February 18, 2021
For Immediate Release

Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Masaki Sakagawa, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Haruhiko Araki, President & CEO
Contact:
Masaki Sakagawa, Executive Vice
President, General Manager, Logistics
REIT Management Department
TEL: +81-3-3218-0030

Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interestsand Lease Contracts with New Tenants
Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”), to which Mitsubishi Estate Logistics REIT
Investment Corporation (“MEL”) entrusts the management of its assets, announced today that it will acquire five properties(the “Five New Properties”) in the form of trust beneficiary interests and, subsequently, enter into lease contracts with newtenants, as described below.
The seller of Logicross Narashino is considered an interested-party as set forth in the “Rules Regarding Related-party
Transactions” included in the internal rules of the Asset Management Company (the “Interested Party”). In light of this, theAsset Management Company has undertaken the necessary deliberations and resolution procedures stipulated in the Rules
Regarding Related-party Transactions for executing transactions for the acquisition of the Five New Properties. The details aredescribed below.
1. Overview of acquisition
Category

Property Name
Logicross Narashino

Logistics
Facilities

Others

Logicross Osaka(40% additionalco-beneficiary interest) (Note 4)
Logicross Nagoya Kasadera(40% additionalco- beneficiary interest) (Note 6)
MJ Industrial Park Kobe (Land)
MJ Industrial Park Chiba-Kita(Land) (Note 7)

Location

AnticipatedAcquisition Price(Millions of yen)
(Note 1)

Narashino,
Chiba

11,851

Osaka,
Osaka

3,868

Nagoya,
Aichi

5,719

Kobe,
Hyogo
Chiba,
Chiba

Appraisal Value(Millions of yen)

Brokerage(Note 2)

Appraisal
NOI Yield(%) (Note 3)

12,400

4.3

N/A

4.3

N/A

5.0

N/A

4,000
(Note 5)6,400
(Note 5)

4,970

5,670

5.1

N/A

1,800

1,950

4.4

Applicable(Note 1) “Anticipated Acquisition Price” indicates the purchase price of the respective trust beneficiary interests of the Five New Properties stated in therelevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local consumption taxes or
expenses which will be incurred in connection with the acquisition.
(Note 2) “Appraisal Value” shows the appraisal value stated on each real estate appraisal report with the price as of Dec. 1, 2020. The appraisals of theFive New Properties were conducted by Tanizawa Sogo Appraisal Co., Ltd or Japan Real Estate Institute.
(Note 3) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the anticipated acquisition price of each property ineach real estate appraisal report, rounded to the first decimal place.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

1

(Note 4) Logicross Osaka (60% initial co-beneficiary interest) refers to the 60% initial co-beneficiary interest of Logicross Osaka, which was acquired by
MEL on Sept. 1, 2020, and Logicross Osaka (40% additional co-beneficiary interest) refers to the 40% additional co-beneficiary interest of Logicross
Osaka, which is one of the Five New Properties.
(Note 5) The appraisal value for Logicross Osaka (40% additional co-beneficiary interest) and Logicross Nagoya Kasadera (40% additional co-beneficiaryinterest) are the figures corresponding to the co-beneficiary interest ratio (40% and 40%, respectively.) of the trust beneficiary interest that MEL
will acquire.
(Note 6) Logicross Nagoya Kasadera (60% initial co-beneficiary interest) refers to the 60% initial co-beneficiary interest of Logicross Nagoya Kasadera,
which was acquired by MEL on Sept. 1, 2020, and Logicross Nagoya Kasadera (40% additional co-beneficiary interest) refers to the 40% additionalco-beneficiary interest of Logicross Nagoya Kasadera, which is one of the Five New Properties.
(Note 7) The sale and purchase agreement of MJ Industrial Park Chiba-Kita (Land) is considered a Forward Commitment Contract (a postdated sale andpurchase agreement under which payment and delivery will be made at least one month after the conclusion of the contract, or any other contract
similar thereto), which is defined in the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” of Financial
Services Agency. Our purchase of the property based on this sale and purchase agreement is subject to the condition that we complete all financing(including the buyer’s scheduled issuance of investment units and a loan from financial institutions under a loan agreement) necessary to fund theacquisition. If we are unsuccessful in raising adequate funds to finance this acquisition, we have no responsibility for the payment. Therefore, we
believe that this purchase and sale agreement is unlikely to have a direct substantial impact on our financial condition and distributions.

(1)
(2)

Date of Sale and Purchase Agreements:
Anticipated Acquisition Date:

(3)
(4)

Seller:Funds for Acquisition:(5)

Settlement Method:

Feb. 18, 2021
Mar. 9, 2021: Logicross Narashino, Logicross Osaka (40% additionalco-beneficiary interest), Logicross Nagoya Kasadera(40% additional co- beneficiary interest) and MJ
Industrial Park Kobe (Land)
Mar. 19, 2021: MJ Industrial Park Chiba-Kita (Land)
Please refer to the below, “4. Seller Profile”
Proceeds from issuance of investment units (Note 1), theborrowings (Note 2) and cash on hand
To be paid in a lump sum on the acquisition date

(Note 1) For details of issuance of investment units, please refer to the press release titled “Notice Concerning Issuance of New Investment Unitsand Secondary Offering of Investment Units” dated today.
(Note 2) For details of the borrowings, additional press release will be announced as soon as they are determined.

2. Rationale for Acquisition and Lease Contracts
MEL is sponsored by Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) and entrusts the management of its assets to the
Asset Management Company. MEL believes that utilizing both Mitsubishi Estate’s competitive advantage as a developer
as well as the Asset Management Company’s competitive advantage as a real estate asset management company (the“Hybrid Model”) characterizes its competitive strength. Making use of such Hybrid Model, MEL aims to realize steady
growth of its portfolio and stable management of its assets (including the total (Anticipated) acquisition price; the same
shall apply throughout this document) by adjusting to fluctuating market conditions and business cycles and maximizing
unitholder value.
Acquisition of the Five New Properties, which is based on the Hybrid Model of MEL, is an investment in “Logicross”,
which are state-of-the-art logistics facilities developed by Mitsubishi Estate, and “MJ Industrial Park”, which are properties
that are externally sourced by the Asset Management Company. MEL believes that, through the acquisition of the Five
New Properties, its asset size will reach 170.4 billion yen, which will contribute to the continued steady expansion of its
portfolio since its listing and growth of its unitholder value.
MEL selected the tenants of the Five New Properties based on MEL’s tenant selection criteria guidelines, which all
tenants have satisfied. For more details of the guideline, please refer to MEL’s “Report on the Management Structure andSystem of the Issuer of Real Estate Investment Trust Units and Related Parties (Japanese Only)” dated Nov. 27, 2020.
In deciding the acquisition of Five New Properties, the points described in “3. Details of the Five New Properties, (4) The
characteristics of the respective Five New Properties” below were evaluated.
3. Details of the Five New Properties
The table below shows a summary of the Five New Properties individually (the “Individual asset table”). Description of
the information provided in each column and the terms used in the Individual asset table are as follows; when referringto the Individual asset table, please refer to the following explanation regarding the terms used therein.
In principle, unless otherwise noted, all information included in the individual asset table is current as of Nov. 30, 2020.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

