● Investment research and investment decision-making. We conduct preliminary investment research to understand how our activities impact material ESG factors and how these can affect our reputation, capital value and stakeholders. Our investment research analyzes various ESG factors such as how we can reduce our environmental load, coexist with local communities where the property is located, contribute to solving social issues, and achieve sustainable growth for all stakeholders. We consider these ESG factors throughout an asset’s lifecycle by tracking and monitoring the sustainability performance of our assets and collaborating with our workforce, partners and communities. The Asset Manager’s Investment Committee considers due diligence findings on ESG factors along with other economic and operational considerations when making a final decision to invest in a property.

● Green bonds. From time to time, we issue investment corporation bonds earmarked for use in certain projects serving as countermeasures against global warming or providing environmental benefits under our green bond framework (collectively, the “green bonds”), which is generally aligned with the Green Bond Principles, a voluntary guideline of International Capital Market Association. Our green bond framework requires the proceeds from our green bonds to be allocated to funds for (i) acquisition of the “Eligible Green Projects” (as defined below) or (ii) refurbishments fulfilling certain “Eligibility Criteria” (as defined below), or (iii) refinancing the existing loans/investment corporation bonds which have been allocated to acquire Eligible Green Projects or refurbishments meeting Eligibility Criteria. Under our green bond framework, the Eligible Green Projects are defined as buildings that have achieved, or are expected to achieve, the top two levels of one or more of the third-party green building certifications/re-certifications under Building Energy-efficiency Labeling System (“BELS”), Comprehensive Assessment System for Built Environment Efficiency (“CASBEE”) or Development Bank of Japan (“DBJ”) Green Building Certification, within 36 months prior to the payment date of such green bonds. Under our green bond framework, the Eligibility Criteria are defined as refurbishments that have been completed, or are expected to be completed, with a primary purpose of achieving (i) more than 10% reduction in CO2 emissions or energy consumption, (ii) more than 10% reduction in water consumption or (iii) new third-party green building certification or improvement in third-party green building certification required under the Eligible Green Projects, within 36 months prior to the payment date of such green bonds. As of May 31, 2024, 21 properties in our portfolio are Eligible Green Projects, and the aggregate principal amount of our green bonds outstanding is ¥19.4 billion.

● Overall ESG performance. To independently assess the overall ESG performance of our portfolio, we participate in the annual review by the GRESB. We acquired the highest rank “5 stars” for six consecutive years on GRESB Real Estate Assessment, which is based on our GRESB Overall Score and our quintile position relative to global participants. We also were recognized for our high performance both in the “Management Component” that evaluates organizational structure and the “Performance Component” that assesses environmental performance. Further, we achieved for six consecutive years “A rank” in the GRESB Public Disclosure that assesses the width of ESG disclosure.

● Climate change initiatives – energy consumption and efficiency: We track and monitor energy use and energy use intensity at our properties, with a particular focus on the areas controlled by ourselves and a medium- to long-term target of 1% average annual reduction in energy use intensity. For the twelve-month period ended March 31, 2024, we have energy use data available for 45 out of all 47 of our properties, and the energy use intensity for the areas of our properties under our operational control of energy consumption was 0.26 MWh/m².

● Climate change initiatives – CO2 / greenhouse gas (“GHG”) emissions: We track and monitor CO2 emissions, calculated in accordance with the "GHG Emissions Accounting, Reporting and Disclosure System" of the Ministry of the Environment. The actual total emission for the twelve-month period ended March 31, 2024 was 20,746 t-CO2, and the emission intensity was 0.04 t-CO2/m³ for total emission (covering direct and indirect emission from the areas of our properties under our operational control, as well as emission from tenants) and 0.037 t-CO2/m³ for direct and indirect emission. In July 2022, we have updated our target related to the key performance indicators (“KPIs”) on renewable energy procurement and our new target is to complete the procurement of renewable electricity by the end of the fiscal year 2025 and to reduce 100% of CO2 emissions generated by electricity in comparison to the fiscal year 2015. This target applies to all of our properties, excluding the co-owned, sectionally owned or land-only properties that have not procured renewable electricity.

● Water management initiatives: We monitor and track water consumption and recycling at our properties. Our water consumption intensity is 0.89 m³/m² for the twelve-month period ended March 31, 2023 and 0.97 m³/m² for the twelve-month period ended March 31, 2024. We plan to achieve a medium- to long-term target of 0.5% average annual reduction in water use intensity.

