Mitsubishi Estate Logistics REIT Investment Reaches Sustainability Linked Loan Agreement

We support the Sustainable Development Goals

February 25, 2022

Norinchukin Bank

Mitsubishi Estate Logistics REIT Investment Corporation

Conclusion of a sustainability-linked loan agreement

Norinchukin Bank (President and CEO: OKU Kazuto) announces that it has entered into the Sustainability Linked Loan (“SLL”) Agreement with Mitsubishi Estate Logistics REIT Investment Corporation (Executive Director: TAKANASHI Ken, shown below). after “MEL”).

SLL refers to a loan whose loan terms, including interest rates, change based on the borrower’s achievement of certain sustainability performance targets (“SPTs”) set in accordance with the ESG strategy of the borrower and which aims to facilitate and support environmentally and socially sustainable investments. economic activity and growth.

MEL is committed to striving for improved consideration of the environment, social contributions and corporate governance to improve the sustainability of society. We recognize that this is an important social responsibility that a listed company must assume and also believe that it is essential to maximizing the value of our shareholders.

To put our commitment into practice, MEL shares its approach to sustainability with Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”) and established its Sustainability Policy in April 2019. As part of this policy , we are advancing our ESG initiatives in our daily operations. In addition, the Asset Management Company expressed its support for the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”) as well as identified and analyzed the materiality, risks and opportunities, and established the Key Environmental Performance Indicators (KPI) in December 2021.

Norinchukin Bank places sustainable management at the center of its concerns and commits 10 trillion yen of new transactions for sustainable finance in its medium/long term objectives announced in May 2021 and believes that it will contribute to the resolution of the problems of climate change who have an important relationship with the agriculture, fishing and forestry industries, the Bank’s foundation.

The SLL agreement sets SPTs for CO2 emissions (FY2030 target: 30% reduction compared to FY2017, based on carbon intensity), energy consumption (FY2030 target: 15% reduction by compared to FY2017).

with fiscal year 2017, based on energy intensity), Green Property Ratio (target for fiscal year 2030: 100%), and GRESB property rating (target: 4 stars or longer until FY 2030 continuously).

In entering into the SLL Agreement, Norinchukin Bank and MEL obtained a second party opinion from Japan Credit Rating Agency, Ltd., which considers that the SLL complies with the SLL Principles and that the STPs set for the SLL are significant and ambitious.

[For inquiries regarding this matter, please contact the following] Mitsubishi Jisho Investment Advisors, Inc.

Logistics FPI Management Department TEL: +81-3-3218-0030

[Summary of the Loan]

■Execution date: March 1, 2022

■ Loan period: 10 years

■Loan amount: JPY 2 billion

■Use of the proceeds: part of the acquisition costs of the two new buildings to be acquired on March 1, 2022

[Main SDGs contributed by the SLL]

SPT

Contribute to the SDGs

1.

CO2 emissions: (FY2030 target: 30% reduction

compared to fiscal year 2017, based on carbon intensity)

2.

Energy consumption: (FY2030 target: 15% reduction

compared to the 2017 financial year, on energy consumption

intensity basis)

3.

Green Property ratio: (FY 2030 target: 100%)

4.

GRESB real estate assessment: (target: 4 stars or

plus until FY 2030 continuously)

[Reference link] MEL’s ESG website:

https://mel-reit.co.jp/en/esg/index.html

Second-party opinion of Japan Credit Rating Agency, Ltd. : https://www.jcr.co.jp/en/greenfinance/

To finish

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