2(1) Explanation concerning classification·“Category” represents the purpose of each the Five New Properties in accordance with the classification prescribed in
MEL’s investment policy.
(2) Explanation concerning summary of specified assets·“Type of specified assets” is the type of real estate and other assets as specified assets.
·“Anticipated acquisition date” indicates the anticipated acquisition date of the Five New Properties stated in therelevant sale and purchase agreement.
·“Anticipated acquisition price” indicates the purchase price of the respective trust beneficiary interests of the Five New
Properties stated in the relevant sale and purchase agreement, rounded down to the nearest million yen and does
not include national or local consumption taxes or expenses which will be incurred in connection with the acquisition.
·“Overview of trust beneficiary interest” includes the name of the trustee, the entrustment date and the trust maturity
date for each of the Five New Properties, as of the acquisition date for each of the Five New Properties.
·“Location” of “Land” is based on the register (one parcel of land, if more than one address was assigned).
·“Land area” of “Land” is the lot area recorded in the register.
·“Zoning” of “Land” indicates the type of zoning as set forth in Article 8-1-1 of the City Planning Act (Act No. 100 of
1968, including all subsequent amendments).
·“Floor-area ratio” of “Land” is the ratio of the total floor area of the building to the Land area, as stipulated in Article
52 of the Building Standards Act (Act No. 201 of 1950, including all subsequent amendments) (the “Building StandardsAct”), and indicates the upper limit of the floor area ratio determined by city planning in accordance with zoning andother factors (designated floor-area ratio) (all of the ratios if there is more than one). Designated floor-area ratios may
be relaxed or restricted due to the width of roads adjacent to the land or some other reason, and designated floorarea ratios may be different from the actual applied floor-area ratio.
·“Building coverage ratio” of “Land” is the ratio of the building area of buildings to the Land area, as stipulated in Article
53 of the Building Standards Act, and is the upper limit of the building coverage ratio determined by city planning inaccordance with the zoning and other factors (designated building coverage ratio). Designated building coverage ratios
may be relaxed or restricted due to being a fire-resistant building in a fire control area or some other reason, anddesignated building coverage ratios may be different from the actual applied building coverage ratios.
·“Ownership form” of “Land” and “Building” indicates the type of rights owned by the trustee.
·“Construction date” of “Building” is the date of construction of the building in the register. If there is more than one
main building, the construction completed is the oldest date shown in the register.
·“Total floor area” of “Building” is based on the record in the register. “Total floor area” is the total floor area of themain building and annex. If there is more than one main building, the total floor area is the sum of the total floor areafor each main building.
·“Structure / No. of stories” and “Property type” of “Building” refer to the structure and other features of the building
recorded in the register. If there is more than one main building, the structure / No. of stories and type are thoserecorded in the register with respect to the main building that has the largest total floor area.
·“Collateral” outlines a summary description of collateral, if applicable.
·“Appraisal value” shows the appraisal value stated on each real estate appraisal report with the appraisal value as ofDec. 1, 2020.
·“Property Management Company” is the property management company (“PM Company”), which entered into or isscheduled to enter into a property management agreement (“PM Agreement”), for each of the Five New Properties.
·“Number of tenants” in “Description of tenancy” is the total number of lease agreements indicated in each leaseagreement for the building (or land) of each Five New Properties as of Nov. 30, 2020 (for MJ Industrial Park Chiba-Kita,(Land), as of today). If a master lease agreement has been or is scheduled to be entered into for each of the Five New
Properties, the total number of end-tenants will be indicated. However, if one lessee enters into multiple leaseagreements for the same building for each of the Five New Properties, the total number of tenants will be calculatedon the assumption that such lessee is one party. Lease agreements for shops, vending machines, photovoltaic power
generation facilities and parking lots are not included in the calculations of the “Number of tenants”.
·“Name of major tenant” in “Description of tenancy” is the name of the tenant with the largest leased floor area in therelevant lease agreement for buildings or land, as applicable, of each of the Five New Properties.
·“Annual rent” in “Description of tenancy” represents the annualized amount of rent (the sum of annualized amountsof rent if multiple lease agreements have been executed), which is 12 multiplied by monthly rent (including common
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

3

area expenses), rounded down to the nearest million yen, indicated in the relevant lease agreement for buildings ofeach of the Five New Properties as of Nov. 30, 2020 (for MJ Industrial Park Chiba-Kita (Land), as of today). However, if
there are different provisions for monthly rent, (including common area expenses) depending on the term in each leaseagreement for the building of each of the Five New Properties, the annualized amount of rent will be calculated basedon the monthly rent (including common area expenses) for Nov. 2020 shown in the relevant lease agreement. The rentfree periods and annual rent holiday periods (i.e., rent payments for specific months that are waived) as of Nov. 30,
2020 (for MJ Industrial Park Chiba-Kita (Land), as of today) shall not be included.
·“Tenant leasehold/security deposits” in “Description of tenancy” represent the sum of the outstanding amounts ofleasehold/security deposits (the sum of the outstanding amounts of leasehold/security deposits if multiple leaseagreements have been executed), rounded down to the nearest million yen, indicated in the relevant lease agreement
as of Nov. 30, 2020 (for MJ Industrial Park Chiba-Kita (Land), as of today). However, if there are different provisions forthe sum of outstanding leasehold/security deposits, depending on the term in each lease agreement for the buildingof each of the Five New Properties, the amount of tenant leasehold/security deposits for Nov. 2020 shown in therelevant lease agreement is indicated.
·“Total leased area” in “Description of tenancy” is the total leased area shown in each lease agreement for the building
or land, as applicable, of each of the Five New Properties (the sum total of leased area if a multiple number of leaseagreements have been executed) (the figures corresponding to the co-ownership interest ratio of the trust beneficiaryinterest if any of the Five New Properties is the co-ownership interest.) (excluding the lease agreements for shops,
vending machines, photovoltaic power generation facilities and parking lots).
·“Total leasable area” in “Description of tenancy” is the total floor area that is deemed to be leasable based on eachlease agreement for the building or land, as applicable, of each of the Five New Properties or floor plan, etc. as of Nov.
30, 2020 (for MJ Industrial Park Chiba-Kita (Land), as of today), and does not include the leasable area indicated in thelease agreements concerning shops, vending machines, photovoltaic power generation facilities and parking lots.
·“Occupancy rate” in “Description of tenancy” is the ratio of leased area of each of the Five New Properties toleasable area of each of the Five New Properties, rounded to the first decimal place, as of Nov. 30, 2020 (for MJ
Industrial Park Chiba-Kita (Land), as of today).
(3) Special Notes·“Special notes” are matters that are deemed to be material considering the potential impact on the entitlements,
usage, safety, etc. of the Five New Properties as well as the appraisal value, profitability or disposability thereof as ofthe date hereof.
(4) The characteristics of the respective Five New Properties
The characteristics of the respective Five New Properties are as follows:
1. Logicross Narashino·Located in Akanehama, Narashino in the Chiba Bay Area. Surrounding area is concentrated with factories,
logistics facilities, retails and universities. Also, there are many logistics facilities in the neighboring Shibazono
area, and Keiyo Food Industrial Complex in Takase, Funabashi, where food-related factories are concentrated.
·Approximately 30 km from Port of Tokyo, approximately 40 km from Narita Airport and Haneda Airport, making
it a location with relatively good access to ports and airports.
·4-story box-type with 2 entrances, and truck berths on both north and south sides of the first floor. As forthe vertical transport capabilities, each section of the property is equipped with both luggage and verticalconveyors (4 of each in total).
·Floor weight capacity of 1.5 t/m2, an effective ceiling height of 5.5 m and a pillar span of 10.45 m x 10.4 m,
making it a highly versatile, easy-to-use logistics facility.
·Located within 5 minutes walking distance from “Shin-Narashino Station” on the JR Keiyo Line.
·Located within walking distance of “Shin-Narashino Station” on the JR Keiyo Line and close proximity toresidential areas north of National Route 357, which are advantageous in securing labor force.
·Located approximately 2 km from “Yatsu Funabashi IC” on the Higashi Kanto Expressway, approximately 3
km from “Hanawa IC” on the Keiyo Expressway.
·Located approximately 400 m from National Route 357.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

