Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

SECOND PARTY OPINION

MITSUBISHI ESTATE LOGISTICS REITINVESTMENT CORPORATIONGREEN EQUITY FRAMEWORK

Prepared by: DNV Business Assurance Japan K.K.
Location: Kobe, Japan
Date: 7 February 2022
Ref. Nr.: PRJN-325033-2021-AST-JPN-01

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

CONTENTS

Executive Summary

3

I Introduction

5

II Scope and Objectives

9

III Responsibilities of MEL and DNV

9IV Basis of DNV’s Opinion

10

V Work undertaken

11

VI Assessment results and DNV opinion

12

VII Results of Assessment

15

Schedule-1 Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Offering NominatedProjects

17

Schedule-2 Green Equity Framework Eligibility Assessment Protocol

18(1)Use of Proceeds18(2)Process for Project Evaluation and Selection20(3)Management of Proceeds21(4)Reporting

22

Disclaimer
Our assessment relies on the premise that the data and information provided by Issuer to us as part of our review procedures have been
provided in good faith. Because of the selected nature (sampling) and other inherent limitation of both procedures and systems of internal
control, there remains the unavoidable risk that errors or irregularities, possibly significant, may not have been detected. Because of the selectednature (sampling) and other inherent limitations of both procedures and systems of internal control, there remains the unavoidable risk thaterrors or irregularities, possibly significant, may not have been detected. limited depth of evidence gathering including inquiry and analyticalprocedures and limited sampling at Limited depth of evidence gathering including inquiry and analytical procedures and limited sampling at lower
levels in the organization were applied as per scope of work. DNV expressly disclaims any DNV expressly disclaims any liability or co-responsibility
for any decision a person or an entity may make based on this Statement.

Statement of Competence and Independence
DNV applies its own management standards and compliance policies for quality control, in accordance with ISO/IEC 17021:2011 - Conformity
Assessment Requirements for bodies providing audit and certification of management systems, and accordingly maintains a comprehensive
system of quality control, including documented policies and procedures regarding compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements. We have complied with the DNV Code of Conduct 1during the assessment and maintainindependence where required by relevant ethical requirements. This engagement work was carried out by an independent team of sustainability
assurance professionals. DNV was not involved in the preparation of statements or data included in the Framework except for this Statement.
DNV maintains complete impartiality toward stakeholders interviewed during the assessment process.

1

DNV Code of Conduct is available from DNV website (www. DNV.com)

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

Executive Summary
Listed on the Tokyo Stock Exchange on September 14, 2017, Mitsubishi Estate Logistics REIT
Investment Corporation (hereinafter, MEL or Investment Corporation) focuses investment on
logistics facilities with Mitsubishi Estate Co., Ltd. (hereinafter, MEC), one of the largest
comprehensive developers in Japan, as a sponsor.
MEL is committed to endeavoring to enhance consideration towards the environment, social
contributions and corporate governance to improve the sustainability of society. MEL recognizes
that this is an important social responsibility for a listed enterprise to assume, and also believes
that it is essential for maximizing its unitholder value.
To put MEL commitment into practice, MEL together with its asset management company,
Mitsubishi Jisho Investment Advisors, Inc. (hereinafter, MJIA or Asset Management Company),shares the sustainability objectives, and continues to embed sustainability into MEL business.
As part of its efforts to achieve these business objectives, MEL has formulated a Green Equity
Framework (hereinafter, Framework) for its Green Equity Offering, as a measure to enhance social
sustainability and to further expand the financing methods, by referring to the following principles
and guidelines widely recognized in the green finance market.
-

Green Bond Principles (ICMA/2021, hereinafter, GBP)
Green Bond Guidelines (Ministry of the Environment of Japan/2020, hereinafter, GBGLs)

DNV Business Assurance Japan K.K. (hereinafter, DNV), as an external reviewer, has assessed the
Framework eligibility by referring to the four elements of the GBP and GBGLs which are widely
recognized in the green finance market. MEL intends to select one or more nominated projects,
mainly consisting of the Green Building shown in the Table-1 below, and allocate the funds raised
through the Green Equity Offering.

