Translation
The following is an English translation of an independent assurance report prepared in Japanese and is for information
and reference purposes only. In the event of a discrepancy between the Japanese and English versions, the Japaneseversion will prevail.

June 30, 2022

Independent Assurance Report
TO:Ms. Kumi Honda
Executive Director
Industrial & Infrastructure Fund Investment Corporation
Kenji Sawami
Engagement Partner
Ernst & Young ShinNihon LLC
We, Ernst & Young ShinNihon LLC, have been commissioned by Industrial & Infrastructure Fund Investment Corporation(hereafter the “Company”) and have carried out a limited assurance engagement on the Key Sustainability Performance
Indicators of Environment (hereafter the “Indicators”) of the Company and investment properties for the year ended
January 31, 2022 as included in Environmental information of Environmental Activities of Industrial & Infrastructure Fund
Investment Corporation’s Sustainability in the Company’s website (hereafter the “WEB information”). The scope of our
assurance procedures was limited to the Indicators marked with the symbol "✔" in the WEB information.
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The Company’s Responsibilities
The Company is responsible for preparing the Indicators in accordance with the Company’s own criteria, which it
determined with consideration of Japanese environmental regulations as presented in Environmental Activities ofIndustrial & Infrastructure Fund Investment Corporation’s Sustainability in the Company’s website (https://iifreit_sustainability.disclosure.site/en/themes/79/). Greenhouse gas (GHG) emissions are estimated using emissions factors,
which are subject to scientific and estimation uncertainties given instruments for measuring GHG emissions may vary incharacteristics, in terms of functions and assumed parameters.
Our Independence and Quality Control
We have met the independence requirements of the Code of Ethics for Professional Accountants issued by the InternationalEthics Standards Board for Accountants, which is based on the fundamental principles of integrity, objectiveness,
professional competence and due care, confidentiality, and professional behavior.
In addition, we maintain a comprehensive quality control system, including documented policies and procedures forcompliance with ethical rules, professional standards, and applicable laws and regulations in accordance with theInternational Standard on Quality Control 1 issued by the International Auditing and Assurance Standards Board.
Our responsibilities
Our responsibility is to express a limited assurance conclusion on the Indicators included in the WEB information basedon the procedures we have performed and the evidence we have obtained.
We conducted our limited assurance engagement in accordance with the International Standard on Assurance
Engagements: Assurance Engagements Other than Audits or Reviews of Historical Financial Information - (“ISAE 3000”)(Revised), and with respect to GHG emissions, the International Standard on Assurance Engagements: Assurance
Engagements on Greenhouse Gas Statements (“ISAE 3410”), issued by the International Auditing and Assurance Standards
Board. The procedures, which we have performed according to our professional judgment, include inquiries, document
inspection, analytical procedures, reconciliation between source documents and Indicators in the WEB information, andthe following:• Making inquiries regarding the Company’s own criteria that it determined with consideration of Japanese environmental
regulations, and evaluating the appropriateness thereof;• Inspecting relevant documents with regard to the design of the Company’s internal controls related to the Indicators, andinquiring of personnel responsible thereof at the Company and one major Investment property ;• Performing analytical procedures concerning the Indicators at the Company and one major Investment property ; and• Testing, on a sample basis, underlying source information and conducting relevant re-calculations at the Company andone major Investment property.
The procedures performed in a limited assurance engagement are more limited in nature, timing and extent than areasonable assurance engagement. As a result, the level of assurance obtained in a limited assurance engagement is lower
than would have been obtained if we had performed a reasonable assurance engagement.
Conclusion
Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to believethat the Indicators included in the WEB information have not been measured and reported in accordance with theCompany’s own criteria that it determined with consideration of Japanese environmental regulations.