishi Estate Co., Ltd.

Outside Director
Mitsubishi Estate Co., Ltd.

Message from the Director
Responsible for Sustainability

Outside Director's Message

READ MORE

READ MORE

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Message from the President

Creating a truly meaningful society through urban
development based on trusting relationships withdiverse stakeholders
Atsushi Nakajima
President & Chief Executive O cer
Mitsubishi Estate Co., Ltd.

Inheriting entrepreneurship and enhancing the value of spaces
The Mitsubishi Estate Group has been working on its Long-Term
Management Plan 2030 since April 2020. However, during the rst
three years of the plan, we have experienced major changes in thesocial environment that were unforeseen at the time it wasformulated. The spread of COVID-19 has completely shaken up our
economy and livelihoods, as well as the way people work and even
their values. In addition, we are facing a situation in which it isdi cult to predict the future due to waves of change with the
manifestation of geopolitical risks and the fragmentation of theinternational community, particularly the invasion of Ukraine by
Russia in 2022. I assumed the post of President in April 2023, and I
take my responsibility for setting the direction of management in this increasingly uncertain environment very seriously.

In the Long-Term Management Plan, the Group clearly stated its policy of integrating sustainability into management. As set out in this plan,
my mission is to practice management focused on increasing both social and shareholder value. While these two elements may becontradictory in the short term, they are not inherently opposed to one another. Building an internal compliance system is the right thing todo, and engaging in business that contributes to society and being useful to society over the long term will amass excellent humanresources and create opportunities for the next stage of growth. For a company, being recognized for providing social value is the minimum
requirement for engaging in corporate activities, and ultimately translates into an increase in shareholder value.

The urban development of the Mitsubishi Estate Group originates from Mitsubishi’s decision to take over from the Meiji government theentire Marunouchi area of Tokyo, which in 1890 was a deserted eld overgrown with grass. Thanks to the strong determination of ourpredecessors, the Marunouchi area (the Otemachi, Marunouchi, and Yurakucho districts) subsequently evolved into a business center that
supports the economic development of Japan. Throughout this time up until the present day, we have been pursuing urban developmentthat has enhanced the value of spaces in addition to real estate for more than 130 years with a belief in being cutting-edge while
contributing to the creation of Japan’s industry. This kind of mindset inherited from our predecessors has been embodied in our mission
statement, which is to contribute to the creation of a truly meaningful society through urban development.

We believe that “a truly meaningful society” is a society in which each of our stakeholders can nd happiness and joy.

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

We will identify changes in society, listen to the opinions of our stakeholders, and take advantage of the various business capabilities of theGroup to enhance the attractiveness of spaces. By so doing we will bring satisfaction, happiness, and smiles to all kinds of people. I believethat our ability to pursue this kind of businesses is precisely where our strength lies. Keeping in our minds the tremendous entrepreneurshipof our predecessors, who, in an empty field, built a world-class business center, we will continue to promote urban development with more
flexibility in our ideas than ever before without being constrained by the stereotypes of the past.

Identifying global trends to reflect them in businessOver the past ten years or so, the Mitsubishi Estate Group’s International Business has expanded significantly. In addition to real estatedevelopment businesses in various countries, we have also expanded the global network of the Investment Management Business. In theInternational Business, our mission of building attractive communities and enhancing the value of spaces is the same. Going forward, we
will continue to grow the International Business further and strengthen its collaboration with other business sectors as set out in the LongTerm Management Plan.

At the same time, it will be important to be alert and identify global trends in promoting business in Japan as well. When we think about how
the Mitsubishi Estate Group can contribute to Japan maintaining its presence in the world, continuing to increase the competitiveness ofcities with a high profile internationally such as Tokyo and Osaka is essential. However, it is also vital to create unique towns and areas inorder to increase the attractiveness of Japan as a whole, including rural areas. Looking at the development of the Marunouchi area, we may
have a strong sense of the merits of the Mitsubishi Estate Group, but I think we must look at our company objectively from a broader
perspective, without being complacent.

A global perspective also holds the key to taking a multi-faceted approach to providing value to society. From 2011, I was seconded toRockefeller Group, the core of our U.S. business, and I served as President & CEO there from 2014, which was a very valuable experience forme. When I was initially assigned, I was often bewildered by differences in culture, ways of thinking, and business practices. I learned fromthis experience that it’s not a matter of whose argument or position is right. Rather, it is important to understand things from diverse
perspectives. Communicating with one another and working toward mutual understanding is key.

Today’s world is being described an “era of fragmentation.” However, precisely because we are in this situation, I want to have faith that thewhole world could join together through mutual recognition of diversity and respect for diverse values. In 2019, many people visited Japanfor the Rugby World Cup 2019TM Japan Tournament co-sponsored by Mitsubishi Estate, and we witnessed firsthand fans and players
enjoying their stay in Japan. I feel that the steady recovery of inbound travel demand amid the easing of travel restrictions indicates thatmany people feel Japan is an attractive country. Sports, culture, and the arts play a substantial role in connecting people, and I would like toincorporate these elements into urban development, creating the hope that people will connect on a global scale.

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Using Marunouchi as the platform for meeting the challenge of new value creation
With 2020 onwards positioned as Marunouchi NEXT Stage, we havebeen working to create new urban value for the Marunouchi area,
which forms the foundation of the Mitsubishi Estate Group.
Marunouchi NEXT Stage is a vision to create a platform where
people and companies come together and interact to create newvalues, generating innovation and strengthening digital
infrastructure, and thereby aims to improve quality of life (QOL) for
individuals and find and solve social issues. Using the entire
neighborhood as the platform, we will provide venues fordemonstration experiments, expand support for startups, andleverage entertainment and the arts to develop the area into a place
where people come together to exchange information and culture
with each other.

Take Yurakucho, a district which is to undergo a large-scale redevelopment. We will take on the challenge of leveraging art for creative urban
development. Although we are still in the exploratory stages, based on the special features of the neighborhood, we would like to create aunique character that is distinct from the Marunouchi and Otemachi districts, which are ahead in redevelopment, and which will, in turn,translate into enhancement of value in the Marunouchi area as a whole.

On another front, in our TOKYO TORCH project (formerly Tokyo Station Tokiwabashi Project), where we anticipate the completion of theTorch Tower in fiscal 2027 following the Tokiwabashi Tower, completed in June 2021, we challenge ourselves to deliver diverse functions
not limited to offices, including Japan’s highest hanging garden, an ultra-luxury hotel, and the first high-rise residences in the Marunouchiarea.

We are also aware of the changing roles of offices as work from home (WFH) is becoming more accepted in the post-pandemic work
environment. What is the significance of going into the office despite the increasing number of tasks that can be performed online even at aremote location? What people are seeking is value as a “place for interaction and creation” consisting of communication that deepens
through sharing spaces in real life and the new ideas and inspiration that come about unexpectedly through casual conversations. As aplace where people and companies meet, the overwhelming conglomeration of the Marunouchi area is a major strength. Going forward, we
hope to build on this strength to further accelerate urban development with an accurate grasp of the changes in social needs and a more
flexible approach to buildings, spaces, and their functions.

8Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Demonstrating management commitment and striving for high goals aimed at
decarbonization
The Mitsubishi Estate Group formulated the Mitsubishi Estate Group Sustainability Vision 2050 by reflecting on the present from theperspective of our vision for 2050 and our purpose (the meaning of our existence in society). In our Long-Term Management Plan, we
position the Mitsubishi Estate Group 2030 Goals for the SDGs, which are the milestones for achieving the vision, as the center of ourstrategy for increasing social value. We established KPIs and action plans in the four key themes of the 2030 Goals — that are environment,
diversity and inclusion, innovation, and resilience — to drive our efforts in these areas.

In terms of our decarbonization initiatives, we significantly revised up our targets for reducing GHG emissions and the renewable energy
ratio, and, in June 2022, we were the first Japanese company to receive certification for targets in line with the Net-Zero Standard from the
SBT initiative*1. This can be considered a step forward, but we still have much to do. The targets we set this time certainly cannot be
achieved easily, and we must keep going with trial and error and adjusting our course as necessary.

Furthermore, there are growing social demands for nature positive initiatives. As some aspects of the Group’s real estate development
business alter nature, we have a responsibility to be proactive about conserving and expanding natural capital and ensuring biodiversity.
In February 2023, Mitsubishi Estate concluded a three-way collaboration agreement with Minakami-cho, Gunma Prefecture and the Nature
Conservation Society of Japan (NACS-J), launching efforts aimed at becoming nature positive*2. This initiative utilizes Japan’s corporate
hometown tax donation system, working to convert planted forests with depleted biodiversity into natural forests and regenerating
woodlands through donations to the town of Minakami. By collaborating with people who have specialist knowledge and share our vision,
we will give concrete shape to a goal we cannot achieve alone.

This is a challenge in a field yet to be explored by Mitsubishi Estate. However, we will assess the results of the initiative quantitatively andqualitatively and consider the potential for applying it in other areas. Furthermore, looking ahead, I believe we should aim to become nature
positive through our business in itself.

In the field of sustainability, we cannot bring about major changes even if each of the relevant departments add up their likely achievements
and set realistic goals. I think it is a field in which there will be no progress unless top management sets high goals itself and communicates
their thoughts. From this perspective, I think positioning increasing social value as a strategic goal, demonstrating the commitment ofmanagement both inside and outside the company in the Long-Term Management Plan was of great significance. In fiscal 2022, I was
involved in initiatives aimed at achieving the goal in my position as Director Responsible for Sustainability, and I would like to make further
significant progress for the Group as a whole by demonstrating my own commitment as top management again, both inside and outside theCompany.

9Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Increasing sensitivity to the issues to realize a truly diverse society
In order to implement the Long-Term Management Plan, it is essential to create an environment in which each and every Mitsubishi EstateGroup employee can make the most of their different capabilities. The continued pursuit of true diversity and inclusion at the Mitsubishi
Estate Group also forms an important foundation for providing society with proposals for richly diverse urban development.

During my assignment in the United States, I felt every day that it is a society where people with different races, nationalities, cultures,
religions and various other attributes coexist, based on mutual respect of each other’s diversity. In comparison, I feel the idea that Japanesesociety is contrastingly homogenic in a certain sense has been the accepted opinion for a long time.

The United States has its own unique challenges, and I do not believe we should simply follow in its footsteps. However, I think we can saythat an environment in which diversity must be recognized encourages the creation of these principles and norms. There has been an
increasing understanding of gender issues in Japan in recent years, and Mitsubishi Estate has accelerated initiatives aimed at increasing
the percentage of female managers. However, we need to further deepen our understanding of diversity, and I include myself in this. I
believe that the important thing as a company or as an individual is to first increase our sensitivity to the kind of issues arising in the world
today. We must dig deep to find out what the issues are and where we need to change. Everyone at the Group, and managers in particular,
must be prepared to take another look at and improve their own organization, with the assumption that unconscious bias is present.

In April 2022, the Group revised the Mitsubishi Estate Group CSR Procurement Guidelines into the Mitsubishi Estate Group Supplier Code of
Conduct to clarify our policy on striving to ensure global standards across the supply chain on human rights and environmental issues. The
Code of Conduct not only covers suppliers that have direct transactions with the Group but also second tier suppliers and others lower inthe supply chain. We have transactions with many companies of different sizes and from different industries, and it is not easy to treat themthe same as the situations of each company are not uniform. Now that we are going into the second year of the Code of Conduct, we would
like to further deepen our communication with each company to progress in a better direction across the supply chain.

Continuing to meet challenges as the Ecosystem Engineers
Now that I am in charge of management in my capacity as President, my hope for the future of the Mitsubishi Estate Group is that it will be a
corporate group that continues to take on new challenges. I would like to build a strong presence around the world as well as in Japan sothat Mitsubishi Estate comes to mind when people think about real estate companies. To accomplish this, it is not only important to build
strength in our business but also to build trusting relationships with diverse partners. Urban development is a project in which society as awhole creates things that individuals and companies cannot achieve by themselves, and this is the same everywhere. Mitsubishi Estate is acompany with approximately 1,000 employees on the non-consolidated basis and approximately 10,000 employees at the Group overall. The
number of employees is by no means large in comparison with the size of our business. In other words, it can be said that our business isbased on strong external partnerships and the fusion of mutual resources. Thus, the foundation of our business consists of strong
relationships with diverse partners as well as our employees, who are our human assets with the interpersonal skills to build these
relationships and a spirit of meeting challenges without fear of failure.

Our vision to “Be the Ecosystem Engineers” as stated in the Mitsubishi Estate Group Sustainability Vision 2050 has deepened ourawareness of co-creation with diverse stakeholders. We will continue to be the Ecosystem Engineers bringing together the power of people
and companies in different positions by demonstrating solid achievements in increasing both social and shareholder value in order to earntrust. We would like to contribute to the realization of a sustainable society while sharing aspirations and values related to urban
development with all kinds of stakeholders.

10Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)*1 An environmental initiative that calls for companies to set greenhouse gas emission reduction targets based on scientific evidence (= SBT: Science
Based Target) consistent with the level required by the Paris Agreement (limiting average global temperature rise due to climate change to well
below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C)*2 Nature positive: Refers to halting the loss of biodiversity and restoring nature for the sake of human beings and the Earth. The realization of a naturepositive society was set as a mission for the international community at the 15th Conference of the Parties to the Convention on Biological Diversity(COP 15) and global targets have been established to achieve it.

Atsushi Nakajima
President & Chief Executive Officer
Mitsubishi Estate Co., Ltd.

(As of September 29, 2023)

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

MESSAGES

Messages from the Director Responsible for
Sustainability and an Outside Director

Message from the Director
Responsible for
Sustainability
Bunroku Naganuma
Executive Vice President
Mitsubishi Estate Co., Ltd.

Contributing to solving social issues through business activities
As the world undergoes major changes due to the impact of the COVID-19 pandemic, the international situation, and other factors, thesense of urgency about social sustainability, including climate change and human rights, continues to escalate. It is expected ofcorporations that they promote a virtuous cycle between economy and the environment to drive the creation of a sustainable society. Today,
it is no longer possible to increase corporate value without taking action to increase social value.

To respond appropriately to this situation and contribute to the realization of a sustainable society while engaging in business activities, wemust consider the best options the Group should take based on identi cation of accurate information and dialogue with our stakeholders.

Working to realize the vision for 2050
The Mitsubishi Estate Group has set out the Mitsubishi Estate Group Sustainability Vision 2050, “Be the Ecosystem Engineers,” as our vision
for 2050. We have been promoting urban development in a variety of locations, principally the Marunouchi area (the Otemachi, Marunouchi,
Yurakucho districts), for over 130 years. Urban development involves working in partnership with various stakeholders to nurture the city
together. The Group has promoted urban development while making it a goal to constantly provide society with new value by considering
local communities and the natural environment, addressing the diverse social issues and responding to changes in the times, and designingplans based on a forward-looking perspective.

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

As the Ecosystem Engineers, the Mitsubishi Estate Group provides the spaces and infrastructure (ecosystems) in which diverse individuals
and corporations are able to coexist sustainably and thrive together economically, environmentally, and socially. We believe doing thiscreates new value and innovation which leads to the development of our goal: a sustainable city and society. The Group also formulated the
Mitsubishi Estate Group 2030 Goals for SDGs (“the 2030 Goals”) to serve as milestones for achieving this vision. We articulated specificaction plans and KPIs in the four key themes — environment, diversity and inclusion, innovation, and resilience. The 2030 Goals serve as a
key driver in increasing social value, one of the strategic goals of the Group’s Long-Term Management Plan. We strive to provide evengreater value and help realize a sustainable society through our business activities for all of our stakeholders based on the 2030 Goals.

In my capacity as the director responsible for sustainability, I lead the Sustainability Management and Promotion Department in theplanning and drafting of measures related to sustainability targets across the Group. We formulate measures following deliberations andreports at the Sustainability Committee, which is chaired by the President of Mitsubishi Estate. In addition, the Group has incorporated its
annual targets and initiatives related to the four key themes of the 2030 Goals into annual plans for each business or functional group since
fiscal 2020. The Sustainability Management and Promotion Department implements interviews timed with the establishment and review ofthese annual plans. The Sustainability Committee reports on the progress of the KPIs in the 2030 Goals and deliberates on theestablishment of new targets and revisions. The details of the meetings of the Sustainability Committee are also reported to the Board of
Directors. Achievement of the targets in annual plans has been positioned as one of the qualitative evaluation items for officer
remuneration.

Initiatives toward the 2030 Goals
In the area of environment, as part of our efforts toward a decarbonized society, we established the Group’s GHG emission reduction targets
and announced net-zero commitment in March 2022. As a result, we became the first Japanese company to gain certification in June 2022
for targets in line with the Net-Zero Standard from the SBT initiative. In terms of GHG emissions, in particular, in order to reduce Scope 2
emissions, we have been actively promoting the introduction of renewable power since fiscal 2021 and have significantly accelerated thetiming for achievement of RE100, which we aim to do in 2025. In fiscal 2022, we achieved a renewable power ratio of more than 50% for theGroup overall by switching all the electricity used in properties that the Group owns and operates* in Tokyo and Yokohama to renewableenergy sources, and expanding similar initiatives at properties in Sendai, Hiroshima and other cities where the Group has its branches.

We are also working to strengthen our governance and business strategies related to climate change, and we will continue to proactively
disclose appropriate information based on frameworks such as TCFD and SASB. With regard to TCFD, we published a new scenario analysis
based on risk analysis utilizing Carbon Risk Real Estate Monitor (CRREM), a risk assessment tool developed by research institutes in
Europe, in May 2023.

In addition, in areas such as biodiversity and water resources, discussions have accelerated about the role expected of corporations andnew information disclosures. In February 2023, Mitsubishi Estate concluded a three-way, ten-year collaboration agreement with Minakamicho, Gunma Prefecture and the Nature Conservation Society of Japan (NACS-J) to undertake a “Nature Positive” initiative to halt the loss of
biodiversity and restore nature. While closely monitoring these trends, Mitsubishi Estate will consider and address the issues it needs towork on to realize sustainable growth in recognition of the importance of addressing global-scale issues beyond those that relatespecifically to the Group.

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Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

In the key theme of diversity and inclusion, we revised our targets for the percentage of female managers, while boosting recruitment of new
graduates and experienced professionals to increase the percentage of female employees to over 40%. We are also promoting a variety of
initiatives, including the enhancement of internal programs to support diverse workstyles, as well as education to ensure the appropriate
mindset of our employees. In October 2022, the OMY SDGs ACT5 Executive Committee, composed of Mitsubishi Estate, The Norinchukin
Bank and others, conducted a survey asking questions regarding the progress of diversity and inclusion (D&I) in fiscal 2021. We targeted the
Marunouchi-area workers and people from companies, offices, and stores in charge of human resources and promoting D&I with the aim of“realizing development of urban spaces with a barrier-free mindset.” Based on the results of this questionnaire, we will further develop avariety of actions to realize a city where everyone embraces differences and can work with ease. We will aim to realize a society in which all
people can live more safely and securely.

In the key theme of innovation, we are actively investing in start-ups and venture capital with the aim of discovering new business projects
and creating synergies with existing businesses. In addition, we are developing and operating business incubators and also promote digitaltransformation (DX) in the real estate industry utilizing the latest technologies. In 2022, we also launched Bricks Fund Tokyo, a CVC thatinvests in start-ups attempting to create a mid-to-long term social impact through solving social challenges and industrial restructuring.

In the key theme of resilience, we consider being prepared for natural disasters, such as earthquakes and storms, one of the most important
issues for urban development. We have already taken measures to counter earthquake and water damage and develop stable energy
supplies for individual properties, and we have also promoted human aspects of resilience in collaboration with our external partners,
including the development of an environment to enable business continuity in a disaster and the establishment of temporary
accommodations for stranded commuters. We will continue to strengthen safe and secure urban development through a variety of
initiatives.

Promoting urban development that creates value in partnership with diverse
stakeholders
The Mitsubishi Estate Group must share common values and standards for conduct and make concerted efforts with diverse stakeholders
in aiming to realize a sustainable society and the Group’s mission. Mitsubishi Estate has established the Sustainability-Minded Construction
Architectural Design and Construction Policies for real estate development that outline the conditions required by type and scale in areas
such as design specifications. This document is provided to contractors together with a written quote outline when we place orders.
Moreover, in April 2022, we established the Mitsubishi Estate Group Supplier Code of Conduct in line with global standards and reinforced
systems for verifying compliance of suppliers on human rights, the environment, and other areas. By doing so, the Group is working to build
an even more sustainable supply chain.

The Mitsubishi Estate Group endorsed the UN Global Compact in April 2018. Since then, the Group has been working steadily to realize asustainable society in accordance with the approach of international initiatives. Going forward, we will continue our work to engage indialogue and collaboration with all stakeholders to solve diverse social issues and respond to the needs of society as well as the demands
and expectations of the Mitsubishi Estate Group through our core business, thereby striving to maximize the value we provide to all
stakeholders and further enhance our corporate value.
* Refers to buildings and commercial facilities of which the Company owns a 50% equity stake or higher, excluding buildings owned in the capital
recycling business and buildings slated to be redeveloped.
(As of September 29, 2023)

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Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Outside Director's
Message
Tetsuo Narukawa
Outside Director
Mitsubishi Estate Co., Ltd.

Bringing a long-term approach to urban development
Supporting sustainable urban development and management exemplifying theGroup’s identity
The Mitsubishi Estate Group has long established its identity as a corporate group dedicated to bringing a long-term view to urban
development. I was strongly reminded of this after being appointed as an outside director in 2018.

I worked in the property development industry for over ten years and was also involved in developing o ce buildings during the 15 years I
spent working in Germany before that. In Germany, sustainability is the focus of urban development, and the approach for both o ces andhousing is to create urban areas that are aligned with the environment and easy to live in for human beings. Based on this thinking, masterplans are written by local governments and other entities in line with national policies and property developers engage in urban developmentin accordance with these master plans.

In Japan, while there are certain regulations imposed by the authorities, it can be said that businesses have a high degree of freedom on
how they pursue urban development. This means that the approach of a real estate company toward urban development has great impact
as well as coming with great responsibilities.

The Mitsubishi Estate Group operates based on a long-term view having drawn up a master plan on how to pursue urban development in anarea. I believe this serves as the foundation of Mitsubishi’s approach because the experience of doing business in the Marunouchi area
accumulated over many years.

The Group’s identity as a corporate group that values long-term views is indeed rmly embedded in minds of employees precisely becauseof the Group’s experience and foundation in the Marunouchi area, and each and every employee has a sense of mission, satisfaction, andpride about being involved in urban development. I feel that this is exactly where the Group’s strength lies.

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As part of its Long-Term Management Plan 2030, Mitsubishi Estate pursues management focused on increasing both social andshareholder value in tandem. In order to enhance sustainability and corporate value into the future, we must constantly anticipate change
and continue to make strategic investments. To accomplish this, it is essential to take a long-term view on value creation and solving social
issues, as well as considering ESG. This is what the society of today demands, and I believe it is a key means of solving social issues.

Decarbonization is one of the key themes in sustainable urban development. The meaning of urban development is conceiving a vision for
an area as a whole and, by extension, for society as a whole. I believe that the Mitsubishi Estate Group has the strength, the experience, andthe will to carry this out.

One of the most important challenges for real estate companies in the approach to a decarbonized society is addressing so-called Scope 3
emissions (indirect emissions across the value chain). Promoting further initiatives in response to this challenge will increase the social
value of the Mitsubishi Estate Group. In order for us to present our efforts in this area to shareholders and investors in a more convincing
manner, it will be necessary to enhance discussions of the KPIs that will form the basis for the disclosure.

In the area of diversity and inclusion, Mitsubishi Estate is also showing significant progress, including the strengthening of supply chain
management initiatives based on human rights and promotion of recruitment activities with an awareness of gender balance. I believe thiswill entail both the Board of Directors and the business execution team working together while pursuing diverse expertise and perspectives
ourselves.

Although I think there are still many difficulties in terms of translating social value or non-financial value into financial value in Japan,
Japanese companies need to consider this point strategically. I feel that the younger generation, the next generation, is moving closer to amore global standard of awareness. I believe that, by promoting initiatives to increase social value, we will become a company that is also
highly valued by the next generation. I would like to share my experience with the younger generation as well as the management team while
supporting Mitsubishi Estate in the enhancement of its corporate value.
(As of September 29, 2022)

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SUSTAINABILITY MANAGEMENT

Corporate Philosophy andValue Creation Model

Sustainability Promotion
SystemParticipation in Global
Initiatives

READ MORE

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Stakeholder Engagement

External Evaluations of ESG
Performance

Mitsubishi Estate Group ESGRelated Rules and Policies

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Sustainability Vision17

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SUSTAINABILITY MANAGEMENT

Corporate Philosophy and Sustainability Vision

Philosophy
The Spirit of Mitsubishi: The Three Principles/Mission/
Code of Conduct/Guidelines for Conduct

The Spirit of Mitsubishi: The Three Principles
Shoki Hoko

Shoji Komei

Ritsugyo Boeki

所期奉公

処事光明

立業貿易

Corporate
Responsibility toSociety

Integrity and
Fairness

GlobalUnderstanding
through Business

Maintain principles ofStrive to enrich society, bothtransparency and openness,

Expand business, based on an

materially and spiritually, while

conducting business with

all-encompassing global

contributing towards the preservation

integrity and fairness.

perspective.

of the global environment.

The Mitsubishi Estate Group has steadily implemented efforts aimed at achieving the Mission of Mitsubishi Estate Group. In addition, we
have established the Mitsubishi Estate Group Code of Conduct to be practiced in implementing the Group Mission. Further, we have
implemented the Mitsubishi Estate Group Guidelines for Conduct, which sets out the specific standards of conduct in order to realize "who
we aspire to be, what we are expected of, and what we should do in order to achieve these aspirations," as established in the Code of
Conduct. We periodically assess the expectations of global society and social trends and review the effectiveness of the Code of Conduct
as necessary. Going forward, we will continue to put into practice the substance of the Code of Conduct and the Guidelines for Conduct withthe aim of "creating a truly meaningful society through urban development" as set out in the Group Mission.

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The Mission of Mitsubishi Estate GroupWe contribute to society through urban development.
By building attractive, environmentally sound communities where people can live, work and relax with contentment, we
contribute to creating a truly meaningful society.

The Mitsubishi Estate Group Code of Conduct
In order to carry out the Group Mission,
we pledge to observe the following Code of Conduct.
1. We will act with integrity.
We will base our conduct on laws and ethics and always reflect with humility upon our behavior, valuing ourcommunication with society and placing priority in our corporate activities on earning trust through fairness andtransparency.

2. We will strive to earn the trust of our clients.
We will approach all objectives from our clients' point of view, providing safe and reliable products and services, and makeinformation available as appropriate.

3. We will strive to create a vibrant workplace.
While aiming at personal growth, we will respect the human rights and the diversity of opinion of others and increase ourcreativity and professionalism, while displaying our collective strengths as a team.

Mitsubishi Estate Group Guidelines for Conduct(Revised April 2018)
Details regarding the Mitsubishi Estate Group Guidelines for Conduct are available here.

Formulated: December 1, 1997/Revised: August 1, 2002, January 1, 2006, and April 1, 201819

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Mitsubishi Estate Group Sustainability Vision 2050
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Sustainability Vision 2050 to move toward a corporate
management focused on sustainability by 2050 and to promote businesses that help realize a sustainable world.

The Mitsubishi Estate Group Sustainability Vision 2050 Video

In order to realize the content of the Mitsubishi Estate Group Sustainability Vision 2050, the Group has established Mitsubishi Estate Group
2030 Goals for SDGs, which are positioned as milestones defining specific themes and actions to achieve the 2050 vision. We arecommitted to providing even more profound value to a wider range of stakeholders in the four key themes of Environment, Diversity &Inclusion, Innovation, and Resilience.

Mitsubishi Estate Group 2030 Goals for SDGs
READ MORE

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SUSTAINABILITY MANAGEMENT

Value Creation Model

Mitsubishi Estate Group Value Creation Model

Mitsubishi Estate Group Value Creation Model (134KB)

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SUSTAINABILITY MANAGEMENT

Sustainability Promotion System

Operational Framework for Sustainability
Mitsubishi Estate takes an active, group-wide approach to sustainability. Chaired by the President & Chief Executive Officer of Mitsubishi
Estate with the Director responsible for Sustainability (the Director in charge of the Sustainability Management and Promotion Department
at Mitsubishi Estate) as the deputy chair, the Group's Sustainability Committee comprises executives in charge of respective functional andbusiness groups and the executives in charge of the Corporate Group, as well as managers of the major Group companies, and it ensuresgroup-wide implementation of sustainability. The Sustainability Subcommittee serves as forum for detailed discussion to prepare for
Sustainability Committee meetings.

The Sustainability Committee typically meets twice a year to deliberate and report on important matters related to sustainability. Prior to themeetings of the Sustainability Committee, the Sustainability Subcommittee conducts preliminary discussions and reporting while compilinginformation on efforts to promote sustainability made by business groups.

The deliberations of the Sustainability Committee are submitted to the Executive Committee whenever necessary in light of theirimportance and other factors. The deliberations of the Sustainability Committee are also reported to and supervised by the Board of
Directors.

The Sustainability Committee formulates policies and plans. In implementing the policies and plans it approves, the Director responsible for
Sustainability oversees the process, while the sustainability managers and staff of each department at Mitsubishi Estate and each
Mitsubishi Estate Group company and the Sustainability Promotion Executive Office (Sustainability Management and Promotion
Department at Mitsubishi Estate) together head the execution of specific activities and studies.

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Sustainability Activities（ESG）

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Monitoring Progress Relating to Key Themes
The Mitsubishi Estate Group formulated the Mitsubishi Estate Group 2030 Goals for the SDGs, a core component for its strategy ofincreasing social value, and one of the strategic drivers that the Group has set out in its Long-Term Management Plan 2030 (launched in2020). The 2030 Goals make plain the four key themes of the environment, diversity & inclusion, innovation, and resilience, and articulate
specific action plans and targets for each theme. For the "environment" theme in particular, the Group has established quantitative goals
linked to international initiatives, such as the formulation of science-based targets (SBTs) and participation in RE100.
To achieve these goals, the Group has incorporated its annual targets and initiatives related to the four key themes into annual plans foreach organization and function. The Sustainability Committee tracks Group-wide progress and manages the process using the PDCA cycle.
Target progress and detail are also regularly monitored by third-party organizations.
Finally, achieving the annual plans is included as one of the qualitative evaluation criteria for determining officer remuneration.

Past Meetings of the Sustainability Committee
Fiscal 2022
1st meeting (July 11, 2022)
Status of Incentive Programs for Sustainability-Related Initiatives
Status of supply chain management-related initiatives
Results of ESG and various benchmarks
OMY SDGs ACT5 2022 and Other Sustainability Activities
Status of initiatives toward achieving Mitsubishi Estate Group 2030 Goals for the SDGs

2nd meeting (February 17, 2023)
FY2021 results and future prospects regarding energy and waste
Result of Stakeholder Engagement
OMY SDGs ACT5 2022 initatives and Training Program for Experiencing Social Issues
Status of initiatives toward achieving Mitsubishi Estate Group 2030 Goals for the SDGs

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Past Meetings

Fiscal 2021

1st meeting (July 7, 2021)
Review of energy-related targets (SBT, RE)
Report on Energy and Urban Development Action 2050
Information on activities for OMY SDGs ACT5 2021 and status of their implementation
Status of initiatives toward achieving Mitsubishi Estate Group 2030 Goals for the SDG

2nd meeting (February 25, 2022)
Revisions to energy-related targets (SBT, RE)
Revisions to CSR procurement guidelines and status of supply chain management-related initiatives
Raising the target for percentage of female managers
Report on activities for OMY SDGs ACT5 projectStatus of initiatives toward achieving Mitsubishi Estate Group 2030 Goals for the SDGs

Fiscal 2020

1st meeting (July 30, 2020)
Partial revision of the Sustainability Committee Regulations and the Sustainability Subcommittee Regulations
Discussion of OMY SDGs ACT5
Roadmap toward achieving the Mitsubishi Estate Group 2030 Goals for SDGs and analysis of issues
Discussion of recent topics, etc.
(1) Mitsubishi Estate Group's SDGs-related press release(2) Sustainability-related topics (report on recent conditions based on global situation associated with COVID-19 pandemic)(3) Current status of Mitsubishi Estate-sponsored promotions

2nd meeting (February 8, 2021)
Discussion on introducing renewable power in Otemachi-Marunouchi-Yurakucho area
Initiative related to ensuring traceability of concrete formwork panels at Mitsubishi Estate Residence
OMY SDGs ACT5 event report
Discussion on promotion of internal communication measures related to sustainability
Discussion on complying with ESG index benchmarks
Discussion on implementation of third-party checks aimed at promotion of the Mitsubishi Estate Group 2030 Goals for SDGs

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Fiscal 2019

1st meeting (December 2019)
Establishment of the long-term (2050) vision*1 and the medium-term goals (2030)*2 in relation to sustainability management
Status of response to ESG investment and various benchmarks*1 Mitsubishi Estate Group Sustainability Vision 2050 announced in January 2020
*2 Mitsubishi Estate Group 2030 Goals for SDGs announced in January 2020

2nd meeting (February 2020)
Discussion of the promotion plan and system of checks aimed at "spiraling up" the action plan for Mitsubishi Estate Group
2030 Goals for SDGs, and proposal for concrete action plan in the human rights area
Discussion of joining RE100 and endorsement of TCFD recommendations

Fiscal 2018

1st meeting (July 2018)
Setting numerical targets for KPIs and extension of boundaries (scope of disclosure), including consideration of science-basedtarget (SBT) content (medium- to long-term greenhouse gas emission reduction targets)
Implementing in-house SDGs working group (including review of materiality)
Publication of Integrated Report
Human rights due diligence proceduresGreen bond issuance

2nd meeting (March 2019)
SDGs working group implementation report
Participation in medium- to long-term CO2 emissions reduction targets (SBTs)
Review of KPIs
Change of rules and organization name(Name changed from CSR & Environmental Sustainability Department to Sustainability Management and Promotion
Department in fiscal 2019)26

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Fiscal 2017

1st meeting (July 2017)
Report on FY2016 key CSR themes and KPI results
CSR activities report, etc.

2nd meeting (February 2018)
Initiatives for SDGs and review of key CSR themes and KPIs
Launch of human rights due diligence study group27

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

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SUSTAINABILITY MANAGEMENT

Participation in Global Initiatives

Signed the United Nations Global Compact
In April 2018, the Mitsubishi Estate Group became a signatory to the United Nations
Global Compact. Our brand slogan is "A Love for People. A Love for the City" and ourGroup mission is to contribute to society through urban development. Henceforth theGroup will uphold the Ten Principles of the UN Global Compact and endeavor torespect human rights, eliminate unfair labor, protect the environment and avoid
corruption as it continues to contribute to the development of a sustainable world by
establishing targets and policies suited to its business and pursuing them using the
PDCA management cycle.

Mitsubishi Estate's GHG Reduction Targets Approved by
Science Based Targets Initiative
The Mitsubishi Estate Group formulated group-wide medium- to long-term greenhousegas (GHG) emissions reduction targets in March 2019. In April 2019, the Group’s
targets were approved by the Science Based Targets initiative as consistent with thelevel required under the Paris Agreement (limiting average global temperature rise due
to climate change to well below 2°C above pre-industrial levels and pursuing efforts tolimit warming to 1.5°C) based on scientific evidence. Moreover, in March 2022, theGroup revised its targets in line with the Net-Zero Standard published by the SBTi in
October 2021 based on its 1.5°C scenarios (Targets approved by the SBT initiative inJune 2022).

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GHG Emissions Reduction Targets (revision in March 2022)(Targets approved by the SBT initiative in June 2022)
Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by scal 2030 compared to scal 2019 emissions
Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual emissions*.)* Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTi standard requires
neutralizing any residual emissions using forest absorption and carbon removal technologies outside the value chain to counterbalance theimpact of these unabated emissions and to achieve net-zero emissions.

Signing on to Race to Zero and Business Ambition for 1.5°C
In line with the commitment to the Net-Zero Standard set by the SBTi, the Group has also signed on to the international decarbonization
campaigns Race to Zero*1 and Business Ambition for 1.5°C*2.
*1 Race to Zero is an international campaign announced in June 2020 by the secretariat of the United Nations Framework Convention on Climate
Change (UNFCCC) to rally leadership and support from “real economy” actors, including businesses, cities, regions, investors, and universities, tocommit to achieving net zero carbon emissions by 2050, and to take immediate action to achieve this goal.
*2 Business Ambition for 1.5°C is an international campaign led by the UN Global Compact, the We Mean Business Coalition, and the SBTi that makes
an urgent call for businesses to set science-based GHG emissions reduction targets with the goal of achieving net-zero emissions by 2050.

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Participating in RE100
On January 31, 2020, Mitsubishi Estate joined RE100, a global corporate leadershipinitiative bringing together businesses committed to 100% renewable energy. With its
March 2022 formulation of GHG reduction targets in line with the Net-Zero Standard
established by the SBTi (Targets approved by the SBT initiative in June 2022),
Mitsubishi Estate is aiming to achieve group-wide 100% renewable power use by fiscal
2025.

See the following for the renewable energy rate and a list of buildings to introduce
renewable energy.

Reference: ESG Data > E: Environmental data > (1) KPI > Renewable energy rate

Reference: List of Buildings Introducing Renewable Energy* RE100 is a global corporate initiative led by The Climate Group, an international NGO working to accelerate climate action, in partnership with CDP, aninternational NGO that provides investors, companies, cities, states and regions with a global disclosure platform to manage their environmental
impacts. RE100 brings together influential businesses committed to switching to 100% renewable energy for the electricity they use.

Participating in JCLPIn April 2020, Mitsubishi Estate became an executive member of the Japan Climate
Leaders' Partnership (JCLP), a group of companies that aim to realize a sustainabledecarbonized society. Through its participation in JCLP, Mitsubishi Estate will workwith other companies toward decarbonization and make policy proposals to thegovernment.

JCLP also serves as Japan's point of contact for RE100 memberships in partnershipwith The Climate Group, an international, non-profit organization.

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Signed on to TCFDOn February 3, 2020, Mitsubishi Estate announced its support for the recommendations of TCFD. In May 2020, the Company disclosed such information as governance,
strategies, risk management, indicators and targets on climate change risks andopportunities in accordance with the framework recommended by TCFD. Goingforward, the Company will consider expanding the scope of information to bedisclosed as it works to further improve governance and business strategies
pertaining to climate change based on the results of the scenario analysis.
* The Task Force on Climate-related Financial Disclosures (TCFD) was established by the
Financial Stability Board (FSB) based on a G20 request to investigate how to disclose climate-related information and respond to financial institutions.
The task force issued its final report in June 2017, encouraging companies and others to disclose climate change-related risks and opportunities.

Information Disclosure Based on TCFD Recommendations

Signed the Principles for Responsible Investment (PRI)The Principles for Responsible Investment (PRI) comprises an international network ofinvestor signatories that works to realize the Six Principles established for the financeindustry in 2006 under the leadership of the then United Nations Secretary-General,
Kofi Annan. This network is promoted through the United Nations Environment
Programme (UNEP) and the United Nations Global Compact (UNGC).
PRI encourages the incorporation of Environment, Social and Governance issues into
investment decision-making processes, with the aim to help companies enhance longterm investment performance and better fulfill their fiduciary duty.
Endorsing the basic approach of PRI, Japan Real Estate Asset Management (JRE-AM) became a signatory in August 2018, while Mitsubishi
Jisho Investment Advisors became a signatory in March 2020.
JRE-AM has received the following evaluation results for which we made the report* in 2021.
* PRI signatories are required to report on the status of their ESG integration practices to PRI each year.

Module

Score
★★★★☆

Investment & Stewardship Policy★★★★★

Real Estate(Highest rating)31Messages

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The Six Principles of PRI
1. We will incorporate ESG issues into investment analysis and decision-making processes.
2. We will be active owners and incorporate ESG issues into our ownership policies and practices.
3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.
4. We will promote acceptance and implementation of the Principles within the investment industry.
5. We will work together to enhance our effectiveness in implementing the Principles.
6. We will each report on our activities and progress towards implementing the Principles.

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SUSTAINABILITY MANAGEMENT

Stakeholder Engagement

Basic Policy and Approach
Living up to its mission, “We contribute to society through urban
development,” Mitsubishi Estate Group strives to contribute tocreating a truly meaningful society by building attractive,
environmentally sound communities where people can live, work andrelax with contentment. The Mitsubishi Estate Group's business isbuilt upon the foundation of its relationships with a wide variety of
stakeholders, including customers, shareholders, local communities,
government and local authorities, business partners, and executives
and employees and their family members. Business activities inurban development involve many stakeholders by their very nature,and the Mitsubishi Estate Group has the responsibility to pursue its

Stakeholder Engagementbusiness activities while living up to the trust placed in it by thesestakeholders. Based on the opinions of outside experts and others, the Group identifies the stakeholders involved in the conduct of its
business and analyzes the relationship with each stakeholder and the degree of influence and other factors to determine the level ofpriority.To this end, the Group places great importance on stakeholder engagement, with the following as its main objectives.

Receiving recognition for the Group’s initiatives
Having stakeholders share their expectations and concerns related to the Group
Obtaining opinions on new social issues and themes and learning from best practices
Sharing with stakeholders the Group’s initiatives and corporate stanceIn light of these objectives, the Group examines and implements the most suitable methods of engagement with each stakeholder (see“Methods for dialogue with stakeholders” below). The Mitsubishi Estate Group utilizes the opinions received through stakeholder
engagement in its business and engages in two-way communication with stakeholders to maintain their trust and confidence, thereby
ensuring the sustainable continuity of business.

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Governance Structure
Daily stakeholder engagement efforts are conducted by each Group company and department in charge, which maintains close
communications with each stakeholder, working in collaboration with the relevant departments of each Group company.

Opinions received through stakeholder engagement are compiled by Mitsubishi Estate's Sustainability Management and Promotion
Department and provided as feedback to management for reflection in business operations and further development of initiatives.

The Group regularly reviews whether engagement with each stakeholder is effective and strives to minimize stakeholder engagement risks,such as overlooking stakeholder expectations and requests or failing to approach specific stakeholders adequately.

Methods for Dialogue with Stakeholders
Stakeholders

Definition

Opportunities for dialogue

Primary themes
Urban development to create safety

Users of tenant

Customersbuildings, parties to

Customer satisfaction surveys,

housing andquestionnaires, etc.

condominium

Communication through marketing

contracts, various

activities

subcontractors, etc.

and security
Quality and safety management for
products and services
Urban development to support
declining birthrates and aging
populations

Meetings with influential
Local community andCommunity and Society

stakeholders

local residents involved

Dialogues through cooperation within the Mitsubishi EstateGroup's businessadministrations, local government
and NPOs

Economic contributions to thecommunity
Promoting smart communities
Sustainable use of forest resources

Social contribution initiatives
Climate Change
NGOs, NPOs, etc. that
NGO・NPO

Hold individual dialogues

Biodiversity
Resource Circulation

promote activities on

Collaborate in organizing events onthemes related to thespecific themes

Water Resources

Participate in events, seminars, etc.
held by NGOs and NPOs

Forest Conservation

Mitsubishi EstateGroup's business

Human Rights
Diversity etc.

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Stakeholders

Definition

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Opportunities for dialogue

INDEX (GRI・SASB・TCFD, etc.)

Primary themes
Developing the capabilities of

Employees

Mitsubishi EstateGroup employees

Communication via personnel

employees, utilizing diverse humanevaluations

resources and providing equal
opportunities

Dialogue via compliance survey
and other internal platforms

Maintaining safety as well as
physical and mental healthCommunication during operations
Subcontractor evaluation systems,
training sessions for registered

Business Partners

Construction

construction firms, quality andsubcontractors,

safety promotion conferences,

cooperating

otherGreen procurementcompanies, suppliers,

Communication duringetc.

procurement activities

Urban development to create safety
and security

Supply chain management

Disseminating the Supplier Code of
Conduct and implementing
interview surveys
Financial results briefings (twice a
year)
Small group meetings and property
tours for analysts and investors

Shareholders andIndividual andInvestors

institutional investors

One-on one meetings withJapanese and foreign institutional
investors (around 300 meetings per

Economic performance
Healthy corporate management

year)
Participation in various other online
conferences, etc.
ESG-specific presentations toshareholders
Communication using IR tools

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Stakeholder Dialog Details
FY2022 Stakeholder Dialog Details
Main dialog partners: BSR, WWF Japan, experts on each subject, etc.
Dialog method: Online interviews (11 sessions)
Dialog time frame: April to June 2022

Theme

Stakeholder expectations for the Company, perceived issues
It would be ideal to have procurement and ordering policies that promote concrete decarbonization
efforts.
As is apparent by the fact that so-called offsets are not allowed in SBTi target setting, there is a major
trend toward not recommending the use of credits for the purpose of offset. When using credits to

Climate change

neutralize final residual emissions to contribute to reduction outside the scope of targets, it is important
to confirm the details of whether sustainability is being guaranteed in the true sense.
Proactive policy proposals on carbon pricing and energy saving performance standards are anticipated.
Because of the high possibility that the approach to the biomass output coefficient will be changed, it isnecessary to watch trends and consider how it should be handled.
When promoting domestic lumber as qualifying as low risk, the company should confirm that the risk
actually is low after performing human rights and environmental risk assessments. The same applies for

Lumberthe CLT business.
Formulation of policies in pursuit of traceability and sustainability are anticipated for use of wood otherthan formwork plywood panels as well.
With regard to the reuse and reduction of plastics and other waste, besides the 2030 targets, urgent
establishment of KPIs targeting 2025 is anticipated. Also, in preparation for eliminating the cycle of mass

Plastic

production, mass consumption, and mass disposal, proactive collaboration with relevant parties isanticipated in order of waste reduction, reuse, and material recycling.
With the goal of expanding Otemachi-Marunouchi-Yurakucho initiatives across the country in mind, thecompany must be conscious of its position as a base for each region and collaborate with tenants andwaste disposal vendors to promote a circular economy far and wide in a sustainable manner.
The company should conduct assessments not only on business areas, but also on the impact andreliance of biodiversity in areas that include suppliers of building materials, etc.

Biodiversity

Rather than conserving biodiversity for the purpose of CSR, the company needs to consider suchpreservation within its business operations.
Effective public communication is expected in the future through SDGs ACT 5 and other channels.

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Theme

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Stakeholder expectations for the Company, perceived issues
The company should evaluate the risks, opportunities, impact and dependence on the environment
across the entire supply chain including raw materials procurement in terms of the watershed andoperations.
The company should establish water targets and strategies that link to the company’s overall strategy.

Water

For example, gravel has been improperly collected in some areas (Mekong River basin, etc.), resulting inenvironmental and social issues. It is anticipated to perform identification and risk analysis of areas
where gravel used in concrete is collected and formulate a policy in pursuit of sustainability andtraceability.
At locations important to achieving the above water targets and strategy, the company should promote
AWS certification while maintaining consistency with the overall water targets.
An evaluation of the effectiveness of current risk reduction initiatives and disclosure of results isanticipated.

Human rights

The company should identify "human rights trafficking" as a possible human rights risk associated withhotel business and implement countermeasures.
Efforts are anticipated on improving minimum wages and living wages, as well as policy proposals.
The company is currently focusing efforts on labor conditions and environmental risks at construction

Supply chainsites. However, the company should conduct risk assessments on building materials (particularly steel,management

cement, and glass) going forward.
Disclosure of the company's main supplier list is also anticipated.
As a company whose goal is urban development utilizing technology, the company should conduct risk

Technology

assessments in line with the type and application of technologies it employs. Afterward, the company
must formulate a Group-wide policy on technology use.
It is important to improve initiatives considering both "attribute-based diversity" and"experience/skill/knowledge-based diversity." To achieve this , it is vital to provide equal opportunities andanalyze from various viewpoints whether any inequalities exist.
Rather than viewing gender diversity as an issue of employee mindset, it is important to view it as a

Diversity and inclusion

management issue. To do so, training for executives and the management on the importance of gender
diversity is required.
In addition to training, it may be a good idea to begin LGBTQI+ initiatives through an employee working
group.
Promotion of D&I among suppliers is also anticipated.

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Partnerships with Outside Organizations
Partner organization

Overview

Our role

The Association's members are major and medium-sized
housing manufacturers and real estate companies that
The Association of Real Estate Agents ofJapanfocus on real estate marketing activities. The Association
aims to improve the various systems related to real estatetransactions through related investigations, research, and

Deputy Director
Board Members
Corporate Advisor

proposals, etc.
The Association's members are companies that engage inurban and community development. It conducts
Real Estate Companies Association ofJapan

investigations and research on systems related to realestate, makes policy proposals, and conducts social

Deputy Director
Board Members

contribution activities to make it possible to proactively andCorporate Advisor

effectively promote the supply of high-quality offices andhomes and the smooth distribution of a stock of housing.
As Japan's only nationwide organization of businessJapan Building Owners and Managers
Association

operators who own and manage office buildings, theAssociation conducts investigative research andawareness-raising activities related to building operation

Chair

and management, etc.
The Council engages in efforts related to urban
development in light of the "Guidelines for theCouncil for Area Development andRedevelopment of the Area" of the Otemachi, Marunouchi,

Management of Otemachi, Marunouchi andand Yurakucho areas of Tokyo, in collaboration with

Yurakucho

companies, organizations, and governmental agencies, etc.,
in an aim to increase the area's value and achieve

Regular Members
Director
Chair
Committee Chair

sustainable development of central Tokyo.
The Association operates the "CSV Business Creation
Platform" that aims for better urban development and to
Association for Creating Sustainability inresolve social issues directed toward achievement of the"Otemachi, Marunouchi, Yurakucho (OMY) Sustainability

Urban Development of the Otemachi,

Vision." It works to create opportunities for interaction

Regular Members

Marunouchi, and Yurakucho Districts

between companies and many people inside and outside

Board Members(Commonly known as the "Ecozzeria

the OMY area, build CSV business that sustains

Auditor

Association")development of "environment," "economy," and "society" onthat foundation, conduct R&D related to cutting-edge
technology that contributes to creation of a sustainable
society, etc., and implement awareness-raising activities.

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Partner organization

Sustainability Activities（ESG）

Overview

INDEX (GRI・SASB・TCFD, etc.)

Our role

The Association handles "soft" components of urban
development of the OMY area. It plans and operates eventsOMY Area Management Association(Commonly known as "Ligare")and other activities, conducts public relations, and engages
in investigational research, and otherwise conducts

Regular Members

activities as the instrument advancing systems establishedDeputy Director

by government, such as the "Tokyo Municipal Ordinance on

Board Members

Promoting the Syareta-Machinamidukuri, the Creating of an
Attractive and Exceptional City" and outdoor advertisingprojects.

The Industrial Federation for Human
Rights, Tokyo The Corporate Federation for
Dowa and Human Rights Issues, Osaka

Recognizing that human rights are the foundation of

The organization issustainability, the Federation works to solve a variety ofoperated independently

human rights problems, such as the problem ofby members (humandiscrimination, from a corporate perspective.

rights staff).

Multi-stakeholder Policy
See the following for Mitsubishi Estate’s multi-stakeholder policy.

Multi-stakeholder Policy (Japanese only) (PDF 366KB)

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Mitsubishi Estate Group 2030 Goals
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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Stakeholder Engagement in Urban Development
The Group engages with stakeholders, including local communities, and takes into account their opinions in the development process.

An Example in Development of New Condominiums
The Park House Jiyugaoka Diana Garden received comments from stakeholders, including local communities, at the time of planning
regarding its biodiversity initiatives, and introduced the BIO NET INITIATIVE, an initiative implemented by Mitsubishi Jisho Residence toconserve biodiversity. The following activities have been carried out. The property is located in the urban area of Jiyugaoka, but has becomea rare property that retains a large green space.

(1) Securing the amount of greenery and attracting species through large-scale green spaces
25% of the site has been converted to green space through the use of traditional plants and native species, leaving an area contributing tobiodiversity of over 29% of the site.

(2) Use of environmental surveys (covering houses, vegetation, and ecosystems) before construction begins and donation to the community
The planned site is the former residence of the late Yonekichi Hiraiwa, known as a leading researcher on canines and wolves, which wascalled "Hakuhisou. The results of a survey conducted in cooperation with the Nature Conservation Society of Japan were used in the projectand donated to the Museum of Modern Japanese Literature and J-Spirit.Inc, which serves as the secretariat for the Jiyugaoka Townscape
Formation Committee, an urban renewal promotion corporation that aims to promote urban development and landscape formation in the
Jiyugaoka area.

(3) Preservation of existing trees, topsoil and rare plants
We have conducted temporary off-site storage of existing trees, topsoil, and rare plants, and their re-planting on the proposed site. We havealso successfully created of new homes for creatures that prefer a grassland environment and habitat for creatures that have existed in the
soil.

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

SUSTAINABILITY MANAGEMENT

External Evaluations of ESG Performance

ESG Index Inclusion and External Evaluations
Mitsubishi Estate has been selected for inclusion in the following environmental, social and governance (ESG) indices for socially
responsible investment (as of July 2023).
Dow Jones Sustainability World Index
Dow Jones Sustainability Asia Pacific Index, 3rd consecutive year
S&P Global Sustainability Yearbook Member 2023
FTSE4Good Global Index, 22nd consecutive year
FTSE Blossom Japan Index, 7th consecutive year
FTSE Blossom Japan Sector Relative Index, 2nd consecutive year
MSCI Japan ESG Select Leaders Index, 7th consecutive year
MSCI Japan Empowering Women Select Index, 6th consecutive year
S&P/JPX Carbon Efficient Index, 6th consecutive year
SOMPO Sustainability Index, 12th consecutive year
GRESB Public Disclosure, 6th consecutive year
2022 GRESB Real Estate Assessment
5 Stars, the highest rating in GRESB Standing Investments Benchmark*1 (3rd consecutive year)
4 Stars, the highest rating in GRESB Development Benchmark*2*1 Assessment of the performance of standing investment portfolio*2 Assessment of the new construction and major renovation portfolio

Score: A, CDP Climate Change 2022 Questionnaire
Score: A-minus, CDP Water Security 2022 Questionnaire
Score: B CDP Forests 2022 Questionnaire
CDP2022 Supplier Engagement Leader
Certified in 2023 as Outstanding Health and Productivity Management Organization

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Socially responsible investing is an approach to investing in companies that takes into consideration their environmental and social
initiatives and corporate governance as well as economic aspects. We will continue to integrate our business with sustainability as we
pursue sustainable corporate management.

THE INCLUSION OF Mitsubishi Estate Co., Ltd. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO
NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF Mitsubishi Estate Co., Ltd. BY MSCI OR ANY OF ITS AFFILIATES.
THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR
ITS AFFILIATES.

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

SUSTAINABILITY MANAGEMENT

Mitsubishi Estate Group ESG-Related Rules andPolicies

The Mitsubishi Estate Group has established rules and policies based on the Mitsubishi Estate Group Mission, the Code of Conduct,
and the Guidelines for Conduct.

Mitsubishi Estate Group Basic Environmental Policy
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Basic Environmental Policy, which is based on its corporate
mission. The entire Group works together to implement sound environmental management.

Mitsubishi Estate Group Basic Environmental Policy

Mitsubishi Estate Group Green Procurement Guidelines
The Mitsubishi Estate Group has established the Green Procurement Guidelines as an active effort to be environmentally friendly and help
reduce the burden on the global environment. The Guidelines promote green procurement, which refers to procurement or construction
methods that use materials and equipment with a low environmental impact.

Mitsubishi Estate Group Green Procurement Guidelines

Mitsubishi Estate Group Timber Procurement Guidelines
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Timber Procurement Guidelines based on the Mitsubishi EstateGroup Basic Environmental Policy to ensure no forest destruction or deforestation and the protection of biodiversity in the procurement oftimber in the Mitsubishi Estate value chain.
The timeline for the measurement of progress in the achievement of the guidelines is fiscal 2025 as a milestone (goal: minimum 90%
achieved) and fiscal 2030 as the target year for achievement.
The guidelines were established with supervision from WWF Japan.

Mitsubishi Estate Group Timber Procurement Guidelines

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Mitsubishi Estate Group Supplier Code of Conduct
The Mitsubishi Estate Group believes that, in order for it to contribute to the creation of a truly meaningful society through its businessactivities, it is essential that it work with its business partners to promote socially responsible procurement at all stages of the supply chain.
With this recognition, the Group revised its CSR Procurement Guidelines, which was created in April 2016, and established the Mitsubishi
Estate Group Supplier Code of Conduct in April 2022.

Supply Chain Management > Establishment of Mitsubishi Estate Group Supplier Code of Conduct

Mitsubishi Estate Group Human Rights Policy
As a member of society, the Mitsubishi Estate Group has a renewed awareness of the importance of respecting human rights. Accordingly,
on April 1, 2018, we established the Mitsubishi Estate Group Human Rights Policy with the aim of fulfilling our responsibility to respect thebasic human rights not only of Group companies, but of all stakeholders.

Human Rights Initiatives > Policy on Human
RightsHuman Rights Initiatives > Mitsubishi EstateGroup Human Rights Policy

Mitsubishi Estate Group UK Modern Slavery Act Statement
Mitsubishi Estate has issued the statement to comply with Article 54 of the UK Modern Slavery Act 2015. The aim is to identify slavery andhuman trafficking risks in the Mitsubishi Estate Group and its supply chain, in addition to outlining the Group's initiatives to prevent andmitigate these risks.

Human Rights Initiatives > Mitsubishi Estate Group UK Modern Slavery Act Statement

Mitsubishi Estate Group Anti-Corruption Guidelines
The Mitsubishi Estate Group announced the Mitsubishi Estate Group Anti-Corruption Guidelines on July 1, 2018.

Compliance > Preventing Corruption

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INDEX (GRI・SASB・TCFD, etc.)

Mitsubishi Estate Group Guidelines on Social Contribution
Activities
In April 2008, the Mitsubishi Estate Group established the Mitsubishi Estate Group Guidelines on Social Contribution Activities. Each Group
company implements its own activities in accordance with the basic policy.

Social Contribution Activities / Support for Communities > Basic Policy and Approach

Mitsubishi Estate Group Declaration on Customer Respect
The Mitsubishi Estate Group established the Mitsubishi Estate Group Declaration on Customer Respect on April 1, 2018.

Enhancing Customer Satisfaction > Mitsubishi Estate Group Declaration on Customer Respect

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MITSUBISHI ESTATE GROUP 2030 GOALS FOR
SDGs

In Long-Term Management Plan 2030, the Mitsubishi Estate Group declared its aim to address current and emerging social issues throughits business activities under management targets focused on strategies for increasing both social and shareholder value to realize asustainable society. Efforts toward this goal began in 2018 with the formation of a Groupwide working group, which anticipated changes in
the Group’s operating environment to identify seven material issues. Based on these issues, we established the Mitsubishi Estate Group
2030 Goals for the SDGs, which set out four key themes as the social issues that the Group must focus on in particular. At the same time,
we established Mitsubishi Estate Group Sustainability Vision 2050 (Be the Ecosystem Engineers) with a title expressing the Group’s vision
for realizing a sustainable society based on a long-term outlook essential for urban development. We have positioned the Mitsubishi EstateGroup 2030 Goals for the SDGs as a milestone establishing specific themes and actions for realizing our 2050 vision. The Mitsubishi EstateGroup will aim to achieve ongoing growth and create a truly meaningful society through sincere efforts to address social issues.

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The Mitsubishi Estate Group Sustainability Vision 2050 Video

READ MORE

READ MORE

READ MORE

READ MORE

Material Issues for the Mitsubishi Estate Group(Key areas to pursue in sustainability management)
01

Environment

02

Globality

03

04

Community

Diversity

05

06

07

Declining
Birthrateand Aging
Population

Leveraging
Existing
Properties

DigitalInnovation

Material Issues of the Mitsubishi Estate Group47

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MITSUBISHI ESTATE GROUP 2030 GOALS FOR SDGs

Material Issues of the Mitsubishi Estate Group

The Mitsubishi Estate Group implemented internal working units throughout the Group in fiscal 2018 to promote further Group-wide
integration of sustainability and management. In the working units, we newly identified the themes that the Group should focus on inconsideration of the SDGs as the seven material issues (key issues in sustainability management) as well as the associated opportunities
and risks. Then the Group formulated Mitsubishi Estate Group 2030 Goals for SDGs based on these seven material issues. The Group will
work to achieve its key themes derived from this process in its Long-Term Management Plan 2030.

Process for Identifying Material Issues
STEP

01

Set out strengths/characteristics of each business unit

Review process for each business
Clarified strengths/characteristics (source of value creation) of own company

STEP

02

Identified 55 changes in business environment related tobusiness activities

Identified social issues and trends, such as the SDGs
Set out relationships between business processes and social issues and trends, such as the SDGs
In addition to relationships with business processes, examined social environment and trends from the perspective of theMedium-Term Management Plan (fiscal 2018-2020) and the perspective of the executive office48

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STEP

Sustainability Management

03

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Identified 24 key social issues and trends we should focus on
from the three perspectives of business unit operations, theMedium-Term Management Plan (fiscal 2018-2020), andexternal evaluations

Identified business opportunities and risks for each social issue and trend
Grouped material issues based on opportunities and risks
Careful review conducted by working group executive office

24 key Social Issues and Trends
・Worsening of climate change
・Exhaustion of existing natural resources andresultant changes in energy configuration insociety as a whole
・Increase in frequency of natural disasters(including earthquakes)
・Further penetration of the Internet of Things(IoT) (including virtualization and accelerationof the proliferation of information)
・Increase in e-commerce and omni-channel
commerce, and diversification of payment
methods
・Economic growth of emerging nations,principally in Asia
・Rise in interest in physical and mental health,
medical care, and wellness
・Acceleration of the aging population andchanging position of the elderly in society inJapan・Progress of the social advancement of womenand the diversification of society
・Growth in need for social integration anduniversal design
・Increase in prevalence of aging public
infrastructure and housing stock (including
vacant housing)・Changes in lifestyles and work styles

・Deterioration of the natural environment anddepletion of natural resources
・Increase in social unease due to terrorism andcrime (including risks from the outbreak ofinfectious diseases)
・Risk of rise in associated costs
・Improvements in artificial intelligence (AI)(including the spread of automated driving
technology)
・Progress of globalization (including increases
in inbound and outbound tourism and rise inimmigration)
・Global population growth and shortage of foodsupplies
・Decline in the total population and working-age
population of Japan・Emergence of risks in the supply chain(including worsening of human rights issues)
・Increase in number of foreign workers inJapan・Restructuring and revitalization of regional
communities (including regional depopulationand population increases of major cities)
・Promotion of private sector vitality, as a resultof the privatization of public facilities
・Diversification of consumption patterns, suchas the sharing economy

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Implemented dialogue with stakeholders in order to shareawareness internally and externallyPrepared draft of material issues and carried out stakeholder interviews
Submitted to management
Carried out interviews with three outside experts for third-party opinions on the draft of material issues submitted to
management* Titles as of December 2018

・Dr. Mika Takaoka (Ph.D. in Economics)
Professor, College of Business, Rikkyo University
・Mari Yoshitaka
Chief Environmental and Social Strategist, Environmental Strategy Advisory Division, Mitsubishi UFJ
Morgan Stanley Securities Co., Ltd.
・Dr. Norichika Kanie (Ph.D. in Media and Governance)
Professor, Graduate School of Media and Governance, Keio University(In no particular order)

Material Issues of the Mitsubishi Estate Group01
Environment

02

03

Globality

Community

04

05

Diversity

Declining Birthrateand Aging
Population* Our materiality assessment results are signed off by Board of Directors.

50

06
Leveraging
Existing
Properties

07
Digital Innovation

Messages

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

MITSUBISHI ESTATE GROUP 2030 GOALS FOR SDGs

Key Theme 1: Environment

Sustainable urban development that proactively addresses
climate change and environmental issues
Related SDGs

Opportunities and Risks
Opportunities

Risks

Increasing need for acquiring and leasing of real estate with

Rise in vacancy rates and decline in sales closing rates andlow environmental impact

sales prices in the event of a late response amid an increase in
the need to acquire and lease real estate with low
environmental impact

Reducing waste accompanying longer demolition/rebuilding
time spans due to effective use of existing properties

Increasing cost for new real estate development due tostronger environmental regulations and for countermeasuresdue to tightening of standards for repair work

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Sustainability Activities（ESG）

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Main Values Provided
Urban development managed for climate change, waste, and energy
E cient and eco-friendly urban development leveraging existing properties

Targets and KPIs
1

GHG Emissions Reduction Targets(revision in March 2022)
Targets approved by the SBT initiative in June 2022

Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by scal 2030 compared to scal 2019
emissions
Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual
emissions*)* Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTistandard requires neutralizing any residual emissions using forest absorption and carbon removal technologies
outside the value chain to counterbalance the impact of these unabated emissions and to achieve net-zeroemissions.

Renewable Energy Rate Target (revision in March
2022)
Joined RE100

Achieve 100% group-wide by scal 2025

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)2
Promote waste recycling and reduction of emissions focusing on food and plastic
items

Waste recycling rate

Waste disposal

in 2030

by 203090%

20%

reduction(compared to FY2019, per m²)

3

Promote sustainable timber use

OUR ACTION

Reducing GHG Emissions
and Promoting Utilization of
Renewable Energy

Reducing Waste andIncreasing Recycling Rate

Making Use of Japan-grown
Timber to Promote
Sustainable Use of Forest
Resources

READ MORE

READ MORE

READ MORE

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Key Theme 1: Environment

Reducing GHG Emissions and Promoting Utilizationof Renewable Energy

Reducing Greenhouse Gases and Promoting Use ofRenewable Energy
The Mitsubishi Estate Group set out Group-wide medium- to long-term greenhouse gas emissions reductions targets (approved by the
SBTi*1 in April 2019) in March 2019. Moreover, in March 2022, the Group formulated new reduction targets in line with the Net-Zero
Standard published by the SBTi in October 2021 (Targets approved by the SBT initiative in June 2022). The Group also joined RE100*2 inJanuary 2020 and had committed to switching to 100% renewable energy for the electricity used in business by 2050. With the revision of
the Group’s targets in line with the Net-Zero Standard outlined above, the Group has also renewed its renewable energy rate target to achieve
100% group-wide by fiscal 2025.
These two goals are positioned as important parts of the Environment theme in the Mitsubishi Estate Group 2030 Goals for SDGs, and theGroup is working together to deepen its initiatives in these areas.
*1 The Science Based Targets initiative is a joint initiative by the World Wide Fund for Nature(WWF), CDP (an international NGO that provides investors, companies, cities, states andregions with a global disclosure platform to manage their environmental impacts), UN
Global Compact, and the World Resources Institute (WRI). The initiative encourages
companies to set greenhouse gas emissions reduction targets based on scientificevidence, which are consistent with the level required under the Paris Agreement (limiting
average global temperature rise due to climate change to well-below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.)*2 RE100 is a global corporate initiative led by The Climate Group, an international NGO working to accelerate climate action, in partnership with CDP.
RE100 brings together influential businesses committed to switching to 100% renewable energy for the electricity they use.

GHG Emissions Reduction Targets (revision in March 2022)(Targets approved by the SBT initiative in June 2022)
Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by fiscal 2030 compared to fiscal 2019 emissions
Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual emissions*)* Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTi standard
requires neutralizing any residual emissions using forest absorption and carbon removal technologies outside the value chain tocounterbalance the impact of these unabated emissions and to achieve net-zero emissions.