Table-1 Nominated projects for MEL Green Equity Offering

01

02

03

Green Project

Project (Eligibility Criteria) Overview

Green Building

Properties that obtained or renewed, or to be acquired in the
future with one of the certifications from a third-party certifier
listed in (1) to (3) below.
(1) DBJ Green Building Certification: 5, 4 or 3 stars(2) CASBEE Certification: S, A or B+(3) BELS Evaluation: 5, 4 or 3 stars

Renewable Energy

Renewable energy generation facilities associated withbuildings(limited to solar power generation facilities on the premises)

Energy-Efficiency

Equipment designed to reduce environmental impacts(limited to equipment that achieves 30% or higher energy
efficiency before introduction)

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Contribution to
SDGs
11. Sustainable
Cities andCommunities

7. Affordable andClean Energy

13. Climate Action

Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion(Executive Summary continued)

The following is a summary of DNV's assessment results with reference to the four elements
indicated in the GBP and GBGLs.
GBP-1. Use of Proceeds:
MEL intends to allocate the entire amount of proceeds from the Green Equity Offering to
new or existing investments or expenditures for one or more of the following eligible
projects: Green building, Renewable energy and Energy efficiency. Specifically, MEL intends
to allocate the proceeds mainly to green buildings that have obtained (or will obtain) theGreen Building Environmental Certification. In addition, the proceeds can be allocated tosolar power generation facilities and energy-efficiency equipment and facilities for reducingof environmental load of the eligible green buildings. These are representative projects
providing clear environmental improvement effects, as defined by the GBP, etc.
GBP-2. Process for Project Evaluation and Selection:
The projects to which the proceeds from the Green Equity Offering of MEL will be allocatedare evaluated and selected by the responsibility of the Logistics REIT Management
Department of the Asset Management Company to confirm that they meet the eligibility
criteria. Thereafter, after approval by the Management Committee of the AssetManagement Company and the President & CEO, the Board of Directors of the Investment
Corporation resolves the issuance of investment units and the issuance price and areissued, in the same manner as ordinary equity financing. A post-issuance report will be
submitted to the Sustainability Committee of the Asset Management Company, which areheld once a quarter.
GBP-3. Management of Proceeds:
The proceeds from the Green Equity Offering will be managed in accordance with theinternal cash management procedures of MEL. The proceeds from the Green Equity Offering
are managed in cash or cash equivalents until the fully allocated to the eligible green
projects.
GBP-4. Reporting:
MEL will disclose the reports which include status of the proceeds allocated and the impact
reporting in its website until the proceeds are fully allocated after raising funds through theGreen Equity Offering.
Based on the documents and information provided by MEL, DNV has confirmed that Frameworkand Green Equity Offering meet the requirements of the Green Equity Framework Evaluation
Protocol at the time of providing this evaluation. Accordingly, DNV expresses its opinion that
Framework and Green Equity Offering comprehensively complies to the definition and objectivesof GBP and GBGLs being referred, which “enables capital raising and investments in new orexisting projects to realize environmental benefits”.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

I Introduction
i. Overview of the Issuer
Listed on the Tokyo Stock Exchange on September 14, 2017, Mitsubishi Estate Logistics
REIT Investment Corporation (hereinafter, MEL or Investment Corporation) focusesinvestment on logistics facilities with Mitsubishi Estate Co., Ltd. (hereinafter, MEC), one of
the largest comprehensive developers in Japan, as a sponsor. Along with fully leveraging thestrengths of MEC’s extensive sponsor pipeline founded in its strong logistics facilities
development capabilities and tenant relations stemming from its long-standing track-recordof good corporate customer relations, MEL also leverages the real estate fund capabilities of
MJIA, the asset management company of MEL. Through this “HYBRID” leveraging thestrengths of both companies, MEL aims to realize stable and steady growth to strive for
maximization of unitholder value.
ii. ESG Initiatives of the Issuer
MEL is committed to endeavoring to enhance consideration towards the environment, social
contributions and corporate governance to improve the sustainability of society. MEL
recognizes that this is an important social responsibility for a listed enterprise to assume,
and also believes that it is essential for maximizing our unitholder value.
To put MEL commitment into practice, MEL together with its asset management company,
MJIA, shares the sustainability objectives, and continues to embed sustainability into its
business.

