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Investor Presentation Material March 16, 2020

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Investor Presentation Material March 16, 2020 7th Fiscal Period (Fiscal Period Ended January 31, 2020) Investor Presentation Material March 16, 2020 Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) Securities Code 3471 Table of Contents 1. Basic Strategy of MFLP-REIT (1) 5. Market Overview 1-1 Trajectory of Growth of Mitsui Fudosan’s Logistics …… P3 5-1 Market Overview …… P29 Facilities Business and 3rd Follow-On Offering 2. Basic Strategy of MFLP-REIT (2) 6. Appendix 2-1 Four Roadmaps to Stable Growth and …… P6 • Statement of Income and Balance Sheet …… P34 Trajectory of Growth • Individual Property Income Statement …… P35 2-2 Steady Implementation of Four Roadmaps …… P7 for 7th Fiscal Period • Appraisal Summary for the End of 7th Fiscal Period …… P36 3. Financial Summary • Initiatives for ESG …… P37 3-1 Financial Highlights …… P10 • Initiatives for ESG …… P38 3-2 7th Fiscal Period (Ended January 2020) P/L …… P11 - Environmental Principles and Initiatives for Environment 3-3 8th Fiscal Period (Ending July 2020) Earnings …… P12 • Initiatives for ESG …… P39 Forecast - Initiatives for Society 3-4 (Reference) Distribution after adjustment of …… P13 • Initiatives for ESG …… P40 temporary effects - Initiatives for Governance with Consideration for Unitholders’ Interests 4. Management Status of MFLP-REIT • Investment Unit Price Trends/Status of Unitholders …… P41 4-1 Our Portfolio …… P15 • Mitsui Fudosan’s Major Development/Operation …… P42 4-2-1 Location … P17 Track Record 4-2-2 Quality … P19 4-2-3 Balance … P20 • Notes on Matters Stated in this Document …… P43 4-3 External Growth …… P21 • Disclaimer …… P45 4-4 Internal Growth …… P23 4-5 Financial Strategy …… P25 4-6 Unitholder Relations …… P27 1 1. Basic Strategy of MFLP-REIT (1) MFLP-REIT aims to maximize unitholder value through a strategic partnership with Mitsui Fudosan, a major property developer that leverages the comprehensive strengths of its corporate group to create value in its logistics facilities 2 1-1. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities Business and 3rd Follow-On Offering [1 of 2] Development sites securing capability through its corporate real estate (CRE) strategy Various CRE needs of client firms Proposal of CRE strategies Re-establishment of Trimming down of balance sheet Utilization of idle land corporate logistics (Off-balancing) Development of Global development Sale of corporate infrastructure (Establishment of overseas sites) real estate, etc. Develop high-quality properties in prime locations Image of growth of properties (to be) developed/operated * by Mitsui Fudosan Cumulative total investment size as of November 2019 40 facilities 570.0 billion yen* Cumulative total investment size as of May 2018 32 facilities 480.0 billion yen* MFLP- Transition to “Logistics REIT IPO Properties Business Division” at Mitsui Fudosan Mitsui Fudosan established the Logistics Properties Department Fiscal平成24 2012年度 Fiscal平成25 2013年度 Fiscal平成26 2014年度 Fiscal平成27 2015年度 平成Fiscal28年度（予定） 2016 平成Fiscal29年度（予定） 2017 平成Fiscal30年度（予定） 2018 平成Fiscal31年度（予定） 2019 平成Fiscal32年度（予定） 2020 Fiscal平成34年度（予定） 2021 or after (planned) (planned) (planned) *For further details, please refer to “Major properties developed/operated by Mitsui Fudosan” on p. 43. 3 1-1. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities Business and 3rd Follow-On Offering [2 of 2] Leasing capability leveraging client network Solutions-based asset management Challenges facing logistics firms End user Fully leverage the Mitsui Fudosan Improving the efficiency of operations Group’s broad client network MFLP-REIT Addressing BCP, etc. Office building Logistics firm Retail facility business Strong relationships with Labor shortage business (3PL operator, etc.) Approx. 2,300 firms * leading 3PL operators Approx. 3,000 firms * Evolution of Anticipation of future rises solutions-based in delivery costs *Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2019 asset management Responding to automation Stably-operated as leasing progress 2 2 Construction completed: 760,000 m Construction not completed: 420,000 m Further NEW NEW Properties defined in “Right of first expansion of look and preferential negotiation rights properties agreement” * defined in “Right 75%) MFLP Funabashi II MFLP Hino ( MFLP Ibaraki MFLP Osaka I MFLP Yachiyo Katsutadai of first look and NEW NEW preferential properties m2 10 1,180,000 negotiation rights agreement” MFLP Kawaguchi I MFLP Hiratsuka II MFLP Yokohama Kohoku MFLP Tosu MFLP Funabashi III Properties acquired in the 8th FP MFLP-REIT’s asset size 3rd follow-on Rampway Slope Rampway (After acquisition of properties acquired offering Number of newly issued in the 8th FP) investment units 62,000 units Continuous properties m2 (29.7 billion yen) external growth 18 950,000 Number of investment units issued and MFLP Prologis Park MFLP Hiroshima I MFLP Sakai (80%) billion yen outstanding after Kawagoe (50%) 205.0 follow-on offering 441,000 units Location Quality Balance Acquisition price 48.3 billion yen *For further details, please refer to “Properties defined in ‘Right of first look and preferential negotiation rights agreement’” on p. 43. 