MIRAI : (Delayed)Notice Concerning Revisions to Forecasts for the Fiscal Period Ending April 30, 2022 and Summary of Forecasts for the Fiscal Period Ending

December 13, 2021

For Immediate Release

Real Estate Investment Trust:

MIRAI Corporation

Michio Suganuma, Executive Director

(Securities Code: 3476)

Asset Management Company:

Mitsui Bussan & IDERA Partners Co., Ltd.

Michio Suganuma, Representative Director, President

Contact: Nobuaki Takuchi, Executive Director, CFO

TEL: [phone]

Notice Concerning Revisions to Forecasts for the Fiscal Period Ending April 30, 2022

and Summary of Forecasts for the Fiscal Period Ending October 31, 2022

MIRAI Corporation (hereinafter "MIRAI") announces that it has revised its forecasts for the fiscal period ending April 30, 2022 (the 12th period from November 1, 2021 to April 30, 2022) that were previously published in "(REIT) Financial Report for the Fiscal Period ended April 30, 2021 (The 10th Period)" on June 15, 2021.

In addition, MIRAI announces its new forecasts for the fiscal period ending October 31, 2022 (the 13th period from May 1, 2022 to October 31, 2022). Details are as follows.

1. Details of Revisions

1. Revisions to the forecasts for the fiscal period ending April 30, 2022 (the 12th period from November 1, 2021 to April 30, 2022)

Distributions

Operating

Operating profit

Ordinary profit

Net profit

per unit

Distributions

Distributions in

(including

per unit

revenue

excess of

distributions in

(excluding distributions

earnings per unit

excess of earnings)

in excess of earnings)

Previous (A)

¥ 5,026m

¥ 2,375m

¥ 2,094m

¥ 2,093m

¥ 1,260

¥ 1,260

-

Revised (B)

¥ 5,178m

¥ 2,539m

¥ 2,233m

¥ 2,232m

¥ 1,260

¥ 1,260

-

Change in amount

¥ 151m

¥ 164m

¥ 138m

¥ 138m

-

-

-

(B - A)

Percentage change

3.0%

6.9%

6.6%

6.6%

-

-

-

1. New forecasts for the fiscal period ending October 31, 2022 (the 13th period from May 1, 2022 to October 31, 2022)

Distributions

Operating

Operating profit

Ordinary profit

Net profit

per unit

Distributions

Distributions in

(including

per unit

revenue

excess of

distributions in

(excluding distributions

earnings per unit

excess of earnings)

in excess of earnings)

The fiscal period

ending October 31,

¥ 5,366m

¥ 2,564m

¥ 2,276m

¥ 2,275m

¥ 1,285

¥ 1,285

-

2022

(Information)

The fiscal period ending April 30, 2022: The estimated number of investment units outstanding as of the end of the period: 1,771,440 units *

The fiscal period ending October 31, 2022: The estimated number of investment units outstanding as of the end of the period: 1,771,440 units *

Note:	This press release is a document that will be released publicly relating to revisions to forecasts for the fiscal period ending April 30,
	2022 and summary of forecasts for the fiscal period ending October 31, 2022 and is not prepared for the purpose of solicitation for
	investment. Before initiating investments, MIRAI asks investors to ensure that they refer to the prospectus for the issuance of new
	investment units and the secondary offering of investment units and amendments thereto prepared by MIRAI, and that they undertake
	investment at their own discretion and responsibilitye.
	1

• Please refer to the "Total number of investment units issued" shown in the attached "Assumptions Underlying Forecasts for the Fiscal Periods Ending April 30, 2022 and October 31, 2022" for details.

(Note 1) Each forecast is calculated as of today based on the assumptions stated in the attached "Assumptions Underlying Forecasts for the Fiscal Periods Ending April 30, 2022 and October 31, 2022". Actual operating revenue, operating profit, ordinary profit, net profit and distributions per unit (excluding distributions in excess of earnings) are subject to change due to various factors such as additional acquisition or sale of real estate in the future, changes in the real estate market, the actual number of new investment units to be issued as well as their issuance price, fluctuations of interest rate and any other changes in circumstances surrounding MIRAI. In addition, the forecasts are not a guarantee of any actual financial performances or amount of distributions.

(Note 2) MIRAI may revise the forecasts if a significant deviation is expected.

(Note 3) Figures below each unit are rounded down while percentage figures are rounded to the nearest tenth. There same shall apply hereinafter.