Reference: Mitsubishi Estate Logistics REIT Investment Corporation website(Basic Policy and Management Structure of ESG)
https://mel-reit.co.jp/en/esg/sustainability/basic.html

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

Sustainability Policy of MEL
Sustainability Policy
1. Pursue Energy Efficiency and Low Carbon
We proactively pursue energy efficiency and takes steps to reduce greenhousegas emissions in our portfolio by installing and switching to energy-saving
products and utilizing renewable energy.
2. Improve Water Resource Management and Waste Management
We strive to improve the efficiency of water use and to implement 3R waste
programs (reduce, reuse, recycle) in order to make effective use of limited
resources in our portfolio.
3. Enhance of Tenant Safety, Security and Satisfaction
We implement disaster preparedness and damage prevention measures in our
portfolio and strive to increase tenant safety and security. We promote
improvement of operation methods based on our tenants’ needs, installment ofequipment, and improve tenant satisfaction.
4. Empower Our People
We provide various training and skills/career development programs into ourdevelopment of employees’ capabilities to raise environmental awareness. We
are also committed to creating a work environment that is comfortable for all
members of our diverse pool of talent, thereby making it possible for everyone
to reach their full potential.
5. Collaborate with External Stakeholders
We strive to build relationships of goodwill with external stakeholders including
tenants, property managers and all others along the supply chain, as well aswith local communities and local governing bodies. We focus on collaboratingwith these parties as we put this policy into practice.
6. Disclose ESG Information and Obtain Environmental Certifications
We endeavor to disclose ESG related information to our investors and various
other stakeholders. In addition, we work to obtain environmental certifications
as needed in order to strengthen our sustainability efforts.
7. Ensure Compliance and Risk Management
In addition to complying laws and regulations, we adhere to social norms
including fair transactions, appropriate information management practices,prevention of corruption, prevention of conflicts of interest and respect forhuman rights and diversity. Over the medium- to long-term, we consider theenvironmental and social risks related to our portfolio, incorporate these
considerations into the real estate management process to minimize risk.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinioniii. Environmental Initiatives of the Issuer
The Mitsubishi Estate Group has established an environmental management system andstrives to protect the environment by promoting environmental initiatives and reducing
environmental impact, while also complying with environmental laws and regulations. The
Mitsubishi Estate Group also proposes cutting-edge environmental initiatives to ensure thatits business activities play a leading role in the development of sustainable communities.
MEL strives to invest in environmentally friendly logistics facilities, and will continue to focus
on maximizing the energy efficiency of our properties and is committed to minimizing
environmental impact through various sustainable features and initiatives.
Table-2 Major ESG-related KPIs and Targets of MEL
CO2 emissions intensity

30% reduction by FY2030 (based on FY2017)

Energy consumption intensity

15% reduction by FY2030 (based on FY2017)

Water consumption intensity

Not increased by FY2030 (based on FY2017)

Waste recycling

70% or more by FY2030

MEL disclose the following information on its website as environmental performance data
related to investment properties: Total energy consumption, Energy consumption breakdown(gas and fuel/electricity), Data coverage (GFA basis) related to total energy consumption
estimation, Energy consumption intensity, CO2 emissions (Scope 1, 2, 3), Data coverage(GFA basis) related to CO2 emission estimation, CO2 emission intensity, Water consumption,
Water consumption intensity, Data coverage (GFA basis) related to water consumption
estimation, Waste discharge weight, Recycling rate, Data coverage (GFA basis) related towaste discharge weight estimation and Solar Power Annual power generation etc.
Reference: MEL website (Environmental Initiatives)
https://mel-reit.co.jp/en/esg/environment/index.html

In addition, MEL and the Asset Management Company believe that the understanding andcooperation of tenants are also important, and aim to collaborate for a sustainable
environmental society in order to promote awareness-raising activities for tenants. MEL has
introduced green lease contract that allows both building owners and tenants to share
merits, and promote sustainability-related initiatives in cooperation with tenants.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

iv. Issuers' efforts toward contribution to SDGs
MEL, as a member of the Mitsubishi Estate Group, has formulated and address its
Sustainability Policy as a framework for action toward the realization of sustainability under
the four key themes of "Environment", "Diversity & Inclusion", "Innovation", and"Resilience”.
The Green Equity Offering is an initiative that contributes directly and indirectly to thefollowing SDGs in particular, among the four key themes of the Mitsubishi Estate Group.
“11. Sustainable Cities and Communities”“7. Affordable and Clean Energy"“13. Climate Action"

