Oasis Statement on Shareholder Proposals to Mitsubishi Logistics

• Oasis has submitted shareholder proposals to Mitsubishi Logistics to enhance corporate governance
• Oasis's proposals include share buyback, election of independent directors

For more information, please see: https://www.mitlogistics.corpgovjp.com/

Oasis Management Company Ltd ("Oasis") is the manager to funds that beneficially own shares of Mitsubishi Logistics ("Mitsubishi Logistics" or the "Company") (9301 JP).

Mitsubishi Logistics is a leading logistics and real estate company in Japan that has been weighed down by its corporate governance shortcomings for far too long. With over 130 years of history and experience, Mitsubishi Logistics should lead as an example for best in class corporate governance in Japan. However, to the contrary, today the Company lags behind its peers on many metrics, including return on equity, price to book ratio, and outside director ratio, among others.

In order to improve the Company's governance and protect its corporate value, Oasis has submitted the following shareholder proposals for the Company's upcoming AGM in June:

1. Implement an 5% (¥10 billion) share buyback;
2. Elect Mr. Satoshi Arai as Outside Director to the Company's Board of Directors;
3. Elect Mr. Taketo Yamakawa as Outside Director to the Company's Board of Directors;
4. Implement a three committee corporate structure; and
5. Abolish the sodankyaku/komon system.

Oasis is highly sensitive to the impact of the COVID-19 crisis on all companies and all people, and we have decided against making proposals to many companies in light of the impact. Nevertheless, COVID-19 must not be used as an excuse for any company to maintain poor corporate governance practices. Now is the time for Mitsubishi Logistics to take advantage of its historically cheap share price and conduct a share buyback. Mitsubishi Logistics should also add truly independent directors with industry expertise who will provide fresh perspectives and help lead the Company into the future.

Oasis encourages shareholders to act now to hold management accountable to improve governance, defend corporate value, and increase returns. We urge all shareholders to vote FOR Oasis's proposals at the AGM.

We invite all Mitsubishi Logistics stakeholders to visit https://www.mitlogistics.corpgovjp.com/.

About Oasis

Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at https://oasiscm.com. Oasis has adopted the Japan FSA's "Principles of Responsible Institutional Investors" (a/k/a Japan Stewardship Code) and in line with those principles, Oasis monitors and engages with our investee companies. Oasis is by no means soliciting or requesting shareholders to jointly exercise their rights (including, but not limited to, voting rights) together with Oasis, and Oasis disclaims its intention to be deemed or treated as a Joint Holder (kyo-do hoyu-sha) with other shareholders under the Japanese Financial Instruments and Exchange Act by virtue of its act to express its view and opinions or other activities to engage in dialogue with other shareholders. In addition, Oasis is by no means soliciting or requesting other shareholders to grant or deliver their proxies to Oasis for any upcoming AGM. Oasis is not and should not be considered to solicit, encourage, induce, or seek from any shareholders to authorize Oasis or any other third party as their proxy in exercising their voting rights on their behalf.

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