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Based on SBTi's new Net-Zero Standard (1.5℃ scenario)

Scope-by-scope of the Group’s primary sources of emissions andinitiatives to reduce and neutralize them
Scope 1: Direct burning of fuel (gas and heavy oil) from the heating supply business and the operation of emergency power generators
Of the emissions for FY2020 (base year), nearly all of the Scope 1 emissions resulted from the use of city gas in the heating supply
business. Although these emissions reductions are currently unable to be calculated as part of reduction amounts under the SBTi, we will
introduce carbon-neutral city gas using credits gained from forest absorption to help neutralize emissions outside the value chain.
As of November 2021, Marunouchi Heat Supply Co., Ltd., has replaced all of the city gas it uses at its district heating and cooling plants
with carbon-neutral city gas.
Scope 2: Direct burning of fuel due to use of purchased electricity, steam, cold and hot water, etc.
Of the emissions for FY2020 (base year), the majority of Scope 2 emissions resulted from electricity consumption.
In addition to further introducing renewable energy at our owned properties, we will aim to achieve a high level of environmental
performance and energy efficiency at our properties under development. We will also actively pursue the acquisition of Zero Energy
Building (ZEB) and Zero Energy House (ZEH) certifications, among others.
Scope 3: Emissions from other business activities (building construction, use of sold real estate, etc.)
Of the emissions for FY2020 (base year), Scope 3 emissions mainly resulted from the use of construction materials in building
construction and the use of sold products. In September 2021, we opened the Royal Park Canvas Sapporo Odori Park, Japan’s first highrise, hybrid-wooden hotel, which utilizes timber produced in Hokkaido. The amount of lumber used in the structural frames of the Royal
Park Canvas Sapporo Odori Park is the largest in Japan, enabling the hotel to curtail approximately 1,380 tons of CO2 emissions
compared with a building made entirely out of reinforced concrete. In this way, the Royal Park Canvas Sapporo Odori Park helps in thefight against global warming.
Emissions derived from construction materials are an issue that we need to address throughout the entire supply chain of development
and construction. Accordingly, we will deepen our collaboration with architectural design companies, construction companies,
construction material manufacturers, and other stakeholders in an effort to reduce these emissions.
Furthermore, for future emissions from the use of real estate purchased by customers, we are working to introduce renewable energy insuch real estate in the same manner as we are doing via our Scope 1 and Scope 2 initiatives at Company-owned properties. We are also
taking steps to reduce per-unit emissions via the introduction of energy-efficient equipment. In these ways, we are working to reduceoverall emission amounts. Please see the following for details on the CO2 emissions reduction targets of Mitsubishi Estate ResidenceCo., Ltd., which handles condominium sales.

Mitsubishi Estate Residence CO2 Emissions Reduction Strategy (Japanese only) (PDF 1.3MB)

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for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Accelerating the Transition to Renewable Energy Sources
to Achieve RE100
The Mitsubishi Estate Group has been actively introducing renewable energy since FY2021 to achieve RE100. In FY2022, the rate ofrenewable electricity reached approximately 50% as a result of transitioning to electricity derived from renewable sources at almost all of
the approximately 50 Company owned office buildings and commercial facilities*1 located in Tokyo and Yokohama, as well as Companyowned buildings and facilities in Hiroshima and Sendai. The renewable electricity introduced by the Group complies with RE100, combining
green electricity and FIT non-fossil-fuel energy certificates with tracking information. Since the buildings will be powered entirely by
renewable electricity.*2 the tenants of said buildings are effectively deemed to be using renewable electricity.
*1 “Company-owned buildings” refers to buildings and commercial facilities of which the Company owns a 50% equity stake or higher, excluding
buildings owned in the capital-recycling business and buildings slated to be redeveloped. Regarding buildings and commercial facilities of which theCompany owns less than a 50% equity stake, the Company intends to introduce renewable energy-based electricity at certain properties incollaboration with building operators and other parties.
*2 Electricity supplied by gas cogeneration systems, etc., is generated using carbon-neutral city gas.

See the following for the list of building introducing renewable energy.

List of Buildings introducing Renewable Energy

Promoting ZEB and ZEH in New Buildings and Rental
Apartments to Reduce Environmental Impact
Mitsubishi Estate acquired its first ZEB Ready (officecategory) certification for a high-rise tenant office building,tentatively called the Uchi-Kanda 1-chome Project, which isscheduled for completion at the end of November 2025.
The energy conservation measures employed in thisproject are tested at the Group’s headquarters to ensure
they are energy efficient and facilitate a comfortableenvironment. Starting with this property, the Group aims toachieve high environmental performance in line with ZEB
requirements for all new buildings to be developed.
Furthermore, in February 2023 Mitsubishi Estate Residence
started construction on (tentative name) the Osaka Abeno
Showa-cho 3-chome Project,*1 the first rental apartment(Tentative name) Uchi-Kanda
1-chome Project(Tentative name) Osaka Abeno
Showa-cho 3-chome Projectbuilding in the Kansai region to meet ZEH standards. In
addition to meeting ZEH-M Oriented standards, the apartment building will use solar panels to generate electricity used in communal areas.
These initiatives are part of Mitsubishi Estate Residence’s goal to meet or exceed the ZEH-M Oriented Standard in new condominiums andnew rental apartments under its CO2 emissions reduction strategies (formulated in January 2022). The entire Group will work together toreduce the environmental impact of its buildings and to provide new value.
*1 This project falls under a basic agreement and general planning subcontracting agreement between ENEOS Corporation and Mitsubishi Estate
Residence. The scheme designates ENEOS as the primary owner, while Mitsubishi Estate Residence is responsible for the project’s design and otherspecifications as the general planner.

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Developing Logistics That Facilities That Proactively
Advance Initiatives for Reducing Environmental Impact
Mitsubishi Estate has adopted a general policy for the Logicross series of obtaining Building-Housing EnergyEfficiency Labelling System(BELS)* certification for all logistics facilities since the November 2020 development of Logicross Ebina. Completed in November 2022,
Logicross Osaka Katano obtained a five-star rating, the highest under the BELS certification system. In addition, Logicross Zama
Komatsubara, completed in March 2022, obtained Zero Energy Building (ZEB) certification, a first for Mitsubishi Estate, by utilizing an inhouse consumption scheme using electricity generated at the facility through solar panels.
* A system established by the Ministry of Land, Infrastructure.Transport and Tourism to label energy-efficiency performance of new and excisingbuildings.

Logicross Zama Komatsubara

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Key Theme 1: Environment

Reducing Waste and Increasing Recycling Rate

Initiatives at Mitsubishi Estate Headquarters
Under "Environment," one of the key themes in Mitsubishi Estate Group 2030 Goals for the SDGs, the Mitsubishi Estate Group has set targetsof 90% for waste recycling and a 20% reduction in waste disposal (compared to FY2019, per m²). The Group is also aiming to recycle 100%of waste in the Marunouchi area (the Otemachi, Marunouchi, and Yurakucho districts).

To meet these targets, in addition to introducing innovative technologies and revising methods of waste disposal, it is important for eachand every one of us to make a conscious effort to reduce and sort waste, ensure appropriate recycling, and improve the recycling rate forresources. Japan's Basic Act on Establishing a Sound Material-Cycle Society stipulates a user-responsibility approach under which thewaste generator bears responsibility for reduction, reuse, and recycle (3Rs). The Mitsubishi Estate Group is committed to collaborating withstakeholder tenants on 3R initiatives in order to work together to pass on a better society to the next generation.

Since February 2021, Mitsubishi Estate has been implementing an initiative to sort waste into 15 categories at its headquarters. In asking
tenants to strengthen the sorting of waste, we worked with a manufacturer of fixtures to design and introduce a trash station that can hold
15 separate bins. The specifications will allow the bins to be integrated into a cabinet and, for hygiene considerations, there will be no flaps
on the bin openings.

Examples of initiatives aimed at strengthening sorting of waste at
Mitsubishi Estate headquarters
Creating an environment that facilitates sorting of recyclable waste: As most of the waste disposed of as combustibles is
actually recyclable, trash stations that allow waste to be sorted into 15 separate bins have been provided in place of trash binsthat were dedicated solely for combustibles.
Promoting recycling of mixed paper: Mixed paper that is not soiled or specially processed, such as envelopes and paper bags,
can be recycled into toilet paper, and better sorting is effective for reducing combustible waste in offices. At the trash stations,
mixed paper bins have been installed next to the combustible bins to make sorting easy.
Promoting recycling by sorting PET bottles into three separate bins: Empty PET bottles are sorted into the PET bottle bin, thecaps go into a dedicated container, and the labels go into the waste plastic bin.

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Establishing strict rules for sorting and disposing of lunchbox waste: The rules for sorting and disposing of waste in sharedoffice kitchens have been enforced. Empty plastic lunchbox containers go into the waste plastic bin, leftovers go into the foodwaste bin, and disposable chopsticks and paper napkins go into the combustible bin. Leftover drinks and ice are disposed of in
the sink.

See the following for the list of the 15 waste categories. (Sustainability Guide Vol.2)

Waste Separation at a Glance (PDF 1.28MB)

Initiatives in Collaboration with Tenants and Other Parties
Circular City Marunouchi- An Urban Environment for Resource Recycling
As the third step in Circular City Marunouchi, an initiative aimed at 100% waste recycling with a focus on recycling of resources in the
Marunouchi area (the Otemachi, Marunouchi, and Yurakucho districts), the Mitsubishi Estate Group is taking part in a business to recycle
waste cooking oil used in restaurants in the Marunouchi area into sustainable aviation fuel (SAF) in the first business of its kind for acomprehensive real estate company. SAF is a fuel with non-fossil fuel feedstock. If 100% of the feedstock were to be waste cooking oil, CO2
emissions throughout the value chain would be reduced by approximately 80% compared with conventional aviation fuel. The Group also
started recycling of waste cooking oil into biodiesel fuel in March 2023. The biodiesel is used to fuel the trucks that collect the waste
cooking oil. In the future, together with the use of SAF, Mitsubishi Estate will further develop programs for circular utilization of fuel in the
Marunouchi area.

Step 1: The “Marunouchi to Go Project”
This is a project conducted in cooperation with restaurants in the Marunouchi area to distribute containers (to go boxes) and paper bags
free-of-charge to enable takeaways of leftovers, which will lead to reductions in food loss. The paper bags are made from 100% recycled
cardboard from offices in the Marunouchi area, and the containers are eco-friendly, being made from bagasse (strained lees fromsugarcane).
Step 2: The Bottle to Bottle Recycle Circulation Program
A project working with Suntory Beverage & Food Limited and Coca Cola Bottlers Japan Inc. to collect plastic bottles discarded in 24 officebuildings in the area and recycle them into new plastic bottles. By recycling approximately 600 tons of plastic bottles annually, it iscalculated that CO2 emissions throughout the value chain can be reduced 60%* compared to the manufacture of raw materials sourced
from petroleum.

We will continue to promote environmentally-friendly urban development in collaboration with diverse stakeholders, including the employeesof tenants as well as visitors to the area.
* Research by Mitsubishi Estate59Messages

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Initiative for Weighing the Waste of Retail Tenants
The Mitsubishi Estate Group believes that the cooperation of stakeholders, including tenants, in addition to the Group itself, is essential inachieving waste recycling rate and reducing waste disposal targets set under “Environment,” one of the key themes in the Mitsubishi EstateGroup 2030 Goals for the SDGs, as well as the targets for the Marunouchi area (the Otemachi, Marunouchi, and Yurakucho districts), and awaste recycling rate of 100%. As part of our collaboration with stakeholders, we began weighing the waste of each retail tenant in threebuildings, starting with the Marunouchi Building in fiscal 2020, followed by the Shin-Marunouchi Building and the Marunouchi Park Building.
We have been working with tenants to ensure thorough sorting of waste by assigning staff to support sorting, preparing manuals andvideos, and raising awareness. As a result, the recycling rate for food waste increased 4.9% (total for three buildings compared to fiscal
2020). In the future, we will continue to increase the number of buildings taking part in the initiative while also renewing waste processing
rooms and in-building garbage bins and reviewing their operation.
Going forward we will continue to promote environmentally-friendly urban development by striving to increase the recycling rate and reducethe volume of waste disposal with the understanding and cooperation of tenants to achieve a sound material-cycle society.

GOTEMBA PREMIUM OUTLETS® food residue from restaurants used
as recycled compost for in-mall greening
In September 2021, GOTEMBA PREMIUM OUTLETS® began a food recycling initiative contributing to the formation of a recycling-oriented
society. Producing recycled compost from food residue generated within the mall reduces waste and enables such residue to be used asrecycled food resources on the premises. Thus far, we have created three compost heaps within the mall from food residue generated byeight participating restaurants. This food residue is collected, biodegraded by microorganisms, and composted at a recycling center. The
Company uses the recycled compost as a planting compost for mall-greening efforts, including at the Flower Terrace in GOTEMBAPREMIUM OUTLETS®.

GOTEMBA PREMIUM OUTLETS®

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Ecofurni, a Collection and Sales Service for
Used Office Furniture
Mitsubishi Estate launched in March 2022 full-scale operation of Ecofurni, a service for collection and sale of used office furniture. Under
this initiative, office furniture that is no longer needed due to office layout changes, etc., is collected from companies, inspected and cleaned
in a directly-managed showroom-cum-warehouse, where it is displayed for sale as used furniture. The company is working to expand thisbusiness, including the opening of the second showroom in Ikebukuro this spring.

The used furniture at Ecofurni is also used in furnished offices where furniture is leased together with the office and subscription services
for furniture and appliances. Products that have still not been shipped after a certain period of time are reused and recycled as much as
possible rather than being treated as industrial waste. We will continue to focus on this environmental recycling-oriented business modelthat can contribute to both providing services to support flexible workstyles and realizing a sustainable society.

Examples of furnished offices using used furniture from Ecofurni

Ecofurni (Japanese only)61

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Key Theme 1: Environment

Making Use of Japan-grown Timber to Promote
Sustainable Use of Forest Resources

Promoting Utilization of CLT and Other Materials to
Expand Use of Japan-grown TimberJapan’s forests account for some two-thirds of the country’s land mass, with 40% being planted forests. More than half of these planted
forests are five decades old or more, having reached their harvestable age. Expanding the harvesting and use of timber sourced from these
forests not only helps promote Japanese forestry, which is facing the challenges of appropriate forest conservation and shortage ofworkers in the industry, but also contributes to the cycle of Japan’s forestry resources, including helping to reduce CO2 emissions by fixing
carbon in urban areas. Therefore, the Mitsubishi Estate Group has set out a goal to promote sustainable timber use and is promoting theutilization of Japan-grown timber and certified timber.

Developing Various Initiatives to Bring Out
the Value of Wood
The Mitsubishi Estate Group is promoting a switch to the use of timber construction and wood in its business activities from theperspective of sustainability. At Japan Wood Design Award 2022 (organized by Japan Wood Design Association), seven projects by six
group companies, including Mitsubishi Estate Co., Ltd., won awards. The MOKUWELL HOUSE, Japan’s first purely wooden prefabricatedresidence using cross-laminated timber (CLT)* produced by MEC Industry received the Grand Prize (the Minister of Agriculture, Forestry and
Fisheries Award).
Also, in October 2022, KIDZUKI, a platform for promoting a switch to the use of timber construction and wood developed by Mitsubishi
Estate Home concluded an agreement on initiatives leveraging wood with Tamagawa Academy & University. Going forward, there will be
deeper cooperation from the standpoint of environmental education to contribute to creating value for wood and solving environmental andsocial issues. While displaying synergies among Group companies, we will advance initiatives that utilize the appeal of wood with the aim ofpromoting the use of timber construction and wood in the cities of the future.
* CLT consists of wooden panels formed by laminating layers of lumber perpendicular to one another. Compared with conventional wooden panels, its
strength is more stable, and it also offers outstanding heat insulation. It is gaining attention as a construction material that will expand theapplications of timber to large-scale structures such as condominiums and office buildings in addition to low-rise detached housing.

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MOKUWELL HOUSE exterior

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CLT manufactured at MEC Indusrty's own plant

MEC Industry Aiming to Achieve
an Appropriate Forest Cycle
MEC Industry was established in January 2020 with investment from Mitsubishi EstateCo., Ltd., Takenaka Corporation, Daiho Corporation, Matsuo Construction Co., Ltd.,
Nangoku Corporation, Kentec Corporation, and Yamasa Mokuzai Co., Ltd. with the goalof realizing a society that promotes effective use of wood. Combining the strengths ofthe seven companies and having its own plant enables integration of the previously
fragmented business flow from manufacturing through to sales, making it possible toprovide high quality products at a low cost.

MEC Industry’s Kagoshima Yusui Plant

MEC Industry has its own plant in Yusui, Kagoshima Prefecture, which serves as a production site to make use of Japan-grown timber.

MEC Industry handles everything at its own plant from procurement of logs to manufacturing of CLT and 2×4s as well as manufacturing ofbuilding materials using wood materials and of prefabricated housing. Expanding the use of Japan-grown timber through these products
fixes carbon absorbed by forests in urban areas helping to realize a decarbonized society. In addition, it is also expected to function as
green infrastructure and contribute to maintaining and enhancing biodiversity and natural capital by promoting a cycle in Japan’s planted
forests, which are reaching optimum harvestable age. Moreover, the use of wood as a construction material, and particularly as the main
structural material, reduces the use of steel and concrete and thereby enables the reduction of greenhouse gas emissions during
construction, while making it possible to recycle materials when a building is eventually dismantled. MEC Industry is also working to reduce
waste at its own plant through the use of wood scraps generated in manufacturing processes as a heat source for boilers and othermeasures.

In February 2023, MEC Industry and Yusui concluded an agreement on assistance and cooperation in the event of a disaster. If an
earthquake, storm, flood, or other disaster occurs or is likely to occur in Yusui, MEC Industry will endeavor to ensure the safety of the peopleof Yusui by providing an evacuation site and building and supplying temporary emergency housing among other measures.

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Japan's First High-Rise Concrete-Wood Hybrid Hotel
Using Hokkaido-Grown Timber
Mitsubishi Estate debuted The Royal Park Canvas – Sapporo Odori Park, Japan's firsthigh-rise hybrid hotel built of reinforced-concrete and wood using Hokkaido-grown
timber, on October 1, 2021. Located in Sapporo, Hokkaido, the hotel will be operated by
Royal Park Hotels and Resorts. The property features a hybrid wood building with thelower and middle floors constructed from reinforced-concrete with wooden ceilings;
one floor in the mid-rise section built with a hybrid reinforced-concrete and wooden
structure; and the upper floors constructed using an entirely wood-built structure. The
property is a new type of hotel never seen before which brings together all theadvances in wood construction made by the Mitsubishi Estate Group to date.

A lounge furnished with Hokkaido-grown
timberApproximately 80% of the wood used as a structural material is Hokkaido-grown timber. The use of Sakhalin fir, which is the most abundantresource in any of Hokkaido's plantations, in various parts of the building, including the CLT flooring, contributes to promoting local industry
and recycling forest resources. The interior designs of the hotel's guest rooms and lobby also make extensive use of timber. Further, thehotel is actively promoting local production for local consumption based on the “Hokkaido Experience,” offering food and drink focusing on
locally produced products. The project was selected for inclusion by the Ministry of Land, Infrastructure, Transport and Tourism in the Fiscal
2019 2nd Pilot Projects for Sustainable Buildings (Wooden Structure).

Miyako Shimojishima Airport Terminal
Miyako Shimojishima Airport Terminal opened in March 2019 on Miyako Island,
Okinawa, where there is abundant nature. It is the first airport terminal in Japan toutilize CLT as a structural material for the roof. The CLT was produced with regional
wood designated by Okinawa Prefecture, thereby contributing to the vitalization of theregional forestry industry. The project has also implemented a range of energy-saving
measures and earned the Net Zero Energy Building (ZEB) recognition, the first for
airport terminals in Japan.
Check-in lobby using CLT as structural
material for the roof

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MITSUBISHI ESTATE GROUP 2030 GOALS FOR SDGs

Key Theme 2: Diversity & Inclusion

Urban development that responds to lifestyleand human resources trends
and facilitates active participation for all
Related SDGs

Opportunities and Risks
Opportunities

Risks

Increasing demand for facilities and services to meet needs of

Increasing country-speci c risks and compliance risks,

global customers

including supply chain management

Alleviation of labor shortages through acceptance of foreign
workers into Japan

Declining demand for facilities and services with inadequate
provision for diversi ed needs

Rise in demand for facilities and services that respond to

Decreasing demand for facilities and services accompanying

diverse lifestyles, workstyles, and consumption styles, such as

demographic changes (decline in working population, etc.)

the acceleration of teleworking and freelance working

Decreasing user numbers and rise in vacancy rates in the event

Growth in demand for facilities and services tailored to newof a late response amid an increase in demand for facilities andneeds due to demographic changes

services tailored to the concept of universal design, such as
barrier-free layouts

Increasing demand for facilities and services tailored to theconcept of universal design, such as barrier-free layouts

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Main Values Provided
Borderless urban development with respect for diverse backgrounds worldwide
Socially inclusive urban development
Abundant and comfortable urban development responding to demographic and lifestyle changes

Targets
Strengthen hospitality and realize stress-free cities
Respect different lifestyles, local customs, religions, and sexual orientation
Use timber that complies with the Sustainable Sourcing Code or equivalent and establish traceability of timber to be used inbusinesses

Ratio of female managers: Over 20% by FY2030, 30% by FY2040, 40% by FY2050
Ratio of male employees taking childcare leave of absence: Over 75% by FY 2025, 100% by FY2030
Ratio of female employees taking childcare leave of absence: 100% every year until FY2030

OUR ACTION

Initiatives to Support Active
Participation by Diverse
PeopleREAD MORE

Initiatives to Address
Globalization

Action on Human Rights andSupply Chain

Creating Workplaces with
Diversity

READ MORE

READ MORE

READ MORE

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Key Theme 2: Diversity & Inclusion

Initiatives to Support Active Participation by Diverse
PeopleProviding an Environment where People with
Developmental Disabilities Can Live with Ease at The
Green at Florham Park
Rockefeller Group International is the core company of the Mitsubishi Estate Group's
operations in the United States. Engaging primarily in the real estate development andownership and investment management businesses, it plays a key role in driving the
Mitsubishi Estate Group's globalization. Rockefeller Group has been working incooperation with its joint venture partners on The Green at Florham Park, a large-scale,
mixed-use project combining offices, residential housing, and a hotel in Florham Park,
New Jersey.

Exterior view of The Green at Florham Park

In October 2020, Rockefeller Group completed development of a 62-unit housing project dedicated to serving people with developmental
disabilities seeking independent living opportunities and a high quality of life. In the past, there has been a lack of places where those with
developmental disabilities can enjoy vibrant lives. The project has provided housing and an environment conducive to well-being andthereby enables the residents to enjoy their lives as active members of their local community.

This is an initiative which embodies the aim of contributing to a truly meaningful society through urban development as set out in the
Mitsubishi Estate Group's philosophy, and recognized by Mark Taylor, the Mayor of Florham Park, as a "wonderful project for ourcommunity."

Video featuring the supportive housing project67

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Initiative on Well-Being
The Marunouchi Infirmary was created based on input from working women. Helping address health issues that specifically affect thephysical and mental well-being of women, including pre-menstrual stress, pregnancy, childbirth, and menopause, the infirmary conducts
activities to enhance health literacy to increase understanding in the workplace and among women and provide health support. Throughthese activities, Mitsubishi Estate will promote well-being in its urban development, not only by itself but together with other companies thatendorse its efforts, to realize a women-friendly work environment and culture so as to expand choices for working women at various life
stages.

Examples of Initiatives: 1 Supporting Better Health Literacy in the Marunouchi Area
The Online Marunouchi infirmary holds online seminars for men and women to learn
about women’s healthcare and related matters to promote mutual understanding. It
has also established a contact point for consultations and counseling. In these ways,
the Online Marunouchi infirmary extensively promotes health support throughMarunouchi-based companies and f or general visitors to the area.

Examples of Initiatives: 2 Visualizing Working Women’s Health Issues Faced byCompanies
Working Women’s Health Scores* is a measure using data to visualize women’s health,working environments, and other conditions by 14 companies centered on the
Marunouchi area in cooperation with Femmes Medicaux, which offers consulting on
women’s healthcare, including on addressing the Health issues of modern women, andMitsubishi Estate.
Mitsubishi Estate and Femmes Medicaux plan to extensively promote a service
identifying issues based on the health scores of women, which will use the scores tohighlight issues faced by working women at participating companies.

A large-scale, hands-on wellness event(Marunouchi Building, first floor, Maru
Cube)

* With the cooperation of Kanagawa University of Human Services, we developed survey categories based on an epidemiological survey. Approximately
3,400 women responded to the survey through the personnel departments of the 14 companies.

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Inclu Marunouchi, a Center for Supporting the Employmentof People with Disabilities
Tokyo's Marunouchi area has about 4,300 companies, each of which supports
employee diversity and work-life balance while also providing a working environmentthat welcomes people with physical and mental disabilities.
The Mitsubishi Estate Group is creating communities it hopes will be areas in whichanyone, regardless of disabilities, can work comfortably in the Marunouchi area. As
part of these initiatives, the Group has been operating since October 2018 Inclu
Marunouchi, a center for supporting the employment of disabled people and providing
information, on the fifth floor of the Shin-Kokusai Building, in cooperation with Startline

Bright entrance of Inclu Marunouchi

Co., Ltd., a company offering consultation and support for disabled people.
Inclu Marunouchi provides companies with a wide range of support services utilizing the Marunouchi area's convenience and sense ofcommunity, such as providing information on employment for disabled people, offering satellite offices staffed with support staff andproviding consulting services. Mitsubishi Estate works closely with companies using the center and develops new ideas and programs tocreate a working environment where employees with disabilities further demonstrate their abilities.
Inclu Marunouchi (Japanese only)

Cotooffice, the Working Space with a Built-In Daycare Center
Businesses urgently need to address the shortage of daycare centers to support their child-rearing
employees and avoid a loss or shortage of human resources resulting from extensions of childcare
leave or resignation. Further, as many businesses make efforts directed at workstyle reform, it will
be necessary to embrace further flexible workstyles through the introduction of telecommuting andutilization of diverse facilities and infrastructure. To meet these social needs, and to provide tenantcompanies and employees in the Marunouchi area a diversity of high-quality services, in April 2018
Mitsubishi Jisho Property Management opened a new business called "Cotooffice — Working withYour Children in the Office," a working space with a daycare center attached, at the Shin-Kokusai

Cotooffice in Shin-Kokusai
Building

Building. It is the first such endeavor for the Mitsubishi Estate Group. In addition, Cotooffice Sanno Park Tower opened as a daycare center
for residents of the Sanno Park Tower. Through the Cotooffice, Mitsubishi Jisho Property Management responds to the needs of thoseworking for tenants in buildings managed by the company and provides a safe and secure childcare service with facilities on par withlicensed daycare centers. It also works together with Mama Square, a company with experience managing childcare facilities on company
premises, to provide safe, reliable childcare services.

These facilities provide amenities such as laundry and diaper service, and a daycare app, at no
extra charge, to reduce the burden on parents commuting to work with their children. They alsooffer unique education programs that take advantage of the unique features the Marunouchi area
offers. These include an intellectual training program created in collaboration with Mitsubishi
Ichigokan Museum, Tokyo, a nature program that gives children the chance to experience nature in
the Marunouchi area, a green oasis within the city, and English programs for children. Suchprograms and services will not be limited to the Marunouchi area, but will be extended to buildings
across Japan owned and managed by the Mitsubishi Estate Group.

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Cotooffice in Sanno Park
Tower

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Key Theme 2: Diversity & Inclusion

Initiatives to Address Globalization

Launch of WELL ROOM Healthcare Service Available inMultiple Languages
Mitsubishi Estate founded WELL ROOM Co., Ltd., and began the WELL ROOM
healthcare service, available in multiple languages, in November 2021. Primarily
targeting small and medium-sized enterprises and start-up companies, WELL ROOM
provides not only referrals to medical institutions offering health checkups but alsomental health and industrial physician consulting services to people who speak
different languages and who are from various cultures, in order to realize

WELL ROOM website pages

comprehensive healthcare management for employees regardless of their nationality.
Through this service, we will alleviate the fears and anxieties often felt by non-Japanese people working in Japan regarding medical
treatment and healthcare while helping mitigate the risk of non-Japanese people taking a leave of absence or resigning from their positions
by reinforcing our efforts in relation to mental healthcare, which has been in the spotlight as a result of the COVID-19 pandemic.

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Enhancing Universal Design of JNTO Tourist Information
Center (TIC) for Overseas Visitors
Commissioned by the Japan National Tourism Organization (JNTO), Mitsubishi Estate has been operating the JNTO Tourist Information
Center for overseas visitors (JNTO TIC) in the Marunouchi area since January 2012.

Since its establishment, Mitsubishi Estate has put efforts into universal design that can be easily accessed by all people including overseas
visitors that are elderly or have disabilities. In April 2019, Mitsubishi Estate further enhanced the universal design in terms of both thephysical and human environment. In light of the recent increase in the number of elderly and disabled overseas visitors to Japan, Mitsubishi
Estate entrusted supervision of the improvements to Inclu Marunouchi, a facility that supports employment for people with disabilities in the
Marunouchi area, while also referring to feedback from travelers with disabilities.

In the physical environment, Mitsubishi Estate introduced tactile paving and Braille Neue, a new style of braille that can be read with both theeyes and the fingers by overwriting letters onto braille. Mitsubishi Estate also improved the human environment, which includes the staff of
JNTO TIC taking the Universal Manners Test (UMT).

As a progressive tourist information service that can be used in comfort by all visitors to Japan, JNTO TIC will also work to share its
knowledge on support for universal design in such ways as hosting inspection tours by tourism information centers from all over Japan.

Staff from Inclu Marunouchi checking the braille

Braille Neue, a new style of braille that can be read with both theeyes and the fingers

Inclu Marunouchi, a Center for Supporting the Employment of People with Disabilities

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Key Theme 2: Diversity & Inclusion

Action on Human Rights and Supply Chain

Conducting Corporate Human Rights Due Diligence toEngage in Business Activities with Respectfor Human Rights
The Mitsubishi Estate Group has set diversity & inclusion as one of the key themes for the realization of the Mitsubishi Estate Group 2030
Goals for SDGs. Respect for human rights is an essential element in the realization of a sustainable world. In order to fulfill its duty torespect the basic human rights of all stakeholders, the Group formulated the Mitsubishi Estate Group Human Rights Policy in April 2018 andconducted corporate human rights due diligence. Taking the results into consideration, the Group decided to implement the following
initiatives to provide solutions for social issues.

1. Using sustainably-sourced timber for concrete formwork panels
The concrete formwork panels*1 used in construction of offices and housing are made of lumber imported from Southeast Asia countries
such as Malaysia and Indonesia. NGOs and other institutions have said that procurement of some of these materials involves illegal
logging, including the taking of indigenous peoples' lands and the destruction of the environment.

From the perspectives of human rights and environmental protection, the Mitsubishi Estate Group uses timber that complies with the
Sustainable Sourcing Code*2 (certified lumber or Japan-grown timber) or equivalent as the timber in its concrete formwork panels. The
Group aims to achieve a usage rate of 100% by 2030.
*1 The plywood used as the formwork for pouring of ready-mixed concrete when constructing buildings.
*2 The code, in which international agreements and guidelines for sustainability in different sectors are used as a reference, specifies guidelines andmethods of operation aimed at implementing sustainability-oriented procurement, among other matters.

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100%(2030 goal)

Example of formwork panels in use

Usage rate of lumber that complies with
Sustainable Sourcing Code for Timber or
equivalent

2. Respect the human rights of foreign technical interns
The Group will request its suppliers to instruct and make known to their associates, where it is assumed that many technical interns work,
matters in the activities of technical interns that often go unnoticed, such as issues related to pay and daily life, which were revealed ininterviews conducted with foreign technical interns.

3. Corporate human rights due diligence concerning overseas
businesses
When considering business activities in Asia, where there are many cases of human rights violations in general, the Group will conduct
corporate human rights due diligence using checklists to confirm whether there were any issues such as forced evictions in the area. The
result will be used in decision-making when participating in business activities.

Human Rights Initiatives

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Ensuring Traceability in Newly-Built Condominiums for Sale
In its newly-built condominiums for sale, Mitsubishi Estate Residence is using concrete formwork panels*1 based on sustainable sourcing
standards for timber and to ensure traceability.
To ensure traceability, all companies in each stage of distribution, including logging and supply, must be certified. Mitsubishi Estate
Residence has been working to ensure traceability by using timber that has obtained FSC forest management certification, which confirmsthat forests are properly managed, and a FSC chain of custody (CoC) certification, which verifies that timber produced in FSC-certified
forests is managed and processed appropriately in the subsequent stages of distribution. However, there were still many companies
ranging from formwork processors to construction companies that have not obtained CoC certification. This was an issue because
certification doesn’t cover the entire distribution chain, which meant that traceability was not completely ensured.
To address this issue, Mitsubishi Estate Residence has started an initiative to ensure traceability throughout the supply chain by building ascheme to obtain third-party certification from Japan Gas Appliances Inspection Association, a third-party certification body, based on theuse of materials certified under the Programme for the Endorsement of Forest Certification (PEFC), a global alliance of national forest
certification systems that mutually endorses their certification systems. The initiative commenced with The Parkhouse Komazawa
Residence, which was completed in December 2021, and the traceability of the timber in concrete formwork panels in all buildings will beensured in fiscal 2030. In order to strengthen the initiative, Mitsubishi Estate Residence will also aim to obtain international certification in
addition to the third-party certification method. At The Parkhouse Takanawa Matsugaoka, which went on sale in July 2021, the company
obtained FSC*2 project certification for the supply chain component. This is a worldwide first-case*3 of obtaining project certification basedon FSC standards for concrete formwork panels, and has been achieved through cooperation with Kiuchi Construction Co., Ltd.
As a leading company in the newly-built condominiums for sale industry, Mitsubishi Estate Residence is working to make this an industrywide initiative by communicating the issues and solutions both internally and externally.
*1 The plywood used as the formwork for pouring of ready-mixed concrete when constructing buildings.
*2 Forest Stewardship Council®: An independent, non-profit organization that promotes responsible management of forests worldwide and operates aninternational forest certification system.
*3 According to research by Mitsubishi Estate Residence

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Promoting Efforts in Supply Chain Management
In order to help realize a sustainable and truly meaningful society through its business activities, the Mitsubishi Estate Group believes it isimportant to promote efforts across the supply chain. As such, the Group established the Mitsubishi Estate Group Supplier Code of Conduct
based on the Code of Conduct and Guidelines for Conduct. The Supplier Code of Conduct has been published on the corporate website, anddisseminated to the Group's major business partners. It sets out obligations that suppliers are required or expected to fulfil, which include
compliance with laws and regulations, respect for human rights, respect for local communities and indigenous peoples’ rights, occupational
health and safety, practice of corporate ethics, protecting the environment and reducing environmental impact, guaranteeing information
security and establishing a risk management system.

The Group asks its suppliers to also strive to disseminate this Code of Conduct to their business partners so that they understand andcooperate with its spirit and content, and thereby continue to promote efforts to fulfill its social responsibility across the supply chain withthe aim of realizing a sustainable society.

Establishment of Mitsubishi Estate Group Supplier Code of Conduct
Establishment of Mitsubishi Estate Group Supplier Code of Conduct

Notification in and outside of the Group on the Supplier Code of Conduct
Notification in and outside of the Group on the Supplier Code of Conduct

Conducting Self-assessment Questionnaire (SAQ) on Suppliers withHigh Sustainability Risk
Conducting Self-assessment Questionnaire (SAQ) on Suppliers with High Sustainability Risk

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Assessment of Human Rights and Environmental Risks
Associated with Construction Materials
In FY2022, Mitsubishi Estate assessed human rights and environmental risks associated with each of the construction materials used at its
construction sites. Identifying the materials used in each of more than 20 varieties of construction materials with the highest weight ratios
used at our construction sites, we checked the principal places of production and importing countries of 18 staple materials anddetermined related human rights and environmental risks. We plan to examine countermeasures regarding construction Material risks tofocus on in the future.

Assessment of Human Rights Risks Associated withTechnology
The Company has set out the Mitsubishi Estate Digital Vision, which aims to promote new urban development that allows people toexperience convenient living environments through digital transformation (DX). In FY2022, we identified and assessed the actual andpotential impact on human rights of services and products related to technology for realizing our vision based on a human rights
assessment process to promote business activities with consideration for human rights. We will explore appropriate countermeasures forpreventing and mitigating human-rights risks.

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Key Theme 2: Diversity & Inclusion

Creating Workplaces with Diversity

Initiative Policies
The Mitsubishi Estate Group recognizes that respect for human rights and accommodation of diverse human resources and workstyles are
crucial to management and business activities. Accordingly, the Mitsubishi Estate Group Guidelines for Conduct include provisions related
to respect for human rights and diversity and empowerment of individuals, and the Mitsubishi Estate Group Human Rights Policy has been
established to direct steadfast efforts based on these guidelines. Based on this human rights policy, the Group has formulated plans for
specific human rights themes such as the action plan in accordance with Japan’s Act on the Promotion of Female Participation and Career
Advancement in the Workplace formulated for the purpose of empowering female employees. Moreover, based on the opportunities andrisks described in the Mitsubishi Estate Group 2030 Goals for SDGs, we have established KPIs and work actively to develop various
programs to form the foundation for challenge and innovation by employees.

The Group is also focusing efforts on enhancing personnel programs with awareness about ease-of-working for a variety of life stages, wellbeing, and work-life integration*. There is a particular emphasis on developing an environment enabling anyone, regardless of gender,
position, form of employment, age, and other attributes, to express their thoughts freely and engage in dialogue and opinions in discussions
within the company (realization of diversity in opinions).
We will continue incorporating feedback from employees while we strive to create a vibrant organization that allows even more diverse
human resources to play active roles with diverse workstyles and create change, leading to sustainable growth for the Mitsubishi EstateGroup.
* Achieving comprehensive fulfillment in both work and life without barriers separating the two77

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Targets, Results, and Main Initiatives
Percentage of female managers (Scope: Mitsubishi Estate Co., Ltd.*1)
Targets:
Over 20% by FY2030, 30% by FY2040, and 40% by FY2050
Results:
FY2023: 7.3% (as of April 1.2023); FY2022: 7.2% (as of April 1,2022)
Initiatives
Raised the percentage of female employees accounted for by assistant manager-level employees eligible as candidates for
management positions
Plans in place to implement a survey and introduce measures to promote gender diversity

Sustainability Activities (ESG) > Social > Promoting Diversity > Empowerment of Women

Rate of use of male employees taking childcare leave of absence(Scope: Mitsubishi Estate Co., Ltd.*2)
Targets:
100% every year until FY2030
Results:
FY2022: 11.0.6%; FY2021: 75.5%;
Initiatives
Disclosed the percentage of male employees taking childcare leave
Encouraged the taking of childcare leave (periodically issued literature on taking childcare leave to male employees with newborns
while encouraging employees who had yet to take childcare leave to discuss doing so with their superiors)
Facilitated roundtable discussions among male employees with experience of taking childcare leave (held roundtable discussions withmale employees who have taken childcare leave to share their experiences with fellow Company employees)
Create and promote awareness of a handbook on pre- and post-childbirth leave and childcare leave summarizing childcare and othertypes of leaves of absence and procedures for leave takers to follow
Plans in place to implement the following initiatives
Monitor the ratio of male employees taking childcare leave (contact male employees who have not taken childcare leave for more thana certain period after the birth of their child and confirm their intentions and other relevant information)78

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Rate of female employees taking childcare leave of absence(Scope: Mitsubishi Estate Group*3)
Targets:
100% every year until FY2030
Results:
FY2022: 100%; FY2021: 98.7%
Initiatives
Provided a handbook offering support regarding pregnancy, childbirth, and reinstatement to work
Carried out consultation sessions
Held platforms (such as roundtable discussions and lectures) offering information helpful to achieving a work–life balance anddeveloping a career
Carried out interviews for employees with their department and with the Human Resources Department when they are reinstated towork following childcare leave
Plans in place to set up a working group for promoting the active participation of women in the workplace to hold events and otheractivities in relation to creating networks and navigating life events

Sustainability Activities (ESG) > Social > Promoting Diversity*1 Scope of targets changed to Mitsubishi Estate in conjunction with their upward revision in FY2022*2 Scope of targets changed to Mitsubishi Estate in FY2023
Denominator and numerator are calculated as follows:<Calculation method until FY2020>
Denominator: Male employees whose spouse gave birth during the corresponding fiscal year and who are eligible for maternity leave (excluding
employees who have been with the company less than one year)
Numerator: Male employees whose spouse gave birth during the corresponding fiscal year and who took maternity leave during the corresponding
fiscal year
<Calculation method from FY2021>
Denominator: Male employees whose spouse gave birth during the corresponding fiscal year and who are eligible for maternity leave (excluding
employees who have been with the company less than one year)
Numerator: Male employees who took maternity leave during the corresponding fiscal year
*3 Five Mitsubishi Estate Group companies: Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi Jisho
Design, and Mitsubishi Real Estate Services

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MITSUBISHI ESTATE GROUP 2030 GOALS FOR SDGs

Key Theme 3: Innovation

Innovative urban development that continuously
renews society
Related SDGs

Opportunities and Risks
Opportunities

Risks

Decreasing cost of environmental countermeasures andDeclining demand for brick-and-mortar stores and services

investment with the advancement of technological innovationaccompanying the advance of online buying and selling, suchas electronic commerce

Rise in the e ciency and convenience of operating facilities
through utilization of IT and robots

Decreasing demand for facilities and services due to late
response to IT and digital innovation

Increasing need and opportunities for utilization in smart
communities, residences, and o ces

Loss of opportunities because of a late response amid an
expansion in development opportunities and demand for smart
communities, houses, and o ces

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Main Values Provided
Interactive, value-added urban development based on knowledge-building and networks
Cutting-edge urban development with continual open innovation

Targets
Innovate business models and maximize performance
Support the creation of new ideas and businesses from the perspective of urban development, contribute to thegrowth of cities and industries

OUR ACTION

Operating Incubation Offices

Promoting Real Estate
Digital Transformation (DX)Leveraging the Latest
Technologies

Creating Innovation throughCollaborations and Alliances

READ MORE

READ MORE

READ MORE

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Key Theme 3: Innovation

Operating Incubation Offices

Creating Innovation through the Operation of Incubation Offices
Mitsubishi Estate has been establishing organizations to assist venture companies since 2000 and develops and operates business support
facilities for growing companies from Japan and overseas, mainly in the Marunouchi area (the Otemachi, Marunouchi and Yurakucho
districts). Mitsubishi Estate supports the growth of start-up companies in ways that are both tangible (creating venues to congregate andinteract) and intangible (promoting interaction).

EGG, an Innovation Ecosystem Hub
EGG was relaunched in December 2022 with a change of name, a floor expansion andrefurbishment, and rebranding. Since 2007, EGG has operated as a business site for growing
companies from Japan and overseas. Through this recent renewal, the aim is to further increase
the concentration of growing companies from Japan and overseas and enhance the value added of
the area as a neighborhood overflowing with opportunities for collaborations and co-creation
between companies promoting new technologies and business, in addition to helping to increase
Japan’s competitiveness.

FINOLAB, a Company to Support FinTech Development
The FinTech Center of Tokyo (FINOLAB) is a membership-based community and space based in the
Otemachi area of Tokyo aiming to create a FinTech ecosystem and generate new businesses.
Mitsubishi Estate established FINOLAB in February 2016 in cooperation with Dentsu Inc. andInformation Services International-Dentsu, Ltd. as Japan’s first FinTech hub. The center is currently
managed by FINOLAB Inc.
Shared space
Through collaboration with different industries centered on FinTech, FINOLAB supports thedevelopment and growth of start-ups, providing the solutions and environment for major companies to promote innovation and help solve
issues of business creation. It also aims to build next-generation business ecosystems capable of creating businesses that solve social
issues.

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Global Business Hub Tokyo, a Shared Workspace Linking
Otemachi with the WorldThe Global Business Hub Tokyo in the Otemachi Financial City Grand Cube is one of the largest
business support facilities in Japan for startups and up-and-companies from Japan and overseas.
The facility provides business matching events and high-quality networking opportunities,
contributing to the development of business for the companies using it. The Global Business Hub
Tokyo aims to help create the world's business center of choice in Otemachi, Tokyo.
* Run by the General Incorporated Association Global Business Hub Tokyo and staffed by Mitsubishi Estate

Terrace Lounge

Inspired.Lab, an Open Innovation Hub That Encourages
Collaborative Creation
Inspired.Lab is a co-working space established by Mitsubishi Estate together with SAP Japan Co.,
Ltd., a subsidiary of the software company SAP SE, in the Otemachi Building in February 2019. The
space is occupied by technology startups and new business development teams from major
corporations working on creating new businesses in cutting-edge areas such as AI, IoT, androbotics.
The facility contains a lounge space for stimulating interaction, workshop spaces to use for idea

Entrance

sharing, and a work area that can be used to create prototypes of ideas. Staff from SAP are also
permanently onsite to provide both physical and human support for new business creation, including the provision of programs fordiscovering and developing innovation. Inspired.Lab helps its users test and verify their ideas in the facility, the building, and the surroundingarea, thereby facilitating speedy commercialization. Since the facility began operating, a number of new businesses have come to fruition
based on the open environment.

TMDU Innovation Park (TIP), a Medical and ResearchSite-Based Innovation Community
TMDU Innovation Park (TIP), established in Ochanomizu, Tokyo in August 2021 torealize a society with better medical care and better health for people, is an innovation
community to drive collaboration by academia, companies and start-ups from diverse
industries, and government, leading to medical and healthcare innovation.
TIP is a demonstration project to engage in open innovation in an environment in close
proximity to the research, educational, and medical sites of Tokyo Medical and Dental
University. The university and Mitsubishi Estate are jointly planning and running the
project based on a joint research agreement concluded in July 2021. It is hoped many
will take advantage of TIP to share time, space, and minds among industry, academia

Innovation XR Lab

and government, which in turn create ideas that cannot be conceived by a single
university or company and accelerate the pace of innovation with the ultimate goal of delivering total healthcare innovation.

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TOKIWA BRIDGE Serviced Offices for Recently EstablishedStart-Ups
Located on a floor of the TOKYO TORCH (Tokiwabashi Project in front of Tokyo
Station), TOKIWA BRIDGE is a serviced office center for start-ups that launched in
January 2022. Companies that are eligible to become tenants are domestic recently
established start-ups and carve-out companies spun off from larger ones as externalbusinesses. With a maximum tenancy period of three years until December 2024, thefacility is designed for new companies to blossom.

TOKIWA BRIDGE provides the growing startups with the offices they need to foster a
corporate culture, promote interaction among employees, and attract new human resources. Newly designed, flexible contract and usage
formats, including day-of-the-week leasing and hot-desking, help accelerate their business growth.
* TOKIWA BRIDGE is a facility with a limited period until December 31, 2024.

Yurakucho SAAI Wonder Working Community
The Yurakucho SAAI Wonder Working Community is a membership-based working
community with a hub on the 10th floor of the Shin-Yurakucho Building whereindividuals with diverse values come together to encounter new sensibilities and give
shape to ideas. The main target is entrepreneurs and potential entrepreneurs with afocus on people and individuals.

The aim is to create a community that will nurture individuals not restricted to theconventional framework, such as people who want to take on new challenges whilebelonging to a company or people in charge of new business searching for businesses within the company, and enable them to thrive andsucceed in the era of side jobs and second jobs.

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YOXO BOX Venture Company Growth Support Center
YOXO (pronounced “Yokuzo”) BOX is a growth support center for venture companies
established in October 2019 in Kannai, Yokohama. In addition to 12 YOXO BOX OFFICE
serviced offices that come with business support, the center is equipped with a coworking space to encourage interaction and an event space that can accommodate up
to 100 people.

The name YOXO BOX expresses the meaning that the center will be a sandbox (=testing ground) for creating new interaction in Yokohama. It will promote activities torealize “Innovation City Yokohama” by providing attractive business networks of collaboration between industry, government, and academia,
consisting of a large number of mentors, including university professors and well-known entrepreneurs, tenant companies, major
companies, and Yokohama City, as well as a full range of business support systems, including programs to support entrepreneurs andpromote the creation of businesses, such as a start-up advice service.

See the following website for more details about each facility.

Mitsubishi Estate Office Information

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Key Theme 3: Innovation

Promoting Real Estate Digital Transformation (DX)Leveraging the Latest Technologies

Formulation of Digital Vision
In June 2021, we formulated the Mitsubishi Estate Digital Vision, a concept that aims to leverage digital transformation to create urban
environments allowing ordinary citizens to enjoy comfortable living. Under this vision, the Group will develop environments that allow users
to enjoy experiences in urban settings while moving freely between online and offline worlds by extending the physical contact points withcustomers that it has built up in its real assets and diverse business portfolio. In addition, we will pass on the data accumulated throughthese experiences to users in the form of various optimized services and new service offerings. Mitsubishi Estate will evolve urban
environments into platforms for new discoveries and inspirations by promoting the creation of environments where people and companies
can assemble, meet, and interact both online and offline with other people and other companies.

As part of our efforts to realize this vision, we have built Machi Pass, a common authentication ID. Twenty-three services both inside andoutside the Group are linked with this ID as of July 1, 2023. Via this single common authentication ID and a password, users can takeadvantage, if they so wish, of a variety of services offered in an urban setting as well as receive optimized information and services basedon such data as their user history and location information. This initiative will help evolve the urban setting into a place that provides
enriched user experiences by accumulating and optimizing the experiences of individual customers as data and passing it on to them tofacilitate even better experiences.

Mitsubishi Estate has been selected for inclusion as one of the Noteworthy DX Companies 2023 by the Ministry of Economy, Trade andIndustry and the Tokyo Stock Exchange.

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Primary Initiatives
Promoting Next-Generation Services Utilizing Robots
Along with its promotion of smart cities, Mitsubishi Estate has
formulated the Mitsubishi Estate Digital Vision and is advancing
urban development that allows people to experience convenientliving environments through digital transformation (DX).
As part of these efforts, the Company will offer new services
featuring the deployment of robots at facilities and in various urban
environments. This will be achieved by promoting the creation ofrobot-friendly environments facilitating the introduction of robots
that can be accessed both online and offline to support the provision of advanced services in smart cities. As well as alleviating labor
shortages, making use of robots also helps increase efficiency in maintaining and managing facilities. As the COVID-19 pandemic has
prompted an increase in the need for non-face-to-face and non-contact services, the range of tasks that robots are uniquely placed toperform has expanded. At the same time, robots’ communication and coordination with elevators and security doors are indispensable for
their smooth operation. To this end, Mitsubishi Estate will take on the responsibility of acting as a hub for cooperation between all
stakeholders—including local governments, tenant companies, robot manufacturers, and security and cleaning companies—to promote
next-generation urban development.

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Establishment of Digital Transformation Human Resources
Development Program MEDiA (MEC Digital Academy)
In order to achieve the Mitsubishi Estate Digital Vision which aims for new lifestyles and urban environments that fuse offline and online
worlds, Mitsubishi Estate established MEDiA (MEC Digital Academy), a digital transformation human resources development program for all
employees, including those of Group companies (approximately 10,000 people) in October 2022.
In addition to revising eligibility and content for training related to the digital field conducted in the past, we introduced Udemy Businessonline training content, which helps to upgrade the digital literacy of all Group employees. In addition, we established new advanced
programs that match the different skill levels of individual employees with the aim of providing a better user experience (UX) in eachbusiness area and increasing the precision of business and management decisions through advanced analysis and use of data.

HOMETACT, a Comprehensive Smart Home Service Aimed
at Helping to Reduce CO2 through HEMS Support
Leveraging its knowledge as a comprehensive real estate developer, Mitsubishi Estate
has developed HOMETACT*, its own smart home service which is easy to introduce in
the Japanese home environment and is being adopted in The Park Habio series ofrental condominiums by Mitsubishi Estate Residence. We are also working to provide
the service outside of the Group.
The company has worked to leverage digital transformation in the area of real estate
management, such as unattended property viewings and package drops using smart
locks and face authentication systems. In addition, we have agreed to a partnershipwith LIXIL Corporation and mui Lab, Inc. in the energy management field to undertake
joint development of home energy management system (HEMS) to help reduce CO2.
The partnership will not only significantly expand the range of household devices that can be linked, but by developing an interface that willallow households to understand the amount of energy they use intuitively, will also increase user awareness of conserving energy andprovide support for an environmentally-conscious lifestyle. The ecosystem is continuing to expand through partnerships with more than 20companies already.
* HOMETACT is a comprehensive smart home service that enables control of a wide range of IoT devices across multiple manufacturers, including air
conditioning, televisions, lighting, and curtains, using a smartphone app and smart speakers. With the implementation of HEMS functions, it isevolving into an energy saving solution.

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Utilizing IT in Condominium Management
Streamlining Operations Using Chatbots
Mitsubishi Jisho Community, which manages condominiums for sale and lease, office buildings, and public facilities, began operating
Chatbots, an automated conversation program using artificial intelligence (AI), on LINE in October 2019. Chatbots automatically reply totypical inquiries and requests from customers, business partners, real estate brokers, remodeling contractors, and others, resulting in
reduced customer wait times. In so doing the company is working to increase service efficiency though the utilization of IT.

In addition, customers who belong to Mitsubishi Jisho Residence Club, the customers' membership organization across the Mitsubishi
Estate Group, can receive information on the club's benefits and services in a timely manner on LINE.

In the future, Mitsubishi Estate is considering sending the regular notifications for each condominium via LINE and making it possible forcustomers to submit a variety of documents to the management association or the managing company via LINE as well.

Introducing Smartphone App Smart Rijikai
In November 2019, Mitsubishi Jisho Community began distributing Smart Rijikai ("Smart Management Association"), an iOS and Android
app, as an initiative to improve service quality. The app is intended for the condominium management associations from which thecompany is entrusted with management operations, providing a service that makes it possible for them to view the agenda foradministrative board meetings on the app and make resolutions after question and answer sessions. The association's administrative board
members can take part in meetings online at a convenient time and are able to check materials, make comments, and exercise voting rights
depending on the agenda.

Developing the Condominium Self-Management App KURASEL
Mitsubishi Jisho Community developed KURASEL, an app that makes it easier to manage condominiums, in service from November 2020.
Although in the past there have been calls from condominium management associations to manage condominiums themselves or to
reduce management costs, no products or services were available to meet their needs until now.

The app was developed by condensing condominium management expertise cultivated over 50 years enabling a wide range of functions:the management of complex information in the condominium management association (e.g. owner and resident information, contract andorder management information); storage and viewing of board meeting materials; income and expenditure status; management of
payments. All this can be centrally managed through the app via a smartphone or online. This makes it easier for condominium
management associations to function without outsourcing work to a management company.

The provision of this brand-new service will reduce management costs, alleviate shortage of reserve funds for repairs, and contribute tosolving social issues such as the shortage of human resources serving on the management boards of condominiums.

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Key Theme 3: Innovation

Creating Innovation through Collaborations andAlliances

Development of OMY SDGs ACT5The OMY SDGs ACT5 Executive Committee, composed of Mitsubishi Estate, The
Norinchukin Bank, Nikkei Inc., Nikkei Business Publications, Inc., and others, launched
OMY SDGs ACT5 in fiscal 2020 to implement a variety of SDG-related activities in the
Otemachi, Marunouchi, Yurakucho area, where approximately 280,000 workers and4,300 companies are congregated. The project has established five SDG-related action
themes (ACT5), which are sustainable food, the environment, well-being for people and society, diversity & inclusion, and communication.
The objective of the project is to nurture communities of individuals that want to take action on social issues and create opportunities fordriving social innovation. The project will verify the synergistic effects of SDGs-related activities based on corporate collaboration and will
aim to build a model city of the SDGs.

In addition, the project has developed ACT5 Members’ Points, an app designed to encourage individuals to switch up their recycling habits
and to analyze participant attributes and trends. With cooperation from many retailers in the Otemachi, Marunouchi, and Yurakucho area,
the app creates opportunities for participants to take part in action to address the SDGs throughout the area, such as earning points forusing their own cups and collecting old clothing. Accumulated points can be exchanged for sustainable products or donated toorganizations that contribute to achieving the SDGs, with the aim of creating a virtuous cycle triggering the next action in this area.

Fiscal 2022 Results
Number of actions: Implemented 63 actions linked to ACT5
Examples of actions
ACT1 Sustainable food: “SUSTABLE 2022 - Dishes to Change the Future -“ACT2 Environment: “Re;Post” old clothing collection project
ACT3 Well-being: “Charity Walking” to encourage donations while walking to improve health
ACT4 Diversity & Inclusion: E&J: D&I training community for human resources and D&I promotion staff
ACT5 Communication: “OMY SDGs Film Festival 2022,” a collection of films with SDGs-related themes
Number of partner companies and groups: Realized partnerships with 84 companies and groups
Participants: A total of 16,168 people (cumulative three-year total of 35,000 people) had opportunities to learn and think about social
issues from a variety of angles and take action.

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See the OMY SDGs ACT5 Action Report for more details (Japanese only).

Action Report 2022 (Japanese only)

See the following dedicated website for the latest news (Japanese only).

OMY SDGs ACT5 (Japanese only)

Strengthening Industry-Academia Collaboration to
Address a Diverse Array of Social Issues
Mitsubishi Estate is strengthening industryーacademia collaboration to address multilayered social issues. In October 2022, we concluded
a decadeーlong industryーacademia agreement with Tokyo University, resulting in the launch of the MEC-UTokyo-Lab. Defining the areafrom Tokyo University’s principal base in Hongo to Otemachi, Marunouchi, and Yurakucho, where Mitsubishi Estate promotes urban
development, as the “Honmaru” area, we are advancing joint research, field trials, and collaborations with startups in the area.
In December 2022, we concluded a comprehensive partnership agreement with Tokyo University of the Arts. By enhancing the creativity ofcompanies and individuals in the Otemachi, Marunouchi, and Yurakucho areas through the power of art, we will facilitate the creation ofbusiness ideas and new industries.In addition, we entered into a joint research contract with Hitotsubashi University in March 2023 on
creating value for spaces in a data-driven society. With this, we will help resolve social issues through open innovation by strengthening
cooperation with the faculty and graduate school of social data science, established in FY2023.

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Supporting the Creation of Communities for Spurring
Innovation in the Marunouchi Area
Mitsubishi Estate is bolstering initiatives to spur open innovation in the Marunouchi area (Otemachi,
Marunouchi, and Yurakucho). The M Cube, operated by Mitsubishi Estate, is an open innovation
community with a focus on start-ups. With EGG, formerly maned EGG JAPAN an innovation hub in
the Shin-Marunouchi Building acting as its base, the M Cube supports business development byoffering a place for companies to meet through events and activities. Together with the Tokyo
Marunouchi Innovation Platform, which is operated by the Association for Creating Sustainability in
Urban Development of the Otemachi, Marunouchi, and Yurakucho Districts (the Ecozzeria

EGG

Association), the M Cube has launched MiiTs, a community creating opportunities for collaboration
among major companies and start-ups. In these ways, the M Cube aims to spur innovation by consolidating know-how on new technologies
while leveraging the networks and assets it has accumulated.

See the following dedicated website for The M Cube, TMIP, and MiiTS.

The M Cube

TMIP

MiiTS

Creating New Business through Investment in Startup
Companies and Venture Capital
In order to drive business model innovation for further growth in the 2020s, Mitsubishi Estate aims to improve existing businesses whilemoving forward with various initiatives to move into new growth areas.
As part of this effort, with the aim of delving into new businesses and creating synergies among existing ones, Mitsubishi Estate has been
aggressively investing in start-up and venture capital companies both in Japan and overseas focusing on seven priority areas — namely
agriculture; renewable energy; infrastructure, public private partnership (PPP), private finance initiatives (PFI); real estate-related services;
content business, entertainment, sports; tourism, inbound business, regional revitalization; and healthcare and food — as well as fields thatare directly connected to real estate. The Business Creation Department takes a central role in these efforts.
Mitsubishi Estate also utilizes its Corporate Accelerator Program to solicit ideas from venture companies with the goal of creating new
business models to combine with our business assets. The company also runs programs such as the Mitsubishi Estate Innovation
Challenge (MEIC), soliciting new business proposals from employees.
Moving forward, Mitsubishi Estate will continue to pursue new business opportunities in a wide range of sectors and cultivate future growth
while seeking innovations to its business model and creating new value.

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Investing in Start-Ups Taking on the Challenge of Social
Contributions over the Medium to Long Term
BRICKS FUND TOKYO by Mitsubishi Estate
In 2022, the Company launched BRICKS FUND TOKYO by Mitsubishi
Estate, a fund for investing in start-ups that take on the challenge ofrealizing social contributions over the medium to long term, such as
resolving social issues and transforming the industrial structure.
With a mission to lay the foundations for a new era by implementing
the vision of entrepreneurs in society, the fund has established three
investment themes and 12 focus areas. The fund aims to help
improve corporate value over the medium to long term and co-create
growth industries by supporting investee companies with theimplementation of their vision in society, such as through theprovision of sales support drawing on the Mitsubishi Estate Group’s
management infrastructure, the implementation of field trials in
Otemachi, Marunouchi, Yurakucho, and other areas, and thepromotion of business co-creation and collaboration.
Mitsubishi Estate has proactively engaged in co-creation with startup companies over the years, such as through the implementation of
the Mitsubishi Estate Accelerator Program. Going forward, the establishment of this fund will enable us to further accelerate innovation andtransform business models unbound by the frameworks of existing businesses while contributing to the development of an ecosystem forstart-up companies in Japan.

As of July 2023: 9 investees

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MITSUBISHI ESTATE GROUP 2030 GOALS FOR SDGs

Key Theme 4: Resilience

Dynamic, exible urban development that builds disasterresilient communities and prioritizes safety and security
Related SDGs

Opportunities and Risks
Opportunities

Risks

Increasing need to acquire and lease real estate highly resilient

Decreasing asset value and increasing expenses forto disasters (including urban oods) accompanying climate

maintenance and countermeasures due to intensifying andchangeincreasing in disasters (such as urban oods) accompanying
climate change

Growing need to acquire and lease real estate highly resilient todisasters such as earthquakes

Fall in asset values and rise in expenses for maintenance andcountermeasures due to disasters such as earthquakes
Increasing renovation expenses and disaster countermeasurescosts accompanying aging of buildings

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Main Values Provided
Sustainable, resilient, safe and secure urban development

Targets
Enhance disaster preparedness to minimize functional stagnation during disasters
Enhance BCP function through hardware measures and strengthen neighborhood communication

OUR ACTION

Establishment of Disaster
Preparedness and Mitigation
Framework

Initiatives to Enhance
Disaster Preparedness in
Buildings

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Key Theme 4: Resilience

Establishment of Disaster Preparedness and
Mitigation Framework

Framework of
Anti-Disaster Measures and Anti-Disaster System
In addition to basic policies and action guidelines for natural disaster and other crisis management, the Mitsubishi Estate Group has
established the Emergency Response Manual setting out the details of action in an emergency. Mitsubishi Estate also has its own
Framework of Anti-Disaster Measures to ensure that necessary countermeasures are taken to protect human life and infrastructure fromdisasters and to take appropriate and prompt recovery measures. This framework covers a wide range of measures in a detailed manner,
including standard precautionary measures, assignment of responsibilities, plans for drills, plans for emergency measures in the event of adisaster, and recovery measures. The Anti-Disaster System is put into action when a large-scale disaster occurs or is expected to occur. The
Disaster Management Headquarters is established, and the company will work with government officials, police, fire department, generalcontractors, sub-contractors, the Chiyoda Medical Association, and St. Luke's MediLocus to support stranded commuters, respond to theinjured, and conduct emergency safety checks of buildings.

In 2012 the company formed an agreement with the Chiyoda-ku government to receive stranded commuters in the event of a large-scaledisaster.

See the following for the number of buildings that have been designated as temporary shelters for stranded commuters.

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Anti-Disaster System

Business Continuity Plan
The Mitsubishi Estate Group has drafted a Business Continuity Plan (BCP) to prevent crucial operations from being interrupted if a disasteror accident occurs — and, if they are suspended, to enable their speedy resumption — and we established "Mitsubishi Estate Group BusinessContinuity Plan Guidelines" in October 2006.

In December 2012, we established "Mitsubishi Estate Business Continuity Plan Documents" and the "Mitsubishi Estate Group Guide toPreparing a Business Continuity Plan Document" in light of the Great East Japan Earthquake. By strengthening the bonds between theBusiness Continuity Plan and the Framework of Anti-Disaster Measures, we are ready to ensure both the safety of customers and Mitsubishi
Estate Group employees as well as the business continuity of the Mitsubishi Estate Group in an emergency.

Furthermore, in light of changes in the social and business environment, we strive to continually upgrade the content of the BusinessContinuity Plan through PDCA cycles and will implement further improvements going forward in order to fulfill our social responsibility.

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Prompt Building Diagnoses and Restoration Measures
During Disasters
When a major disaster, such as an earthquake, occurs, prompt building diagnosis and restoration work are required. Mitsubishi Estate
worked together with the group company Mitsubishi Jisho Sekkei Inc., developing a framework for cooperating with various construction
companies and strengthening further our frameworks for ensuring the safety and security of tenant companies and visitors.

The Mitsubishi Estate Group owns and manages numerous large buildings in locations that include the Marunouchi area. Because building
maintenance and other maintenance work occur on a daily basis, many construction companies have developed support systems. By taking
advantage of the unique strengths of the Mitsubishi Estate Group, which has specialized technical personnel stationed in its buildings, wehave established a framework for rapid building diagnosis and restoration in times of disasters on the basis of the cooperative relationships
we have developed day after day.

In specific terms, our disaster preparedness measures involve collaboration with construction companies, including cooperation withbuilding emergency risk assessment personnel as long as the companies' business continuity plans are not hindered (inspecting building
exteriors, locations that pose fire hazards, and vital facilities); cooperation on emergency repairs to ensure building safety; cooperation on
inspections to determine the level of damage to building facilities; cooperation on proposals for disaster recovery plans, and the provision of
emergency response supplies.

Establishing Building Safety Management Systems andIndependent Guidelines
Mitsubishi Estate has established a Safety Management Office within its Facility Management Planning Department, and we have partneredwith Mitsubishi Jisho Property Management and other group companies to continuously carry out daily inspections and safety inspectionsat buildings all across the country that are managed and operated by the Mitsubishi Estate Group. Additionally, we carry out centralized
management of activities and data at each location, including safety inspections and improvements, and implement preventive safetymeasures by sharing accident data within the Mitsubishi Estate Group, and providing instructions and support as necessary.

We collect building-related accident data, including data from other companies, in order to rapidly investigate the cause of accidents anddetermine whether corrective measures are required. This information is shared promptly to prevent the recurrence of accidents. Based on
our experiences from the Great East Japan Earthquake, we organize this data according to what responses have been taken, what
reinforcements are needed, and what items need to be reviewed, and we push for ongoing improvements to our safety response measures.
We have also created Building Safety Design Guidelines that contain standards independently established by our company, guidelines
stricter than the Building Standards Act and other laws and regulations, that are applied right from a building's design stage to preemptively
avoid accidents, and we conduct reviews of these guidelines as needed.

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Formulation of Measures to Combat Volcanic Ash Due toan Eruption of Mt. Fuji — Reducing Damage and Disruption
Resulting from Disasters
In November 2021, Mitsubishi Estate formulated and published action guidelines for building operation and management based on the
scenario of a volcanic ash following an eruption of Mt. Fuji.
Japan’s National Disaster Management Council published the report Countermeasures for Wide-Area Ash Falls from Major Volcanic
Eruptions in April 2020, in which an eruption of Mt. Fuji was used as a model to illustrate the effects of ash fall, including power outages andtransportation infrastructure shutdowns in the Tokyo metropolitan area. Mitsubishi Estate formulated action guidelines based on a timeline
to facilitate a prompt response and to mitigate damage and disruption.
The action guidelines cover approximately 20 buildings owned by Mitsubishi Estate in Otemachi, Marunouchi, and Yurakucho, where there isa major concentration of head office functions within the Tokyo metropolitan area. They establish the timeline for maintaining building
functions, providing evacuation guidance and taking in stranded commuters based on an eruption, the subsequent Japan Meteorological
Agency ash fall forecasts, and actual ash fall conditions as well as specify the necessary materials and equipment.