2. Reasons for Revisions

The assumptions for forecasts of operating results for fiscal period ending April 30, 2022 announced in "(REIT) Financial Report for the Fiscal Period ended April 30, 2021 (The 10th Period)" on June 15, 2021 have changed due to the issuance of new investment units and acquisition of assets announced under "Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units" and "Notice Concerning Acquisition of Real Estate Trust Beneficiaries in Japan ("Ehime Building/Hiroshima", "Tsurumi Fuga 1", "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho Maintenance Center (land)")" announced today. Revised forecasts for fiscal period ending April 30, 2022 and new forecasts of operating results and DPU for fiscal period ending October 31, 2022 based on the assumption following the revision are hereby announced.

(End)

• URL:https://3476.jp/en/

This press release is the English translation of the announcement in Japanese on MIRAI's website. However, no assurance or warranties are given for the completeness or accuracy of this English translation.

(Reference press release, etc.)

Dated 12/13/2021 "Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units"

Dated 12/13/2021 "Notice Concerning Acquisition of Real Estate Trust Beneficiaries in Japan ("Ehime Building/Hiroshima", "Tsurumi Fuga 1", "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho Maintenance Center (land)")"

Dated 12/13/2021 "Notice Concerning Borrowing of Funds"

(Attachment)	Assumptions Underlying Forecasts for the Fiscal Periods Ending April 30, 2022 and October 31, 2022
(Reference information)	Estimated DPU after adjustment excluding temporary factors in the actual figure for the fiscal period ended October 31, 2021
	(The 11th Period) and the forecast for the fiscal period ending October 31, 2022 (The 13th Period)

Note:	This press release is a document that will be released publicly relating to revisions to forecasts for the fiscal period ending April 30,
	2022 and summary of forecasts for the fiscal period ending October 31, 2022 and is not prepared for the purpose of solicitation for
	investment. Before initiating investments, MIRAI asks investors to ensure that they refer to the prospectus for the issuance of new
	investment units and the secondary offering of investment units and amendments thereto prepared by MIRAI, and that they undertake
	investment at their own discretion and responsibilitye.
	2

(Attachment)

Assumptions Underlying Forecasts for the Fiscal Periods Ending April 30, 2022 and October 31, 2022

	Items		Assumptions
	Calculation period		・ The Fiscal Period Ending April 30, 2022: from November 1, 2021 to April 30, 2022 (181 days)
		・ The Fiscal Period Ending October 31, 2022: from May 1, 2022 to October 31, 2022 (184 days)
			・ In addition to the real estate trust beneficiaries that MIRAI owns (total 34, hereinafter the "Portfolio assets"), it assumes
			that MIRAI will acquire "Ehime Building/Hiroshima", "Tsurumi Fuga 1" and "BIGMOTOR Ginan (land)" on January
			12, 2022 and "Yokohama-Daikokucho Maintenance Center (land)" on March 25, 2022 (together the "Assets to be
			Acquired"). For details of the acquisition, please refer to "Notice Concerning Acquisition of Real Estate Trust Beneficiaries
	Portfolio assets		in Japan ("Ehime Building/Hiroshima", "Tsurumi Fuga 1", "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho
			Maintenance Center (land)")" announced today.
			・ It assumes that there is no movement of the "Portfolio assets" (acquisition of new assets and/or dispositions of assets) other
			than the above "Assets to be Acquired".
			・ Changes may occur in reality due to changes in the "Portfolio assets".
			・ It is assumed that total number of investment units outstanding is 1,771,440 units which is comprised of 1,662,240 units
			outstanding as of today and 104,000 new units to be issued through public offering and 5,200 units through third-party
	Total number of		allotment resolved at the Board of Directors meeting held today.
		・ The number of new investment units to be issued through third-party allotment is assumed as 5,200 units which is the
investment units issued
	maximum units to be issued.
			・ Other than described above, no changes in the number of investment units due to any issuances of new units are assumed
			until October 31, 2022.
			・ Of the interest-bearing debt of 78,700 million yen, there is no interest-bearing debt that matures during fiscal periods ending
			April 2022 and October 2022.
	Interest-bearing debt		・ The interest-bearing debt outstanding as of April 30, 2022 and October 31, 2022 is expected to be 84,000 million yen.
		・ The LTV (based on total assets) as of April 30, 2022 and as of October 31, 2022 is expected to be approximately mid 48%.
			・ The calculation of the LTV (based on total assets) uses the following formula.
			LTV (based on total assets) (%) = total amount of interest-bearing debt outstanding / total assets
			・ Lease business revenue from the "Portfolio Assets" is calculated primarily by taking into account leasing contracts effective
			as of today, trends in the real estate leasing market (vacancy rates, rent levels, etc.) and status of negotiation with tenants.
			Revenue from the lease of the Acquisition is calculated primarily by taking into account information on trends in lease
			contracts provided by the previous owner, etc., leasing contracts to be effective as of the scheduled date of acquisition of
	Operating revenue		the Acquisition, and trends in the real estate leasing market (vacancy rates, rent levels, etc.).
			・ It is assumed that hotels with variable rent ("Smile Hotel Naha City Resort", "Smile Hotel Hakataeki-Mae" and "Smile
			Hotel Nagoya-Sakae") will not incur variable rent until the end of October 2022, excluding the period during which "Smile
			Hotel Naha City Resort" is provided as a recovery accommodation facility for patients with minor illnesses of COVID-19
			(contract period: October 11, 2021 to March 31, 2022 (scheduled)).
			・ Expenses for the lease business other than depreciation are based on past records and information provided by the previous
			owners, etc. while reflecting other variable factors into consideration.
			・ In principle, the fixed asset tax, city planning tax, and depreciation asset tax (the "Fixed Asset and City Planning Taxes")
			of "Assets to be Acquired" during a fiscal year will be settled on the acquisition date with previous owners in proportion
			to holding period for the assets. Such costs are to be capitalized without having any impact to profit and/or loss in the fiscal
			period of the acquisition. The total amount of the capitalized Fixed Asset and City Planning Taxes on the Assets to be
			Acquired is estimated to be 49 million yen.
	Operating expenses		・ Total repair expenses for buildings are calculated based on the repair plans developed by Mitsui Bussan & IDERA Partners
		Co., Ltd., the asset manager of MIRAI and takes into account the engineering reports and appraisal reports, and are accrued
			in each fiscal period. It should be noted, however, that the actual repair expenses in each fiscal period may differ
			considerably from the estimates, mainly due to urgent repair expenses for any damages of assets arising from unexpected
			factors, significant yearly fluctuations in the amount of repair expenses and the nature of repair expenses whereby they do
			not arise on a regular basis.
			・ Depreciation including incidental expenses is calculated using the straight-line method.

