Mitsui Fudosan Logistics Park : Notice Concerning Revisions to Operating Results Forecast for the Fiscal Period Ending July 31, 2022 and Disclosure of Operating Results Forecast for

January 11, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer:

Mitsui Fudosan Logistics Park Inc. (Securities Code: 3471)

6-8-7 Ginza, Chuo-ku, Tokyo 104-0061

Representative: Hiroshi Asai, Executive Director

Asset Management Company:

Mitsui Fudosan Logistics REIT Management Co., Ltd.

Representative: Yukio Yoshida, President and Chief

Executive Officer

Inquiries: Tatsu Makino, Managing Director and Chief

Financial Officer

Tel. [phone]

Notice Concerning Revisions to Operating Results Forecast for the Fiscal Period Ending July 31, 2022

and Disclosure of Operating Results Forecast for the Fiscal Period Ending January 31, 2023

Mitsui Fudosan Logistics Park Inc. ("MFLP-REIT") announced today revisions to its operating results forecast for the fiscal period ending July 31, 2022 (February 1, 2022 to July 31, 2022), which MFLP-REIT had announced on September 14, 2021 in the "Summary of Financial Results for the Fiscal Period Ended July 31, 2021 (REIT) ", as follows.

In addition, it also announced its operating results forecast for the fiscal period ending January 31, 2023 (August 1, 2022 to January 31, 2023), as follows.

1. Details of revisions to operating results forecast (fiscal period ending July 31, 2022: February 1, 2022 to July 31, 2022)

					Distributions
	Operating	Operating	Ordinary	Net income	per unit	Distributions	Distributions
	revenue	income	income	(million	(yen)	per unit	in excess of
	(million	(million	(million	(including	(yen)
	yen)	earnings per
	yen)	yen)	yen)	distributions in excess	(excluding
		unit
					of earnings)	distributions in
					(yen)
						excess of earnings)
Previous forecast (A)	9,221	3,845	3,643	3,642	7,784	6,721	1,063
Revised forecast (B)	10,626	4,467	4,157	4,156	8,352	7,217	1,135

Note: This document is a press release that is to be made publicly available regarding the revisions to operating results forecast for the fiscal period ending July 31, 2022 and disclosure of operating results forecast for the fiscal period ending January 31, 2023 by MFLP-REIT, and has not been prepared for the purpose of solicitation of investment. Prospective investors should make investment decisions only after they review the prospectus for the issuance of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by MFLP-REIT, and note that the investment decisions are made at their discretion and responsibility.

In addition, this document does not constitute an offer of securities in the U.S. The securities referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities referred to above 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 publicly offered or sold in the United States.

1

Amount increase/	1,404	621	513	513	568	496	72
decrease (B - A)
Rate of increase/	15.2％	16.2％	14.1％	14.1％	7.3％	7.4％	6.8％
decrease

(Reference) Fiscal period ending July 31, 2022: Expected number of investment units issued and outstanding at the end of the fiscal period: 576,000 units.

2. Operating results forecast (fiscal period ending January 31, 2023: August 1, 2022 to January 31, 2023)

					Distributions
	Operating	Operating	Ordinary	Net income	per unit	Distributions	Distributions
	revenue	income	income	(million	(yen)	per unit	in excess of
	(million	(million	(million	(including	(yen)
	yen)	earnings per
	yen)	yen)	yen)	distributions in excess	(excluding
		unit
					of earnings)	distributions in
					(yen)
						excess of earnings)
Fiscal period ending	10,764	4,473	4,185	4,184	8,396	7,265	1,131
January 31, 2023
(13th fiscal period)

(Reference) Fiscal period ending January 31, 2023: Expected number of investment units issued and outstanding at the end of the fiscal period: 576,000 units.

Notes:

1. The operating results forecasts above are calculated as of January 11, 2022 based on the assumptions outlined in the attached "Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022 and the Fiscal Period Ending January 31, 2023". Actual operating revenue, operating income, ordinary income, net income, distributions per unit (excluding distributions in excess of earnings) and distributions in excess of earnings per unit may vary due to differences from assumptions as a result of future acquisitions or dispositions of real estate, etc., changes in the trends of the real estate market, etc. and interest rates, actual number of issuances and issue value of new investment units to be decided, and the environment in which MFLP-REIT operates and other factors. Moreover, these forecasts do not guarantee the amounts of distributions and distributions in excess of earnings.
2. Forecasts may be modified if there is expected to be a noticeable discrepancy with the above forecasts.
3. All amounts are rounded down and percentages are rounded to the nearest tenth.