42. Logicross Osaka·A logistics facility with good access to the two major consumption areas in the Kansai region, located 7.5 km
from the center of Osaka (Umeda Station) and 24 km from Kobe (Sannomiya Station). Easy access to the Portof Hanshin (Port of Osaka and Kobe), a major logistics infrastructure in the Kansai region, and to a wide area
via the Hanshin Expressway No. 3 Kobe Line and No. 5 Wangan Line, and proximity to National Route 43 leads
to high potential location.
·As the Property is located in a cluster of small-medium-sized factories and distribution warehouses, it ispossible to operate 24 hours a day, 365 days a year.
·4-story box-type with truck berths on the east and west sides, equipped with luggage elevators and verticalconveyors (4 in each section), making it easy to rent the facility in sections.
·Each floor has an effective ceiling height of 5.5 m and a floor weight capacity of 1.5 t/m2, making it a highly
versatile, easy-to-use logistics facility.
·Located within 12 minutes walking distance from “Dekijima Station” on the Hanshin Namba Line, and 14
minutes walking distance from “Chibune Station” on the Hanshin Main Line.
·In addition to being located in close proximity to a densely populated area, the location is within walking
distance of “Dekijima Station” on the Hanshin Namba Line and “Chibune Station” on the Hanshin Main Line,and accessible by bus from “Osaka Station”, making it relatively easy to secure labor force.
·Located approximately 1.5 km from “Amagasaki Higashi IC” on the Hanshin Expressway No. 3 Kobe Line, andapproximately 4 km from “Nakajima IC” on the Hanshin Expressway No. 5 Wangan Line.
·Located approximately 200 m from National Route 43.
3. Logicross Nagoya Kasadera·Located near “Kasadera IC” on the Nagoya Highway No. 3 Odaka Line, allows easy access to the Nagoya
Highway No. 4 Tokai Line and the Isewangan Expressway, and proximity to National Route 23, which crosses
the Nagoya Port area, and National Route 247, which crosses from Nagoya to Tokai, making it a convenient
location for transportation.
·Located in a unique location for logistics facilities within 10 km of the center of Nagoya, it has excellent accessto Nagoya, as well as easy access to the Tokyo and Kansai regions via the Isewangan Expressway.
·Easy access to the Nagoya Port, Japan's largest port in terms of total cargo handled, and the Chubu Centrair
International Airport can be reached in 35 minutes, making it possible to use the major logistics infrastructureof Aichi Prefecture.
·It is a multi-tenant logistics facility with direct access to each floor with spiral ramp way, and each floor has afloor weight capacity of 1.5 t/m2, an effective ceiling height of at least 5.5 m, a pillar span of at least 10 m, andLED lighting throughout the building, which are the latest logistics equipment. The facility is equipped withfunctions to support business continuity planning (BCP), such as the installation of emergency generators andemergency storage for employees, as well as a parking lot and truck waiting area. The facility has been
designated as a tsunami evacuation building that can be used as a temporary shelter for local residents andothers in the event of a major tsunami warning.
·Located within 7 minutes walking distance from “Kasadera Station” on the JR Tokaido Main Line, and 14
minutes walking distance from “Oe Station” on the Nagoya Railway Tokoname Line.
·The facility is located in Nagoya, a city with a large residential population, and is within walking distance of“Kasadera Station” on the JR Tokaido Main Line and “Oe Station” on the Nagoya Railroad Tokoname Line,making it a competitive location in terms of securing part-time and other employment opportunities.
·Ample car and bicycle parking, making it convenient for commuters other than the train.
·Located approximately 1.2 km from “Kasadera IC” on Nagoya Expressway No. 3 Odaka Line, approximately 3.0
km from “Kiba IC” on Nagoya Expressway No. 4 Tokai Line, and approximately 6 km from “Tokai IC” on the
Isewangan Expressway.
·Located approximately 0.5 km from National Route 23, approximately 1.5 km from National Route 247, andapproximately 0.5 km from National Route 1.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

54. MJ Industrial Park Kobe (Land)·The surrounding area where the property is located has excellent access to the central Osaka and Kobe becauseof its proximity to the nearest IC. It is expected to function as a base for the Kinki, Chugoku and Shikoku. Also,
as it is located within walking distance from the nearest train station, the site has the advantage as a businesssite in terms of securing labor force and has potential for redeveloping logistics facilities, etc.
·With the construction of the western extension of the Hanshin Expressway Osaka Wangan Line (Rokko Island
North to Komasakae), whose commercialization was determined in the fiscal year 2016, the area is expected
to see further improvements in transportation convenience.
·A newly developed base for tenant, a major car leasing company, covering the Kinki, Chugoku and Shikoku
areas.
·Located within 6 minutes walking distance from “Minamiuozaki Station” on the Kobe New Transit Rokko Island
Line.
·Located approximately 1.7 km from “Sumiyoshi Station” on the Hanshin Main Line.
·Located approximately 1.4 km from “Sumiyoshihama IC” on the Hanshin Expressway No. 5 Wangan Line.
·Located approximately 2.4 km from “Uozaki IC” on the Hanshin Expressway No. 3 Kobe Line.
5. MJ Industrial Park Chiba-Kita (Land)·The surrounding area, where the property is located has a good connection to the “Chiba-Kita IC” and National
Route 16, is a residential area enjoying the advantage of securing labor force. It is competitive as a businesssite.
·The property has excellent access to the Higashi-Kanto Expressway, Keiyo Expressway, National Route 14,
National Route 16, National Route 126, providing connection to central Tokyo, access to Narita Airport and theTokyo Bay area, giving it the potential to be a highly versatile location that can be converted to a logistics facility.
·A production base with headquarters functions of an automotive parts manufacturer.
·Located within 4 minutes walking distance from “One’s Mall Bus Stop” on the Keisei Bus Line.
·Located approximately 1.7 km from “Sport Center Station” on the Chiba Urban Monorail No. 2 Line.
·Located approximately 4.2 km from “Inage Station” on the JR Sobu Main Line.
·Located approximately 2.1 km from “Chiba-Kita IC” on the Higashi-Kanto Expressway.
·Located approximately 300 m from National Route 16.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

6

Logicross Narashino
Property name

Logicross Narashino

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition dateMar. 9, 2021

Anticipated acquisition price

11,851 million yen

SellerShin-Narashino Property Godo Kaisha

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

Apr. 12, 2019

Trust maturity dateMar. 31, 2031

Ownership form

Proprietary ownership

Location

2-19-48, Akanehama, Narashino, Chiba

Land area

19,386.40 m2

ZoningSemi-industrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateMar. 9, 2018

Total floor area

36,437.92 m2

Structure/No. of stories

Steel-frame building with plated steel sheet roof / 4 story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

12,400 million yen (as of Dec. 1, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Description oftenancy

2.8 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine & Nichido Risk Consulting Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