Conducting Regular Lifesaving Classes for Employees
Mitsubishi Estate has been continuously conducting regular lifesaving classes (including AED
training) for disaster response staff since September 2008, and we were recognized as a "CertifiedExcellent Lifesaving Class Attendance Business*" by the Tokyo Fire Department in February 2009.
* Granted to businesses with at least one qualified first aid instructor and where at least 30% of employees
complete regular lifesaving classes

See the following for the rate of employees with first aid provider qualification

ESG Data > S: Social data > (1) KPI > Resilient Urban Development

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Regular lifesaving class inprogress (fiscal 2019)

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Holding Comprehensive Emergency Drills in
Private-Public Collaboration
Every September, Mitsubishi Estate holds comprehensive emergency drills with the participation of all of its executives and employees andmany others from Group companies and other parties. This tradition dates back to 1923, when the Great Kanto Earthquake struck Tokyoand the Estate Department of Mitsubishi Goshi Kaisha, the precursor of Mitsubishi Estate, provided emergency aid, primarily from theformer Marunouchi Building, which had been completed that year. Building on this experience, disaster response drills have been held
regularly since 1926.
Fiscal 2022 marked the 96th drill, with emergency drills held for the first time since 2019, and the exercises included joint drills with the
Chiyoda Medical Association and local fire station.
Given that telecommuting has become widespread, we reviewed the emergency disaster framework for confirming the safety of employees
and implementing emergency activities on site assuming a limited number of employees who can help during a disaster (50% reduction).
We also implemented drills taking in stranded commuters and setting up temporary first aid stations at nearly 40 properties simultaneously
across the country. Also, since 2021, Mitsubishi Estate has been installing a next-generation camera system that can collectively control
and manage camera images in the Marunouchi area. To verify wide area safety management methods during disasters, images werestreamed from buildings where the cameras were installed to the emergency management headquarters to gather information. At the sametime, the first large-scale fire drill was conducted at the Tokiwabashi Tower, which was completed in June 2021. The series of firefighting
exercises was held in collaboration with the local fire station and fire brigade, and included rescue drills using fire trucks with ladders and an
exercise during which multiple fire trucks simultaneously sprayed water.
Going forward, we will continue to work with the local fire department, as well as our buildings’ corporate tenants, to keep enhancing thesafety and security of Marunouchi and other neighborhoods where the Group has its presence by ensuring there are adequate systems inplace for emergencies.

Area Disaster Preparedness Initiative:
Verification Tests of Disaster Dashboard Beta+
Mitsubishi Estate continuously takes steps in preparation for a potential disaster in the
Marunouchi area (Otemachi, Marunouchi, and Yurakucho). Between December 2022
and February 2023, the Company implemented verification tests of Disaster
Dashboard Beta+, a platform for sharing information among disaster-response
agencies and providing information to stranded commuters through public private
cooperation with Chiyoda Ward. For these tests, we made a prototype of a digital map
displaying the locations of evacuation areas, buildings designated as shelters forstranded commuters, and a disaster hub hospital. Certain facilities in Chiyoda Wardand other entities would share information under a scenario that would provide

Example of a verification test streaming alive-camera feed

information during a disaster to stranded commuters through a QR code available inside train stations and other locations. Along with thedigital signage and website versions of the map, we are building the forthcoming disaster dashboard with Chiyoda Ward. We also
conducted verification tests with Chiyoda Ward to check the usefulness of a system for collecting, arranging, and streaming a live-camera
feed during a disaster. In these ways, we continuously contribute to the promotion of safety and security, which includes establishing thefunctions of next-generation disaster-preparedness centers to cope with an inland earthquake and other disasters in Tokyo and fulfilling thefunctions of a smart city.

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Initiatives by Mitsubishi Estate ResidenceStrengthening Systems for Local Disaster Preparedness andMutual Assistance in Preparation for a Major Disaster
Given the absence of management associations or disaster preparedness plans at its rental apartments,
Mitsubishi Estate Residence proposed disaster preparedness initiatives at The Parkhabio Nakano
Fujimicho Garden. Mitsubishi Estate Residence provides support through infrastructure and noninfrastructure measures, including the creation of a First Mission Box® containing an instruction card toensure residents act quickly and confidently during a disaster and the installation of a system for storing
and using surplus electricity generated using solar power generators. In addition, in February 2023,
Mitsubishi Estate Residence and Mitsubishi Estate Community conducted the first joint disaster prevention
drills at the two residences that comprise The Park House Harumi Towers in cooperation with the
management association and residents’ association. We will promote disaster-resilient urban development

Disaster prevention drill

by strengthening systems for local disaster preparedness and mutual assistance.

Holding Environmental and Disaster Preparedness Education for
Elementary School Students in Condominiums for SaleOn October 23, 2022, Mitsubishi Estate Residence and the Tokyo Metropolitan Government Bureau of Environment jointly held an event forparents and children called “Experience a House that Halves Energy Consumption through Energy Saving and Solar Power Generation.” Theevent was held at The Park House Shin Urayasu Marine Villa, newly built condominiums for sale that meet the ZEH-M Ready standard. The
aim of the event was to consider and take action with children to reduce CO2 emissions in homes and to prepare for natural disasters,
which are increasing due to global warming. The Tokyo Metropolitan Government has selected Mitsubishi Estate Residence as a businessfor “CO2 reduction action (zero emissions action) movement — A sustainable society created by consumers and businesses,” and this event
formed part of these activities. Mitsubishi Estate Residence will continue to focus its efforts to create even more opportunities for children
who are the next generation to learn about sustainability.

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Disaster Resilient Urban Development Leveraging Collaboration
Between Industry and Academia
Mitsubishi Estate Residence and Kyorin University are collaborating on disaster prevention initiatives, contemplating what universities, local
governments, and businesses can do to develop contingency plans for the local communities. Together with Portland State University in the
U.S., Kyorin University has worked on the Disaster Resilient Urban Development fieldwork program since 2017 in the Sanriku region affectedby the Great East Japan Earthquake and in Tokyo in preparation for an earthquake directly striking the capital. A part of this program
entailed a tour in June 2019 of a condominium in Kanade no Mori, a residential district offered by Mitsubishi Estate Residence in Narashino,
Chiba Prefecture. At this location, visitors studied the efforts by the Mitsubishi Estate Group and shared ideas on urban development
focusing on disaster resilience. The company also held a workshop where local residents were invited to the university to work together anddiscuss disaster contingency plans for the town.
In February 2020, a disaster contingency partnership agreement was signed as a way to further enhance disaster preparedness. In addition
to emergency drills, workshops, and lectures, this initiative resulted in participants working together to create English versions of disaster
preparedness tools designed for foreign nationals living in Japan, including Sonaeru Drill (a disaster preparedness workbook) and Sonaeru
Karuta (a disaster preparedness card game).
In 2021, we strengthened our cooperation utilizing such occasions as a lecture as part of Community and University, a compulsory subject
for first-year university students, and the university’s Program for Training Coordinators of Community Revitalization in an Aging Society, acourse designed for working adults, to work with Kyorin University students and other individuals to discuss local disaster preparedness.
In November 2022 and again in May 2023, Craft Market @ Kyorin University was held at the university’s Inokashira Campus. With the aim ofcreating a resilient community, the market offered a range of fun programs designed to foster disaster preparedness, including, among
many other choices, a workshop using Sonaeru Drill, a tool for parents and children to think about disaster preparedness together. Industry,
government, and academia collaborated in order to increase urban disaster preparedness and created an opportunity for local residents toconsider preparedness.
Going forward, we will collaborate and cooperate with various industries through disaster preparedness and sustainability initiatives torealize resilient communities and urban development in a sustainable society.

Portland State University-Kyorin University fieldwork(Sharing Mitsubishi Estate Group initiatives)

The English version of Sonaeru Drill was released to the generalpublic on March 9, 2020.
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Key Theme 4: Resilience

Initiatives to Enhance Disaster Preparedness in
Buildings

Top Level Seismic Performance to Withstand Megaquake(Seismic Intensity 7)
Buildings owned by Mitsubishi Estate in the Otemachi, Marunouchi, Yurakucho area have seismic performance that is at least equivalent tothat set out in the Building Standards Act (new earthquake resistance standards), even for buildings that were built prior to the enactment of
new earthquake resistance standards. Moreover, based on original standards for earthquake resistance formulated with Mitsubishi Jisho
Sekkei that exceed those required by laws and regulations, Mitsubishi Estate has ensured that the seismic performance of ultra-high-risebuildings constructed since 2002 is 1.5 times higher than that of conventional skyscrapers and that it is possible to remain in the building
even in a seismic intensity 7 megaquake.

Area BCP Initiatives Based on Area Disaster
Prevention Buildings
Completed on April 1, 2016, the Otemachi Financial City Grand Cube is an ultra-high-rise building designed with advanced disaster
preparedness functions that considered lessons learned following the Great East Japan Earthquake, which took place during the planningstage of its development. All conceivable flood damage measures were taken to minimize risk in the event of a flood, such as installing
flood barrier panels, water-tight doors and other water barrier measures, and locating a stockpile warehouse and important offices(transforming equipment and disaster prevention center) on above-ground floors. Mitsubishi Estate has employed a full range of inventive
methods in its quest to build an advanced disaster-resistant city. An urban water purification system was installed, which is a first for a
private company, and also installed was a system that allows electricity, water and ventilation to function independently in the event
infrastructure services are interrupted. Having learned from heightened demand for bathing in regions affected by the Great East Japan
Earthquake, Mitsubishi Estate excavated out hot springs from a depth of 1,500 meters and opened a bathing facility. This facility will bemade available for use by disaster relief personnel in emergencies and to improve hygiene.

The company has also developed collaborative systems for emergencies, such as an affiliation with St. Luke's MediLocus, an international
medical facility.

As a result of these efforts, Grand Cube was designated a disaster response base by the Council for Area Development and Management ofOtemachi, Marunouchi, and Yurakucho, and it will take an important role in improving disaster resilience for the area overall.

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Details on functions for BCP and the safety, security and BCP of Mitsubishi Estate's office buildings are shown in the pages below.

Mitsubishi Estate Office Information
Otemachi Financial City Grand Cube / Full BCP Support

Mitsubishi Estate Office Information
Mitsubishi Estate's Concept of the Office Building—Safety, Security & BCP"Disaster management center building" contributing to the BCP of
the entire district

Exterior of Otemachi Financial City Grand Cube104

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Introducing Systems to Enable Timely Response to
Earthquakes
Mitsubishi Estate has introduced varied systems to detect seismic disturbances, evaluate the level of damage automatically, and thereby
enable a timely response in the event of an earthquake.

Installation of Yuremasu Seismographs

Installation of Damage Level Evaluation System

With the aim of conducting elevator safety shutdowns and

Mitsubishi Estate has introduced a damage level evaluation

preventing lock-in accidents whenever an earthquake occurs

system that ascertains a building's damage condition during an

directly beneath Tokyo, Mitsubishi Estate has installed Yuremasu

earthquake based on data from seismographs installed at several

seismographs developed by Mieruka Bousai Co., Ltd. in various

locations inside buildings, and then rapidly determines whether

facilities in the Tokyo metropolitan area, operated by the Mitsubishi

continued use is feasible. We have been installing this system in

Estate Group. The system rapidly conveys seismic P-wave data

skyscrapers in the Otemachi, Marunouchi, Yurakucho, Yokohama,measured at each facility to high-rise buildings in the Marunouchi

and Aoyama areas beginning with the Marunouchi Building, thearea, making it possible to implement safety measures that include

Shin-Marunouchi Building, and the Marunouchi Park Building.

emergency shutdowns of elevators prior to the arrival of strongswaying.

Introduction of Center Functionality

Reinforcing Communication Equipment

Mitsubishi Estate and Mitsubishi Jisho Property Management have

The Group also works to reinforce communication equipment

introduced center functionality that allows for remote and(digital MCA and IP radio systems) in each company facility tointegrated monitoring of buildings owned by the Mitsubishi Estate

address congestion of the general phone lines in the event of anGroup.

emergency.

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Conducting Verification Tests for a Rain Garden,
Green Infrastructure on Marunouchi Naka-dori Avenue
Mitsubishi Estate conducted verification tests for a rain garden in a portion of roadside greenbelts on Marunouchi Naka-dori Avenue over a
six-month period from May 2022 to October 2022 as a green infrastructure initiative for the Marunouchi area (Otemachi, Marunouchi,and
Yurakucho). We simultaneously conducted research on six issues, including permeability, water-retention capacity, the growth conditions ofplants, and the effect of landscaping, to examine the possibility of establishing a rain garden in the area. As a result, we confirmed a rain
garden could be expected to be effective in various ways, such as minimizing road flooding during torrential rainfall, with the rain garden’s
greenbelts temporarily storing rainwater to delay it flowing into drainpipes. Following discussions with the relevant parties, we decided toleave the rain garden in place after the tests were completed. We intend to ensure it also helps the area prepare for and minimize damage
from natural disasters and mitigate the urban heat-island phenomenon.

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Environment

Information Disclosure
Based on TCFD
Recommendations

Policies and Targets

Promotion System

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List of Buildings Introducing
Renewable Energy

Reducing Waste andPreventing Pollution

Conserving Water
Resources

Preserving Biodiversity

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Promoting Sustainable Useof Wood

Promoting Acquisition ofEnvironmental Real Estate
Certifications

Adopting Sustainable
Finance

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Climate Change Strategies
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Environment

Policies and Targets

Mitsubishi Estate Group Medium- to Long-Term Greenhouse
Gas Emissions Reductions Targets (SBT-Approved)
The Mitsubishi Estate Group formulated group-wide medium- to long-term greenhousegas (GHG) emissions reduction targets in March 2019. In April 2019, the Group’s targets
were approved by the Science Based Targets initiative as consistent with the level
required under the Paris Agreement (limiting average global temperature rise due toclimate change to well below 2°C above pre-industrial levels and pursuing efforts to limit
warming to 1.5°C) based on scientific evidence. Moreover, in March 2022, the Grouprevised its targets in line with the Net-Zero Standard published by the SBTi in October
2021 based on its 1.5°C scenarios (Targets approved by the SBT initiative in June 2022).
The Group will further deepen its initiatives through such means as introducing electricity
derived from renewable energy and utilizing new technologies, thereby contributing to the realization of a low carbon footprint society.
* The Science Based Targets initiative is a joint initiative by the World Wide Fund for Nature (WWF), CDP (an international NGO that provides investors,
companies, cities, states and regions with a global disclosure platform to manage their environmental impacts), UN Global Compact, and the World
Resources Institute (WRI). The initiative encourages companies to set greenhouse gas emissions reduction targets based on scientific evidence,
which are consistent with the level required under the Paris Agreement (limiting average global temperature rise due to climate change to well-below
2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.)

Mitsubishi Estate Group Medium- to Long-Term Greenhouse Gas
Emissions Reductions Targets
GHG Emissions Reduction Targets (revision in March 2022)(Targets approved by the SBT initiative in June 2022)
Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by fiscal 2030 compared to fiscal 2019 emissions
Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual emissions*)* Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTi standard requires
neutralizing any residual emissions using forest absorption and carbon removal technologies outside the value chain to counterbalance
the impact of these unabated emissions and to achieve net-zero emissions.

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Based on SBTi's new Net-Zero Standard (1.5℃ scenario)

See the following for data on greenhouse gas emissions.

ESG Data > Environmental Data

Formulating Target for 100% Renewable Energy Rate in
Conjunction with RE100 Commitment
On January 31, 2020, Mitsubishi Estate joined RE100*, a collaborative initiative underwhich businesses commit to using 100% renewable energy. In March 2022, Mitsubishi
Estate revised its GHG reduction targets in line with the SBTi’s Net-Zero Standard and, in
conjunction with these revisions, also renewed the Group’s renewable energy rate target
to achieve 100% group-wide by fiscal 2025.
* RE100 is a global corporate initiative led by The Climate Group, an international NGO working
to accelerate climate action, in partnership with CDP, an international NGO that provides
investors, companies, cities, states and regions with a global disclosure platform to manage
their environmental impacts. RE100 brings together influential businesses committed to switching to 100% renewable energy for the electricity they
use.

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Mitsubishi Estate Group Basic Environmental Policy
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Basic Environmental Policy, which is based on its corporate
mission. The entire Group works together to implement sound environmental management.

The Mitsubishi Estate Group has developed an environmental management system and strives to protect the environment bypromoting environmental initiatives and reducing environmental impact, as well as complying with all environmental laws andregulations. Mitsubishi Estate is determined to ensure that its business activities play a leading role in the development ofsustainable communities.
1. Building a low-carbon society
We are proactive about the efficient use of resources and energy, and encourage the use of renewable energy to contribute to thecreation of a low-carbon society.

2. Creating a sound material-cycle society
We strive to reduce, reuse, and recycle in every stage of our business, including planning, development, design, construction,
management and dismantlement, in order to contribute to building a sound material-cycle society.

3. Fostering harmony between nature and human society
We endeavor to foster new cultural values and to practice environmental responsibility by demonstrating concern for biodiversityand developing attractive urban spaces that harmonize with the surrounding natural environment, thus helping to build a societythat lives in harmony with nature.

4. Promoting environmental communication
We proactively provide information on the environment and communicate with society on a broad range of issues in our efforts tocoordinate and cooperate with a wide range of stakeholders.

5. Increasing employees' ecological awarenessIn our efforts to increase employees' awareness of environmental conservation issues and ensure highly effective environmental
activities, we provide environmental education and awareness programs, aiming to develop an ecologically aware workforce.
Established on May 1, 2004
Revised on January 1, 2006 and April 1, 2010110

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The Mitsubishi Estate Group Green Procurement Guidelines
The Mitsubishi Estate Group established the Green Procurement Guidelines as an active effort to be environmentally friendly and help
reduce the burden on the global environment. The Guidelines promote green procurement, which refers to procurement or construction
methods that use materials and equipment with a low environmental impact.
These Guidelines apply to all products, services, designs and construction work procured by the Mitsubishi Estate Group.
In April 2016, the Group also drew up the Paper and Printed Matter Procurement Guidelines to further those efforts.
The basic policies set out in the Green Procurement Guidelines are as follows.

01

Conservation of Energy
and Resources

02

Reduction ofEnvironment Pollutants

03

Preservation of
Biodiversity04

Long-Term Usability

05

Recyclability

06

Use of Recycled
Material

07

Ease of Treatment andDisposal

08

Curtailment of Total
Volumes Procured

Green Procurement Guidelines (PDF 97KB)

Mitsubishi Estate Group Timber Procurement Guidelines
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Timber Procurement Guidelines based on the Mitsubishi EstateGroup Basic Environmental Policy to ensure no forest destruction or deforestation and the protection of biodiversity in the procurement oftimber in the Mitsubishi Estate value chain.
The timeline for the measurement of progress in the achievement of the guidelines is fiscal 2025 as a milestone (goal: minimum 90%
achieved) and fiscal 2030 as the target year for achievement.
The guidelines were established with supervision from WWF Japan.
<Target>We only source timber grown in countries where the risk of illegal logging is deemed low, including Japan-grown timber.
Achieve 100% by FY2030

A low-risk score of 91 or higher based on the individual country forest risk assessment provided by Preferred by Nature

Mitsubishi Estate Group Timber Procurement Guidelines (PDF 86KB)

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Environment

Promotion System

Environmental Promotion System
The Mitsubishi Estate Group sets out matters related to efforts to promote sustainability, including conservation of global environment, inthe Mitsubishi Estate Group Sustainability Regulations. The Sustainability Committee, chaired by the President & CEO of Mitsubishi Estatewith the Chief Sustainability Officer (the director in charge of the Sustainability Management and Promotion Department at Mitsubishi
Estate) as deputy chair, meets twice a year as a rule to deliberate and report on climate change and other important issues related tosustainability. Prior to meetings of the Sustainability Committee, the Sustainability Subcommittee conducts preliminary discussions andreporting and compiles information on efforts to promote sustainability taken by business groups, etc. The deliberations of the
Sustainability Committee are reported to the Board of Directors and the Board of Directors has oversight of environmental related issues
including climate. The Sustainability Committee has the management responsibility for environmental related issues including climate.
Climate issues are on the agenda of the board of directors at least semi-annually.

Monitoring Group-Wide Environmental Initiatives
To monitor the progress of environmental initiatives across the entire Mitsubishi Estate Group, a survey is taken of all Group companies thatshare the Code of Conduct. The survey covers the progress of measures to reduce environmental impact.

Building and Implementing an Environmental
Management System
Mitsubishi Estate has each of its Group companies implement an environmental management system (EMS), a mechanism for responding
to global environmental problems and contributing to the sustainable development of society.

EMS provides companies with a framework to help achieve environmental goals effectively by setting specific targets and assessment
systems and utilizing the PDCA cycle to ensure continual review and improvement. The Mitsubishi Estate Group establishes targets andworks to improve its environmental performance by obtaining certification for ISO 14001 (certification obtained by Mitsubishi Jisho DesignInc.), the international EMS standard, as well as establishing its own EMS, which complies with ISO 14001.

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Approach to Building Life Cycle
The Mitsubishi Estate Group runs various businesses involved in the development, planning, construction and management of real estateand considers reducing environmental impact through Group-wide efforts as one of its duties. The Group Basic Environmental Policy aims
to reduce the burden on the environment caused by buildings throughout their life cycle, from planning and design to operation andmanagement and dismantlement. The entire Group works together to implement constructive and sustainable measures to that effect.

Environmental considerations during a building's life cycle

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Environment

Information Disclosure Based on TCFD
Recommendations

On February 3, 2020, Mitsubishi Estate announced its support for the recommendations of TCFD*.
In May 2020, the Company disclosed such information as governance, strategies, risk management,
metrics and targets on climate change risks and opportunities in accordance with the framework
recommended by TCFD.
In May 2023, in order to enhance the scope of information disclosed, the Company adopted theCarbon Risk Real Estate Monitor (CRREM), which analyzes transition risks (risks which could result
from the process of transition toward a lower-carbon economy), in addition to its existing analysis of two scenarios, including one with theless than 2°C target required by the Paris Agreement, and analyzed the future impact of climate change on the core business of the
Mitsubishi Estate Group.
Going forward, the Company will continue to enhance the information disclosed while improving governance and business strategies
related to climate change.
* The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB) based on a G20 request toinvestigate how to disclose climate-related information and respond to financial institutions. The task force issued its final report in June 2017,encouraging companies and others to disclose climate change-related risks and opportunities.

Information Disclosure Based on TCFD Recommendations (PDF 777KB)

Our disclosures based on TCFD recommendations, we primarily refer to the following scenarios and tools.

RCP 8.5 (flood damage assessment by nation)

IEA STEPSIEA SDS

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Climate-related risk assessments
Risks

Relevance and inclusion

Details[An example of the risk type]
Tokyo Cap-and-Trade Program: Japan's first mandatory emissions trading scheme The Tokyo
Metropolitan Government has in place the Tokyo Cap and Trade System, which applies to largesized businesses. Subject businesses are required to reduce CO2 emissions by 15% against
the base year over a 5-year period, and if it is not achieved, a company is obliged to purchasecarbon credits. Non-complying companies are subject to a fine, in addition to bearing the costs
for related administrative measures, as well as having their names disclosed. Therefore, it isconsidered to be a crucial risk in terms of reputation and finance.

Current
regulation

Relevant, always
included[An explanation of how it is included in climate-related risk assessments]
Each business group and group company conducts risk assessments to identify importantrisks each tear, and respond to priority risks (individual priority risks). In addition, line staff
departments monitor the progress, cooperate and support the risk management at each groupcompany. With regard to the individual priority risks selected, the Sustainability Committee andthe Risk Compliance Committee, chaired by the president, accurately grasp the risks of theentire group, and visualize the risks and their priorities by identifying and mapping risks thatneed to be addressed intensively. Current regulatory risks (Tokyo Cap & Trade System) are also
evaluated, managed, and addressed in cooperation with the department in charge.
As for emission reductions, the company is planning to introduce renewable energy at an earlystage, in accordance with the targets of SBT and RE100. Specifically, for the purpose of
facilitating reviews by business divisions and managing their progress appropriately, theannual plan since the end of FY2019 contains targets and action plans related to climatechange and to be monitored semiannually by the Sustainability Committee.
[An example of the risk type]In the scope of our company's business, when new emission regulations are implemented toachieve the Paris Agreement etc., additional measures and costs such as introduction of newenergy-saving equipment and switching of energy sources may occur. Therefore, they areassessed as mid- and long-term financial risk.
In particular, the impact is considered to be large in the scenario of 2℃ or less, and in addition
to purchasing additional emissions credits, the company sees indirect increases inconstruction costs due to higher costs of carbon-intensive building materials as a potential riskin the future.

Emerging
regulation

Relevant, always
included[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring in cooperation with the departments in charge in caseany major change of regulations coming up. For instance, the third commitment period of
mandatory Tokyo cap & trade scheme is expected to start from 2020 to 2024. Our properties
located in Tokyo are obliged to reduce CO2 emissions during the 5 years. If any property fails
to meet such reduction obligation, additional expenditure will be required. Therefore, such risk
is identified, evaluated and managed at the Sustainability Committee and Risk Management &Compliance Committee and also monitored by the departments in charge. In addition, in orderto respond to the introduction of emission regulations, the company is planning to introduce
renewable energy at an early stage, in accordance with the targets of SBT and RE100.
Specifically, for the purpose of facilitating reviews by business divisions and managing theirprogress appropriately, the annual plan since the end of FY2019 contains targets and actionplans related to climate change and to be monitored semiannually by the Sustainability
Committee.

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Details[An example of the risk type]
Although our company will not develop technologies with respect to facilities in our own
buildings, there is a possibility that we cannot achieve our mid- and long-term targets andemission regulations when the energy efficiency of facilities and low-carbon technologies are
not advanced as expected. In that case, additional costs may be required due to additional
introduction of high-efficiency energy-saving equipment with poor cost-effectiveness.
Therefore, they are assessed as mid- and long-term financial risks.

Technology

Relevant, always
included[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring in cooperation with the departments in charge. For
instance, as a result of assessment and management of technology risk, investment on Clean
Planet Inc. whose business is R&D of new energy has been made taking into consideration theuse of energy in our facilities in the future.
The long-term management plan to target 2030, which was announced in January 2020
(FY2019), sets targets and aims to develop new businesses in line with these targets in orderto develop and manage real estate efficiently and effectively in response to technology risks.
[An example of the risk type]
It is expected that the Real Estate Companies Association of Japan will set voluntary target
when the national GHG emission reduction plan is established in accordance with Japan's 26%
emission reduction target announced at the COP 21. When such voluntary target is set, apressure to reduce emissions would grow strong against us because we are owner of manylarge buildings and emit more GHGs than other companies, so that we may be forced moreinvestment. Therefore, they are assessed as crucial financial risks. Legal risks are assumed toincrease, especially at 2 degree C or below scenario.

Legal

MarketRelevant, always
included

Relevant, always
included[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring of Japanese government and the world in cooperation
with the departments in charge. In addition, in order to respond to the introduction of emission
regulations, the plan for early reduction of emissions and introduction of renewable energy is
being planned in accordance with the targets of SBT and RE100. Specifically, for the purpose of
facilitating reviews by business divisions and managing their progress appropriately, theannual plan since the end of FY2019 contains targets and action plans related to climatechange and to be monitored semiannually by the Sustainability Committee.
[An example of the risk type]
While the preferences of consumer is changing toward low carbon buildings and energy
efficient buildings, if we can't provide buildings our customers prefer, it may lead to lower
occupancy rate, lower sales and lower corporate value evaluation. Therefore, they are assessedas crucial financial risks. In the future, our group will promote measures based on the SBT and
RE100. However, if measures are not implemented under the scenario of 2 degree C or less, we
believe that the risk of an increase in vacancy rate and a decrease in rent will be especiallylarge.
[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring of changes in customer demand and their financial
impacts in cooperation with the departments in charge.
In addition, we intend to promote measures based on the SBT and RE100 as a countermeasureagainst risks, and we believe that the CO2-free construction of buildings (introduction ofrenewable energy, construction of ZEB, etc.) should be particularly important.

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Details[An example of the risk type]
While being required to disclose and respond to ESG-related information and issues, there is apossibility of losing confidence from investors unless we are able to respond to the transition
to a carbon-free society. Since it leads directly to the stock price, it is assessed as a crucial
financial risk. In addition, with the transition to a carbon-free society, there is a possibility that
there will be a risk of criticism of buildings with low environmental performance. In such acase, the impact on the business (e.g. reduction of rent, prolongation of leasing period) andcorporate value is expected.

Reputation

AcutephysicalRelevant, always
included

Relevant, always
included[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring of impacts on corporate values of ESG evaluation by third
parties in cooperation with the departments in charge. In addition, we intend to promotemeasures based on the SBT and RE100 as a countermeasure against risks, and we believe that
the CO2-free construction of buildings (introduction of renewable energy, construction of ZEB,
etc.) should be particularly important. We believe that it is important to disclose information onthese initiatives, disclose them appropriately to stakeholders, and accumulate dialogues.
[An example of the risk type]Because of the occurrence of urban flood caused by the increase in the number of floods
caused by climate change, there is a risk of loss of rent due to the inability of our property tooperate. Therefore, it is assessed as a crucial financial risk. On the other hand, we are proudthat we are implementing a higher level of countermeasures than other companies, such as
implementing development with strict standards in terms of building hardware andimplementing disaster prevention measures in terms of software, and we believe that risks canbe minimized even in the event of flood damage.
[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring of exposure risks to extreme weather affected bygeographical aspects in cooperation with the departments in charge. Concrete examples ofrisk countermeasures include the installation of tide boards and ground floors such as disasterprevention centers.

Chronic
physicalRelevant, always
included[An example of the risk type]
Necessity of changing the operation of air conditioning systems and renovating air
conditioning systems in our buildings because of rising temperatures. New design of wholebuilding structure to maintain comfort inside requires more investment. Therefore, it isassessed as a crucial financial risk. On the other hand, in our buildings, we assume that
initiatives are already progressing to a certain degree and that additional costs will be small,and we estimate that the financial impact will be negligible.
[An explanation of how it is included in climate-related risk assessments]
Such risks are evaluated, managed and controlled by the Sustainability Committee and Risk
Management & Compliance Committee chaired by the president, and countermeasures are
implemented by constant monitoring of exposure risks to extreme weather affected bygeographical aspects in cooperation with the departments in charge.

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Environment

Climate Change Strategies

Basic Policy and Approach
The damage to human life and property caused by extreme weather events such as heat waves, heavy rain, and drought is becoming more
serious each year.

The real estate industry is known to emit a particularly large proportion of greenhouse gases as a percentage of all industries. The
Mitsubishi Estate Group, which owns a large number of properties in and outside Japan, recognizes it has a great responsibility, andconsiders it essential to address climate change in order to achieve the Mission of Mitsubishi Estate Group, which is to contribute to society
through urban development.

It is against this backdrop that, in order to identify the impact of climate change on business activities and take appropriate actions, theGroup endorsed the TCFD Recommendations in February 2020 and implemented analysis and information disclosure*1 in line with the TCFD
information disclosure framework (governance, strategy, risk management, and metrics and targets around climate-related risks andopportunities). Based on the results of this analysis, the Group will further strengthen its governance and business strategies related toclimate change in order to appropriately manage and respond to climate-related transition risks (including regulatory, technological, market,
and reputation risks) and physical risks (acute and chronic risks).

Moreover, collaboration with a broad range of external stakeholders is essential for the Group as it implements initiatives aimed at realizing
a carbon-free society. To this end, in April 2020, Mitsubishi Estate joined the Japan Climate Leaders' Partnership (JCLP)*2, a coalition ofcompanies acting against the climate crisis, and working to collaborate with other companies to enact policy proposals to the government
with the aim of decarbonization.
The Mitsubishi Estate Group will respond steadily to climate change by deepening the initiatives it takes through its business activities inline with this basic policy and approach.
*1 Information Disclosure Based on TCFD Recommendations*2 JCLP website

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Goals and Achievement Status
Goals
Under the basic policy and approach described above, the Mitsubishi Estate Group has formulated
medium-to-long term reduction targets for the Group's overall greenhouse gas emissions(reductions in GHG emissions [Scope 1 + 2 + 3] of 35% by fiscal 2030 and 87% by fiscal 2050
compared with fiscal 2017. In April 2019, these targets were approved as being based on scientificevidence by the Science Based Targets (SBT) initiative. In March 2022, the Group revised its targets
in line with the Net-Zero Standard published by the SBTi in October 2021 based on its 1.5°C
scenarios (Targets approved by the SBT initiative in June 2022).

In January 2020, Mitsubishi Estate made a commitment to switching to renewable energy for 100%of the electricity it uses and joined RE100, a global collaborative initiative aimed at switching toelectricity derived from renewable energy for 100% of the electricity used in business. In March
2022, Mitsubishi Estate revised its GHG reduction targets in line with the SBTi’s Net-Zero Standard
and, in conjunction with these revisions, also renewed the Group’s renewable energy rate target toachieve 100% group-wide by fiscal 2025.

GHG Emissions Reduction Targets (revision in March 2022)(Targets approved by the SBT initiative in June 2022)

Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by fiscal 2030 compared to fiscal 2019
emissions
Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual
emissions*)* Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTistandard requires neutralizing any residual emissions using forest absorption and carbon removal technologies outside
the value chain to counterbalance the impact of these unabated emissions and to achieve net-zero emissions.

Renewable Energy Rate Target (revision in March 2022)
Joined RE100

Achieve 100% group-wide by fiscal 2025

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Achievement Status
In order to achieve the targets above, the Group is implementing measures such as the use of high-efficiency equipment in the operation of
office buildings, which is the Group's core business. In addition, given that factors such as external temperature and building operating
conditions impact energy usage, we work with tenants to conserve energy and reduce GHG emissions.
As part of its efforts to reduce Scope 2 emissions, the Group is working to introduce electricity sourced from renewable energy (renewable
power) in the properties it owns. The Group also actively takes steps in the properties it develops to obtain certifications, including those for
ZEB and ZEH, with the aim of achieving advanced environmental performance and energy efficiency. Furthermore, for building andconstruction materials, which are the main source of Scope 3 emissions, the Group is enhancing collaboration throughout the supply chain
to drive reductions in its development and construction work.

GHG Emissions, Including CO2, and Ratio of Electricity from Renewable Energy Sources

See the following for data on GHG emissions and the ratio of renewable power.

ESG Data > Environmental data

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Energy Management Initiatives
Introducing "Super Tube" to Enhance District Heating-Cooling andCogeneration Systems
Since Marunouchi Heat Supply began operating in 1976, it has developed a district heating-cooling network in the Otemachi, Marunouchi,
Yurakucho area and supported energy management for the entire area. The steam and cold water generated by its plants are supplied tobuildings through underground tunnels and used for air conditioning. Most of the buildings the Group owns in this area benefit from thissystem.
At the end of December 2020, Marunouchi Heat Supply and Mitsubishi Estate completed the "Super Tube," a 250-meter long culvert running
north to south along Marunouchi Naka-Dori Avenue, and began supplying energy via this tunnel the following January. The Super Tube,
which is 30 meters underground, is highly earthquake-resistant and the heat supply pipes inside it form an arterial network that will underpin
the stable supply of energy in the Otemachi, Marunouchi, Yurakucho area. The supply of heat generated by the high-efficiency equipment at
the Marunouchi Nijubashi Building plant through the Super Tube will reduce CO2 emissions and increase energy efficiency in the Yurakucho
district.
With the construction of the Super Tube, the steam network linking the Marunouchi 1-chome, Marunouchi 2-chome, and the Yurakucho
districts is now complete, and the mutual backup function between plants in an emergency has also been strengthened. Moreover, theeffective use of unused heat is being promoted through the supply of exhaust heat generated by the cogeneration system to multiple
buildings in the area through the steam network.

Formulation of Smart Energy Urban Development Action 2050
In March 2021, Mitsubishi Estate and Marunouchi Heat Supply formulated Smart Energy Urban Development Action 2050, concentrating on
the Otemachi, Marunouchi, Yurakucho area. The two companies will work on symbiotic and comprehensive energy policies that fully
capitalize their management resources with the aim of next-generation urban development to maximize both environmental value andsocioeconomic activity.
Central to Smart Energy Urban Development Action 2050 is the realization of an urban microgrid that will contribute to energy resilience,climate change countermeasures, and decarbonization in this area. The urban microgrid is a concept that integrates the use of self-owned
power sources and renewable energy, which will be proactively brought in from outside. It also makes it possible to improve the efficiency ofheat and power supply while making building energy consumption more efficient and smarter by maximizing the use of the district heatingcooling system. The creation of an urban microgrid contributes to climate change countermeasures and decarbonization during normal
times, while also ensuring energy resilience to support business continuity in the area in the event of a major earthquake and otheremergencies, thereby maximizing socioeconomic activity of this central business district.
In order to realize the urban microgrid, Energy and Urban Development Action 2050 sets out three management strategies. These consist of(1) Supply management strategy: improving overall efficiency through integrated heat and power supply system and decarbonization ofelectricity and heat; (2) Supply and demand management strategy: improving energy management efficiency through smarter energy
consumption in new and existing buildings; and (3) Linkage and business management strategy: participating in renewable energy projects
and contributing to regional revitalization, collaborating with diverse energy businesses on verification. Measures will be implemented inthese three directions.

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Outline of the Strategies(1) Supply Management Strategy

Decarbonization of electricity (proactive introduction ofrenewable energy)

We will proactively introduce renewable energy in order to drive
decarbonization of electricity.

Decarbonization of heat and construction of optimum
energy portfolio

Together with optimizing the combined heat and power portfolio, wewill promote decarbonization of heat, which will contribute to theoverall portfolio.

Business continuity based on integrated heat and powerand self-owned power sources; enhanced efficiency
through area supply control

In addition to building a system that can supply each building withheat and electricity in an integrated manner, we will establish an
autonomous emergency system through the ownership andoperation of self-sustainng power sources and further improve
efficiency in normal times through area supply control.

Area supply management and load levelling control using
demand response*1, heat and power storage, and VPP*2,
etc.

We will build systems that will manage heat and power supply
within the area effectively, including coordinated supply amongbuildings and time band leveling, utililizing demand response, powerand heat storage, VPP and other methods.

*1 Demand response: refers to changing power demand patterns by controlling energy usage volume on the energy consumer side
*2 Virtual Power Plant (VPP): A cloud-based distributed power plant that uses information technology to aggregate the capacities of different
distributed energy resources and function as if it were a physical power plant(2) Supply and Demand Management Strategy

An approach with long-term building stock in mind

We will manage from the perspective of the future building portfoliowith an eye on the long-term rebuilding schedule in the area.

Making newly developed buildings emissions-free

For buildings developed in the future, we will study measures that
contribute to maximizing energy conservation performance andmake buildings emissions-free.

Improvement of energy consumption efficiency inexisting buildings

We will make effectively timed investments that contribute to
greater energy conservation and smarter building design andoperation with an eye on the repair life cycle of existing buildings.

Upgrading of management through "BENI," anindependently developed next-generation cloud-based
BEMS platform

Demand-side load management using demand response
and power and heat storage, etc.

We are developing our own next-generation cloud-based building
and energy management system (BEMS) that will contibute toimproving the operational efficiency of the diverse parties involvedin building operation, as well as visualizing and providing an overall
picture for energy conservation activities.
We will engage in energy demand-side load management using
demand response, power and heat storage, and other methods toencourage more efficient energy use.

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Participation in renewable energy business andcontribution to regional revitalization

In addition to participating in renewable energy projects acrossJapan, we will contribute to regional revitalization and local
community development that helps to promote industry and create
jobs in varied regions.

Development of cocreation with energy businesses

We will develop relationships for cocreation that go beyond
business transactions as an energy consumer with businesses inenergy-related fields, including power generation, transmission anddistribution, electricity retail, gas supply, and aggregator business.

Promotion of collaborative verification and R&D in the
Marunouchi area

We will provide our assets in the area as demonstration fields forthe implementation and verification of new technologies, thereby
contributing to their establishment.

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Promoting Renewable Energy
Promoting Use of Renewable Power in Buildings
Mitsubishi Estate acquired its first ZEB Ready (office category) certification for a high-rise tenant office building, tentatively called the UchiKanda 1-chome Project, which is scheduled for completion at the end of November 2025. The energy conservation measures employed inthis project are tested at the Group’s headquarters to ensure they are energy efficient and facilitate a comfortable environment. Starting withthis property, the Group aims to achieve high environmental performance in line with ZEB requirements for all new buildings to be
developed.Furthermore, in February 2023 Mitsubishi Estate Residence started construction on (tentative name) the Osaka Abeno Showacho 3-chome Project,* the first rental apartment building in the Kansai region to meet ZEH standards. In addition to meeting ZEH-M Oriented
standards, the apartment building will use solar panels to generate electricity used in communal areas. These initiatives are part of
Mitsubishi Estate Residence’s goal to meet or exceed the ZEH-M Oriented Standard in new condominiums and new rental apartments under
its CO2 emissions reduction strategies (formulated in January 2022). The entire Group will work together to reduce the environmental
impact of its buildings and to provide new value.
* This project falls under a basic agreement and general planning ubcontracting agreement between ENEOS Corporation and Mitsubishi Estate
Residence. The scheme designates ENEOS as the primary owner, while Mitsubishi Estate Residence is responsible for the project’s design and otherspecifications as the general planner.

See the following for the list of buildings that have introduced renewable energy.

List of Buildings Introducing Renewable Energy

Promoting Use of Renewable Power in Logistics Facilities
Mitsubishi Estate has adopted a general policy for the Logicrossseries of obtaining Building-Housing Energy-Efficiency Labelling
System (BELS)* certification for all logistics facilities since theNovember 2020 development of Logicross Ebina. ompleted in
November 2022, Logicross Osaka Katano obtained a five-star rating,the highest under the BELS certification system. In addition,
Logicross Zama Komatsubara, completed in March 2022, obtained
Zero Energy Building (ZEB) certification, a first for Mitsubishi Estate,
by utilizing an in-house consumption scheme using electricity
generated at the facility through solar panels.
Logicross Zama Komatsubara* Power Purchase Agreement = a third-party ownership model for selfconsumption solar power generation facilities

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Promoting Use of Renewable Energy at Premium Outlets®
Premium Outlets® nationwide operated by Mitsubishi Estate • Simon began using 100% renewable energy for electricity (“renewable
power”) used in communal areas such as the dining areas of food courts and toilets in June 2022. The renewable power used is sourced bypurchasing green energy certificates*. Ami Premium Outlets and Shisui Premium Outlets will also use power generated by carport-type solar
power generators installed in 2016 and 2017 respectively.

Fukaya-Hanazono Premium Outlets, which opened in October 2022, is the first Premium Outlets to operate on renewable power for all theelectricity used in the facility, including tenant exclusive-use areas. The approximately 8,000MWh of electricity for the entire facility(estimated annual usage), including common-use and tenant exclusive-use areas, is covered by solar panels and green energy certificates.
In addition, the facility features the active adoption of a design that promotes natural light and ventilation, which enhances the environment
for visitors in addition to reducing energy consumption.* A system in which green power is treated as power with the “environmental added
value” of reducing CO2 emissions with this value certified by a third party and traded in the form of certificates.
* A system in which green power is treated as power with the “environmental added value” of reducing CO2 emissions with this value certified by a third
party and traded in the form of certificates.

Carport-type solar power generator for
captive consumption(Aimi Premium Outlets)

Carport-type solar power generator for
captive consumption(Shisui Premium Outlets)

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Installed solar panels(Fukaya-Hanazono Premium Outlets)

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Using Renewable Power in Condominiums
Mitsubishi Estate Residence has been promoting the use of renewable power in condominiums to achieve a 50% reduction in GHG
emissions by 2030 compared with 2019, the target set in January 2022.

Expanding Installation of Solar Panels on Condominiums
Mitsubishi Estate Residence has been working to utilize renewable energy by installing the soleco energy-creation system that combines
high-voltage collective power systems with solar power systems in newly built condominiums with more than 40 residential units as a
general rule since 2010. As of March 31, 2023, soleco had been installed in 235 condominium buildings. Mitsubishi Estate Residence willproceed with installation of solar panels on newly built condominiums for sale with less than 40 residential units where soleco has not been
installed, while also introducing “soleco+*” for newly built condominiums for lease. In addition, approximately 250 t in CO2 emissions
reductions from electricity generated at 84 of the properties where soleco is already installed were qualified for J-Credits, which offset all of
the electricity used in fiscal 2020 at the Mitsubishi Estate Residence head office and some of the communal areas in the same building.
Since fiscal 2021, all the electricity used at Otemachi Financial City Grand Cube, which the head office occupies, has been switched toelectricity sourced from renewable energy. Therefore, Mitsubishi Estate Residence is now using the J-Credits from soleco to offset
electricity used in condominium sales centers*2.
* An electricity supply system that combines solar panels and non-fossil fuel energy certificates

Switching All Electricity in Condominiums to Non-Fossil Fuel Energy Sources(Carbon Offsetting Using Electricity with Non-Fossil Fuel Energy Certificates)
In addition to expanding the installation of solar panels, Mitsubishi Estate Residence will switch to electricity with non-fossil fuel energy
certificates for the electricity that the customers purchase at The Parkhouse brand of condominiums Mitsubishi Estate Residence willswitch to electricity with non-fossil fuel energy certificates for the high-voltage collective power purchased at The Parkhouse brand of
condominiums and enable customers to contract for electricity with non-fossil fuel energy certificates at the time of delivery for The
Parkhabio brand of condominiums for lease. By doing this, the company will realize the supply of electricity with non-fossil fuel energy
certificates that does not emit CO2 in all newly built condominiums for sale and lease by 2030. Approximately 60%* of the energy that
customers use at home is electricity, so switching to electricity free of fossil fuels can reduce CO2 emissions in the daily lives of customers.
* Based on research by Mitsubishi Estate Residence

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Promoting Energy-Saving Measures
Promoting the Use of Carbon Neutral City Gas
Marunouchi Heat Supply Co., Ltd. began using carbon neutral city gas in March 2020 at the
Marunouchi Building and the Otemachi Park Building, the first-ever use of carbon neutral gas byoffice buildings in Japan. The carbon neutral city gas derives from carbon neutral LNG purchasedby Tokyo Gas from Shell Group with Shell Group's carbon credits used to offset the CO2 emissions
generated in all processes from exploration to use as fuel.
The carbon neutral city gas is being used in the hybrid power generation system installed in the
Marunouchi Building in March 2019 and the gas co-generation system in the district heating andcooling plant in the Otemachi Park Building. As a result, significant reductions in CO2 emissions
have been achieved.

Furthermore, beginning November 2021, Marunouchi Heat Supply switched the city gas it employs
at all district heating and cooling plants it operates to carbon neutral city gas. This means that now
approximately 3.4 million m3 of carbon neutral city gas is supplied annually, achieving the country’s

Underground heat supply
pipinghighest reduction of CO2 emissions at 97,000 t*1 per year, equivalent to the amount of city gas usedin nearly 90,000 average households. In switching over fully to carbon neutral city gas, the company’s global and environmentally minded
initiatives and a strong heat network has resulted in a local heat supply business contributing to better resilience and achieving asustainable society.

Also, with the goal of popularizing carbon neutral LNG and improving its utility value, Tokyo Gas, which procures and supplies carbon neutral
LNG, along with four organizations that purchase the gas, established the Carbon Neutral LNG Buyers' Alliance in March 2021 (with 44
member companies as of end of August 2022).
*1 The CO2 emission factor used in calculations is the value that offsets the greenhouse effect gas occurring from the process covering natural gas
extraction to burning.

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Promoting ZEB and ZEH in New Buildings and Rental Apartments to
Reduce Environmental Impact
Mitsubishi Estate acquired its first ZEB Ready (office category) certification
for a high-rise tenant office building, tentatively called the Uchi-Kanda 1chome Project, which is scheduled for completion at the end of November
2025. The energy conservation measures employed in this project are tested
at the Group’s headquarters to ensure they are energy efficient and facilitate acomfortable environment. Starting with this property, the Group aims toachieve high environmental performance in line with ZEB requirements for all
new buildings to be developed. Furthermore, in February 2023 Mitsubishi
Estate Residence started construction on (tentative name) the Osaka Abeno
Showa-cho 3-chome Project,* the first rental apartment building in the Kansai
region to meet ZEH standards. In addition to meeting ZEH-M Oriented
standards, the apartment building will use solar panels to generate electricity
used in communal areas. These initiatives are part of Mitsubishi Estate
Residence’s goal to meet or exceed the ZEH-M Oriented Standard in new
condominiums and new rental apartments under its CO2 emissions reduction
strategies (formulated in January 2022). The entire Group will work together
to reduce the environmental impact of its buildings and to provide new value.
*1 This project falls under a basic agreement and general planning subcontracting
agreement between ENEOS Corporation and Mitsubishi Estate Residence. The
scheme designates ENEOS as the primary owner, while Mitsubishi Estate
Residence is responsible for the project’s design and other specifications as the

Uchi-Kanda 1-chome Projectgeneral planner.

Taking Measures for a Net Zero Energy Building (ZEB) at Miyako
Shimojishima Airport Terminal in Okinawa
Opened in March 2019, the Miyako Shimojishima Airport terminal is Japan's
first-ever airport terminal that has earned a Net Zero Energy Building (ZEB)
rating. The Group has incorporated a range of sustainable, energy-saving
measures. It was designed based on a plan that will make primary energy
consumption around 68% less than a comparable structure built to thenational standard, and for which the project was accredited with the ZEB
Ready rating by the Agency for Natural Resources and Energy of Japan's
Ministry of Economy, Trade and Industry. It has also earned the highest
ranking of the Building-housing Energy-efficiency Labeling System (BELS),
and is the first airport terminal in Japan to actively adopt CLT* as a structural
material for its roof.

Projects Utilizing CLT

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Reducing CO2 Emissions during Condominium Construction
As part of its efforts to reduce CO2 emissions during construction, Mitsubishi Estate Residence will gradually transition to using concrete
mixed with blast furnace cement, which emits fewer CO2 emissions, as a general rule for on-site piling in all new condominiums for sale orrent that it develops. The company has already introduced such concrete at 14 properties (as of Jun 2023), including Atsugi First Avenue,
Chuo Nihonbashi Hisamatsucho, and The Parkhabio Bunkyo Edogawabashi.
In order to further accelerate reductions in CO2 emissions, Mitsubishi Estate Residence has used environmentally-friendly H-BA concrete(concrete with lower CO2 emissions than ordinary concrete)* in the above-ground areas of the building for The Parkhouse Hibarigaoka,
scheduled to go on sale in January 2024.
* An environmentally-friendly concrete with reduced CO2 emissions during concrete manufacturing achieved by mixing ordinary Portland cement withblast furnace cement type B.

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Including CO2 Emissions in Condominium Household Account Books
to Raise Environmental AwarenessSince 2013, Condominium Household Account Books have been distributed to those considering buying a unit in The Parkhouse, acondominium sold by Mitsubishi Estate Residence, with the objective of communicating the environmental performance of the brand andstimulating energy-saving behavior. This account book presents approximation of utilities and other running costs to be incurred after
moving into the condominium and communicates energy conservation performance in an easy-to-understand monetary value, thereby
helping potential customers make more informed purchasing decisions.
Since October 2021, with the cooperation of MEC eco LIFE, Mitsubishi Estate Residence has been disclosing the CO2 emissions of each
unit, which is expected to encourage residents to reduce emissions in their daily lives. Mitsubishi Estate Residence has also launched an
initiative in its renovation (purchase and resale) business to provide customers with Energy Conservation Performance Reports, which
disclose information on energy performance following the style of the Condominium Household Account Books.In recognition of its
Condominium Household Account Books, Mitsubishi Estate Residence was selected in 2020 as a participating company in the “CO2
reduction action (zero emissions) movement—a sustainable society created by consumers and businesses,” an initiative of the Tokyo
Metropolitan Government. Following the end of the three-year collaboration project, Mitsubishi Estate Residence will continue with acooperation agreement for three years from 2023.Mitsubishi Estate Residence will continue to introduce the ZEH-M standard, renewableenergy, and take other initiatives to achieve a 50% reduction in GHG emissions by 2030 compared with 2019, the target set in January 2022.

Condominium Household Account Book (Japanese Only)

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Combining Aerotech with Solar Power Generation to MeetNet Zero-Energy House (ZEH) Standards
Aerotech is a central air conditioning system that Mitsubishi Estate Home offers in its custom-built homes. It provides heating, cooling, andventilation for the entire home using a single compact indoor unit. The Aerotech system delivers the industry's top-class heating and coolingefficiency that helps lower power consumption while allowing residents to control room temperatures across the entire residence, including
the bath and toilet. It also contributes to preventing heatstroke and heat shock by minimizing temperature differences across the home.
Since its debut in 1995, the system has been installed in more than 90% of the company's custom-built detached homes, and is in use in
more than 10,000 houses. Building on a track record of 28 years since its release, the company is continuing to evolve as an entire-home air
conditioning system pioneer.

Starting October 2019, Mitsubishi Estate Home, in collaboration with a service provider, began offering Zuttomo Solar for Aerotech, aservice that provides free installation of solar power generation equipment for customers who purchase a detached custom-built home. By
combining solar power generation with features such as Aerotech and the Home Energy Management System (HEMS), CO2 emissions canbe reduced by nearly 361 kg per year compared with homes heated and cooled using individual heat pump air conditioners. Furthermore,
the annual power capacity delivered by the solar power generation system (approximately 2,600 kWh equivalent*1) significantly exceeds
annual heating and cooling energy expenditures (approximately 2,100 kWh equivalent*1).

Mitsubishi Estate Home established the CO2 Emissions Reduction Strategy and aims to reduce CO2 emissions by 60% (compared withfiscal 2019) by fiscal 2030 and to achieve net zero by fiscal 2050. Utilizing its Aerotech and Zuttomo Solar for Aerotech services, thecompany will continue promoting the Net Zero Energy House (ZEH) and the Nearly-ZEH*2 initiatives (target ZEH percentage by fiscal 2030:
85%) by upgrading the insulation performance of properties, using highly efficient equipment, and making innovations in design techniques.
This will provide customers with an energy efficient, comfortable home environment while contributing to the reduction of CO2 emissions.
*1 Figures are simulations by Mitsubishi Estate Home assuming an approximately 150 square meters model plan (as of July 2023).
*2 Advanced housing that looks ahead to ZEH. It features a highly insulated exterior shell and highly efficient, energy saving equipment with annual
primary energy consumption close to zero through use of renewable energy, etc.

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Initiatives proposed by the Architectural Design and EngineeringGroup; Environmental Architecture of Sharing Wellness andHappiness / Net Zero Energy Building (ZEB)
Mitsubishi Jisho Sekkei has defined "Environmental architecture" as architecture that allows residents and users to share wellness andhappiness to offer high added value architectural design. it aims to be environmentally conscious, provide comfort, promote wellness, anddeliver personal design for higher productivity. This new concept delivers the design of comprehensive environmental where interactions
among people create new and diverse values.

ZEB Initiatives—Achieving both Net Zero Energy Building and Comfort
In addition to improving "energy efficiency" toward ZEB, we are introducing a variety of environmentally friendly technologies in large-scalebuildings with the aim of creating a highly comfortable working environment that provides diverse work styles and worker preferences.
These technologies have been introduced through the development of new systems, the experimental stage, and the demonstration stage insmall and medium-sized buildings, and we are working on the design of tenant office buildings with next-generation energy efficiency andcomfort based on simulations and actual measurements.

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CO2 Emissions Reduction Initiatives by Japan Real Estate
Investment Corporation
In anticipation of the early achievement of the CO2 emissions reduction target it unveiled in 2019, Japan Real Estate Investment Corporation(JRE) is seeking to reduce its CO2 emissions by 80% by FY2030 compared with FY2019 and to achieve virtually zero emissions by FY2050
as new targets raising the rate of its CO2 emissions reductions. The new targets have been certified by the Science Based Targets (SBT)
initiative.*1 In conjunction with its application to the SBT initiative, JRE has made several changes to align with global standards, such as
switching to a total emissions reduction target from its previous per-unit target, revising the base year from FY2013 to FY2019, andmanaging emissions reduction targets for Scope 1, Scope 2, and Scope 3.*2 In addition, JRE joined RE100, an international initiative
encouraging companies to source 100% of the electricity they use in their business activities from renewable energy. Moreover, JRE will
work to realize a decarbonized society by sourcing 90% of the electricity it uses at buildings under its ownership from renewable energy by
FY2030 and 100% by FY2050.
*1 An international initiative aiming to limit the average global temperature rise resulting from climate change to below 2 ºC above pre-industrial levels*2 Scope breakdown: Scope 1: Emissions caused directly by combustion of fuel (gas, fuel oil); Scope 2: Emissions caused indirectly by combustion
derived from the use of electricity and local heating and cooling; and Scope 3: Emissions caused indirectly by combustion resulting from the use offuel and electricity in relation to tenant areas, etc.

Acquisition of ZEB Certification
JRE aims to own 5-10 ZEBs by 2030 (including ZEB Ready and ZEB Oriented buildings). In
collaboration with Mitsubishi Jisho Design Inc., we have started to verify the future possibility tomake the existing properties to ZEBs through renovations. In 2021,we acquired ZEB Ready
Certification for JRE Higashi-Gotanda 1Chome Building and for Daido Seimei Niigata Building in
2022,our second such certification. These are the acquisitions of ZEB Ready Certification by
application at the design stage based on the assumption of renovation work in an existing building.
JRE will continue to promote its ZEB initiatives in order to achieve its KPIs.

JRE Higashi-Gotanda 1-Chome
Building

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Publishing the Report on Measures
Against Global Warming
Publishing the Tokyo Metropolitan Environmental Security Ordinance
Report on Measures against Global Warming
Please click below to view Mitsubishi Estate's Report on Measures against Global Warming.

The Environmental Bureau of the Tokyo
Metropolitan Government Public Report
Data (Japanese only)

Mitsubishi Estate Report on Measures against
Global Warming (Japanese only) (PDF 2.7MB)

Publication of Minato-ku Global Warming Countermeasures Reportin Accordance with the Minato-ku Global Warming Countermeasures
Reporting Program
See the following for Mitsubishi Estate’s Minato-ku Global Warming Countermeasures Report.

Fiscal 2021 Minato-ku Global WarmingCountermeasures Report (Fiscal 2020 Results)(Japanese only) (PDF 4.7MB)

Excerpt from Fiscal 2021 List of Registered
Business Sites published by Minato-ku (Fiscal
2020 Results) (Japanese only) (PDF 225KB)

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Governance system and framework for public policy
Engagement in Climate Alignement
We have management system in place for lobbying activities and trade association memberships and have a governance framework for
public policy engagement with clear accountabilities up to executive level as all public policy engagements are processed according to theinternal approval process up to executives. Our company has clear approval criteria for each case and executives judge according to thecriteria.

In terms of reviewing and monitoring process to assess whether public policy engagements and lobbying are aligned with Paris Agreement,
we examine the performance and activities of trade associations and direct lobbying activities and determining whether they are in line with
the Paris Agreement based on the content of their activity reports.

If we find misalignments between climate change policy positions of trade associations and our own climate position, we would makepublic statements distancing the company from the misalignment, and/or would leave the trade association.

Examples of Energy Efficiency Programs
Type of Energy Efficiency Program
implemented

Description of Program

If the lights could be turned off when there is no one in the toilet stalls, energy use could be
Retrofitting lighting

greatly reduced. For this reason, we replaced all of the current light fixtures in our buildings’
toilet stalls, which cannot turn off individually, with LED light fixtures equipped with sensors
for detecting users.

Smart grid/building technology

In order to make building management efficient, we have integrated our buildings’ energy
consumption information with the management system. This system can compile data
across all buildings by energy type, application, time period, and so on. This allows for
efficient management analysis that goes beyond individual buildings.
Coating low-insulation glass window surfaces with a special film improves their heat

Window replacements

insulation capability as well as their ability to prevent solar radiation from entering. This canhelp reduce energy spent on air conditioning and improve interior spaces near windows.

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Working Together with Tenants
Organizing Global Warning Prevention Council Meetings
Mitsubishi Estate has been organizing yearly Global Warming Prevention Council meetings since 2008, collaborating with the tenants in its
buildings. The Council meetings are convened for an explanation of CO2 emission reduction and energy-saving initiatives, based on theTokyo Metropolitan Environmental Security Ordinance and the Energy Saving Act, and to provide updates on their progress. Mitsubishi
Estate will continue this initiative to provide tenants with information on energy-saving activities underway in the building, their concrete
reduction targets, and energy-saving methods that can thereby promote energy-saving activities together with its tenants.

Publication of the Sustainability Guide
Since fiscal 2019, Mitsubishi Estate and Japan Real Estate Asset Management have jointly published the Sustainability Guide, which is
distributed to office tenants with support from Mitsubishi Jisho Property Management.

In order to realize the sustainable urban development and contribution to the SDGs set out by the Mitsubishi Estate Group, it is necessary to
collaborate with all stakeholders involved in urban development and build cooperative relationships. The guide will primarily be utilized as acommunication tool for promoting collaboration with office tenants to help facilitate a sustainable world.
Main Topics
Sustainability Guide Vol.1 (published 2019) : New office spaces and workstyle reform
Sustainability Guide Vol.2 (published 2021) : What an office should be like in the "new normal" era・Recycling waste

Sustainability Guide Vol.1 (published 2019) (PDF 958KB)

Sustainability Guide Vol.2 (published 2021) (PDF 1.34MB)

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Green Lease Program Benefits Both Owners and Tenants
Japan Real Estate Asset Management (JRE-AM), which provides asset management services for Japan Real Estate Investment (JRE), hasbeen actively promoting renovations of equipment in building stock aimed at reducing environmental impact. Its aim is to build a portfoliothat is highly rated by tenants and investors that prioritize environmental performance of buildings.

In general, building owners are reluctant to introduce environmental equipment renovations because they do not necessarily produce
economic benefits commensurate with the investment. In these circumstances, JRE-AM has introduced a Green Lease Program underwhich a portion of the reduction in energy usage fees received by tenants is returned to building owners for a certain period. Taking
advantage of the program, the company has been progressively converting lighting in tenant use areas to LED. This also has the advantage
of dramatically reducing electricity fees for tenants, creating a "win-win" benefit for both tenants and building owners.

By expanding the Green Lease Program, JRE-AM will continue to provide value-added, environmentally-friendly real estate that contributes
to CO2 reduction.

Establishing New Green Lease Clause
In order to promote energy conservation in collaboration with tenants, Mitsubishi Estate has established a new green lease clause in its
lease agreement template.

See the following for the percentages of agreements based on the green lease clause.

ESG Data > E: Environmental data > (2) Other138

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Environment

List of Buildings Introducing Renewable Energy

In achieving its medium-to-long term targets (SBTs) for greenhouse gas emissions reductions and the target for the ratio of renewable
power (RE100), the Mitsubishi Estate Group believes that it is imperative to switch the electricity used in the buildings it owns and operates
to electricity derived from renewable energy (“renewable power”). Based on this recognition, the Group is steadily implementing a switch torenewable power in line with the RE100 commitment.

See the following for the list of buildings introducing renewable energy. (Buildings that have not commenced the switch to renewableelectricity are excluded even where an agreement to switch has been concluded.) (As of March 17, 2023)* Buildings and commercial facilities in which Mitsubishi Estate’s ownership is 50% or more.
capital-recycling business and projects scheduled for redevelopment are excluded.
For buildings and commercial facilities in which Mitsubishi Estate’s ownership is less than 50%, upon consultation with business partners and otherparties, electricity from renewable energy was introduced at some projects.

Around Tokyo Station(Otemachi / Marunouchi / Yurakucho)

Marunouchi Building

Shin-Marunouchi Building

Mitsubishi Building

Year of introduction: FY2021

Year of introduction: FY2021

Year of introduction: FY2021

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

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For additional details of this property

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Marunouchi 2-chome
Building

Marunouchi-Nakadori
Building

Year of introduction: FY2021

Year of introduction: FY2021

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The Industry Club of Japan,
Mitsubishi UFJ Trust And
Banking Building
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

Marunouchi Eiraku Building

Marunouchi Oazo A
District(Nihon Seimei
Marunouchi Building,Marunouchi Kitaguchi
Building, Marunouchi Hotel,
Oazo (Shop&Restaurant))

Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

Tokyo Building
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification*Marunouchi Kitaguchi Building

For additional details of this property

For additional details of this property

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Marunouchi Park Building

Shin-Tokyo Building

Shin-Kokusai Building

Year of introduction: FY2021

Year of introduction: FY2021

Year of introduction: FY2021

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

Kokusai Building
Year of introduction: FY2021

Marunouchi Nijubashi
Building
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

Otemachi Financial City
Grand Cube

Otemon Tower-ENEOS
Building

Year of introduction: FY2021

Year of introduction: FY2021

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

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Otemachi Building
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

OTEMACHI PARK BUILDING
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

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TOKYO TORCH Tokiwabashi
Tower

Otemachi Financial City
North Tower

Otemachi Financial City
South Tower

Year of introduction: FY2021

Year of introduction: FY2021

Year of introduction: FY2021

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

For additional details of this property

Hibiya Kokusai Building

Shin-Otemachi Building

Shin-Nisseki Building

Year of introduction: FY2021

Year of introduction: FY2022

Year of introduction: FY2022

Acquisition of DBJ Green Building
Certification
For additional details of this property

For additional details of this property

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Other areas in Tokyo

Mitsubishi Chemical
Nihonbashi Building

Shinjuku Eastside Square

Shinjuku Front Tower

Year of introduction: FY2021

Year of introduction: FY2021

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification

For additional details of this property

For additional details of this property

For additional details of this property

Shin-Aoyama Building

Akasaka Park Building

Sanno Park Tower

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

For additional details of this property

For additional details of this property

For additional details of this property

Year of introduction: FY2021

Sanno Grand Building

Kandabashi Park Building

Nibancho Garden

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

For additional details of this property

For additional details of this property

For additional details of this property

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Shibuya Cross Tower

Linksquare Shinjuku

Mita Kokusai Building

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

Acquisition of DBJ Green Building
Certification
For additional details of this property

For additional details of this property

For additional details of this property

Toyosu Foresia

Toyosu Front

Mizuho Lease Building

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

Acquisition of DBJ Green Building
Certification

Acquisition of DBJ Green Building
Certification* Owned via a TMK (tokutei mokuteki kaisha ;a form of special purpose vehicle [SPV] in
Japan)For additional details of this property

AquaCity Odaiba
Year of introduction: FY2022
Acquisition of DBJ Green Building
Certification
For additional details of this property

For additional details of this property

SUNAMO Minamisago
Shopping CenterYear of introduction: FY2022

For additional details of this property

144

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Ponte Porta Senju
Year of introduction: FY2022
Acquisition of DBJ Green Building
Certification
For additional details of this property

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Higashikurume Shopping
Center Qurune

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M's CROSS Omotesando
Year of introduction: FY2022

Year of introduction: FY2022
For additional details of this property

Yokohama

The Landmark Tower
Yokohama
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification
For additional details of this property

MARK IS Minatomirai
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification

For additional details of this property

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SendaiKakyoin Square

Sendai Park Building

Year of introduction: FY2022＊Our share only

Yomiuri Sendai Ichibancho
Building

Year of introduction: FY2022＊Our share onlyYear of introduction: FY2022
For additional details of this property

For additional details of this property

For additional details of this property

Jozenji Park Building

kurax

IZUMI PARK TOWN Tapio

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

For additional details of this property

For additional details of this property

For additional details of this property

Katsura Garden Plaza

Shopping Garden Caraway

Takamori Shopping Plaza

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

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Teraoka Shopping Plaza

Teraoka Knots

Murasakiyama Plaza

Year of introduction: FY2022

Year of introduction: FY2022

Year of introduction: FY2022

For additional details of this property

Sendai Royal Park HotelYear of introduction: FY2022
For additional details of this property

Chubu Area

Dai Nagoya Building
Year of introduction: FY2021
Acquisition of DBJ Green Building
Certification
For additional details of this property

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Osaka

Grand Front Osaka(South building, Northbuilding, Umekita Square)Year of introduction: FY2022
For additional details of this property

Hiroshima

Hiroshima Park Building

Shin Hiroshima Building

Year of introduction: FY2022

Year of introduction: FY2022

For additional details of this property

NHK Hiroshima
Broadcasting Center
Building

Acquisition of DBJ Green Building
Certification

Year of introduction: FY2022

For additional details of this property

For additional details of this property

Please see the following page for more details about the Mitsubishi Estate Group's acquisition of environmental real estate certifications,
including the Development Bank of Japan (DBJ) Green Building certification and the Comprehensive Assessment System for Built
Environment Efficiency (CASBEE) certification.

