Supplementary Materials
to the February 18, 2021
Press Releases

February 18, 2021

Historical DPU
Stabilized DPU is expected to grow by +7.3% upon completion of this Offering, and DPU isexpected to grow at a CAGR of +8.8% (FP2018/8-FP2022/2). MEL aims to continue increasing
unitholder value
Historical DPU

Historical Stabilized DPU

3rd Followon Offering

6,520 yen

2nd Followon Offering
1st Followon Offering

5,292 yen

FP 2018/8（4th FP）

5,907 yen

ThisOffering+7.3%

7,099 yen

6,685 yen

6,003 yen

+8.3%

6,910 yen

6,438 yen

5,947 yen

5,492 yen 5,524 yen

FP 2019/2（5th FP）

FP 2019/8（6th FP）

FP 2020/2（7th FP）

FP 2020/8（8th FP）

FP 2021/2
FP 2021/8
FP 2022/2（9th FP）（10th FP） （11th FP）(Forecasted) (Forecasted) (Forecasted)

Pre-3rd
Follow-on
Offering
Stabilized Basis

Post-3rd
Follow-on
Offering
Stabilized Basis

Post-Offering
Stabilized Basis

1

Notes and Definitions• This document has been prepared by Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) together with its asset manager, Mitsubishi Jisho Investment Advisors, Inc.
(“Asset Management Company”).
• Figures shown herein below each unit are rounded down while ratios are rounded to the nearest tenth.
• The growth of stabilized DPU in this offering is calculated based on the stabilized DPU of “Post-3rd Follow-on Offering Stabilized Basis” and “Post-Offering Stabilized Basis”. Regarding
the details of stabilized DPU of “Post-3rd Follow-on Offering Stabilized Basis” and “Post-Offering Stabilized Basis”, please refer to each of the following notes as applicable.
• “CAGR (FP 2018/8 → FP 2022/2)” is calculated based on the DPU of FP 2018/8 (4th FP) and the forecasted DPU of FP 2022/2 (11th FP). Regarding the details of DPU of FP 2018/8(4th FP) and forecasted DPU of FP 2022/2 (11th FP), please refer to each of the following notes as applicable.
• “1st Follow-on Offering”, ”2nd Follow-on Offering”, ”3rd Follow-on Offering” and “This Offering” shall mean the date on which the properties were acquired or will be acquired withthe proceeds from each offering.
• DPU of each fiscal period is the actual or forecasted amount including surplus cash distributions for each fiscal period.
• Forecasted DPU of FP 2021/2 (9th FP) is the forecasted amount including surplus cash distributions for the fiscal period ending February 28, 2021, as announced in “Summary ofFinancial Results for the Fiscal Period Ended August 31, 2020 (REIT)” dated October 15, 2020. Forecasted DPU of FP 2021/8 (10th FP) and FP 2022/2 (11th FP) is the forecasted
amount including surplus cash distributions for the fiscal period ending August 31, 2021 (10th FP) and fiscal period ending February 28, 2022 (11th FP), respectively, as announcedin “Notice Concerning Revisions to Forecast for the Fiscal Period Ending August 31, 2021, and Forecast for the Fiscal Period Ending February 28, 2022” dated February 18, 2021.
• Stabilized DPU of “Pre-3rd Follow-on Offering Stabilized Basis” is the forecasted amount including surplus cash distributions for the fiscal period ended August 31, 2020, as announced
in “Summary of Financial Results for the Fiscal Period Ended February 29, 2020 (REIT)” dated April 17, 2020.
• Stabilized DPU of “Post-3rd Follow-on Offering Stabilized Basis” is the forecasted amount including surplus cash distributions for the fiscal period ending August 31, 2021, asannounced in “Summary of Financial Results for the Fiscal Period Ended August 31, 2020 (REIT)” dated October 15, 2020.
• Stabilized DPU of “Post-Offering Stabilized Basis” is the forecasted amount including surplus cash distributions for the fiscal period ending February 28, 2022, as announced in “NoticeConcerning Revisions to Forecast for the Fiscal Period Ending August 31, 2021, and Forecast for the Fiscal Period Ending February 28, 2022” dated February 18, 2021.
• For the assumptions underlying the forecast information above, please refer to the relevant press release or financial summary.

2

DISCLAIMER• This document is provided solely for informational purpose with regard to MEL and is not intended to serve as an inducement or solicitation to buy or sell any financial instruments byMEL. Each investor shall, and required to, make its own investment decision at its own responsibility.
• This document does not constitute an offer of MEL’s investment units (the “Units”) in the United States of America. The Units have not been, and will not be registered under theUnited States Securities Act of 1933, as amended (hereinafter referred to as the “Securities Act”). The Units may not be offered or sold in the United States absent registration or anexemption from registration under the Securities Act.
• The Units will not be offered or sold, publicly or otherwise, in the United States of America.
• Purchase and sale of the Units entail the risk of incurring a loss due to fluctuations of the investment unit price.
• Please consult with a securities company regarding the purchase of the Units. Information presented on this document should not be interpreted, unless otherwise specified, asconstituting disclosure documents or asset management report required under the Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment
Corporations.
• The information contained in this document is the best available at the time of publication, however, no assurances can be given regarding the accuracy, validity and completeness of
this information. Furthermore, MEL and Asset Management Company assume no responsibility for the accuracy of the data, indices and other information, regardless of whether
produced by them or by third parties.
• This document includes forward-looking statements that reflect MEL’s plans and expectations. Any information contained in this document except facts about the past and present isreferred to as such forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of MEL or Asset Management Company in light of
the information currently available to them, and involve known and unknown risks, uncertainties and other factors, and may be affected by such factors. These factors include risks
related to MEL’s internal and external growth and risks related to the profitability per investment unit. Such risks, uncertainties and other factors may cause MEL’s actual results,performance, achievements or financial position expressed or implied by these forward-looking statements.
• The content of this document is subject to change or repeal without prior notice. MEL and Asset Management Company undertake no obligation to publicly update any information
contained in this document (including forward-looking statements) after the date of this document.
• Duplication or reproduction of any content presented in this document without the prior consent of MEL and Asset Management Company is strictly prohibited.

3