1

Name of major tenant

Nihon Realest Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

39,132.05 m2

Total leasable area

39,132.05 m2

Occupancy rate

100.0 %

Not disclosed (Note)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

7

·The logo of Logicross used in this property, are registered trademarks

Special notes(Trademark registration number 5674165, hereinafter, the“Trademark”). In order to use the Trademark as a property display etc.,
MEL has concluded a license agreement for use of such Trademark with
Mitsubishi Estate, which has a license to use the Trademark. Outline of
the agreement is as follows;(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years with the same contents, and the same shall apply thereafter.
(2) Licensed service: Management of Real Estate Investment, etc.
(3) Licensed Territory: Japan(4) License fee: Free of charge·MEL has concluded a rooftop lease agreement with ORIX Corporation
for installing photovoltaic power generation facilities.
(1) Lessee: ORIX Corporation(2) Term: From June 11, 2018 to June 10, 2038
(3) Monthly rent fee: 41,700 yen(Note) Not disclosed as the lessee’s consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

8

(Thousands of yen)
Summary of appraisal report
Logicross Narashino

Property nameAppraisal value

Appraiser

12,400,000
Items

Valuation date
Details
12,400,000

Appraisal value based on direct
capitalization method

12,500,000

Not disclosed (Note)②Utility income

Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss

Not disclosed (Note)(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

Not disclosed (Note)⑦Building maintenance costs

Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)
60,817⑪Property management fees

Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses

Not disclosed (Note)(3) Net operating income(NOI: (1)-(2))

Appraisal was assessed by using the direct capitalization method
and the DCF method.

Not disclosed (Note)①Gross Potential Income Rental
revenue, Common service charges⑩Property tax

As of Dec. 1, 2020
OutlineAppraisal value based on income method(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)

Japan Real Estate Institute

Assessed based on actual property tax amount.

504,379(4) Earnings from temporary deposits

1,427

Assessed by assuming the investment yield is 1.0%

(5) Capital expenditure

4,719

Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

(6) Net cash flow
(NCF: (3)+(4)-(5))

501,087(7) Capitalization rate

4.0%

Appraisal value based on discounted cash
flow method

12,200,000

Discount rate

3.8%

Terminal capitalization rate
Integrated value based on cost method

Assessed based on a comprehensive consideration of such factors
as the marketability of target real estate and real estate investment
market trend and others.

4.2%
12,100,000

Proportion of land

65.7%

Proportion of building

34.3%
The appraisal value of this property was assessed using the income
approach, and the cost approach was used as a reference, on thebasis that the income approach could more accurately reproduce
the price formation process.

Other matters for consideration by the appraiser(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

9

Logicross Osaka (40% additional co-beneficiary interest)
Property name

Logicross Osaka

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests(40% of additional co-beneficiary interest)

Anticipated acquisition dateMar. 9, 2021

Anticipated acquisition price

3,868 million yen

Seller (Note 1)

Domestic business company

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment dateJan. 15, 2020

Trust maturity dateMar. 31, 2031

Ownership form

Proprietary ownership

Location

6-200-1, Tsukuda, Nishiyodogawa, Osaka, OsakaLand area

18,176.07 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

Sept. 28, 2018

Total floor area

36,619.48 m2

Structure/No. of stories

Steel-frame building with alloy-plated steel sheet roof / 4 story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

4,000 million yen (as of Dec. 1, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Description oftenancy

8.4 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine & Nichido Risk Consulting Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

2

Name of major tenante-LogiT co., ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note 2)

Total leased area

14,246.63 m2 (Note 3)

Total leasable area

14,246.63 m2 (Note 3)

Occupancy rate

100.0 %

Not disclosed (Note 2)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

10

·Regarding the acquisition of this property (co-ownership ratio (60%) of

Special notes

trust beneficiary interests with the real estate property as trust
property) on Sept. 1, 2020, MEL concluded the Co-ownershipBeneficiary Rights Agreement (referred to as the “Agreement” in thisSpecial notes) with other co-owner. However, the Agreement will beterminated by the execution of a memorandum regarding theacquisition of this property (co-ownership ratio (40%) of trust
beneficiary interests with the real estate property as trust property).
·The logo of Logicross used in this property, are registered trademarks(Trademark registration number 5674165, hereinafter, the“Trademark”). In order to use the Trademark as a property display etc.,
MEL has concluded a license agreement for use of such Trademark with
Mitsubishi Estate, which has a license to use the Trademark. Outline of
the agreement is as follows;(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years with the same contents, and the same shall apply thereafter.
(2) Licensed service: Management of Real Estate Investment, etc.
(3) Licensed Territory: Japan(4) License fee: Free of charge·MEL has concluded a rooftop lease agreement with SymEnergy, Inc. for
installing photovoltaic power generation facilities.
(1) Lessee: SymEnergy, Inc.
(2) Term: From Oct. 1, 2018 to Sept. 30, 2038
(3) Annual rent fee (100% equity equivalent): 1,500,000 yen(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) Not disclosed as the lessee’s consent has not been obtained.
(Note 3) Total leased area and Total leasable area indicate figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (40%) of trust
beneficiary interests.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

11

(Thousands of yen)
Summary of appraisal report
Logicross Osaka

Property nameAppraisal value

Appraiser

4,000,000
Items

Valuation date
Details
4,000,000

Appraisal value based on direct
capitalization method

4,080,000(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)

207,120②Utility income③Parking lot income④Other income⑤Losses due to vacancies⑥Bad debt loss

3,800
633
477
2,087
0
38,979⑦Building maintenance costs

7,859⑧Utility expenses

4,360
678

⑩Property tax

23,028⑪Property management fees

1,080

⑫Tenant soliciting fees etc.

1,690

⑬Insurance premiums⑭Other expenses(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits(5) Capital expenditure

7
168,141797(7) Capitalization rate

4.1%

Terminal capitalization rate
Integrated value based on cost method

Assessed by assuming the investment yield is 1.0%
Assessed based on the medium and long term repair and maintenancecosts in the engineering report.

1,623
167,314

Discount rate

Assessed based on actual property tax amount.

274(6) Net cash flow
(NCF: (3)+(4)-(5))

Appraisal value based on discounted cash
flow method

Appraisal was assessed by using the direct capitalization method and the
DCF method.

204,296(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑨Repair expenses

As of Dec. 1, 2020
OutlineAppraisal value based on income method①Gross Potential Income Rental
revenue, Common service charges

Japan Real Estate Institute

Assessed based on a comprehensive consideration of such factors as themarketability of target real estate and real estate investment market trend
and others.

3,948,000
3.9%
4.3%
3,928,000

Proportion of land

53.2%

Proportion of building

46.8%
The appraisal value of this property was assessed using the income
approach, and the cost approach was used as a reference, on the basis thatthe income approach could more accurately reproduce the price formation
process.

Other matters for consideration by the appraiser(Note) Indicates figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (40%) of trust beneficiary interests of this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

12

Logicross Nagoya Kasadera (40% additional co-beneficiary interest)
Property name

Logicross Nagoya Kasadera

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests(40% of additional co-beneficiary interest)

Anticipated acquisition dateMar. 9, 2021

Anticipated acquisition price

5,719 million yen

Seller (Note 1)

Domestic business company

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

Apr. 14, 2020

Trust maturity dateMar. 31, 2031

Ownership form

Proprietary ownership

Location

1-57-2, Higashimatabeecho, Minami, Nagoya, Aichi

Land area

33,224.00 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateJan. 8, 2019

Total floor area

72,376.03 m2

Structure/No. of stories

Steel-frame building with alloy-plated steel sheet roof / 4 story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

6,400 million yen (as of Dec. 1, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Description oftenancy

1.7 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine & Nichido Risk Consulting Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

10

Name of major tenant

YAGAMI Co., LTD.