Promoting Acquisition of Environmental Real Estate Certifications

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Environment

Reducing Waste and Preventing Pollution

Policy on Waste Reduction, Preventing Pollution,
and Reducing Use of Resources
The Mitsubishi Estate Group has set a policy creating a sound material-cycle society in the Mitsubishi Estate Group Basic Environmental
Policy and strives to reduce, reuse, and recycle at each stage of business, including planning, development, design, construction,
management, and dismantlement. The Group also works to reduce waste, pollution, and use of resources by increasing the lifespan ofbuildings, including the use of existing buildings through renovation.

Moreover, in the area of Environment, one of the Key Themes stated in the Mitsubishi Estate Group 2030 Goals for SDGs, the Group has set
goals for increasing waste recycling rates and reducing emissions, mainly for food and plastic in the management and operation of its
properties, and is working in collaboration with tenants and other stakeholders to achieve a material-cycle society.

Goals and Achievement Status
In waste reduction, preventing pollution, and reducing use of resources, the Group has set goals for 2030 in the area of Environment, one of
the Key Themes set out in the Mitsubishi Estate Group 2030 Goals for SDGs. In concrete terms it has set targets for improving the waste
recycling rate to 90% by 2030 and reducing waste emissions by 20% per m² compared to fiscal 2019. The Group is implementing initiatives
utilizing Plan Do Check Act (PDCA) with the aim of achieving these goals.

The Group is working to create a sound material-cycle society by taking action in collaboration with diverse stakeholders, including bothtenant companies and suppliers, as well as urban residents, building visitors and other stakeholders.

See the following for the data on reduction of waste.

ESG Data > E: Environmental data > (1) KPI

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Reducing Waste
Initiatives in Cooperation with Stakeholders and Other Parties
See the following for information on initiatives at Mitsubishi Estate Headquarters and initiatives in cooperation with stakeholders and otherparties.

Mitsubishi Estate Group 2030 Goals for SDGs > Key Theme 1: Environment > Reducing Waste and Increasing Recycling Rate

Recycling Lunch Box Containers as a Community with the
Marunouchi Eco-Bento Project
In May 2016, Mitsubishi Estate launched the Marunouchi Eco-Bento
Project to promote bento ("lunch box") container recycling involving
the entire community, which is the first initiative of its kind in Japan.

The project introduced a special P&P Re-repack recyclable
containers coated with plastic film for bento sold in the Marunouchi
area. After finishing the bento, only the lid and removed film arediscarded, while the container is returned to a collection box locatedin each building for recycling. Mitsubishi Estate coordinates withmultiple shops in the planning and operation of the project as aproperty developer.

During the verification test conducted with 15 participating shops in
3 buildings over a two-month period starting in October 2015, 20.8%
of containers were collected, reducing nearly 665 kg of CO2 (equivalent to the amount absorbed by 48 cedar trees in one year). Participating
shops mentioned that it was an easy way to contribute to society, resulting in more participating stores across a wider area as we launch
the full-scale project. Currently, 12 shops in15 buildings participate. There are plans to reach out to more shops in the future and install
additional collection points in order to further reduce the impact on the environment.

Marunouchi Eco-Bento Project (Japanese only)150

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Initiatives to Reduce Waste in the Detached Housing Business
In June 2022, Mitsubishi Estate Home established the CO2 Emissions Reduction Strategy to accelerate the realization of a decarbonizedsociety. Having established the selection of construction methods that reduce waste and materials that are easy to recycle as one of its
strategies, the company will continue to promote further initiatives in this area.

Specifically, the company will aim to reduce onsite waste by promoting pre-cutting of structural, insulation, and construction materials(interior and exterior) during construction, optimization of order volumes, and improvement of construction methods. In addition to themeasures taken during construction, the company also aims to reduce the frequency of repairs through the use of more durable exterior andother materials leading to a reduction in waste from repairs and demolition.

Initiatives to Reduce Food Loss at Yokohama Royal Park Hotel
In 2019, Yokohama Royal Park Hotel launched the SDGs Committee, which has conducted staff awareness surveys and other activities. In
July 2021, it also established an organization chaired by the hotel’s general manager to further raise the awareness of staff and implement
initiatives that will contribute to achievement of the SDGs.
The hotel is working in partnership with the customers who dine at its restaurants and hold functions there, as well as suppliers, on
initiatives to reduce the amount of edible food that is discarded (food loss).

Examples of initiatives
Function buffet “3010 Initiative” recommendations:
The 3010 Initiative is a Ministry of the Environment campaign to reduce food loss that calls for guests at functions to stay seated to enjoy
the food for 30 minutes after the toast and to return to their seats to continue enjoying the food for an additional 10 minutes before thefunction winds up in order to reduce leftover food. Yokohama Royal Park Hotel has endorsed the campaign and provides the information
to the organizers of functions using the hotel’s facilities. The hotel provides information on the initiative at the venue and reception as
much as is possible at functions where understanding has been obtained to encourage cooperation by function participants.
Measuring the amount of buffet food discarded:
The hotel is working to reduce food loss by measuring and identifying the amount of buffet food discarded for each food ingredient,
optimizing the replenishment of food, and raising awareness about reducing waste.
Making effective use of vegetable scraps:
The hotel makes effective use of vegetable scraps in broth and bouillon.
Reusing food products close to their sell by date:
The hotel offers some of the bread that does not sell out at the delicatessen free-of-charge for breakfast at the club lounge or sells it at areasonable price through the TABETE* platform app. In addition, it donates some food products approaching their expiration date to the
Harenohi Kenohi children’s cafeteria.
* A food sharing service that allows people to “rescue” food by purchasing meals that still taste good and are safe to eat but do not sell out in store.

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Yokohama Royal Park Hotel is contributing to the achievement of a sustainable society through various other initiatives including
introduction of biodegradable straws in all its restaurants and bars, sale of bouquets made with flowers previously used at the hotel, andtreatment of miscellaneous and kitchen wastewater used in the building for use as water for flushing toilets.
As a result of these initiatives, in June 2021, the hotel obtained Superior certification as a top-ranked certified business in the Y-SDGs, theSDGs certification system established by Yokohama City. In May 2022, as a result of further initiatives and staff awareness raising, the hotel
was recognized and registered as a Kanagawa SDGs Partner, recommended by Kanagawa Prefecture, and obtained the top-ranking
Supreme certification in the Y-SDGs in July 2022.

Making effective use of vegetable scraps

Y-SDGs Supreme obtained in July 2022

Yokohama Royal Park Hotel SGDs initiatives

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Initiatives for Effective Use of Building Stock
Effectively Using Building Stock with Building Renovation Business
Since May 2014, Mitsubishi Estate Residence has been involved in the Building Renovation Business (renovation and rental business usingbuilding stock), where small- and medium-sized buildings are renovated for earthquake resistance and to meet needs and then leased asrental properties such as offices and residences, including shared residences.

In June 2021, renovations on The ParkRex OHORIKOEN, a project which was the first lodging facility conversion, were completed in the
Otemon neighborhood of Chuo-ku, Fukuoka, with FIKA Co., Ltd. unveiling its first hostel in the Western Japan area at the grand opening of
UNPLAN Fukuoka.

In addition, Mitsubishi Estate Residence is promoting its Renovation Business, which buys individual units or whole buildings of existing
condominiums to be renovated and resold, mainly in the Tokyo metropolitan area.

Renovation is environmentally friendly as it enables revival of buildings with less environmental impact than demolition and new
construction. Moving forward, the company will continue promoting these businesses in its efforts to realize a sustainable society throughthe revitalization of the housing market and the effective utilization of existing building stock.

The ParkRex OHORIKOEN
Dormitory area

Before renovation

After renovation

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Major Renovation of Otemachi Building
Since 2018, Mitsubishi Estate has been carrying out large-scale renovation work on the Otemachi Building, an office building completed in
1958 and thus more than 60 years old. These renovations were completed in May 2022. In addition to an overall upgrade of the building
itself, including improvements to the exterior walls and interior, and construction of a lounge and terrace for the building and neighborhood
workers, Mitsubishi Estate created new networking spaces where people and companies come together, enabling venture companies andstart-ups to interact with large companies. Responding to the social demand for effective use of building stock, Mitsubishi Estate willcontinue to embrace the challenge of buildings that last for 100 years with the aim of creating value in the form of hubs for the generationof new businesses.
The Otemachi Building has excellent transportation access as it is directly connected to Otemachi Station, where users can take fivedifferent subway lines. In addition, the building has large floor plates with a shape suitable for subdivision into small parcels to lease.
Mitsubishi Estate opted for renovations so that it could quickly provide diverse interaction and open innovation in the Marunouchi area,
bringing together the cutting-edge technologies of multiple companies.
Furthermore, in terms of eco-friendly urban development through renovation, the project enabled a reduction of waste and building
materials compared to demolition and new construction. The project has also reduced future management costs through the use of analkali-resistant, glass reinforced cement (GRC), which is much more durable and fire resistant than ordinary cement, as the main exteriorwall material. In addition, the introduction of LED lighting and adoption of Low-E double glazing with superior heat insulation properties andwindow frames with embedded sunshades have improved environmental performance, including energy savings from reduced heat load
(reduction of approximately 44%). Mitsubishi Estate has also developed a 4,000m2 open space atop the building as the Otemachi Building
Skylab, the largest rooftop space for an office building in Tokyo, and created a greenery-filled workspace and the vegetable garden The
Edible Park Otemachi by Grow (658m2, operation by PLANTIO, Inc.), creating a new environmentally-friendly space for interaction.

Otemachi Building before renovation

Otemachi Building after renovation

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Yurakucho SLIT PARK Aimed at Reconstruction of Yurakucho
Utilizing Existing Building StockOn June 1, 2022, Mitsubishi Estate opened Yurakucho SLIT PARK, a renewal of the laneway space between the Shin-Kokusai Building and
the Shin-Nisseki Building in the Marunouchi area. The name of SLIT PARK embodies the concept of turning lanes in urban areas into parks.
The dimly-lit space, which was previously used as a bike-parking area and as service entrances, has been transformed into an urban park
space overflowing with light and greenery. The project embodies Mitsubishi Estate's commitment to utilization of existing building stock in
the reconstruction of the Yurakucho area, and incorporated attempts to reuse waste materials from the construction for decorating thespace. The project has also served to enhance pedestrian mobility by connecting Daimyo-Koji Avenue and Marunouchi Naka-dori Avenue via
SLIT PARK.
Equipped with wi-fi and power, it can also be used as a space for work. Other features include the provision of food, drink, and merchandise
services by kitchen cars and food stalls and the holding of events in which anyone is free to participate, making it a place where people caninteract and create a community.

Laneway on the Daimyo-Koji Avenue side
(Before renewal)

Laneway on the Daimyo-Koji Avenue side
(After renewal)

Café-style Area Management Hub Utilizing Idle Landin a Redevelopment Area
Mitsubishi Estate Residence opened Monnaka Coffee utilizing idle land in a redevelopment area in Tokyo’s Koto Ward under aredevelopment project in which the company is participating. The café will be used for dissemination of local information, interaction
between residents, and hosting events that create vitality until construction of redeveloped buildings is launched. Mitsubishi Estate aims to
make it a venue for reminding local residents and visitors of the attractions of the area and deepening interaction, thereby help establish anarea management system that will continue even after redevelopment, foster a sense of anticipation about the new urban environment, andcreate urban vitality. Consideration has also been given to reducing environmental impact as the building uses timber grown in Tama andconsists of units that can be individually dismantled and relocated while reused items are also being utilized for furniture and fixtures.

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Preventing Pollution
Introducing Biodegradable Straws and Other Eco-Friendly Items at
Royal Park Hotels
The Mitsubishi Estate Group’s Royal Park Hotels and Resorts have been promoting initiatives for the Sustainable Development Goals(SDGs). These initiatives include the introduction of biodegradable straws in 2018, the introduction of guestroom amenities made frombiomass, and mineral water using 100% recycled plastic bottles*1 as measures to eliminate plastic from April 2022. These measures havenow been introduced at 18 hotels*2 around Japan. (Not all measures are implemented at all hotels.)

Biodegradable straws are a product that has obtained the GreenPla® mark from the Japan BioPlastics Association (JPBA) and are madefrom plant-derived natural cycle resin using polylactic acid obtained from starch such as cornstarch. Royal Park Hotels and Resorts isworking to reduce the impact on the natural environment from waste by replacing the approximately 280,000 straight plastic straws usedannually with a plant-derived product.
Royal Park Hotels and Resorts is gradually switching its guestroom amenities*3 to SINTOWORLD’s Eco-Amenity Series, which is an ecofriendly biomass product that uses raw materials containing rice husks and recycled plastics, as well as packaging materials made frompaper. The hair brushes, shower caps and tooth brushes have obtained Biomass Mark 40*4.

The introduction of mineral water using 100% recycled plastic bottles is also aimed at reducing waste and promoting recycling. Recycledplastic bottles, which use recyclable plastic sourced from the plastic bottles collected from the general public, are environmentally friendly
in promoting a reuse cycle for plastic bottles.
*1 Some hotels are, alternatively, not providing mineral water in guest rooms.
*2 Sendai Royal Park Hotel, Royal Park Hotel (Nihonbashi, Tokyo), Yokohama Royal Park Hotel, The Royal Park Hotel Iconic Tokyo Shiodome, The Royal
Park Hotel Iconic Kyoto, The Royal Park Hotel Iconic Osaka Midosuji, The Royal Park Hotel Tokyo Haneda, The Royal Park Hotel Kyoto Sanjo, The
Royal Park Hotel Kyoto Shijo, The Royal Park Hotel Kyoto Umekoji, The Royal Park Hotel Hiroshima Riverside, The Royal Park Hotel Fukuoka, The
Royal Park Canvas – Sapporo Odori Park, The Royal Park Canvas - Ginza 8, The Royal Park Canvas - Nagoya, The Royal Park Canvas Kyoto Nijo, The
Royal Park Canvas - Osaka Kitahama, The Royal Park Canvas Kobe Sannomiya*3 Toothbrushes, hair brushes, razors, shower caps, towels, and cotton pads
*4 A mark that can be displayed on products with a biomass content of 10% or more (dry weight) with certain quality and safety standards.

Managing Hazardous Substances
The Mitsubishi Estate Group manages and disposes of hazardous substances appropriately in accordance with relevant laws andregulations. The Group carries out disposal and procedures appropriately in accordance with laws and regulations regarding thefluorocarbon refrigerants in air conditioners and PCBs used in electrical equipment and manage them rigorously to prevent leakage andrelease. The Group also conducts timely surveys to identify the presence of asbestos and soil contamination and implements theappropriate countermeasures and management according to the situation.

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Preventing Water Pollution
The restaurants and similar establishments above a certain size located in facilities managed and operated by the Mitsubishi Estate Groupare subject to regulation by laws and ordinances related to water pollution. At facilities that are subject to the regulations, the Group has
installed wastewater treatment facilities, and wastewater is treated to meet standards before being released into sewers and public
waterways such as rivers and the sea.

Preventing Soil Pollution Around Condominiums
Mitsubishi Estate Residence conducts soil pollution studies prior to acquiring property for development, and we enact soil pollution
prevention measures and remedies as needed.

The employee in charge uses a property acquisition checklist to review the property, and a further review of that information is carried out
by a dedicated surveying company. The acquisition of property comes with the obligation to attach and submit the dedicated surveying
company's survey report, and after making an acquisition decision, we are obligated to have a dedicated surveying company conduct a
detailed survey (history survey) regardless of whether there is any danger posed by pollution. For the land sales contract, we clarify theduties and responsibilities of the land's seller with regard to pollution, and we implement whatever measures are necessary.

Assisting Customers During Condominium Site Acquisition

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Environment

Conserving Water Resources

Basic Policy and Approach
The effects of climate change brought about by global warming have led to a greater risk of water shortages worldwide. In Japan, there are
doubts about the continued stable supply of water from dams due to changing rainfall patterns in recent years. To mitigate the effect ofwater shortages on socio-economic activities and ensure the stable use of water, it is important to systematically promote the efficient use
of water resources and enact strategies based on supply and demand considerations. We also view access to sanitation-controlled water
as one of the basic human rights.

Based on this perception of the challenges, the Mitsubishi Estate Group not only complies with the laws and regulations of each country
where we operate, but also promote initiatives in line with international goals, initiatives, and international standards, including the SDGs,
and will implement urban development along with building development and operation giving consideration to the efficient use of andpreservation and conservation of water resources and will continue working in collaboration with tenants, joint venture partners, local
people involved in urban development, and government agencies to use water efficiently and reduce usage.

Initiatives for Efficient Water Use
Each company in the Mitsubishi Estate Group has built an environmental management system (EMS) and manages and implements targets
for environmental activities, including water management.

See the following for the Mitsubishi Estate Group's environmental management promotion system.

Environmental Management Promotion System

See the following for data on water use.

ESG Data > Environmental Data

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Goals and Achievement Status
The Mitsubishi Estate Group sets goals in accordance with its business models. For example, installation of water-saving toilets as well as
kitchens, wash basins, and showers that conserve hot water is standard in The Parkhouse series of condominiums supplied by Mitsubishi
Estate Residence.

See the following for water-related data.

ESG Data > E: Environmental data > (2) Other

Implementing Water Risk Assessments
The Mitsubishi Estate Group periodically implements assessments of water stress and water risk for properties covered by SBTs in andoutside Japan using Aqueduct, an assessment tool developed by the World Resources Institute (WRI).

The risk level does not rise to the "medium-high" category in any of the areas where the Group's properties are located. For the time being, it
is considered that there are no major concerns related to water use and wastewater, etc. However, the Group will continue to monitor water
use and risk level at each site every fiscal year.

When developing and operating real estate in regions rated as "high" or "extremely high" risk levels, where water stress or risk is high, theGroup will strive for efficient water use to mitigate impact on the local environment and engage in the appropriate consultation and dialogue
with external stakeholders to ensure the proper use of water.

See the following for the results of water risk assessment.

ESG Data > E: Environmental data > (2) Other

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Initiatives for Improving Water Quality
Otemon Tower-ENEOS Building Equipped with Water Purification
Facility for Imperial Palace Moat
The quality of the water in the Imperial Palace moat has deteriorated significantly as the result of alack of fresh water. The Otemon Tower-ENEOS Building, which was completed in November 2015, isthe first private-sector project to introduce a rapid water purification facility capable of purifying up
to 500,000m³ of water per year to improve water quality in the Imperial Palace moat. Additionally, toprevent water from stagnating as a result of low water levels in the moat, the facility is also
equipped with a massive water reservoir capable of replenishing water equivalent to about six
times the volume of a 25m swimming pool. Since the completion of the project, the rapid water
purification facility has been slowly but surely helping improve the quality of the water in the moat.

Cross-section view of purification and reservoir facility

Preserving Biodiversity160

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Initiatives for Efficient Use of Recycled Water
The Mitsubishi Estate Group uses recycled water obtained by processing cooling tower blowdown, tenant kitchen wastewater, and rainwaterfor flushing toilets and watering outdoor plantings.

Utilizing Recycled Water on Gyoko Dori Avenue in Public-Private Collaboration
Gyoko Dori is an avenue stretching from the Marunouchi Central Gate of Tokyo Station to Hibiya Dori Avenue. Since fiscal 2010, in
collaboration with the Bureau of Construction, Tokyo Metropolitan Government, Mitsubishi Estate has been implementing measures against
the heat island phenomenon to curb increases in road surface temperature by sprinkling recycled water from the Marunouchi Building on
this avenue. As the sprinkled water evaporates due to the high temperature it lowers the temperature of its surroundings, thereby decreasing
the road surface temperature.
As part of this initiative, the Tokyo Metropolitan Government Bureau of Construction installed water retaining paving on the roadway thatcan store water within the paving of Gyoko Dori Avenue. Mitsubishi Estate installed equipment for sprinkling the recycled water from the
Marunouchi Building on the road.

Utilizing Recycled Water at Sunshine City
Sunshine City employs a wastewater recycling system to recover water used in its building, using
the activated sludge method which treats wastewater with the power of bacteria.
The treatment system was installed 40 years ago when Sunshine City was first built. It was the firstrecycled wastewater system installed in Japan for a single building. The treatment plant is locatedin the 3rd floor basement of the Sunshine 60 Building. In a single day it recovers up to 1,200 tons ofwastewater from toilet sinks, kitchen wastewater, and drain water from the Hotel bathrooms. The
treated recycled water is used to flush toilets inside the building.

Wastewater Recycling System* Excluding water used in warm-water washing toilet seat

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Process for producing
recycled water

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Examples of Water Efficiency Programs
Type of Water Efficiency Program

Description of the program

implemented

All wastewater from kitchens emitted by restaurant tenants in the building is gathered andOn-site waste water treatment

treated at the building’s underground wastewater treatment facility. The wastewater ispurified to the point where it is reusable. The purified wastewater is reused in the toilets within
the building for flushing.

Water meters available to tenants

Water meters are installed to monitor the water use of tenants residing in the building. The
amount of water usage is disclosed to the tenant.

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Environment

Preserving Biodiversity

Policy on Biodiversity
The Mitsubishi Estate Group has implemented a policy of reducing and avoiding the impact and fostering harmony between nature andhuman society as part of the Mitsubishi Estate Group Basic Environmental Policy. Through its business activities, the Group considers
biodiversity and promotes the creation of an attractive society in harmony with nature.

In addition, the Group does not engage in development in areas designated as World Heritage Sites or in areas designated as I through IV
under the International Union for Conservation of Nature (IUCN). When the Group engages in development of land likely to have an impact
on biodiversity, it consults with governments, NGOs, and other external partners to take appropriate mitigation measures and remedialaction.

In accordance with these policies, all Group companies consider biodiversity in the course of their business activities and develop
biodiversity-friendly initiatives cooperating with NPOs and other external partners. The Group also promotes obtaining the Association for
Business Innovation in harmony with Nature and Community's ABINC certification at properties with a certain amount of green space.

Through such initiatives, the Group strives to achieve a net positive impact. The Group also asks tier 1 suppliers as well as non-tier 1
suppliers to take similar initiatives aimed at a net positive impact as it works to achieve its goals throughout the value chain.

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Goals and Achievement Status
As part of its efforts to ensure development in tandem with consideration for biodiversity, the Group promotes projects while holding
hearings with governments and other external stakeholders starting from the project concept stage in order to comply appropriately withvarious environment-related laws and regulations (Forest Act, Urban Park Act and Natural Parks Acts, and Nature Conservation Act, etc.)
For example, before development, the Group works with governments to survey and provide specific protection for rare species, relocatingthem if necessary and periodically monitoring and reporting on them after relocation. For large-scale developments, the Group conducts anevaluation of the impact on the surrounding environment (an environmental assessment) in accordance with the Environmental Impact
Assessment Act.
Moreover, Mitsubishi Estate Residence, which works on housing projects, has implemented the BIO NET INITIATIVE* as a program to plant
trees and plants in a manner that will consider preserving biodiversity for all of its condominiums to be developed under The Parkhouse, themainstream brand for the company's built-for-sale condominiums, regardless of the project size and land area. In implementing theinitiative, the company has prepared biodiversity preservation guidelines composed of five main actions.
The guidelines incorporate actions such as not using invasive plants including specified foreign organisms and invasive alien species
defined by the government, confirming the local plants around the project site and nurturing vegetation that is suitable for the area, andreducing chemical spaying as much as possible to lessen impact on earthworms and mole crickets, in addition to promoting the growth ofplants utilizing the vital energy of the soil. The plan is to reduce the impact on the habitat of plants and animals in the area around thedevelopment and provide stopovers for diverse organisms through planting and maintenance.
In this way, the program provides an environmentally-friendly habitat for these diverse organisms while reducing the impact on biodiversity,and thereby strives to achieve a net positive impact, including the creation of habitat for plants and animals in the surrounding area.

Five Actions and Specific Examples
Actions

Specific examples(1) Protect- Do not use invasive plants such as specified foreign organisms and invasive alien species defined by
the government.

(2) Nurture- Confirm the local plants around the project site and nurture vegetation that is suitable for the area.
- Use Japanese native species for at least 50% of plantings.

(3) Connect- Help to secure stopovers for birds and butterflies flying in the area by creating an affinity with street
greenery in the neighborhood and incorporating local native species.

(4) Utilize- Reduce heavy pruning as much as possible and utilize the natural shapes of the trees.
- Reduce chemical spraying as much as possible to lessen impact on earthworms and mole crickets,in addition to promoting the growth of plants utilizing the vital energy of the soil.

(5) Reduce- Control the incidence of weeds and reduce weed control costs through dense plantings of low
shrubs and ground cover and the spreading wood chips, etc. on the surface to reduce exposure of thesoil.

* The initiative commenced in February 2015.

See the following for more information on efforts related to the BIO NET INITIATIVE.

BIO NET INITIATIVE website (Japanese only)

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Initiatives in the Marunouchi Area
Working to Improve the Waterfront Environment and Preserve the
Ecosystem of the Imperial Palace Moat
In recent years, the biota of the Imperial Palace moat had become degraded, hindering the naturalgeneration of its native water plants. In October 2017, Mitsubishi Estate signed an agreement with
the Ministry of the Environment to promote use of natural resources of the Imperial Palace Outer
Garden, and launched the Moat Project in May 2018. The project aims to improve the waterfront
environment of the Imperial Palace moat and conserve the endangered rare water plant species.
This is the first such project for a private company, implemented through a collaboration with NGOs
and other institutions, including the Ministry of the Environment, the Nature Conservation Society ofJapan, the National Institute for Environmental Studies (NIES) Center for Climate Change
Adaptation (CCCA), and the Natural History Museum and Institute, Chiba.

Flora and fauna taken from the moat are transferred to a container biotope atop a building owned
by Mitsubishi Estate or Hotoria Square*, thereby preserving it outside the area as alternatives to theImperial Palace water environment.

Rare dragonflies such as the red damselfly are congregating in ponds where the water plants aretransplanted, and the restoration of the Mizohakobe (waterwort) (Elatine triandra var. pedicellata),
previously regarded as extinct in the 23 wards of Tokyo on the Tokyo Red List 2010, was successfully reintroduced in fiscal 2019.

Moreover, since 2019, water chestnuts cleared from the Imperial Palace moat in the project have been composted. The vegetables grownwith the compost in Yatsugatake are used by the Mitsubishi Estate Group, creating a new resource cycle.

In addition to restoring and preserving the water environment, including the rare flora and fauna, the project aims to build a biodiversity
network in the neighborhood around the moat, thereby revitalizing the ecosystem that was once widespread in the area, as well as utilizingthese activities to create a more attractive city.
* Hotoria Square is an eco-friendly green space of approximately 3,000 square meters located at the foot of the Otemachi Park Building and Otemon
Tower-ENEOS Building in front of the Imperial Palace Outer Garden. Plantings mainly consist of native and local species that are found in the grove of
the Imperial Palace. Also found in the square are a gently sloping body of water, stone walls, and nesting boxes for birds. Through these initiatives,
Mitsubishi Estate is promoting environmental improvement and ecosystem preservation in the Marunouchi area of Tokyo.

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Biomonitoring in the Marunouchi District
The Marunouchi District is bordered by the Imperial Palace and moat, Hibiya Park, and other green
spaces that conserve the precious natural ecosystem in this urban neighborhood, making it a goodplace to observe varied animal and plant life throughout the year. Mitsubishi Estate has beenrunning a biomonitoring survey in the Marunouchi district since 2009, in collaboration with the NPO
Center for Ecological Education. It compiled the results of the survey and published the Marunouchi
Living Things Handbook in June 2013. The Handbook provides information about the abundance of
nature in the district and also suggests ways in which individuals can help protect biodiversity intheir own areas. By doing so, the Handbook aims to function as a PDCA tool for ecosystemmanagement in the district.

This initiative received positive feedback and won the Japan Committee for UNDB Award in theTokyo Region Biodiversity Contest, held at the GTF Green Challenge Awards 2013 organized by the GTF Greater Tokyo Festival Executive
Committee. The company will press on with its efforts to preserve biodiversity in the future.

Marunouchi Living Things Handbook (Japanese only)

Initiatives in The Edible Park Otemachi by Grow, the Otemachi
Building’s Rooftop Vegetable Garden
In May 2022, Mitsubishi Estate completed a major renovation of the Otemachi
Building, originally constructed in 1958, and opened the Otemachi Building Sky Lab, arooftop area of approximately 4,000m2, creating a new space for human interaction.
The Otemachi Building Sky Lab features The Edible Park Otemachi by Grow (658m2,
management: PLANTIO, Inc.), Tokyo’s biggest rooftop vegetable garden, in addition to a lush green workspace and other areas that, prior to
its renewal, had been a typically utilitarian commercial building rooftop.

About 40 kinds of vegetables will be grown based on user participation starting from the stage of soil preparation, with the focus being onheirloom vegetable species considered native to Tokyo. The “grow GO” vegetable growing app allows users to monitor the growth ofvegetables and take part in harvesting upon maturation. The aim is for the vegetable garden to become a hub for sustainable interaction
with workers in the building, visitors, and food handlers through agriculture and food.

The Edible Park Otemachi by Grow (Japanese only)

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Initiatives in Other Areas
Taking on Nature-Positive Activities in Minakami, Gunma Prefecture
Mitsubishi Estate has launched a nature-positive initiative in Minakami, located in Gunma Prefecture, to halt the loss of local biodiversity
and allow nature to recover. In February 2023, the Company signed a 10-year partnership agreement with Minakami and the Nature
Conservation Society of Japan (NACS-J). This agreement is the first large-scale collaboration project in Japan to take advantage of thecorporate furusato nozei tax rate (a tax system that supports regional revitalization),and Mitsubishi Estate will donate \0.6 billion to
Minakami in support of environmental and biodiversity conservation within the 10-year partnership period.
Major initiatives include restoring planted forests with deteriorating biodiversity back to natural forests, conserving and restoring mountainvillages and neighboring agricultural or forest areas, and maintaining the sparse population of sika deer. While providing nature-based
solutions through these initiatives, we also hope to undertake quantitative evaluation of biodiversity conservation. Minakami, located near
the source of the Tone River, which supplies water to the Kantoregion, Mitsubishi Estate, operating businesses centered on the Marunouchi
area, which is served by the Tone River, and NACS-J, an environmental NGO active across Japan with a high level of expertise in biodiversity
conservation, will collaborate closely to realize a nature-positive society while making use of their expertise as a municipality, company, andNGO, respectively.

Mitsubishi Estate Residence Obtains ABINC Certification(Condominium Category)
Mitsubishi Estate Residence has continued to obtain the Association for Business Innovation in harmony with Nature and Community's
ABINC certification in the condominium category, certified annually since 2014, when this particular category was first launched.

Mitsubishi Estate Residence has been promoting BIO NET INITIATIVE, a biodiversity preservation program since February 2015 at The
Parkhouse, the mainstream brand for the company's built-for-sale condominiums. Under this initiative, the company develops greeneryplans for each condominium premise in a manner that will help preserve biodiversity. The company aims to obtain ABINC certification(condominium category) with projects that demonstrate particularly high levels of contribution to preservation of biodiversity.

We will continue to make efforts in environmentally friendly urban development and residential development for the preservation of
biodiversity and sustainable use.

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About ABINC certification (condominium category)
ABINC certification (condominium category) evaluates and certifies efforts at companies such as the creation of green spaces thatconsider biodiversity and the management and use of green spaces, from the four perspectives of creating environments that contribute tobiodiversity, maintenance and management that considers biodiversity, communication activities, and other initiatives. Specifically, the 18
categories below have been established as the criteria for evaluation.

18 categories of ABINC certification (condominium category)1

Size of area that contributes to

2

Cubic volume of greenery

3

Creation of cohesive green spaces

5

Harmony with surrounding

6

Creation of vegetation that is rooted

biodiversity

4

Depth of soil that supports plants

environment

7

Creation of high-quality rooftop andwall greenery that contributes to8

in the community

Consideration of animal habitat andmovement routes

preservation of biodiversity

9

Appropriate management of types
and volumes of chemical substancesused

10 Consideration of water environment

11 Consideration of the material cycle

12 Monitoring of indicator organisms

13 Measures to counter non-native

14 Qualifications of managers, etc.

15 Collaboration with the community

speciesand experts

16 System of resident, management

17 Promotion of environmental

association, and residential

education programs

18 Preservation of rare local species

management trustee initiatives

See the following for information on ABINC certification status.

ESG Data > E: Environmental data > (2) Other > 5. Green Building Certification

List of Properties with DBJ Green Building and /ABINC Certifications (PDF 755KB)

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Conservation and Protection Activities to Pass Down the Nature of
Miyakojima, Okinawa Prefecture to the Next Generation
Mitsubishi Estate and Shimojishima Airport Management have been carrying out
environmental conservation activities since July 2018 to protect the rich naturalenvironment of the Miyakojima area. We carried out environmental conservation
activities for the first time in three years following the recent COVID-19 pandemic from
October 20–21, 2022 in cooperation with Miyakojima City, The Nature Conservation
Society of Japan, the non-profit organization Miyako Island Sea Environment Network,and other groups with participation by approximately 60 Mitsubishi Estate Group
employees. In addition, on this occasion, we also cooperated with OMY SDGs ACT5
and six workers from the Otemachi, Marunouchi, and Yurakucho area who had applied

Beach clean-up (Shimoji Island)

and took part as well.

1) Beach clean-up activities: Beaches are Miyakojima City’s biggest tourism resource
and form beautiful landscapes with elevated coral reef vegetation. However, theincrease in plastic waste and other flotsam is considered to be a problem, andconservation is a matter of urgency. Therefore, under the direction of the non-profit
organization Miyako Island Sea Environment Network, beach clean-ups were carriedout on the beaches of Shimoji Island and Miyako Island over two days on October
20 and 21.
2) Reforestation activities for the grey-faced buzzard: The grey-faced buzzard, aReforestation activity for the grey-faced
buzzard (Irabu Island)

member of the hawk family, is the official bird of Miyakojima City. Positioned at theapex of the local woodland ecosystem, it is an index species for rich biodiversity of the local woodland. The grey-faced buzzard, which isa migratory bird, visits Japan in the spring from its winter home in Southeast Asia and then migrates via Miyako Island after spending thebreeding season in the woodlands of mainland Japan. However, over the past few years, there has been a decline in numbers due to thedevastation of the woodland that serves as its mating ground, a decline in forests in stopover sites, including Miyako Island, andpoaching at its winter home, and it has been designated an endangered species. In the 1980s, approximately 50,000 grey-faced buzzards
were identified on the Miyako Islands, but their numbers fell to 6,000 in 2021, and the decline in forests where the grey-faced buzzards
can rest during migration remains a major issue. With the cooperation of Miyakojima City and under the direction of the Nature
Conservation Society of Japan, the Wild Bird Society of Miyako, and Miyako Forest Cooperative, 250 Alexandrian laurel trees were planted
in an area of approximately 600 square meters on Irabu Island of the Miyako Islands on October 20. The location where the trees wereplanted was densely populated with wild tamarind, which is listed in “100 of the World’s Worst Invasive Alien Species” (International Union
for the Conservation of Nature). Going forward, we will also plant other species of trees such as the Luchu pine with the aim of reviving anatural environment with rich biodiversity where the grey-faced buzzards will be able to thrive. This is the first time that a private-sector
company has carried out reforestation for the conservation of the grey-faced buzzard on land owned by Miyakojima City.

The Mitsubishi Estate Group will continue to promote protection of the rich natural environment as well as development of the local
economy.

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Sunshine Aquarium Coral Conservation Activities
Sunshine Aquarium, operated by Sunshine City, a Mitsubishi Estate Group company, is an urban aquarium located in a high-rise building, and
it is the first of its kind in Japan. Conceived as an “oasis in the sky,” its considerable ingenuity reveals the true form of living creatures indynamic exhibitions that provide the sensations of the sky, light, water, and greenery. Since opening in 1978, it has served the four roles of
an aquarium: environmental education, recreation, research, and conservation of species. It has been particularly focused on providing
visitors with “impressive discoveries” to stimulate their interest in the biological environment. In 2006, the aquarium launched the Coral
Project in cooperation with Onna Village in Okinawa Prefecture, and has been implementing two initiatives: the Coral Restoration Project andthe Coral Reef Regeneration Project.

The coral reefs, which are the symbol of thriving marine environment, are in a gradual decline due to factors such as coral bleaching caused
by global warming of the oceans, the natural enemy of coral. The decline of coral also risks the destruction of the surrounding marine
ecosystem, leading to seas that will be uninhabitable for living creatures. In order to remedy this situation, Onna Village in Okinawa
Prefecture has been implementing coral conservation activities, led by the fishermen's cooperative, since 1969. In support of these
activities, Sunshine Aquarium launched a permanent exhibition on the coral of Onna and commenced the Coral Restoration Project, underwhich the aquarium temporarily removes part of the coral of Onna Village, grows it in tanks, and then returns it to the seas of Okinawa. This
makes it possible to preserve the DNA of the coral of the Onna Village and reproduce it even if the coral is damaged due to natural disasteror environmental degradation. Since 2014, the aquarium has also implemented the Coral Reef Regeneration Project, which aims toregenerate coral reefs via sexual reproduction, with the fertilization of coral eggs by sperm. The aquarium will continue these activities into
the future with the hope of restoring the coral reefs.

Coral returned in the Coral Restoration
Project

Coral spawning in the Coral Reef Regeneration Project

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Initiatives at MARK IS Minatomirai
MARK IS Minatomirai is a commercial complex located in the Minatomirai area of Yokohama, Kanagawa. Based on the concept of a "lifeentertainment mall," it offers a variety of products and services so that all shoppers can enjoy a relaxing visit and nd what they need to lead
ful lling lives.

Everyone's Garden is a nearly 1,000m² rooftop garden on the fth oor that brings a lush green space to the city environment of Yokohama.
Here, visitors will nd a diverse variety of plant life with approximately 80 species, including over 30 types of fruit trees including citrus
varieties, and various garden vegetables. In addition to the orchard and vegetable garden, there is also a vegetable garden terrace that
visitors can use for things discovered and picked in the garden.

Everyone's Garden is a casual venue that offers city dwellers a rare chance to commune with the earth and nature. It is designed andoperated as a place to be enjoyed by visitors while preserving biodiversity and signi cantly contributing to the environment.

Orchard

Vegetable garden

Vegetable garden terrace

Facility operation and management: Mitsubishi Jisho Property Management Co., Ltd.
Vegetable garden management: Green Wise Co., Ltd.

Biodiversity preservation initiatives at Everyone's Garden
1. Biodiversity conscious planting
The diverse environmental plan includes over 30 types of fruit trees, vegetation that bears fruit for creatures and serves assources of nectar, along with vegetable gardens and small rice paddies, etc.
2. Human and creature friendly plant care methods
Garden management methods are planned and utilized to both care for the plants and create an environment where people,
small birds, and insects can gather and rest.
3. Designed to attract living creatures
The garden is designed as an environment where small birds can feed, rest, and raise their young, coexisting with insects whileexerting a positive in uence on plants
4. Activities that teach about living things in a fun way
Rather than conventional environmental activities, activities are planned in a way so that visitors can enjoy nature while resulting
in contributions to the environment.

* Check the MARK IS Minatomirai website for the latest event information, MARK IS Minatomirai o cial website

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MARK IS Minatomirai is ABINC certified by the Association for
Business Innovation in harmony with Nature and Community.

MARK IS Minatomirai

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Environment

Promoting Sustainable Use of Wood

Basic Policy and Approach
The Mitsubishi Estate Group has established a policy of fostering harmony between nature and human society as part of the Mitsubishi
Estate Group Basic Environmental Policy. The Group is committed to no gross deforestation and promoting the sustainable use of wood as
it considers biodiversity through its business activities. In addition, the Mitsubishi Estate Group Timber Procurement Guidelines* were
established in July 2022 in the Group’s own value chain to ensure no forest destruction or deforestation and the protection of biodiversity inthe procurement of timber.
Moreover, in the area of Environment and Diversity and Inclusion, which are the Key Themes stated in the Mitsubishi Estate Group 2030
Goals for SDGs, the Group has set goals for promoting the sustainable use of wood and ensuring the traceability of wood used in businessactivities. It will continue working for sustainable uses of wood giving consideration to respecting human rights and protecting natural
resources in areas where imported timber is harvested.
* Scope of the Mitsubishi Estate Group Timber Procurement Guidelines: The guidelines cover the entire Mitsubishi Estate Group, and the target activity
is the direct procurement of timber and timber products for construction.

Targets and Status of Achievement
From the perspective of human rights and environmental protection, the Mitsubishi Estate Group uses timber based on the Sustainable
Sourcing Code (certified timber or Japan-grown timber) or equivalent as the timber in the concrete wall panels used when building offices or
housing with a target of achieving a usage rate of 100% by fiscal 2030 to eliminate forest destruction. Moreover, in the Mitsubishi EstateGroup Green Procurement Guidelines, the Group stipulates use of timber products certified by forest certification systems that can verify
that they are from properly managed forest resources, and mandates consideration given to promoting the use of Japan-grown timber. Thisapplies to all of the products, services, designs, and construction procured by the Mitsubishi Estate Group, and the Group requests thecooperation of all suppliers. In addition, the Mitsubishi Estate Group Timber Procurement Guidelines stipulate no forest destruction ordeforestation and the protection of biodiversity in the procurement of timber in the Group’s own value chain. The timeline for themeasurement of progress in the achievement of these guidelines is fiscal as a milestone (goal: minimum 90% achieved) and fiscal 2030 as
the target year for achievement.
The Group also complies with policies on the sustainable use of timber and forest-related laws and regulations and has developed
mechanisms to monitor and ensure compliance.
See the following for the Mitsubishi Estate Group Timber Procurement Guidelines

Sustainability Activities (ESG) > Environment > Policies and Targets > Mitsubishi Estate Group Timber Procurement Guidelines

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Primary Initiatives
Promoting Use of Cross Laminated Timber (CLT) and Other Products
The Mitsubishi Estate Group promotes sustainable manufacturing by using Japan-grown timber. In recent years, the Group has promoted
the use of cross laminated timber (CLT) and other products as a construction material that expands timber usage opportunities.

Promoting Utilization of CLT to Further Expand Use of Japan-grown Timber

Initiatives by Mitsubishi Estate Home
Mitsubishi Estate Home fulfills its mission to enrich people’s lifestyles and lives through proposals for the creation of high-quality, highvalue-added homes. At the same time, from the perspective of using Japan-grown forest resources and decarbonization, the company
promotes the use of wood, a sustainable environmentally-friendly resource, as it works on projects to promote wooden structures andfinishes in buildings, thereby helping realize a sustainable society.

GHG Emission Reduction Targets
To reduce GHG emissions, Mitsubishi Estate Home has set a target to achieve a ZEH rate of 85%* in properties the company constructs by
2030 through promoting further use of Japan-grown timber and improved efficiency of household equipment with the aim of achieving net
zero by 2050. In addition, the company aims to achieve a 60% reduction in GHG emissions by fiscal 2030 through initiatives that include
selecting construction methods that generate little waste and materials that are easy to recycle, as well as promoting pre-cut technology.
* Includes Nearly ZEH

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Ensuring the Traceability of Timber
Mitsubishi Estate Home actively utilizes Japan-grown timber with clear traceability in order to ensure the appropriate use of forest
resources and the sustainable development of the timber industry. By using Japanese timber in a sustainable way, the company helps tocreate sound and well-maintained forests, contributing to a forest cycle of "plant, raise, use, and plant.
In 2011, Mitsubishi Estate Home concluded the Agreement on Use of Yamanashi Prefecture-Grown Certified Timber Products for Housing
Materials. By introducing the use of certified Japan-grown timber for flooring plywood as the standard practice* in April 2018, Mitsubishi
Estate Home is working to promote the economically sustainable and responsible use of timber and to create a circular society that is inharmony with nature.
* Excludes some products

Building a network that can sustain a forest economy

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Promoting Sustainable Utilization of Timber
In November 2018, Mitsubishi Estate Home began using Japan-grown timber as the material for wall frames in new homes built using the 2x 4 construction method as the standard practice. As a result, the percentage of Japan-grown timber used for the structural timber in eachnew custom-built home is the highest level among 2 x 4 homebuilders in Japan.

See the following for more information on usage results.

ESG Data > E: Environmental data > (1) KPI > 2. Resources (Waste, Water, Forestry Resources, etc.)

Mitsubishi Estate Housing Components is promoting the use of Japan-grown timber in structural parts of single homes. In August 2010, it
acquired an international standard (FSC-CoC certification) so that it could distinguish between these and other products in the chain ofcustody.

About FSC-CoC
FSC chain of custody (CoC) certification verifies that FSC-certified material has been identified and separated from ineligible andunacceptable material as it makes its way along the supply chain from the forest to the market.
* Excludes some products

KIDZUKI Concept to Promote Wooden Structures and Finishes
Using its knowledge of wood accumulated over many years, Mitsubishi Estate Home has launched the KIDZUKI concept to promote wooden
structure and finishes not only in buildings, but across a wide range of fields.
The name KIDZUKI is a portmanteau of the Japanese words for wood, awareness, and to build, encapsulating the idea of creating newvalue. The aim is for KIDZUKI to be a platform for various wood-based ideas and projects, forming a network to share issues, needs, andsolutions among business operators in various fields, governments, and creators.
In collaboration with a number of wood furniture makers, projects are under way to develop original wooden products, as well as regional
revitalization projects through effective use of wood in cooperation with universities and government agencies. We aim to build a fullfeatured platform as a networking venue for learning more about wood and augmenting its possibilities.

KIDZUKI (Japanese only)

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World's First Flat Mass Timber Construction Method Developed— A New Timber-Constructed Custom-Built Home Brand
To meet the needs of customers who demand a greater level of freedom in their wooden homes, Mitsubishi Estate Home has developed theworld's first patented technique* called the Flat Mass Timber (FMT) Construction Method.

The FMT Construction Method is a hybrid technique that uses both wood and steel frames. By making the most of large cross-section
laminated wood plank panels, a simple, strong design can be achieved with minimal intrusion of construction elements such as walls andbeams into living spaces.

The company started offering ROBRA homes in September 2020. ROBRA is the brand for wooden custom-built homes using the FMT
Construction Method that exemplifies the possibilities of wood and fresh exterior design concepts.
* Patented in October 2019

Structural body

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Manufacturing Environmentally-Friendly, Highly Durable Wall Panelswith High Yield Strength
Mitsubishi Estate Housing Components manufactures highly durable, high yield strength wall panels with approximately 14 times thestrength of conventional panels for use in four-story wooden structures built with the 2×4 method. The panels use Shinshu larch for 24 mm
thickness structural plywood, which is not normally used for houses. They also use domestic Japanese hinoki cypress and Japanese cedar
for laminated wood and laminated wall supports. Additionally, 54% of the building's frame is made from Japan-grown timber, helping
revitalize the domestic forestry industry. Furthermore, the insides of the wall panels are able to secure the equivalent of 68 tons of CO2,
making them environmentally-friendly wooden structures.

Construction using highly durable, high yield strength wall panels

Engagement with External Stakeholders
In September 2018, Mitsubishi Estate initiated the Construction and Real Estate Human Rights Due Diligence Study Group in which eight
real estate and construction-related companies participate. As part of this initiative, the company holds study groups with other companies
in these industries on the use of sustainably sourced timber from the perspective of environmental protection and respect for human rights.
The aim of discussions at the study group is to deepen understanding about the risks of environmental destruction, including violation ofhuman rights and destruction of forests and to expand the use of sustainably sourced timber going forward.

See the following for more details on the study group.

Launch of the Construction and Real Estate Human Rights Due Diligence Study Group178

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Environment

Promoting Acquisition of Sustainability
Certifications

Policy on Obtaining Sustainability Certifications
Mitsubishi Estate recognizes that addressing environmental and social considerations in real estate and indicating performance on these
considerations externally is important to meet the expectations and demands of stakeholders such as tenants and investors. Therefore, thecompany has a policy of proactively obtaining sustainability certifications whenever possible.
In Japan, Mitsubishi Estate has obtained certifications that include DBJ Green Building Certification, Comprehensive Assessment System
for Built Environment Efficiency (CASBEE), and Building-Housing Energy-efficiency Labeling System (BELS), while the main certifications
obtained overseas include Leadership in Energy and Environmental Design (LEED) and BRE Environmental Assessment Method (BREEAM)
certifications.

Evaluation/Certification System

Overview
DBJ Green Building Certification is a certification system established by the Development Bankof Japan (DBJ) in April 2011 as an initiative to support environmentally and socially conscious
management of real estate. Based on a comprehensive assessment which covers such areas

DBJ Green Building Certification

as environmental performance, disaster prevention, community considerations and otherstakeholder engagement, the system evaluates and certifies real estate anticipated by society
and the economy.
DBJ Green Building Certification
CASBEE is a system for comprehensively assessing the quality of buildings, including interior
comfort and consideration to landscape as well as environmental considerations such asenergy conservation and use of materials and equipment with low environmental impact. It

Comprehensive Assessment System
for Built Environment Efficiency(CASBEE)

was developed by a research committee established for comprehensive environmental
assessment of buildings in April 2001 as a collaborative project between industry, academia,
and government under the auspices of the Ministry of Land, Infrastructure, Transport andTourism, and has been continuously upgraded and maintained since.
Institute for Building Environment and Energy Conservation

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Overview
BELS is a system for the assessment and certification of energy efficiency performance in
newly built and existing buildings by a third-party organization. In April 2016, the scope of thesystem was expanded to residential buildings, and it was designated as one of the third-party

Building-Housing Energy-efficiency
Labeling System (BELS)

certifications in the Guidelines on Building Energy Efficiency Labelling based on Article 7 of the
Act on the Improvement of Energy Consumption Performance of Buildings (Building Energy
Efficiency Act).

Association for Housing Performance Evaluation and Labeling (Japanese only)

Leadership in Energy andEnvironmental Design (LEED)
certification

LEED is a system for assessing environmental performance of buildings and site use
developed and operated by the U.S. Green Building Council (USGBC).

U.S. Green Building Council
BREEAM is an environmental assessment system developed by Building Research
Establishment Ltd. (BRE) in the UK in 1990 as a tool for assessing the sustainability

BRE Environmental Assessment
Method (BREEAM) certification

performance of buildings, communities, and infrastructure. Performance is assessed in a totalof ten categories including energy, health and well-being, water, materials, and waste, andrated on a five-point scale of Pass, Good, Very Good, Excellent, and Outstanding.

BREEAM
This is an environmental performance evaluation system for buildings and urban subdivisions
with a focus on health and wellness. It is operated by International WELL Building Institute
WELL Building Standard(IWBI) and certification is handled by Green Business Certification Inc. (GBCI). The latest
version, WELL v2, was launched in 2020, and consists of the following 10 concepts: air, water,
nourishment, light, movement, thermal comfort, sound, materials, mind, and community.

WELL
The Sustainable SITES Initiative (SITES). Designed by the U.S. Green Building Council (USGB),
which designs and updates the LEED rating system, the certification is administered by GreenSITES Certification

Business Certification Inc. (GBCI) in the U.S. It offers guidelines and a quantitative evaluation
system on green infrastructure design, technology, and management. Certification is now
available outside the U.S. with v2.

The Sustainable SITES Initiative (SITES)
A system for assessing the energy efficiency of buildings on a seven-point scale from A to G.
Energy Performance Certificates(EPCs)In accordance with the Minimum Energy Efficiency Standard (MEES) stipulated by law in 2015,
office buildings that fail to achieve a B rating by 2030 can no longer be newly leased totenants.

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Environmental Design Policies and Incentive Programs
In working toward achieving the goals put forth in “Environment,” a key theme in Mitsubishi Estate Group 2030 Goals for SDGs, Mitsubishi
Estate has established real estate development environmental design policies as well as incentive programs for leading projects, topromote real estate development business that contributes to sustainability goals.
The Company has established the Sustainability-Minded Construction Architectural Design and Construction Policies for real estatedevelopment that outline the conditions required by type and scale, in areas such as design specifications, building materials, andconstruction methods. This document is included with a written quote outline when we receive construction projects.
Additionally, in fiscal 2022, the Company launched programs that provide incentives to those implementing advanced sustainability
initiatives in the process of deciding on investments in new development projects.

Goals and Achievement Status
See the following for the status of environmental certification acquisitions.

ESG Data > E: Environmental data > (2) Other > 5. Green Building Certification

List of Mitsubishi Estate Group Properties with DBJ Green Building and ABINC Certifications (PDF 755KB)

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Promoting ZEB and ZEH in New Buildings and Rental
Apartments to Reduce Environmental Impact
Mitsubishi Estate acquired its first ZEB Ready (office category) certification for a high-rise tenant officebuilding, tentatively called the Uchi-Kanda 1-chome Project, which is scheduled for completion at the end of
November 2025. The energy conservation measures employed in this project are tested at the Group’s
headquarters to ensure they are energy efficient and facilitate a comfortable environment. Starting with thisproperty, the Group aims to achieve high environmental performance in line with ZEB requirements for all newbuildings to be developed.Furthermore, in February 2023 Mitsubishi Estate Residence started construction on(tentative name) the Osaka Abeno Showa-cho 3-chome Project,*1 the first rental apartment building in the
Kansai region to meet ZEH standards. In addition to meeting ZEH-M Oriented standards, the apartmentbuilding will use solar panels to generate electricity used in communal areas. These initiatives are part of
Mitsubishi Estate Residence’s goal to meet or exceed the ZEH-M Oriented Standard in new condominiums(Tentative name)Uchi-Kanda1-chome
Project

and new rental apartments under its CO2 emissions reduction strategies (formulated in January 2022). The
entire Group will work together to reduce the environmental impact of its buildings and to provide new value.
*1 This project falls under a basic agreement and general planning subcontracting agreement between ENEOS Corporation and Mitsubishi Estate
Residence. The scheme designates ENEOS as the primary owner, while Mitsubishi Estate Residence is responsible for the project’s design and otherspecifications as the general planner.

Acquisition of WELL Core Precertification under WELL v2
for the Chiyoda 1-Bancho Project (Tentative Name) —Supporting Workstyles That Emphasize Well-Being
Mitsubishi Estate has become the first company in Japan to receive precertification for WELL Core—which
can be acquired by buildings occupied by tenants—under WELL v2, the latest version of the WELL BuildingStandard (WELL Certification), an international ratings system for buildings that emphasizes the health andwell-being of people. The Company received the precertification for the Chiyoda 1-Bancho Project (tentativename), which it is advancing in Chiyoda Ward, Tokyo, for reasons including the high evaluation of the project’s
promotion of urban development in line with WELL development concepts, the introduction of a panel heating
and cooling system, the facilitation of fitness for workers, and the provision of operable windows that offer
ample natural light. Following completion of the project, we aim to obtain platinum certification, the standard’s
highest certification level.

Recent years have seen an increasing number of companies acquiring WELL Certification for areas ofbuildings reserved for office space. However, meeting the WELL Core certification standards for the actual
building has the advantage of enabling tenant companies to more easily pursue WELL Certification for their

Chiyoda 1-Bancho
Project at the timeof theprecertification
announcement;
view of building
exterior

office spaces by, for example, exempting them from screening for certain evaluation items. With thepreliminary certification as a forerunner to further efforts, we will continue proactively supporting workstyles that emphasize well-being andenhancing office value from the perspective of concern for the environment.

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Acquisition of SITES® Gold Certification for Tokiwabashi
Tower and TOKYO TORCH Park, Thereby Becoming theFirst Urban Mixed-Use Development Project in Japan to
Acquire Such Certification
TOKYO TORCH Tokiwabashi Tower and TOKYO TORCH Park haveacquired SITES® Gold Certification, an environmental certification that
evaluates primarily the sustainability of landscapes, becoming the firsturban mixed-use development project to receive such a certification in
Japan.

Furthermore, these sites have been newly registered under Edo-Midori
Green Area, a system by the Tokyo Metropolitan Government forregistering and publicly announcing green spaces where native plant
species are actively planted and where biodiversity is conserved. With
this registration, TOKYO TORCH Tokiwabashi Tower and TOKYO TORCHTOKYO TORCH Park

Park have now acquired five environmental certifications—the others
being DBJ (Development Bank of Japan) Green Building Certification, Social and Environmental Green Evaluation System (SEGES)
certification, and Association for Business Innovation in Harmony with Nature and Community (ABINC) certification—bringing them to a
globally leading level in terms of environmental awareness.
Going forward, we will continue to promote urban development with an even greater awareness of the environment, with the goal of opening
all sites of the TOKYO TORCH project by fiscal 2027.

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Promoting Green Urban Development with
GRAND GREEN OSAKA
Mitsubishi Estate Co., Ltd., is leading the Umekita 2nd Project, a joint venture of ninecompanies (JV9)* to develop the area in front of JR Osaka Station. The urban development
project will be named GRAND GREEN OSAKA, an open space that integrates lush greeneryand innovation. We have commenced the project, which includes the construction of a
45,000 m2 park that aims to enhance the city’s appeal in collaboration with Osaka City and
Urban Renaissance Agency. As such, GRAND GREEN OSAKA was selected for the Ministryof Land, Infrastructure, Transport and Tourism’s 2021 Sustainable Building Leadership
Project (CO2 Leadership Project). The landscape design offers a sense of local air, andPanoramic view of GRAND GREEN OSAKA(rendering of completed project)environmental planning considers biodiversity. In addition, the project introduces cuttingedge technologies, such as geothermal and wastewater energy and solar photoelectric
generators, as well as infrastructure that contributes to resource recycling. The project has
been awarded gold certi cation (plan certi cation) in the LEED Neighborhood Development(LEED ND) category for area developments by Leadership in Energy and Environmental
Design (LEED), an internationally recognized green building rating system developed by the
U.S. Green Building Council. We will continue to promote green urban development with aview to the advanced opening of the Umekita 2nd Project district, scheduled for summer
2024.
* Mitsubishi Estate Co., Ltd., Osaka Gas Urban Development Co., Ltd., ORIX Real Estate
Corporation, Kanden Realty & Development Co., Ltd, Sekisui House, Ltd., Takenaka Corporation,
Hankyu Corporation, Mitsubishi Estate Residence Co., Ltd., and Umekita Development Speci c
Purpose Company (SPC funded by Obayashi Corporation)

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GRAND GREEN OSAKA obtained LEED Goldcerti cation

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Efforts to Acquire Environmental Certificationin Overseas Business
The Mitsubishi Estate Group operates globally. Since Mitsubishi Estate New York was established in 1972, we have expanded our realestate development and rental business in the U.S., the U.K. and other European countries, as well as Asia and Oceania, making the mostof our track record and wide-ranging network. We are engaged in socially and environmentally conscious urban planning with people inthese regions.

Initiatives in the United States
In the U.S., the Mitsubishi Estate Group carries out a wide range of projects, primarily through Rockefeller Group International. In addition toowning and operating large-scale office buildings in areas of Manhattan in New York, the Rockefeller Group manages a range ofdevelopment projects around the country, including office, residential, industrial, and mixed-use projects. Industrial projects in particularhave established the Group as a leading developer in the main industrial markets of New Jersey and the Inland Empire, California. Moreover,the industrial sector is expected to expand further due to the dramatic growth of e-commerce within the U.S. over the past few years. It aims
to raise the value of real estate with a focus on environmental performance, and therefore works to acquire LEED certification on both its
new development buildings and existing buildings.

Projects earning environmental certification (examples)GOLD
1271 Avenue of the Americas, New York
Located in Manhattan, this building completed in 1959 underwent large-scale renovations from 2016 to 2019. The
entire outer curtain wall was replaced and the air conditioning equipment was replaced with energy efficientmodels, resulting in the building attaining LEED Gold status in 2020.

GOLD
1901 L Street, Washington, D.C.
Located in central Washington, D.C., this building was co-developed with the U.S. real estate company The
Meridian Group. It is the result of an extension on a 1970s office building and large-scale renovations. The building
was completed in 2019 following environmentally-friendly plans and was awarded a Gold LEED rating.

GOLD
Paradigm River North, Colorado
Located in central Denver, this 8-story, 19,000 m2 office building was jointly developed with local real estatecompany Jordon Perlmutter & Co. Construction began in 2022 with a planned completion date of 2025. With
environment-friendly plans, we are aiming for a Gold LEED rating.

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Initiatives in Europe
Since the establishment of Mitsubishi Estate London in 1986, the Mitsubishi Estate Group has handled real estate leasing and development
projects for office and leasing properties in central London and continental Europe. With an emphasis on the environmental aspects of its
properties the Group has earned BREEAM certification for newly developed buildings as well as buildings already owned.

Projects earning environmental certification (examples)
Outstanding(planned)

8 Bishopsgate, London
8 Bishopsgate, a large-scale office redevelopment project in the City of London, which began construction in
February 2019 and completed on June 19, 2023, is expected to achieve the highest ratings in multiple
environmental certifications.
In the UK, the RIBA 2030 Climate Challenge, a set of targets developed by the Royal Institute of British Architects (RIBA) for energy andcarbon use in the construction industry based on the UN Sustainable Development Goals (SDGs), has been established and the property
complies with these targets. In addition to using a glass façade with outstanding environmental performance for the entire exterior, theproperty is also equipped with solar panels and reuses greywater from rainwater, as well as other measures. As a result, it is expected toachieve the highest rating of “Outstanding” in BREEAM certification. It has also been certified with the highest “A” EPC Rating, whichindicates the energy efficiency of a building in operation. In order to enhance diverse workstyles and well-being, an exclusive tenant-use
cafeteria and an adjacent large outdoor terrace are located on the mid-rise floor, with a large 200-seat town hall and a business lounge on
the low-rise floors. As a unique feature in the U.K., where environmental awareness is growing, there are no car parks, with the building
instead featuring a large bicycle park and shower/locker facilities. Beyond being environmentally friendly, the building also supports a
healthy working life for workers.

Excellent
Warwick Court, London
Warwick Court is a major office refurbishment project that was completed in July 2022. By maximizing the use of
the existing façade and structure, and also reusing the interior stones from the building reception, this structure
achieved a substantial CO2 emissions reduction of approximately 70% compared to new construction. Moreover,the building contributes to the well-being of workers by installing a new rooftop terrace and a tenant-exclusive terrace, as well as byproviding bicycle parking and shower/locker facilities. Through these efforts, the building is expected to achieve the BREEAM Excellent
rating.

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Initiatives
Initiativ
es in Asia and Oceania
In Asia and Oceania, the Group established the subsidiary Mitsubishi Estate Asia Pte. Ltd. in Singapore in 2008, followed by Mitsubishi
Estate (Shanghai) Ltd. in China in 2013. The Group opened its Taiwan Representative O ce in 2017 and established Mitsubishi Estate
Taiwan Ltd. in 2018, PT. Mitsubishi Estate Indonesia and Mitsubishi Estate Vietnam Company Ltd. in 2019, Mitsubishi Estate (Thailand) Co.,
Ltd, in 2020, and Mitsubishi Estate Asia Pte Ltd in Australia in 2021. The Group operates in Singapore, Indonesia, Vietnam, Thailand,
Malaysia, and the Philippines, Australia, and China, developing o ce, residential, and retail properties.

Projects earning environmental certi cation (examples)
Crystal Bridge, China
This is a large-scale complex development project where construction began in February 2023 in partnership withmajor U.S. developer Tishman Speyer, state-owned real estate developer New Changning Group, and Huolala, amajor logistics services company. It is planned to earn LEED certi cation for the project by greening the city blockand considering the environmental performance of the buildings.

Trinity Tower, Indonesia
This is a large-scale o ce building project which Mitsubishi Estate has developed jointly with The Gesit
Companies, Santini Group, and Shimizu Corporation. The project was awarded Best Green Development in thePropertyGuru Indonesia Property Awards 2018, which is given to outstanding real estate projects in Indonesia, inrecognition of its advanced environmentally-friendly initiatives. With the commencement of building operation in
July 2021, the project earned a Gold rating by the Green Building Council Indonesia (GBCI) in its Greenship New
Building (NB) Version 1.2 rating platform.

CapitaSpring, Singapore
November 2021 saw the completion of CapitaSpring, a mixed-use facility in the center of Singapore that Mitsubishi
Estate had developed jointly since 2017 with CapitaLand Group, one of Asia’s largest real estate companies.
Consisting primarily of o ces, CapitaSpring is a high-rise, large-scale, mixed-use facility with 51 abovegroundoors and a total oor area of more than 93,000 m2 and features serviced apartments, retail facilities, and otheramenities. With its outstanding environmental performance—highlighted by its exterior design evoking nature,e cient use of water and energy, a green area for strolls, and an extensive green area provided by the rooftop
garden—CapitaSpring has received Green Mark Platinum, the highest award for the Building and Construction Authority (BCA) Green Mark,Singapore’s most recognized environmental performance indicator. Through this facility, we propose new styles of working and living to awide range of people near Ra es Place station, Singapore’s foremost o ce area.

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Parkline Place, Australia
At Parkline Place, a premium o ce building project, where development is under way in Sydney with the Oxford
Properties Group and their subsidiary Investa, Mitsubishi Estate concluded a nancing agreement for use asproperty construction funds thanks to a Green Loan*. Using the funds from this loan, we plan to engage inenvironmental design that promotes e cient use of energy and resources, and to recycle approximately 90% of construction waste.
Through these efforts we aim to attain 6-Star status, the highest level of Australia’s real estate environmental certi cation as well as Coreand Shell Certi cation v3 in the international WELL Building Standard certi cation program for health and wellbeing.

See the following for more information on green loans.