Table-3 Contribution of MEL to the achievement of SDGs

Environmental initiatives

ESG Initiatives of MEL

Promotion of Green
Portfolio(Green Building)Utilization of Renewable
Energy(Renewable Energy)

Energy Saving Initiatives(Energy efficiency)

Contributing to the SDGs
Sustainable Cities andCommunities
Goal 11Make cities and humansettlements inclusive, safe,
resilient and sustainable

Affordable and Clean Energy
Goal 7

Ensure access to affordable,
reliable, sustainable and modern
energy for all

Climate Action
Goal 13

Take urgent action to combat
climate change and its impacts* The relevance to SDGs is based on the reference to “Green, Social and Sustainability Bonds: A HighLevel Mapping to the Sustainable Development Goals” published by the International Capital Market
Association, or ICMA, which defines the Green Bond Principles (“GBP,” announced by ICMA in 2018).
It is a complemental explanation of the Green Equity Offering and is not directly defining its use ofproceeds.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

II Scope and Objectives
DNV conducts a pre-issuance eligibility assessment of the "MEL Green Equity Framework" and the"Green Equity Offering". The objective of the pre-issuance assessment of DNV is to conduct anassessment to confirm that MEL “Green Equity Framework" and "Green Equity Offering" meet key
requirements of the criteria, such as GBP and GBGLs, which will be described later, and toprovide a second party opinion on the eligibility.
DNV, as an independent external reviewer, has identified no real or perceived conflict of interest
associated with the delivery of this second-party opinion for MEL.
In this paper, no assurance is provided regarding the financial performance of the Green Equity
Offering, the value of any investment, or the long-term environmental benefits of the transaction.

Applicable standards or guidelines
No.

Standards or guidelines

1.

Green Bond Principles 2021 GBPInternational Capital Markets
Association (ICMA)

Refer*1

2

Green Bond Guidelines 2020 GBGLs

Ministry of the Environmentof Japan

Refer*1

Climate Bond Initiative, 2019

Refer*2

3

IssuerClimate Bond Standard Version 3.0(Sector Technical Standards)

Applied level*1: Refer; Based on the DNV assessment protocol, DNV has evaluated the eligibility by referring to the main
requirements of the four core elements defined by the globally recognized GBP and others. At this time, DNV
considered the Green Equity Offering-specific fund management and reporting.
*2: Refer; DNV has evaluated the eligibility of the nominated project using the referenceable criteria of the sector
technical criteria of Climate Bond Standards which are globally recognized as green finance market.

III Responsibilities of MEL and DNV
MEL has provided the information and data used by DNV during the delivery of this review. Our
statement represents an independent opinion and is intended to inform MEL and other interested
stakeholders in the finance as to whether the established criteria have been met, based on theinformation provided to us. In our work, we have relied on the information and the facts
presented to us by MEL.
DNV is not responsible for any aspect of the projects or assets referred to in this opinion andcannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus, DNV
shall not be held liable if any of the information or data provided by MEL and used as a basis forthis assessment were not correct or complete.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

IV Basis of DNV’s Opinion
To provide as much flexibility as possible to MEL, DNV has created specific Green Equity
Framework Assessment Protocol (the “Protocol”), taking into account requirements of various
standards such as GBP. The Protocol applies or refers four core elements such as GBP.
The Protocol includes a set of suitable criteria that can be used to underpin its opinion. The
holistic principle behind the criteria is that the Green Equity Offering should “enable capitalraising and investments for new and existing projects to realize environmental benefits.”
As per the Protocol, the evaluation criteria, with which the Framework is under review, aregrouped into the following four elements:⚫

Principle One: Use of Proceeds. The criteria for the use of proceeds are set by therequirement that the issuer that established the Green Equity Framework must use theproceeds from the Green Equity Offering which is implemented under an eligible framework.
The eligible projects should produce clear environmental benefits.