● Waste management initiatives: We monitor and track waste generated by tenants at our properties. Our waste generation for the twelve-month period ended March 31, 2024 was 3,274 tons, excluding waste directly generated by tenants. We plan to reach a medium- to long-term target of 0.5% average annual reduction in waste intensity.

● Social initiatives – employees: We provide several programs to employees in partnership with external organizations, including continued training on asset management operations and legal compliance, as well as management training by GLOBIS, one of the largest business schools in Japan. Management training is provided to senior management and medium-level employees as a part of position-based trainings. Trainings provided to all-levels employees include trainings on communication, business skills, PC skills and business English conversation lessons.

● Social initiatives – local community: We donated through Regional Revitalization Support Tax System for three consecutive years from 2020 to 2022, and participated in a fundraising program to the Hokkaido Prefecture. In 2022, we also donated to the Kyoto City’s carbon neutrality program through Regional Revitalization Support Tax System. We periodically participate in cleanups of the neighborhood’s streets organized by an NPO “Green Bird”. We provide open spaces of our Shiodome Building to the “HAMASITE Summer Festival”, a traditional summer event, and created a playground at for kids and a green area on the Seaside Deck for visitors at DECKS Tokyo Beach. At the rooftop terrace of Tokyu Plaza Omotesando “Omokado”, we offer a variety of activities to local communities, including bird house installation and vegetable-harvesting. We offer at least one property in our portfolio as disaster prevention or temporary gathering center for nearby local communities.

● Social initiatives – tenants: We conduct tenant satisfaction surveys to obtain requests and opinions from our tenants using independent research companies. In the fiscal year 2021, retail tenant surveys were conducted with a significantly increased number of tenants subject to the survey, in addition to the existing office tenant survey participants. We award three times a year a best tenant prize to our retail tenants to encourage operations of all the tenants to raise employee motivations. We also hold customer service competition and training with an ultimate goal of improving customer satisfaction.

● Social initiatives – suppliers: We award a prize “PM awards” to property management staff who have contributed to, among others, upward rent revision, lease-up, contracting green lease and implementation of renovation works to reduce environmental impact.

● Investment research and investment decision-making. We conduct preliminary investment research to understand how our activities impact material ESG factors and how these can affect our reputation, capital value and stakeholders. Our investment research analyzes various ESG factors such as how we can reduce our environmental load, coexist with local communities where the property is located, contribute to solving social issues, and achieve sustainable growth for all stakeholders. We consider these ESG factors throughout an asset’s lifecycle by tracking and monitoring the sustainability performance of our assets and collaborating with our workforce, partners and communities. The Asset Manager’s Investment Committee considers due diligence findings on ESG factors along with other economic and operational considerations when making a final decision to invest in a property.

● Due diligence. Prior to our investment in a property, the Asset Manager conducts due diligence on the property that considers various ESG factors. (i) The Asset Manager investigates the use of asbestos and whether asbestos-containing building materials have been used. The Asset Manager conducts asbestos content testing when existing records and disclosure on the use of asbestos are insufficient, and requires the seller to remove, seal, or contain any remains in accordance with relevant laws on waste disposal and cleaning. (ii) The Asset Manager investigates whether PCB (polychlorinated biphenyl)-containing machines and wastes exist based on information in the property’s records and in the seller’s disclosure and reports. The Asset Manager also requires the seller to investigate whether there are machines with a high possibility of containing PCB, file notifications pursuant to laws on the handling and treatment of PCB, and properly dispose unused PCB-containing machines. (iii) For any company or business with a total annual energy consumption over 1,500 kiloliters of crude oil (after conversion), the Asset Manager investigates what measures are in place to ensure compliance with the Energy Conservation Act, such as whether the property is subject to periodic reports and medium- to long-term plans regarding energy conservation, and whether a manager(s) has been appointed to be responsible for energy management and energy conservation planning. (iv) For any property or facility with a total annual energy consumption over 1,500 kiloliters of crude oil (after conversion) for three consecutive years, the Asset Manager investigates what measures are in place to ensure compliance with the Tokyo Metropolitan Environmental Security Ordinance, including whether the property has a plan for implementing global warming countermeasures. For properties under emission reduction obligations, the Asset Manager would confirm the progress and prospect of meeting the emission reduction targets and deadlines. (v) The Asset Manager investigates potential soil contamination situations through a clear and objective decision-making process with information from reports, seller’s disclosure materials, and field investigations, in order to eliminate the possibility of soil contamination. The Asset Manager requires that any existing soil contamination issue be addressed in accordance with relevant environmental laws.

