August 13, 2020

Supplementary Materials to the August 13, 2020 Press Release

113.7

142.1

50

70

90

110

130

150

2020年2月期（第7期） 取得予定資産取得後

5,947

6,438

4,000

4,500

5,000

5,500

6,000

6,500

7,000

2020年8月期（第8期）予想 （2020年4月17日公表）

取得予定資産取得後 (想定)

Asset Size

29.4% 31.5%

LTV as of Aug. 13, 2020 Forecasted LTV

post acquisitions

21 bn yen 55 bn yen

Debt capacity (up to 40%)

Debt capacity (up to 50%)

Effect through This Offering

Stabilized DPU

NAV Per Unit

1

LTV・Debt Capacity

（yen）

（yen） （bn yen）

Anticipated CAGR from post-listing stabilized period

(FP 2018/8（4th FP))：+32.1%

+25.0%

0

Achieved steady external growth since listing, asset size is expected to grow to 142.1 bn yen and stabilized DPU is expected to increase by 8.3% through this offering Aim to achieve further growth of unitholder value by acquiring ample pipeline consisting of sponsor-developed properties and properties from Asset Management Company‘s well-designed sourcing capabilities and utilizing robust debt capacity backed by the low LTV, which is the lowest level among J-REIT as of Aug. 13, 2020

+8.3%

293,133

312,982

250,000

270,000

290,000

310,000

330,000

2020年2月期（第7期） 取得予定資産取得後

0

+6.8%

0 FP 2020/2 (7th FP) Post Acquisitions

FP 2020/2 (7th FP) Post Acquisitions (Anticipated)

FP 2020/8 (8th FP) Forecast (As of April 17, 2020)

Post Acquisitions (Anticipated)

Anticipated CAGR from post-listing stabilized period

(FP 2018/8（4th FP))：+8.2%

0

50

100

150

200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

百貨店 スーパーマーケット コンビニエンスストア

ドラッグストア インターネット通販 （千億円） （100 bn yen）

0

10

20

30

40

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

（100 bn yen）

Changes in lifestyles caused by the spread of the COVID-19 have accelerated consumption through Ｅ-commerce around the world, and the volume of cargo delivery has been following an upward trend as a result

2.1%

6.8% 4.0%

11.8%

6.2%

20.4%

0

4

8

12

16

20

24

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Q1

日本 米国 英国 （%）

Impact of the COVID-19 on the logistics industry

（CY）

（CY) （CY）

Monthly Trends in Cargo delivery (Ministry of Land, Infrastructure, Transport and Tourism)

Expansion of E-commerce Market ３PL Market Size

E-commerce Rate Retail Market Size

Growth rate of the amount of small-lot cargo handled by three major shipping companies (YoY)

2

Source： Data compiled by the Asset Management Company based on data from “Transportation by truck" (May 2020) by the Ministry of Land, Infrastructure, Transport and Tourism

Note： Each fiscal year is the period beginning on April 1 and ending on March 31 of the following year. It does not coincide with the fiscal period of MEL.

Source：Data compiled by the Asset Management Company based on "Monthly Logistics Business Sept. 2019“

Source： Data compiled by the Asset Management Company based on data from “Monthly Report on the Current Survey of Commerce April 2020” (June 2020) by the Ministry of Economy, Trade and Industry and "FY2019 International Economic Research Project for Establishing a Domestic and Foreign Economic Growth Strategy" (July 2020) by the Ministry of Economy, Trade and Industry

Note： “Sales of E-commerce" in the chart above is an estimate of the value of transactions on the Internet between companies and consumers (BtoC). The figures are for all goods and services consumed by individuals and are divided into three main categories: goods sales, services, and digital. Market estimates are calculated and totaled for each of these sectors.