Note:	This press release is a document that will be released publicly relating to revisions to forecasts for the fiscal period ending April 30,
	2022 and summary of forecasts for the fiscal period ending October 31, 2022 and is not prepared for the purpose of solicitation for
	investment. Before initiating investments, MIRAI asks investors to ensure that they refer to the prospectus for the issuance of new
	investment units and the secondary offering of investment units and amendments thereto prepared by MIRAI, and that they undertake
	investment at their own discretion and responsibilitye.
	3

	Items				Assumptions
			・ The breakdown of expenses for the lease business is as follows.
					Fiscal Period Ending	Fiscal Period Ending
					April 30, 2022	October 31, 2022
				Outsourcing services:	392 million yen	386 million yen
				Utilities:	356 million yen	470 million yen
				Taxes and dues:	390 million yen	423 million yen
				Repair expenses:	67 million yen	64 million yen
				Other expenses for lease business:	263 million yen	237 million yen
				Depreciation:	635 million yen	660 million yen
			・ Other operating expenses (asset management fees, administrative servicing fees, etc.) are estimated to be 531 million yen
				for the fiscal period ending April 30, 2022, and 559 million yen for the fiscal period ending October 31, 2022.
			・ Interest expenses and borrowing-related expenses are estimated to be 278 million yen for the fiscal period ending April 30,
	Non-operating			2022, and 288 million yen for the fiscal period ending October 31, 2022.
	expenses		・	One-off expenses of 27 million yen for the issuance of new investment units that was resolved at the Board of Directors
				meeting held on December 13, 2021 are expected for the fiscal period ending April 30, 2022.
			・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the cash distribution policy
				described in the Articles of Incorporation of MIRAI.
			・ The amount of distributions per unit (excluding distributions in excess of earnings) may fluctuate due to various factors
	Distributions per unit			such as acquisitions and sales of assets, changes in rent income caused by tenant relocations, unexpected repairs incurred,
	(excluding			and interest rate fluctuations.
	distributions in excess		・	Derivatives transactions (interest rate swaps transaction) will be continuously in place during the fiscal periods ending
	of earnings)			April 30, 2022 and October 31, 2022. It is estimated that deferred losses on hedges as deduction from net assets (as
				specified in Item 30-B, Clause 2, Article 2 of the Calculation Rules for Investment Corporations) is 352 million yen which
				is the same amount as the fiscal period ended October 31, 2021. It is calculated based on the assumption that there is no
				change in the market value of interest rate swaps.
	Distributions in		・ As described above, no change in the amount of deferred losses on hedges as deduction from net assets is assumed in the
			fiscal periods ending April 30, 2022 and October 31, 2022, and distributions in excess of earnings related to the allowance
	excess of earnings per
			for temporary difference adjustment are not scheduled at present.
	unit
		・	Distributions in excess of earnings by decreasing unitholders' capital under taxation are not scheduled at present.