⚫

Principle Two: Process for Project Evaluation and Selection. The criteria for project
evaluation and selection should outline the process that the issuer that established the Green
Equity Framework follows in determining the eligibility of an investment that uses theproceeds from the Green Equity Offering and outline any impact objectives it will consider.

⚫

Principle Three: Management of Proceeds. The criteria for Management of Proceeds are
guided by the requirements that proceeds from Green Equity Offering should be tracked
within the issuing organization based on management methods specific to various types offinance, that separate portfolios should be created when necessary and that a declaration of
how unallocated funds will be handled must be made.

⚫

Principle Four: Reporting. The criteria for Reporting are guided by the recommendationthat the issuer publish sustainability reports or equivalents to equity investors regarding thestatus of proceed allocations and, where feasible, adequate quantitative and/or qualitative
performance indicators should be used.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

V Work undertaken
Our work constituted a high level of review of the available information, based on theunderstanding that this information was provided to us by the Issuer in good faith. We have not
performed an audit or other tests to examine to check the veracity of the information provided tous. The work undertaken to form our opinion included the followings:

Green Equity Framework•

Creation of the Issuer-specific DNV’s Assessment Protocol which is attempted to be
applied to the Green Equity Framework with respect to the above and in Schedule-2 that
contribute to this assessment;•

Assessment of evidential documents provided by the Issuer regarding the issuance of
applicable equity, and supplemental assessment with comprehensive desktop surveys to
the Issuer. These checks are conducted, referring to the current assessment bestpractices and standard methodologies.

•

Interview with key personnel of the Issuer, and review of the relevant documentation.

•

Reporting of findings against each element of the eligibility criteria.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

VI Assessment results and DNV opinion
DNV’s findings and opinions referred GBP and GBGLs are as follows (1)~(4).

(1) Use of Proceeds
DNV has confirmed that MEL plans to use all of the proceeds* from the Green Equity
Offering for new or existing investments or capital contributions in one or more of thefollowing eligible green projects that meet the following eligible project categories as
indicated in the GBP, etc.
* The amount of total issue proceeds to be determined on the issue price determination date, which shall be
determined based on the issue price of the Green Equity Offering, net of the costs related to the Green
Equity Offering.

Please refer to the Table-4 and the schedule-1 for an overview of the nominated projects forGreen Equity Offering.

Table-4 MEL Green Equity Offering nominated Projects
No.

Green Projects

Project Summary
Properties that obtained or renewed, or to be acquired in the futurewith one of the certifications from a third-party certifier listed in (1) to(3) below.

01

Green Building(1) DBJ Green Building Certification: 5, 4 or 3 stars(2) CASBEE Certification: S, A or B+(3) BELS Evaluation: 5, 4 or 3 stars
Renewable energy generation facilities associated with buildings

02

Renewable Energy(limited to solar power generation facilities on the premises)
Equipment designed to reduce environmental impacts

03

Energy-Efficiency(limited to equipment that achieves 30% or higher of energy-efficiency
before introduction.)

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion(2) Process for Project Evaluation and Selection
Through the review, DNV confirmed that the nominated projects for MEL’s Eligible Green
Projects listed in Schedule-1 are consistent with the issuer's ESG initiatives andenvironmental initiatives, and that the projects will be evaluated and selected based on theestablished Eligible Criteria. Specifically, the projects for which will be funded from theproceeds are reviewed for compliance with the Eligibility Criteria by the responsibility of the
Logistics REIT Management Department of the asset management company, evaluated andselected, and a post-issuance report will be submitted to the Sustainability Committee of theAsset Management Company, which are held once a quarter.

(3) Management of Proceeds
DNV has confirmed how MEL will manage the funds raised from the Green Equity Offering
until fully allocated. DNV also confirmed that MEL is supposed to allocate the entire amountof the proceeds promptly to obtain new or existing properties or the refinancing of suchfunds after the Green Equity Offering.
After the proceeds from the Green Equity Offering are deposited into the account of MEL,
and they will be managed in accordance with the account management procedures of
Logistics REIT Management Department. The appropriateness of the management ofproceeds is confirmed by internal audits conducted on a regular basis. In addition, theoverall accounting is subject to external audits by an auditing firm.
Until the decision of the allocation of the proceeds from the Green Equity Offering, theproceeds will be in the form of cash or cash equivalents.
As aforementioned, no assurance is provided by DNV regarding the financial performance of
the investment units to be issued through the Green Equity Offering, the value of any
investments, or their long-term environmental benefits.