Source： Data compiled by the Asset Management Company based on data from "FY2019 International Economic Research Project for Establishing a Domestic and Foreign Economic Growth Strategy" (July 2020) by the Ministry of Economy, Trade and Industry

Source： Data compiled by the Asset Management Company based on data from “Monthly Report on the Current Survey of Commerce April 2020” (June 2020) by the Ministry of Economy, Trade and Industry (Japan), Office for National Statistics（UK）and U.S. Census Bureau (USA). Refer to press release disclosed information until 1Q 2020 for U.S. and UK, while until 2019 for Japan

1.4%

3.1%

7.3%

11.3%

15.5%

0

5

10

15

20

2020年1月 2020年2月 2020年3月 2020年4月 2020年5月

小口貨物量（前年同月比） （%）

0

50

100

150

200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

（100 bn yen）

324,159 315,034

368,025 377,206 381,322

1.3% 2.9%

5.4% 10.6%

14.3%

0

5

10

15

20

0

100,000

200,000

300,000

400,000

2020年1月 2020年2月 2020年3月 2020年4月 2020年5月

宅配貨物取扱個数（左軸） 前年同月比（右軸） （Thousand） （%）

Jan. 2020 Feb. 2020 Mar. 2020 Apr. 2020 May 2020 Jan. 2020 Feb. 2020 Mar. 2020 Apr. 2020 May 2020

Small-lot cargo (YoY)

Sales of E-commerce 3PL market size

Japan U.S. UK

（FY）

Cargo delivery (left axis) YoY (right axis)

Department store

Online shop

Super market

Drug Store

Convenience store

Source： Data compiled by the Asset Management Company based on data from the amount of small-lot announced by each of three major shipping companies

NOTES

• This document has been prepared by Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) together with its asset manager, Mitsubishi Jisho Investment Advisors, Inc. (“Asset

Management Company”). • For the assumptions underlying the forecast information in this document, please refer to “Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease

Contracts with New Tenants” and “Notice Concerning Revisions to Forecast for the Fiscal Period Ending February 28, 2021, and Forecast for the Fiscal Period Ending August 31, 2021” announced on August 13, 2020.

• Figures below each unit are rounded down while ratios are rounded to the nearest tenth. • “Post acquisitions” refers to the point in time when the acquisition of the properties to be acquired is completed.

• “NAV Per Unit” as of the end of fiscal period and post acquisitions is calculated as follows:

NAV Per Unit as of the end of fiscal period = (total net assets based on the book value as of the end of the relevant fiscal period, minus retained earnings as of the end of the relevant fiscal period, plus aggregate appraisal value of the properties held as of the end of the relevant fiscal period, minus aggregate book value of the properties held as of the end of the relevant fiscal period), divided by the total number of investment units outstanding as of the end of the relevant fiscal period.

Post acquisitions NAV Per Unit = (total net assets based on the book value as of the end of the fiscal period ended February 29, 2020 (7th FP) (¥81,800 million), minus retained earnings as of

the end of the fiscal period ended February 29, 2020 (7th FP) (¥1,632 million), plus aggregate appraisal value as of the end of the fiscal period ended February 29, 2020 (7th FP) of the properties held as of the end of the 7th FP (¥122,500 million), plus aggregate appraisal value as of June 30, 2020 of the properties to be acquired (¥29,927 million), minus aggregate book value as of the end of the fiscal period ended February 29, 2020 (7th FP) of the properties held as of the end of the 7th FP (¥113,023 million), minus aggregate anticipated acquisition price of the properties to be acquired (¥28,407 million), plus expected total issue amount of the Offering* (¥17,011 million), plus expected total issue amount of the Third-Party Allotment* (¥840 million)), divided by the total number of investment units outstanding post the anticipated acquisitions (348,315 units)**.