• Excludin above, it is assumed that impact of spread of COVID-19 will not be significantly wider than current estimate and that the epidemic will not last longer. In reality, potential for the impact of spread of COVID-19 continuing to expand and becoming prolonged cannot be ruled out.

Others	・	The forecasts assume that no revisions that may impact the above projections will be made to laws and regulations,
		taxation, accounting standards, listing rules, the rules of the Investment Trust Association, Japan, or others.
	・	The forecasts assume no unforeseeable significant changes in the general economic trends and real estate market
		conditions.

Note:	This press release is a document that will be released publicly relating to revisions to forecasts for the fiscal period ending April 30,
	2022 and summary of forecasts for the fiscal period ending October 31, 2022 and is not prepared for the purpose of solicitation for
	investment. Before initiating investments, MIRAI asks investors to ensure that they refer to the prospectus for the issuance of new
	investment units and the secondary offering of investment units and amendments thereto prepared by MIRAI, and that they undertake
	investment at their own discretion and responsibilitye.
	4

(Reference information)

Estimated DPU after adjustment excluding temporary factors in the actual figure for the fiscal period ended October 31, 2021 (The 11th Period) and the forecast for the fiscal period ending October 31, 2022 (The 13th Period)

This reference information shows the estimated DPU after adjustment of the actual figure for the fiscal period ended October 31, 2021 (The 11th Period) and the forecast for the fiscal period ending October 31, 2022 (The 13th Period) announced today, excluding one-off income due to tenant move-outs, impact of the Fixed Asset and City Planning Taxes and temporary factors due to step-up rents, etc., for the Assets to be Acquired. NAV per unit as of the end of the fiscal period ended October 31, 2021 (The 11th Period) and after acquisition of the Assets to be Acquired are also shown.

			The fiscal period ended October 31,			The fiscal period ending October 31,
			2021 (The 11th Period) (Actual)			2022 (The 13th Period) (Forecast)
DPU		1,289 yen		1,285 yen
	One-off income due to tenant move-outs (Note 1)		(16 yen)	-
	Impact of the Fixed Asset and City Planning		(15 yen)		(14 yen)
	Taxes (Note 2)
	Step-up rents, etc., for the Assets to be Acquired	-			+14 yen
	(Note 3)
DPU after adjustment (estimated)		(Before PO)		(After PO)
	1,257 yen		1,285 yen

(Note 1) The adjustment assumes that there is no one-off income (restoration costs, etc.) due to tenant move-outs received in the fiscal period ended October 31, 2021 (The 11th Period).

(Note 2) In the fiscal period ended October 31, 2021 (The 11th Period), the adjustment assumes that the Fixed Asset and City Planning Taxes for the assets acquired in the 10th Period, such as "TCA Building", "CAINZ MALL Hikone (land)", "Maxvalu Takatori (land)" and "Odawara Material Storage and Delivery Center (land)", was recorded as expenses for the full fiscal period. In the fiscal period ending October 31, 2022 (The 13th Period), adjustments have been made assuming that the Fixed Asset and City Planning Taxes for the Assets to be Acquired will be recorded as expenses for the full fiscal period.

(Note 3) Of the Assets to be Acquired, "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho Maintenance Center (land)" have agreements (step-up) whereby the tenants will each pay rent reduced by a certain percentage for a specified period and after the expiration of such period, they will pay the full monthly rent stipulated in the lease agreements. In the fiscal period ending October 31, 2022 (The 13th Period), lease business revenue from "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho Maintenance Center (land)" are adjusted as if they will accrue from the beginning of the fiscal period based on the rent after the step-up. For details of the above-mentioned rent agreements, please refer to the"Notice Concerning Acquisition of Real Estate Trust Beneficiaries in Japan ("Ehime Building/Hiroshima", "Tsurumi Fuga 1", "BIGMOTOR Ginan (land)" and "Yokohama-Daikokucho Maintenance Center (land)")" announced today.

Note:	This press release is a document that will be released publicly relating to revisions to forecasts for the fiscal period ending April 30,
	2022 and summary of forecasts for the fiscal period ending October 31, 2022 and is not prepared for the purpose of solicitation for
	investment. Before initiating investments, MIRAI asks investors to ensure that they refer to the prospectus for the issuance of new
	investment units and the secondary offering of investment units and amendments thereto prepared by MIRAI, and that they undertake
	investment at their own discretion and responsibilitye.
	5