Annual rent
Tenant leasehold/security
deposits

375 million yen (Note 2)

Total leased area

24,915.63 m2 (Note 2)

Total leasable area

24,915.63 m2 (Note 2)

Occupancy rate

100.0 %

160 million yen (Note 2)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

13

·Regarding the acquisition of this property (co-ownership ratio (60%) of

Special notes

trust beneficiary interests with the real estate property as trust
property on Sept. 1, 2020, MEL concluded the Co-ownershipBeneficiary Rights Agreement (referred to as the “Agreement” in thisSpecial notes) with other co-owner. However, the Agreement will beterminated by the execution of a memorandum regarding theacquisition of this property (co-ownership ratio (40%) of trust
beneficiary interests with the real estate property as trust property).
·The logo of Logicross used in this property, are registered trademarks(Trademark registration number 5674165, hereinafter, the“Trademark”). In order to use the Trademark as a property display etc.,
MEL has concluded a license agreement for use of such Trademark with
Mitsubishi Estate, which has a license to use the Trademark. Outline of
the agreement is as follows;(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years with the same contents, and the same shall apply thereafter.
(2) Licensed service: Management of Real Estate Investment, etc.
(3) Licensed Territory: Japan(4) License fee: Free of charge·MEL has concluded a rooftop lease agreement with Taisei Co., Ltd. for
installing photovoltaic power generation facilities.
(1) Lessee: Taisei Co., Ltd.
(2) Term: From Sept. 4, 2018 to Jan. 31, 2039
(3) Monthly rent fee (100% equity equivalent): 500,000 yen(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) Annual rent, Tenant leasehold/security deposits, Total leased area and Total leasable area indicate figures equivalent to MEL’s anticipatedacquisition of co-ownership interest ratio (40%) of trust beneficiary interests.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

14

(Thousands of yen)
Summary of appraisal report
Property name

Logicross Nagoya Kasadera

Appraiser

6,400,000

Valuation date

Appraisal value
Items

Details
6,400,000

Appraisal value based on direct
capitalization method

6,440,000(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)

395,606①Gross Potential Income Rental
revenue, Common service charges

380,710②Utility income

16,000③Parking lot income

5,563④Other income

2,100⑤Losses due to vacancies

8,768

Appraisal was assessed by using the direct capitalization method and the
DCF method.

0(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

110,658⑦Building maintenance costs

30,836⑧Utility expenses

19,840⑨Repair expenses

1,026⑩Property tax

49,580⑪Property management fees

2,400

⑫Tenant soliciting fees etc.

3,106

⑬Insurance premiums

As of Dec. 1, 2020
OutlineAppraisal value based on income method⑥Bad debt loss

Japan Real Estate Institute

Assessed based on actual property tax amount.

547⑭Other expenses

3,320(3) Net operating income(NOI: (1)-(2))

284,948(4) Earnings from temporary deposits

1,594

Assessed by assuming the investment yield is 1.0%

(5) Capital expenditure

2,464

Assessed based on the medium and long term repair and maintenancecosts in the engineering report.

(6) Net cash flow
(NCF: (3)+(4)-(5))

284,077(7) Capitalization rate

4.4%

Appraisal value based on discounted cash
flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost method

Assessed based on a comprehensive consideration of such factors as themarketability of target real estate and real estate investment market trend
and others.

6,360,000
4.2%
4.6%
6,400,000

Proportion of land

54.7%

Proportion of building

45.3%
Acquirers of real estate generally tend to focus on the profitability of theirtransactions. In this case, however, the value indicated by the cost approachand the value indicated by the market approach coincided with each other,so the appraisal value was determined as above, based on the judgmentthat they are mutually validated.

Other matters for consideration by the appraiser(Note) Indicates figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (40%) of trust beneficiary interests of this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

15

MJ Industrial Park Kobe (Land)
Property name

MJ Industrial Park Kobe (Land)

Category

OthersType of specified assets

Real estate trust beneficiary interests

Anticipated acquisition dateMar. 9, 2021

Anticipated acquisition price

4,970 million yen

Seller (Note 1)

Domestic business company

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment dateJuly 15, 2020

Trust maturity dateMar. 31, 2031

Ownership form

Proprietary ownership

Location18-10, Sumiyoshihamamachi, Higashinada, Kobe, Hyogo

Land area

40,050.71 m2 (Note 2)

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form-

Construction date-

Total floor area-

Structure/No. of stories-

Property type-

Collateral

Not applicable

Appraisal value

5,670 million yen (as of Dec. 1, 2020)

Real estate appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Probable maximum loss (PML)-

Property management company-

Description oftenancy

Number of tenants

1

Name of major tenant

ORIX Auto Corporation

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note 3)

Total leased area

31,743.99 m2

Total leasable area

31,743.99 m2

Occupancy rate

100.0 %

Not disclosed (Note 3)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

16

·In the event that the Trustee is prescribed as the lessor and ORIX Auto
Corporation (referred to as the “Tenant” in this Special notes) isprescribed as the lessee in the “Agreement for Fixed Term Land Lease
Right for Business Purposes” executed by the Trustee and the Tenant,
the Trustee will not approve of any transfer of the trust beneficiaryinterests with the real estate property as trust property (referred to as
the “Trust beneficiary interests” in this Special notes) from thebeneficiary (referred to as the “Beneficiary” in this Special notes) to any
other than the Tenant except for the following cases;(1) The Beneficiary transfers the Trust beneficiary interests to a third
party who is entrusted or scheduled to be entrusted with the asset
management business by the Asset Management Company.
Special notes(2) The following requirements are all met:(I) The Beneficiary gives written notice (referred to as the “Notice”
in this Special notes) granting the preferential negotiation right onacquisition of the Trust beneficiary interests (referred to as the“Preferential negotiation right” in this Special notes) to the
Tenant.
(II) The earlier date of (i) the day on which 3 months have elapsed
from the day the Beneficiary has given the Notice to the Tenant,or (ii) the waiver date which is defined in notice from the Tenant
to the Beneficiary waiving the Preferential negotiation right after
the Notice has been given by the Beneficiary to the Tenantcomes.

(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) 8,128.42 m2 of the land underlying the facility is jointly owned land with a third party and the Trustee holds co-ownership of the land. 7,911.75
m2 of the jointly owned land and 178.30 m2 of the land held in the form of sole ownership of the Trustee are both utilized for private roadcontribution and designated as position designation road in accordance with Article 42-1-5 of the Building Standards Act.
(Note 3) Not disclosed as the lessee’s consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

17

(Thousands of yen)
Summary of appraisal report
Property name

MJ Industrial Park Kobe (Land)

Appraiser

5,670,000

Valuation date

Appraisal value
Items

Details
5,670,000

Appraisal value based on direct
capitalization method

5,750,000(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)

Not disclosed (Note)①Gross Potential Income Rental
revenue, Common service charges

Not disclosed (Note)②Utility income

Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss

Not disclosed (Note)(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

Not disclosed (Note)⑦Building maintenance costs

Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)
9,880⑪Property management fees

Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses

Not disclosed (Note)(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits

1,987
256,876(7) Capitalization rate

4.0%

Terminal capitalization rate

Assessed based on actual property tax amount.

Assessed by assuming the investment yield is 1.0%-

(6) Net cash flow
(NCF: (3)+(4)-(5))

Discount rate

Appraisal was assessed by using the direct capitalization method andthe DCF method.

254,888(5) Capital expenditure

Appraisal value based on discounted cash
flow method

As of Dec. 1, 2020
OutlineAppraisal value based on income method⑩Property tax

The Tanizawa Sogo Appraisal Co., Ltd.