● Green bonds.From time to time, we issue investment corporation bonds earmarked for use in certain projects serving as countermeasures against global warming or providing environmental benefits under our green bond framework (collectively, the “green bonds”), which is generally aligned with the Green Bond Principles, a voluntary guideline of International Capital Market Association. Our green bond framework requires the proceeds from our green bonds to be allocated to funds for (i) acquisition of the “Eligible Green Projects” (as defined below) or (ii) refurbishments fulfilling certain “Eligibility Criteria” (as defined below), or (iii) refinancing the existing loans/investment corporation bonds which have been allocated to acquire Eligible Green Projects or refurbishments meeting Eligibility Criteria. Under our green bond framework, the Eligible Green Projects are defined as buildings that have achieved, or are expected to achieve, the top two levels of one or more of the third-party green building certifications/re-certifications under Building Energy-efficiency Labeling System (“BELS”), Comprehensive Assessment System for Built Environment Efficiency (“CASBEE”) or Development Bank of Japan (“DBJ”) Green Building Certification, within 36 months prior to the payment date of such green bonds. Under our green bond framework, the Eligibility Criteria are defined as refurbishments that have been completed, or are expected to be completed, with a primary purpose of achieving (i) more than 10% reduction in CO2 emissions or energy consumption, (ii) more than 10% reduction in water consumption or (iii) new third-party green building certification or improvement in third-party green building certification required under the Eligible Green Projects, within 36 months prior to the payment date of such green bonds. As of May 31, 2024, 21 properties in our portfolio are Eligible Green Projects, and the aggregate principal amount of our green bonds outstanding is ¥19.4 billion.

● Environmental certification of individual properties. The Asset Manager obtains the relevant data as provided by the established third-party organizations that issue environmental certifications for the properties in our portfolio. Obtaining the environmental certifications issued by the established third-party organizations helps to ensure the data quality.

● Environmental initiatives. At the property level, the Asset Manager collects the relevant data from the property managers. At the portfolio level, the Asset Manager compiles relevant data internally. To ensure data quality, the Asset Manager obtains an assurance report regarding energy consumption, greenhouse gas emissions and water use from an independent third-party organization each year.

● Cooperation with property managers. The Asset Manager calculates the relevant data for each property through close contact with property manager at regular meetings and other opportunities. Limitations to methodologies and data

● Building businesses and investing responsibly – We embed ESG into our investment and decision-making processes by understanding how our activities impact material ESG factors and thereby affect our reputation, capital value and stakeholders, focusing on how we can best manage our workforce, whether it is the Asset Manager’s own employees or our tenants, contractors and suppliers, and recognizing how we can work with the communities where we invest and operate businesses and how we can enhance our presence through economic development, limiting our environmental impact, and seeking a community’s license to operate.

● Developing and managing sustainable assets – We consider ESG impact throughout an asset’s lifecycle by empowering the Asset Manager’s asset management teams to prioritize, act, track and monitor the sustainability performance of our assets and in certain instances collaborate with our tenants, partners, and communities. Green Procurement Standards have been established and adopted to guide usage of environment-friendly/energy-efficiency construction materials/facilities for all properties. Especially, the green procurement list has been used in bid specifications for Large-scale repair work.

● Improving efficiency and enhancing value – Our mission is to build sustainable businesses and generate attractive risk-adjusted returns to our unitholders over the long term, while providing value-adding investment and operational services. Digital technologies will allow us to increase work efficiency and expand the circle of satisfaction. Specifically, digital transformation initiatives can help advance workstyle reform, implement HR strategies such inclusion and diversity, and improve customer experience. These will ultimately contribute to achieving a sustainable society and company governance.

● Governing with high ethics and transparency – We are committed to maintaining the highest standards of corporate governance and adopting an evolving suite of governance practices. Ethical governance standards and practices are woven into the fabric of our business as a means of enhancing corporate performance, accountability, and our unitholder value. We continuously review and refine our processes in light of best practice, consistent with our needs and circumstances, maintain a zero-tolerance approach to bribery and corruption, and require all management and the Asset Manager’s employees to comply with our code of business conduct at all times.