<Note: Raising funds through Green Equity Offering>
The net proceeds are defined as proceeds excluding the expenses related to the Green Equity Offering fromthe amount of total issue proceeds which is to be determined on the date of determination of the issue
price, etc. of the Green Equity Offering. The management of the allocated and unallocated proceeds are
implemented based on the procedure explained in (3).

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion(4) Reporting
DNV has confirmed that MEL will report on the allocation status of the proceeds from Green
Equity Offering at least once a year, or until the allocation is completed. MEL will disclose thereport in its website. In addition, MEL has been disclosing the status of Green Building of its
portfolio and the following environmental benefits (impact reporting) on its website, andplans to continue disclosing such information.

< Status of Green Building> Number, type, and rank of environmental certifications of the assets<Environmental Benefit> *Disclose on a portfolio basis considering confidential
information of the Investment Corporation.
 Water usage
 Total energy consumption (electricity consumption and gas/fuel consumption)
 CO2 emissions
 Waste discharge weight Solar power electricity generation
 Details of equipment and facilities installed to reduce environmental impacts andenergy efficiency(saving) benefits.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

VII Results of Assessment
Based on the documents and information provided by MEL, DNV has confirmed that
Framework and Green Equity Offering meet the requirements of the Green Equity Framework
Evaluation Protocol at the time of providing this evaluation. Accordingly, DNV expresses its
opinion that Framework and Green Equity Offering comprehensively complies to the definitionand objectives of GBP and GBGLs being referred, which “enables capital raising andinvestments in new or existing projects to realize environmental benefits”.

DNV Business Assurance Japan K.K.
7th Feb. 2022

Mark Robinson

Naoki Maeda

Sustainability Services Manager

Managing Director

DNV Business Assurance, Australia

DNV Business Assurance Japan K.K.

Masato Kanedome

Kazumasa Terada

Project Leader

assessor

DNV Business Assurance Japan K.K.

DNV Business Assurance Japan K.K.

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion
About DNV
Driven by our purpose of safeguarding life, property and the environment, DNV enables organisations to advance the safety
and sustainability of their business. Combining leading technical and operational expertise, risk methodology and in-depth
industry knowledge, we empower our customers’ decisions and actions with trust and confidence. We continuously invest
in research and collaborative innovation to provide customers and society with operational and technological foresight.
With our origins stretching back to 1864, our reach today is global. Operating in more than 100 countries, our 16,000
professionals are dedicated to helping customers make the world safer, smarter and greener.

Disclaimer
Responsibilities of the Management of the Issuer and the Second-Party Opinion Providers, DNV: The management of Issuer
has provided the information and data used by DNV during the delivery of this review. Our statement represents an
independent opinion and is intended to inform the Issuer management and other interested stakeholders in the Bond as towhether the established criteria have been met, based on the information provided to us. In our work we have relied on theinformation and the facts presented to us by the Issuer. DNV is not responsible for any aspect of the nominated assets
referred to in this opinion and cannot be held liable if estimates, findings, opinions, or conclusions are incorrect. Thus, DNV
shall not be held liable if any of the information or data provided by the Issuer’s management and used as a basis for thisassessment were not correct or complete

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Schedule-1 Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Offering
Nominated Projects
Category№

MEL Green Project

Project Outlines(Environmental benefits)

Logistics facilities that have acquired

Properties that obtained or renewed, or to be acquired in the future with one of thecertifications from a third-party certifier listed in (1) to (3) below.

Green Building environmental
01

Green Building

certification(1) DBJ Green Building Certification: 5, 4 or 3 stars(Reduction of energy, water, waste,(2) CASBEE Certification: S, A or B+

etc.)(3) BELS Evaluation: 5, 4 or 3 stars

02

Renewable Energy

Solar power generation

Renewable energy generation facilities associated with buildings(Reduction of CO2)

(limited to solar power generation facilities on the premises)
Equipment designed to reduce environmental impacts

03

Energy Efficiency

Improving energy efficiency(limited to equipment that achieves 30% or higher energy-efficiency before(Reduction of CO2)

introduction.)