Assessed based on a comprehensive consideration of such factors as
the marketability of target real estate and real estate investment
market trend and others.

5,670,000

3.9%, 4.0%

Assessed based on a comprehensive consideration of such factors as
the content of the present agreement and real estate investment
market trend and others. Assessed as 3.9% for the first to tenth years
and 4.0% for the eleventh years and after.

4.0%

Integrated value based on cost method-

Proportion of land-

Proportion of building-

The cost method is not applicable.

Based on a value forming process and request purpose in which amarket participant (purchaser) values profitability in the subject real
property, as well as the typology as land (land with fixed term landlease right for business purposes), we used as our standard anincome amount that appropriately reflected future profitability for
an investor to examine the land ratio method and set the appraised

Other matters for consideration by the appraiser

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

18

value at the value based on the income approach.
(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

19

MJ Industrial Park Chiba-Kita (Land)
Property name

MJ Industrial Park Chiba-Kita (Land)

Category

OthersType of specified assets

Real estate trust beneficiary interests

Anticipated acquisition dateMar. 19, 2021

Anticipated acquisition price1,800 million yen

Seller

Kinugawa Rubber Industrial Co., Ltd.

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Entrustment dateMar. 19, 2021

Trust maturity dateMar. 31, 2031

Ownership form

Proprietary ownership

Location

330-2, Naganumacho, Inage, Chiba, Chiba

Land area

14,986.64 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form-

Construction date-

Total floor area-

Structure/No. of stories-

Property type-

Collateral

Not applicable

Appraisal value

1,950 million yen (as of Dec. 1, 2020)

Real estate appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Probable maximum loss (PML)-

Property management company-

Description oftenancy

Number of tenants

1

Name of major tenant

Kinugawa Rubber Industrial Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

14,986.64 m2

Total leasable area

14,986.64 m2

Occupancy rate

100.0 %

Not disclosed (Note)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

20

·In the event that the Trustee is prescribed as the lessor and Kinugawa

Special notes

Rubber Industrial Co., Ltd. (referred to as the “Tenant” in this Special
notes) is prescribed as the lessee in the “Agreement for Fixed Term
Land Lease Right for Business Purposes” executed by the Trustee andthe Tenant, the Trustee will not approve of any transfer of the trust
beneficiary interests with the real estate property as trust property(referred to as the “Trust beneficiary interests” in this Special notes)
from the beneficiary (referred to as the “Beneficiary” in this Special
notes) to any other than the Tenant except for the following cases;(1) The Beneficiary transfers the Trust beneficiary interests to a third
party who is entrusted or scheduled to be entrusted with the asset
management business by the Asset Management Company.
(2) The following requirements are all met:(I) The Beneficiary gives written notice (referred to as the “Notice”
in this Special notes) granting the preferential negotiation right onacquisition of the Trust beneficiary interests (referred to as the“Preferential negotiation right” in this Special notes) to the
Tenant.
(II) The earlier date of (i) the day on which 3 months have elapsed
from the day the Beneficiary has given the Notice to the Tenant,or (ii) the waiver date which is defined in notice from the Tenant
to the Beneficiary waiving the Preferential negotiation right after
the Notice has been given by the Beneficiary to the Tenantcomes.
(3) The Trust beneficiary interests is transferred by exercising a security
interest on the Trust beneficiary interests and other execution
against the Beneficiary by lenders.

(Note) Not disclosed as the lessee’s consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

21

(Thousands of yen)
Summary of appraisal report
Property name

MJ Industrial Park Chiba-Kita (Land)

Appraiser

1,950,000

Valuation date

Appraisal value
Items

Details
1,950,000

Appraisal value based on direct
capitalization method

2,010,000(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)

Not disclosed (Note)①Gross Potential Income Rental
revenue, Common service charges

Not disclosed (Note)②Utility income

Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss

Not disclosed (Note)(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

Not disclosed (Note)⑦Building maintenance costs

Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)
6,723⑪Property management fees

Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses

Not disclosed (Note)(3) Net operating income(NOI: (1)-(2))

79,307(4) Earnings from temporary deposits

1,293(5) Capital expenditure

80,600(7) Capitalization rate

4.3%

Discount rate
Terminal capitalization rate

Appraisal was assessed by using the direct capitalization method andthe DCF method.

Assessed based on actual property tax amount.

Assessed by assuming the investment yield is 1.0%-

(6) Net cash flow
(NCF: (3)+(4)-(5))

Appraisal value based on discounted cash
flow method

As of Dec. 1, 2020
OutlineAppraisal value based on income method⑩Property tax

The Tanizawa Sogo Appraisal Co., Ltd.

Assessed based on a comprehensive consideration of such factors as
the marketability of target real estate and real estate investment
market trend and others.

1,950,000

4.2%, 4.3%

Assessed based on a comprehensive consideration of such factors as
the content of the present agreement and real estate investment
market trend and others. Assessed as 4.2% for the first to fifth years
and 4.3% for the sixth years and after.

4.4%

Integrated value based on cost method-

Proportion of land-

Proportion of building-

The cost method is not applicable.

Based on a value forming process and request purpose in which amarket participant (purchaser) values profitability in the subject real
property, as well as the typology as land (land with fixed term landlease right for business purposes), we used as our standard anincome amount that appropriately reflected future profitability for
an investor to examine the land ratio method and set the appraised

Other matters for consideration by the appraiser

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

22

value at the value based on the income approach.
(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

23

4. Seller Profile
Logicross Osaka, Logicross Nagoya Kasadera and MJ Industrial Park Kobe (Land)
The company name has not been disclosed as the seller’s consent has not been obtained. MEL and the Asset Management
Company have no capital, personnel, or business relationship with the seller that should be noted. In addition, the seller is
not interested parties, etc. stipulated in the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as
amended, hereinafter, the “Investment Trusts Act”), or does not fall under the category of an Interested Party as set forth in
the Rules Regarding Related-party Transactions of the Asset Management Company.
Logicross NarashinoCompany name
Address of head office
Representative
Principle businessShin-Narashino Property Godo Kaisha
Nihonbashi 1-Chome Building, 1-4-1, Nihonbashi, Chuo, Tokyo
General Incorporated Association MJ Fund, Executive member
1. Acquisition, sale and management of trust beneficiary interests related to real estatetrust
2. Acquisition, sale, lease and management of real estate
3. All other work incidental or related to the preceding items
CapitalNot disclosed (Note)
Establishment dateFeb. 4, 2019
Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Not disclosed (Note)
Relationship with MEL and/or the Asset Management Company
Capital relationship
Mitsubishi Estate, the parent company of the Asset Management Company, hasinvested in the company, which is a special purpose company.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL, the AssetManagement Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, the AssetManagement Company and the company concerned.
Status of classification as
The company concerned is not a related party of MEL and the Asset Management
related party
Company. However, the Asset Management Company is entrusted with the company’s
investment advisory services.

(Note) Not disclosed as the seller’s consent has not been obtained.