3. Reasons for revisions to operating results forecast and disclosure of operating results forecast

In connection with the acquisition of the Anticipated Acquisitions (to be defined in the attached "Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022 and the Fiscal Period Ending January 31, 2023") announced on January 11, 2022 and the issuance of new investment units based on a resolution of the MFLP-REIT's Board of Directors at a meeting held on January 11, 2022, the assumptions for

Note: This document is a press release that is to be made publicly available regarding the revisions to operating results forecast for the fiscal period ending July 31, 2022 and disclosure of operating results forecast for the fiscal period ending January 31, 2023 by MFLP-REIT, and has not been prepared for the purpose of solicitation of investment. Prospective investors should make investment decisions only after they review the prospectus for the issuance of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by MFLP-REIT, and note that the investment decisions are made at their discretion and responsibility.

In addition, this document does not constitute an offer of securities in the U.S. The securities referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities referred to above 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 publicly offered or sold in the United States.

2

the forecast of the fiscal period ending July 31, 2022 that MFLP-REIT announced as of September 14, 2021 in the "Summary of Financial Results for the Fiscal Period Ended July 31, 2021 (REIT)" have been revised because there is not less than a 10% change in Operating revenue and not less than a 5% change in Distributions per unit. MFLP-REIT hereby revises its forecasts of operating results and distributions for the fiscal period ending July 31, 2022 and discloses its forecasts of operating results and distributions for the fiscal period ending January 31, 2023.

The operating results forecast for the fiscal period ending January 31, 2022 (August 1, 2021 to January 31, 2022), which MFLP-REIT had announced on September 14, 2021 in the "Summary of Financial Results for the Fiscal Period Ended July 31, 2021 (REIT)" and "Notice Concerning Revisions to Operating Results Forecast for the Fiscal Period Ending January 31, 2022", has not been revised.

End.

* MFLP-REIT's corporate website: https://www.mflp-r.co.jp/en/

Note: This document is a press release that is to be made publicly available regarding the revisions to operating results forecast for the fiscal period ending July 31, 2022 and disclosure of operating results forecast for the fiscal period ending January 31, 2023 by MFLP-REIT, and has not been prepared for the purpose of solicitation of investment. Prospective investors should make investment decisions only after they review the prospectus for the issuance of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by MFLP-REIT, and note that the investment decisions are made at their discretion and responsibility.

In addition, this document does not constitute an offer of securities in the U.S. The securities referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities referred to above 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 publicly offered or sold in the United States.

3

< Attachment >

Assumptions Underlying the Operating Results Forecasts for the Fiscal Period Ending July 31, 2022

and the Fiscal Period Ending January 31, 2023

Item	Assumptions
	・Fiscal period ending July 31, 2022 (12th fiscal period): February 1, 2022 to July 31, 2022 (181
Calculation period	days)
・Fiscal period ending January 31, 2023 (13th fiscal period): August 1, 2022 to January 31, 2023
	(184 days)
	・It is assumed that (i) the total number of the properties held by MFLP-REIT will be 24, which
	includes the real estate trust beneficiary interests held by MFLP-REIT as of January 11, 2022
	(total of 21 properties) ("Our Current Properties"), with the acquisition on February 2, 2022 of
	the real estate trust beneficiary interests related to MFLP Yachiyo Katsutadai, MFLP Osaka I
	and MFLP Hiratsuka II (individually or collectively, "Anticipated Acquisitions"), which was
Investment assets	determined to be acquired after the new issue of investment units which was resolved at
MFLP-REIT's Board of Directors meeting held on January 11, 2022; (ii) the abovementioned
	assets will continue to be held as there will be no disposition, etc. of Our Current Properties or
	the Anticipated Acquisitions until the end of the fiscal period ending January 31, 2023 and (iii)
	there will be no acquisition of new properties other than the Anticipated Acquisitions.
	However, the actual number of the investment assets may change due to the acquisition
	of new properties other than the Anticipated Acquisitions or the disposition, etc. of Our
	Current Properties or the Anticipated Acquisitions.
	・Leasing business revenues related to Our Current Properties are calculated based on lease
	contracts already executed that are in effect as of January 11, 2022 and other factors, including
	tenant movements, market trends and other factors.
Operating revenue	・Leasing business revenues related to the Anticipated Acquisitions are calculated based on
	information provided by their current owners after taking into account lease contracts already
	executed and other factors including tenant movements and market trends.
	・Calculations assume that there will be no gain or loss on sale of real estate etc.
	・Leasing business expenses, which are major operating expenses, other than depreciation have
	been calculated by taking into consideration changes to expenses, with the historical results
	used as a benchmark for Our Current Properties and with the information provided by their
	current owners as a benchmark for the Anticipated Acquisitions.
Operating	・Depreciation expenses are calculated using the straight-line method. Depreciation is expected
expenses	to be ¥2,715 million for the fiscal period ending July 31, 2022 and ¥2,724 million for the fiscal
	period ending January 31, 2023.
	・Leasing business income (excluding gain on sale of real estate) after the deduction of leasing
	business expenses (including depreciation) is expected to be ¥5,644 million for the fiscal
	period ending July 31, 2022 and ¥5,702 million for the fiscal period ending January 31, 2023.