Allocation and impact reporting of the proceeds from the Green Equity Offering will be scheduled to be disclosed promptly after the completionof the allocation

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Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

Schedule-2 Green Equity Framework Eligibility Assessment Protocol
The following checklists (1) to (4) are DNV evaluation protocol prepared for the Framework eligibility assessment of MEL based on the 4 core components of
GBP and GBGLs, which were used as reference standards for the evaluation. The "Relevant Document Check" in the assessment process includes internal
documents of MEL. which are provided by MEL to DNV as evidence for evaluating eligibility.
The Framework and related legal documents shown in the table will be disclosed to the investors. Here “Green Finance” equate with “Green Equity
Offering”.

(1) Use of Proceeds
Ref.

Criteria

Requirement

Work undertaken

DNV Findings

1aType offinance

The green finance must fall in one of
the following categories, as definedby GBP.

Confirmed documents:- MEL Green Equity
Framework

Through the evaluation, DNV has confirmed that MEL Green
Equity Offering falls into the following categories.

・(Standard) Green Finance(Standard) Green Finance (Green Equity)
Discussions with MEL・Green Revenue Finance・Green project finance・Other
1b

Project
categories

The cornerstone of a Green Financeis the utilization of the proceeds ofthe finance which should beappropriately described in the legal
documentation for the security.

Confirmed documents:- MEL Green Equity
Framework
Discussions with MEL

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DNV has confirmed that MEL Eligible Green Projects identified in
the framework fall into the following representative eligible
categories as classified by GBP, etc.
"Green Building""Renewable Energy""Energy Efficiency"
Specifically, the following are candidates for MEL green projects:
Project 01: "Green Building(Acquisition of the Logistics facilities that obtained or renewed,
or to be obtained in the future with one of the environmental
certifications of Green Building)
Project No. 02: "Renewable Energy

Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

Ref.

Criteria

Requirement

Work undertaken

DNV Findings(Renewable energy generation facilities associatedbuildings)
Project №03: "Energy Efficiency(Equipment designed to reduce environmental impacts)

1c

Environme
ntal andSocialbenefits

All designated Green Project
categories should provide clear
greenly sustainable benefits, which,where feasible, will be quantified orassessed by the issuer.

Confirmed documents:- MEL Green Equity
Framework- Basis for Selection of Eligible
Green Projects in the Green
Equity Framework (internal
document)with

DNV has confirmed that the execution of MEL eligible green
projects has benefits in terms of CO2, water and waste reduction.
Although it is difficult to quantitatively evaluate the directenvironmental benefits in operation of green buildings, which are
candidates for major appropriation projects, they can beevaluated as projects with clear environmental benefits byachieving and obtaining certification for each green building
certification standard (level) as evaluated and defined by MEL.

Discussions with MEL

1dRefinance
share

In the event that a proportion of theproceeds may be used forrefinancing, it is recommended thatissuers provide an estimate of theshare of financing vs. re-financing,
and where appropriate, also clarify
which investments or project
portfolios may be refinanced.

Confirmed documents:- MEL Green Equity
Framework
Discussions with MEL

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DNV confirmed that if funds raised through Green Equity Offering(net proceeds excluding expenses) are used for refinancing in the
future, it will be disclosed by MEL in the report of proceeds
allocation status on its website. The disclosure in the report will
include the nominated projects and the amount or percentage ofrefinancing as practically possible.

Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion

(2)
Ref.

2a

Process for Project Evaluation and Selection
Criteria

Requirement

Work undertaken

DNV Findings

Investment
decisionprocess

The issuer of a Green Finance should
outline the decision-making process it
follows to determine the eligibility of
projects using Green Financeproceeds. This includes, without
limitation:

Confirmed documents:- MEL Green Equity Framework- Basis for Selection of Eligible
Green Projects in the Green
Equity Framework (internal
document)- MEL Green Equity Offering
Execution Plan (internal
document)

DNV confirmed that MEL plans to select MEL Eligible Green
Projects based on the Framework and Green Equity Offering
Execution Plan (internal document).