* The expected total issue amount from the Offering and the Third-Party Allotment are calculated based on the closing price for ordinary trading of the investment units on the Tokyo

Stock Exchange as of Monday, July 27, 2020. In addition, it is assumed that, with respect to the Third-Party Allotment, the underwriter will offer all of the investment units for the Third-Party Allotment and pay the total issue amount for the Third-Party Allotment. As such, in the event that the actual issue amount pursuant to the Offering and the Third-Party Allotment is lower than the expected price, or that the payment for the issuance of new investment units through Third-Party Allotment have not taken place either in whole or in part, the total issue amount from the Offering and the Third- Party Allotment will be less than the expected price, and the actual post acquisition NAV Per Unit may be lower than expected. However, in the event that the actual issue amount is higher than the expected price, the total issue amount from the Offering and the Third-Party Allotment will be greater than the expected price, and the actual post acquisition NAV Per Unit may be greater than expected.

** It is assumed that the underwriter will offer all of the investment units for the Third-Party Allotment. • Post acquisitions NAV Per Unit is the estimated amount calculated based on the above assumptions. Therefore, it may not be equal to the actual post acquisitions NAV Per Unit. • LTV of as of August 13, 2020 = (Total amount of interest-bearing debt on the balance sheet as of the fiscal period ended February 29, 2020 (7th FP) (¥36,474 million), minus Amount of

repayment of the loan that was prepaid on July 9, 2020 (¥1,100 million)) divided by (Total assets on the balance sheet as of the fiscal period ended February 29, 2020 (7th FP) (¥121,425 million), minus Amount of repayment of the loan that was prepaid on July 9, 2020 (¥1,100 million))

• Post acquisitions LTV = Projected total interest-bearing debt post acquisitions (¥47,674 million) divided by Projected total assets post acquisitions (¥151,129 million). • Forecast DPU of FP 2020/8 (8th FP) is based on “Summary of Financial Result for the Fiscal Period Ended February 29, 2020 (REIT)” announced on April 17,2020.

• Forecast DPU post acquisition is based on the Forecast DPU of FP 2021/8 (10th FP) announced on August 13, 2020. • CAGR of asset size is the annualized rate of increase in asset size from ¥ 70.8 billion in the post-listing stabilized period (August 31, 2018(4th FP)) to ¥142.1 billion post acquisitions. • CAGR of stabilized DPU post acquisition are calculated by annualizing the rate of increase from actual DPU of ¥5,292 in the post-listing stabilized period (August 31, 2018 (4th FP)) to

(anticipated) stabilized DPU of ¥6,438 post acquisitions.

＜NOTES＞

DISCLAIMER

• This document is provided solely for informational purpose with regard to MEL and is not intended to serve as an inducement or solicitation to trade in any product offered by MEL. • This document does not constitute an offer of MEL’s investment units (the “Units”) in the United States of America. The Units have not been, and will not be registered under the United States

Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The Units may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

• The Units will not be offered or sold, publicly or otherwise, in the United States. • Purchase, sale and such of the Units entail the risk of incurring a loss due to fluctuations of the investment unit price. • Please consult with a securities company regarding the purchase of the Units. Information presented on this document should not be interpreted, unless otherwise specified, as constituting

disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations. • The information contained in this document is the best available at the time of publication, however, no assurances can be given regarding the accuracy, validity and completeness of this

information. Furthermore, MEL and Asset Management Company assume no responsibility for the accuracy of the data, indices and other information release by third parties. • This document includes forward-looking statements that reflect MEL’s plans and expectations. Any information contained in this document except facts about the past and present is referred

to as such forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of MEL or Asset Management Company in light of the information currently available to them, and involve known and unknown risks, uncertainties and other factors, and may be affected by such factors. These factors include risks related to MEL’s internal and external growth and risks related to the profitability per investment unit. Such risks, uncertainties and other factors may cause MEL’s actual results, performance, achievements or financial position expressed or implied by these forward-looking statements.

• The content of this document is subject to change or repeal without prior notice. MEL and Asset Management Company undertake no obligation to publicly update any information contained in this document (including forward-looking statements) after the date of this document.

• Duplication or reproduction of any content presented in this document without the prior consent of MEL or Asset Management Company is strictly prohibited.

＜DISCLAIMER＞