Sustainability Activities (ESG) > Environment > Adopting Sustainable Finance

Sydney Place, Australia
Sydney Place is a large-scale area development project in the Circular Quay area, located at the northern end of the
CBD in Sydney, Australia, undertaken jointly with Lendlease, an Australian real estate and construction company,
and Ping An Real Estate, a real estate company that is a subsidiary of a major Chinese nancial group. In addition
to its 180 George Street (Salesforce Tower), a premium o ce building, the project has developed public plazas andcommercial facilities to make the area come alive. The development provides environmentally and healthconscious spaces for the tenant companies and their employees by introducing LED lighting, motion sensors,
automatic blinds that open and close according to the outside climate, and car sharing using electric vehicles. As a result of theseenvironmentally-friendly initiatives, the project has obtained WELL certi cation Core and Shell rating*1 and the Green Building Council ofAustralia’s Design & As Built 6 Star Green Star*2. The project also aims to earn NABERS Energy 5.5 Star*3 rating as well.
*1 A WELL certi cation that mainly covers newly built tenant buildings*2 A real estate environmental certi cation system operated by Australia’s Green Building Council of Australia*3 A real estate environmental rating assessed by Australia’s National Australian Built Environment Rating System

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Environment

Adopting Sustainable Finance

Sustainability Linked Finance
Sustainability Vision 2050-Linked Finance Framework
On March 30, 2023, Mitsubishi Estate formulated the Sustainability Vision 2050-Linked Finance Framework*1 (“the Framework”). The
framework was established with the aim to achieve the Mitsubishi Estate Group Sustainability Vision 2050, accompanied by the Mitsubishi
Estate Group 2030 Goals for SDGs, detailed interim milestones and goals to reach the vision in 2050, the declaration of “Net-Zero emission
by 2050” launched in March 2022, and an other challenging KPI, the proportion of women in managerial positions. The Mitsubishi EstateGroup will further promote and accelerate the achievement of these targets by utilizing Sustainability Linked Bonds and Sustainability
Linked Loans based on this framework.
*1 Revised Sustainability Vision 2050-Linked Bond Framework formulated in June 2022

Sustainability Vision 2050-Linked Finance Framework (PDF 2.4MB) (Japanese only)

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Indicators (KPIs/SPTs) based on this framework
KPIs

KPI1

SPTs

Percentage of electricity from renewableenergy sources

Determination date

SPT1

Achieve 100% electricity from renewableenergy sources by FY2025

December 31, 2026

SPT2-1

At least 70% for Scope 1 and 2 combined,
at least 50% for Scope 3 by FY2030 (baseyear: FY2019)

December 31, 2031

* Obtained SBTi Net-Zero Standard
certification from the SBTi in June 2022

SPT2-2

Achieve net zero by 2050

December 31, 2051

Percentage of female managers*2

SPT3

Achieve 40% female managers by FY2050

December 31, 2051

* Joined R100

KPI2

KPI3

Percentage of reduction in total GHG
emissions, including CO2, in the Mitsubishi
Estate Group’s*1 value chain*1 Selection of target organizations is based on control criteria. Properties in which the Mitsubishi Estate Group’s ownership rights and trust beneficiaryrights are less than 50% are excluded from data calculations in principle.
*2 A person in a job which has subordinates or a person in an equivalent position without subordinates

See the following for details on CO2 Emissions/Renewable Power Targets.
Mitsubishi Estate Group 2030 Goals for SDGs > Key Theme 1: Environment

See the following for details on Female Manager Targets.
Sustainability Activities (ESG) > Social > Promoting Diversity > Empowerment of Women

See the following press releases for more information.

Formulation of New Group-Wide Targets for Reducing CO2 and Other Greenhouse Gases and Announcement of 2050 Net-Zero Basedon a New Standard Defined by SBTi (PDF 547KB)
Mitsubishi Estate Group 2030 Goals for SDGs

Third-Party Opinion on Alignment
Mitsubishi Estate obtained a third-party opinion from a third-party evaluation organization stating that the Mitsubishi Estate Sustainability
Vision 2050-Linked Finance Framework conforms to the ICMA Sustainability-Linked Bond Principles 2020 and the Ministry of theEnvironment Green Loan and Sustainability Linked Guidelines 2020.
See the following for details of the third-party opinion from Japan Credit Rating Agency, Ltd.
Third-Party Opinion from Japan Credit Rating Agency, Ltd. (PDF 4.0MB) (Japanese only)

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Issulance of Mitsubishi Estate Sustainability-Linked Bonds
Sustainability-linked bonds are bonds that may change financially and structurally in response to a company's achievement of predetermined sustainability goals.

1st bond (Issue date: July 22,2022)
Mitsubishi Estate issued our first Sustainability Linked Bond on July 22, 2022.
Overview
Name

Mitsubishi Estate Co., Ltd. 139th - 141st Unsecured Bonds(Mitsubishi Estate Sustainability-Linked Bonds)

Terms decision
date

July 15, 2022

Issue

139th bonds

140th bonds

141st bonds

Issue dateJuly 22, 2022

July 22, 2022

July 22, 2022

Redemption dateJuly 22, 2027

July 22, 2032

July 22, 2052

5 years

10 years

30 yearsIssue amount20.0 billion yen

20.0 billion yen

20.0 billion yen

Interest rate

0.360%

0.644%

1.543%Term

KPIs

Percentage of electricity fromrenewable energy sources

Percentage of reduction in total
GHG emissions, including CO2, in
the Group’s value chain(1) Percentage of reduction of total
GHG emissions, including CO2, in
the Group’s value chain(2) Percentage of female managers

Achieve 100% by FY2025

At least 70% for Scope 1 and 2
combined, at least 50% for Scope 3(base year: FY2019)(1) Achieve net zero by 2050
(2) Achieve 40% by FY2050

SPTs
determination date

December 31, 2026

December 31, 2031

December 31, 2051

Bond
characteristics
after determination

In the event there is no third-party verified reporting by the determination date that the SPTs have been achieved,
donations will be made or voluntary credits that have been certified under a Japanese program or by aninternational certification organization will be purchased before the redemption date.

Bond ratings

AA- (Rating and Investment Information, Inc. (R&I)), A+ (S&P Global Ratings Japan Inc.), A2 (Moody’s Japan K.K.)

SPTs*1*1 Sustainability Performance Targets. Targets for improvement in measurable KPIs on which issuers commit to a predefined timeline

See the following press releases for more information.

Issuance of Mitsubishi Estate’s First Sustainability-Linked Bond (PDF 538KB) (Japanese only)

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Announcement of Investment in the Sustainability-Linked Bonds
See the following press release for information on investors who have announced their investment in the 1st Mitsubishi Estate
Sustainability-Linked Bonds.

Issuance of Mitsubishi Estate’s First Sustainability-Linked Bonds (2)- Issuance of Total 60.0 Billion Yen in Sustainability-Linked Bonds - (PDF 539KB) (Japanese only)

2nd bond (Issue date: July 22, 2022)
Mitsubishi Estate issued our 2nd Sustainability Linked Bond on May 2, 2023.

Overview
Name

Mitsubishi Estate Co., Ltd. 142nd - 143rd Unsecured Bonds(Mitsubishi Estate Sustainability-Linked Bonds)

Terms decision
date

April 26,2023

Issue

142nd bonds

143rd bonds

Issue date

May 2, 2023

May 2, 2023

Redemption date

May 2, 2028

May 2, 2033

5 years

10 yearsIssue amount30.0 billion yen

30.0 billion yen

Interest rate

0.430%

0.900%

KPIs

Percentage of electricity from renewable energy
sources

Percentage of reduction in total GHG emissions,
including CO2, in the Group’s value chain

SPTs

Achieve 100% by FY2025

At least 70% for Scope 1 and 2 combined, at least 50%
for Scope 3 (base year: FY2019)

SPTs
determination date

December 31, 2026

December 31, 2031

Bondcharacteristics
after determination

In the event there is no third-party verified reporting by the determination date that the SPTs have been achieved,
donations will be made or voluntary credits that have been certified under a Japanese program or by aninternational certification organization will be purchased before the redemption date.

Bond ratings

AA- (Rating and Investment Information, Inc. (R&I)), A+ (S&P Global Ratings Japan Inc.), A2 (Moody’s Japan K.K.)

Term

See the following press releases for more information.

Issuance of Mitsubishi Estate’s Sustainability-Linked Bonds (PDF581 KB) (Japanese only)

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Announcement of Investment in the Sustainability-Linked Bonds
See the following press release for information on investors who have announced their investment in the 2nd Mitsubishi Estate
Sustainability-Linked Bonds.

Issuance of Mitsubishi Estate’s Sustainability-Linked Bonds (PDF581 KB) (Japanese only)

ESG Finance Award Japan
Our Sustainability Linked Bonds received the Gold Award (Minister of the Environment Award) in thefundraiser category of the 4th (2023) ESG Finance Award Japan, which was established andorganized by the Ministry of the Environment to promote and expand the use of ESG finance.
See the following press release for more information.

Announcement of the Winners of the 4th Annual ESG Finance Award Japan (Japanese only)

Use of Sustainability Linked Loan (SLL)The Sustainability Linked Loan Principles seek to promote and support environmentally and socially sustainable economic activity andeconomic growth by setting Sustainability Performance Targets ("SPTs") linked to borrowers' sustainability goals, linking loan terms such as
interest rates to borrowers' performance against SPTs, and providing incentives to achieve SPTs.

Conclusion of SLL Agreement with The MUFG Bank
Mitsubishi Estate concluded a sustainability linked loan with The MUFG Bank.
Overview of the Loan
Loan (1)Loan (2)

Execution date: March 30, 2023

Execution date: March 30, 2023

Loan period: 4 years

Loan period: 5 years

Amount: 15.0 billion yen

Amount: 15.0 billion yen

Application of funds: Business funds

Application of funds: Business funds

Goals related to SPTs for this Sustainability Linked Loan
KPI

Percentage of electricity from renewable energy sources

SPT

Achieve 100% by FY2025

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Conclusion of SLL Agreement with The Norinchukin BankFirst Loan Agreement (Execution Date: May 29, 2020)
Mitsubishi Estate concluded the Japanese real estate industry's first loan agreement based on a sustainability linked loan with The
Norinchukin Bank.

Overview of the Loan

Execution date: May 29, 2020
Loan period: 11 years and three months
Amount: 11.5 billion yen
Application of funds: Long-term working funds

Third party opinion from Japan Credit Rating Agency, Ltd. (Japanese only) (PDF 1.6MB)

Announcement on Entering into Sustainability Linked Loan Agreements (Japanese only) (PDF 510KB)

Second Loan Agreement (Execution Date: October 14, 2022)
Mitsubishi Estate concluded loan agreements based on SLLs with The Norinchukin Bank, which will be the second such loans following theone executed on May 29, 2020.

Overview of the Loans
Loan (1)Loan (2)

Execution date: October 14, 2022

Execution date: October 14, 2022

Loan period: 11 years

Loan period: 6 years

Amount: 25.0 billion yen

Amount: 25.0 billion yen

Application of funds: Long-term working funds

Application of funds: Long-term working funds

Third party opinion from Japan Credit Rating Agency, Ltd. (Japanese only) (PDF 3.0MB)

Announcement on Entering into Sustainability Linked Loan Agreements (Japanese only) (PDF 532KB)

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Green Finance
Mitsubishi Estate Green Bond Issued
The mission of the Mitsubishi Estate Group is to contribute to the creation of a truly meaningful society by building attractive,
environmentally sound communities where people can live, work and relax with contentment.
In June 2018, in order to raise funds for the Tokyo Station Tokiwabashi Project currently underway in front of the Nihonbashi exit of Tokyo
Station, Mitsubishi Estate issued the Mitsubishi Estate Green Bond, the first in Japan from an integrated real estate company. The
Mitsubishi Estate Green Bond was issued based on a framework in accordance with the Green Bond Principles published by theInternational Capital Market Association (ICMA), and Mitsubishi Estate obtained an opinion on compliance with the principles from a thirdparty certification institution.
The Mitsubishi Estate Green Bond also obtained the highest GA1 rating in an R&I Green Bond Assessment carried out by Rating andInvestment Information, Inc. which evaluates the extent to which proceeds from the issuance of a green bond are used to invest in projects
that contribute to solving environmental problems.

Overview
Name

Mitsubishi Estate Co., Ltd. 127th unsecured corporate bonds (Mitsubishi Estate Green Bond)

Date of determination ofissuance terms

June 20, 2018

Date issued

June 26, 2018

Maturity dateJune 26, 2023

Term
Total amount issued

Use of proceeds

Bond rating

5 years
20 billion yen
All funds will be used to finance the construction of Tower A of the Tokyo Tokiwabashi Project facing Tokyo
Station.
Project website (Japanese only)
AA- (Rating and Investment Information, Inc.)
A+ (Standard & Poor's Global Ratings Japan)
A2 (Moody's Japan)

See the following press releases for your reference (Japanese only).

Announcement of the Issuance of Mitsubishi Estate Green Bond to Fund Construction of Tower A of the Tokiwabashi District
Redevelopment Project in front of Tokyo Station (PDF 270KB)
Mitsubishi Estate Unveils New Name for Its Tokyo Tokiwabashi Project as "TOKYO TORCH" (PDF 4.3MB)
Mitsubishi Estate Completes Tokiwabashi Tower (PDF 5.7MB)

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Third-Party Ratings Concerning Eligibility
Second party opinion

Green bond assessment

The bonds were issued based on a framework that followed the

The R&I Assessment evaluates the extent to which funds raised

Green Bond Principles published by the International Capitalthrough green bonds are invested in business projects that solve

Market Association, and the company obtained opinions from aenvironmental projects. This project received the highest rank ofthird party certification organization regarding the bond's eligibility

GA1 in the Assessment.

as a green bond.
[R&I Green Bond Assessment] Mitsubishi
Estate Co., Ltd. Mitsubishi Estate Green
Bond: GA1 Assessment (PDF 799KB)

Second Opinion from Sustainalytics(Japanese only) (PDF 820KB)

Ministry of the Environment issuance modelcases
The company filed an application for the bond to be considered asa model case by the Ministry of the Environment for its Models ofGreen Bond Issuance in 2018. It was selected and has confirmedwith the Ministry and its contractors that the bond complies with
the Green Bond Guidelines 2017.

Pre-Issuance Report (Japanese only) (PDF
1.37MB)

Mitsubishi Green Bond Investment Announcements
Please see the following press release for information on investors that have announced their investments in the Mitsubishi Estate Green
Bond.
Announcement (3) of the issuance of the Mitsubishi Estate Green Bond to fund the Tower A of the Tokiwabashi
District Redevelopment Project in front of Tokyo Station - Terms determined today with an issue amount of 2 billion
yen and an interest rate of 0.09% (PDF 270KB) (Japanese only)196

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Allocation Report
Mitsubishi Estate has confirmed that the funds procured from the issue of green bonds to finance the construction of the Tokiwabashi
District Redevelopment Project Tower A in front of Tokyo Station have been used in full. The Finance & Accounting Department executive
officer in charge of these matters has filed a management assertion regarding the appropriation of these funds.
Procured Appropriations

Appropriations Used

Appropriations to Be Used

19,931 million yen

19,931 million yen

0 million yen
As of July 17, 2020

Management Assertion (Japanese only) (PDF 50KB)

Details of the Tokiwabashi District Redevelopment ProjectA large-scale redevelopment project covering a total area of 3.1 hectares, the largest in the vicinity of Tokyo Station. It includes thedevelopment of an approximately 390m super high-rise tower that will become a new landmark for the city of Tokyo and a spacious plaza
measuring approximately 7,000m² that will transform the area in front of Tokyo Station, all of which will be developed and equipped instages. The project is a designated project for the National Strategic Special Zone Program.
The project will be carried out in stages over a 10-year period while maintaining and updating vital infrastructure functions including
sewage pumps and transformer substations within the district.
As a designated project for the National Strategic Special Zone Program, this project will be located in the middle of Tokyo's chiefbusiness center and is positioned to be known as the Tokyo Global Financial Center. To that end it is intended to contribute to urban
redevelopment in the following ways:
1. Renewal of urban infrastructure, creation of a pedestrian network, preparation of a plaza, etc.
2. Creation of a hub to enhance international competitiveness (finance/business exchange and urban tourism).
3. Creation of superior disaster management and an eco-conscious urban environment.
TOKYO TORCH project website (Japanese only)

A rendering of TOKYO TORCH overall at the time of its opening as seen from the Marunouchi side of JR Tokyo Station
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DBJ Green Building Certification
Tower A for the Tokiwabashi District Redevelopment Project in front ofTokyo Station has been awarded the Development Bank of Japan (DBJ)
Green Building certification as a building that exhibits the highest levelof “environmental and social awareness” in Japan (certification
obtained March 29, 2019). The structure was subsequently renamed
Tokiwabashi Tower and awarded the DBJ Green Building certification
upon its completion (certification obtained August 6, 2021).

Use of Green Finance for Office Building Development Projectin Sydney, Australia
In December 2021, Mitsubishi Estate entered into a green loan agreement to fund construction of Parkline Place, a premium office building
development project being undertaken in Sydney, Australia, in partnership with Oxford Properties Group and its subsidiary Investa.
A green loan is a loan in which the use of funds is restricted to projects that have an effect on improving the environment. This is the firsttime that Mitsubishi Estate has used a green loan to raise funds for an overseas project.
Mitsubishi Estate plans to use the funds from the loan to promote an environmental design that will help improve efficient use of energy andresources and for initiatives such as recycling approximately 90% of construction waste. Through these initiatives, the company aims to
obtain the highest 6-Star rating in Australia’s Green Star*1 real estate environmental certification system. The company is also considering
provision of work-life management, mindfulness, personal health and other such services in addition to environment-related initiatives withthe aim of obtaining Core and Shell*2 Certification under WELL Certification (WELL Building Standard*3), which is an international
certification concerned with health and well-being.
Overview of Green Loan

Contract month: October 2021
Lender: Gresham Property (GPF No. 8 Fund)
Borrowing amount: AUD 700 million (approx. JPY 56.9 billion [AUD1 = JPY81*4])
Borrowing period: October 2021 - March 2024 (planned)
Application of funds: Construction costs for Parkline Place
A real estate environmental certification system operated by the Green Building Council of Australia
A category of certification within WELL Certification that mainly applies to newly-constructed tenanted buildings.
A U.S. certification system that evaluates buildings and spaces from the perspective of human health and well-being.
As of December 2021
See the following press release for more details.

Mitsubishi Estate Announces Green Loan Funding for Parkline Place, its Office Building Development in Sydney,
Australia (Japanese only) (PDF 448KB)

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Positive Impact FinancePositive Impact Finance (PIF) is financing based on the Principles for Positive Impact Finance proposed by the United Nations Environment
Programme Finance Initiative. As part of this program, financial institutions comprehensively analyze and evaluate both the positive andnegative impact corporate activities have on the environment, society, and economy, as they provide loans with the aim of continued
support. The most significant feature of the program is that the level of contribution to achieve Sustainable Development Goals (SDGs)
through a company’s activities, products, and services is used as evaluation indicators and monitored based on publicly disclosed
information.

Positive Impact Finance loan agreement signed
In November 2021, Mitsubishi Estate signed a Positive Impact Finance (with unlimited use of funds) loan agreement with Sumitomo Mitsui
Trust Bank, Limited.

Overview of the initiative
Date of agreement

November 30, 2021

Loan period

10 years

Loan amount

5 billion yen

Use of funds

Long-term operating funds

In order to help achieve a sustainable society through its business activities, the Mitsubishi Estate Group has established the Mitsubishi
Estate Group Sustainability Vision 2050 and has set out the Mitsubishi Estate Group 2030 Goals for SDGs as part of its Long-Term
Management Plan 2030, detailing themes and actions established as milestones for achieving this vision.
In concluding this agreement, Sumitomo Mitsui Trust Bank qualitatively and quantitatively assessed the Group’s initiatives in the four areasof focus that the impact Mitsubishi Estate Group 2030 Goals for SDGs sets out — namely, environment, diversity & inclusion, innovation, andresilience — areas that particularly have impact toward achieving SDGs. See the following press release for further details.

Notice regarding the Conclusion of a Positive Impact Finance (with unlimited use of funds) Loan Agreement (PDF
357KB)

This program has obtained a third-party opinion from Japan Credit Rating Agency, Ltd. as its assessment procedures being compliant to the
Principles for Positive Impact Finance Principles as well as for the rationality of the evaluation indicators employed.

The Japan Credit Rating Agency website for further details (PDF 1.6MB) (Japanese only)199

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SocialPromoting Diversity

Creating Environment andPrograms Conducive toOpen Innovation

Human Capital

Human Rights Initiatives

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Supply Chain Management

Employment and Labor
RelationsOccupational Health and
Safety / Health Management

Enhancing Customer
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Activities / Support forCommunities
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SocialPromoting Diversity

Goals and Achievement Status
See the ESG data page for our progress in achieving diversity-related goals.

ESG Date > Social Data

Empowerment of Women
Establishment of Action Plan to Promote Women's Success
Mitsubishi Estate has established and published an action plan in accordance with Japan's Act on the Promotion of Female Participation
and Career Advancement in the Workplace.
The action plan sets out targets and specific initiatives aimed at achieving a positive working environment for women in accordance withthe objective of the Act, which is to promote women's participation and advancement.

Overview of Action Plan
Period of the Plan
April 1, 2021 – March 31, 2026
Our Challenges
1. Although recruitment of women is on the rise, it is difficult to increase the number of female managers rapidly
due to the low levels of recruitment in the past. Therefore, it will be necessary to increase the number of female
managers steadily, including the number of female candidates for middle management positions.
2. To realize a workplace environment in which it is easy to balance childcare and work, it is also important to raise
the percentage of male employees taking childcare leave. However, the target of 100% has not been achieved.

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Objectives
1. Raise the percentage of female managers to more than 20% by 2030.
2. Raise the percentage of eligible men taking childcare leave to more than 75% by fiscal 2025 with an eye on
achieving 100% by fiscal 2030.

Initiatives
1. Boost recruitment of women in new graduate and mid-career hiring
Strengthen public relations activities aimed at women with a goal of bringing the percentage of women in new graduate andmid-career hiring to more than 40%.

2. Create an environment that makes it easier for women to continue working
Host forums (roundtable discussions, lectures, etc.) providing information facilitating work-balance with child rearing as wellas career development for female employees who are taking childcare leave or who have returned to work for a certain period
after returning.
Provide interviews with human resources divisions/departments on return to work from childcare leave.
Raise awareness of the reemployment program and leave system in conjunction with the transfer of a spouse.

3. Initiatives to raise the percentage of men taking childcare leave
Monitor the use of childcare leave by male employees whose spouse has given birth and encourage them to take the leave.
Host roundtable discussions, etc. by male employees who have taken childcare leave to encourage men to take the leave.

The full text of the action plan is available here.

Action Plan based on the Act on the Promotion of Female Participation
and Career Advancement in the Workplace (PDF 73KB)

In addition, we have examined our future vision and set targets for the ratio of female managers: 20% by fiscal 2030, 30% by fiscal 2040, and
40% by fiscal 2050. In order to achieve these goals, we will promote gender balanced recruitment activities, introduce a personnel systemthat allows flexible work arrangements, hold internal roundtable discussions and seminars regarding balancing work and childcare for both
men and women.

* Ratio of female managers at Mitsubishi Estate*those in positions where they manage subordinates, or above, and those who are in equivalent positions even if they do not manage subordinates.

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Hiring of Persons with Disabilities
Mitsubishi Estate actively seeks to hire persons with disabilities, in response to social demands to ensure their employment opportunities.
The company strives to create a workplace in which all employees can demonstrate their unique skills without regard to their disability andprovide the environment they need for success.

Various Programs for Work-Life Integration
At Mitsubishi Estate, we believe in the importance of not creating barriers between work and daily life, but rather, in viewing both as one andachieving comprehensive fulfillment (work-life integration). To achieve this, we have established various systems that allow employees tochoose a variety of work styles.

List of work-life integration and employee health promotion
programs and welfare initiatives (Mitsubishi Estate)
Name of program

Overview of program
In principle, eligible employees can on prescribed working days work between 6.00 a.m. and

Flextime program

8.00 p.m.
Note: The Company officially abolished core working hours (the period when employees are required toattend work) in April 2023.

Can be used until the end of the fiscal year in which the child turns three years old (14 days ofChildcare leave of absence

paid leave from the day on which childcare leave starts)* The legally stipulated period in Japan is until the child's first birthday as a general rule (or until the childturns two years old as a maximum in special circumstances).

Nursing care leave of absence

Nursing care leave of absence forchildrenNursing care leave of absence forfamilyCan be used for a maximum of three years (can be divided into shorter durations up to threetimes)Can be used until the end of the March after the child enters the third grade in elementary
schoolCan be used as a special paid leave of absence until the child enters elementary school

Can be used as a special paid leave of absence

Can be used until the end of the March after the child enters the third grade in elementary
Shortened work hours for childcare

schoolDaily work hours can be shortened by up to 2.5 hours in increments of 15 minutes

Shortened work hours for nursing

Can be used within three years of the start of use for each person in the eligible family

care

Daily work hours can be shortened by up to 2.5 hours in increments of 15 minutes

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Flextime program for pregnant

Can be used during pregnancy
Can be used until the end of the March after the child enters the third grade in elementary

women, those caring for children andschoolthose nursing family members

Can be used within three years of the start of use for each eligible person in the family(Work hours can be shortened by up to 2.5 hours in increments of 15 minutes)
Special paid vacations are given every five years after five consecutive years of employment"Refresh" vacations

Company pays travel costs after 25 or 30 years of consecutive employment (upper limit
imposed)Employees can accumulate up to 90 days of paid vacation that was not used. This can be

Accumulated vacation

used for the employee's or family member's illness, a spouse's childbirth, to participate involunteer activities, childcare or nursing care for family members, among others.

Retiree Reemployment System

Can be used following the specified interview when an employee resigned due to childcare,nursing care for family members, changing jobs, or starting a business

Leave system for the transfer of a

Leave up to three years can be taken to accompany a spouse on a relatively short transfer

spouse(overseas traineeship/study of approximately 1-2 years)
An employee in a position that does not normally involve transfers can transfer within theTransfer request system for spouses
relocating to a new location

Group when wishing to relocate due to the transfer* of a spouse only when it isorganizationally feasible* Limited to Japan

Hourly paid leave program

Teleworking program

Paid leave is available in one-hour units (using eight hours is equivalent to using one day of
paid leave)
It is possible to work at a location other than the company, such as a satellite office affiliatedwith the company or at home

Expense subsidy program based on
cafeteria plan

The program provides subsidies for expenses on employee health promotion activities(sports activities and checkups not covered by insurance, etc.)

Consultations with occupational

An initiative to provide consultations with an occupational health physician for employees,

health physician

including managers, who have exceeded the 80 hours of statutory monthly overtime work

Positive Off Movement

An initiative to set targets for the number of days of paid leave taken and to encourage
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Support for Combining Work with Raising Children
Mitsubishi Estate has established a general action plan compliant with the Japanese law called "Act on Advancement of Measures to
Support Raising Next-Generation Children," to help its employees balance work and childcare. The company is recognized as a childcaresupportive company by the Ministry of Health, Labour and Welfare and received Kurumin Mark certification in 2017.

As part of its efforts to support childcare, the Mitsubishi Estate Group launched a new business in 2018 to operate its own daycare centersat its properties, in addition to temporary daycare services using contracted daycare centers. It also provides support such as subsidies forthe cost of babysitting, as well as opening a center that helps employees find daycare services for their children. Information on programs
available for childcare is provided on its intranet site for pregnancy, childbirth, and childcare information.

Support for Combining Work with Nursing Care for Family Members
Mitsubishi Estate also offers a range of programs to support employees who are providing nursing care for their family. Employees can takenursing care leave or work shorter hours while nursing family members. In addition, a nursing guidebook is issued and internal seminars areheld to offer information on caring for family members.

Support for Employees' Life Plans
Mitsubishi Estate has set a retirement age of 60, but has introduced a job matching program to reemploy employees that want to continue
working after retirement age.

This program enables employees of retirement age who meet certain standards to continue working, which not only supports employees'
life plans, but also enables veteran employees to pass on the skills, expertise and personal connections built up over years of experience,thus helping to maintain service quality. Currently, these veterans are registered as advisors.

At the same time, expectations for this second phase of life are varied, and individuals make diverse choices. For this reason, the company
provides life planning seminars, training on planning for life after retirement. In addition, the second life support program has been set up,
enabling employees two years away from retirement to embark on a fulfilling "second life" with early retirement.

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SocialCreating Environment and Programs Conducive toOpen Innovation

Programs to Encourage Open Innovation
In order to promote business in a social and economic environment that is changing at an increasingly rapid speed, Mitsubishi Estate is
engaging in business model innovation. In October 2019, Mitsubishi Estate established new personnel programs for the purpose ofencouraging open innovation and expanding further the possibilities for independent career choices by individuals.

New Business Proposal System—Mitsubishi Estate Group Innovation Challenge (MEIC)
Through the New Business Proposal System, launched in 2009, we have extensively sought business proposals and ideas from employees.
With more than 130 applications received to date, the system has realized new initiatives that have helped diversify the Group’s sources of
earnings and strengthen its core business, such as GYMM, a pay-as-you-go gym, and Ecorfurni, a business reselling used office furniture.
In 2021, we launched the Mitsubishi Estate Group Innovation Challenge (MEIC) program to expand the scope of this system to encompass
Group companies. We will continue striving to strengthen systems for encouraging employees to take on challenges with the aim of
spurring Groupwide innovation.

Borderless! x Socializing! Initiative
On April 1, 2017, we established the Work Style Reform Promotion Committee, chaired by the president & chief executive officer, with theaim of strongly promoting the top-down reform of our corporate culture, the streamlining of business processes, and the creation of newvalue through increased productivity. In August 2018, the committee was renamed the BxS (Borderless and Socializing) Committee. The
BxS Committee’s promotion secretariat plays a central role in developing a variety of activities aimed at Companywide workstyle reforms
and improving operational efficiency. Every year, the secretariat conducts a survey on the status of the Mitsubishi Estate’s operational
efficiency, workstyles, and corporate culture and reports the results of the survey Companywide. Any issues that become apparent from theresults of the survey become a theme for discussions centered on the secretariat from the following year onward.

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Secondary Job Program
Mitsubishi Estate has established a secondary job program* based on a permit system to help employees maximize their own potential
through diverse experience and encourage them to accept various challenges that lead to their growth or career advancement. In so doing,
the company aims not just to help the knowledge and connections obtained through a secondary job be returned into the core business, butalso to create an environment for employees to work with more satisfaction through self-actualization.
* Excludes businesses that involve a conflict of interest with Mitsubishi Estate, such as competitors. Working hours up to 50 hours in any single month.

Open Recruitment of Human Resources with Secondary Jobs andDual Employment in Some Businesses
In some of its businesses, primarily new ones, Mitsubishi Estate has begun accepting human resources with secondary jobs and dual
employment* through open recruitment to hire a broad range of human resources that possess knowledge not present in its existing
businesses. As the first step, in the meditation studio operation business, which was established in April 2019 through the new businessproposal program, Mitsubishi Estate recruited and employed* human resources with responsibility for planning brand and marketingstrategy from among human resources with secondary jobs and dual employment.
* Assumes once weekly employment based on an individual outsourcing agreement with Mitsubishi Estate.

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Creating an Office Environment that Leads to Value Creation
Initiatives at Mitsubishi Estate Head Office
Mitsubishi Estate upholds the concept of "Borderless! × Socializing!" for its head office and has implemented a range of initiatives to createa venue for generating new value through spaces where people can connect with one another without borders and fully demonstrate theirstrengths. The company put this aspiration into practice as part of our work style reforms for productivity and employee healthadvancement.

While continuously implementing reform of the office environment and systems, Mitsubishi Estate is also implementing a range ofverification testing at the head office in such areas as biometric security and the use of robots for tasks such as cleaning and serving tea.
The achievements, knowledge, and expertise obtained through these initiatives are being utilized in proposals to customers, planning for
new office buildings, and urban development.

Mitsubishi Estate is also promoting SDGs awareness and initiatives of employees at the head office as part of its efforts to help realize asustainable society. These include the holding of events for employees to familiarize themselves with social issues through food at the inhouse cafeteria, the establishment of a display area where they can experience sustainable products from around the world, and enhancing
the effective sorting of waste (into 15 types).

In addition to the Otemachi Park Building head office, which is already available to Group companies, Mitsubishi Estate opened satellite
offices in Marunouchi and Yurakucho for the use of Group companies in response to such needs as promoting efficient and flexible
workstyles, strengthening BCPs, creating bases for information sharing and events, and deepening communication throughout the Group.
These offices have been named “MIX,” expressing the hope that they will be places where diverse people from the Group and sometimes
from outside the Group will mix together and create new value.

Free-address work environment
Employees can choose locations on any given day from a host ofdifferent seating options, including low tables, high tables, large
and individual desks, to match their workstyle preferences. Efforts
are also made to reduce paper and digitalize documents,

Internal staircase to eliminate borders between floors
Private stairways have been installed so that employees can movefreely between floors, bypassing the building's common areas. Thisencourages spontaneous communication, promotes health andmitigates the risks posed by loss or theft of confidential materials.

eliminating more than 70% of document storage cabinets
compared with pre-relocation.

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SPARKLE Cafeteria
The cafeteria can also be used as a workspace to facilitate thecreation of new ideas and insights. It also serves as place forcommunicating through food and is used as a space for sharing
information on subjects of interest to the company such as health

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One-third allocated to common area
One-third of the head office is allocated to a common area. This
helps to create inspiration through casual communication and toincrease motivation and productivity.

management, the SDGs, and project introductions.

MIX MARUNOUCHI
Also available for use as an event space.

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Initiatives at Mitsubishi Jisho Property Management Head Office
Mitsubishi Jisho Property Management received the New Office Promotion Award as part of the 35th Nikkei New Office Award program,sponsored by Nikkei Inc. and the New Office Promotion Association (NOPA). The company’s head office is located on the second floors of
the Marunouchi 2-chome Building and the Marunouchi-Nakadori Building, straddling the street of Marunouchi Nakadori. The renovation of
the head office was based on the concept of “Open the Blinds” to open up the blinds both visually and psychologically, and treats the offices
which are spread across two buildings as one floor, with Marunouchi Nakadori viewed as a courtyard. The renovation was designed to offer
a variety of venues for people to meet to co-create new value while feeling in every sense connected with the city. Besides the reception
area and a collaboration area where customers and partner companies are welcomed, the renovated head office has created various spaces
for enhancing communication, including MIX Marunouchi, a group office available to employees of the Mitsubishi Estate Group.

Offices located on the second floors ofbuildings straddling Marunouchi Nakadori

Reception area in the Marunouchi 2-chome
Building

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Initiatives at Mitsubishi Estate Home Headquarters
In line with relocating its headquarters from the Kokusai Shin Akasaka Building to Shinjuku Eastside Square in June 2022, Mitsubishi Estate
Home has launched Tokyo Base. This future co-creation office packed with various new features aims to provide employees with anenvironment allowing them to work with greater freedom and energy, to increase the value we provide to customers, and to help solve social
issues.

This is the first location at the Mitsubishi Estate Group to adopt activity-based working (ABW) with the goal of creating a vibrant atmosphere
where employees can enjoy working. ABW offers employees the freedom to select from various types of work points (seats) depending on
their current tasks, which help maximize the performance of all employees.

There are recharge spaces in the open café and work area where employees can relax, replete with furnishings made from Japan-grown
timber, something we focus on as a core value. Touching and feeling the logs and saplings on display helps raise employee awareness of
the issues the Japanese forestry industry faces, inspiring them. Interacting with our core values in the possibilities of wood andexperiencing first-hand our product values helps trigger the emergence of innovation that has true value as they work with their customers
and partners.

Japan-grown structural materials normally used in our custom-made detached housing projects are repurposed in the café space

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Initiatives at the MEC Design International Head Office
MEC Design International*, which engages in interior design for offices and other spaces, refurbished its head office in Chuo-ku, Tokyo in
February 2022 embracing diversification in values and changes in lifestyle and the way people work in its own offices.

Incorporating numerous opinions and requests from employees through in-house questionnaires and workshops, the company established“Act More, More Real” as a grand concept for a refurbishment to express employees’ styles of working. Drawing inspiration from the
walkways alongside canals, the seamless connection of a WALK zone where employees actively mingle and a WORK zone that realizes
flexible work styles creates an office bringing together diverse human resources and allowing a full sense of their passion to be expressed
while achieving a balance between life and work.

In an office that adopts activity based working (ABW) and provides a variety of work environments, employees can freely choose where towork according to their individual needs and requirements. This means they can act more like themselves, inspiring one another, and createa place that communicates MEC Design International’s passion as a design firm to the world. In the refurbishment, with contributing to the
SDGs in mind, the company also made efforts to reduce building material waste and effectively utilize surplus and recycled products.
Instead of conventional furniture and fixtures, long-lasting and health-conscious products were selected.

Interact and Share (Work Lounge/Café Counter)
The lounge, which has a versatile layout and can be used for avariety of purposes, is located directly next to the reception area toencourage internal and external interactions.

Experience, Experiment, and Combine (Gallery, Atelier)Located in the center of the space is a work area that includes
manufacturers’ sample displays and work counters with various
usage scenarios in mind where people can experiment andcombine various materials to create new spaces. It’s a work space
where the process of space creation can be communicated andfelt in a realistic way.

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Learn and Concentrate (Book Library)
The library area connected to the atelier is a place for reading andsharing the latest information on trends in Japan and overseas.
* MEC Design International Corporation: As a comprehensive interior design firm in the Mitsubishi Estate Group, it is involved in design for offices,
residential interiors, hotels, commercial spaces, and others. With its team of professionals conversant in interior design, the company provides a wide
range of services from consulting, conceptualization, planning, design, and construction through to procurement of furniture, fixtures, and equipment(FF&E).

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SocialHuman Capital

Basic Policy and Approach
The Mitsubishi Estate Group believes human resources are an important asset for realizing Long-Term Management Plan 2030 and creating
new value for society. In addition, the Group formulates the vision for its human resources and organization based on the distinguishingfeatures of its business model and its future business policies.

Vision for Our Ideal Human Resources and Organization
The Mitsubishi Estate Group promotes a wide range of businesses on a Groupwide basis, including the Commercial Property, Residential,
International, and Investment Management businesses. The Group believes it needs human resources who can fulfill the two roles of
Change Makers and Professionals while possessing the five traits it requires of them to achieve further business expansion. The Group also
adopted the slogan of “as one team” to reflect its vision of the ideal organization, one that harnesses the strengths of each and every
employee.

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Distinguishing Features of the Group’s Businesses andthe Human Resources It Requires(1) Long-term view of urban development
Implementing urban development under a long-term perspective looking several decades ahead, the Mitsubishi Estate Group has built along-term business model encompassing everything from land acquisition to development, management, and other activities. A
distinguishing feature of the Group’s urban development is that each and every employee cooperates with a diverse array of stakeholders ina broad range of business process areas. For this reason, the Group requires human resources with expertise on its business processes asa whole who are able to manage relationships with stakeholders.

(2) New value creation unbound by existing frameworks
Long-Term Management Plan 2030 calls for the Company to work to create new value by proactively promoting its international asset andnon asset businesses as well as its domestic asset business. Achieving this goal requires human resources who can create value in new
domains.

Five Traits
The Mitsubishi Estate Group has defined the human resources it requires as people who possess the five traits outlined below.Although our
employees fulfill a diverse range of roles according to business conditions and their own career aspirations, possession of the five traits is arequirement for all employees. As a result, we take measures emphasizing these five traits in our recruitment and development of
employees.

Five traits

Definition

Desired strengths

Measures(1) People with Vision

People who can visualize what
they want to achieve and havethe determination anddynamism to do so

The ability to create andpromote their vision withdetermination and courage

Implementation of job-levelspecific training on the topic
of vision(2) People with Frontline
Capabilities and the Required
Skill Sets for Their Role

People who develop their skills
and knowledge as aprofessional in both their fieldof specialization and the realestate industry and who havethe ability to drive businessforward

The ability to make soundjudgments, be customeroriented, and drive businessforward while also being
productive and possessing risk
management skills as well as
professionallevel skills andknowledge

Introduction of a support
system for employees toobtain qualifications relevantto their respective businessdomains

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INDEX (GRI・SASB・TCFD, etc.)(3) People with Integrity

People with high ethicalstandards, who act withintegrity and fairness, and whobuild good relationships withthose around them

Open-mindedness and highethical standards

Holding of Groupwide
compliance training for new
employees, recently
promoted employees, andnew mid-career hires(4) People with Team-Building
SkillsPeople capable of carrying out
human resource development
and management in order toincrease the competitiveness ofthe organization

The ability to nurture talent,
work as part of a team, anddeploy management skills

Arrangement of one-on-one
meetings to improve thequality and volume ofcommunication within theorganization(5) People with a Passion for
Taking On Challenges andInnovation

People who are not bound by
precedent or convention andwho have the spirit to take onchallenges and act without fearof failure

New Business Proposal
SystemChallenge-oriented andinnovative

Secondary Job Program
10% Rule System
Job-level-specific training on
the topic of taking onchallenges and innovation

Initiatives Related to People with a Passion for Taking On Challenges
and Innovation
Among the five traits, we particularly focus on initiatives related to people with a passion for taking on challenges and innovation.

New Business Proposal System-Mitsubishi Estate Group Innovation Challenge (MEIC)
Through the New Business Proposal System, launched in 2009, we have extensively soughtbusiness proposals and ideas from employees. The system has realized new initiatives that havehelped diversify the Group’s sources of earnings and strengthen its core business, such as GYMM,
a pay-as-you-go gym, and Ecofurni, a business reselling used office furniture. In 2021, in light of a rapidly changing business environment,
we expanded the scope of this system to encompass Group companies and launched a new program, the Mitsubishi Estate Group
Innovation Challenge (MEIC), in order to further promote this system. We will continue striving to strengthen systems for encouraging
employees to take on challenges with the aim of spurring Groupwide innovation.

The 10% Rule System
We have introduced a system that seeks to have employees dedicate 10% of businesshours to activities promoting business model innovation, or activities improving
operational efficiency and transforming our corporate culture that contribute to suchinnovation. The content of the activities is included in assessments of humanresources. Employees are free to choose how they use their time and are currently
working on a wide range of topics, such as developing measures to improve efficiency
in their daily work, building networks with external parties, and preparing applications for the New Business Proposal System.An internalsurvey found almost 70% of employees were engaged in business model innovation through such initiatives. We aim to increase thatpercentage further.

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Change Maker: Human resources who augment each other’s strengths
through collaboration by leveraging our long-term perspective andforward-looking DNA
A distinguishing feature of the Mitsubishi Estate Group’s business model is the creation of new value through collaboration with a vastinternal and external network in urban development, which is a long-term business activity.The Group requires employees to have the spirit
to take on challenges without being bound by precedent, so that they can identify issues from fresh perspectives and augment each other’s
strengths through collaboration by using internal and external networks while leveraging the Group’s strengths of a long-term perspective
and forward-looking DNA.

Measure 1 : Establishing the Collaborative Creation Sales Department (April 2022)
In April 2022, we established the Collaborative Creation Sales Department as an organization tocreate new value by matching the Mitsubishi Estate Group with competitive content partners who
anticipate the needs of the times. The department builds a content-driven database and collects
information extensively from Group employees, while also sharing and publicizing information. As aresult, the department has steadily established a track record on a variety of topics, including pets,
Please refer to our website fordetails.

leisure, art, the environment, and industry–academia collaborations.

Measure 2 : Drive Information
Mitsubishi Estate has created an information platform that Group companies can also join toaccelerate (drive) the promotion of businesses through access to information. Using the platform,
employees communicate information internally and externally of their own accord.
Regularly held PLAZA events, to which external guests are invited, contribute to the construction of
networks, the development of fresh perspectives, and other innovations.

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Professionals: Human resources who create new value
using their specialist expertise
In addition to steadily advancing large-scale developments in Japan, Mitsubishi Estate recognizes it must strengthen its International
Business, expand its non-asset business, and advance into the services and content domain, while enabling human resources withspecialist expertise in various domains to accelerate the development of businesses to create value to achieve Long-Term Management
Plan 2030. Based on this view, the Company has improved its recruitment of specialist human resources in various domains and invested
proactively in training programs to help all employees acquire and strengthen the expertise they require.

Measures to Develop Change Makers and Professionals / Groupwide
Interactions among Human Resources
In the Mitsubishi Estate Group, Group companies with employees who have a strong awareness of their role as Professionals are
responsible for various specialist domains, including the Residential Business, businesses for operating and managing buildings,
and the design, real estate brokerage, and Investment Management businesses. In addition, the Group implements initiatives tobroaden the two roles of Professionals and Change Makers through Groupwide interactions among human resources, such as
secondments from Mitsubishi Estate to Group companies to broaden the role of Professionals and secondments from Group
companies to Mitsubishi Estate to broaden the role of Change Makers.The Group also encourages communication acrossorganizational lines in various other ways, including through joint training sessions for newly hired employees of the Mitsubishi
Estate Group (with the participation of over 20 companies) and through Takanawa House, a Group dormitory for young, unmarried
employees who have been with the Group less than three years (used by eight companies).

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As One Team: maximizing organizational value by connecting andcombining individual strengths
The Mitsubishi Estate Group recognizes that accommodating diverse human resources and workstyles is crucial to managing and operating
its businesses. The Group therefore aims to maintain a well-balanced composition of employees in terms of nationality, gender, age, career
stage (graduate recruits and mid-career recruits), and other characteristics.
In particular, Mitsubishi Estate focuses on ensuring diversity in its recruitment through a range of initiatives, such as setting a target for
female employees to account for more than 40% of its workforce every year, introducing a recruitment process for non-Japanese humanresources in its graduate recruitment, and strengthening recruitment of mid-career hires (mid-career hires account for approximately 40% of
new recruits in the average year).
We also encourage a diversity of opinions to create an environment where employees can freely express their diverse values and views withpeace of mind. In this way, the Group aims to achieve ongoing growth by creating a vibrant workplace.

Diversity of Opinions
The Group’s vision for having diversity of opinions entails creating and maintaining an environment where all employees, regardlessof duty, job title, employment status, gender, age, or other attributes, can freely express their views with peace of mind and havethem taken into account. In addition to harnessing the strengths of all employees, the Group believes such an environment enables
it to make appropriate value judgments as a company, which in turn helps improve corporate value. The Group has also promoted
awareness of and created a culture conducive to having a diversity of opinions by distributing more than 300 posters with a QR codethat employees can scan to read an outline of the idea behind having diversity of opinions for displaying in various meeting rooms
and other locations.

In conjunction with these efforts, we have established a range of programs, such as the flextime program and childcare leave of absence, tocomprehensively enhance work and everyday life to a point where they become a single entity (work-life integration), without creating
barriers between the two.

Below is a list of Mitsubishi Estate’s various programs, benefits, and initiatives related to the promotion of employees’ health and work-life
integration.

Sustainability Activities (ESG) > Social > Promoting Diversity > List of work-life integration and employee healthpromotion programs and welfare initiatives (Mitsubishi Estate)

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Personnel Evaluation System
Mitsubishi Estate conducts two types of personnel evaluations: MBO (Management By Objectives) and behavioral evaluation.
MBO is conducted once every six months, and targets for each job are set in advance by the employee and the primary evaluator, and the actual
degree of achievement is evaluated.
Behavioral evaluations are conducted once a year to assess the degree of fulfillment of the five traits, and elements we seek within each trait
defined for each grade ("People with vision," "Professional People," "People with Integrity," "People with Team-Building Skills," and " People with a
Passion for Taking On Challenges and Innovation").
MBO and behavioral evaluations are graded by the evaluator, primary evaluator, and secondary evaluators and will be linked to bonus and salary.
The results of the evaluations along with expectations of the employee are communicated by the evaluator during the semi-annual feedback
meeting.

Initiatives for Human Resource Development
Human Resource Development Programs
Mitsubishi Estate provides a range of training to recognize positions according to the growth stage and develop the skills of employees. The
company supports individual growth through provision of programs such as joint Group training for new hires and newly appointed managers andskill development programs to help individual employees acquire the knowledge and skills they need and to encourage independent and selfdirected study.

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Offering a Wide Range of HR Development and Training Programs
The Mitsubishi Estate Group carries out a wide range of training programs to develop employees' capabilities and raise their awarenessabout compliance and human rights.

In addition to basic skill development programs, Mitsubishi Estate has established a range of elective skill development programs that give
employees the opportunity to choose at their own initiative.

Internship Program
Mitsubishi Estate runs an internship program to help interns understand the nature of the job and the industry.

Mitsubishi Estate Group-Wide Training
New recruit training/New recruit follow-up training/Self-care training
2nd Year training/3rd year training
Joint time management training
MarketingPresentation training
Logical thinking training
Practical coaching training
Business law training
Financial affairs & Accounting training
New manager training/New manager follow-up training

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Global Human Resource Development Initiatives
As part of the Global Basic Skill Strengthening options to develop human resources capable of thriving on the global stage, Mitsubishi
Estate provides programs such as short-term overseas language training and has introduced a system to subsidize second-language
studies. Additionally, under the Global Business Skills Strengthening option, employees can take part in a training system where they gain
practical experience at Group companies in the U.S., the U.K. and Asia. There are also study-abroad and business school programs available
so they can develop the capabilities needed to perform in a global environment.

In addition to medium and long-term dispatch programs, there is also a lineup of short-term programs lasting approximately one month,making it easy for employees who are unable to leave the workplace for long periods of time to participate. Moreover, internal debriefing
sessions are held after the training so that results and lessons can be shared widely with other employees, helping everyone see how a
global mindset is relevant to their own work.

Mitsubishi Estate will continue to augment its training programs in and outside of Japan to ensure that they are useful to and available toemployees in a wide range of positions.

Consultations for Career Development
At Mitsubishi Estate, employees set goals for their own work, their contributions to the organization, and their skill development. They thenreview their achievements every six months via management by objective (MBO) consultations with supervisors. They also confirm theevaluation of their performance in these consultations, and salary changes are decided based on the results of these appraisals. The
company also holds human resource consultations with every employee (with the exception of Level 3 management career employees andre-employed contract employees), aiming to solicit their views and requests of the company as well as to promote skill development.

Utilizing Human Resources and Organizational Data and Information
Utilizing Human Resources and Organizational Data and Information in Developing
Recruitment Strategies
We analyze the number of applicants for each recruiting channel and the number of pages viewed on our recruiting website, and conduct
recruiting activities while exploring more efficient ways to disseminate information to candidates.

We conduct our recruiting activities by considering the channels through which we can approach candidates with the necessary skills andexperience.

We analyze the results of aptitude tests taken by candidates at the time of entry into the main selection process, and use the results in our
recruitment activities for the following year and beyond.

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Conducting Periodic Employee Surveys to Analyze Conditions and Trends of
the Company and Each Department
Once a year, we conduct a periodic employee survey on job satisfaction, openness of each department, and the status of operational
efficiency.

Based on the survey results, we analyze the characteristic trends by department, branch, or position and grade to improve workplaceenvironment and corporate culture.

Consolidation and Utilization of Information on Human Resource Based on
Management Strategies
We formulate personnel allocation plans that considering the number of employees, skills, etc. required, each department's job description,
job characteristics, and plans, as well as company-wide management strategies.

In addition, we strive to promote and enhance performance of diverse individual employees by consolidating and utilizing employee
information (assignment and job history, experience, career aspirations, etc.) through our personnel system and periodic personnel
interviews.

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SocialHuman Rights Initiatives

Policy on Human Rights
As a member of society, the Mitsubishi Estate Group is keenly aware of the importance of respect for human rights. To fulfill our
responsibility to respect the basic human rights of all stakeholders, not only those involved in Group businesses, we set up the Mitsubishi
Estate Group Human Rights Policy on April 1, 2018. The Policy was formulated and published under the name of the President & Chief
Executive Officer of Mitsubishi Estate Co., Ltd. following deliberation by the Executive Committee and Board of Directors, and has beencommunicated to parties both in and outside the Group.

Respect for human rights is part of the Mitsubishi Estate Group Guidelines for Conduct, which all employees are expected to follow on adaily basis. These Guidelines stress the importance of respect for human rights and diversity, which means that employees show concern
for human rights and the environment in the course of their business activities. The Human Rights Policy adds to this by mandating respect
for the fundamental human rights of all the stakeholders involved in the Group's businesses, throughout its supply chain. The Mitsubishi
Estate Group does not tolerate any form of discrimination and human rights violations based on nationality, race, color, language, religion,sex, gender, sexual orientation, gender identity, age, political or other opinion, national or social origin, property, disability, birth, class or otherstatus in its corporate activities, and is committed to ensuring equal opportunity.

Mitsubishi Estate Group Guidelines for Conduct (excerpt)
4. Respect for human rights and diversity
We respect human rights and believe that diversity maximizes value.
1. We respect human rights at all times.
2. We reject discrimination and harassment in any form.
3. We strive to establish a creative and competitive organization that safeguards and respects the beliefs of the individual asreflected in the diverse communities in which we work and live.
4. We foster an open corporate culture in which all employees are encouraged to speak freely.

Mitsubishi Estate Group Guidelines for Conduct

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Mitsubishi Estate Group Human Rights Policy (excerpt)
We uphold and respect international standards related to human rights. These include the International Bill of Human Rights, whichsets out the fundamental human rights possessed by all the people of the world, and the International Labour Organization's
Declaration on Fundamental Principles and Rights at Work, which contains requirements concerning fundamental rights in theworkplace (freedom of association, right to collective bargaining, prohibition of forced labor, effective abolition of child labor, andprohibition of discrimination in recruitment and occupation). Moreover, we have formulated this policy based on the UN Guiding
Principles on Business and Human Rights.
We help ensure that respect for human rights is actively practiced in all business activities, and that such activities do not infringe on
the human rights of other people. If such activities nevertheless result in a violation of the human rights of others, efforts shall bemade to minimize the negative impact.
We carry out human rights due diligence in order to minimize any negative impact caused by human rights violations occurring as aresult of the Group's business activities. We maintain a framework for human rights due diligence and make improvements to theframework on an ongoing basis or if problems arise in order to improve its efficacy.
Furthermore, in the event that the activities of a business partner or any other individual or organization affiliated with the Mitsubishi
Estate Group directly have a negative impact on the human rights of others, even if we were not directly involved in fostering such anegative impact, we shall endeavor to make improvements together with stakeholders to ensure respect for human rights andeliminate all violations.

Mitsubishi Estate Group Human Rights Policy (PDF 36KB)

Mitsubishi Estate Group UK Modern Slavery Act Statement
Mitsubishi Estate has issued the statement to comply with Article 54 of the UK Modern Slavery Act 2015. The aim is to identify slavery andhuman trafficking risks in the Mitsubishi Estate Group and its supply chain, in addition to outlining the Group's initiatives to prevent andmitigate these risks.

FY2022 (PDF 137KB)FY2021 (PDF 82KB)FY2020 (PDF 94KB)FY2019 (PDF 197KB)FY2018 (PDF 366KB)FY2017 (PDF 1,980KB)

FY2016 (PDF 715KB)

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Promotion System
The Human Resources Compliance & Diversity Promotion Office in the Human Resources Department of Mitsubishi Estate Co., Ltd.
implements activities to promote and ensure respect for human rights in collaboration with relevant departments of Group companies.

Mitsubishi Estate holds an annual meeting of its Human Rights Education & Diversity Promotion Committee (chaired by the director in
charge of human resources) to review the status of its human rights and diversity promotion initiatives, exchange views on ways to improve
programs, review that fiscal year's activity plan and share knowledge on recent human rights conditions and promotion of diversity.

The Mitsubishi Estate Group has joined the Tokyo Industrial Federation for Human Rights, the Corporate Federation for Dowa and Human
Rights Issues, Osaka, and the Mitsubishi Human Rights Enlightenment Council. In addition to participating in training on social integrationand other human rights issues, the Group is committed to addressing human rights issues, and participates in activities such as information
gathering to expand this training to Group companies.

Initiatives for Human Rights Due Diligence
Mitsubishi Estate has established the Human Rights Education & Diversity Promotion Committee and is working to ensure human rights arerespected across the Group. The company also conducts human rights due diligence by looking at Group-wide issues and analyzing themby dividing the business into three areas: real estate development business, international business, and hotel business. In 2017, Mitsubishi
Estate hired expert consultants and lawyers to conduct document-based research to assess human rights risk and identified the following
as priority human rights issues.
(1) Forced labor and child labor(2) Working conditions and working environments for employees(3) Safety of users(4) Discrimination against users(5) Impact on indigenous peoples and local communities(6) Breach of personal information(7) Working conditions and working environments for the workers of suppliers

Mitsubishi Estate Group Initiatives
The Mitsubishi Estate Group is working to prevent damage to health caused by excessive work, promote work-life balance, and prevent
workplace harassment.

Occupational Health and Safety / HealthManagement

Promoting Diversity

Employment and Labor Relations

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Initiatives in Real Estate Development Business
Launching and Holding the Construction and Real Estate Human Rights Due
Diligence Promotion Council*
Acting as the organizer, Mitsubishi Estate launched the Construction and Real Estate Human Rights Due Diligence Study Group in
September 2018 with the participation of eight real estate and construction companies.The United Nations Guiding Principles on Human
Rights call on companies to avoid causing and exacerbating direct negative impacts on human rights as well as to endeavor to avoid andmitigate any adverse impacts on human rights with which they are indirectly involved in all facets of their business, including in their value
chains. In light of this call, Mitsubishi Estate established the study group in collaboration with other companies in the real estate industry
and with construction companies, with the aim of developing mechanisms to ensure human rights due diligence that also encompasses the
supply chain. The study group identifies impacts on human rights arising from business activities and investigates and researches methods
for addressing such impacts in order to fulfill the responsibilities called for by the United Nations Guiding Principles on Human Rights.
Specifically, these responsibilities are to avoid infringing on the human rights of others and to devise measures to prevent, mitigate, andcorrect human rights violations with which study group participant companies are involved.
* Name changed from Human Rights Due Diligence Study Group to Human Rights Due Diligence Promotion Council in April 2023

Respecting the Human Rights of Foreign Technical Interns
The Group conducts interviews with foreign technical interns and requests its suppliers to instruct and make known to their associates,
where it is assumed that many technical interns work, matters in the activities of technical interns that often go unnoticed, such as issues
related to pay and daily life. More specifically, the Group has included these requirements in quotation specifications distributed from April
2020 onwards to keep construction companies informed.

Using Sustainably-Sourced Timber for Concrete Formwork Panels
The concrete formwork panels*1 used in construction of offices and housing are made of lumber imported from Southeast Asia countries
such as Malaysia and Indonesia. NGOs and other institutions have said that procurement of some of these materials involves illegal
logging, including the taking of indigenous peoples' lands and the destruction of the environment.

From the perspectives of human rights and environmental protection, the Mitsubishi Estate Group uses timber that complies with the
Sustainable Sourcing Code*2 (certified lumber or Japan-grown timber) or equivalent as the timber in its concrete formwork panels. The
Group aims to achieve a usage rate of 100% by 2030. Mitsubishi Estate has requested construction companies to comply by including therequirements in quotation specifications distributed from April 2020 onward.
*1 The plywood used as the formwork for pouring of ready-mixed concrete when constructing buildings.
*2 The code, in which international agreements and guidelines for sustainability in different sectors are used as a reference, specifies guidelines andmethods of operation aimed at implementing sustainability-oriented procurement, among other matters.

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Initiatives in International Business
When considering business activities in Asia, where there are many cases of human rights violations in general, the Group will conduct
corporate human rights due diligence using checklists to confirm whether there were any issues such as forced evictions in the area. The
result will be used in decision-making when participating in business activities. More specifically, based on the concept of Free, Prior andInformed Consent (FPIC), the Group checks on such matters as whether there are opportunities for free discussion in a safe place, whether
dialogue is one-sided, whether there is any threatening language or conduct or any forced or violent exclusion, and whether relocation to analternative location with an appropriate standard of living is guaranteed. In addition, the Group gives special attention to women, children,
the elderly, indigenous people, migrants, ethnic and tribal minorities, and other socially-vulnerable individuals and groups as they areparticularly susceptible to human rights violations.

Initiatives in Hotel BusinessRoyal Park Hotels and Resorts, the company which operates 13 hotels in Japan, introduced certified wine and Fairtrade coffee in fiscal 2019
in order to implement initiatives for the sustainable development goals (SDGs).

Fair trade is an approach to trade that aims to improve the lives of producers and workers in developing countries that are in a weak
position by consistently purchasing raw materials and products from developing countries at a fair price. As a hotel chain, Royal Park Hotels
and Resorts endorses this approach and has introduced Fairtrade*1 and Fair For Life*2 certified wines at its full-service hotels and premium
limited-service The Series hotels, and Fairtrade coffee at its full-service hotels.

The company has also provided information on Fairtrade products to restaurants occupying its hotels as tenants.

*1 Fairtrade certification
A system that certifies product raw materials comply with the economic, social, and environmental
standards stipulated by Fairtrade International, including guarantee of minimum prices, safe working
environment, and preservation of soil, water resources, and biodiversity, in their production, export andimport, processing, and manufacturing, and that the raw materials and products of developing countries
are traded under fair terms and conditions.
*2 Fair For Life certification
A certification system for fair trade and responsible supply chains by ECOCERT (established in 1991 in
France), a world-leading certification organization with 23 branches around the world which provides avariety of organic certifications for agricultural and other products in over 80 countries.

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Ensuring Traceability in Newly-Built Condominiums for Sale
In its newly-built condominiums for sale, Mitsubishi Estate Residence is using concrete formwork panels*1 based on sustainable sourcing
standards for timber and to ensure traceability.
To ensure traceability, all companies in each stage of distribution, including logging and supply, must be certified. Mitsubishi Estate
Residence has been working to ensure traceability by using timber that has obtained FSC forest management certification, which confirmsthat forests are properly managed, and a FSC chain of custody (CoC) certification, which verifies that timber produced in FSC-certified
forests is managed and processed appropriately in the subsequent stages of distribution. However, there were still many companies
ranging from formwork processors to construction companies that have not obtained CoC certification. This was an issue because
certification doesn’t cover the entire distribution chain, which meant that traceability was not completely ensured.
To address this issue, Mitsubishi Estate Residence has started an initiative to ensure traceability throughout the supply chain by building ascheme to obtain third-party certification from Japan Gas Appliances Inspection Association, a third-party certification body, based on theuse of materials certified under the Programme for the Endorsement of Forest Certification (PEFC), a global alliance of national forest
certification systems that mutually endorses their certification systems. The initiative commenced with The Parkhouse Komazawa
Residence, which was completed in December 2021, and the traceability of the timber in concrete formwork panels in all buildings will beensured in fiscal 2030. In order to strengthen the initiative, Mitsubishi Estate Residence will also aim to obtain international certification in
addition to the third-party certification method. At The Parkhouse Takanawa Matsugaoka, which went on sale in July 2021, the company
obtained FSC*2 project certification for the supply chain component. This is a worldwide first-case*3 of obtaining project certification basedon FSC standards for concrete formwork panels, and has been achieved through cooperation with Kiuchi Construction Co., Ltd.
As a leading company in the newly-built condominiums for sale industry, Mitsubishi Estate Residence is working to make this an industrywide initiative by communicating the issues and solutions both internally and externally.
*1 The plywood used as the formwork for pouring of ready-mixed concrete when constructing buildings.
*2 Forest Stewardship Council®: An independent, non-profit organization that promotes responsible management of forests worldwide and operates aninternational forest certification system.
*3 According to research by Mitsubishi Estate Residence

Assessment of Human Rights Risks
Associated with Technology
The Company has set out the Mitsubishi Estate Digital Vision, which aims to promote new urban development that allows people toexperience convenient living environments through digital transformation (DX).In FY2022, we identified and assessed the actual andpotential impact on human rights of services and products related to technology for realizing our vision based on a human rights
assessment process to promote business activities with consideration for human rights. We will explore appropriate countermeasures forpreventing and mitigating human-rights risks.

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Establishment of Help Line on Human Rights
The Mitsubishi Estate Group has set up a helpline as a way for its employees to report any compliance issues including human rights
violations, breaches of Code of Conduct and Guidelines for Conduct. It is available to Group full-time temporary and part-time employees.
Investigation and fact confirmation are carried out concerning each report received and response measures are taken as necessary to
improve the workplace environment. The Company's Legal & Compliance Department receives the reports through an external contractor
and works with the Group companies that are subject of the reports, while protecting the privacy of the callers and whistleblowers,
guaranteeing confidentiality and ensuring they receive no unfavorable treatment in the workplace. A dedicated compliance helpline has also
been set up for external users such as suppliers and other business partners.

In-house Educational Activities
Ongoing Human Rights Programs
The Mitsubishi Estate Group provides training on human rights as part of its training for new employees on an ongoing, Group-wide basis.
New employees learn about the Group's approach and initiatives on human rights as well as its Human Rights Policy, deepening theirunderstanding of human rights.

Mitsubishi Estate carries out management career training on the prevention of workplace harassment including bullying and harassment
and the reporting procedures for such incidents. Human rights lectures are also given every year to executives such as the company's
president, directors and department managers, as well as Group company presidents.

Moreover, the Group provides training to instill the Mitsubishi Estate Group Rules on Prevention of Harassment. Mitsubishi Estate and someGroup companies also carry out training on themes such as social integration. These training sessions all seek to cultivate a greater senseof human rights by raising participants' awareness of discrimination.

Calling for Human Rights Education Slogans
The Mitsubishi Estate Group solicits suggestions for human rights education slogans every year. The winning entry will be published in

mec's, the Group's communication magazine, providing an opportunity for readers to reflect on human rights.

Regular Dialogue with External Stakeholders
Mitsubishi Estate Co., Ltd. engages in regular exchanges of opinions and dialogue with stakeholders, including NGOs and experts, in order
to appropriately address a variety of issues, particularly human rights and environmental problems in its own operations and supply chain.
The input obtained through these dialogues is used to improve and upgrade initiatives.

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SocialSupply Chain Management

Basic Policy and Approach
In order to help realize a sustainable and truly meaningful society through its business activities, the Mitsubishi Estate Group believes it isimportant to promote efforts across the supply chain. As such, the Group established the Mitsubishi Estate Group Supplier Code of Conduct
based on the Code of Conduct and Guidelines for Conduct. It sets out obligations that suppliers are required or expected to fulfil, which
include compliance with laws and regulations, respecting human rights, local communities, indigenous peoples’ rights, and cultural heritage,occupational health and safety, establishment of corporate ethics, environmental conservation and reduction of environmental impact,
ensuring information security and establishing a risk management system.

The Group asks its suppliers to also strive to notifythis Code of Conduct to their business partners so that they understand and cooperatewith its spirit and content, and thereby continue to promote efforts to fulfill its social responsibility across the supply chain with the aim ofrealizing a sustainable society.

Establishment of Mitsubishi Estate Group Supplier Code of Conduct
The Mitsubishi Estate Group believes that, in order for it to contribute to the creation of a truly meaningful society through its businessactivities, it is crucial that it ensure responsible procurement not only for itself but also in cooperation with business partners across theentire supply chain. Based on this idea, the Group revised its CSR Procurement Guidelines, which were created in April 2016, and establishedthe Mitsubishi Estate Group Supplier Code of Conduct in April 2022.

Mitsubishi Estate Group Supplier Code of Conduct (PDF 136KB)

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Mitsubishi Estate Group Order Action Guidelines
In accordance with the Mitsubishi Estate Group's Mission and Code of Conduct, Mitsubishi Estate has established the Order Action
Guidelines, which all executive officers and employees placing orders with business partners must follow, to ensure that orders andcontracts are administered with transparency and impartiality. The Guidelines are intended to ensure objectivity and economic rationality,
but they also include rules on environmental conservation, information management and avoidance of any involvement with organizedcriminal elements. These Order Action Guidelines are shared by the entire Group, and order and contract processes are established andadministered to suit the businesses of individual companies based on them.

Promotion System
Mitsubishi Estate’s Sustainability Management and Promotion Department, which is in charge of sustainability overall, and the Company’s
Human Resources Department, which is in charge of human rights and diversity, take the lead in supply chain management. Importantmatters are deliberated at the Sustainability Committee and the Sustainability Subcommittee, and they are reported to the Board of
Directors. Board of Directors has oversight of implementation of the supplier ESG program. Outstanding Group initiatives are reported andshared at the committee and subcommittee. Mitsubishi Estate’s Sustainability Management and Promotion Department also takes chargeof notifying and coordinating efforts relating to the Mitsubishi Estate Group Supplier Code of Conduct.

