Nippon Prologis REIT : Supplementary Announcement Related to Partial Amendment of its Articles of Incorporation

August 18, 2022

FOR IMMEDIATE RELEASE

Supplementary Announcement Related to Partial Amendment

of its Articles of Incorporation

Reference is made to a press release dated July 15, 2022 (the "Press Release") which Nippon Prologis REIT, Inc. ("NPR") published to notify that it will submit proposals of a partial amendment of NPR's articles of incorporation to its general meeting of unit holders scheduled on Aug. 26, 2022. This memorandum is for the purpose of further clarifying certain details of the proposals in English regarding the subject partial amendment in the form of revision of the summary of the proposals stated in the Press Release, as follows (revisions are underlined):

1. Summary of Partial Amendment of NPR's Articles of Incorporation

(1) Rescindment of the Deemed Agreement for Certain Proposals at a General Meeting

Under NPR's current articles of incorporation, unit holders who do not attend and do not exercise their voting rights at a general meeting of unit holders are deemed to have agreed with proposals submitted to the meeting unless contrary proposals are simultaneously submitted. Accordingly, unit holders who do not properly exercise their voting rights may have their votes automatically counted in favor of the proposals submitted to the meeting, regardless of their real intent.

As a result of the proposed amendment of the articles of incorporation, for certain proposals that may have a significant impact on unit holders' interests and thereby NPR's governance structure, or for certain proposals that may cause potential conflicts of interests between NPR and its board of director(s) and/or its asset management company, the subject deemed agreement rule will be rescinded. The subject rescindment will be effective when objection(s) to such proposals are submitted to NPR and an applicable convocator of the general meeting, if any, in advance from 1) unit holder(s) holding at least 1 percent of NPR's units issued and outstanding for at least six months, or 2) NPR itself. When submitting objections, 1) the unitholder(s) must notify NPR and the convocator within two weeks from the date of announcement of agenda of the general meeting, or 2) NPR must state its objection(s) on its website or within the notice of convocation of the general meeting.

The subject rescindment of the deemed agreement will be applicable to proposals regarding 1) elections and/or removals of the executive director(s) and/or the supervisory director(s), 2) execution and/or termination of the asset management agreement with NPR's asset management company, 3) dissolution of NPR, 4) mergers of units and 5) exemption of liabilities of the executive director(s), the supervisory director(s) and/or the independent auditor(s).

(2) Change in Payment Rules of Compensation to Independent Auditors

Under the current articles of incorporation, NPR shall automatically pay compensation to its independent auditors within three months after the closure of its fiscal period. As a result of the proposed amendment, the timing of subject payment will be changed to within three months after the receipt of audit report(s) and invoice(s) from the independent auditors.

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(3) Change in Valuation Methods for Securities and Derivative Transactions

In accordance with the amendment of Japanese accounting standards, which became effective on July 4, 2019, NPR will change the methods of valuation for the assets related to securities and derivative transactions under the proposed amendment of articles of incorporation.

For more information about Nippon Prologis REIT, please visit: https://www.prologis-reit.co.jp/en/index.html

Real Estate Investment Trust Securities Issuer: Nippon Prologis REIT, Inc. (Code 3283) Tokyo Building 21F, 2-7-3, Marunouchi, Chiyoda-ku, Tokyo

Executive Director: Masahiro Sakashita

Asset Management Company: Prologis REIT Management K.K.

Representative: Representative Director and President/CEO Satoshi Yamaguchi

Inquiries: Director and Deputy President/CFO Atsushi Toda Tel: [phone]

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