AEON REIT Investment : Article22 SFDR Rider

Periodic disclosure for financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852

Product name: AEON REIT Investment Corporation.

Legal entity identifier: 353800P59F8MJB4FE788

AEON REIT Investment Corporation ("AEON REIT") promotes environmental or social characteristics, but does not have as its objective a sustainable investment within the meaning of article 9(1) of Regulation (EU) 2019/2088 ("SFDR"). AEON REIT does not have any employees in accordance with the prohibition on having employeesunderthe Act on Investment Trusts and Investment Corporations of Japan, and relies on AEON Reit Management Co., Ltd. (the "Asset Manager"). The Asset Manager and AEON REIT are hereinafter referred to collectively as "we," "us" or "our" unless noted otherwise. References to "fiscal year" or "FY" are to the 12 months that began or beginning March 1 of the year specified in line with the fiscal year of the Asset Manager, unless noted otherwise.

Environmental and/or social characteristics

Did this financial product have a sustainable investment objective?

• Yes
• It made sustainable investments with an environmental objective: ___%
• • in economic activities thatqualify as environmentallysustainable under the EU Taxonomy
  • in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy
• It made sustainable investments with a social objective: ____%

• No
• It promoted Environmental/Social (E/S) characteristics and
  while it did not have as its objective a sustainable investment, it had a proportion of ____% of sustainable investments
• • with an environmental objective in economic activities that qualify as environmentally sustainable under the EU Taxonomy
  • with an environmental objective in economic activities that do not qualify as environmentally sustainable under the EUTaxonomy
  • with a social objective

• It promoted E/S characteristics, but did notmake any sustainable investments

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To what extent were the environmental and/or social characteristics promoted by AEON REIT met?

Our basic philosophy is to contribute to the enrichment of people's lives and local communities through investment in retail propertiesand other related properties that form the backbone of local communities. To this end, we strive to invest in properties that we deem to be "community infrastructure assets," which include (i) community platforms offering a range of tenants that are visited on a daily basis, (ii) properties that respond flexibly to the changes in the needs of the people to ensure continuous operations, and (iii) properties that are essential to the development of local communities. As part of the AEON Group, we are committed to the "AEON Sustainability Principle," "AEON Sustainable Procurement Policy and Sustainability Procurement Goals for 2020," and the "AEON Group Food Waste Reduction Targets," which were established and revised to reflect the goals set by the United Nations Sustainable Development Goals and the Paris Agreement of 2015. Since March 2018, we are also committed to the AEON Group's "AEON Decarbonization Vision," in which we aim to achieve a carbon-free society by 2040 by promoting energy saving and renewable energy. To realize both our philosophy and our sustainability goals, we believe that initiatives that promote environmental, social, and governance ("ESG") goals are important and necessary part of our investment decision.

We implement various environmental initiatives at our properties including:

• Setting energy consumption reduction goals in all properties in our portfolio. We aim to reduce energy consumption by 1% from our properties per year in the medium to long term, from 2020 to 2024. We aim to achieve this goal with the environmental initiatives listed below.
• Reducing greenhouse gas emissions from our properties. We aim to reduce greenhouse gas emissions by replacing environmentally damaging coolants used in our refrigerators and freezers with natural refrigerants (the first Japanese retailer to do so). All new malls that opened on and after FY2015 use natural refrigerants, and pre-existingmalls will continue to update the refrigerants used one by one. We also install energy saving equipment such as LED lighting and efficient air-conditioningsystems at our properties. All 45 of our properties in Japan as of July 31, 2022 and all 45 of our properties as of January 31, 2023 were equipped with LED lightning. We had also increased usage of renewable energy through installation of solar panels at 19 of the 45 of our properties in Japan as of July 31, 2022 and at 20 of the 45 of our properties in Japan as of January 31, 2023.
• Promoting the usage of electric cars by installing charging stations. We had installed charging stations at 39 of our properties as of July 31, 2022 and at 39 of our properties as of January 31, 2023.
• Renovating properties to achieve resource conservation, high-efficiency, and low environmental impact. We continue to install greenery at our properties such as green walls, trees, and garden mists as a supplement to traditional heating and cooling solutions. We also replace old restroom equipment

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with newer equipment that encourages energy and water savings. We also promote the use of well water at our properties in an effort to conserve water. Our properties are also equipped with recycling containers to collect resources that we reuse to manufacture products sold at our properties.