Mitsubishi Estate engages in appropriate ordering and contracting. This includes the separation of the business organization and theordering organization when placing orders with construction companies and the use of a self-check sheet for a self-inspection ofcompliance status, the results of which are reviewed objectively by the Company’s Legal & Compliance Department. When placing
particularly large construction orders, the Orders Surveillance Committee chaired by the Mitsubishi Estate President & Chief Executive
Officer meets to deliberate from the perspective of compliance.

See the following for the system related to human rights.

Human Rights Initiatives

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Primary Initiatives
Notification in and outside of the Group on the Supplier Code of Conduct
In order to ensure the dissemination of its Supplier Code of Conduct and Green Procurement Guidelines both inside and outside of theGroup, Mitsubishi Estate publishes these guidelines on its corporate website. The Company also requests its suppliers to guide andencourage their partner companies to cooperate by distributing the Supplier Code of Conduct together with quotation guidelines.

The Mitsubishi Estate Group Green Procurement Guidelines

Conducting Self-assessment Questionnaire(SAQ) on suppliers withhigh sustainability risk
In order to promote the improvement of sustainability and ESG-related initiatives throughout the entire supply chain, we are checking thestatus of suppliers’ compliance with the Supplier Code of Conduct through SAQ. SAQ is conducted targeting "construction companies" and"cleaning companies." They are our significant suppliers considering the following aspects and risks.

Environmental, Social, and Governance aspects*1
Country-specific risk*2 and Sector specific risk
Business relevance (high-volume suppliers, and/or critical component suppliers to our businesses*1 Criteria for defining high ESG risks
1. Suppliers where migrant workers work as they may be vulnerable to human rights violations
2. Suppliers with high environmental impact
3. Suppliers having multiple consignment structure which may lead to governance risk
*2 We conduct SAQ on our business operations in Japan as most of our business is operated, and also in south-east Asia as consideringcountry specific risk and human rights risks tend to be higher than other regions.
In addition to our tier-1 suppliers, we will also conduct SAQ on our tier-2 and subsequent suppliers. Through in-depth risk assessment of the
supply chain, we will identify potential risks and request and require suppliers to make improvements based on the result of SAQ.
Our Supplier Code of Conduct refers to major international standards such as the International Finance Corporation (IFC) Environmental andSocial Performance Standards, the Responsible Business Alliance Code of Conduct, and the Building Responsibly Principles. Our SAQ(supplier assessment) is carried out in order to check suppliers’ compliance with the Supplier Code of Conduct.
In this context, we see working conditions and treatment of migrant workers, working hours of all workers, and establishment of grievancemechanisms as anticipated high-risk items.
We will also strengthen our supply chain management by promoting sustainability and ESG-related initiatives through on-site audit and othermeans in conjunction with SAQ.

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Initiatives in FY2022
We conducted SAQ with a total of 60 suppliers (43 construction companies and 17 cleaning companies), including secondary andsubsequent suppliers. In order to gain an accurate understanding of the status of sustainability promotion at suppliers, interviews withworkers at supplier companies were conducted after the SAQ was completed at construction companies. Based on an understanding of theactual status of suppliers, we will consider measures to address issues and strengthen supply chain management.

Evaluations of Business Partners in Each BusinessBusiness

Social and environmental assessment
Mitsubishi Estate has adopted an evaluation system for subcontractors that assesses from multiple

Building Businessperspectives the quality, safety and hygiene, and environmental initiatives of construction companies
engaged in subcontracted work in its Building Business. The subcontractors are given feedback on the
results of the assessment, and asked to make improvements if necessary.
Mitsubishi Estate Residence utilizes a Contractor Interview Sheet when selecting new subcontractors withwhich to partner, and confirms the subcontractors' conditions, including the headquarter organization's onsite support system. In addition, in order to enhance the quality of construction and ensure safety andCondominium

hygiene on-site, the company asks the subcontractors to submit work schedules and construction plans toBusiness

ensure in advance and places orders with an appropriate construction schedule. The company also strives
to make improvements by ensuring good communication with subcontractors, such as holding meetings
before the start of work and regular meetings during construction at each site and evaluating the contractor
when the work is completed.
Mitsubishi Estate Home has established guidelines for its initiatives with business partners that take into
account the unique characteristics of its business. The basic order unit price that will serve as thebenchmark is set in agreement with the supplier as we strive to ensure equitability for the supplier.
Business partners in the architecture, facility and electronics industries are evaluated comprehensively andfairly on the basis of a questionnaire given to the employees who are their point of contact, and also taking

Custom-Built Housing

into account the number of customer referrals, workmanship and credit conditions. The number of buildings

Business

with which they will be entrusted is decided based on this evaluation along with the fixed unit price.
In addition, clearly separating the manufacturer's product costs and the distribution costs until the productreaches the final delivery destination raises the transparency of product costs and distribution costs,
enabling a fair evaluation of the material supplier and the manufacturer. When deciding on construction
amounts, the costs of construction and operating expenses are accounted for separately, and efforts are
made to prevent simple price competition.

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Improving Quality and Safety during Condominium Remodeling
The employees of Mitsubishi Jisho Community work together with partner companies which deal directly with clients to improve quality,
safety and customer service etiquette when it comes to repair work which must be performed while clients are in residence.

The company constantly aims to raise the level of construction quality by, for example, using the company's exclusive skills testing andregistration system for technicians (private license system) and sharing aftercare case studies with partner companies once repair work iscomplete. They also put the safety of clients first during construction and work with partner companies to create work sites that are safe,
secure and pleasant for all involved. In addition to all this, since 2011 the company has conducted a customer service questionnaire every
year after the completion of a large-scale repair project, the results of which are used to provide feedback to partner companies and help
improve customer service.

Every year from July to August, the company works with business partners to organize the Work Quality & Safety Promotion Rally, where it
shares its goals of increasing customer satisfaction levels and carrying out safe and high-quality construction projects. The company also
takes the opportunity to publicly acknowledge outstanding field representatives and people who performed excellently in the technical skills
examination.

Organizing Registered Contractor Workshops in the Custom-Built
Housing Business
Since 1998, Mitsubishi Estate Home has organized registered contractor workshops for all subcontractors including artisans (workers withspecialized skills related to building) and managers from partner companies. The workshops allow the company to guide and support
participants as the master contractor, helping them learn about health and safety and how to improve safety, quality and appropriate
behavior at construction sites.

Supplier List
Mitsubishi Estate
Major construction companies
Obayashi Corporation

KAJIMA CORPORATION

Kuboco Co.

KONOIKE CONSTRUCTION CO.,LTD.

JFE Civil Engineering & Construction Corp.

SHIMIZU CORPORATIONThe Zenitaka Corporation

DAISUE CONSTRUCTION CO.,LTD.

TAISEI CORPORATIONTAKENAKA CORPORATIONTEKKEN CORPORATIONTODA CORPORATIONNIHON KENSETSU CO.LTD.

Fujita Corporation

Muranaka co. ltd.

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Mitsubishi Estate Residence
Major construction companies
IWATA CHIZAKI Inc.

KAJITA Corporation

Kawaguchi Construction Co.,Ltd.

Kiuchi Construction Co., Ltd.

Kumagai Gumi Co.,Ltd.

Koshin Construction Co., Ltd.

SATO KOGYO CO.,LTD

Shimizu Corporation

Daiichi Kensetsu Corporation

Daisue Construction Co., Ltd.

TAISEI CORPORATIONDAIHO CORPORATIONTAKENAKA CORPORATIONTSUCHIYA CORPORATIONTOA CORPORATIONTOKYU CONSTRUCTION CO., LTD.

Nankai Tatsumura Construction Co.,Ltd.

NISHIMATSU CONSTRUCTION Co.,Ltd.

JDC CORPORATIONHASEKO Corporation

Fujita Corporation

HEISEI CO,. Ltd.

MAEDA CORPORATION

Matsui Kensetsu K.K.

Mabuchi Construction Co.,Ltd.

Muranaka co. ltd.

MURAMOTO CORPORATIONMEIKO CONSTRUCTION CO.,LTD.

Morimoto Corporation

YAHAGI CONSTRUCTION CO.,LTD.

WAKACHIKU CONSTRUCTION Co., Ltd.

Mitsubishi Jisho Property Management
Major cleaning companies
Iing Co.,Ltd.

Eiwa Tatemono Kanri CO., LTD.

KYORITSUKANZAI CO.,LTD

GLOBESHIP Corporation

SANKEI BUILDING MANAGEMENT CO.,SANKO INC.

LTD.
SEIBI Co., Ltd.

Sotsu Amenity Service Corporation Ltd.

Taisei Co., Ltd.

CHIYODA BLDG. KANZAI CO.,LTD

TOKYO BISO KOGYO CORPORATIONTokyo Fudosan Kanri K.K.

NIKOH SANGYO co.,Ltd.

NIPPON KANZAI Co., Ltd.

Nihon Buil.Maintenance Inc.

HARIMA B.STEM CORPORATIONMENTEC KANZAI co.,ltd

Ryo-sa BUILWARE Corporation

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Royal Park Hotels and Resorts
Major cleaning companies
Eiwa Tatemono Kanri CO., LTD.

S・B・M

Kyushu Daiken

KYORITSUKANZAI CO.,LTD

GLOBESHIP Corporation

Keiji Hotel Service

CBS Corporation

SAYCO Building Management Co.,Ltd.

JATEC Co,.Ltd.

Houzestaff

PARCO SPACE SYSTEMS CO., LTD.

Mitsubishi Jisho Community
Major cleaning companies
Iing Co.,Ltd.

Houzestaff

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SocialEmployment and Labor Relations

Promotion of Dialogue with Employees and Labor Union
Mitsubishi Estate supports the right to group negotiation and emphasizes problem-solving together with labor unions. The company forms
labor agreements with the Mitsubishi Estate Labor Union and discusses issues that need to be resolved and the right course ofdevelopment for the company to take on the basis of trust, in order to build positive relationships.
Moreover, in terms of labor hours, the company and labor union have signed the statutory agreement on overtime work (known as "36
Agreement") and work together to set internal management standards based on labor-management consultations to avoid excessive
working hours for employees.
Mitsubishi Estate also holds a Labor Council as a forum for regular management dialogue on employee health and safety with the union
whereby they report and discuss union members' requests and needs concerning these issues. Through these activities, Mitsubishi Estate
strives to improve its workplaces and systems so that the needs of all union members can be reflected.

Equitable Salary System
At Mitsubishi Estate, regular wage raises were discontinued in 2000, and a salary increase system based on skill development was adopted.
A performance-based bonus system based on MBO and an objective performance evaluation and promotion system have also been
adopted to raise employees' motivation to improve their work and skills. There are no salary discrepancies based on gender.

Payment of Fair Wages
The Mitsubishi Estate Group ensures payment of the minimum wage or above based on the laws in each of the countries where it conducts
business.
See the following for average annual salary of employees at Mitsubishi Estate Co., Ltd.

ESG Data > Social Data

Retirement Allowance Program
Mitsubishi Estate has established a defined-benefit lump sum retirement grant program and a corporate pension program.

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SocialOccupational Health and Safety / HealthManagement

Occupational Health and Safety
Policy on Occupational Health and Safety
Beyond complying with the Labor Standards Act and other labor-related laws and regulations, the Mitsubishi Estate Group proactively takes
various steps to maintain and promote the health of all its employees and ensure their safety.
Mitsubishi Estate has established the "Health Management Declaration" based on the belief that employees being healthy, both physicallyand mentally, and maximum performance are the source of corporate vitality. Under the Health Management Plan 2030, multiple KPIs* havebeen set and performance is monitored annually to ensure continuous improvement.
In addition, with regard to the working environment, including occupational health and safety, we consult with the labor union and implement
improvement measures and initiatives to create a comfortable environment for our employees.
Mitsubishi Estate Home Co., Ltd. conducts risk assessment regarding occupational health and safety for new and existing projects during
formulation of its annual health and safety management plan and during hazard prediction activities on construction sites. The company
implements safety measures on construction sites after identifying risks arising from the work and analyzing the possibility of occurrence
and degree of impact.
The Mitsubishi Estate Group's Supplier Code of Conduct also includes items related to "Occupational Health and Safety" and requires
compliance with the following items: "Compliance with laws and regulations related to occupational health and safety," "Occupationalsafety," "Occupational injury and illnesses," "Sanitation, food, and housing," and "Health and safety communication.” We believe it isimportant for our suppliers to have a workplace that guarantees occupational health and safety, and we communicate with suppliers
through self-assessment questionnaire and audit.
* Percentage of high-risk group for metabolic syndrome (aged 40 or older*): 14.8%by FY2030
Percentage of individuals whose results of their regular health checkup for all of the categories affecting the determination on lifestyle diseases were
within normal levels (aged 40 or older*):32.8% FY2030
Cancer screening rate: 90% (every year from FY2021 - FY2030)
Maintain percentage of high stress group: 10% or lower (national average: 10%) (every year from FY2021 - FY2030)

Management Structure for Occupational Health and Safety
Mitsubishi Estate holds a monthly Health Committee meeting chaired by the head of the Human Resources Department and industrial
physicians, persons in charge of health and safety from the Human Resources Department, and a representative of the labor union attend.
In this meeting, the number of occupational accidents, overtime work, and other items of high risk to the Company are reported.

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Primary Initiatives
Participating in External Groups
To respond appropriately to the demands of society and employees, the Group proactively participates in workshops, conferences, andinitiatives on labor standards and will continue to improve its efforts by incorporating outside knowledge.

Response to Industrial Accidents
In cases of accidents or incidents leading to injuries or fatalities, we identify the cause(s) through such means as interviews and surveys ofthe employees involved and strive to prevent recurrence by considering and promoting improvement measures.

See ESG data for number of industrial accidents.

ESG Data > Social Data

Preventing Excessive Work
The Mitsubishi Estate Group strives to comply with local laws regarding working hours and overtime in each country where it conducts
business. The Group has also taken various initiatives to reduce excessive working hours.

Mitsubishi Estate has introduced a work management system that is linked with computer log-on/off times so that supervisors can follow
employees' work conditions. Supervisors also meet one-on-one with their subordinates to discuss workload and task difficulty so they canunderstand conditions that may impact their health. Any employee, including those in managerial positions, who works more than 80 hoursof overtime in a month is encouraged to have a checkup with an occupational physician. This is a part of Mitsubishi Estate's commitment tohelping employees manage their health.

In order to promote work-life balance, the company adopted a flex-time schedule for all employees in fiscal 2016 and implemented
initiatives such as the "positive off movement" to help employees make plans to take days off and encourage them to take paid leave. In
fiscal 2017, the company introduced an hourly paid leave program and a tele-working program. The company is also making efforts tocreate a healthy and innovative working environment led by the B×S Promotion Committee, an organization under the direct supervision of
the President established in the same year.

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Managing Employee Health through Medical Examinations
Mitsubishi Estate carries out a scheduled medical examination once a year for all employees to help them maintain and improve theirhealth. In 2016, the company added electrocardiographs and stomach ultrasounds (for persons 35 and older) to further improve detectionof lifestyle diseases. We also take the time to provide follow-up examinations, urgent examinations and meetings with occupational
physicians depending on the results of the medical examinations. To improve the screening rate, individual notices with information about
medical examinations are sent to people who miss their examinations.

Training and Education on Health and Safety
At Mitsubishi Estate, all new managers are required to take mental health training. This training aims to deepen understanding of mental
health and improve occupational health and safety within the organization by providing knowledge required for managers on managing
members with regard to these issues, such as ((1) prevention, (2) how to respond to employees with mental health issues when they occur,(3) how to engage with employees returning to the workplace who had mental health issues, (4) workplace improvement measures, etc.).

Conducting Stress Check Tests
Mitsubishi Estate conducts stress checks once a year for all employees. The Human Resources Department analyzes the results for theentire organization and each department, and the Human Resources Department provides feedback to the managers of each department.
And they have discussions regarding health issues that each department has and occupational health and safety.

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Health Management
Policy on Health Management
Mitsubishi Estate advocates health management, in which it considers employee health from a management perspective and works on it
strategically. Based on this perspective, Mitsubishi Estate established the Health Management Declaration in October 2016 to systematize
initiatives and plans the company and the health insurance union has carried out thus far, articulate the top management's commitment,
and ensure further improvements in maintaining and improving employee health.

Mitsubishi Estate Health Management Declaration
Mitsubishi Estate believes that the source of corporate vitality is maximizing employee performance through both mental andphysical health.

With the aim of creating a vibrant workplace advocated in the Mitsubishi Estate Group Code of Conduct, the company will further
develop the activities to maintain and improve employee health that it has worked on thus far and continue to promote health as wework together with the health insurance union, the Mitsubishi Estate Labor Union, employees and their families.

In addition, based on the Mission of the Mitsubishi Estate Group to contribute to society through urban development, we willcontinue contributing to the society at large by supporting health promotion for the people who live, work and relax in thecommunities.

In implementing its health management, Mitsubishi Estate has appointed the executive with responsibility for human resources as thehealth management promotion officer. The company also makes commitments to safety and hygiene in its labor agreements and strives toprotect employee health and safety through health checkups and safety education.

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Health Management 2030
Complementing the ESG initiatives in the Long-Term Management Plan 2030, and after reanalyzing the findings of the fiscal 2020 healthcheckups, Mitsubishi Estate has formulated Health Management 2030, a set of health-related KPIs, and is working to achieve improvementsin employees' health.

See the following for results of the KPIs.

ESG Data > S: Social data > (1) KPI > Health Management

Health Management 2030 KPIs
KPI2025 targets

2030 targets

25.6%(equivalent to national average;

Percentage of high-risk group for
metabolic syndrome(aged 40 or older*)14.8%*Percentage of individuals whose results ofapproximately 60% of FY2019 percentage)

their regular health checkup for any of thecategories affecting the determination oflifestyle diseases reached or exceeded the level

Lifestyle diseases

at which medical attention is recommended

Percentage of healthy group(aged 40 or older*)32.8%*Percentage of individuals whose results of

20.85%(equivalent to national average;
approximately 370% of FY2019 percentage)

their regular health checkup for all of thecategories affecting the determination on
lifestyle diseases were within normal levels

Malignant growths(cancer)

Mental healthCancer screening rate: 90%

Cancer screening rate(every year from FY2021 - FY2030)
Maintain percentage of high stress group at 10% or lower

High stress group(national average: 10%) (every year from FY2021 – FY2030)

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Primary Initiatives
Initiatives on Employee Health Promotion
Beginning in fiscal 2017 a subsidy program was set up for health-promoting programs (sports activities, checkups not covered by healthinsurance, etc.) for employees with the “Cafeteria Plan.”*1
It also strives to raise employees' awareness of health by holding health-related in-house exercise events and seminars, including a physicalimprovement competition.*2*1 This program enables employees to use points allotted to them to choose programs from a menu set by the company (sports activities, checkups
not covered by health insurance, etc.).
*2 Five-member teams representing each department compete for rankings, with changes in fat and muscle mass and number of steps taken over thelast two months converted into points.

Initiatives on Health Issues (Lifestyle Diseases, Cancer, and Mental Health)Lifestyle Diseases

CancerMitsubishi Estate analyzes health screening results and in

In addition to making mandatory the screening for the fivecollaboration with the health insurance union provides measures

cancers recommended for screening in Ministry of Health,for employees at risk of lifestyle diseases (programs designed toLabour and Welfare guidelines according to employees' age,prevent more severe disease*1) and encourages individual

Mitsubishi Estate has established a system to subsidize the cost

participation in specific health guidance to improve overallof screening for other cancers with the aim of early detection

participation.

and early treatment.

Mental HealthIn order to strengthen the consultation system from theperspective of improving mental health, Mitsubishi Estate has
included psychiatrists as occupational physicians.
Since fiscal 2016, Mitsubishi Estate has expanded systems forabsence and leave due to injury and illness and established areturn to work support program for employees with mental
illness that have required a long-term absence or leave.
In addition to providing mental health training for newly hired
employees and newly appointed managers by advisingphysicians, Mitsubishi Estate implements regular education on
mental health for managers, including e-learning.
*1 Programs designed to prevent more severe disease: lifestyle improvement and guidance programs provided by medical institutions

Please see the following for the Mitsubishi Estate Health Management Strategy Map

Mitsubishi Estate Health Management Strategy Map (PDF 75KB)

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Winning Recognition under the Certified Health & Productivity Management
Outstanding Organizations Recognition Program
Mitsubishi Estate has been recognized as an outstanding organization in health management under the Certified Health & Productivity
Management Organization Recognition Program run by the Ministry of Economy, Trade and Industry and Nippon Kenko Kaigi.

See the following for the latest information on the certification.

External Evaluations of ESG Performance

Addressing Infectious Diseases and Other Global Health Issues
The Mitsubishi Estate Group regards health problems due to infectious diseases such as the recent COVID-19 pandemic as well as
HIV/AIDS, tuberculosis, and malaria as a global issue. In order to protect employees from these kind of health problems, the Group instructs
expatriate employees and their accompanying family members to receive the vaccinations recommended by government quarantine
stations for each destination prior to travel. In the location of an overseas posting, we also provide medical consultation services, which
include hospital arrangements, and ensure to make clean, safe, serviced apartments and condominiums available. Through these activities,
we provide support for employees and their families to live overseas in good health and safety.

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SocialEnhancing Customer Satisfaction

Basic Policy and Approach
The Mitsubishi Estate Group has made clear in the Group Code of Conduct that it strives to earn the trust of its clients and works to create
safe, reliable and improved products and services through communication with its customers.

Mitsubishi Estate Group Declaration on Customer Respect
The Mitsubishi Estate Group established the Mitsubishi Estate Group Declaration on Customer
Respect on April 1, 2018.

Mitsubishi Estate Group Declaration on Customer Respect (PDF 61KB)

Information on Activities Related to the Declaration (Follow-up Activities) (PDF 146KB) (Japanese only)246

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Promotion System
When the Group receives comments or complaints from clients, the customer service personnel of each Group company receive them and,routinely, field staff are sent to the site to handle issues in person. The opinions received from clients are attended to sincerely, fairly, andimpartially. Mitsubishi Estate collects matters that should be handled by the whole Group, reports them to management, and makes thenecessary changes in its business activities. For items where correction is needed, the relevant departments all work together to handle thematter promptly.

Primary Initiatives
Implementing Tenant Satisfaction Surveys
Mitsubishi Estate implements customer satisfaction surveys for with the tenants of its office buildings. The surveys mainly check the levelof satisfaction with the management and operating systems of each building, and the company makes improvements as needed based on
the survey results.

See the following for the survey implementation rate.

ESG Data > S: Social data > (2) Other > 2. Diversity > Employee satisfaction and customer satisfaction

Responsible Advertising Activities
Mitsubishi Estate Residence Co., Ltd. has created a "Real Estate Advertisement Creation Manual" that we revise as necessary. We interpretthe regulations and conduct our business in conformance with our obligations established by the real estate advertising rules set forth in
the "Fair Competition Codes Concerning Indication of Real Estate" and "Fair Competition Codes Concerning Limitations on Premiums
Provided by Real Estate Businesses." In view of specific cases experienced in the course of conducting our business, we have clarified ourpolicies with regard to various scenarios and have compiled them in an easy-to-understand, practical manual.

It can be used as a guide for sales activities and designing advertisements, of course, but we also provide it to people associated with thereal estate business to be applied as a reference manual for conducting activities in an autonomously ethical manner. We strive to ensure
we never betray our customers' trust by encouraging false expectations or by failing to inform customers of things that would be to theirdisadvantage.

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INDEX (GRI・SASB・TCFD, etc.)"Five Eyes" to Create Quality Residences
Mitsubishi Estate Residence proposes the peace of mind and quality required in condominiums with five areas of focus using "Five Eyes," anoriginal system for all properties it offers under its The Parkhouse brand of condominiums for sale (some features available only in theTokyo metropolitan area).

Five Eyes

Check Eyes: Mitsubishi Estate Residence's original quality management and performance labelling system
Eco Eyes: cutting-edge environmental specifications
Custom Eyes: consultancy to help create a comfortable home including interior design
Life Eyes: a security system jointly developed with Mitsubishi Jisho Community and the security company Secom Co., Ltd.
Community Eyes: 24-hour, 365-day condominium management support for continued peace of mind after moving in"Five Eyes" Creating Quality in our Residences

Introducing the NPS Scheme to Increase Client Loyalty in theCondominium BusinessFor our clients, the purchase of a condominium is a life-changing decision. Mitsubishi Estate Residence has introduced the Net Promoter
System (NPS) to measure client loyalty not only before they make the purchase but also after they move in. Surveys are administered toclients at every phase — from the initial visit to contract signing to handing over, a year after moving in and two years after moving in — togauge client endorsement levels. The reasons given are also noted and presented to the relevant departments as feedback to help improve
products and services. While the comments received are occasionally harsh, the NPS scheme is still a valuable resource that helps thecompany boost client loyalty even higher.

See the following for evaluation results.

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Owner's Survey
Mitsubishi Estate Home carries out owner's surveys to improve customer satisfaction and archives the results in a database that it shareswith the rest of the company. The company is focused on strengthening its customer service via its home consulting services, which is acore component of its residential program starting from the initial stage and extending long after purchase. The survey results show thatthese efforts are paying off. We will strive to further increase customer satisfaction going forward through strengthening service
capabilities and product design from the customer's perspective.

Improving Client Satisfaction with Architectural Design Management
Operations
Mitsubishi Jisho Design strives to improve client satisfaction as part of its ISO 9001 quality management system. The company hascompiled a list of “Don’ts” for design management operations which is shared on the company's intranet. Moreover, when a project iscomplete, the whole project is analyzed and assessed using the level of compliance with the client's requests as the standard.

Well-being Initiatives in Urban Development
Chiyoda Ichibancho Project (tentative name), an office development project underway in Chiyoda-ku, Tokyo, is the first tenant building inJapan to receive precertification for WELL Core—which can be acquired by buildings occupied by tenants—under WELL v2, the latest versionof the WELL Building Standard (WELL Certification), an international ratings system for buildings that emphasizes the health and well-beingof people.
This certification is based on the following criteria: Air, Water, Nutrition/Food, Light, Physical Activity, Thermal Comfort, Acoustical Comfort,
Materials, Mind, and Community. In this project, the property design and construction incorporated the required elements based on these
items. In particular, "promotion of urban development in line with the development concept," "introduction of a panel heating and coolingsystem," "the facilitation of fitness for workers,” and "provision of operable windows that offer ample natural light" were highly evaluated.
The project also incorporates "Accessibility" and "Biophilic Design," elements related to wellbeing that are required in addition tocertification.

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SocialSocial Contribution Activities /Support for Communities

Basic Policy and Approach
The Mitsubishi Estate Group has set out to "contribute to creating a truly meaningful society through urban development" as stated in its
Group mission. The Group has also established the Mitsubishi Estate Group Code of Conduct to articulate the actions needed to implement
the carrying out of this mission. Further, it has implemented the Mitsubishi Estate Group Guidelines for Conduct which set out the specificstandards of conduct in order to realize "who we aspire to be, how we aspire to be perceived, and what we should do in order to achievethese aspirations," as established in the Code of Conduct. The Group Guidelines stipulate the realization of sustainability, and we endeavor
to ensure continued enhancement of corporate value, sustainable social development, and conservation of the global environment by
creating long-term value through sound business practices.
In addition, the Group established its Guidelines on Social Contribution Activities in April 2008, revising the Social Contribution Activity
Philosophy (created in 1994) from viewpoints including changing social issues and the necessity of implementing Group-wide initiatives.
Group companies abide by these guidelines when conducting their activities as they engage in their respective businesses.
We also implement community investment, engage with NGOs, and participate in initiatives to better contribute to the society. Our focus
areas — harmony with the local community, support for culture and the arts, environmental conservation, and social welfare — are set out in
the Group Guidelines and linked to the Group's business strategy.

Mitsubishi Estate Group Guidelines on Social Contribution Activities
1. Solutions to social issues together with corporate growth
As a good corporate citizen, we work to resolve social issues with the added benefit of achieving corporate growth through suchactivities.
Development of activities characteristic of the Mitsubishi Estate Group
2. We carry out unique social contribution activities, both within and outside its business spheres, which are characteristic of theGroup and utilize its management resources.
Ties with community
3. We engage in transparent and fair activities in affiliation with various groups, based on equal footing, trust and dialogue.
Priority areas
4. We prioritize harmony with the local community, support for culture and the arts, environmental conservation and social welfare.

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Goals and Achievement Status
In the Long-Term Management Plan 2030, the Mitsubishi Estate Group sets out sustainability, providing solutions for the social issues of thetimes, as one of the focuses of its provision of value through business activities. As such, the Group has established the Mitsubishi EstateGroup 2030 Goals for the SDGs in order to guide its actions in this area. The Group aims to achieve the policies and targets it has set out
under the four key themes of the environment, diversity & inclusion, innovation, and resilience.

The Group will also promote initiatives with an eye on these key themes in its social contribution activities. We will engage in autonomous
activities in the areas of harmony with local communities, support for culture and the arts, environmental conservation, and social welfare,
the four priority areas under the Mitsubishi Estate Group Guidelines on Social Contribution Activities. In addition, we will work to enhancethe value of the neighborhoods and create economic benefits through partnership and collaboration with diverse stakeholders, including
NGOs, NPOs, and the public and private sectors, while continuing to contribute to solving social issues by joining and supporting a variety oforganizations.

Programs to Support Employee Volunteer Activities
The Mitsubishi Estate Group is working to create an environment that makes it easy for people to volunteer, such as by establishing
Volunteer Support Programs available to employees including Group companies.

Overview of Main Programs
Program

Overview

Days off for volunteering

Employees can use their accumulated days off (special PTO) for volunteeringSocial learning

Employees can volunteer during working hours

Volunteer insurance*

The company provides insurance that compensates for accidents during volunteering (also for family
members)

Activity fee subsidy*

The company partially subsidizes volunteer participation and travel expenses (also for family
members)

Subsidy program for volunteer’s
travel expenses to disasteraffected areas*

The company partially subsidizes travel expenses for volunteering related to disasters covered under
the Disaster Relief Act (also for family members)* Program including Group company employees

See the following for the usage results of these programs.

ESG Data > S: Social data > (2) Other > 2. Diversity > Number of employees using personnel programs

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Initiatives Related to the Health and Wellbeing of Visitors
and Tenant Workers
Megourmake Project Aiming to Build Enriched Relationships
Between Regional and Urban Communities through Food andAgriculture
Mitsubishi Estate is developing facilities to support business and industries related to food and agriculture in the Uchikanda 1-chome
Project (tentative name) scheduled for completion in 2025. Ahead of the opening of these facilities, in partnership with Loftwork Inc.,SIGMAXYZ Inc., and 70seeds, Inc., Mitsubishi Estate has initiated the Megourmake Project to support the endeavors of the regional
producers and processors for the food industry, agriculture, fisheries, and livestock industry of the future.
In collaboration with regions throughout Japan, including Miyazaki City in Miyazaki Prefecture, we will provide support for the players
involved in food and agriculture to co-create and take on challenges by holding “table conferences” in regional areas so that local
communities can learn from one another and create new inter-regional relationships. In a further expansion of the scope of activities, we
held the Beyond Local - Our Community Building Summit in Oga City in Akita Prefecture in March 2023 as an event for disseminating
information on the challenges of regional revitalization in various parts of Japan. The Megourmake Project will encourage interaction
between the producers who nurture rural communities and the consumers who live in urban communities and contribute to thedevelopment of rich food culture and an enriched society by expanding hubs for food and agriculture co-creation and networks with local
governments nationwide.

Megourmake Project (Japanese only)252

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Initiatives Related to the Health and Wellbeing of Visitors and Tenant Workers
EAT&LEAD — Providing Opportunities to Build "Standards of Value for Happiness" through Food
Mitsubishi Estate launched the Food Education Marunouchi Initiatives, a project addressing urban andfood issues in 2008. The company has since developed numerous food-related programs in the area
working in partnership with producers, consumers, and restaurants with the aim of creating aphysically and mentally healthier society. These initiatives include the inauguration of the Marunouchi
Chef's Club*1 and Will Conscious Marunouchi*2, as well as hosting more than 200 events in the
Marunouchi area.
With the desire to continue to lead and set the pace for the development of venues where eachindividual can achieve personal happiness and growth through healthy eating habits, Mitsubishi Estate is relaunching the project under thename EAT&LEAD.
Under the EAT&LEAD project, Mitsubishi Estate will develop a variety of workshops and programs dealing with food based on the threeactions of increasing receptivity to food, increasing awareness of food consumption, and raising understanding of the cycle of support andgrowth. The aim is to help each individual examine their own measure of happiness and create opportunities for them to enhance selffulfillment while creating a richer future together. EAT&LEAD will be based at MY Shokudo Hall & Kitchen, a hall with an attached kitchen
nestled on the 3rd floor in TOKYO TORCH Tokiwabashi Tower (completed June 30, 2021) located in front of the Nihombashi Exit of Tokyo
Station. Mitsubishi Estate will nurture connections among food professionals, rural regions, and consumers while promoting programs
designed to pinpoint changing values and address social issues yet to be explored.
*1 Marunouchi Chef's Club
Chaired by Yukio Hattori, who is actively involved in a wide variety of food-related fields, and mainly composed of chefs who own restaurants in the
Marunouchi area, the Marunouchi Chef's Club was established in February 2009 with the aim of proposing and disseminating ideas about food.
*2 Will Conscious Marunouchi
A project aimed at supporting working-age women to learn together about the options for a more fulfilling future. In partnership with various
companies, the goal is to create a model case for a society that enables women to work long term in good health through urban development whilebuilding upon the knowledge and opinions obtained from the Marunouchi Infirmary survey.

EAT&LEAD website (Japanese only)

The Marunouchi Infirmary for Working Women
Mitsubishi Estate is promoting the “Marunouchi Infirmary" as part of its "Will Conscious Marunouchi"
project to help working women shape their future. The "Marunouchi Infirmary," born from the voices ofwomen working in Marunouchi, is an activity to improve health literacy and provide health support topromote understanding of PMS, pregnancy and childbirth, menopause, and other issues that affectwomen in the workplace as well as in their own bodies and minds.
Through these activities, we are promoting well-being in urban development by working not only withour company but also with other companies that support our efforts to create a comfortable working
environment and culture for women, so that working women can broaden their options in theirchanging life stages.

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Example of Initiatives 1: Supporting Health Literacy Improvement in
Urban Development
The "Online Marunouchi Infirmary" offers online seminars for both men and women to learn about women-specific health care and promotemutual understanding, as well as consultation and counseling services to promote health support for both business and general visitors.

Example of Initiatives 2: Visualization of Health Issues of Working Women Facedby Companies“Working Women’s Health Score,” a measure that visualizes the health and working environment surrounding female employees throughdata of 14 companies, mostly in Marunouchi area. “Working Women’s Health Score is jointly developed by our company and Femmes
Médicaux, a women's healthcare consulting firm that provides solutions to contemporary women's health issues area.
Our company and Femmes Médicaux plan to widely promote the "Working Women's Health Score and a service that identifies issues," whichuses this score to visualize women's issues faced by companies and propose solutions.
* With the cooperation of Kanagawa University of Human Services, survey items were developed based on epidemiological surveys, and approximately
3,400 women responded via the human resource departments of 14 participating companies

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Building Communities
Area Management Led by the Council for Area Development andManagement of Otemachi, Marunouchi and Yurakucho
In July 2018, the Council for Area Development and Management of Otemachi, Marunouchi and Yurakucho (OMY Council), which is made up
of landowners in the Otemachi, Marunouchi and Yurakucho districts (also known collectively as "OMY area"), celebrated the 30th
anniversary of its founding. Mitsubishi Estate serves as the presiding company of the Council. For more than 30 years, since theestablishment of its predecessor organization in July 1988, the Council has set up infrastructure for urban space as well as promoting safe
and secure urban planning that is sustainable and resilient in the wake of disasters. The objective is to create communities by developing
and utilizing urban spaces appropriately and effectively.

The NPO OMY Area Management Association (also known as "Ligare") was also established in 2002, with the goal of raising the area's value
not only through the creation of physical facilities and spaces, but also via social initiatives, including the provision of corporate networking
events, generation of local vitality, managing banners in the area, and support for the operation of community buses. Ligare manages Urban
Terrace, in which the street space on Marunouchi Naka-Dori Avenue opened for pedestrians, allowing them to enjoy various events on thestreets. It has also extended the scope of its activities to include Destination Marketing/Management Organization (DMO) Tokyo
Marunouchi, which aims to invite international conferences and other meetings, incentives, conferences and events (MICE) to the area.

In addition, the Association for Creating Sustainability in Urban Development of the Otemachi, Marunouchi and Yurakucho Districts (alsoknown as the "Ecozzeria Association") works on business creation aimed at realizing a sustainable society. The association operates the
3×3 Lab Future, a hub for interaction in the community, that is a "third place," neither home nor office, and holds seminars and workshops on
a variety of social issues such as the environment and energy, regional revitalization, women's empowerment, and biodiversity. 3×3 Lab
Future generates cycles of innovation by creating interaction between diverse human resources cutting across industry and sector
boundaries, including government and academic institutions as well as private-sector companies.

Urban Terrace

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Marunouchi Naka-Dori Avenue becomes increasingly important as the center of the area's vitality (left: around 1967; right: around 2018)

Council for Area Development and Management of Otemachi, Marunouchi and Yurakucho

Ligare (Japanese only)

Ecozzeria Association

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Initiatives to Connect with Community and the Next Generation
under the TOKYO TORCH Project
Mitsubishi Estate completed construction on the Tokiwabashi Tower
in June 2021 as the first step in the TOKYO TORCH (Tokyo Station
Tokiwabashi Project), a development project underway at the
Nihonbashi Exit of Tokyo Station. It has been implementing a variety
of initiatives aimed at the completion of the entire project in 2027
and the more distant future in line with the five keywords of"sustainable," "socializing," "smart," "sightfeeling," and "story."
Under the Japan Nationwide Bridge Project, Mitsubishi Estate works
in partnership with 47 Kai* and tours well-known bridges in all 47
Japanese prefectures to hold bridge clean-up events. The aim of the
project is to develop new communities through the clean-up events,

Tokiwabashi bridge clean-up, the first event in the Japan
Nationwide Bridge Project

and to help make Japan and its regional areas vibrant as the social
circles created through the events expand. The project kicked off inNovember 2018 and had toured eight locations as of November 2019.

* 47 Kai: An association that aims to act as a liaison between local public servants in Japan's 47 prefectures and central government ministries andagencies

Mitsubishi Estate has also been implementing initiatives aimed atyoung people who will lead the next generation based on the themeof connecting the next generation with resources, material things,
knowledge, experience, and thoughts we want to pass on. In 2019,
Mitsubishi Estate hosted sixth-grade students from Tsubame City
Tsubame-higashi Elementary School at the TOKYO TORCH
presentation room and held the Children and Adults Dream
Exchange Program.
Together with Nakagawa Masashichi Shoten, a traditional craft shop
based in Nara Prefecture, boasting 300 years of history, Mitsubishi
18 Another Japan first term settler students

Estate launched the Another Japan joint project in the urban centerin summer 2022. This shop will sell regional specialties, using

university students from all 47 prefectures of Japan divided into six groups acting as management, handling everything from purchasing tocustomer service and sales. The experience gained here will teach them about regional areas and management, in hopes of helping themchoose their own hometowns as future places to work. This will in turn bring true revitalization to these communities with the aim of making
it a place that creates a beneficial cycle for making Japan a better place.

TOKYO TORCH project website (Japanese only)

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INDEX (GRI・SASB・TCFD, etc.)"Experience Nature" ProjectIn 2008, the Mitsubishi Estate Group began the “Experience Nature” Project with the
NPO Egao Tsunagete (which literally means “connecting smiles” in Japanese), locatedin Hokuto City, Yamanashi Prefecture, with the goal of creating a society where urban
and rural communities pool their resources and help to revitalize one another.

With this project, in addition to working with the local government to promote effective
use of Yamanashi Prefecture-produced timber, employees help to cultivate and restore
abandoned farmland to produce sake-grade rice using agricultural methods that do
not use pesticides or chemical fertilizers.

Since 2010, the company has been working with local sake breweries and long-established confectionery stores to create new products byprocessing the sake-grade rice harvested through cooperative efforts into various forms, such as junmai-shu sake Marunouchi andconfectionery made from sake lees. These activities and products symbolize Mitsubishi Estate’s sustainability efforts and have beenutilized in a variety of settings.

In fiscal 2017, to celebrate the 10th anniversary of the project, junmai-shochu Otemachi, a distilled rice liquor, was released. Of theharvested sake-grade rice, the rice that did not meet the standard for junmai-shu sake was effectively utilized to produce the junmai-shochu.
This shochu was developed with a brewery in Hokuto City using natural yeast (hanakoubo) obtained from sunflowers, the official flower of
Hokuto City, in collaboration with the Department of Fermentation Science at Tokyo University of Agriculture.

During the course of each year’s sake-grade rice cultivation, we conduct hands-on rice planting and harvesting tours for Group employees.
These tours have evolved into an opportunity for learning about the SDGs by fostering environmental awareness and deepening
understanding of biodiversity issues.

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Official Partner of the Japanese Para-Sports Association
Mitsubishi Estate became the official partner of the Japanese Para-Sports
Association, also known as the JPSA, in April 2019.

The JPSA was established as the umbrella group for promoting the growth ofparasports in Japan thanks to the 1964 Tokyo Paralympics Games. The MitsubishiGroup supports the JPSA cause of creating a vibrant, inclusive society, and together
with the JPSA is actively engaged in efforts to grow para-athlete sports. Group
employees also support parasports events as volunteers and spectators to add to theexcitement.

Providing Housing for Extremely LowIncome Families
TA Realty partnered with Heading Home in 2021 in an effort to help Heading Home
address the growing homelessness issue in the city of Boston. Heading Home is oneof the city’s largest providers of emergency, transitional and permanent housing for
extremely low-income individuals and families. Heading Home not only provides
shelter but also works with their clients to understand the root causes ofhomelessness and provides support (financial coaching, resume building, childsupport resources, etc) to help that individual or family on their successful path out of
homelessness.

Heading Home’s Up & Out, the volunteer opportunity in 2021, paired a group of TA
Realty employees with a Heading Home client and her two young daughters who werebeing moved out of a shelter and into their very own home. Volunteers were
responsible for purchasing all of the items for the apartment (furniture, decorations,toys, cleaning supplies and food) and then spent the day cleaning and decorating theapartment. The day ended with TA Realty employees handing the keys to the homeover to Heading Home’s client. TA Realty’s contribution to this move allowed the client to move into a space that already felt like home,
reducing all associated financial burdens, and ending their homelessness.

TA Realty will continue to build partnership with Heading Home to create more volunteer opportunities within the community that we live
and work in.

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Support for Culture and the Arts
Operating the Mitsubishi Ichigokan Museum, Tokyo
Mitsubishi Estate operates the Mitsubishi Ichigokan Museum, Tokyo in the Marunouchi area ofTokyo. It presents three different exhibitions each year focusing on modern art dating from the late
19th to early 20th century. The museum is housed in a stately red brick building that wasconstructed in 1894 by Mitsubishi — the first office building in Marunouchi — and then restored in2009. The museum opened in spring the following year. It was designed by the English architect
Josiah Conder at the invitation of the Japanese government. Some of the building's originalarchitectural components, such as the stone handrails for the staircases, have been reused.

Exterior of Mitsubishi Ichigokan Museum, Tokyo

Restored bank lobby now in use as Café
1894

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Museum for All Project to Make the Museum Accessible to All
Mitsubishi Ichigokan Museum has been holding “Empathy Week” coinciding with Human Rights Week since 2017 with the aim ofcreating a spirit of caring and empathy in an environment where people with and without disabilities can share an appreciation of art.
In December 2021, the museum launched the new Museum for All Project, which is being implemented in stages with the aim ofmaking visitors feel more familiar with the museum.
Fiscal 2022 Museum for All Project Initiatives
Implementation of two demonstration experiments utilizing local 5G environment(1) Voice mixed reality (MR) art appreciation experience “Participatory Voice Story at the Vallotton Exhibition Powered by Oto Rea”:
Provided visually impaired people with a highly immersive experience using wearable speakers(2) Remote art appreciation using JackIn Head, a wearable system that can capture and transmit the entire 360-degree
surroundings: Verified the potential for people who have difficulty visiting the museum to enjoy an exhibition through two-way
communication between participants.
Going forward, the museum will continue with activities aimed at making it accessible to a wide variety of people.
Note:
The museum will be closed from April 10, 2023 until autumn 2024 for replacement of equipment and building maintenance. Future
initiatives of the Museum for All Project will be announced once they are finalized.

Fiscal 2022 Museum for All activities report (Japanese only)

Mitsubishi Ichigokan Museum, Tokyo

La Folle Journée Tokyo
La Folle Journée Tokyo is a classical music festival held at the Tokyo International Forum since 2005. Staged at various venues in the heartof Tokyo during the Golden Week holidays, the festival has established itself as a new-style music event and has contributed to vitalizing the
Marunouchi area and sharing its culture. Mitsubishi Estate has participated as a sponsor since its inception and has helped organize
associated classical music programs in the Marunouchi area, at venues such as the Marunouchi and Shin-Marunouchi Buildings. The entire
area is involved in the music festival and has been working to create an attractive and vibrant neighborhood.
In fiscal 2023, in conjunction with La Folle Journée Tokyo 2023 being held for the first time in four years mainly at Tokyo International
Forum, Mitsubishi Estate held around 60 free-of-charge classical concerts at eight venues in the Marunouchi area during the period. In 2019,the area concerts attracted around 50,000 visitors. For the first time in four years, classical music enveloped the Marunouchi area with thediverse world of Beethoven, the theme of the 2023 event. Mitsubishi Estate will continue to develop a variety of culture and art events anddisseminate information in the Marunouchi area in the future to promote further revitalization of the neighborhood.
See below for initiatives in fiscal 2023.

Holding the La Folle Journée Tokyo 2023 Marunouchi Area Concerts (Japanese only)

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Art Award Tokyo Marunouchi
Art Award Tokyo Marunouchi aims to discover, nurture, and support the talent of young artists, and to contribute to enlivening the area
through art. Graduation and diploma projects created by undergraduate and master course students at major art universities around Japanare selected and exhibited in the Marunouchi area (the Otemachi, Marunouchi and Yurakucho districts). Awards are given to talented artists
with great future prospects. Since this award was established in 2007, it has functioned as a gateway for young artists. The exhibition has
resulted in artists participating in individual and group exhibitions, and some are active in various fields. Mitsubishi Estate has been a
special sponsor, with the Mitsubishi Estate Co., Ltd. Prize established in fiscal 2012.
Going forward, we will continue our activities supporting artists aimed at creating a place for the discovery and active participation of newtalent.
See the following for initiatives in fiscal 2022.

Holding of Art Award Tokyo Marunouchi 2022 (Japanese only)

GEIDAI ARTS in Marunouchi
Mitsubishi Estate has held GEIDAI ARTS in Marunouchi in partnership with Tokyo University of the Arts since 2007. This event supports
young, up-and-coming artists and provides visitors to the Marunouchi area the opportunity to enjoy fine arts through various types ofexperiential art events. In fiscal 2022, in addition to exhibitions of award winning works and performances by 12 young, up-and-coming
artists who had studied at Tokyo University of the Arts and won the Mitsubishi Estate Prize*1, the 16th event was held for students of theuniversity to widely communicate their diverse and innovative ideas, techniques, and intellectual powers and to allow enjoyment of widely
varied art. Mitsubishi Estate will continue to promote further revitalization of the Marunouchi area by creating opportunities that connect art,
people, and the neighborhood and allow many people to enjoy art.
*1 An award to support young artists conferred on graduates from Tokyo University of the Arts with outstanding academic results, selected fromamong those deemed to be worthy leaders of culture and art disseminated from Marunouchi. The award was established in 2008 and was conferred
on a total of 12 graduates with six from the Faculty of Fine Arts and six from the Faculty of Music.

See the following for initiatives in fiscal 2022.

Holding of GESIDAI ARTS in Marunouchi 2022 (Japanese only)* Programs were held with adequate measures taken to curb the spread of COVID-19, including temperature checks and disinfection, ensuring social
distancing among performers and staff, and restricting the number of people entering venues.

Supporting Orchestras
Mitsubishi Estate has supported the NHK Symphony Orchestra, Tokyo, as a special corporate supporter since 1991 as one facet of its
continuing support for culture and fine arts. Mitsubishi Estate has also supported the Japan Philharmonic Orchestra as a special member
since 1998, and the Tokyo Philharmonic Orchestra as a corporate supporter since 2007.

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MAGUS, a Platform for Japan's Art Scene
In March 2021, Mitsubishi Estate, Warehouse TERRADA, TSI Holdings Co., Ltd., and Tokyu Corporation formed a consortium and established
MAGUS Co. as a platform provider specializing in information, with the aim of connecting people and companies through art-related media
and to create a new community and new economic zone for art.

While "art" is becoming a keyword of the times in Japan, the reality is that the domestic art market is still small relative to the size of theeconomy. By proactively connecting the world with Japan and buyers with creators, MAGUS will contribute to making art more accessible
and transforming society so that companies and individuals support artists and purchase their work on a daily basis. The company will
operate business consulting and seminars that utilize art for business and develop a media business that communicates the diverse
enjoyment of art.

Mitsubishi Estate has been incorporating art into urban development for many years, believing that art is not only culture but also promotes
communication and awareness among workers, which frees their thinking and leads to tolerance for diverse values. Through its investment
in MAGUS, Mitsubishi Estate will continue to utilize art in urban planning and development and strengthening relationships with customers
going forward with the aim of creating an enriched society.

MAGUS (Japanese only)

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Social Welfare
Basic Policy and Approach in Urban Development
The Mitsubishi Estate Group has set out to "create a truly meaningful society" as its Group Mission by "building attractive,
environmentally sound communities where people can live, work and relax with contentment," based on the Three Principles, whichis the management philosophy of the Mitsubishi Group.
In order to further promote this mission, the Mitsubishi Estate Group focuses on sustainability in urban development, including
urban regeneration, taking into consideration social needs such as disaster preparedness and barrier-free access in all properties
as part of the planning phase and guide the development and operation phase as well as the prevention of the spread of infectious
diseases and thereby allowing diverse people — regardless of nationality, race, color, language, religion, sex, gender, sexual
orientation, gender identity, age, political or other opinions, national or social origins, property, disability, birth, class, or other status— to live, work and relax with contentment.
Moreover, to facilitate use by many people, we consider access to public transport during design and development stages in allproperties as we select development sites and make investments. We also consider planning and design that allows individual
users to live in comfort when proceeding with development and refurbishment.

Supporting Children with Disabilities through Kira Kira Art Competition
Mitsubishi Estate established the Kira Kira Art Competition in 2002, with the desire to support the full potential of children with disabilities.
The Award for Excellence-winning works, which are selected through a screening process, are exhibited at nine venues across Japan, from
Sapporo to Fukuoka, and all entries, including the Award for Excellence-winning works, are published on the dedicated website. Since fiscal
2021, in collaboration with OMY SDGs ACT5, we have been holding the Marucube Judging Session at the Marunouchi Building with theparticipation of workers and visitors in the Marunouchi area (the Otemachi, Marunouchi, and Yurakucho districts). Rather than inviting thewinners and their families to Marunouchi Building Hall, a virtual award ceremony has been held since fiscal 2020 due to the COVID-19
pandemic, where winners from all over the country came together online.
What deserves note about this art competition is that past submissions have been featured in publications, including pamphlets andcalendars for corporations. Moreover, some of the winners of this competition are registered as an artist with Artbility*, an art library
operated by the social welfare corporation Tokyo Colony, as they continue to develop their creative activities. An exhibition featuring works
by these Artbility artists was held at the same time as the Award for Excellence exhibition at the Tokyo venue.
In addition, in August 2022, as a project related to the competition, Mitsubishi Estate and Takamatsu Airport co-hosted a workshop forexperiencing the enjoyment of art. Artists registered with Artbility were invited as lecturers and created paintings together with local
children. The completed works were exhibited at the Marucube Judging Session and some of the exhibition venues, in addition to
Takamatsu Airport.
The competition is an opportunity to appraise and discover the rich talents of disabled children, and Mitsubishi Estate continues to provide
support with the hope of expanding the breadth of artistic activities and helping them thrive.
* An art library established in April 1986 by Tokyo Colony, a Kira Kira Art Competition partner, to help people with disabilities gain income and increasesocial inclusion. The library currently stocks about 6,000 works by some 200 artists. The works are lent out for a fee for use in publications and othermedia.

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Outline of the 21st (fiscal 2022) Kira Kira Art Competition
Call for artwork (July-September) ： A total of 1,147 submissions were received
Judging (October)： 299 people took part over two days in the Marucube Judging Session, and 45 people took part inonline judging (voting based on images of the artworks)

Exhibition of Award for Excellence ： The 50 Award for Excellence winners were exhibited at nine venues across Japan (Sapporo, Sendai,
winners (November 2022-

Tokyo, Yokohama, Nagoya, Osaka, Hiroshima, Takamatsu, and Fukuoka)

February 2023)
Award ceremony (November)： Held online. Award for Excellence winners and representatives from their schools were invited toattend the ceremony virtually, which included messages from the judges, a broadcast from theexhibition venue for the winning works, and an introduction of works by the award winners.

Judges： O JUN (artist; professor emeritus, Tokyo University of the Arts)
Michiko Aoyagi (associate professor, Tokyo University of the Arts; pedagogy researcher)
Katsuya Nishida (graphic designer, Katsuya Nishida Design Office)Hirokazu Takahashi (director, Artbility, Tokyo Colony)
Junichi Yoshida (President & CEO; Mitsubishi Estate Co., Ltd.)
Reiichi Noguchi (senior curator; Mitsubishi Ichigokan Museum, Tokyo)* Titles and affiliates are as of the time the 21st competition was held.

Highlights ：Holding a project related to the competition at Takamatsu Airport (August 8, 2022)
A hands-on workshop called “Drawing Together the Ponds in Kagawa” was held, and artists registered with Artbility wereinvited as lecturers and created paintings together with local children. The completed works were exhibited at Takamatsu
Airport and other venues where they were viewed by many people.

Exhibition at Marunouchi
Building, Tokyo

First round of judging

Marucube Judging Session

Workshop held at Takamatsu
Airport* The exhibitions and other events were held with adequate measures taken to curb the spread of COVID-19, which included temperature checks anddisinfection, ensuring social distancing among staff, and restricting the number of people entering the venue.

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The “Mitsubishi Estate Shall We Concert” Brings Live Music toChildren with Disabilities
Mitsubishi Estate holds the Mitsubishi Estate Shall We Concert (visiting concert) for students at special needs schools, who have few
opportunities to leave their school and experience live music. This reflects our viewpoints of supporting culture and fine arts, along withsocial welfare, two of the priority fields of Mitsubishi Estate's social contribution activities. The goals of this concert are for professionalmusicians to visit these schools to share the fun and charm of music, and to provide opportunities for children to learn about instruments
and music. These concerts started in fiscal 2004, and were held at three schools in fiscal 2022, bringing live music to a total of 102 schools
and more than 10,000 students to date.
Mitsubishi Estate works together with schools to decide the concert programs. These are not limited to classical music, as they sometimes
include music from Studio Ghibli or Disney films, songs students learn in school, and school songs. These events also include opportunities
for students to engage in group performances together and see musical instruments up close. The concerts also include explanations of
the compositions and instruments between performances. The students experience the music by singing, dancing, or clapping in tune withthe rhythm.
In fiscal 2022, we held a Marunouchi Shall We Concert, which was a spin off from the visiting concert, for OMY SDGs ACT5, the area
collaboration project that promotes activities aimed at achieving the SDGs starting with the Marunouchi area (the Otemachi, Marunouchi,
and Yurakucho districts). With cooperation from Tokyo International Forum, we invited around 100 students from special needs schools. It
was an opportunity for the students to enjoy the music in an authentic concert hall while interacting with students from other schools.

Fiscal 2022 schools with visiting concerts

Performers
Japan-Austria Cultural Association (oboe, flute, trumpet, piano)

Tokyo Metropolitan Shiinoki Special Needs Education School
Tokyo Metropolitan Higashikurume Special Needs Education

NPO Triton Arts Network “Tokotonton!” (percussion trio)

SchoolTokyo Metropolitan Musashidai Gakuen Special Needs Education
SchoolVisiting concerts

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Performers
NPO Triton Arts Network “Tanbrass” (trumpet, horn, trombone,

Tokyo Metropolitan Nakano Special Needs Education Schooltuba, drums)

Tokyo Metropolitan Itabashi Special Needs Education School

Marunouchi Concert

Table for Two Delivering School Lunches to Children in
Developing Countries
Sparkle, the employee cafeteria at the Head Office of Mitsubishi Estate, has been
taking part in Table for Two, a program that supports children in developing countries
since 2018, and encourages employees to help solve social issues through thepurchase of eligible beverages and lunch menu items.

Table for Two is an initiative being run by the non-profit organization Table for Two
International. The program aims to help improve the health of people in bothdeveloping and developed countries simultaneously. When eligible health-conscious
menu items are purchased, 20 yen per meal is donated and the contribution is utilized
toward providing school lunches for children in developing countries in Africa andAsia. The donation for one meal is the equivalent of one school lunch for the children.

Donated amount: From the introduction of the program up to March 2023, there had
been donations of 820,140 yen, equivalent to 41,007 meals.

Mitsubishi Estate was recognized by TABLE FOR TWO as a Bronze Partner for its
support in 2022.

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GovernanceCorporate GovernanceCompliance

Risk Management

Internal Audit

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Tax Transparency
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GovernanceCompliance

Compliance Approach and Policies
The Mitsubishi Estate Group believes that compliance does not simply involve legal compliance, but is also defined as adherence to internal
rules and corporate ethics.
After Mitsubishi Estate was found to have violated some stipulations of the Commercial Code of Japan in 1997, the Mitsubishi Estate Group
Basic Mission and Mitsubishi Estate Group Code of Corporate Conduct were formulated to reflect the company's resolve to never repeat thesame mistakes. The Code of Conduct and Basic Mission were revised in 2006 as part of a serious and humble response to the discovery ofsoil and groundwater contamination problems at Osaka Amenity Park (OAP) in 2005.
The company regards compliance as one of its most pressing issues to address. Moreover, as the company continues to expand its
businesses domestically and internationally, its social responsibilities increase in sophistication and global scale. This has led to a greaterneed for the whole Group to share a sense of values and a standard of conduct. This is why the Mitsubishi Estate Group Guidelines for
Conduct were revised in April 2018 with the hope that they will increase true corporate value by being applied to the daily actions ofindividual employees and executive officers.
The Mitsubishi Estate Group aspires to build trusting relationships with its stakeholders through a highly transparent management system
and reinforced compliance. Not only does the Group comply with laws and regulations but it also works hard to meet all the expectations ofclients and society as it strives to achieve its basic mission of contributing to society through urban development. The Group also identifies
and responds appropriately to various business risks.

Mitsubishi Estate Group Guidelines for Conduct (Extract)
1. Compliance
We comply with all laws and regulations, and respect the social norms in the areas in which we conduct business. We
establish and abide by corporate ethics, and respond to the expectations of a changing society. In addition:
1. We engage fairly in all business dealings
2. We manage and safeguard information appropriately
3. We engage in efforts to prevent corruption in any form
4. We refuse any and all criminal activities in our business dealings, and
5. We are highly sensitive and responsive to societal changes.

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System for Promoting Compliance
Mitsubishi Estate's compliance system has its roots in the determination of its executives and employees to improve their awareness andreform the organization after the company was found in violation of some stipulations of the Commercial Code of Japan in 1997. The Codeof Corporate Conduct was formulated to define the company's basic commitment to reform, and was further refined in 2002. Group-widereform was implemented, with all employees sharing the sense of urgency. In July 2005, a Compliance Advisory Committee consisting of
external experts was formed on a temporary basis to review the compliance system in light of the soil and groundwater contamination
problems discovered at Osaka Amenity Park. This committee worked to improve the corporate culture, for example, by revising the Code of
Conduct.

In April 2018, the Mitsubishi Estate Group Guidelines for Conduct were revised and the company stepped up its compliance practices tomeet changing demands in society and an expansion in business areas.

The current compliance promotion system is administered by the Risk Management & Compliance Committee and the Risk Management &Compliance Subcommittee. The Risk Management & Compliance Committee is chaired by the president of Mitsubishi Estate and comprises
the executives from respective functional and business groups as well as the Corporate Group and discusses issues concerning Group
compliance and risk management. The Risk Management & Compliance Subcommittee, which comprises general managers, holds
discussions before the committee meets. In addition, an executive director has been appointed by decision of the Board of Directors as the
Executive Director of Compliance to take responsibility for overseeing and promoting compliance. All Mitsubishi Estate departments andGroup companies are working closely with the Legal & Compliance Department, which serves as the executive committee, to pursue
compliance in a coordinated manner.

Besides the normal reporting lines provided through the help line and other systems for consultation regarding and reporting of complianceviolations by Group employees, temporary employees, and part-time employees, and various other part-time staff, the Group has establishedprocedures for direct consultation and reporting to the Legal & Compliance Department at Mitsubishi Estate. Depending on the substanceof the inquiries, they are studied and the situation is confirmed with the aim of improving the working environment. When a complianceviolation is suspected, a meeting of the Disciplinary Committee is held as needed to take the appropriate action. In an unlikely event of aserious compliance violation, action is taken in accordance with the Emergency Response Manual.

In accordance with the Mitsubishi Estate Group Management Rules, systems for consultation and reporting have been established for any
compliance violations that occur at Group companies.

A compliance survey is implemented for all Group officers and employees, including Group employees, temporary employees, part-time
employees, and various other part-time staff, every two years to conduct a regular internal review of the status of adherence to the
Mitsubishi Estate Group's Basic Mission, the Code of Conduct, and Guidelines for Conduct. In addition, in order to promote understanding of
the Code of Conduct, the Group obtains a pledge from employees as an expression of adherence to the guidelines.

Compliance Advisory Committee

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Mitsubishi Estate Group Risk Management and Compliance System (as of April 2023)

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Compliance Advisory Committee
In October 2004, the company premises were searched as a result of its violation of the Real Estate Brokerage Act by selling the OAP
Residence Tower, a condominium in Osaka with known soil contamination issues, without informing clients. This was known as the OAP
Incident.
Although the OAP Incident was legally dismissed in June 2005, the company reflected deeply on its actions and set up the Compliance
Advisory Committee in response, under the direct supervision of the company president. The Committee was chaired by Professor Taka of
the School of Economics and Business Administration of Reitaku University and was tasked with offering recommendations concerning thechecking, strengthening and improving of the compliance system to prevent a recurrence of such an incident. It was also asked to givesuggestions on how to improve the corporate culture.
In December of the same year, after seven rounds of deliberation, "Recommendations for Improving the Character of the Mitsubishi EstateGroup - Lessons from the OAP Incident" were compiled and issued as a report in January the following year.

Recommendations for Improving the Character of the Mitsubishi Estate Group - Lessons from the OAP Incident (PDF 48KB)(Japanese only)
An overview of the committee is provided below. Titles and departments stated are as they were at the time.

Advisory Committee Overview
1. The objective for establishing the Advisory Committee
To obtain recommendations on checking, improving and strengthening the compliance system and advice on improving corporate culture
from the objective viewpoints of external experts to prevent a recurrence of the OAP Incident and other incidents.

2. The position of the Committee within the organization
An advisory committee under the direct supervision of the company president.
* The president received the findings and recommendations of the Compliance Advisory Committee and deliberated on them and decided on concreteplans along with the CSR Committee, an existing company decision-making body.

3. Members
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]

Committee Members (in Japanesealphabetical order)

One Akiyama [President, IntegreX Inc.]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Attendees from the company

Keiji Kimura [President & CEO]
Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]* Also attended by personnel who were not officers in charge of departments as necessary272

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4. Period of activity
July–December 2005 (6 months) Met on average once a month

5. Executive Committee
CSR Department, Planning Division

History of Compliance Advisory Committee Meetings
1st Meeting: Compliance Advisory Committee
1. Date and time
July 15, 2005 (Fri) 15:00 - 16:40
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]

Committee Members (inJapanese alphabetical order)

One Akiyama [President, IntegreX Inc.]
Keiji Kimura [President & CEO]

Attendees from the company

Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

4. Deliberations (summary)
The Committee deliberated on how the Compliance Advisory Committee should proceed and finalized thefollowing items as deliverables.
(1) Revising the Mitsubishi Estate Group Code of Conduct(2) Formulating guidelines for the sale of residential buildings(3) Creating a report on the findings of the Compliance Advisory Committee

They also decided to publicize the details of discussions held by the Committee in summary form.

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2nd Meeting: Compliance Advisory Committee
1. Date and time
August 11, 2005 (Thu) 13:30 - 15:35
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]

Committee Members (inJapanese alphabetical order)

One Akiyama [President, IntegreX Inc.]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Attendees from the company

Keiji Kimura [President & CEO]
Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

4. Deliberations (summary)
The Executive Committee explained the following issues to committee members and an exchange of ideas
was held.
(1) The history of Mitsubishi Estate's compliance structure
They explained the history and status of existing initiatives such as the Mitsubishi Estate Group Code of Conduct, theregulations and organization of the Compliance Committee and the kinds of training provided.
(2) The OAP Incident
They provided an overview and history of the OAP project.
(3) The Investigative Committee for the Explanation of Important Matters
They introduced the newly-formed Investigative Committee for the Explanation of Important Matters which is responsible forrevising the key points and ensuring the thoroughness of the material created when drawing up contracts and explanatory
documents about important matters during the sale of residential buildings.
They also pointed out differences in knowledge of residential buildings between business operators and purchasers and theneed for the persons responsible for marketing to pay attention to their speech and conduct.
(4) Compliance policies for ordering construction work(5) The State of Emergency Guidelines(6) Exposing potential risks(7) Meeting to exchange ideas between mid-level employees
In early August, Committee Chairman Professor Taka met with 30 mid-level employees from Mitsubishi Estate and the
Mitsubishi Estate Group to exchange ideas. The ideas received on the occasion were explained and then discussed among thecommittee members and the decision was made to reflect the ideas in future training sessions.

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INDEX (GRI・SASB・TCFD, etc.)■Problems with the company noted during the idea exchange meeting
The negative effects of the company's headquarters system
The lack of a generational balance in the personnel structure
The need for greater clarity in the decision-making process
The lack of leadership provided by superiors

5. Other opinions
It was pointed out that training is of vital importance since it not only spreads awareness of compliancebut also encourages self-reliance and a reformed mindset among individual employees.

3rd Meeting: Compliance Advisory Committee
1. Date and time
August 24, 2005 (Thu) 16:00 - 18:10
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]
One Akiyama [President, IntegreX Inc.]

Committee Members (inJapanese alphabetical order)

Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Keiji Kimura [President & CEO]

Attendees from the company

Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

4. Deliberations (summary)
The Executive Committee explained the following issues to committee members and an exchange of ideas
was held.
(1) Conflict of Interest manuals and their application in the Fund Business and other businesses
Plans to add information about conflicts of interest in the Fund Business and other businesses to a compliance handbook wereexplained.

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INDEX (GRI・SASB・TCFD, etc.)(2) Exposing problems through in-house consultations and group questionnaires
The Mitsubishi Estate Group's system for eliminating ties to organized crime was explained.
Examples of inquiries received through the internal company helpline (internal reporting) system were provided and it wasagreed that the responses given were generally conscientious. However, it was noted that the penalties for complianceviolations set out in regulations needed further explanation.
The need to adopt a no-tolerance approach to sexual harassment and abuses of power in particular was noted.
It was suggested that a questionnaire be administered to measure employee satisfaction levels.
Proposals were made concerning a revision of the contents of the compliance handbook.
Concerning the implementation and importance of compliance, the point was made that there might be a difference in real
intentions as opposed to public attitudes. Thus, it was suggested that creating a detailed manual would be effective at
spreading awareness of compliance among employees and officers.

