Basic Policy on Investor-Oriented Business Conduct

Established: December 27, 2017

GLP Japan Advisors Inc. (hereinafter, the "Company") is the asset manager of GLP J-REIT. The Company executes business based on its philosophy of conducting truly investor-oriented asset management through best-in-class asset management services that are recognized both in Japan and internationally, benefitting from the considerable experience of the GLP Group in operating logistics facilities. As the "Principles for Customer-Oriented Business Conduct" (announced March 30, 2017) of the Financial Services Agency coincide with the Company's philosophy, the Company establishes its Basic Policy on Investor-Oriented Business Conduct as follows:

1. Formulation and announcement of the Basic Policy

The Company adopts all seven principles of the Financial Services Agency's "Principles for Customer-Oriented Business Conduct" and formulates this Basic Policy mainly for investors. In addition to examining and publishing the status of specific initiatives once more or a year, it shall review the Basic Policy at the same frequency.

2. Pursuit of the best interests of investors

The Company shall retain high levels of expertise and professional ethics, as well as aim for high quality asset building and stable investment management in order to maximize investor value.

3. Appropriate management of conflicts of interest

In accordance with laws and internal regulations, the Company shall strive to manage conflicts of interest appropriately by measures such as identifying possible conflicts of interest with stakeholders strictly and by involving independent experts who have been granted veto power in the examination of transactions by the Company's Investment Committee and Compliance Committee.

4. Clarification of fees

The Company shall disclose information on asset management fees and other costs borne by GLP J-REIT, including the kinds of services they are related to, in a way that is easily understandable by investors.

5. Provision of important information in an explicit manner

The Company shall strive to disclose important information, such as the basic profits and losses of GLP J-REIT as well as other risks and terms of transactions, in an explicit manner. In addition to information stipulated by laws and regulations, which shall be disclosed on a timely basis, information considered useful for investors shall also be disclosed as needed.

6. Provision of services suitable for investors

The Company shall strive to identify the needs of investors through continuous dialogue and manage assets with an awareness toward such needs.

7. Frameworks for appropriately motivating employees

The Company shall reflect this Basic Policy in related internal regulations and provide employees with training of the philosophy and approaches thereof. Furthermore, importance shall be placed on the contribution to the maximization of investor value and practice of compliance in the compensation and performance evaluations of Company employees.