4 2. Basic Strategy of MFLP-REIT (2) 5 2-1. Four Roadmaps to Stable Growth and Trajectory of Growth Fiscal 2016 - Fiscal 2019 Fiscal 2020 Fiscal 2021 or after 7th fiscal 8th fiscal 9th fiscal 1st – 6th fiscal periods period period period 10th fiscal period or after 1st follow-on offering 2nd follow-on offering 3rd follow-on offering Aim to continuously Asset size January 2018 January 2019 Aim for further January 2020 acquire properties, Acquisition with expansion of Acquisition with 18 properties focused on borrowed funds, etc. 16 properties asset size borrowed funds, etc. December 2018 Target asset size high-quality properties 300.0 August 2017 covered by “Right of first 12 properties 13 properties Achieved billion yen 10 properties 200 billion yen look and preferential 9 properties negotiation rights Medium-term 156.7 205.0 755億円75.5 78.7 98.3 103.5 agreement” target asset size billion yen billion yen billion yen billion yen billion yen billion yen MFLP Prologis Park Kawagoe (50%) MFLP Hiroshima I LTV* MFLP Sakai (80%) End of 8th End of 7th End of 9th Fund procurement and fiscal period fiscal period Medium- to fiscal period (Forecast) LTV management End of 6th (Forecast) long-term End of 5th (January 31, 2020) (July 31, 2020) End of 1st End of 2nd End of 3rd End of 4th fiscal period (January 31, 2021) optimal for the expansion stabilized LTV level fiscal period fiscal period fiscal period fiscal period fiscal period of acquired asset size 40% to 50% 24.5% 21.6% 22.5% 23.9% 26.8% 29.1% 27.3% 30.6% 28.9% range 9th fiscal Distribution 8th fiscal period period (Forecast) per unit (DPU) 6th fiscal 7th fiscal (Forecast) period 5th fiscal period 4th fiscal period Continuous DPU growth 3rd fiscal period 1st fiscal 2nd fiscal period period period through leverage effects Growth yen yen yen potential 5,198 yen 5,346 yen 5,563 yen 5,832 yen 6,105 yen 6,496 yen 6,584 6,890 7,217 354,492 yen Market cap * 326,618 yen After 3rd 318,471 yen follow-on offering yen End of 7th 305,914 yen 314,345 (as of the end of Trends of NAV End of 6th fiscal period February 2020) 292,424 yen Expansion of market cap per unit* 286,378 yen fiscal period End of 5th 273,318 yen End of 4th through public offerings, etc. End of 3rd fiscal period fiscal period End of 1st End of 2nd fiscal period fiscal period fiscal period 149.1 198.9 212.7 76.1 71.5 84.4 84.7 90.7 billion yen billion yen billion yen billion yen billion yen billion yen billion yen billion yen September Inclusion in EPRA/NAREIT Index 2019 *For further details, please refer to “Four Roadmaps to Stable Growth and Trajectory of Growth” on p. 43. 6 2-2. Steady Implementation of Four Roadmaps [1 of 2] Expansion of Asset Size Improvement of portfolio quality and stability End of (January 31, 2020) After acquisition of properties Properties acquired in the 8th FP 7th fiscal period acquired in the 8th FP No. of properties/Total floor area * 16 properties / 720,000 m2 3 properties / 220,000 m2 18 properties / 950,000 m2 Asset size 156.7 billion yen 48.3 billion yen 205.0 billion yen Adjusted forecast NOI yield * 5.2% 5.1% 5.2% Average NOI yield * 4.9% 4.7% 4.9% Average building age * 5.0 years 2.8 years 4.5 years Top 5 property ratio * 44.6% 41.2% Further diversification Top 5 tenant ratio (logistics facilities only) * 41.2% 33.5% LTV Management Expansion of acquisition capacity End of (July 31, 2019) End of (January 31, 2020) End of (July 31, 2020) End of (January 31, 2021) 6th fiscal period 7th fiscal period 8th fiscal period 9th fiscal period (Forecast) (Forecast) LTV * 29.1% 27.3% 30.6% 28.9% Acquisition capacity * billion yen billion yen billion yen billion yen (with LTV at 50%) 67.0 71.0 80.0 85.0 *For further details, please refer to “Four Roadmaps to Stable Growth and Trajectory of Growth” on p. 43. 7 2-2. Steady Implementation of Four Roadmaps [2 of 2] Continuous DPU* Growth 7,217 7,200 DPU (yen) 7,152 6,890 ( ) EPU (yen) 6,584 6,852 6,700 6,496 Property acquisition 6,541 6,415 considering portfolio6,200 6,105 (6,353) 5,832 5,963 yield (5,905) (5,956) (5,811) 5,700 5,563 5,745 (5,783) 5,346 5,493 (5,497) 5,198 Issuance of new 5,200 (5,288) 5,190 (5,142) investment units 4,923 (4,955) (Equity) 4,700 4,200 LTV management 3,700 *1 2 3 4 5 6 7 8 9 8 9 Forecast Actual Forecast * Actual Forecast * Actual Forecast * Actual Forecast * Actual Forecast * Actual Forecast * Actual Forecast * Forecast * Forecast * Forecast * (Debt) FP ended Jan.
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