● Promoting well-being – We aim to incorporate health and well-being throughout our organization and assets in support of our tenants and the Asset Manager’s employees, and the communities in which they work. We focus on promoting well-being concepts such as working-style reform, implementing welfare programs such as childcare leaves and financial planning, and creating a working environment that promote comfort, health, and social life.

● Investment research and investment decision-making. We conduct preliminary investment research to understand how our activities impact material ESG factors and how these can affect our reputation, capital value and stakeholders. Our investment research analyzes various ESG factors such as how we can reduce our environmental load, coexist with local communities where the property is located, contribute to solving social issues, and achieve sustainable growth for all stakeholders. We consider these ESG factors throughout an asset’s lifecycle by tracking and monitoring the sustainability performance of our assets and collaborating with our workforce, partners and communities. The Asset Manager’s Investment Committee considers due diligence findings on ESG factors along with other economic and operational considerations when making a final decision to invest in a property.

● Green bonds. From time to time, we issue investment corporation bonds earmarked for use in certain projects serving as countermeasures against global warming or providing environmental benefits under our green bond framework (collectively, the “green bonds”), which is generally aligned with the Green Bond Principles, a voluntary guideline of International Capital Market Association. Our green bond framework requires the proceeds from our green bonds to be allocated to funds for (i) acquisition of the “Eligible Green Projects” (as defined below) or (ii) refurbishments fulfilling certain “Eligibility Criteria” (as defined below), or (iii) refinancing the existing loans/investment corporation bonds which have been allocated to acquire Eligible Green Projects or refurbishments meeting Eligibility Criteria. Under our green bond framework, the Eligible Green Projects are defined as buildings that have achieved, or are expected to achieve, the top three levels of one or more of the third-party green building certifications/re-certifications under Building Energy-efficiency Labeling System (“BELS”), Comprehensive Assessment System for Built Environment Efficiency (“CASBEE”) or Development Bank of Japan (“DBJ”) Green Building Certification, within 36 months prior to the payment date of such green bonds. Under our green bond framework, the Eligibility Criteria are defined as refurbishments that have been completed, or are expected to be completed, with a primary purpose of achieving (i) more than 20% reduction in energy consumption or water consumption, (ii) new third-party green building certification or improvement in third-party green building certification required under the Eligible Green Projects, within 36 months prior to the payment date of such green bonds. As of July 31, 2024, thirteen properties in our portfolio were Eligible Green Projects, and the aggregate principal amount of our green bonds outstanding was ¥4.5 billion.

● Adoption of performance-linked asset management fees. We pay performance-linked fees based on our earnings to the Asset Manager in order to align the interest of our unitholders with that of the Asset Manager.

● Alignment of interests of our unitholders and the Sponsor,Tokyu Land Corporation. In the Sponsor Support Agreement, Tokyu Land Corporation has expressed that if and when CRR decides to issue additional units, Tokyo Land Corporation will consider in good faith whether to subscribe any such units. We aim to build a strong relationship with the Sponsor and align the interest of our unitholders with that of the Sponsor.

● Acquisition process ensuring fairness and guarding unitholder interests. The Asset Manager has a decision-making process based on internal regulations. Asset acquisition from related parties requires deliberation and resolution of the Compliance Committee of the Asset Manager, which includes external experts, and deliberation and resolution of the Investment Committee of the Asset Manager, before asset acquisition from related parties is submitted to the board of directors of CRR.

● Measures to enhance compliance. The Compliance Committee and the Compliance Department of the Asset Manager, TLC REIT Management Inc., ensure we carry out our business in compliance pursuant to the Tokyu Fudosan Holdings Group’s Code of Conduct. The framework is reinforced by the Rules on the Compliance and the Compliance Manual. Each year divisional compliance staff are appointed from each division to perform periodic monitoring on compliance matters and report and share compliance status of each division. We provide compliance training two times a year to our officers and employees, and TLC REIT Management Inc. has a Compliance Helpline Counter as a contact point for consulting, direct reporting to senior compliance officers, and the protection of whistleblowers.

● Transparent and appropriate information disclosure. We hold management call meetings for our overseas unitholders and provide earnings presentations to a wide range of unitholders via teleconference. We make press releases and other disclosures in both Japanese and English simultaneously.