• Promoting "green procurement" in the entire supply chain for real estate management. Green procurement is a term for product and service procurement efforts that involve preferentially selecting recycled goods and other environmentally conscious products, as well as suppliers engaged in initiatives that contribute to reducing the burden placed on the environment.
• Including "Green Lease" provisions in our agreements. We include environmental provisions, which we refer to as "Green Lease" provisions, in the leases with our tenants. Our Green Lease provisions include a clause that require our tenantsto cooperate with us in implementing environmental measures. Approximately 20% as of July 31, 2022 and 32% as of January 31, 2023 of our leases with our tenants contained such Green Lease provisions.
• Selecting electric power companies and property management companies in light of their environmental considerations, among other factors. We select electric power companies based on the cost, stability of supply, and their CO2 emission, among other factors. We select property management companies based on their ability to build, manage, and renovate buildings. We also consider their policies on environmental considerations, industrial safety, and health for employees, and their understanding of and compliance with the Asset Manager's sustainability policy. We also ask selected property management companies to make proposals to reduce energy consumption and environmental impact. All property managers are evaluated once a year.
• Promoting the usage of reusable shopping bags. The AEON Group has been running the "Bring Your
  Own Shopping Bag Campaign" since 1991, helping reduce CO2 emissions and waste, as well as conserving petroleum used in the manufacturing of single-use plastic bags. For the fiscal year ended February 28, 2022, the AEON Group achieved a reduction of about 3,200 million single-use plastic bags.
• Promoting the planting of trees. After planting over 10 million trees on November 2013, AEON Group launched the Forest Circulation Program, in which it aims to "plant, nurture, and utilize" trees.

We implement various social initiatives at our properties including:

• Supporting local communities with properties that have high public utility. We have built andmanaged facilities as well as invited tenants to our properties that help the local community. These properties include healthcare facilities, government offices, day-carecenters, banks, and post offices, as wellas multipurpose halls for use by local governments and other groups. Some of our properties have improved the customers' convenience by installing docks for bike-sharingprograms in cooperation with local governments.
• Business-continuity-planningand providing assistance to the community during an emergency. Our

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properties have been improved and are prepared to provide assistance to the local community in the event of natural disasters and other emergencies that could disrupt the local community. AEON Co., Ltd. was the first retailer to be designated as a "Designated Public Institution" under the Basic Act on Disaster Management. We have disaster prevention agreementswith local governments for all 42 retail properties in our portfolio in Japan, and some of them are registered as disaster prevention centers. We are also prepared to provide drinking water and electricity to assist the reconstruction process of local communities hit by an emergency. We have also increased the resiliency of our properties to minimize the damage caused by earthquakes and to accelerate the restoration of the properties' operations to provide services to the local communities hit by an emergency. These efforts include installing road- heating systems to mitigate snow damage as well as constructing smoke-proof hanging walls that slow down the flow of smoke in the event of a fire; 98% of our properties had completed such construction as of July 31, 2022 and 98% as of January 31, 2023. We also conduct regular emergency drills to improve our properties' abilities to deal with disasters. We are also cooperating with the Japan Ground Self-Defense Force and Japan Airlines in order to set up temporary shelters at our retail properties in Japan. During the COVID-19 pandemic, our properties have conducted daily COVID-19 countermeasures to provide safety to customers.

