Japan Metropolitan Fund Investment : Notice Concerning Establishment of New CO2 Emissions Reduction Targets toward Carbon Neutrality by 2050

June 17, 2021

To all concerned parties:

Investment Corporation

Japan Metropolitan Fund Investment Corporation

(Tokyo Stock Exchange Company Code: 8953)

Representative: Shuichi Namba, Executive Director

URL: https://www.jmf-reit.com/english/

Asset Management Company

Mitsubishi Corp.-UBS Realty Inc.

Representative: Katsuji Okamoto, President & CEO

Inquiries: Keita Araki, Executive Director &

Head of Metropolitan Business Division

TEL: [phone]

Notice Concerning Establishment of New CO2 Emissions Reduction Targets

toward Carbon Neutrality by 2050

Japan Metropolitan Fund Investment Corporation ("JMF") has established new CO2 emissions reduction targets toward realization of carbon neutrality by 2050 in the ESG materiality set by it together with its asset manager, Mitsubishi Corp.-UBS Realty Inc. (the "Asset Manager"), which is entrusted with the management of JMF's assets, as described below.

1. Initiatives to Date in Relation to Climate Change

Based on the Asset Manager's Vision for Sustainability of "Contribute to solve global-scale issues through achieving enhancements to unitholder value by investment management," JMF has actively engaged in Environment, Social, and Governance (ESG) initiatives for realizing a sustainable society.

It considers, in particular, that responding to climate change is an important social issue. JMF supports the Asset Manager's signing of the Montreal Carbon Pledge and the Task Force on Climate- related Financial Disclosures (TCFD) and its support for the Japan Climate Initiative, as well as the Asset Manager's ESG initiatives to date, and has worked proactively to implement environmental and energy- saving measures and increase energy efficiency with regard to the properties owned by it.

2. Background to Establishment of New CO2 Emissions Reduction Targets

JMF merged with MCUBS MidCity Investment Corporation on March 1, 2021 and is expanding its investment in real estate properties serving as a foundation of urban lives with its vision of "Support metropolitan life (live, work and consume) in Japan from the perspective of real estate."

JMF recognizes that addressing climate change proactively through environmental consideration, reduction in CO2 emissions and other measures in properties owned by it while contributing to global climate change countermeasures leads to stabilization of urban lives and acquisition of sustainable and stable revenue, as well as helping to enhance unitholder value. For these reasons, it has now decided to establish new CO2 emissions reduction targets.

3. New CO2 Emissions Reduction Targets and Measures

1. New CO2 Emissions Reduction Targets

・Reduce CO2 emissions per unit by 50% by 2030 compared with 2015 ・Aim to reach carbon neutrality by 2050

Previous target (for reference)

・Reduce CO2 emissions per unit by 23% by 2030 compared with 2015

（Note）Emissions per unit is calculated based on the total floor area (after considerations for occupancy status).

1. Main Measures for Achieving New CO2 Emissions Reduction Targets

・Installation of more LED lighting in tenants' exclusive occupancy areas and in common areas and installation of energy-saving air conditioning, etc.

・Switching to electricity procured from renewable energy

■Contributing to Achieving the Sustainable Development Goals (SDGs) through these initiatives.

■Please visit the JMF website for details of the sustainability initiatives. Japan Metropolitan Fund Investment Corporation https://jmf-reit_sustainability.disclosure.site/en/

Mitsubishi Corp.-UBS Realty Inc. https://mc-ubs_sustainability.disclosure.site/en/

This English language release is for informational purposes only, and the Japanese language release should be referred to as the original.