● Overall ESG performance. To independently assess the overall ESG performance of our portfolio, we participate in the annual review by Global Real Estate Sustainability Benchmark (“GRESB”). In 2021 and 2022, we acquired “2 Stars” in GRESB rating (calculated based on our GRESB overall score and our quintile position relative to global participants), a benchmarking assessment that evaluates sustainability performance of investment companies managing leased properties, and our rating improved to “3 Stars” as a result of steady implementation of the environmentally friendly operations. From 2021, we additionally acquired “Green Star” designation for three consecutive years by achieving high performance both in the management component, which evaluates policies and organizational structure for ESG promotion, and the performance component, which assesses environmental performance and tenant engagement of properties. We will continue to aim for higher sustainability performance in our properties by implementing environmental and energy-saving measures and increasing efficiency of energy use, in collaboration with the property managers and other parties.

● Climate change initiatives - Environmental certification. We utilize certain environmental certifications issued by third party organizations to monitor and track the ESG performance at the building level. As of July 31, 2024, approximately 29.4% of the properties in our portfolio had acquired such environmental certification based on gross floor area. As announced in our Sustainability Report 2023, we aim to increase the percentage of our properties with the environmental certifications to 40% based on gross floor area by FY2030. In addition, we use these environmental certifications to determine eligibility of acquisitions of new properties or refurbishments of existing properties for using proceeds of certain investment corporation bonds earmarked for serving as countermeasures against global warming or providing environmental benefits.

● Climate change initiatives - Greenhouse gas (“GHG”) emissions. We track and monitor GHG emissions intensity, calculated in accordance with the GHG Emissions Accounting, Reporting and Disclosure System established by the Ministry of the Environment of Japan, and aim to reduce the CO2 emissions intensity of our properties by 40% by FY2030 compared to the level in FY2020. Total GHG emissions intensity of our properties was 0.038 t-CO2/m² (in FY2020), 0.036 t-CO2/m² (in FY2021), 0.039 t-CO2/m² (in FY2022), and 0.026 t-CO2/m² (in FY2023).

● Climate change initiatives - Energy consumption intensity. We track and monitor energy use and energy use intensity with a particular focus on the common areas controlled by ourselves and aim to achieve a medium- to long-term target of 1% average annual reduction in energy use intensity in our portfolios. Specifically, in order to increase the electric power consumption coverage rate at our properties, electric power measuring systems have been installed at 24 properties as of July 31, 2024, making it possible to measure power consumption at areas exclusively owned by us. Energy consumption intensity of our properties was 0.091 MWh/m² (in FY2020), 0.092 MWh/m² (in FY2021), 0.093 MWh/m² (in FY2022), and 0.091 MWh/m² (in FY2023).

● Climate change initiatives -Water Consumption management.We monitor and track water consumption at our properties and make efforts to meet the criteria for the “Eligible Green Projects” (as defined below) with respect to water consumption intensity in common areas. The water consumption intensity of the common area in our properties is 0.406 m³/ m² (in FY2020), 0.283 m³/ m ² (in FY2021), 0.300 m³/ m² (in FY2022), and 0.312 m³/ m² (in FY2023).

● Social initiatives – Local community.The Asset Manager donated through Regional Revitalization Support Tax System for four consecutive years. From 2020, we have participated in a fundraising program in Hokkaido Prefecture, where we own two properties. From 2022, we have also donated to the Kyoto City’s SDGs Future City Promotion Plan, as we currently own three properties in Kyoto. We periodically participate in cleanups of the neighborhood’s streets organized by an NPO “Green Bird”. To improve the safety of the residents of our properties and local communities, we have installed vending machines at some of our properties that can provide free drinks as relief supplies to victims of strong earthquakes, typhoons, and other natural disasters. In addition, COMFORIA SHINJUKU EASTSIDE TOWER has been designated by the Shinjuku ward of Tokyo as a property with a disaster provision warehouse and manhole toilets to be used in times of disasters not only for its residents but also for neighboring residents and workers. We have also entered into an emergency mutual assistance agreement with three neighboring town councils to enforce local collaboration.

● Social initiatives – Tenants. We conduct annual tenant satisfaction surveys to obtain requests and opinions from our tenants, including on the Comforia brand as well as our management and operation. An example of improvement made based on such surveys is the increase in the number of delivery lockers, which have grown in demand due to the recent rise of e-commerce.