• Supporting local communities by facilitating local groups' activities as well as art and cultural events.
  We hold events at our properties that pertain to the local community, such as the celebration ahead of the Morioka Sansa Odori festival at our Morioka property and the goldfish scooping competition at our Yamato- Koriyama property. We also support the activities of many organizations, including with their local activities. For example, our Itamikoya property has supported a local group with a rice- planting event.
• Providing support to tenants and their employees. We provide amenities such as break rooms and day- care centers for tenant employees. We had also implemented barrier-freeworking environments by installing ramps, barrier-freerestrooms, as well as barrier-freevending machinesin all 42 of our retail properties in Japan as of July 31, 2022 and 42 as of January 31, 2023.
• Promoting diversity. We had installed genderless restrooms in 41 of our 42 retail properties in Japan as of July 31, 2022 and 41 of our 42 retail properties as of January 31, 2023. We have also committed to increasing female managers in our properties, aiming to fill 50% of all managerial roles with female employees in adherence to the goals set by the AEON Group. Our properties have also supported the hiring of disabled persons, aiming to have more than 3% of our work force, or more than 10,000 positions, be filled by disabled persons in FY2020.
• Providing employees with opportunities to promote their work-life balance and career development. The Asset Manager has an employee-friendlyenvironment with initiatives such as conducting employee satisfaction surveys, conducting employee stress checks, establishing a whistleblowing system, providing access to AEON Group's benefit program, and providing a comfortable and safe

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work environment by taking steps to prevent infectious diseases. We also hold regular training sessions to develop our human resources, and have a support system for those who wish to obtain professional licenses such as real estate notary, ARES master, and certified real estate consulting master. We also introduced a cumulative investment purchase program for the employees, which helps enhance employee awareness of improvements in results and contributes to the sustainable growth of the Investment Corporation. The Asset Manager was certified by the CERTIFIED 2023 Health & Productivity Management Outstanding Organizations Recognition Program(for SMEs) in March2023.

• How did the sustainability indicators perform?

We use the following indicators to measure the attainm ent of the E/S characteristics we promote.

• Overall ESG performance. To independently assess the overall ESG performance of our portfolio, we submit to the annual review by the Global Real Estate Sustainability Benchmark ("GRESB"). In 2022, we were awarded a 5-Star GRESB Rating for the third consecutive year, as well as a
  "Green Star" certification for the seventh consecutive year. We also received an "A" grade from Sumitomo Mitsui Banking Corporation ("SMBC"), according to SMBC's funding program based on an evaluation of environmental considerations in recognition of our commitment to environmentally aware initiatives in asset management.
• Environmental certification of individual properties. To track the environmental performance of our properties, we use certifications issued by third party organizations (such as the Development
  Bank of Japan's Green Building Certification ("DBJ Certification"), Building Energy-efficiency
  Labeling System ("BELS") certification, Comprehensive Assessment System for Built
  Environment Efficiency ("CASBEE") certification, the Leadership in Energy and Environmental Design ("LEED") certification, and any other third party certification whose ratings are equivalent to the previously mentioned certifications) to rate our properties. We call our properties that receive any of the certifications listed above a Green Qualified Asset and a Sustainability Qualified Asset. For DBJ Certification, we consider a property to have the environmental certification if it received a three stars or higher out of the five-star ranking system of the DBJ Certification. For CASBEE, we consider a property to have the environmental certification if it received a B+ Rank or higher out of the CASBEE ranking system featuring Rank S (excellent), Rank A (very good), Rank B+ (good), Rank B- (slightly inferior) and Rank C (inferior). For BELS, we consider a property to have the environmental certification if it received a three stars or higher out of the five- star ranking system of BELS. For LEED, we consider a property to have the environmental certification if it received a Silver, Gold, or Platinum certification under the LEED ranking system. About 84.9% as of July 31, 2022, and 84.9% as of January 31, 2023, of our buildings based on total leasable area were Green Qualified Assets and Sustainability Qualified Assets.
• Climate change initiatives - energy consumption and efficiency and greenhouse gas emissions:

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