MJ Industrial Park Chiba-Kita (Land)
Company name
Kinugawa Rubber Industrial Co., Ltd.
Address of head office
330 Naganumacho, Inage, Chiba, Chiba
Representative
Takashi Moriuchi, Representative Director
Principle business
1. Manufacture and sale of rubber and synthetic-resin products for automobiles
and other products;
2. Manufacture, sale and repair of machines and facilities for manufacturing rubberand synthetic-resin products;
3. Manufacture, sale and repair of machines and facilities for metal processing;
4. Contracting and execution of interior construction, and tile, brick and block
construction;
5. Lease, purchase, sale, agency business and maintenance of real estate andmovables;
6. Sale and lease of information and communications equipment;
7. Inland transportation, warehousing, packing and wrapping business;
8. Non-life insurance agency business and canvassing for life insurance policies;
9. Sale of foods and daily necessities; and10. Any businesses incidental or related to any of the business specified under theforegoing items.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

24

Capital
4.5 billion yen
Establishment dateJan. 14, 2016 (Foundation date: Oct. 1, 1939)
Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Not disclosed (Note)
Relationship with MEL and/or the Asset Management Company
Capital relationship
There is no noteworthy capital relationship to describe between MEL, the AssetManagement Company and the company concerned.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL, the AssetManagement Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, the AssetManagement Company and the company concerned.
Status of classification as
The company concerned is not a related party of MEL and the Asset Management
related party
Company.
(Note) Not disclosed as the seller’s consent has not been obtained.

5. Transactions with Related Parties, etc.
The seller of Logicross Narashino is considered an Interested Party as set forth in the Rules Regarding Related-party
Transactions of the Asset Management Company, and in order to conclude an agreement for the sale and purchase, the AssetManagement Company has undertaken the necessary deliberations and resolution procedures stipulated in the Rules
Regarding Related-party Transactions.
6. Status of the Seller
Acquisition of the property from the Seller, which is a special interested party, is as outlined below. The table includes details
on the ① company name, ② relationship with the seller, a special interested party, and ③ the background and reasons forthe acquisition.
Property name
(Location)(Note)

Owner before theprevious owner etc.

Owner two beforetheprevious owner etc.

①, ②, ③Acquisition(transfer) price
Acquisition(transfer) period
Logicross Narashino① Shin-Narashino Property Godo Kaisha
A party that does
(2-19-48, Akanehama, ② Mitsubishi Estate, the parent company of not have any special
Narashino, Chiba)
the Asset Management Company, has interest
invested in Shin-Narashino Property Godo
Kaisha, which is a special purpose company.
③ Acquired for investment management
purposes
Omitted as it has been owned for more than one
year
Apr. 2019-①, ②, ③Acquisition (transfer)
price
Acquisition (transfer)
periodPrevious owner etc.

①, ②, ③Acquisition (transfer) price
Acquisition (transfer) period--

7. Brokerage
As the broker of MJ Industrial Park Chiba-Kita (Land) is not interested parties, etc. stipulated in the Investment Trusts Act,or does not fall under the category of an Interested Party as set forth in the Rules Regarding Related-party Transactions of theAsset Management Company, the description including the company name of the broker is omitted.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

25

8. Outlook
For more details on the business outlook of MEL, please refer to the “Notice Concerning Revisions to Forecast for the Fiscal
Period Ending August 31, 2021 and Forecast for the Fiscal Period Ending February 28, 2022” dated today.
For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/<Attachments>
1. Overview of the Investment Portfolio
2. Photographs of the Five New Properties
3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

26

<Attachments>
1. Overview of the Investment Portfolio
Category

Logistics
Facilities

Property Name

Location(Anticipated)
Acquisition Price(Millions of yen)
(Note 1)(%) (Note 2)

Investment
Ratio

Appraisal Value(Millions of yen)
(Note 3)

Appraisal
NOI Yield(%)(Note 4)

Type ofAssets(Note 5)

Logicross Fukuoka
Hisayama

Hisayama,
Kasuya,Fukuoka

5,770

3.4

6,150

5.2

Multi

Logicross Atsugi

Atsugi,
Kanagawa

8,440

5.0

9,200

4.5

Multi

Logicross Kobe Sanda

Kobe,
Hyogo

3,900

2.3

4,230

5.1

BTS

Logicross Osaka (Note 6)

Osaka,
Osaka(a)5,874(b)3,868
Total: 9,743

5.7(a)6,000(b)4,000
Total: 10,000(a)4.3(b)4.3

Multi

Logicross Nagoya
Kasadera (Note 7)

Nagoya,Aichi(a)8,705(b)5,719
Total: 14,424

8.5(a)9,540(b)6,400
Total: 15,940(a)4.9(b)5.0

Multi

Logicross Narashino

Narashino,
Chiba

11,851

7.0

12,4004.3

Multi

LOGIPORT Sagamihara(Note 8)

Sagamihara,
Kanagawa

21,364

12.5

23,5004.7

Multi

LOGIPORT Hashimoto(Note 9)Sagamihara,
Kanagawa

18,20010.7

20,295

4.5

Multi(a)5,682(b)4,802
Total: 10,484

6.2(a)6,020(b)5,267
Total: 11,287(a)4.6(b)4.7Multi

LOGIPORT Osaka Taisho(Note 10)

Osaka,Osaka

MJ Logipark Funabashi 1

Funabashi,
Chiba

5,400

3.2

6,560

6.5

Multi

MJ Logipark Atsugi 1

Atsugi,
Kanagawa

6,653

3.9

7,020

4.5

Multi

MJ Logipark Kazo 1

Kazo,
Saitama

1,272

0.7

1,430

5.7

Multi

MJ Logipark Osaka 1

Osaka,
Osaka

6,090

3.6

6,830

5.0

Multi

MJ Logipark Fukuoka 1

Umi, Kasuya,
Fukuoka

6,130

3.6

6,440

5.3

Multi

MJ Logipark Tsuchiura 1

Tsuchiura,
Ibaraki

3,133

1.8

3,420

5.3

BTS

MJ Logipark Nishinomiya 1

Nishinomiya,
Hyogo

2,483

1.5

2,640

5.7

BTS

MJ Logipark Kasugai 1

Kasugai,Aichi

13,6708.0

14,1004.8

Multi

MJ Logipark Kazo 2

Kazo,
Saitama

1,637

1.0

1,710

5.0

BTS

MJ Logipark Sendai 1

Tagajo,Miyagi

7,388

4.3

7,410

5.2

Multi

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

27

Category

OthersProperty Name

Location(Anticipated)
Acquisition Price(Millions of yen)
(Note 1)(%) (Note 2)

Investment
Ratio

Appraisal Value(Millions of yen)
(Note 3)

Appraisal
NOI Yield(%)(Note 4)

Type ofAssets(Note 5)

MJ Industrial Park Sakai(Land)

Sakai, Osaka

5,600

3.3

5,780

3.8

Land

MJ Industrial Park Kobe
(Land)

Kobe,
Hyogo

4,970

2.9

5,670

5.1

Land

MJ Industrial Park ChibaKita (Land)