Note: This document is a press release that is to be made publicly available regarding the revisions to operating results forecast for the fiscal period ending July 31, 2022 and disclosure of operating results forecast for the fiscal period ending January 31, 2023 by MFLP-REIT, and has not been prepared for the purpose of solicitation of investment. Prospective investors should make investment decisions only after they review the prospectus for the issuance of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by MFLP-REIT, and note that the investment decisions are made at their discretion and responsibility.

In addition, this document does not constitute an offer of securities in the U.S. The securities referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities referred to above 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 publicly offered or sold in the United States.

4

	・In general, municipal property taxes, city planning taxes and other charges levied on real estate
	transactions are settled at the time of acquisition by prorating for the period held with the
	present owner. However, as MFLP-REIT includes an amount equivalent to the settled amount
	in the acquisition costs for the property. As such, expenses relating to municipal property taxes,
	city planning taxes and other charges for the Anticipated Acquisitions for the fiscal year 2023
	will be booked from the fiscal period ending July 31, 2023.
	・Repair expenses for buildings are expected to be ¥147 million for the fiscal period ending July
	31, 2022 and ¥206 million for the fiscal period ending January 31, 2023 based on the medium-
	to long-term repair plan established by the asset management company. However, given the
	possibility that repair expenses may increase or additional expenses may be incurred due to
	difficult-to-forecast factors, the actual results may differ significantly from the forecast amount.
	・Interest expenses, interest expenses on investment corporation bonds and other expenses
	related to borrowings are expected to be ¥245 million for the fiscal period ending July 31,
	2022 and ¥242 million for the fiscal period ending January 31, 2023.
	・Investment corporation bond issuance expenses shall be amortized on a monthly basis over a
	ten-year period starting from the month of issuance. Amortization of investment corporation
Non-operating	bond issuance expenses is expected to be ¥1 million for the fiscal period ending July 31, 2022,
and ¥1 million for the fiscal period ending January 31, 2023.
expenses
・Investment unit issuance expenses for the new issue of investment units shall be amortized
	monthly for a three-year period starting from the month of issuance. Amortization of
	investment unit issuance expenses is expected to be ¥44 million for the fiscal period ending
	July 31, 2022, and ¥44 million for the fiscal period ending January 31, 2023. The issuance of
	new investment units is also expected to require temporary expenses of ¥18 million in the
	fiscal period ending July 31, 2022.
	・It is assumed that total interest-bearing debt will be ¥123,500 million at the end of the fiscal
	period ending July 31, 2022 and ¥119,500 million at the end of the fiscal period ending
	January 31, 2023.
	・MFLP-REIT assumes that it will take on new borrowings amounting to ¥29,700 million for the
	acquisition of the Anticipated Acquisitions in February 2022 from qualified institutional
	investors defined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange
	Act. However, the actual amount of borrowing may be changed by the time of the
Interest-bearing	implementation of the borrowing, taking into account factors such as the net proceeds to be
obtained from the new issuance of investment units that was resolved at a meeting of MFLP-
debt
REIT's Board of Directors held on January 11, 2022. Other details about such new borrowings
	will be announced after they are determined.
	・The loan-to-value (LTV) ratio is expected to be 36.3% at the end of the fiscal period ending
	July 31, 2022 and 35.5% at the end of the fiscal period ending January 31, 2023. The following
	formula is used to calculate the LTV ratio.
	LTV ratio = Total interest-bearing debt ÷ Total assets × 100
	・The LTV ratio may vary depending on the number and value of the investment units to be
	issued this time.

Note: This document is a press release that is to be made publicly available regarding the revisions to operating results forecast for the fiscal period ending July 31, 2022 and disclosure of operating results forecast for the fiscal period ending January 31, 2023 by MFLP-REIT, and has not been prepared for the purpose of solicitation of investment. Prospective investors should make investment decisions only after they review the prospectus for the issuance of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by MFLP-REIT, and note that the investment decisions are made at their discretion and responsibility.

In addition, this document does not constitute an offer of securities in the U.S. The securities referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities referred to above 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 publicly offered or sold in the United States.

5