4th Meeting: Compliance Advisory Committee
1. Date and time
September 27, 2005 (Tue) 13:00 - 16:00
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]

Committee Members (inJapanese alphabetical order)

One Akiyama [President, IntegreX Inc.]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Attendees from the company

Keiji Kimura [President & CEO]
Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

4. Deliberations (summary)
The Executive Committee explained the following issues to committee members and an exchange of ideas
was held.
(1) The OAP Incident
It was explained that the company was conducting an internal investigation into the OAP Incident and that a report would be
provided once it was ready.

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INDEX (GRI・SASB・TCFD, etc.)(2) The formulation of guidelines for the sale of residential buildings
An explanation was given about the Investigative Committee for the Explanation of Important Matters which was started by thehead office of the Residential Business. The approach of widely communicating even information that clients might consider
negative was also explained.
Committee members expressed a certain level of approval for this initiative.
Committee members then pointed out the following and made the following recommendations.
Actively disclosing information that clients may consider negative is important for the sustainable development of the company.
Explanations should be given to clients in a way they can understand, which means a system to facilitate the provision of such
explanations is essential. Consideration should be given to concrete plans that take the viewpoint of clients into account suchas checks by parties outside the company.
Along with the preparation of a manual, the company's sense of values based on viewing matters in the client's position should
be reflected in the structure instead of being left solely to the individual's mindset. This is necessary in order for those in chargeof development and individuals responsible for marketing to share that sense of values.
It is important to share information between parent companies and subsidiaries, as well as to reform the mindsets ofsubsidiaries and parent companies which may inhibit that process.
(3) Revising the Code of Conduct
The course of action for the revision of the Basic Mission and the principles for action were explained.
The reform proposal was positively evaluated for its easy-to-disseminate ideas.
It was explained that more detailed Guidelines for Conduct would be considered in the future.

5th Meeting: Compliance Advisory Committee
1. Date and time
October 21, 2005 (Fri) 14:00 - 17:00
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Committee Members (inJapanese alphabetical order)

Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Keiji Kimura [President & CEO]

Attendees from the company

Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

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4. Deliberations (summary)
The Executive Committee explained the following issues to committee members and an exchange of ideas
was held.
(1) The formulation of guidelines for the sale of residential buildings
A report was given on the decisions made by the Investigative Committee for the Explanation of Important Matters and theoverhaul of the sales manual.
The Compliance Advisory Committee evaluated these measures as effective for the formulation of guidelines for the sale ofresidential housing. It was decided that improvements would be made to the details continuously to meet changing social
attitudes.
(2) The OAP Incident
A report was made on the status of the internal company investigation into the OAP Incident.
A request was made for a report on selected problems from the investigation to be compiled and provided by the next
committee meeting.
(3) Revising the Code of Conduct
The Executive Committee reported on reform proposals and decided to review them before the next meeting of the Compliance
Advisory Committee based on recommendations made by committee members.

6th Meeting: Compliance Advisory Committee
1. Date and time
November 18, 2005 (Fri) 14:00 - 17:00
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]
One Akiyama [President, IntegreX Inc.]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Committee Members (inJapanese alphabetical order)

Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Keiji Kimura [President & CEO]

Attendees from the company

Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

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4. Deliberations (summary)
The Executive Committee explained the following issues to committee members and an exchange of ideas
was held.
(1) Revising the Code of Conduct
The final draft was put together based on recommendations from the company and the Compliance Advisory Committee. It was
decided that a report would be made on the topic at the 7th Compliance Advisory Committee meeting following a formal
decision by the CSR Committee, the company's decision-making body.
(2) Report on Findings
Committee members also pointed out the following and made the following recommendations regarding the contents of thereport on their findings.
Create a timeline of the OAP Incident, point out problems and confirm strategies to prevent a recurrence.
For the explanation of important matters, introduce initiatives that are already under way as examples of concrete strategies
that take client viewpoints into account.
Specify how the department responsible for compliance will be involved.
Create a system for the proper communication of items to be handed over in long-term projects.
It was decided that the details of the courses of action listed above would be determined by the Compliance Advisory
Committee at their 7th meeting and that Professor Taka, the Committee Chairman, would put together the report of findings. It
was also determined that a final report on findings would be compiled once the draft had been discussed with each committee
member.

7th Meeting: Compliance Advisory Committee
1. Date and time
December 22, 2005 (Thu) 15:00 - 18:00
2. Location
Main Office Conference Room, Mitsubishi Estate
3. Attendees (titles omitted)
Committee Chairman

Committee Members (inJapanese alphabetical order)

Iwao Taka [Professor, School of Economics and Business Administration, Reitaku University]
One Akiyama [President, IntegreX Inc.]
Toshiko Katayama [Lawyer, Katayama, Kuroki and Hiraizumi Law Office]Kakutaro Kitashiro [Chairman of the Board, IBM Japan, Ltd. Chairman, Japan Association of
Corporate Executives]
Kenji Koroyasu [Lawyer, Tokyo Eiwa Attorneys at Law. Former superintending prosecutor, Osaka
High Public Prosecutors" Office]Attendees from the company

Keiji Kimura [President & CEO]
Nobuyuki Iizuka [Executive vice-president/corporate officer in charge of Compliance]
Seiichiro Suzuki [Senior executive officer/officer in charge of CSR Promotion]

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4. Deliberations (summary)

1. Mitsubishi Estate's internal audit structure was explained.
2. The Executive Committee explained the following issues to committee members and an exchange ofideas was held.
(1) Revising the Code of Conduct
A report was made on the formal decision taken by the CSR Committee, the company's decision-making body, and an
explanation was given of how the information would be communicated throughout the company going forward.
(2) Report on Findings
Committee members discussed the contents of the report on findings prepared by Professor Taka, the Committee Chairman.
Based on the opinions offered in this session, it was determined that the Committee Chairman would recompile the report,
receive feedback from individual committee members and create a final report on findings.

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Reinforcing CompliancePreventing Corruption
The Mitsubishi Estate Group has declared that it will carry out equitable, transparent corporate activities with a primary emphasis on earning
trust. The Group's Guidelines for Conduct forbid not just actions that could be construed as collusion with government officials or otheractions considered illegal, but also entertainment and gift-giving that goes beyond the bounds of social convention.

When providing support related to the activities of political parties and political groups, the Group ensures it is appropriate in accordancewith relevant laws and regulations such as the Political Funds Control Act and the Public Offices Election Act, as well as internal regulations
such at the Mitsubishi Estate Group Guidelines for Conduct.

Moreover, in 2013, the Group established the Mitsubishi Estate Group Basic Regulations on the Prevention of Corruption to put in place asystem to prevent corruption across the organization. In 2018, the Group established and published the Mitsubishi Estate Group AntiCorruption Guidelines. The Guidelines document expectations of business partners with the aim of ensuring compliance throughout the
supply chain based on the cooperation of all of the Group's business partners.

Mitsubishi Estate Group Guidelines for Conduct

Mitsubishi Estate Group Anti-Corruption Guidelines (PDF 245KB)

Consultation and Reporting
In addition to establishing a help line as a point of contact for consultation on matters relating to compliance, including corruption
prevention, the Mitsubishi Estate Group has set up a help line exclusively for business partners to receive consultations and reports frombusiness partners of Group companies.

Risk Assessment
The Group has established and operate the Rules on Corruption Risk Assessment and Corruption Due Diligence, which require that the riskof corruption be assessed for each contract and mandate due diligence in the case of counterparties with which transactions are deemedhigh risk.

In 2017, an external organization assessed the Mitsubishi Estate Group's corruption prevention system as a whole. The Group has beenworking to further strengthen the corruption prevention system by responding to the issues identified through the assessment.

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Monitoring
The Risk Management & Compliance Committee monitors the operational status of the corruption prevention system as needed, and thestatus of monitoring by the Risk Management & Compliance Committee is also reported to the Board of Directors. Also, in order to maintainand continue the effectiveness of the corruption prevention system, the Group implements internal audits to assess and review thecorruption prevention management system.

Education
The Mitsubishi Estate Group conducts varied training to ensure that the rules on corruption prevention are thoroughly understood. The
Group provides training on corruption prevention to officers and employees and obtains pledges on the Guidelines on the Prevention of
Corruption from officers and employees. The Group also holds annual lectures on corruption prevention, particularly for departments andGroup companies engaged in international business.

Violation of Laws and Regulations on Corruption
The Group was not subject to any fines or penalties for corruption in fiscal 2022.

See the following for information about violation of laws and regulations on corruption.

ESG Data > G: Governance data > (2) Other > 2. Risk Management and Compliance

Measures Against Organized Criminal Elements
The Mitsubishi Estate Group clearly stipulates its refusal to countenance any relationship whatsoever with organized criminal elements in
its Guidelines for Conduct. Mitsubishi Estate's Legal & Compliance Department serves as a special department to take resolute measures
for the Group, in cooperation with the police, in the event of any contact from criminal elements.

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Augmenting the Help Line
The Mitsubishi Estate Group has established a confidential compliance help line to receive inquiries and consultations on complianceissues. Officers and employees can consult the help line about suspected compliance violations or other issues of concern that have to beaddressed, such as harassment, human relationships in the workplace, labor relations, and corruption. Group company employees,
temporary employees, part-time employees, and various other part-time staff can also use the help line. In 2018 the Mitsubishi Estate Grouphelp line center was unified with external organizations to make it possible for it to receive calls on weekday evenings and weekends andholidays as well. In addition, the Group set up the Global Help Line in 2022 for officers and employees attached to overseas subsidiaries,
compatible with the laws and regulations in each country as well as other factors such as languages and time zones. To ensure that
employees know about the help line, information is provided in the Compliance Newsletter and on posters.
The Group responds appropriately to the reports received by studying and confirming the situation based on the consultations and improve
the workplace environment.
See the following for the number of reports to the help line.

ESG Data > G: Governance data > (2) Other > 2. Risk Management and Compliance

The Mitsubishi Estate Group has also established help lines at individual Group companies and regularly collates data to confirm trends.
In addition, a help line exclusively for business partners has been set up to receive consultations and reports on compliance from thebusiness partners of Group companies.

Occurrences of Serious Compliance Violations
In the event of compliance violations, the Mitsubishi Estate Group takes disciplinary action against the offender in accordance with thenature of the violation.

See the following for occurrences of serious compliance violations.

ESG Data > G: Governance-related data > (2) Other > 2. Risk Management and Compliance

Publishing the Compliance Guidebook
To accompany the revision of the Mitsubishi Estate Group Guidelines for Conduct in April 2018, the Compliance Guidebook was revised andpublished as a training tool. The Guidebook uses illustrations and a Q&A format to explain the Mitsubishi Estate Group's five most importantvalues in an easy-to-follow format. It was distributed to all Group officers and employees and helps to increase knowledge andunderstanding of what compliance involves.

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Providing Risk Management and Compliance Training
The Mitsubishi Estate Group uses opportunities such as training sessions for new hires and new managers to provide training to ensure risk
management and compliance awareness among all executives and employees.

In particular, new hires from major Group companies participate in joint training together to learn about the Code of Conduct and basic
compliance issues.

Moreover, Mitsubishi Estate provides compliance education during training for newly appointed managers and level 2 professional careerhires, and also provides all employees and officers, including outside directors, with training in risk management and compliance via elearning.

See the following for the risk and compliance e-learning attendance rate.

ESG Data > G: Governance-related data > (2) Other > 2. Risk Management and Compliance

Holding Risk Management and Compliance Lectures
Every year, Mitsubishi Estate holds risk management and compliance lectures for managers and executives, including those at Group
companies. The lecture topic is chosen from genres related to risk management and compliance, in light of social conditions during thatparticular year. Mitsubishi Estate is working to strengthen risk management and compliance through this lecture initiative as well as thetraining described above.

Compliance Surveys
The Mitsubishi Estate Group gives compliance surveys every two years to its approximately 16,000 executive officers and employees(including temporary employees) to ascertain the extent to which they are aware of compliance issues. The Group analyzes the survey
results to identify overall trends and characteristics of each business group and company, and provide feedback to each workplace to help
maintain and strengthen the compliance system as well as reporting the results to management.

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Including Compliance and Risk management Criteria in
Personal Evaluations
In order to ensure that each and every employee has aware of compliance and risk management and acts with integrity as a member of the
Mitsubishi Estate Group, we have included evaluation criteria related to compliance and risk management in our personnel evaluations.
Specifically, in accordance with the The Spirit of Mitsubishi: The Three Principles and The Mitsubishi Estate Group Code of Conduct, theachievement levels are defined for each position and grade, including whether the employee is acting with an awareness of compliance,
identifying and avoiding risks, and preventing recurrence. All employees are evaluated once a year on the status of achievement, and theresults are taken into consideration for salary increases.

Through these personnel evaluations, each and every employee will strengthen their awareness and consciousness as a member of the
Mitsubishi Estate Group, and by acting in a fair and transparent manner, we will strive to earn the trust of our many stakeholders.

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GovernanceRisk Management

Risk Management Approach and Policies
The Mitsubishi Estate Group has established the Mitsubishi Estate Group Risk Management Rules and has set up and operates a risk
management system to manage risk in all its business activities. The Group systematically carries out risk management programs, focusing
on the following two types of activities.

Risk Management Activities

01

02

Risk Management Activities of

Identi cation and Monitoring of

Respective Individual Business

Key Risks That Need Particularand Functional Groups and Group

Attention from the Group

Companies

To accurately grasp the risks facing the Group as awhole, and by selecting and mapping key risks that

Individual Group companies and functional andrequire measures to be taken, the risks that must be

business groups identify important risks based on aaddressed and their level of priority are brought torisk analysis and carry out activities throughout thelight. While monitoring risks throughout the year,

year to reduce the risks identi ed. In addition, theparticularly key risks, support is provided as

general managers of each functional or businessnecessary.

group ascertain the status of risk management
activities of different business companies under thejurisdiction of each group and provide coordinationand support.

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System for Promoting Risk Management
Mitsubishi Estate has established the Risk Management & Compliance Committee to oversee the Group's risk management and formed the
Risk Management & Compliance Subcommittee as a working-level consulting body responsible for such matters as the collection of risk
management-related information. The corporate o cer in charge of risk management at Mitsubishi Estate is appointed by resolution of theBoard of Directors to take responsibility for overseeing risk management, and general managers of each business groups and generalmanagers from Group departments have been designated as risk management o cers. We promote risk management activities throughthe Mitsubishi Estate Legal & Compliance Department, which serves as the secretariat. The Risk Management & Compliance Committee
reviews the effectiveness of the risk management process as needed and its ndings will be reported to the Board. We have alsoestablished and implemented action guidelines, contact and initial response systems, and business continuity planning for use in times ofcrisis.

Risk Management and Compliance System (As of April 2023)

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Risk Management Related to Investment Projects
Among the various risks recognized by the Mitsubishi Estate Group, risks related to investment projects are based on the assessment ofbusiness viability by company-wide research functions and under investment decision rules of the Strategic Investment O ce. Prior to thedeliberation of important investment projects by the Executive Committee, which is chaired by the president & CEO of Mitsubishi Estate andis responsible for strategic planning for the entire Group and monitors the progress of each business toward realizing this strategy, theStrategic Investment Committee deliberates and evaluates pro tability, the nature of risks and related countermeasures, and other matters.
At each phase, risk assessments are also conducted from legal and nancial aspects in order to grasp an overall picture of the risks.

Strategic Investment Committee
In its deliberations, in addition to assessing the economic viability of a given project using multiple indicators, the Strategic Investment
Committee veri es the appropriateness of various aspect of premises, such as rents, unit selling prices, and construction costs. For risks, inparticular, simulations of upside and downside scenarios are incorporated into investment decision rules. The difference between the
scenario set by the responsible business group in charge of the project and the downside scenario is recognized as risk. The Strategic
Investment Committee holds discussions on the acceptable limits of that risk.

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Risk Management Initiatives
Holding Risk Management and Compliance Lectures
Mitsubishi Estate holds risk management and compliance lectures for managers and executives, including those at Group companies. The
lecture topic is chosen from genres related to risk management and compliance, in light of social conditions in that particular year.

Dealing with Major Risks
Below are some examples of risks that have come to light in the Mitsubishi Estate Group through risk management activities and various
business activities and countermeasures that have been taken.

Risks

Countermeasures

Amid growing social interest in the way companies

At facilities that it owns or operates, the Mitsubishi

respond in the event of pandemics and natural

Estate Group prepares business continuity plans for

Risks of Natural anddisasters, such as typhoons, in the unlikely event of

use in the event of a natural or man-made disaster.

Man-Made Disasters,

shortcomings in a response deemed appropriate by

In addition, redevelopment projects promoted byetc.

the Group, safety management, reputational, and

the Group put in place advanced disaster-other risks could emerge, which might affect theGroup’s business promotion and performance.

management functions and adopt disastercountermeasures through area management.

The Group’s performance may be adversely
affected if real estate market conditions were to

Risks of a Deterioration
in Real Estate Market
Conditions

deteriorate in accordance with an economic

The basic policy of the Group is to conclude

downturn caused by domestic and overseas

relatively longterm lease contracts with customers

factors. In such circumstances, the Group wouldin its office building leasing business. The resultant

need to pay particular attention to the progress ofoccupancy rates in the Tokyo office leasing market

prospect of stable lease revenues mitigates to acertain degree the risk of sharp economic

and to multi-use development, redevelopment, andfluctuations.

other plans, as these entail large-scale investments
over long-term development time frames.

Risks of Substantial
Rises in Material Prices

If material prices rose in conjunction with a steep

The Group implements cost control measures, suchincrease in raw material and crude oil prices due todomestic and overseas factors, the Group may notas the early placement of construction material
orders, and will monitor trends in material prices innecessarily be able to offset this through increased

a timely manner going forward while adopting asales prices and rental fees in its real estate

multifaceted response that encompasses adjustingdevelopment business, which may have an adverse

investment and development plans and consulting

effect on performance.

with its partners.

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Countermeasures

The Group’s business operations are affected byfluctuations in exchange rates. Appreciation of theRisks of Fluctuations in
Exchange Rates

yen reduces the yen conversion amount in foreign
currency denominated transactions. In addition, a

The Group strives to minimize risks of fluctuations

portion of the Group’s assets and liabilities are

in exchange rates through such efforts as procuring

converted into Japanese yen for the preparation offunds in the relevant foreign currency when

consolidated financial statements. Accordingly,

acquiring foreign currency-denominated assets.

even if there was no change in the value of said
assets and liabilities in local currency terms, theirvalue may be affected after yen conversion
The Bank of Japan (BOJ) has implemented a policyof quantitative and qualitative monetary easing with

Risks of Increases inInterest Rates

yield curve control in response to the credit crunch

The Group hedges interest rate risk on a portion of

in financial markets and the slowdown in the global

its variable interest rate financing through interest

economy. However, a rise in interest rates due to arate swaps to convert its interest rate paymentschange in the BOJ’s policy or a deterioration in the
demand-supply balance for Japanese government

into fixed payments. The Group plans to continue
procuring funds in consideration of the balancebonds (JGBs) caused by growth in the issuance ofbetween outstanding borrowings and corporate

JGBs may negatively affect the performance,

bonds with fixed and variable interest rates.

financial position, or other aspects of the Group’sbusiness.
The Group has established regulations in relation to
information management, based on which it
implements a rigorous information management
system, and complies appropriately with revisions
Information Security
Risks, Such as
Cyberattacks, Including
Leaks of Personal
Information

The Group’s performance could be affected in theto laws, such as the Act on the Protection ofunlikely event of external leaks of confidential

Personal Information. Moreover, in order to raise

information or the materialization of system risks
due to unforeseen circumstances, such as

the IT security level Groupwide, the Group has
positioned its DX Promotion Department at the

information security incidents resulting from

center of efforts to standardize its IT systems andcyberattacks, computer viruses, or the like.

make them more secure. The Group is alsoenhancing collaboration among DX Promotion
Department IT security personnel and between thedepartment and external security companies,
thereby providing Groupwide support.

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Emerging Risks for the Mitsubishi Estate Group's Business
Risks

Explanation of risks andbusiness backgroundImpact on business

Action to mitigate risk
The Group established MEC Industry Co. Ltd. as aGroup company that handles everything fromprocurement to sale of Japan-grown timber in aneffort to promote its own procurement of timber andits incorporation into products. The Mitsubishi EstateGroup considers Japan-grown timber to be low risk interms of illegal logging and human rights andbelieves that it meets the Group’s standards.

Soaring
material
costs andsupplyshortages
due to thesituation in
Ukraine

The Mitsubishi Estate Group
operates a real estate businessthat includes office buildings,
condominiums, and commercial
complexes. The main businessmodel is to plan and design realestate projects within the Group,order construction fromconstruction companies, andthen lease properties to tenants.
Construction companies
procure construction materials
that meet the Group’s design
specifications, and this includes
procurement of timber for use inconstruction. Timber is mainly
used for concrete formwork
panels and building interiors,and some of the timber
procured is produced in Russia.
In light of the situation in
Ukraine, one of the risks is a
shortage of timber due tounreliable imports of timberfrom Russia. The Group has also
been using certified timber from
Russia for some of the concrete
formwork panels with the target
of using 100% certified or
domestically-produced timber.

Unreliable timber imports from
Russia could lead to thefollowing impacts on business

EnergyCrunchThe real estate leasing businessis one of our major businesses,
and we operate a variety ofassets, including officebuildings, rental condominiums,
and commercial facilities. In thecourse of our leasing business,
we use various types of energy,
such as electricity and heat,
which are major business costs.
Energy costs are on an upward
trend due to the recent sharp
rise in fuel costs and otherfactors, and we view this as oneof the emerging risks since thecost impact on our business is
significant.

Rising energy prices will
increase building operation andmanagement costs and we view
this as a cost risk as we operate
and manage a large number ofproperties.

[ Impact on costs andconstruction period ]Due in part to the impact of thewood supply shock, it is now
very difficult to find alternative
timber, and additional time andexpense is involved in the
search for alternatives.
Furthermore, if the Group opts
to use certified timber, as
stipulated in the Group’s
sustainability goals, the difficultyin obtaining timber will increase
further.
There could also be an impact
on the construction period, andin that case, construction costs
will increase. In addition, thecost of alternative timber itself
is expected to increase.

To reduce the impact of rising energy prices, forexample, in the office leasing business, we are taking
the following initiatives(1) Develop real estate with high energy performance.
(For properties above a certain size, we make it
mandatory to obtain green building certification, etc.)(2) Implement energy-saving measures to the extent
that they do not interfere with the office operation
business.

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Risks
Human
rights due
diligence
legislation

Sustainability Management

Explanation of risks andbusiness backgroundAs human rights due diligencelegislation is being implemented
in Europe and elsewhere, thestandards required are
becoming more sophisticated.
Since the Mitsubishi EstateGroup does business in many
countries, it believes it isnecessary to comply with thelegal systems in the countries
where it operates. Even incountries where legal systems
are not yet in place, it is also
necessary to make preparationsin advance of such legal
systems. In addition, due to thenature of the real estatebusiness, some of the Group’sbusiness partners, for example
the construction industry, are

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Impact on business

Action to mitigate risk

The most significant impact of adelay in complying with legal
systems related to human rights
due diligence is expected to be aloss of trust from stakeholders.
In particular, it could lead to aloss of trust from investors,
which could lead to divestment,
or a loss of trust from
customers (tenants,
condominium purchasers, etc.),
which could, in turn, impact
sales, etc.

In fiscal 2021, with the aim of further strengthening
supply chain management, the Mitsubishi EstateGroup revised its existing CSR Procurement
Guidelines and established the Supplier Code of
Conduct to set forth the matters it expects
compliance from suppliers. The Group identifies highrisk suppliers in terms of human rights and theenvironment and conducts SAQ(self-assessment
questionnaire) whether they comply with thecontents of the Supplier Code of Conduct. Dependingon the results of the SAQ, the Group requests
improvements or conducts on-site audit.

The Mitsubishi Estate Groupholds a vast amount ofcustomer and business partner
data, including personal
information related to thetenants of office buildings andcommercial facilities and thepurchasers of condominiums,
as well as information on orders
placed with construction
companies for new
construction. The stable
operation of information
systems is also necessary forproviding services outside of theGroup and the execution ofinternal operations. Information
leaks or threats such as
ransomware attacks andunauthorized access lead to a
decline in corporate credibility
and hinder business activities,
which could in turn impact
business profitability.

In light of society's growing concerns overappropriate information management, response to
cyberattacks, and protection of personal information,
the Mitsubishi Estate Group manages information by
establishing rules related to information
management (rules on information management,
information systems, cybersecurity, and personal
information) and updates its rules related to
information management as required in response tochanges in the environment and technology. The
Group also strives to ensure strict information
management through continuous monitoring andaudits.

labor-intensive and thus highrisk in terms of human rights.
Information The risk posed by cyberattacks
security
is increasing year by year, andrisk
we consider it to be one of the
management risks, withconcerns including information
leaks, unauthorized access to,and damage from ransomware
attacks on information systems
and data related to personal
information, etc. of tenants ofoffice buildings and commercial
facilities and purchasers ofcondominiums.

Moreover, in order to raise the IT security level of theentire Group, we have established information
management systems to implement measures suchas the following:
We have strengthened Groupwide cybersecurity byappointing senior executive officer Keiji Takano as
the Chief Information Security Officer (CISO) of the
Mitsubishi Estate Group and establishing the
Cybersecurity Promotion Office in the DX
Promotion Department
The new Cybersecurity Promotion Officeestablished in fiscal 2022 is composed mainly of
specialists with knowledge about cybersecurity as
an organization which will strengthen cybersecurity
both in terms of management and technology.

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Messages

Risks

Sustainability Management

Explanation of risks andbusiness background

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Impact on businessInformation
securityrisk

INDEX (GRI・SASB・TCFD, etc.)

Action to mitigate risk

We implement security training, targeted attack
email drills, and role-specific security training for all
Mitsubishi Estate Group employees to enhance
security response capabilities.
We maintain and enhance the security of our
information systems by introducing and operating
security measures and conducting periodic
security assessments to correct vulnerabilities andreview countermeasures.
The Mitsubishi Estate Group’s CSIRT (Computer
Security Incident Response Team) system is basedon the Cybersecurity Promotion Office. In the eventof large-scale damage, an emergency task force
will be established to respond to the incident.
We have formulated a BCP response plan,established an information system for BCP
response, and hold BCP response drills at least
once a year.
We utilize cybersecurity knowledge gained fromsharing information on the latest response cases
through participation in various externalorganizations' activities.
We are continuously making improvements byidentifying problems and issues through regularsecurity assessment by external third parties andresponding to any findings.

Business
continuity
risk due tonaturaldisasters,
etc.

Climate change-driven natural
disasters, which include
flooding due to abnormal
weather and sudden heavy rain,
typhoons, and hurricanes, havebecome more severe in recent
years. It is thought this could
impact on the business
continuity of the offices andcommercial facilities operated
by the Company, and this has
been identified as an emerging
risk.

Abnormal weather, such assudden heavy rain, thought to be
due to climate change, could
damage the offices andcommercial facilities operated
by the Company. If the Company
is forced to suspend operationsof its facilities due to thisdamage, the number of peopleusing urban areas and facilities
will decrease, and it will beharder to lease facilities totenants, which could make it
difficult to continue thebusiness. In addition, if it isdifficult to continue thebusiness, it is also assumed
there could be an impact onrental profits.

294

The Mitsubishi Estate Group has installed advanced
disaster prevention functions in the urban areas it
develops and the buildings it operates as well as
taking disaster response measures through area
management.
For example, in order to minimize the risk of flooding
in office buildings it constructs, the Group takes all
possible flood control measures including installling
waterstopping equipment such as tide plates andwatertight doors, and locating stockpile stores andkey sites (e.g. power receiving and transforming
equipment and disaster prevention centers) on
above-ground floors. The Group has also beendevising ways to develop highly disaster-resilient
urban areas, such as installing systems in whichelectricity, water, and ventilation all function
independently even when infrastructure supplies are
cut in a disaster.

Messages

Risks

Sustainability Management

Explanation of risks andbusiness background

Mitsubishi Estate Group 2030 Goals
for SDGs

Impact on businessBusiness
continuity
risk due tonaturaldisasters,
etc.

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Action to mitigate risk
The Mitsubishi Estate Group has established the
Mitsubishi Estate Group Business Continuity Plan
Guidelines, the Mitsubishi Estate Business Continuity
Plan Documents, and the Mitsubishi Estate Group
Guide to Preparing a Business Continuity Plan
Document. By strengthening the bonds between theBusiness Continuity Plan and the Framework of AntiDisaster Measures, we are ready to ensure both thesafety of customers and Mitsubishi Estate Group
employees as well as the business continuity of the
Mitsubishi Estate Group in an emergency.
Mitsubishi Estate Co., Ltd. has been implementing avariety of disaster prevention drill initiatives.
Every year, Mitsubishi Estate holds its
comprehensive disaster prevention drill with theparticipation of all its officers and employees aswell as Group companies and related parties tominimize damage and ensure a rapid response in
the event of a disaster.
As a disaster prevention initiative in the OtemachiMarunouchi-Yurakucho area, Mitsubishi Estate
conducted verification testing of Saigai Dashboard
4.0 in collaboration with Chiyoda-ku, railway
companies, bus operators, building operators, andothers. This has realized contactless reception in
facilities for stranded commuters using QR codes
and visualization of congestion around facilities.
The company held an initial response drill for head
office employees based on the action plan for after
an automatic announcement by the disastersystem, in which a fifth generation mobile
communications system (5G) was used for the firsttime in Japan. With cooperation from SoftBank
Corp., Mitsubishi Estate installed Odekake 5G, aportable 5G facility that can be used locally for 5G
communications, and verified a system formonitoring evacuation centers in real time using AI
video analysis software. The information that was
visualized in real time included the number of
evacuees and rescue workers in evacuation
centers, status of crowding in evacuation centers,
results of rescue worker identification using facialrecognition, and results of detection of people inneed of being rescued.

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Business Continuity Plan Initiative and Review
The Mitsubishi Estate Group has drafted a Business Continuity Plan (BCP) to prevent crucial operations from being interrupted if a disasteror accident occurs — and, if they are suspended, to enable their speedy resumption — and we established "Mitsubishi Estate Group BusinessContinuity Plan Guidelines" in October 2006.

In December 2012, we established "Mitsubishi Estate Business Continuity Plan Documents" and the "Mitsubishi Estate Group Guide toPreparing a Business Continuity Plan Document" in light of the Great East Japan Earthquake. By strengthening the bonds between theBusiness Continuity Plan and the Framework of Anti-Disaster Measures, we are ready to ensure both the safety of customers and Mitsubishi
Estate Group employees as well as the business continuity of the Mitsubishi Estate Group in an emergency.

Furthermore, in light of changes in the social and business environment, we strive to continually upgrade the content of the BusinessContinuity Plan through PDCA cycles and will implement further improvements going forward in order to fulfill our social responsibility.

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for SDGs

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INDEX (GRI・SASB・TCFD, etc.)

GovernanceInternal Audit

Status of Internal Audits
The Internal Audit Office conducts internal audits through "site audits" and "audits by theme" in accordance with mid-term and annual audit
plans formulated based on company-wide risk assessments to confirm whether governance, risk management, and internal control systems
are in place and operating properly.

In the "site audits" multiple offices are selected each year and audited based on the results of risk assessments of each Mitsubishi Estate
department, branch, and domestic and overseas group company conducted by the Internal Audit Office at the time of the audit plan
formulation. In this audit, we audit the status of penetration of basic philosophy and compliance including the Mitsubishi Estate Group Basic
Mission, Charter of Conduct, and Action Guidelines, as well as the status of risk management activities at the relevant sites.

The "audit by theme" is an audit based on predetermined themes. One such theme is the "Audit on the Effectiveness of the Company-wide
Risk Management System," which is conducted every year. The theme is selected based on a risk approach, including risk identification,
evaluation, management, and monitoring processes, as well as the status of response to significant risks.

All audit results are reported to the President and explained to the full-time Audit Committee member and the director in charge ofcompliance. In addition, a summary of the results is also reported to the Management Committee and the Audit Committee, and important
items are also reported to the Board of Directors. Issues identified in audits are notified to the audited departments, etc., requesting them totake measures for improvement, and the status of improvement is confirmed.

In addition, the Internal Audit Office undergoes external evaluations on a regular basis (approximately every five years), with the most recent
external evaluation conducted in FY2021. The latest external evaluation was conducted in FY2021. Through these efforts, we strive tocontinuously improve the quality of our audits.

The Internal Audit Office also serves as the secretariat for management's reporting on internal control over financial reporting (J-SOX), andpromotes the evaluation of internal control over financial reporting in cooperation with the audit by the accounting auditor. In this context,
the Internal Audit Office evaluates the status of internal controls, including compliance systems, of the Company and its consolidated
subsidiaries in cooperation with the relevant departments.

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GovernanceTax Transparency

Policy on Tax Transparency
The Mitsubishi Estate Group states that it will engage in fair and transparent corporate activities in the Mitsubishi Estate Group Code of
Conduct and the Mitsubishi Estate Group Guidelines for Conduct, and considers it is important to act in compliance with corporate ethics
and internal rules, beyond merely complying with legal requirements. Based on this concept, the Mitsubishi Estate Group complies with thematters listed below and engages in appropriate, fair, and highly transparent tax practices.

1. Compliance with tax laws and conformity with international standards
Each Mitsubishi Estate Group company complies with laws, regulations, and rules related to tax in each country where they engage inbusiness activities as well as implementing tax practices in conformity with standards and guidelines published by internationalorganizations (e.g., OECD, EU, the United Nations). Each Group company also ensures that it will file and pay taxes by the deadline stipulated
in each country.

2. Sound relationships with tax authorities
The Mitsubishi Estate Group maintains sound and normal relationships with tax authorities and does not provide unjustified benefits.

3. Implementation of appropriate tax treatments
The Mitsubishi Estate Group responds appropriately to changes in the tax system and tax administration in each country to ensure
appropriate tax treatments and strives to ensure that an appropriate amount of tax is paid while also considering the use of tax incentives
within the scope of normal business activities.

4. Prevention of unfair tax avoidance measures
The Mitsubishi Estate Group does not engage in unfair tax avoidance measures, such as use of tax havens for the purpose of tax avoidance.

5. Transfer pricing
In its transactions with foreign parties, the Mitsubishi Estate Group takes into consideration the arm's length price (ALP) and appropriately
distributes profits based on the functions, assets, and risks of each subsidiary in each country.

298

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Governance System
In order to ensure appropriate and fair financial reporting in accordance with the policy set out above, the Mitsubishi Estate Group has
formulated and operates the Mitsubishi Estate Group Basic Guidelines on Internal Control Regarding Financial Reporting (Basic Rules)
based on the Basic Policy of Establishment of the Internal Control System (resolution of the Board of Directors). These guidelines stipulate
the following roles and responsibilities for financial reporting.

Roles and responsibilities stipulated in the guidelines
Mitsubishi Estate Co., Ltd. Representative Corporate Executive Officer, President & Chief Executive Officer ("the President")
Establishes and operates internal control system in order to ensure reliability of financial reporting at the Mitsubishi Estate Group.
Mitsubishi Estate Co., Ltd. Board of Directors
Supervises establishment and operation of internal control system related to Mitsubishi Estate Group financial reporting by the
President.
Mitsubishi Estate Co., Ltd. Audit Committee
Monitors and verifies the establishment and operation of internal control system related to Mitsubishi Estate Group financial reportingby the Board of Directors and the President.
Mitsubishi Estate Co., Ltd. Internal Audit OfficeEvaluates status of establishment and operation of internal control system related to Mitsubishi Estate Group financial reporting andpromotes improvements as necessary.
For Audit Committee audits, the Committee receives reports on the audit plan, audit implementation system, and audit results from the
Independent Auditor and the Internal Audit Office, and reports on the status of settlement of accounts at the end of quarterly and annual
financial periods from the Finance & Accounting Department. The Audit Committee reports the results of Audit Committee audits to theBoard of Directors.

In addition, the evaluations of the status of establishment and operation of the internal control system related to Mitsubishi Estate Groupfinancial accounting conducted by the Internal Audit Office assess the effectiveness of the internal control system related to financial
reporting with a focus on the tax calculation processes and other business processes that result in highly significant account items. This isreported to the Board of Directors by the President.

The substance of financial reporting (the consolidated financial statements) is audited by the Independent Auditor, and audit reports arereceived as follows.

Consolidated Financial Statements (PDF 11.2MB)

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Disclosure of Tax Payments
Click here for the Mitsubishi Estate Group's tax payment record.

ESG Data > G: Governance data > (2) Other300

INDEX (GRI・SASB・TCFD, etc.)

Messages

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SUSTAINABILITY ACTIVITIES (ESG)

ESG Data

E: Environmental data

S: Social data

G: Governance data

READ MORE

READ MORE

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301

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Messages

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INDEX (GRI・SASB・TCFD, etc.)

ESG Data

E: Environmental data

S: Social data

E: Environmental data

G: Governance data

E: Environmental data
(1) KPI
1. Climate Change (GHG Emissions, Energy Use)
Targets&Tagetyear

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Unit

Reduce Scope 1 +2 by 70% or moreand Scope 3 by
50% or more
GHG emissions
total
2,099,270 2,534,820 3,533,468 4,038,583 3,588,345 3,336,472 t-CO2
by fiscal 2030
reduction targets*1
compared to fiscal* Revision in March
2019 emissions
2022
Achieve net-zero(Targets approved
emissions by 2050
by the SBT initiative(reduce Scope 1,
Scope1+2
265,442
312,198
413,153476,363
t-CO2
in June 2022)
2, and 3 by 90% ormore. Neutralize
residual
Scope3
1,833,828 2,222,622 3,120,314 3,562,220t-CO2
emissions*.)
Renewable Energy
Rate* Revision in
February 2022
Energyconsumption*5- Renewableenergyconsumption

Achieve 100% group-wide byfiscal 2025

51.4%

-

-

30.8%

-

559,826

518,515 1,024,802 1,242,153 1,138,078-

MWh

288,019

159,663-MWh

31,8041.1%

14,005

14,685

100% of
Mitsubishi
EstateGroup*

100% of
Mitsubishi
EstateGroup*

1.3%

302

3.1%

Boundary

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)*1 As a general rule, target group companies are selected based on actual control approach. Properties in which the Mitsubishi Estate Group's
ownership or trust beneficiary rights are less than 50% are not included in data calculations.
(However, under GRESB, properties in which the Mitsubishi Estate Group's ownership or trust beneficiary rights are 20% and over are included.)*2 Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTi standard requires neutralizing
any residual emissions using forest absorption and carbon removal technologies outside the value chain to counterbalance the impact of theseunabated emissions and to achieve net-zero emissions.
*3 Since the above numerical targets were revised upward in March 2022, the figures for the base year, FY2019 onward, show the breakdown of Scope
1+2 and Scope 3, respectively.
*4 For FY2019 actual emissions, the figures for Scope 2 and Scope 3 in total emissions have been partially changed due to the transfer of tenantemissions from Scope 2 to Scope 3 in leased real estate when the numerical targets were revised.
*5 For RE100, tenant use is excluded from electricity consumption from FY2021.

2. Resources (Waste, Water, Forestry Resources, etc.)
Targets

Target year

20% reduction
from FY2019
FY2019actual:7.1kg/m²

2030

Waste generated-- Japan

Waste generated
per unit of floor
space

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal
2018

Unit

5.6

5.1

5.0

7.1

-

45,87939,42039,221

54,11474,595t--44,07738,54938,75052,081

74,595t- Overseas

-

-

1,803

871

471

2,033

-

t

Area floor--

Recycling rate

90%

11.1 kg/m²

8,052,059 7,760,237 7,807,417 7,591,269 6,750,610

2030

59.1%

58.4%

60.5%

55.2%

45.5%

Boundary

100% of Mitsubishi
Estate Group*1

m²
100% of Mitsubishi
Estate Group*1

Waste recycled--

27,102

23,02323,742

29,87833,923t- Japan--

26,64922,80823,63629,351

33,923t- Overseas

-

-

453

216

106

527

-

t
Newly constructed*2,

Recycled water
usage rate

Japan-grown
timber usage rate

Fiscal 2030
100%
ongoinggoal

100%

Fiscal 2030
ongoing
goal

100%

73.5%

100%

71.2%

100%

69.3%

100%

71.8%

100%

-

large-scale*3 officebuildings andcommercial facilities
in Japan
Mitsubishi EstateHome(structural materials
and floormaterials for
detached housing)*1 Target organizations are selected based on actual control approach. As a general rule, properties in which Mitsubishi Estate Group's ownership or
trust beneficiary rights are less than 50% are not included in data calculations.
*2 Completed in 2002 onward*3 Floor area: 100,000m² or more

303

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for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)(2) Other
Basic Data on Target Properties
Fiscal 2022
Total floor area (m²)
Number of target properties

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Fiscal 2017

8,052,059

7,760,237

7,807,417

7,591,269

6,750,610

6,761,510

135

120

111

112

97

90

Independent assurance has been obtained for fiscal 2019 - 2022 results in (1) through (3) below.

Independent Third-Party Assurance Report304

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Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

1. Climate Change (GHG Reduction and Energy Management)
GHG Emissions
Fiscal 2022

Fiscal 2021

Emissions(t-CO2)Per unit(tCO2/m²)

Percentageof
total
emissions

2,099,270

0.2689100.0%-▲48.0% 2,534,820

0.3247100.0%-▲37.2%

Scope 1

110,7830.0143

5.3%

-

▲6.4%

120,7130.0156

4.8%

-

+2.0%

- CO2

108,258

-

5.2%

-

▲7.7%

116,438

-

4.6%

-

▲0.7%

- CH4

0

-

0.0%

-

-

0

-

0.0%

-

-

- N2O

0

-

0.0%

-

- HFCs

2,525

-

0.1%

-

- PFCs

0

-

0.0%

-

Total GHG
emissions (Scope
1+Scope 2+Scope
3)

Percentage of
ChangePer unit
Emissions
Scope 3from 2019(t(t-CO2)
breakdown(base year)
CO2/m²)-

Percentageof
total
emissions

Percentage of
ChangeScope 3from 2019breakdown(base year)

0

-

0.0%

-

4,275

-

0.2%

-

-

0

-

0.0%

-

-

+132.3%+293.3%

- SF6

0

-

0.0%

-

-

0

-

0.0%

-

-

- Other

0

-

0.0%

-

-

0

-

0.0%

-

-

Scope 2

154,659

0.01997.4%-▲56.8%

191,4850.02477.5%-▲46.5%

Scope 1 + Scope2

265,4420.0342

12.6%-▲44.3%

312,198

0.0402

12.3%-▲34.5%

1,833,828

-

87.4%

100.0%▲48.5% 2,222,622

-

87.7%

100.0%▲37.6%- Category 1:
Purchased
goods andservices

297,717

-

14.2%

16.2%

+241.4%

63,486

-

2.5%

2.9%

▲27.2%- Category 2:
Capital goods

834,773

-

39.8%

45.5%

▲26.4%

951,607

-

37.5%

42.8%

▲16.1%- Category 3:
Fuel andenergy-related
activities notincluded in
Scope 1 or
Scope 2

86,226

-

4.1%

4.7%

▲35.0%

83,354

-

3.3%

3.8%

▲37.2%- Category 5:
Waste
generated inoperations

27,167

-

1.3%

1.5%

+24.8%

25,472

-

1.0%

1.1%

+17.1%- Category 6:
Businesstravel

1,390

-

0.1%

0.1%

+10.8%

1,330

-

0.1%

0.1%

+6.1%

- Category 7:
Employeecommuting

3,099

-

0.1%

0.2%

+8.8%

2,939

-

0.1%

0.1%

+3.2%

- Category 11:
Use of soldproducts

439,701

-

20.9%

24.0%

▲76.9%

918,548

-

36.2%

41.3%

▲51.8%- Category 12:
End-of-life
treatment ofsold products

44,083

-

2.1%

2.4%

▲10.4%

34,255

-

1.4%

1.5%

▲30.4%- Category 13:
Downstream
LeasedAssets99,673

-

4.7%

5.4%

▲56.1%

141,631

-

5.6%

6.4%

▲37.6%

Scope 3305

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Fiscal 2020
Emissions(t-CO2)Per unit(tCO2/m²)

Percentage of
total
emissions

3,533,468

0.4526100.0%

Scope 1

116,9140.0150- CO2114,729- CH40

Total GHG
emissions (Scope
1+Scope 2+Scope
3)

INDEX (GRI・SASB・TCFD, etc.)

Fiscal 2019

Percentage of
Scope 3breakdown

Change from2019(base year)

Emissions(t-CO2)Per unit(tCO2/m²)

Percentage of
total
emissions

Percentage of
Scope 3breakdown-▲12.5% 4,038,583

0.5325100.0%

-

3.3%

-

▲3.1%

118,351

0.0156

2.9%

-

-

3.2%

-

-

117,264

-

2.9%

-

-

0.0%

-

-

0

-

0.0%

-

- N2O

0

-

0.0%

-

-

0

-

0.0%

-

- HFCs

2,185

-

0.1%

-

-

1,087

-

0.0%

-

- PFCs

0

-

0.0%

-

-

0

-

0.0%

-

- SF6

0

-

0.0%

-

-

0

-

0.0%

-

- Other

0

-

0.0%

-

-

0

-

0.0%

-

Scope 2296,2390.03798.4%-▲17.3%

358,0120.0472

8.9%-

Scope 1 + Scope2

413,153

0.052911.7%-▲13.3%

476,363

0.062811.8%-

3,120,314

-

88.3%

100.0%▲12.4% 3,562,220

-

88.2%

100.0%- Category 1:
Purchased
goods andservices

55,037

-

1.6%

1.8%

▲36.9%

87,211

-

2.2%

2.4%

- Category 2:
Capital goods

1,266,641

-

35.8%

40.6%

+11.6% 1,134,531

-

28.1%

31.8%

- Category 3:
Fuel andenergy-related
activities notincluded in
Scope 1 or
Scope 2

117,993

-

3.3%

3.8%

▲11.1%

132,683

-

3.3%

3.7%

- Category 5:
Waste
generated inoperations

15,129

-

0.4%

0.5%

▲30.5%

21,762

-

0.5%

0.6%

- Category 6:
Businesstravel

1,301

-

0.0%

0.0%

+3.8%

1,254

-

0.0%

0.0%

- Category 7:
Employeecommuting

2,936

-

0.1%

0.1%

+3.1%

2,848

-

0.1%

0.1%

- Category 11:
Use of soldproducts

1,420,533

-

40.2%

45.5%

▲25.5% 1,905,897

-

47.2%

53.5%

- Category 12:
End-of-life
treatment ofsold products

48,289

-

1.4%

1.5%

▲1.9%

49,214

-

1.2%

1.4%

- Category 13:
Downstream
LeasedAssets

192,456

-

5.4%

6.2%

▲15.2%

226,820

-

5.6%

6.4%

Scope 3306

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

Fiscal 2018
Emissions(t-CO2)Per unit(t-CO2/m²)

Percentage of
total emissions

3,588,345

0.5316

Scope 1

108,289

- CO2
- CH4

INDEX (GRI・SASB・TCFD, etc.)

Fiscal 2017
Percentage of
Scope 3 breakdown

Emissions(t-CO2)Per unit(t-CO2/m²)

Percentage of
total emissions

100.0%-

3,336,472

0.4935100.0%-

0.01603.0%-

120,634

0.01783.6%-

107,011

-

3.0%

-

119,989

-

3.6%

-

0

-

0.0%

-

0

-

0.0%

-

- N2O

0

-

0.0%

-

0

-

0.0%

-

- HFCs

1,278

-

0.0%

-

645

-

0.0%

-

- PFCs

0

-

0.0%

-

0

-

0.0%

-

- SF6

0

-

0.0%

-

0

-

0.0%

-

- Other

0

-

0.0%

-

0

-

0.0%

-

Scope 2564,033

0.083615.7%-

575,2620.0851

17.2%-

Scope 1 + Scope2

672,3220.099618.7%-

695,896

0.102920.9%-2,916,023

-

81.3%

100.0%

2,640,576

-

79.1%

100.0%- Category 1:
Purchased
goods andservices

77,035

-

2.1%

2.6%

74,329

-

2.2%

2.8%

- Category 2:
Capital goods

975,004

-

27.2%

33.4%

990,329

-

29.7%

37.5%

- Category 3:
Fuel andenergy-related
activities notincluded in
Scope 1 or
Scope 2

77,488

-

2.2%

2.7%

84,675

-

2.5%

3.2%

- Category 5:
Waste
generated inoperations

19,401

-

0.5%

0.7%

45,571

-

1.4%

1.7%

- Category 6:
Businesstravel

1,227

-

0.0%

0.0%

1,151

-

0.0%

0.0%

- Category 7:
Employeecommuting

1,885

-

0.1%

0.1%

1,768

-

0.1%

0.1%

- Category 11:
Use of soldproducts

1,714,888

-

47.8%

58.8%

1,398,021

-

41.9%

52.9%

- Category 12:
End-of-life
treatment ofsold products

49,095

-

1.4%

1.7%

44,732

-

1.3%

1.7%

- Category 13:
Downstream
LeasedAssets----Total GHG
emissions (Scope
1+Scope 2+Scope
3)

Scope 3---

Percentage of
Scope 3 breakdown-* Target group companies are based on actual control standard. As a general rule, facilities that rate of Mitsubishi Estate Group’s ownership or Trust
beneficiary right is less than 50% don't subject to Boundary* Categories 4/8/9/10/14/15 are excluded from the scope of calculation for reasons including (1) there is no emission source, (2) they are included in
Scope 1 + 2 or other category, or (3) their contribution within the entirety is negligible.

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Breakdown of Energy Consumption
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Electricity
equivalent
(MWh)

GJ
equivalent
value

Electricity
equivalent
(MWh)

GJ
equivalent
value

Electricity
equivalent
(MWh)

GJ
equivalent
value

Electricity
equivalent
(MWh)

GJ
equivalent
value

Electricity
equivalent
(MWh)

GJ
equivalentvalue

591,192

2,128,290

632,7932,278,055

615,532

2,215,915

628,4812,267,417

585,394

2,107,418- Heavy Oil

7,666

27,5986,468

23,286

6,021

21,675

6,645

23,921

7,470

26,891- Other Oil

857

3,086

851

3,064

2,026

7,292

730

1,560

4

13

Scope 1
- Gas

Scope 2- Electricity

541,959-

500,633-

1,024,802-

1,242,153---- Steam

84,890305,60378,195281,504

80,357289,286

111,208

400,350--- Steam
Water

13,41848,305

15,22454,805

13,62949,064

11,49841,394--- ColdWater

110,344397,237

100,217360,782

104,312375,525

105,480

379,727--* Scope: the same as for the SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which the
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)

GHG Emissions, Energy Use and Other Data by Type of Property
Fiscal 2022
Floor
GHG
Per unit
area
emissions(t(1,000m²) (t-CO2) CO2/m²)

Fiscal 2021

Energyuse(GJ)

Per unit(GJ/m²)

Number of
Floor
GHG
Per unittargetarea
emissions(tproperties (1,000m²) (t-CO2) CO2/m²)

Energyuse(GJ)

Per unit(GJ/m²)

Number oftargetproperties

Office buildings

5,734

101,726

0.02 2,209,758

0.39

65

4,488

158,273

0.04 2,547,965

0.57

54

Commercial
facilities

1,126

24,852

0.02

609,602

0.54

25

864

38,034

0.04

536,637

0.62

32

369

21,567

0.06

255,698

0.69

23

624

64,3990.10 1,008,236

1.61

14

Energyuse(GJ)

Per unit(GJ/m²)

Number oftargetproperties

HotelsFiscal 2020
Floor
GHG
Per unit
area
emissions(t(1,000m²) (t-CO2) CO2/m²)

Fiscal 2019

Energyuse(GJ)

Number of
Floor
GHG
Per unit
Per unittargetarea
emissions(t(GJ/m²)
properties (1,000m²) (t-CO2) CO2/m²)

Office buildings

4,667

307,9340.07 2,960,906

0.63

53

4,596

356,0630.08 3,255,690

0.71

51

Commercial
facilities

1,831

137,4020.08 1,412,010

0.77

29

1,727

154,535

0.09 1,551,447

0.90

29

336

15,830

0.05

0.53

14

212

36,722

0.17

1.55

12

Hotels176,634

328,227

Fiscal 2018
Floor
GHG
Per unit
area
emissions(t(1,000m²) (t-CO2) CO2/m²)

Energyuse(GJ)

Per unit(GJ/m²)

Numberoftargetproperties

Officebuildings

5,051

485,312

0.1 5,564,242

1.1

51

Commercial
facilities

1,024

90,8120.09 1,443,189

1.41

20

149

13,043

0.09

1.69

11

Hotels251,669*1 Scope: the same as for SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*2 Other uses not included in calculations for table above

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2. Waste and Resources
Waste Generated, Recycled, and Recycling Rate by Type of Waste
Fiscal 2022

Fiscal 2021

Fiscal 2020

Waste
generated(t)

Recycled
volume(t)

Recycling
rate

Waste
generated(t)

Recycled
volume(t)

Recycling
rate

Waste
generated(t)

Recycled
volume(t)

Recyclingrate

Copier and office automation
paper

619

619

100%

493

493

100%

509

509

100%

Confidential documents(bulk processed documents)

32

32

100%

182

182

100%

166

166

100%

Magazines, pamphlets, andcolored paper

1,193

1,193

100%

1,482

1,482

100%

1,756

1,756

100%

Newspapers and flyers
inserted in newspapers

467

467

100%

412

412

100%

526

526

100%

Corrugated cardboard

9,422

9,422

100%

8,613

8,613

100%

8,361

8,361

100%

Miscellaneous paper

1,949

1,949

100%

1,596

1,596

100%

1,843

1,843

100%

Other combustible waste(paper waste andmiscellaneous waste)

13,733

362

2.6%

8,902

674

7.6%

8,768

680

7.8%

Kitchen waste (tea leaves,leftover food, cigarette butts,
etc.)

5,122

2,504

48.9%

6,440

1,960

30.4%

5,472

1,892

34.6%

Trees, grass, and fibers, etc.

543

523

96.4%

962

391

40.7%

633

330

52.0%

Jars

893

893

100%

680

680

100%

655

655

100%

Cans

570

570

100%

508

508

100%

517

517

100%

Plastic bottles

978

978

100%

846

846

100%

858

858

100%

Cooking oil

299

285

95.4%

185

185

100%

209

209

100%

Lunch box packaging

409

233

56.9%

956

615

64.3%

767

472

61.5%

Other (waste plastic)

3,988

3,463

86.8%

2,949

2,042

69.3%

3,093

1,782

57.6%

Other (fluorescent lights)

15

15

100%

524

15

2.8%

1,413

17

1.2%

Other (industrial waste)

3,380

3,111

92.0%

2,083

2,083

100%

2,741

2,741

100%

Other (includes waste thatcannot be sorted into theabove)

465

29

6.2%

736

30

4.1%

461

322

69.9%

Japan total

44,077

26,64960.5%

38,54922,80859.2%

38,75023,636

61.0%

Overseas total

1,803

453

25.2%

871

216

24.8%

471

106

22.5%

Grand Total

45,87927,102

59.1%

39,42023,023

58.4%

39,221

23,74260.5%

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Fiscal 2018

Waste
generated(t)

Recycled
volume(t)

Recycling
rate

Waste
generated(t)

Recycled
volume(t)

Recyclingrate

Copier and office automation
paper

678

678

100%

742

649

87.4%

Confidential documents(bulk processed documents)

113

113

100%

992

659

66.4%

Magazines, pamphlets, andcolored paper

2,470

2,470

100%

2,437

2,253

92.4%

Newspapers and flyers
inserted in newspapers

695

695

100%

1,191

1,076

90.4%

Corrugated cardboard

11,096

11,096100%

10,255

9,419

91.8%

Miscellaneous paper

2,015

2,015

100%

3,143

2,328

74.1%

Other combustible waste(paper waste andmiscellaneous waste)

13,342675

5.1%

15,454

1,094

7.1%

Kitchen waste (tea leaves,leftover food, cigarette butts,
etc.)

9,716

3,276

33.7%

20,070

3,855

19.2%

Trees, grass, and fibers, etc.

1,016

43

4.3%

1,253

69

5.5%

Jars

1,282

1,282

100%

2,462

2,319

94.2%

Cans

847

847

100%

3,142

3,060

97.4%

Plastic bottles

1,497

1,497

100%

3,122

2,553

81.8%

Cooking oil

224

224

100%

249

237

95.3%

Lunch box packaging

1,402

775

55.3%

1,203

662

55.0%

Other (waste plastic)

4,006

2,420

60.4%

6,191

2,441

39.4%

Other (fluorescent lights)

58

58

100%

68

35

51.1%

Other (industrial waste)

1,478

1,093

74.0%

818

554

67.7%

Other (includes waste thatcannot be sorted into theabove)

149

97

64.8%

1,804

661

36.7%

Japan total

52,081

29,351

56.4%

74,59533,923

45.5%

Overseas total

2,033

527

25.9%

-

-

-

Grand Total

54,11429,87855.2%

74,59533,92345.5%* Scope: the same as for the SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which the
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)

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Waste Generated by Type of Property
Fiscal 2022

Fiscal 2021

Floor
Waste
Per
area
generated unit
(1,000m²)(t)(kg/m²)

Fiscal 2020

NumberNumberNumber
Floor
Waste
Per
Floor
Waste
Per
of
of
of
area
generated unit
area
generated unit
targettargettarget(1,000m²)(t)(kg/m²)(1,000m²)(t)(kg/m²)
properties
properties
properties

Office buildings

5,734

34,530

6.0

65

4,488

23,853

5.3

54

4,667

21,424

4.6

59

Commercial
facilities

1,126

18,562

16.5

25

864

16,357

18.9

32

1,831

15,907

8.7

25

369

1,805

4.9

23

624

1,303

2.1

14

336

1,329

4.0

15

HotelsFiscal 2019

Fiscal 2018

Floor
Waste
Per
area
generated unit
(1,000m²)(t)(kg/m²)

NumberNumber
Floor
Waste
Per
of
of
area
generated unit
targettarget(1,000m²)(t)(kg/m²)
properties
properties

Office buildings

5,244

35,611

7.7

54

5,051

36,7807.3

47Commercial
facilities

1,059

15,045

8.7

20

1,024

7,218

7.0

20

212

1,809

8.5

12

149

25,520171.2

11Hotels

*1 Scope: the same as for SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*2 Other uses not included in calculations for table above

Hazardous Substance Emissions
Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

BoundaryNox (t)

3.1

3.3

4.3

3.1

Mitsubishi Estate

Sox (t)

0.0

0.0

0.0

0.0

Mitsubishi Estate

PCBs (t)*1

61.5

28.9

116.2

3.2

Mitsubishi Estate

Asbestos (t)*2

146.7

94.9

557.1

104.3

Mitsubishi Estate*1 PCB waste is completely detoxified and properly treated so that it does not cause environmental impact using treatment facilities and methods
stipulated by the government based on the Act on Special Measures Concerning Promotion of Proper Treatment of PCB Wastes established by the
Ministry of the Environment.
*2 Emission of construction-related waste containing asbestos. Asbestos is properly processed in a form not involving any environmental impact inaccordance with the treatment method stipulated by the government based on the Waste Management and Public Cleansing Act established by the
Ministry of the Environment.

311

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3. Water
Water Usage
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Fiscal 2017

Water withdrawal (m³)

5,946,083

5,270,464

4,988,909

6,498,558

5,777,904

5,445,722- Fresh surface water

0

0

0

0

0

0

- Brackish surface water/seawater

0

0

0

0

0

0

492,938

478,111397,248

132,387- Groundwater - non renewable

0

0

0

0

0

0

- Produced water/entrained water

0

0

0

0

0

0

5,453,145

4,792,354

4,591,661

6,366,171

5,777,904

5,445,722

5,008,352

4,381,218

4,082,675

5,721,372

5,658,971

2,683,751※2- Fresh surface water

0

0

0

0

0

0

- Brackish surface water/seawater

0

0

0

0

0

0

- Groundwater

0

0

0

0

0

0

5,008,352

4,381,218

4,082,675

5,721,372

5,658,971

2,683,751

Water consumption (m³)

937,730

889,246906,234

777,186

118,933

2,761,971

Recycled water (m³)

938,393793,728

797,403

1,335,830

1,101,472

816,827- Groundwater - renewable- Third party sources (municipal potable water)
Water discharge (m³)

- Third party destinations--*1 Scope: the same as for the SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
the Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*2 As water discharge data was not available at certain facilities, there are discrepancies with the results for fiscal 2018 and fiscal 2019.

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Water Usage by Type of Property
Fiscal 2022

Fiscal 2021

NumberNumber
Floor
Water
Water
Floor
Water
Water
Per unit
Per unitof
Per unit
Per unitofarea
withdrawal
discharge
area
withdrawal
discharge(m³/m²)(m³/m²) target(m³/m²)(m³/m²) target(1,000m²)(m³)(m³)(1,000m²)(m³)(m³)
facilities
facilities
Office buildings

5,734

3,250,264

0.71

3,056,408

0.67

65

4,488

2,135,148

0.46

2,028,971

0.44

54

Commercial
facilities

1,126

1,144,793

0.66

1,135,874

0.66

25

864

1,717,983

0.99

1,543,844

0.89

32

369

583,9622.75

578,758

2.73

23

624

244,6281.15

242,543

1.14

14

HotelsFiscal 2020

Fiscal 2019

Floor
Water
Water
Per unit
Per unit
area
withdrawal
discharge(m³/m²)(m³/m²)(1,000m²)
(m³)
(m³)

NumberNumber
Floor
Water
Water
of
Per unit
Per unitofarea
withdrawal
discharge
target(m³/m²)(m³/m²) target(1,000m²)(m³)(m³)
facilities
facilities

Office buildings

4,667

2,028,971

0.44

2,028,971

0.44

53

4,596

3,094,801

0.67

3,005,493

0.65

51

Commercial
facilities

1,831

1,543,844

0.89

1,543,844

0.89

29

1,727

2,072,191

1.20

1,996,223

1.16

29

336

242,543

1.14

242,543

1.14

14

212

426,987

2.01

416,383

1.96

12

Floor
Water
Water
Per unit
Per unit
area
withdrawal
discharge(m³/m²)(m³/m²)(1,000m²)
(m³)
(m³)

Numberoftargetfacilities

HotelsFiscal 2018

Office buildings

5,051

4,010,966

0.79

3,774,352

0.75

51

Commercial
facilities

1,024

1,210,212

1.18

1,307,182

1.28

20

149

396,4462.66

434,601

2.92

11

Hotels

*1 Scope: the same as for the SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
the Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*2 Other uses not included in calculations for table above

Results of Water Risk Analysis Using Aqueduct Water Risk Atlas, a Water Risk Analysis Tool
Overall risk*1

Number oftarget properties

Percentage

Water withdrawal(m³)

Water discharge(m³)

Water consumption(m³)

0-1 Low

10

7.4%

427,259114

427,145

1-2 Low-medium

125

92.6%

5,518,824

937,616

4,581,207

2-3 Medium-high

0

0.0%

0

0

0

3-4 High

0

0.0%

0

0

0

4-5 Extremely high

0

0.0%

0

0

0

120

100.0%

5,946,083

937,730

5,008,352

Total*1 Definition on Aqueduct: overall water-related risk based on all factors, including physical water volume, water quality, regulations, and reputationalrisk*2 Scope: the same as for SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*3 Analysis scope: properties covered by the SBT scope in fiscal 2022

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4. Energy Saving
Rate of Facilities with Energy-Saving Equipment Adopted/Installed
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Boundary
Newly constructed*1, large-

Rate of adoption for water-conserving appliances(automatic faucets, water-conserving toilets)

Rate of installation of electric vehicle charging
stations

Rate of provision of bicycle parking areas

100%

92.3%

100%

100%

92.9%

100%

100%

92.3%

100%

100%

92.3%

100%

100%

scale*2 officebuildings and commercial
facilities in Japan

92.3%

Newly constructed*1, largescale*2 officebuildings and commercial
facilities in Japan

100%

Newly constructed*1, largescale*2 officebuildings and commercial
facilities in Japan
Mitsubishi Estate Group brandcondominiums*3
transferred in the fiscal year
(excludes those with less than
40 units)

Rate of annual adoption for soleco system

68.0%

76.5%

73.7%

62.1%

71.1%

Rate of annual adoption for heat insulation functions
level 4

100%

100%

100%

100%

100%

Mitsubishi Estate Group brandcondominiums*3
transferred in the fiscal year

100%

Mitsubishi Estate Group brandcondominiums*3
transferred in the fiscal year

Rate of annual adoption for primary energy
consumption level 4

100%

100%

100%

100%

*1 Completed in 2002 onward*2 Floor area: 100,000m² or more
*3 Only includes The Parkhouse brand properties supplied by Mitsubishi Estate Residence. Excluding units with less than 40 units.

314

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5. Green Building Certification
Comprehensive Certification
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary
Mitsubishi Estate

CASBEE certification (includes selfcertifications and expired certifications)- Number of certified properties

Group*1
27

12

12

10

8

7

- Total floor area of certified properties (m²)

1,913,217

1,385,772

1,280,499

1,247,375

1,203,704

1,029,650- Certification rate (ratio of total floor area to
SBT-target properties)

23.8%

17.9%

16.4%

16.6%

18.0%

15.4%

Development Bank of Japan (DBJ) Green
Building certification- Number of certified properties

Mitsubishi EstateGroup*1
24

11

11

9

8

8

- Total floor area of certified properties (m²)

2,935,859

1,174,253

1,068,980

962,693951,213951,213- Certification rate (ratio of total floor area to
SBT-target properties)

36.5%

15.1%

13.7%

12.8%

14.2%

14.2%
Mitsubishi EstateGroup*1

LEED- Number of certified properties

2

2

2

2

2

2

- Total floor area of certified properties (m²)

408,665

408,665

408,665

408,665

408,665

408,665- Certification rate (ratio of total floor area to
SBT-target properties)

5.1%

5.3%

5.2%

5.4%

6.1%

6.1%
Mitsubishi EstateGroup*1

Total- Number of certified properties*2- Total floor area of certified properties*2(m²)- Certification rate (ratio of total floor area to
SBT-target properties)
SBT-target floor area*3

43

18

18

14

11

10

3,890,781

2,245,540

1,994,267

1,854,856

1,799,705

1,625,651

48.3%

28.9%

25.5%

24.6%

26.9%

24.2%

8,052,059

7,760,237

7,807,417

7,534,201

6,693,542

6,704,442

Mitsubishi EstateGroup*1*1 Scope: the same as for the SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
the Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)*2 When multiple certification have been obtained for the same property, it is counted as one property so as to calculate the total value without any
duplication.
*3 Only includes properties eligible for certification

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Comprehensive Energy Efficiency Certification
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary
Mitsubishi Estate

Building-housing Energy-efficiency Labeling
System (BELS)Group*- Number of certified properties

12

9

1

1

1

1

- Total floor area of certified properties (m²)

543,571467,098

108,350

108,350

108,350

108,350- Certification rate (ratio of total floor area to
SBT-target properties)

6.8%

6.0%

1.4%

1.4%

1.6%

1.6%

* Scope: the same as for SBT scope (Target organizations are selected based on actual control approach. As a general rule, properties in which
Mitsubishi Estate Group's ownership or trust beneficiary rights are less than 50% are not included in data calculations.)