Chiba, Chiba

1,800

1.1

1,950

4.4

Land

-

170,404

100.0

183,962

4.8 (4.8)-

Total / Average(Note 1) “(Anticipated) Acquisition Price” indicates the purchase price of the respective trust beneficiary interest of the Properties held and the Five New
Properties in the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local
consumption taxes or expenses, which have been incurred or will be incurred in connection with the acquisition.
(Note 2) “Investment Ratio” is the ratio of the (anticipated) acquisition price of each asset to the total (anticipated) acquisition price of Properties held andthe Five New Properties rounded to the first decimal place and the aggregated figures may differ from actual total figures.
(Note 3) “Appraisal Value” of Properties held (except for the Properties Acquired in the 9th Fiscal Period) shows the appraisal value stated on each realestate appraisal report as of Aug. 31, 2020. “Appraisal Value” of the Properties Acquired in the 9th Fiscal Period shows the appraisal value statedon each real estate appraisal report as of June 30, 2020. “Appraisal Value” of the Five New Properties shows the appraisal value stated on eachreal estate appraisal report as of Dec. 1, 2020.
(Note 4) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the (anticipated) acquisition price of each property ineach real estate appraisal report, rounded to the first decimal place. “Total / Average” of “Appraisal NOI Yield” is calculated based upon weighted
average by (anticipated) acquisition price. The figure in parentheses in the “Total / Average” column indicates the calculated values excluding MJ
Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land) and MJ Industrial Park Chiba-Kita (Land).
(Note 5) In “Type of Assets“, “Multi” refers to multiple tenant type logistics facilities that were planned and designed for use by multiple tenants withhigh versatility. “BTS” refers to build-to-suit type logistics facilities. “Land” refers to land properties.
(Note 6) The total of “(Anticipated) Acquisition Price” and “Appraisal Value” of Logicross Osaka indicate figures equivalent to MEL’s anticipated acquisitionof the co-beneficiary interest ratio (100%) of this property after the acquisition of Logicross Osaka (40% additional co-beneficiary interest).
“Acquisition Price”, “Appraisal Value”, “Appraisal NOI Yield” and “Acquisition Date” of Logicross Osaka (60% initial co-beneficiary interest) aredescribed in (a), and “Anticipated Acquisition Price”, “Appraisal Value”, “Appraisal NOI Yield” and “Anticipated Acquisition Date” of Logicross
Osaka (40% additional co-beneficiary interest) are described in (b).
(Note 7) The total of “(Anticipated) Acquisition Price” and “Appraisal Value” of Logicross Nagoya Kasadera indicate figures equivalent to MEL’s anticipatedacquisition of the co-beneficiary interest ratio (100%) of this property after the acquisition of Logicross Nagoya Kasadera (40% additional cobeneficiary interest). “Acquisition Price”, “Appraisal Value”, “Appraisal NOI Yield” and “Acquisition Date” of Logicross Nagoya Kasadera (60% initialco-beneficiary interest) are described in (a), and “Anticipated Acquisition Price”, “Appraisal Value”, “Appraisal NOI Yield” and “AnticipatedAcquisition Date” of Logicross Nagoya Kasadera (40% additional co-beneficiary interest) are described in (b).
(Note 8) “Acquisition Price” and “Appraisal Value” of LOGIPORT Sagamihara are shown with the values corresponding to the co-beneficiary interest ratio(49%).
(Note 9) “Acquisition Price” and “Appraisal Value” of LOGIPORT Hashimoto are shown with the values corresponding to the co-beneficiary interest ratio(45%).
(Note 10) The total of “Acquisition Price” and “Appraisal Value” of LOGIPORT Osaka Taisho indicate figures equivalent to MEL’s acquisition of the cobeneficiary interest ratio (37.5%) of this property. “Acquisition Price”, “Appraisal Value”, “Appraisal NOI Yield” and “Acquisition Date” of the cobeneficiary interest ratio (20%) of this property acquired as of Oct. 9, 2019 are described in (a), and “Acquisition Price”, “Appraisal Value”,“Appraisal NOI Yield” and “Acquisition Date” of the co-beneficiary interest ratio (17.5%) of this property acquired as of Sept. 1, 2020 are describedin (b).

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

28

2. Photographs of the Five New Properties
Logicross Narashino

Logicross Osaka

Logicross Nagoya Kasadera

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

29

MJ Industrial Park Kobe (Land)

MJ Industrial Park Chiba-Kita (Land)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

30

3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports
Property Name
Category

Property NameER Inspection
Company

Inspection
Date

Tokio Marine& Nichido Risk
Consulting
Co., Ltd.

May
2017
July
2018
July
2018
Dec.
2020
Dec.
2020
Dec.
2020
May
2017
May
2017
Mar.
2020
July
2016
May
2017
May
2017
May
2017
May
2017
July
2019
Aug.
2019
Aug.
2019
Mar.
2020
Mar.
2020

Logicross Fukuoka Hisayama
Logicross Atsugi
Logicross Kobe Sanda
Logicross Osaka
Logicross Nagoya
Kasadera
Logicross Narashino
LOGIPORT Sagamihara(Note 3)
LOGIPORT Hashimoto(Note 4)
LOGIPORT Osaka Taisho(Note 5)
Logistics
Facilities

MJ Logipark Funabashi 1
MJ Logipark Atsugi 1
MJ Logipark Kazo 1
MJ Logipark Osaka 1
MJ Logipark Fukuoka 1
MJ Logipark Tsuchiura 1
MJ Logipark Nishinomiya 1
MJ Logipark Kasugai 1
MJ Logipark Kazo 2
MJ Logipark Sendai 1

Others

MJ Industrial Park Sakai(Land) (Note 6)
MJ Industrial Park Kobe
(Land) (Note 6)
MJ Industrial Park Chiba-Kita(Land) (Note 6)
Total / Portfolio PML

Cost of Shortterm Repairs(thousands ofyen) (Note 1)

Earthquake Risk Assessment Reports
Cost of Longterm Repairs(thousands ofyen) (Note 2)-

43,908-56,156-58,556-

67,798-102,690-

78,787-130,947-

48,432-

89,932-505,253-

84,914-

17,483-

210,511-

258,479-

26,244-

146,528-

91,931-

81,199-328,134

Assessment
Company

Assessment
Date

Tokio
Marine &Nichido Risk
Consulting
Co., Ltd.

Apr.
2017
June
2018
June
2018
Dec.
2020
Dec.
2020
Dec.
2020
Apr.
2017
Apr.
2017
Feb.
2020
July
2016
Apr.
2017
Apr.
2017
Apr.
2017
Apr.
2017
Aug.
2019
Aug.
2019
Aug.
2019
Feb.
2020
Feb.
2020

PML (%)

1.0
11.2
7.7
8.4
1.7
2.8
0.6
1.6
9.5
4.8
5.2
0.3
9.8
0.8
1.9
5.1
4.9
3.2
2.6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2.1
(Note 7)2,427,883(Note 1) “Cost of Short-term Repairs” includes the cost of updating and repair work and urgent repairs generally required within one year from theinspection date as shown on the building inspection report.
(Note 2) “Cost of Long-term Repairs” includes the cost of updating and repair work required within twelve years from the inspection date as shown on thebuilding inspection report.
(Note 3) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Sagamihara are shown with the cost corresponding to the
co-beneficiary interest ratio (49%), rounded down to the nearest thousand yen.
(Note 4) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Hashimoto are shown with the cost corresponding to the
co-beneficiary interest ratio (45%), rounded down to the nearest thousand yen.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

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(Note 5) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Osaka Taisho are shown with the cost corresponding to the
co-beneficiary interest ratio (37.5%) acquired, rounded down to the nearest thousand yen.
(Note 6) “Cost of Short-term Repairs”, “Cost of Long-term Repairs” and “PML” of MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land) and MJ
Industrial Park Chiba-Kita (Land) are not calculated as MEL does not hold the building on the land.
(Note 7) “Portfolio PML” is based on “Portfolio Seismic Risk Analysis Review Report of 19 Properties” prepared by Tokio Marine & Nichido Risk Consulting
Co., Ltd. as of Dec 2020. “Portfolio PML” is the percentage obtained by calculating the PML for a collection of 19 properties (excluding MJ
Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land) and MJ Industrial Park Chiba-Kita (Land)) in the same way as for individual properties.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above 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 securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities referred to above
will not be offered or sold, publicly or otherwise, in the United States.

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