● Climate change initiatives. The key drivers of our climate change initiatives are energy-saving and emissions reduction. We set a medium- to long-term target of 1% average annual reduction in energy use intensity and in greenhouse gas emissions. At the properties we own and operate, we strive to reduce our environmental load through initiatives such as installation of green space highlighting the natural environment, installation of solar panels on the rooftops for renewable energy usage, energy-efficient glass panels for windows, windowed entrances to make use of natural daylight, replacement of LED lights in common areas and air conditioning units in private areas to reduce power consumption and environmental impact, and introduction of bicycle/scooter sharing space/services to contribute to smart city planning, carbon dioxide reduction and citizen health.

● Environment Management System. We have adopted a unique environment management system that applies the plan-do-check-act cycle. The Asset Manager’s Asset Management Department reviews actual performances in its monthly meeting and reports the results to the management once a year, then receives feedbacks and instructions for further improvement for the following year, from the management.

● Green lease provisions. To reduce our properties’ environmental load, we insert and emphasize green lease provisions in lease contracts related to energy use and disposal of waste to all the tenants. We seek to include green lease provisions in new as well as renewed lease contracts with our tenants. In addition, we conduct air-conditioner temperature setting change in the common space, and common area light turning-down in some properties to raise our tenants’ awareness of energy-saving.

● Local community initiative. Based on our sustainable investment strategy, we donate to and collaborate with local communities on natural disaster and infectious disease prevention efforts. At some of the properties, we have begun to introduce bicycle/scooter sharing space/services to provide convenient and healthy transportation vehicles to the residents living in and nearby our properties, making the connection to local station or neighborhood faster and closer, and contribute to the smart city planning of Tokyo.

● Tenant and employee initiatives. We provide convenient amenities to our tenants at some of our properties and conduct tenant satisfaction surveys annually. For our employees, we support work-style reform such as paid leave and remote work, promote workplace/worktime diversity, implement training programs, and support certification acquisition by the Asset Manager's employees.

● Environmental certification of individual properties. The Asset Manager obtains the relevant data provided by the established third-party organizations that issue environmental certifications for the properties in our portfolio. Obtaining the environmental certifications issued by the established third-party organizations helps to ensure the data quality.

● Environmental initiatives.At the property level, the Asset Manager collects the relevant data from the property managers. At the portfolio level, the Asset Manager compiles relevant data internally. To ensure data quality, the Asset Manager obtains an assurance report regarding energy consumption, greenhouse gas emissions and water use from an independent third-party organization each year.

● Cooperation with property managers. The Asset Manager calculates the relevant data for each property through close contact with property manager at regular meetings and other opportunities. The Asset Manager can confirm the accuracy of the tracked data by referencing the raw data.

(i) The Asset Manager investigates the use of asbestos and whether asbestos-containing building materials have been used. The Asset Manager conducts asbestos content testing when existing records and disclosure on the use of asbestos are insufficient, and requires the seller to remove, seal, or contain any remains in accordance with relevant laws on waste disposal and cleaning.

(ii) The Asset Manager investigates whether PCB (polychlorinated biphenyl)-containing machines and wastes exist based on information in the property’s records and in the seller’s disclosure and reports. The Asset Manager also requires the seller to investigate whether there are machines with a high possibility of containing PCB, file notifications pursuant to laws on the handling and treatment of PCB, and properly dispose unused PCB-containing machines.

(iii) For any company or business with a total annual energy consumption over 1,500 kiloliters of crude oil (after conversion), the Asset Manager investigates what measures are in place to ensure compliance with the Energy Conservation Act, such as whether the property is subject to periodic reports and medium- to long-term plans regarding energy conservation, and whether a manager(s) has been appointed to be responsible for energy management and energy conservation planning.

(iv) For any property or facility with a total annual energy consumption over 1,500 kiloliters of crude oil (after conversion) for three consecutive years, the Asset Manager investigates what measures are in place to ensure compliance with the Tokyo Metropolitan Environmental Security Ordinance, including whether the property has a plan for implementing global warming countermeasures. For properties under emission reduction obligations, the Asset Manager would confirm the progress and prospect of meeting the emission reduction targets and deadlines.

(v) The Asset Manager investigates potential soil contamination situations through a clear and objective decision-making process with information from reports, seller’s disclosure materials, and field investigations, in order to eliminate the possibility of soil contamination. The Asset Manager requires that any existing soil contamination issue be addressed in accordance with relevant environmental laws.