・

・

・

2b

Issuer’s
environmentalgovernanceframework

A process to determine how
the projects fit within theeligible Green Projects
categories identified in theGreen Finance Principles;
The criteria making the
projects eligible for using theGreen Finance proceeds; andThe environmental green
objectives

In addition to criteria andcertifications, the information
published by issuers regarding thegreen finance process is also
considered the quality of
performance of the issuer's
framework and environmental
sustainability.

Discussions with MEL

Confirmed documents:- MEL Green Equity Framework- MEL website
Discussions with MEL

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The Logistics REIT Management Department of MJIA, theasset management company of MEL that evaluates andselects properties, and that reports the results to the
Sustainability Committee after the fact.
DNV confirmed that the green buildings have obtained theenvironmental certifications that have been evaluated as
green projects eligible for green finance by the Basis for
Selection of Eligible Green Projects in the Green Equity
Framework (internal document).

DNV confirmed that the Green Equity Offering is in line with MEL's "Sustainability Initiatives" and "Environmental Initiatives"
through the assessment of documents and interviews. These
initiatives are also linked to the SDGs, and taken into accountthe sustainability of MEL business activities in relation to theenvironment and other factors.

Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion(3)

Management of Proceeds

Ref.

Criteria

Requirement

Work undertaken

DNV Findings

3aTracking
procedure-1

The net proceeds of Green Financeshould be credited to a subaccount, moved to a sub-portfolio
or otherwise traced by the issuer in
an appropriate manner and attested
to by a formal internal process thatwill be linked to the issuer’s lending
and investment operations forGreen Projects.

Confirmed documents:- MEL Green Equity
Framework

MEL plans to manage the proceeds from the Green Equity
Offering in the general account and to allocate the entire
amount to MEL eligible green projects in a timely manner as
specified in the Framework.

So long as the Green Finance areoutstanding, the balance of the
tracked proceeds should beperiodically reduced by amounts
matching eligible green investments
or loan disbursements made duringthat period.

Confirmed documents:- MEL Green Equity
Framework- MEL website

Pending such investments or
disbursements to eligible Green
Projects, the issuer should makeknown to investors the intended
types of temporary investment
instruments for the balance of
unallocated proceeds.

Confirmed documents:- MEL Green Equity
Framework

DNV confirmed that if unallocated proceeds are found, they will
be managed as cash and cash equivalents and will be available
for timely allocation to MEL eligible green projects.

Discussions with MEL

The above outline will be used to explain to investors how it
operates by the Framework.

3b

3c

Tracking
procedure-2

Temporaryholdings

Discussions with MEL

Discussions with MEL

DNV confirmed that MEL has the appropriate financing process
to manage the proceeds and that the status of allocation of theproceeds can be tracked.

DNV confirmed that the allocation status (allocation amount andbalance) of the proceeds will be managed and coordinated inaccordance with MEL proceeds management procedures. In theevent that the proceeds through the Green Equity Offering areallocated, MEL will disclose the allocated amount and properties
promptly after the completion of the allocation.
DNV confirmed that this information is planned to be reported
on the website of MEL.

Page of 21 of 22

Mitsubishi Estate Logistics REIT Investment Corporation Green Equity Framework Second Party Opinion(4)

Reporting

Ref.

Criteria

Requirement

Work undertaken

DNV Findings

4aPeriodical
reportingIn addition to reporting on the use ofproceeds and the temporary
investment of unallocated proceeds,
issuers should provide at least annuallya list of projects to which Green
Finance proceeds have been allocatedincludingConfirmed documents:- MEL Green Equity
Framework- MEL website

DNV has confirmed that MEL will report on specific items
required by green finance (e.g., project progress, allocation
status, environmental improvement effects) on its website atleast once a year, or when the allocation is completed.

Discussions with MEL

The following updated information will be provided in thereporting to the extent practicable.

- confidentiality and/or competitive
considerations, where possible-

Total amount of allocated amount-

Number of eligible projects-a brief description of the projects andthe amounts disbursed, as well as the
expected environmentally sustainable
impact.

-Balance of unallocated amount (if any)-

Level of certification achieved by assets in the Eligible
Green Project portfolio.

-

Environmental information on assets in the Eligible Green
Project Portfolio (water consumption, total energy
consumption, CO2 emissions, waste emissions, annual solar
power generation, details of equipment installed to reduce
environmental impacts, and energy efficiency effects).

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