Biodiversity Certification
Fiscal2022
Number of projects recognized with ABINC
certification

Fiscal2021

28

Fiscal2020

27

Fiscal2019

26

Fiscal
2018

22

Fiscal201715

Boundary

22

Mitsubishi EstateGroup

6. Other
Environmental Accidents or Violations of Environmental Laws and Regulations
Fiscal2022
Violations of environmental laws andregulations

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary

0

0

0

0

1

0

Mitsubishi Estate
Group

0

0

0

0

0

0

Mitsubishi EstateGroup

Environmental accidents

0

0

0

0

0

0

Mitsubishi EstateGroup

Environment related fines and penalties (yen)

0

0

0

0

0

0

Mitsubishi EstateGroup- Of which those related to water quality andwater volume

Environmental Management System Certification

Percentage of business sites with environmental
management system certification based on ISO14001

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary

1.5%

1.5%

1.7%

1.4%

40.5%

42.2%

Mitsubishi
Estate Group316

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for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Biodiversity Exposure & Assessment
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Fiscal2016

Boundary
Mitsubishi Jisho
Residence

Overall- the total number of sites used for
operational activities- the total area used for operational
activities (m²)

14

20

19

26

29

26

24

75,764.39 69,303.06 52,736.15 89,428.45 75,415.25 78,413.40 39,569.68
Mitsubishi Jisho
Residence

Assessment- the total number of sites
conducted biodiversity impact
assessments- the total area conductedbiodiversity impact assessments
(m²)

14

20

19

26

29

26

24

75,764.39 69,303.06 52,736.15 89,428.45 75,415.25 78,413.40 39,569.68
Mitsubishi Jisho
Residence

Exposure- the number of sites in close
proximity to critical biodiversity*

0

0

0

0

0

0

0

- the total area in close proximiy tocritical biodiversity* (m²)

0

0

0

0

0

0

0
Mitsubishi Jisho
ResidenceManagement plans- the total number of sites withbiodiversity management plan

0

0

0

0

0

0

0

- the total area with biodiversity
management plan (m²)

0

0

0

0

0

0

0

* World Heritage sites

317

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

ESG Data

S: Social data

E: Environmental data

G: Governance data

S: Social data

S: Social data
(1) KPI
Diversity & Inclusion
Targets

Target Year

Fiscal2023

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Boundary

Paid leave utilization

Above 65%

Fiscal 2022

-

66.6%

56.9%

59.8%

68.0%

72.9%

Mitsubishi
EstateAverage number of used paid
leave days

12 or more

Every year

-

12.6

10.8

10.8

12.4

13.6

Mitsubishi
EstateRatio of female new graduate
hires

Above 40%

Every year

33.9%

35.7%

38.3%

37.8%

37.8%

31.4%

Mitsubishi
EstateRatio of female mid-career hires

Above 40%

Every year

-

36.5%

24.4%

17.1%

66.7%

22.2%

Mitsubishi
Estate①above 20%、
②30%、③40%①Fiscal 2030、②Fiscal 2040、③Fiscal 2050

7.3%

7.2%

6.6%

5.8%

5.8%

5.5%

Mitsubishi
Estate*1

Rate of male employees taking
childcare leave of absence*4

above 100%

Fiscal 2030 ongoinggoal-

110.6%

75.5%

64.9%

24.0%

21.2%

Mitsubishi
Estate*2

Rate of female employees taking
childcare leave of absence100%

Fiscal 2030 ongoinggoal-

100.0%

98.7%

100.0%

98.7%

100.0%

5 Groupcompanies*3

Rate of reinstatement to work
after maternity/childcare leave100%

Fiscal 2030 ongoinggoal-

100.0%

100.0%

94.8%

93.8%

96.7%

5 Groupcompanies*3

Employment rate of persons withdisabilities

2.30%

Fiscal 2030 ongoing
goal

-

2.20%

2.30%

2.20%

2.23%

2.22%

5 Groupcompanies*3

Ratio of female managers*1 As we raised the target in FY2021, the boundary was changed to Mitsubishi Estate*2 From FY2022, the boundary of this target was changed to Mitsubishi Estate*3 Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi Jisho Sekkei, Mitsubishi Real Estate Services*4 Ratio of "the number of male employees who took childcare leave during the fiscal year (b)" to "the number of male employees whose spouse gavebirth to a child/children during the fiscal year (a)" (b/a). （Since (b) includes employees who had a child before the fiscal year but did not take theleave within the fiscal year in which the child/children was/were born, and who newly took the leave in the fiscal year, the rate may exceed 100%.

318

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Health Management
Targets

Target Year

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Boundary

Percentage of high-risk groupfor metabolic syndrome(1) 25.6% (2) 14.8%(equivalent to national
average;approximately 60% of
FY2019 percentage)(1) Fiscal 2025 (2)Fiscal 2030

to be
updated

42.3%

39.5%

36.4%

-

Mitsubishi
Estate*1

Percentage of healthy group(1) 20.85% (2) 32.8%(equivalent to national
average;approximately 370% of
FY2019 percentage)(1) Fiscal 2025 (2)Fiscal 2030

to be
updated

9.9%

10.1%

8.9%

-

Mitsubishi
Estate*1

90.00%

Every year fromFY2021 – FY2030

to be
updated

88.0%

80.7%

-

-

Mitsubishi
Estate*1

Maintain percentage of
10% or lower(national average: 10%)Every year fromFY2021 – FY2031

to be
updated

4.0%

4.7%

5.5%

-

Mitsubishi
Estate*2

Cancer screening rate

High stress group*1 Applies to head and branch office employees*2 Includes seconded staff

Resilient Urban Development
Targets
Rate of employees with firstaid provider qualification

100%

Target Year
Fiscal 2030
ongoing goal

Fiscal2022

Fiscal2021

75.3%

Fiscal
2020

72.4%

Fiscal2019

63.0%

Fiscal
2018

61.0%

64.0%

Boundary
2 Group companies** Mitsubishi Estate, Mitsubishi Jisho Property Management

Other
Targets
Employee absentee rate

0%

Target Year
Fiscal 2030
ongoing goal

Rate of provision of accessible
toilets

Fiscal 2030
100%
ongoing goal

Rate of barrier-free buildings

Fiscal 2030
100%
ongoing goal

Percentage of wood thatmeets sustainabile sourcing
code*4 (certified anddomestically produced) used
for formwork concrete panels

100%

2030

Fiscal2022

Fiscal2021

0.8%

Fiscal
2020

0.9%

100%

100%

Fiscal
2019

0.9%

100%

Fiscal2018

Boundary
5 Group companies*1

0.8%

0.8%

100%

Newly constructed*2,large-scale*3 office100%buildings and commercial
facilities in Japan
Newly constructed*2,large-scale*3 office100%buildings and commercial
facilities in Japan

100%

100%

100%

100%

-

-

-

-

80%

Mitsubishi Estate,
Mitsubishi Estate
Residence*1 Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi Jisho Sekkei, Mitsubishi Real Estate Services*2 Completed in 2002 onward*3 Total floor area: 100,000m² or more
*4 The standards for sustainability-conscious procurement, with reference to international agreements and codes of conduct in various fields related tosustainability

319

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)(2) Other
1. Human Resources
I) Mitsubishi Estate Employment Conditions
Workforce breakdown (As of the beginning of each fiscal year)
Fiscal 2023

Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Number Percentage Number Percentage Number Percentage Number Percentage Number Percentage Number Percentage
Men

1,454

71.8%

1,401

72.9%

1,369

74.0%

1,333

75.4%

1,233

75.7%

1,249

77.1%

(Of which,regularemployees)

1,180

58.3%

1,148

59.7%

1,122

60.6%

1,104

62.4%

1,080

66.3%

1,108

68.4%

- Of which,managers

659

32.6%

659

34.3%

662

35.8%

682

38.6%

668

41.0%

690

42.6%

- Of which,nonmanagerial
employees

521

25.7%

489

25.4%

460

24.9%

422

23.9%

412

25.3%

418

25.8%

(Of which,short-term
contract
workers)

274

13.5%

253

13.2%

247

13.3%

229

12.9%

153

9.4%

141

8.7%

570

28.2%

522

27.1%

482

26.0%

436

24.6%

396

24.3%

372

22.9%

(Of which,regularemployees)

434

21.4%

390

20.3%

352

19.0%

328

18.5%

306

18.8%

283

17.5%

- Of which,managers

54

2.7%

51

2.7%

47

2.5%

42

2.4%

39

2.4%

42

2.6%

- Of which,nonmanagerial
employees

380

18.8%

339

17.6%

305

16.5%

286

16.2%

267

16.4%

241

14.9%

(Of which,short-term
contract
workers)

136

6.7%

132

6.9%

130

7.0%

108

6.1%

90

5.5%

89

5.5%

2,024

100.0%

1,923

100.0%

1,851

100.0%

1,769

100.0%

1,629

100.0%

1,621

100.0%(Of which,regularemployees)

1,614

79.7%

1,538

80.0%

1,474

79.6%

1,432

80.9%

1,386

85.1%

1,391

85.8%

- Of which,managers

713

35.2%

710

36.9%

709

38.3%

724

40.9%

707

43.4%

732

45.2%

- Of which,nonmanagerial
employees

901

44.5%

828

43.1%

765

41.3%

708

40.0%

679

41.7%

659

40.7%

(Of which,short-term
contract
workers)

410

20.3%

385

20.0%

377

20.4%

337

19.1%

243

14.9%

230

14.2%

Women

Total

320

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Workforce profile, by age bracket (As of April 1, 2023)
Total

20-29

30-39

40-49

50-59

60 and overNumber Percentage Number Percentage Number Percentage Number Percentage Number Percentage Number Percentage
Men

1,454

71.8%

217

60.3%

398

67.3%

224

68.1%

448

81.0%

167

87.4%

Women

570

28.2%

143

39.7%

193

32.7%

105

31.9%

105

19.0%

24

12.6%

Total

2,024

100%

360

100%

591

100%

329

100%

553

100%

191

100%

Percentage of female managers (As of the beginning of each fiscal year)
Fiscal2023

Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Female employees as percentage of all employees

28.2%

27.1%

26.0%

24.6%

24.3%

22.9%

Female subsection chiefs as percentage of all subsection chiefs

27.7%

23.9%

21.1%

20.3%

16.9%

15.9%

Female managers as percentage of all managers

7.3%

7.2%

6.6%

5.8%

5.8%

5.5%

Female junior managers as percentage of all junior managers

17.3%

17.5%

17.4%

15.6%

15.9%

14.4%

Female middle managers as percentage of all middle managers

3.8%

4.0%

4.7%

4.3%

3.2%

3.0%

Female senior managers as percentage of all senior managers

2.6%

2.3%

1.1%

0.4%

0.4%

0.0%

Female non-back office managers as percentage of all non-backoffice managers

6.8%

7.0%

6.4%

5.1%

5.1%

6.8%

Female employees in STEM-related positions as percentage of total
STEM positions

26.4%

26.5%

26.4%

26.4%

-

-

Percentage of employees by nationality（As of the beginning of each fiscal year)
Fiscal 2023

Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

- Japan

99.4%

99.5%

99.6%

99.7%

99.6%

99.6%

- Other

0.6%

0.5%

0.4%

0.3%

0.4%

0.4%

- Japan

100%

100%

100%

100.0%

100%

100%- Other

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Percentage of all full time employees by nationality

Percentage of managers by nationality

321Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

New hires and people leaving the company (As of the beginning of each fiscal year)
Fiscal 2023 Fiscal 2022 Fiscal 2021 Fiscal 2020 Fiscal 2019 Fiscal 2018
New employees (new graduate hires and mid-career hires)

-

94

92

80

58

53

- Male percentage

-

63.8%

68.5%

71.3%

51.7%

71.7%

- Female percentage

-

36.2%

31.5%

28.8%

48.3%

28.3%

- Percentage of < 30 years old

-

53.2%

65.2%

60.0%

63.8%

66.0%

- Percentage of 30-50 years old

-

46.8%

34.8%

38.8%

36.2%

34.0%

- Percentage of > 50 years old

-

0.0%

0.0%

1.3%

0.0%

0.0%

- Percentage of Japanese nationality

-

96.8%

97.8%

96.3%

98.3%

100.0%- Percentage of other nationalities

-

3.2%

2.2%

3.8%

1.7%

0.0%

- Percentage of non-managers-

100.0%

100.0%

100.0%

100.0%

100.0%- Percentage of junior managers

-

0.0%

0.0%

0.0%

0.0%

0.0%

- Percentage of middle managers

-

0.0%

0.0%

0.0%

0.0%

0.0%

- Percentage of senior managers

-

0.0%

0.0%

0.0%

0.0%

0.0%

(Breakdown by gender)(Breakdown by age)(Breakdown by nationality)(Breakdown by positions)

New graduate hires

56

42

47

45

37

35

- Male percentage

66.1%

64.3%

61.7%

62.2%

62.2%

68.6%

- Female percentage

33.9%

35.7%

38.3%

37.8%

37.8%

31.4%

-

52

45

35

21

18

- Male percentage

-

63.5%

75.6%

82.9%

33.3%

77.8%

- Female percentage

-

36.5%

24.4%

17.1%

66.7%

22.2%

-

47

47

48

77

49

- Male percentage

-

83.0%

89.4%

83.3%

-

-

- Female percentage

-

17.0%

10.6%

16.7%

-

-

- Percentage of < 30 years old

-

2.1%

4.3%

2.1%

-

-

- Percentage of 30-50 years old

-

10.6%

12.8%

2.1%

-

-

- Percentage of > 50 years old

-

87.2%

83.0%

97.9%

-

-

- Percentage of Japanese nationality

-

97.9%

100%

100%

-

-

- Percentage of other nationalities

-

2.1%

0%

0%

-

-

- Percentage of non-managers

-

29.8%

25.5%

22.9%

-

-

- Percentage of junior managers

-

17.0%

19.1%

12.5%

-

-

- Percentage of middle managers

-

25.5%

34.0%

18.8%

-

-

- Percentage of senior managers

-

27.7%

21.3%

45.8%

-

-

Percentage of employees voluntary turnover rate

-

0.4%

0.5%

0.1%

1.2%

1.2%

Total employee turnover rate

-

2.9%

3.2%

3.4%

5.6%

1.2%

Mid-career hires

Number of employees leaving company(including those retiring at mandatory retirement age)(Breakdown by gender)(Breakdown by age)(Breakdown by nationality)(Breakdown by positions)322

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Average number of years of continuous service by gender (As of the end of each fiscal year)
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Men

18.0

18.6

19.1

19.6

19.5

Women

13.1

13.7

14.3

15.3

16.9

* As of the end of each fiscal year

Labor union
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Fiscal 2018

Fiscal 2017

63.1%

70.8%

74.8%

70.3%

70.0%

71.7%

Fiscal
2019

Fiscal2018

Labor union members as percentage of employees** Excluding employees in managerial positions

Fiscal2022
Number of labor standard infringements or allegations against thecompany

Fiscal2021
0

Fiscal
2020

Fiscal
2017

0

0

0

0

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary

2. Diversity
Health & safety (Employee)
Fiscal2022

Fiscal2021

Fiscal
2020

Mitsubishi
EstateTotal accidents

2

2

1

2

1

2

- Fatalities

0

0

0

0

0

0

- Lost working time

0

0

0

0

1

0

- Total working days lost

0

0

0

0

71

0

0.62%

0.22%

0.76%

0.67%

0.94%

0.91%

Mitsubishi
Estate0.0007%0.0008%0.0005%0.001%

0.0005%0.001%

Mitsubishi
Estate

0%

0%

0%

0%

2.316%

0%Mitsubishi
Estate

0.99%

1.10%

0.63%

1.30%

0.66%

1.35%

Mitsubishi
Estate

100%

100%

100%

97%

-

Mitsubishi
Estate

86%

91%

100%

100%

95.0%

93.2%

Mitsubishi
Estate

31

30

25

21

19

41

Mitsubishi
EstateAbsentee rate
Injury rate
Lost day incident rate*1
Lost-time injury frequency rate (LTIFR)
Medical examination rate
Percentage of employees taking health and safety
training*3
Number of employees taking health and safety
training*3*1 Total number of lost day due to injury/ Total number of actual working hours X 1,000*2 Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi Jisho Sekkei, Mitsubishi Real Estate Services*3 This training is provided through newly-appointed Manager Class 1 training

323

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for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Employee satisfaction and customer satisfaction
Fiscal2022
Employee satisfaction/percentage of high ratings*1

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Boundary
Mitsubishi Estate

84.5%

88.5%

86.7%

84.5%

-

-

- Percentage of < 30 years old

86.2%

85.5%

-

-

-

-

- Percentage of 30-50 years old

87.2%

88.5%

-

-

-

-

- Percentage of > 50 years old

89.0%

91.9%

-

-

-

-

- Percentage of non-managers

86.2%

87.0%

-

-

-

-

- Percentage of junior managers

86.4%

86.4%

-

-

-

-

- Percentage of middle managers

89.9%

95.5%

-

-

-

-

- Percentage of senior managers

87.2%

94.1%

-

-

-

-

89.9%

87.3%

86.7%

86.4%

82.6%

-

(Breakdown by age)(Breakdown by positions)Overall customer satisfaction with sales/percentage ofhigh ratings*2

Mitsubishi Estate
Residence*1 Percentage of employees answering "Yes" to the question "Do you feel your job is rewarding?" on an employee questionnaire*2 Up to fiscal 2018: percentage of ratings in top 2 out of 7 evaluation levels; From fiscal 2019: percentage of ratings in top 2 out of 5 evaluation levels

Number of employees using personnel programs
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal2017

Unit

Boundary

230

217

151

116

109

-

people5 Groupcompanies*1

Number of employees taking nursing care leave ofabsence

1

3

2

0

0

-

people5 Groupcompanies*1

Number of employees working shorter hours forchildcare and nursing care

145

143

120

108

126

-

people5 Groupcompanies*1

Number of employees using volunteer leave

15

0

0

10

28

8

Total numberof people

Mitsubishi
EstateNumber of employees using social learning*2

9

0

0

0

1

7

Total numberof people

Mitsubishi
EstateNumber of employees using volunteer insurance

103

46

1

12

2

8

Total numberof people

Mitsubishi
Estate Group

Number of employees using subsidies for volunteering

70

42

8

17

16

36

Total numberof people

Mitsubishi
Estate Group

Number of employees using subsidy program for travel
expenses to volunteer in disaster-affected areas*2

0

0

0

3

5

10

Total numberof people

Mitsubishi
Estate Group

Number of employees taking childcare leave ofabsence*1 Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi Jisho Sekkei, Mitsubishi Real Estate Services*2 Program that allows volunteering during working hours

Human resource development
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Training time per employee per year

9.2

8.1

8.2

7.6

Training cost per employee per year

96,46785,66875,64884,482

Fiscal 2018

Unit

8.7 hours per year
127,989

yen per year

Boundary
Mitsubishi Estate
Mitsubishi Estate* Boundary through FY2021: 5 Group companies (Mitsubishi Estate, Mitsubishi Jisho Property Management, Mitsubishi Estate Residence, Mitsubishi
Jisho Sekkei, Mitsubishi Real Estate Services)324

Messages

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INDEX (GRI・SASB・TCFD, etc.)

Human rights
Fiscal 2022 Fiscal 2021 Fiscal 2020 Fiscal 2019 Fiscal 2018 Fiscal 2017
Allegations concerning human rights
and harassment

0

Unit

Boundarycases

Mitsubishi Estate

0

0

0

0

0

Annual total hours of human rights
training at Mitsubishi Estate Group

33,400142,230

110,940

169,090

204,080

185,025 minutes Mitsubishi Estate

Annual total number of companies
taking human rights training at
Mitsubishi Estate Group

25

59

29

23

22

34 number Mitsubishi Estate

Annual total participants of humanrights training at Mitsubishi Estate
Group

371

1,019

1,600

1,018

1,891

Annual total hours of human rights
training at Mitsubishi Estate

33,700129,460

54,79035,650101

Annual total participants of humanrights training at Mitsubishi Estate

368

1,433

608

308

1,116

544 people

Mitsubishi Estate

105 minutes Mitsubishi Estate
894 people

Mitsubishi Estate

Fiscal 2018

Fiscal 2017

Percentage of employees taking training programs (Mitsubishi Estate)
Fiscal 2022

Fiscal 2021

Fiscal 2020

Fiscal 2019

Percentage of employees taking
sexual harassment prevention training

91.9%

94.0%

89.4%

97.5%

100%

Newly-appointed Manager Class 1
training

86.1%

90.9%

100%

100%

95.0%

93.2%

Resilience
Fiscal2022
Rate of buildings that are to take instranded commuters*1

Fiscal2021

100.0%

100.0%

Fiscal
2020

Fiscal2019

92.3%

Fiscal2018

92.3%

Boundary

92.3%

Newly constructed*2, large-scale*3 officebuildings and commercial facilities inJapan*1 Facilities that have signed an agreement with the government to accept stranded commuters and facilities that have voluntarily formulated a policy
and plan for accepting stranded commuters.
*2 Completed in 2002 onward*3 Floor area: 100,000m² or more

Annual salary of employees (Mitsubishi Estate)
Fiscal 2022
Amount(yen)
Averageannualsalary of
employees

Numberof people

to be
updatedFiscal 2021
Amount(yen)

to be12,647,559
updatedNumberofpeopleFiscal 2020
Amount(yen)

1053 12,675,663

Fiscal 2019

NumberofpeopleFiscal 2018

Amount(yen)

NumberofpeopleAmount (yen)953 12,735,234

903

12,476,724

Fiscal 2017

NumberofpeopleAmount(yen)

Numberofpeople899 12,290,437

806

Gender Pay Gap
Fiscal 2022

Boundary

Mean gender pay gap

52.20%

325

Mitsubishi EstateMessages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

3. Supply chain management related data
Supplier code of code distrubited
FY2022

Boundary

Construction companies

100%

Mitsubishi Estate, Mitsubishi Estate Residence

Cleaning companies

100%

Mitsubishi Jisho Property Management, Royal Park Hotels & Resorts, Mitsubishi Jisho Commuity

SAQ (Self-Assessment Questionnaire)
FY2022

Boundary

Construction companies
Mitsubishi Estate (Projects)3- Tier 1 suppliers

3- Tier 2 suppliers

20- Tier 3 suppliers

14

Mitsubishi Estate Residence (Projects)20

2- Tier 1 suppliers

2- Tier 2 suppliers

3- Tier 3 suppliers

1

24

Cleaning companies
Mitsubishi Jisho Property Management- Tier 1 suppliers

3- Tier 2 suppliers

619Royal Park Hotel & Resorts- Tier 1 suppliers

1- Tier 2 suppliers

3

12

Mitsubishi Jisho Community- Tier 1 suppliers

1- Tier 2 suppliers

32

Supplier spend (by categories)
FY2021
Construction fees

14%

Acquisition of property and equipment

16%

Utilities expenses

4%

Facilities management expenses

9%

Marketing and SG&A expenses

2%

Statutory fees and taxes

19%

Other

36%

Supplier spend (by region)
FY2021
Japan

98.5%

US

1.3%

Asia

0.2%

Europe0.1%

326

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

ESG Data

G: Governance data

E: Environmental data

S: Social data

G: Governance data

G: Governance data
(1) KPI
1. Corporate GovernanceAttendance at Board of Directors
meetings

Targets

Target year

100%

Fiscal 2030 ongoing
goal

Fiscal2022
100%

Fiscal2021
100%

Fiscal
2020

Fiscal
2019

100%

99.3%

Fiscal2018
100%

Boundary
Mitsubishi
Estate2. Risk Management and Compliance

Compliance e-learning
attendance

Targets

Targets year

100%

Fiscal 2030 ongoing
goal

Fiscal2022
99.0%* Excludes advisors and dispatched employees. Outside Directors included.

327

Fiscal2021
99.6%

Fiscal
2020
100%

Fiscal2019
98.3%

Fiscal2018
97.8%

Boundary
Mitsubishi
Estate*Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)(2) Other
1. Corporate GovernanceI) Attendance at Board of Directors and Each Committee Meetings (Fiscal 2022)* Name, attendance and attendance percentage for chairman of each committee meeting in blue

Title

Name

Outsidedirector

The Board of Directors
Attendance

Audit Committee

Nominating Committee

Remuneration
Committee

Attendance
Attendance
Attendance
Attendance
Attendance
Attendance
Attendance
percentage
percentage
percentage
percentage

Chairman
Hirotaka
1of theSugiyama
Board

9/9

(100%)

-

-

-

-

-

-

2

Director

Junichi
Yoshida

9/9(100%)

-

-

-

-

-

-

3

Director

JunichiTanisawa

9/9(100%)

-

-

-

-

-

-

4

Director

Atsuhi
Nakajima

9/9(100%)

-

-

-

-

-

-

5

Director

Naoki
Umeda

9/9

(100%)

-

-

-

-

-

-

6

Director

Hitoshi
Kubo

9/9(100%)

-

-

-

-

-

-

7

Director

NoboruNsihigai

9/9(100%)

15/15(100%)

-

-

-

-

8

Director

Hiroshi
Katayama

9/9(100%)

15/15(100%)

-

-

-

-

9

Director

TsuyoshiOkamoto〇

9/9(100%)--

6/6(100%)

6/6(100%)

10

Director

TetsuoNarukawa〇

9/9(100%)

15/15(100%)

-

-

-

-

11

Director

MasaakiShirakawa〇

9/9(100%)--

6/6(100%)

6/6(100%)

12

Director

Shin
Nagase〇9/9(100%)

15/15(100%)

-

-

-

-

13

Director

Setsuko
Egami

〇

9/9

(100%)--

6/6(100%)

6/6(100%)

14

Director

Iwao Taka〇

9/9(100%)

15/15(100%)

-

-

-

-

15

Director

Melanie
Brock

〇

7/7

(100%)--

4/4(100%)

6/6(100%)

133/133(100%)

75/75(100%)

22/22(100%)

24/24(100%)

Total* As Melanie Brock took office as Director on June 29, 2022, the number of meetings counted as the scope of attendance for the Board of Directors
meetings, etc., is different from that of the other Directors.

328

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

II) Remuneration
Remuneration of Directors and Corporate Executive Officers
Fiscal 2022
Fixed remuneration(millions of yen)
Directors

Performance-based
remuneration(millions of yen)Total
(millions of yen)

Number oftarget persons

Average per person(millions of yen)

503

-

503

13

39

- In-house Director

360

-

360

5

72

- Outside Director

143

-

143

8

18

1,228

14

88

Executive officers

569

659
Fiscal 2021

Fixed remuneration(millions of yen)
Directors

Performance-based
remuneration(millions of yen)Total
(millions of yen)

Number oftarget persons

Average per person(millions of yen)

365

-

369

11

34

- In-house Director

257

-

261

4

65

- Outside Director

108

-

108

7

15

1,139

16

71

Executive officers

622

517
Fiscal 2020

Fixed remuneration(millions of yen)
Directors

Performance-based
remuneration(millions of yen)Total
(millions of yen)

Number oftarget persons

Average per person(millions of yen)

365

-

365

10

37

- In-house Director

257

-

257

3

86

- Outside Director

108

-

108

7

15

1,166

15

78

Executive officers

620

545
Fiscal 2019

Fixed remuneration(millions of yen)
Directors

Performance-based
remuneration(millions of yen)Total
(millions of yen)

Number oftarget persons

Average per person(millions of yen)

368

-

368

11

33

- In-house Director

260

-

260

3

87

- Outside Director

108

-

108

8

14

1,081

13

83

Executive officers

551

529
Fiscal 2018

Fixed remuneration(millions of yen)
Directors

Performance-based
remuneration(millions of yen)Total
(millions of yen)

Number oftarget persons

Average per person(millions of yen)

397

-

397

12

33

- In-house Director

289

-

289

4

72

- Outside Director

107

-

107

8

13

1,142

14

82

Executive officers

568

573

329

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Remuneration paid to Chairman of the Board and CEO
Fiscal 2022

Fiscal 2021

Monetary
Monetary
Stock remuneration
Total
Stock remuneration
Total
remuneration
remuneration(millions of yen)(millions of yen)(millions of yen)(millions of yen)(millions of yen)(millions of yen)
Chairman of the Board

138

CEO

79

75

138

138

159

79

-

138
79

Fiscal 2020

159

Fiscal 2019

Monetary
Monetary
Stock remuneration
Total
Stock remuneration
Total
remuneration
remuneration(millions of yen)(millions of yen)(millions of yen)(millions of yen)(millions of yen)(millions of yen)
Chairman of the Board

138

CEO

79

79

138

138

159

79

-

138
86

166

Fiscal 2018
Monetary
Stock remuneration
Total
remuneration(millions of yen)(millions of yen)(millions of yen)
Chairman of the Board

141

CEO

79

-

141
82

161

Number of shares of the Company held by Directors
Outsidedirector

Term of office served as Director(years)Number of shares held
(thousand)

Title

Name

1

Chairman of the
Board

Junichi Yoshida

7

108.4

2

Director

Atsushi Nakajima

1

41.3

3

Director

Bunroku
Naganuma

-

40.4

4

Director

Naoki Umeda

1

27.3

5

Director

Mikito Hirai

-

8.3

6

Director

Noboru Nishigai

2

29.8

7

Director

Hiroshi Katayama

7

38

8

Director

Tsuyoshi Okamoto

〇

4

2.1

9

Director

Tetsuo Narukawa

〇

7

2.6

10

Director

Masaaki Shirakawa

〇

7

-

11

Director

Shin Nagase

〇

7

0.5

12

Director

Wataru Sueyoshi

〇

-

-

13

Director

Aayako Sonoda

〇

-

-

14

Director

Melanie Brock

〇

1

0.4

-

4.4

27.1

Average* As of june 29, 2023

330

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Number of shares of the Company held by Corporate Executive Officers
Title

Name

1

Representative Corporate Executive Officer, President & Chief Executive Officer

2

Number of the shares of
the Company held (thousand)Atsushi Nakajima

41

Representative Corporate Executive Officer, Deputy President

Futoshi Chiba

51

3

Representative Corporate Executive Officer, Deputy President

Kenji Hosokane

46

4

Representative Corporate Executive Officer, Executive Vice President

Yuji Fujioka

38

5

Representative Corporate Executive Officer, Executive Vice President

Bunroku Naganuma

40

6

Representative Corporate Executive Officer, Executive Vice President

Yutaro Yotsuzuka

29

7

Senior Executive Officer

Keiji Takano

35

8Senior Executive Officer

Toru Kimura

41

9

Senior Executive Officer

Ikuo Ono39

10 Senior Executive Officer

Naoki Umeda

24

11 Senior Executive Officer

Haruhiko Araki

33

12 Senior Executive Officer

Ryozo Kawabata29

13 Senior Executive Officer

Masato Aikawa

24

14 Senior Executive Officer

Hirofumi Kato

16

15 Executive Officer

Mikito Hirai

8

Average

32.9* As of june 29, 2023

III) Number of Directors by Gender
Male
NumberFemalePercentage

Number

Total

Percentage

Number

Percentage

In-house Director

5

35.7%

2

14.3%

7

50.0%

Outside Director

7

50.0%

0

0.0%

7

50.0%

Total

12

85.7%

2

14.3%

14

100.0%* As of june 29, 2022

331

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

2. Risk Management and Compliance
Fiscal2022

Fiscal2021

Fiscal
2020

Fiscal
2019

Fiscal2018

Fiscal
2017

56

53

44

75

63

64

- Number concerning discrimination

0

0

0

-

-

-

-

- Number concerning harassment

14

10

8

-

-

-

-

Number of major compliance violations (violations of Mitsubishi EstateGroup Code of Conduct and Group Guidelines for Conduct and AntiCorruption Guidelines)

0

0

0

0

0

0

Mitsubishi
Estate Group

Fines (amount) for violations of Anti-Monopoly Act or other regulations

0

0

0

0

0

0

Mitsubishi
Estate Group

Number of cases investigated under Anti-Monopoly Act or otherregulations

0

0

0

0

0

0

Mitsubishi
Estate Group

Number of incidents of illicit conduct related to corruption, bribery orother illicit conduct

0

0

0

0

0

0

Mitsubishi
Estate Group

Number of cases investigated due to suspicion of corruption, bribery orother illicit conduct

0

0

0

0

0

0

Mitsubishi
Estate Group

Number of violations related to customer privacy data

1

-

-

-

-

-

Mitsubishi
Estate Group

Number of violations related to conflicts of interest

0

-

-

-

-

-

Mitsubishi
Estate Group

Number of violations related to money laundering or insider trading

0

-

-

-

-

-

Mitsubishi
Estate Group

Total number of information security breaches

0

-

-

-

-

-

Mitsubishi
Estate Group

0

-

-

-

-

-

Mitsubishi
Estate Group

Number of consultations and reports via the Mitsubishi Estate Grouphelp line- Total number of clients, customers and employees affected by thebreaches

Boundary
Mitsubishi
Estate Group

Amount of tax paid in each country by the Mitsubishi Estate Group(Unit: Millions of yen)

Fiscal 2021

Fiscal 2020

Fiscal 2019Japan

51,05456,02543,264

US

5,914

692

1,184

UK

1,133

434

1,176

Singapore

509

132

81

Other

441

115

92

Total

59,05057,39845,797(Unit: Millions of yen)

Non-recurring (one time) operating losses in own operations
Net operating losses from prior periods and/or acquired companies
Timing - net deferred tax assets/liabilities and major issues outside of the two year period reported(including accounting adjustments for prior reporting periods due to major tax policy changes)

332

Fiscal 2022

Fiscal 2021

0

0

4,637

2,751

512,372

527,001

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Susttainability Activities
Sus
Activities（ESG）（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Sustainability Activities (ESG)

Independent Third-Party Assurance Report

Independent Assurance
We have asked Ernst&Young ShinNihon LLC to provide assurance on the environmental data. Please refer to the following Independent
Assurance Statement for detail.

FY 2022 Independent Assurance Report 2022 (PDF 47KB)FY 2022 Environmental Information (PDF 379KB)LRQA Independent Assurance Statement Relating to Mitsubishi Estate Group’s Greenhouse Gas Emissions andEnvironmental Data for the fiscal year 2021 (PDF 202KB)

Assurance Statement related to GHG Emissions Report 2020 (PDF 560KB)

Statement relating to Environmental Data 2020 (PDF 596KB)

Assurance Statement Related to GHG Emissions Report 2019 (PDF 160KB)

Statement Relating to Environmental Data 2019 (PDF 307KB)

The two PDFs for FY 2022 are English translations of an Independent Assurance Report and Environmental Information, originally preparedin Japanese. They are provided for information and reference purposes only. In the event of a discrepancy between the Japanese andEnglish versions, the Japanese version will prevail.
* In FY2020 and FY2021, we obtained a guarantee from Lloyd's Register Quality Assurance Limited.

333

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

INDEX (GRI・SASB・TCFD, etc.)

ESG Content Index

GRI Standards Content
Index

Information Disclosure in
Accordance with the
SASB Standards

Information Disclosure
Based on TCFD
Recommendations

READ MORE

READ MORE

READ MORE

READ MORE

334

Messages

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Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

INDEX

ESG Content Index* E: Environment, S: Social, G: GovernanceRelevant items

Policies

Management structure

Initiatives

Policies and Targets
Climate Change
Response

Climate Change Strategies >Basic Policy and Approach

Climate Change Strategies
Promotion System

List of Buildings Introducing
Renewable Energy

Promotion System

Conserving Water Resources

Information Disclosure
Based on TCFD
Recommendations
Policies and Targets

Water Usage

Preventing Pollution
E

Conserving Water Resources> Basic Policy and Approach
Reducing Waste andPreventing Pollution > Policy
on Waste Reduction,
Preventing Pollution, andReducing Use of Resources

Conserving Water Resources
Promotion System

Reducing Waste andPreventing Pollution

Policies and Targets
Effective Use of
Resources(Including Waste
Reduction)

Reducing Waste andPreventing Pollution > Policy
on Waste Reduction,
Preventing Pollution, andReducing Use of Resources

Promotion System

Reducing Waste andPreventing Pollution

Preserving Biodiversity >Policy on Biodiversity

Promotion System

Preserving Biodiversity

Environmental
Management

Policies and Targets

Promotion System

Supply Chain
Management

Supply Chain Management >Basic Policy and Approach

Supply Chain Management >Promotion System

Customer Relations

Enhancing Customer
Satisfaction > Basic Policy
and Approach

Enhancing Customer
Satisfaction > Promotion
SystemStakeholder Engagement >Basic Policy and Approach

Stakeholder Engagement >Governance Structure

Policies and Targets
Preserving Biodiversity

S

335

—
Supply Chain Management >Primary Initiatives
Enhancing Customer
Satisfaction > Primary
Initiatives
Stakeholder Engagement >Methods for Dialogue with
Stakeholders

Messages

Sustainability Management

Relevant items

Labor Practices

Mitsubishi Estate Group 2030 Goals
for SDGs

Policies—

Sustainability Activities（ESG）

Management structure

INDEX (GRI・SASB・TCFD, etc.)

Initiatives
Employment and Labor
Relations—

Promoting Diversity

Occupational Health and
SafetyS

Occupational Health and
Safety / Health Management> Policy on Occupational
Health and Safety

Occupational Health and
Safety / Health Management> Management Structure for
Occupational Health and
SafetyOccupational Health and
Safety / Health Management> Policy on HealthManagement

Occupational Health and
Safety / Health Management> Occupational Health and
Safety > Primary Initiatives
Occupational Health and
Safety / Health Management> Health Management >Primary Initiatives

Human Rights

Human Rights Initiatives >Policy on Human Rights

Human Rights Initiatives >Promotion System

Human Rights Initiatives

Human Resource
Development &Retention

Human Resource
Development > Basic Policy
and Approach

Human Resource
Development > Initiatives for
Human Resource
Development

Human Resource
Development > Initiatives for
Human Resource
Development

Social Contribution
Activities

Social Contribution Activities/ Support for Communities >Basic Policy and Approach

Corporate GovernanceIR information > Corporate
governance > Corporate
governance system

Appointment,
Dismissal andNomination of
Corporate Executive
Officers

Social Contribution Activities/ Support for Communities—

IR information > Corporate
governance > Corporate
governance system

IR information > Corporate
governance > Corporate
governance system

Mitsubishi Estate Co., Ltd.
Corporate Governance
Guidelines P3 (PDF 321KB)

IR Information > Corporate
governance > RelatedMaterials > Corporate
Governance Report P9

G

IR information > Corporate
governanceIR information > Corporate
governance > Corporate
governance system >Reasons for Appointing
Executive Officers
Reasons for the Nominationof Candidates for Directors(See the notice ofconvocation of the ordinary
general meeting ofshareholders)

IR Information > Corporate Governance > Remuneration
Corporate Executive
Officer Remuneration

Mitsubishi Estate Co., Ltd. Corporate Governance Guidelines P3 > Chapter IV: Directors and Corporate
Executive Officers > Article 16: Remuneration for Directors and Corporate Executive Officers (PDF
321KB)IR Information > Corporate governance > Related Materials > Corporate Governance Report P20 >Directors’ and Corporate Executive Officers’ Remuneration

Internal Controls

Compliance > ComplianceApproach and Policies

Compliance > System for
Promoting ComplianceManagement Auditing

IR Information > Corporate governance > Related Materials > Corporate Governance Report P18 >Auditing Structure

336

Compliance > Reinforcing
ComplianceMessages

Sustainability Management

Relevant items

Mitsubishi Estate Group 2030 Goals
for SDGs

Policies

Sustainability Activities（ESG）

Management structure

INDEX (GRI・SASB・TCFD, etc.)

Initiatives

Risk Management

Disaster Response &BCP

Risk Management > BusinessContinuity Plan Initiative andReview

Risk Management > BusinessContinuity Plan Initiative andReview

Key Theme 4: Resilience >Establishment of Disaster
Preparedness and Mitigation
Framework

Key Theme 4: Resilience >Establishment of Disaster
Preparedness and Mitigation
Framework

Risk Management > System
for Promoting Risk
Management

Risk Management > Dealing
with Major Risks
Information Security

Risk Management > Dealing
with Major Risks

Risk Management >Emerging Risks for the
Mitsubishi Estate Group's
Business

Risk Management >Emerging Risks for the
Mitsubishi Estate Group's
Business

G

CompliancePreventing Corruption

Materiality

Stakeholder
Engagement

Risk Management > BusinessContinuity Plan Initiative andReview
Key Theme 4: Resilience >Establishment of Disaster
Preparedness and Mitigation
Framework
Key Theme 4: Resilience >Initiatives to Enhance
Disaster Preparedness in
Buildings
Risk Management > Risk
Management Initiatives
Risk Management > Dealing
with Major Risks
Risk Management >Emerging Risks for the
Mitsubishi Estate Group's
Business

Compliance > ComplianceApproach and Policies

Compliance > System for
Promoting Compliance

Compliance > Reinforcing
Compliance

Compliance > Reinforcing
Compliance > Preventing
Corruption

Risk Management > System
for Promoting Risk
Management

Compliance > Reinforcing
Compliance

Material Issues of the
Mitsubishi Estate Group

Sustainability Promotion
SystemMitsubishi Estate Group
2030 Goals for SDGs
Stakeholder Engagement >Basic Policy and Approach

Stakeholder Engagement >Governance Structure

IR information

IR information

Rules and Policies

Mitsubishi Estate Group ESG-Related Rules and Policies

Results and Data

ESG Data

Editorial Policy

Editorial Policy

337

Material Issues of the
Mitsubishi Estate Group
Mitsubishi Estate Group
2030 Goals for SDGs
Stakeholder Engagement >Methods for Dialogue with
Stakeholders
IR information

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

INDEX

GRI Standards Content Index

Statement of use

The Mitsubishi Estate Group has reported in accordance with the GRI Standards for the period from April 1,
2022 to March 31, 2023.

Title of GRI 1 used

GRI 1: Foundation 2021

GRI standards

RequirementsPage

2-1 Organizational details

About US > Company Profile

2-2 Entities included in the organization’ssustainability reporting

Editorial Policy

2-3 Reporting period, frequency and contact point

Editorial Policy

2-4 Restatements of information

GRI 2: General
Disclosures 2021

Not applicable

2-5 External assurance

Sustainability Activities (ESG) > Independent
Third-Party Assurance Report

2-6 Activities, value chain and other business
relationships

Business Introduction

2-7 Employees

Sustainability Activities (ESG) > ESG Data > S:
Social data > Human Resources

2-8 Workers who are not employees

Sustainability Activities (ESG) > ESG Data > S:
Social data > Human Resources
Corporate Governance > Corporate Governance
System

2-9 Governance structure and composition

338

Corporate Governance Report > II Overview ofBusiness Management Organization and Other
Corporate Governance Systems Related toManagerial Decision-Making, Business
Execution, and Management SupervisionMessages

GRI standards

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Requirements

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

Page

IR Information > Corporate Governance >Corporate Governance System > Reasons for
the Appointment of Corporate Executive
Officers

2-10 Nomination and selection of the highest
governance body

Corporate Governance Report > II Overview ofBusiness Management Organization and Other
Corporate Governance Systems Related toManagerial Decision-Making, Business
Execution, and Management Supervision

Mitsubishi Estate Co., Ltd. Corporate
Governance Guidelines P3 > Chapter IV:
Directors and Corporate Executive Officers

Corporate Governance > Corporate Governance
SystemIR Information > Corporate Governance
2-11 Chair of the highest governance body

Corporate Governance Report > II Overview ofBusiness Management Organization and Other
Corporate Governance Systems Related toManagerial Decision-Making, Business
Execution, and Management Supervision

GRI 2: General
Disclosures 2021

Corporate Governance > Corporate Governance
System2-12 Role of the highest governance body inoverseeing the management of impacts

Corporate Governance Report > II Overview ofBusiness Management Organization and Other
Corporate Governance Systems Related toManagerial Decision-Making, Business
Execution, and Management Supervision

2-13 Delegation of responsibility for managing
impacts

Sustainability Management > Sustainability
Promotion System

2-14 Role of the highest governance body insustainability reporting

Environment > Promotion System
Corporate Governance Report > III Status of
Implementation of Measures Related toShareholders and Other Stakeholders

2-15 Conflicts of interest

Mitsubishi Estate Co., Ltd. Corporate
Governance Guidelines P5

2-16 Communication of critical concerns

Risk Management > System for Promoting Risk
Management
Compliance > Reinforcing Compliance339

Messages

GRI standards

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Mitsubishi Estate Co., Ltd. Corporate
Governance Guidelines P4 > Article 17: Training
for Directors and Corporate Executive Officers;

2-17 Collective knowledge of the highest governancebody

P6 > Exhibit 1: Appointment Standards for
Candidates for Directors
IR Information > Corporate Governance >Corporate Governance System

2-18 Evaluation of the performance of the highest
governance body

Securities Report > (4) Remuneration of
Directors, etc. (Japanese only)
Corporate Governance Report > Disclosed
Policy for Deciding the Amounts or Calculation
Method of Remuneration
IR Information > Corporate Governance >Remuneration > Revision of the Remuneration
System

2-19 Remuneration policies

Mitsubishi Estate Co., Ltd. Corporate
Governance Guidelines P3 > Article 11:
Remuneration Committee;
P9 > Policy Concerning Decisions on the Details
of Remuneration, etc. for each Director andCorporate Executive Officer

GRI 2: General
Disclosures 2021

Securities Report > (4) Remuneration of
Directors, etc. (Japanese only)
2-20 Process to determine remuneration

2-21 Annual total compensation ratio

IR Information > Corporate Governance >Remuneration > Revision of the Remuneration
System-2-22 Statement on sustainable development strategy

Messages > Message from the President
Sustainability Management > Mitsubishi EstateGroup ESG-Related Rules and Policies

2-23 Policy commitments

Social > Human Rights Initiatives
2-24 Embedding policy commitments

Sustainability Management > Mitsubishi EstateGroup ESG-Related Rules and Policies

2-25 Processes to remediate negative impacts

Governance > Compliance2-26 Mechanisms for seeking advice and raisingconcerns
2-27 Compliance with laws and regulations

340

Governance > Compliance
Social > Human Rights Initiatives
Governance > ComplianceMessages

GRI standards

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Sustainability Management > Stakeholder
Engagement > Partnerships with Outside
Organizations

2-28 Membership associations

Sustainability Management > Stakeholder
Engagement
Sustainability Management > Stakeholder
Engagement > FY2022 Stakeholder Dialog
Details
GRI 2: General
Disclosures 2021

Employment and Labor Relations > Promotionof Dialogue with Employees and Labor Union

2-29 Approach to stakeholder engagement

Mitsubishi Estate Group 2030 Goals for SDGs >Material Issues of the Mitsubishi Estate GroupIR Information > Corporate Governance > otherinitiatives
Social > Human Rights Initiatives
2-30 Collective bargaining agreements

Social > Employment and Labor Relations
Material Topics

Mitsubishi Estate Group 2030 Goals for SDGs >Material Issues of the Mitsubishi Estate Group

3-1 Process to determine material topics

Mitsubishi Estate Group 2030 Goals for SDGs

GRI 3: Material Topics
2021
3-2 List of material topics

Mitsubishi Estate Group 2030 Goals for SDGs

3-3 Management of material topics

Mitsubishi Estate Group 2030 Goals for SDGs

Economic Performance

Sustainability Activities (ESG) > ESG Data > S:
Social data

201-1 Direct economic value generated anddistributed

Securities Report (Japanese only)
Sustainability Activities (ESG) > Environment >Information Disclosure Based on TCFD
Recommendations

201-2 Financial implications and other risks andopportunities due to climate change
GRI 201: Economic
Performance 2016

Sustainability Activities (ESG) > Social >Employment and Labor Relations > Retirement
Allowance Program

201-3 Defined benefit plan obligations and otherretirement plans

Securities Report (Japanese only)
201-4 Financial assistance received fromgovernment

341-

Messages

Sustainability Management

GRI standards

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Market PresenceGRI 202: Market
Presence 2016

Sustainability Activities (ESG) > Social >Employment and Labor Relations > Payment ofFair Wages

202-1 Ratios of standard entry level wage by gendercompared to local minimum wage
202-2 Proportion of senior management hired fromthe local community-

Indirect Economic Impacts

Sustainability Activities (ESG) > Environment

GRI 203: Indirect
Economic Impacts 2016

Sustainability Activities (ESG) > Social > Social
Contribution Activities / Support forCommunities > Building Communities

203-1 Infrastructure investments and services
supported

Mitsubishi Estate Group 2030 Goals for SDGs >Key Theme 3: Innovation
Mitsubishi Estate Group 2030 Goals for SDGs >Key Theme 4: Resilience203-2 Significant indirect economic impacts-

Procurement Practices

Sustainability Activities (ESG) > Social > Supply
Chain Management
GRI 204: Procurement
Practices 2016

204-1 Proportion of spending on local suppliers

Sustainability Activities (ESG) > ESG Data > S:
Social data > (2) Other > 3. Supply chain
management related data

Anti-corruption

Sustainability Activities (ESG) > Governance >Compliance > Reinforcing Compliance
205-1 Operations assessed for risks related tocorruption

Sustainability Activities (ESG) > Governance >Risk Management > Risk Management
Initiatives
Sustainability Activities (ESG) > Governance >Compliance > Reinforcing Compliance

GRI 205: Anti-corruption
2016

205-2 Communication and training about anticorruption policies and procedures

Sustainability Activities (ESG) > Governance >Risk Management > Risk Management
Initiatives
Sustainability Activities (ESG) > ESG Data > G:
Governance data

205-3 Confirmed incidents of corruption and actions
taken

342

Sustainability Activities (ESG) > Governance >Compliance > Reinforcing Compliance
Sustainability Activities (ESG) > ESG Data > G:
Governance data

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

GRI standards

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Anti-competitive Behavior

GRI 206: Anticompetitive Behavior
2016

206-1 Legal actions for anti-competitive behavior,anti-trust, and monopoly practices

Sustainability Activities (ESG) > Governance >Compliance > Reinforcing Compliance
Sustainability Activities (ESG) > ESG Data > G:
Governance dataTax207-1 Approach to tax

Sustainability Activities (ESG) > Governance >Tax Transparency > Policy on Tax Transparency

207-2 Tax governance, control, and risk management

Sustainability Activities (ESG) > Governance >Tax Transparency > Governance System

207-3 Stakeholder engagement and management ofconcerns related to tax

Sustainability Activities (ESG) > Governance >Tax Transparency > Governance System

207-4 Country-by-country reporting

Sustainability Activities (ESG) > ESG Data > G:
Governance data301-1 Materials used by weight or volume

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

301-2 Recycled input materials used

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

301-3 Reclaimed products and their packaging
materials

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

302-1 Energy consumption within the organization

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

302-2 Energy consumption outside of theorganization

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

302-3 Energy intensity

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

GRI 207: Tax 2019

Materials

GRI 301: Materials 2016

EnergySustainability Activities (ESG) > ESG Data > E:
Environmental data

GRI 302: Energy 2016
302-4 Reduction of energy consumption

302-5 Reductions in energy requirements ofproducts and services

343

Sustainability Activities (ESG) > Environment >Climate Change Strategies > Energy
Management Initiatives
Sustainability Activities (ESG) > Environment >Climate Change Strategies > Energy
Management Initiatives

Messages

GRI standards

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

RequirementsPage

303-1 Interactions with water as a shared resource

Sustainability Activities (ESG) > Environment >Conserving Water Resources

Water and Effluents

303-2 Management of water discharge-related
impacts
GRI 303: Water andEffluents 2018

Sustainability Activities (ESG) > Environment >Conserving Water Resources
Sustainability Activities (ESG) > Environment >Reducing Waste and Preventing Pollution

303-3 Water withdrawal

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

303-4 Water discharge

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

303-5 Water consumption

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

304-1 Operational sites owned, leased, managed in,or adjacent to, protected areas and areas of highbiodiversity value outside protected areas

Sustainability Activities (ESG) > Environment >Preserving Biodiversity

Biodiversity

Sustainability Activities (ESG) > Environment >Preserving Biodiversity304-2 Significant impacts of activities, products, andservices on biodiversity
GRI 304: Biodiversity
2016

1. We employ IPM (integrated pest management) tocontrol pests in green areas and endeavor to
reduce the amount of chemicals sprayed andminimize their effects.
2. The Group has established the Mitsubishi EstateGroup Alien Organisms Response Manual andworks to eliminate specified non-native species
while conserving indigenous species.
3. We monitor biodiversity in the wider Marunouchi
area regularly and publish the results in the"Biodiversity in Marunouchi" handbook.
4. Mitsubishi Estate Residence implements the BIO
NET INITIATIVE, a greening project aimed atpreserving biodiversity, in an effort to carry out
biodiversity-conscious residential development.

Sustainability Activities (ESG) > Environment >Preserving Biodiversity > Working to Improve
the Waterfront Environment and Preserve the
Ecosystem of the Imperial Palace Moat

304-3 Habitats protected or restored

Sustainability Activities (ESG) > Environment >Preserving Biodiversity > Sunshine Aquarium
Coral Conservation Activities

344

Messages

GRI standards

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)Page304-3 Habitats protected or restored

Sustainability Activities (ESG) > Environment >Preserving Biodiversity > Conservation andProtection Activities to Pass Down the Natureof Miyakojima, Okinawa Prefecture to the Next
Generation

304-4 IUCN Red List species and national
conservation list species with habitats in areas
affected by operations

Sustainability Activities (ESG) > Environment >Preserving Biodiversity > Working to Improve
the Waterfront Environment and Preserve the
Ecosystem of the Imperial Palace Moat

305-1 Direct (Scope 1) GHG emissions

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

305-2 Energy indirect (Scope 2) GHG emissions

Sustainability Activities (ESG) > ESG Data > E:
Environmental data305-3 Other indirect (Scope 3) GHG emissions

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

305-4 GHG emissions intensity

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

GRI 304: Biodiversity
2016

Emissions

GRI 305: Emissions
2016

Sustainability Activities (ESG) > ESG Data > E:
Environmental data305-5 Reduction of GHG emissions

Sustainability Activities (ESG) > Independent
Third-Party Assurance Report305-6 Emissions of ozone-depleting substances
(ODS)

-

305-7 Nitrogen oxides (NOX), sulfur oxides (SOX),
and other significant air emissions

Sustainability Activities (ESG) > ESG Data > E:
Environmental data306-1 Waste generation and significant wasterelated impacts

Sustainability Activities (ESG) > Environment >Reducing Waste and Preventing Pollution306-2 Management of significant waste-related
impacts

Sustainability Activities (ESG) > Environment >Reducing Waste and Preventing Pollution306-3 Waste generated

Sustainability Activities (ESG) > ESG Data > E:
Environmental data306-4 Waste diverted from disposal

Sustainability Activities (ESG) > ESG Data > E:
Environmental data306-5 Waste directed to disposal

Sustainability Activities (ESG) > ESG Data > E:
Environmental data

Waste

GRI 306: Waste 2020

345

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

GRI standards

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Supplier Environmental Assessment

GRI 308: Supplier
Environmental
Assessment 2016308-1 New suppliers that were screened using
environmental criteria

Sustainability Activities (ESG) > Social > Supply
Chain Management > Notification in andoutside of the Group on the Supplier Code of
Conduct
Sustainability Activities (ESG) > Environment >Promoting Acquisition of Sustainability
Certifications > Environmental Design Policies
and Incentive Programs308-2 Negative environmental impacts in the supply
chain and actions taken

Sustainability Activities (ESG) > Social > Supply
Chain Management401-1 New employee hires and employee turnover

Sustainability Activities (ESG) > ESG Data > S:
Social data

Employment

GRI 401: Employment2016

401-2 Benefits provided to full-time employees thatare not provided to temporary or part-time
employees

Life insurance, compensation for illness anddisabilities, retirement benefits, employee stock
ownership plan, housing assistance, etc. (Scope:
Mitsubishi Estate)

Sustainability Activities (ESG) > Social >Promoting Diversity > Various Programs for
Work-Life Integration
Sustainability Activities (ESG) > ESG Data > S:
Social data

401-3 Parental leave
Labor/Management Relations

GRI 402:
Labor/Management
Relations 2016402-1 Minimum notice periods regarding operationalchanges

Although here are no written rules and they candiffer depending on the details, the minimum notice
period is two weeks, and major events such as thoseaccompanying a change in work regulations may
require a period of over one month. (Scope:
Mitsubishi Estate)Occupational Health and Safety

GRI 403: Occupational
Health and Safety 2018403-1 Occupational health and safety management
systemSustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-2 Hazard identification, risk assessment, andincident investigation

Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-3 Occupational health services

Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement

346

Messages

GRI standards

GRI 403: Occupational
Health and Safety 2018

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)Page403-4 Worker participation, consultation, andcommunication on occupational health and safety

Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-5 Worker training on occupational health andsafetySustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-6 Promotion of worker health

Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-7 Prevention and mitigation of occupational
health and safety impacts directly linked by business
relationships

Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-8 Workers covered by an occupational healthand safety management system

Editorial Policy
Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-9 Work-related injuries

Sustainability Activities (ESG) > ESG Data > S:
Social data
Sustainability Activities (ESG) > Social >Occupational Health and Safety / HealthManagement403-10 Work-related ill health

Sustainability Activities (ESG) > ESG Data > S:
Social data
Training and Education

404-1 Average hours of training per year per
employee

Sustainability Activities (ESG) > Social > Human
Capital > Initiatives for Human Resource
Development
Sustainability Activities (ESG) > ESG Data > S:
Social data

GRI 404: Training and
Education 2016404-2 Programs for upgrading employee skills andtransition assistance programs

Sustainability Activities (ESG) > Social > Human
Capital > Initiatives for Human Resource
Development

404-3 Percentage of employees receiving regularperformance and career development reviews

Sustainability Activities (ESG) > Social > Human
Capital > Initiatives for Human Resource
Development

347

Messages

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Management

GRI standards

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Diversity and Equal Opportunity

Sustainability Activities (ESG) > ESG Data > S:
Social data405-1 Diversity of governance bodies and employees

IR Information > Corporate Governance >Corporate Governance System

GRI 405: Diversity andEqual Opportunity 2016405-2 Ratio of basic salary and remuneration of
women to men

Sustainability Activities (ESG) > Social >Employment and Labor Relations > Equitable
Salary System406-1 Incidents of discrimination and corrective
actions taken

ESG Data > G: Governance data > 2. Risk
Management and ComplianceNon-discrimination
GRI 406: Nondiscrimination 2016

Freedom of Association and Collective Bargaining

GRI 407: Freedom of
Association andCollective Bargaining
2016407-1 Operations and suppliers in which the right tofreedom of association and collective bargaining
may be at risk

Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Policy on Human Rights
Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Initiatives for Human Rights
Due DiligenceChild Labor

Sustainability Activities (ESG) > Social > Supply
Chain Management > Establishment of
Mitsubishi Estate Group Supplier Code of
Conduct

GRI 408: Child Labor
2016408-1 Operations and suppliers at significant risk forincidents of child labor

Sustainability Activities (ESG) > Social > Supply
Chain Management > Notification in andoutside of the Group on the Supplier Code of
Conduct
Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Policy on Human Rights
Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Initiatives for Human Rights
Due Diligence

Forced or Compulsory LaborGRI 409: Forced orCompulsory Labor 2016409-1 Operations and suppliers at significant risk forincidents of forced or compulsory labor

348

Sustainability Activities (ESG) > Social > Supply
Chain Management > Establishment of
Mitsubishi Estate Group Supplier Code of
Conduct
Sustainability Activities (ESG) > Social > Supply
Chain Management > Notification in andoutside of the Group on the Supplier Code of
Conduct

Messages

Sustainability Management

GRI standards

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Sustainability Activities (ESG) > Social > Supply
Chain Management > Conducting Selfassessment Questionnaire (SAQ) on Supplierswith High Sustainability Risk
GRI 409: Forced orCompulsory Labor 2016409-1 Operations and suppliers at significant risk forincidents of forced or compulsory labor

Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Policy on Human Rights
Sustainability Activities (ESG) > Social > Human
Rights Initiatives > Initiatives for Human Rights
Due Diligence

Security Practices
GRI 410: Security
Practices 2016

410-1 Security personnel trained in human rights
policies or procedures-

Rights of Indigenous Peoples

GRI 411: Rights ofIndigenous Peoples
2016

411-1 Incidents of violations involving rights ofindigenous peoples

When considering business activities in Asia, where
there are numerous cases of human rights
violations, the Group will conduct corporate humanrights due diligence in the area using checklists toconfirm whether there are any issues such as forced
evictions. The results will be used in decisionmaking when participating in business activities.
These checks are performed based on the concept
of Free, Prior and Informed Consent (FPIC), withspecial attention given to women, children, theelderly, indigenous people, migrants, ethnic and tribal
minorities, and other socially-vulnerable individuals
and groups particularly susceptible to human rights
violations.

Local Communities

GRI 413: Local
Communities 2016413-1 Operations with local community engagement,
impact assessments, and development programs
413-2 Operations with significant actual andpotential negative impacts on local communities

Sustainability Activities (ESG) > Social > Social
Contribution Activities / Support forCommunities
Undisclosed at the present time.

Supplier Social Assessment

414-1 New suppliers that were screened using social
criteria

Sustainability Activities (ESG) > Social > Supply
Chain Management > Notification in andoutside of the Group on the Supplier Code of
Conduct

414-2 Negative social impacts in the supply chain
and actions taken

Sustainability Activities (ESG) > Social > Supply
Chain Management > Conducting Selfassessment Questionnaire (SAQ) on Supplierswith High Sustainability Risk

GRI 414: Supplier Social
Assessment 2016349

Messages

Sustainability Management

GRI standards

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

Requirements

INDEX (GRI・SASB・TCFD, etc.)

Page

Public Policy
GRI 415: Public Policy
2016

415-1 Political contributions-

Customer Health and Safety

GRI 416: Customer
Health and Safety 2016416-1 Assessment of the health and safety impacts
of product and service categories
416-2 Incidents of non-compliance concerning thehealth and safety impacts of products and services

Mitsubishi Estate Group 2030 Goals for SDGs >Key Theme 4: Resilience
No applicable incidents.

Marketing and Labeling417-1 Requirements for product and service
information and labeling
GRI 417: Marketing andLabeling 2016

Sustainability Activities (ESG) > Social >Enhancing Customer Satisfaction > Responsible
Advertising Activities

417-2 Incidents of non-compliance concerning
product and service information and labeling

No applicable incidents.

417-3 Incidents of non-compliance concerningmarketing communications

No applicable incidents.

Customer Privacy
GRI 418: Customer
Privacy 2016418-1 Substantiated complaints concerning
breaches of customer privacy and losses ofcustomer data

350

Sustainability Activities (ESG) > ESG Data > G:
Governance data

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)

INDEX

Information Disclosure in Accordance with the
SASB Standards

Information Disclosure Based on SASB Standard
The SASB (Sustainability Accounting Standard Boards) Foundation was founded in 2011 as a not-for-profit with the mission to establish andmaintain industry-specific standards that assist companies in disclosing financially material, decision-useful sustainability information toinvestors.

SASB has developed a set of 77 industry-specific standards (SASB Standard) since it was founded in 2011.

SASB standards can help investors by encouraging reporting that is comparable, consistent, and financially material, thereby enabling
investors to make better investment and voting decisions.

■ NoteWe are applicable to "REAL ESTATE at "INFRASTRUCTURE SECTOR" according to SICS®, and we disclose the following information basedon the standard of this sector.

351

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)■ Sustainability Disclosure Topics & Accounting Metrics<Energy Management>

Accounting Metrics

UNIT OFMEASURE

CODE

References
Environmental data > (2) Other > Basic Dataon Target Properties

Energy consumption data coverage as apercentage of total floor area, by property
subsector

Percentage (%) byfloor area

IF-RE-130a.1

Environmental data > (2) Other > 1. Climate
Change (GHG Reduction and Energy
Management) > GHG Emissions, Energy Use
and Other Data by Type of Property
Environmental data > (1) KPI > 1. Climate
Change (GHG Emissions, Energy Use)

Total energy consumed by portfolio area withdata coverage, percentage grid electricity, andpercentage renewable, by property subsector

Mwh

IF-RE-130a.2

Like-for-like percentage change in energy
consumption for the portfolio area with data
coverage%

IF-RE-130a.3

Environmental data > (2) Other > 1. Climate
Change (GHG Reduction and Energy
Management)

Percentage of eligible portfolio that has anenergy rating and is certified to ENERGY STAR,by property subsector

Percentage (%) byfloor area

IF-RE-130a.4

Environmental data > (2) Other > 5. Green
Building Certification

n/a

IF-RE-130a.5

Environment > Climate Change Strategies

UNIT OFMEASURE

CODE

Description of how building energy
management considerations are integrated
into property investment analysis andoperational strategy

Environmental data > (2) Other > 1. Climate
Change (GHG Reduction and Energy
Management)<Water Management>
Accounting Metrics

References
Environmental data > (2) Other > Basic Dataon Target Properties

Water withdrawal data coverage as apercentage of total floor area and floor area inregions with High or Extremely High Baseline
Water Stress, by property subsector

Percentage (%) byfloor area

IF-RE-140a.1

Total water withdrawn by portfolio area withdata coverage and percentage in regions withHigh or Extremely High Baseline Water Stress,by property subsector

Thousand m2

IF-RE-140a.2

Environmental data > (2) Other > 3. Water%

IF-RE-140a.3

Environmental data > (2) Other > 3. Watern/a

IF-RE-140a.4

Environment > Conserving Water Resources

Environmental data > (2) Other > 3. Water >Water Usage by Type of Property

Like-for-like percentage change in water
withdrawn for portfolio area with data
coverage, by property subsector
Description of water management risks anddiscussion of strategies and practices tomitigate those risks

352

Messages

Sustainability Management

Mitsubishi Estate Group 2030 Goals
for SDGs

Sustainability Activities（ESG）

INDEX (GRI・SASB・TCFD, etc.)<Management of Tenant Sustainability Impacts>
Accounting Metrics

UNIT OFMEASURE

CODE

Percentage of new leases that contain a cost
recovery clause for resource efficiencyrelated
capital improvements and associated leased
floor area, by property subsector

Percentage (%) byfloor area

IF-RE-410a.1-

Percentage of tenants that are separately
metered or submetered for grid electricity
consumption and water withdrawals, byproperty subsector

Percentage (%) byfloor area

IF-RE-410a.2-

References

Environment > Climate Change Strategies
Discussion of approach tomeasuring,incentivizing, and improving
sustainability impacts of tenants

n/aIF-RE-410a.3

Environment > Reducing Waste andPreventing Pollution
Environment > Conserving Water Resources<Climate Change Adaptation>
Accounting Metrics

UNIT OFMEASURE

CODE

Area of properties located in 100-year floodzones, by property subsector

m2

IF-RE-450a.1-

Description of climate change risk exposure
analysis, degree of systematic portfolio
exposure, and strategies for mitigating risks

n/aIF-RE-450a.2

Environment > Information Disclosure Basedon TCFD Recommendations

UNIT OFMEASURE

CODE

References

Number of assets, by property subsector

Number

IF-RE-000.A

Environmental data > (2) Other > Basic Dataon Target Properties

Leasable floor area, by property subsector*

m2

IF-RE-000.B

Environmental data > (2) Other > Basic Dataon Target Properties

Percentage of indirectly managed assets, byproperty subsector

Percentage (%) byfloor area

IF-RE-000.C-%

IF-RE-000.D-

References■ Activity Metrics
Accounting Metrics

Average occupancy rate, by property
subsector* Indicates the total floor area

353

The back cover shows the award-winning works of art from the fiscal 2022 21th Kira Kira Art Competition heldby Mitsubishi Estate for children with disabilities.

Otemachi Park Buildinfg, 1-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8133, Japan

https://mec.disclosure.site/e/sustainability/