Greenhouse Gas Emissions
Independent Verification Report (Limited Assurance)
To: Mitsubishi Estate Logistics REIT Investment Corporation

June 19, 2024
Japan Audit and Certification Organization
for Environment and Quality (JACO)
2-2-19 Akasaka Minato-ku Tokyo Japan
President Hiroyuki Onodera

Japan Audit and Certification Organization for Environment and Quality (JACO) has been engaged
by Mitsubishi Estate Logistics REIT Investment Corporation (hereinafter “the organization”) to
conduct independent verification of its greenhouse gas (GHG) emissions information.

1. Purpose and scope of verification
With regard to GHG emissions information for the fiscal year 2023 (from April 1, 2023 to March 31,2024) reported by the organization, the verification was conducted.
1) Scope 1 and Scope 2 Greenhouse gas emissions:
CO2 emissions by energy consumption at 29 assets
2) Scope 3 Greenhouse gas emissions as defined by the organization
The organization revised a part of its GHG emissions information that was used for the verification
based on the verification results.
2. Responsibility
The responsibility for preparing a calculation report and reporting GHG emissions is in theorganization and our responsibility is to express an opinion on GHG emissions stated in thecalculation report by independent standpoint. GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to determine emissions factors and the values.
3. Independence and Quality Control
We have complied with the Code of Ethics for Professional Accountants issued by the International
Ethics Standards Board for Accountants, which includes independence and other requirements
founded on fundamental principles of integrity, objectivity, professional competence and due care,confidentiality and professional behavior. In accordance with International Standard on Quality
Control 1, JACO maintains a comprehensive system of quality control including documented policies
and procedures regarding compliance with ethical requirements, professional standards andapplicable regulatory requirements.
4. Verification procedure
JACO conducted verification based on JACO’s verification standard in accordance with
International Standard on Assurance Engagements (ISAE) 3410, “Assurance Engagements onGreenhouse Gas Statements”. We conducted the following activities as part of limited assurance:- Hearing to the organization’s officials who are responsible for identifying and calculating
greenhouse gas emissions;- Evaluation of the information (data) used to determine the greenhouse gas emissions, themethod of applying the calculation criteria, the method of measuring the data and theassumptions adopted by the organization, and examination of description of the GHG report;
and- Verification by sampling in order to confirm accuracy of GHG emissions.
A limited assurance engagement is substantially less in scope than a reasonable assurance
engagement in relation to both the risk assessment procedures, including an understanding ofinternal control, and the procedures performed in response to the assessed risks.
5. ConclusionBased on the procedures we have performed and the evidence we have obtained, nothing hascome to our attention that causes us to believe that the organization’s GHG statement is not prepared,in all material respects, in accordance with the organization’s accounting criteria.
Verified greenhouse gas emissions
Scope 1: 0.6 tCO2e, Scope 2: 2,811.9 tCO2e (Location-based),
Scope 2: 1,272.2 tCO2e (Market-based), Scope 3: 19,701.9 tCO2e
The organization and JACO verification team did not have any specific conflicts of interest and carried out the verification on anindependent basis.