Investor Presentation

November 2016

www.mitsuifudosan.co.jp/english Contents

1．About Fudosan 2-6 Global Business 1-1 Highlights 3 2-6-1 Global Business Summary 31 1-2 Performance Highlights 4 2-6-2 Pipeline (North America and Europe) 32 1-3 Financial Highlights 5 2-6-3 Pipeline (China and Asia) 33 1-4 Mid-Term Business Plan 【Innovation 2017 Stage Ⅱ】 6

3． Summary of Results for the Six Months Ended September 30, 2016(FY 2016) 2． Core Businesses: Overview & Strengths 3-1 Consolidated Income Summary (Overall) 35 2-1 Leasing 3-2 Consolidated Segment Revenue & Operating Income 36 2-1-1 Analysis of Revenue 12 3-3 Consolidated Balance Sheet Summary 37 2-1-2 ’s Strengths (Office Buildings) 13

2-1-3 Pipeline (Office Buildings) 14 4． Forecasts for the Year to March 2017 (FY 2016) 39 2-1-4 Create Neighborhoods in and 15

2-1-5 Mitsui Fudosan’s Strengths (Retail Facilities) 16 5． Summary of Results for the Year Ended March 31, 2016(FY 2015) 2-1-6 Pipeline (Retail Facilities) 17 5-1 Consolidated Income Summary (Overall) 41 2-2 Property Sales 5-2 Consolidated Segment Revenue & Operating Income 42 2-2-1 Mitsui Fudosan’s Strengths 19 5-3 Consolidated Balance Sheet Summary 43 2-2-2 Mitsui Fudosan’s Strengths

(Property Sales to Individuals) 20 Appendices (Market Trends) 2-2-3 Pipeline (Property Sales to Individuals) 21 Appendix 1 Leasing Business Market Trends (Office Buildings) 46 2-2-4 Model for Cooperation with Investors 22 Appendix 2 Leasing Business Market Trends 2-3 Management (Retail Facilities) 49 2-3-1 Mitsui Fudosan’s Strengths 24 Appendix 3 Property Sales Business Market Trends 2-3-2 Mitsui Fudosan’s Strengths (Property Sales to Individuals) 50 (Property Management) 25 Appendix 4 Property Sales Business Market Trends 2-3-3 Mitsui Fudosan’s Strengths (Property Sales to Investors) 51 (Brokerage, Asset Management, etc.) 26 Appendix 5 Shareholder Composition 52 2-4 Logistics facility Business 28 Appendix 6 Operating Income by Segment 53 2-5 Hotel and Resort Business 29 Disclaimer 54 1 1. About Mitsui Fudosan 1. About Mitsui Fudosan 1-1 Highlights Mitsui Fudosan Highlights (For the year ended March 31, 2016)

Revenue from Operations 1,567 billions of yen

5% 16% 32%

21% 25%

Leasing Property Sales Management （Office Buildings /Retail Facilities/Others） （Property Sales to Individuals / (Property Management / Property Sales to Investors) Brokerage Asset Management, etc)

Others Leased Floor Property Sales Retail Brokerage Asset Space to Investors Facilities 3% Units booked Management, etc (Incl. Managed 25% AUM 40% Properties) (Condominiums) 26% Sales Sales Ratio Sales Office Buildings Ratio Ratio 2,799 thousand ㎡ 4,391 3.47 Office Property Sales trillion yen Retail Facilities units Property Buildings to Individuals Management 57% 2,023 thousand ㎡ 75% 74% 3 1. About Mitsui Fudosan 1-2 Performance Highlights

Mid-Term Business Plan (As of May 2015) 140.0 (Billions of250.0 yen) 130.0 (Billions of yen) 125.0 220.0 245.0 117.7 Operating income Leasing Management Property Sales 120.0 (Left) 186.0 202.4 60.0 200.0 44.5 Net income （*2） 172.5 100.1 (Right) 148.1 45.4 100.0 27.0 126.0 23.0 52.0 150.0 52.4 120.0 76.8 80.0 15.7 49.9 49.3 16.1 41.5 34.3 59.4 100.0 32.1 60.0 49.9 50.1

124.1 131.0 40.0 50.0 104.3 109.2 107.8 88.9 95.6 20.0

0.0 Other*1 -20.8 -13.6 -16.6 -17.1 -19.7 -18.6 -23.0 -5.00.0 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017(E) 3/2018 (T) Depreciation 52.9 53.2 59.0 56.0 61.2 67.4 70.0 － (Billions of yen)

Cash dividends 22 22 22 22 25 30 32 － per share (Yen)

Payout ratio (%) 38.7 38.5 32.5 25.1 24.1 25.2 25.3 －

ROA(%) 3.4 3.6 3.7 4.1 4.1 4.1 － Approx.5%

ROE(%) 4.9 4.8 5.3 6.3 6.4 6.2 － Approx.7%

*1 Other include Mitsui Home, other segments and nonconsolidated general & administrative expenses. *2 FY2015 and after :The accounting line item net income has been renamed as profit attributable to owners of parent. This reflects changes in the overall concept and accounting line item designation of net income in accordance with revisions to accounting standards in . ・The figures of FY2012 or after reflect the effect of the SPC consolidation. ・ ROA: (Operating income + Non-operating income) /Average total assets over period ・ ROE: Net income/Average shareholders‘ equity over period 4 1. About Mitsui Fudosan 1-3 Financial Highlights

※The Mid-term Business Plan is on a May 2015 disclosure basis

(Left) Interest-bearing debt Debt/Equity ratio (Right) Shareholders’ equity B/S as of March 31, 2016 (Billions of yen) (Billions of yen) 2,500.0 (Times) Due to SPC 2,450.0 2,500.0 consolidation 2.00 1.80 2,226.2 1.80 Real property for sale (including advances 1.62 1.60 1,167.7 2,120.2 1,976.1 paid for purchases) Interest-bearing debt 2,226.2 2,000.0 1,922.3 1.60 1,743.4 2,040.0 1,871.9 1.40 1.16 1.30 1,500.0 1.06 1.20 1,274.3 1,181.1 Tangible and intangible 1,078.1 1.00 fixed assets 2,968.9 Other 1,158.9 1,000.0 0.80 Due to (Rental properties) (2,648.3) the Offering 0.60

500.0 0.40 Net assets 1,989.0 0.20 (Shareholders' equity) 1,922.3 0.0 0.00 Other 1,237.5 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 (E) 3/2018 (T)

Mid-term Assets Debt and Equity Business Plan 5,374.2 5,374.2 ◆Changes in D/E Ratio (Times) 2.50 2.00 ◆Rental properties （Billions of yen) 2.00 1.77 1.80 1.86 1.60 1.73 1.71 At March 31, 2016 At March 31, 2015 1.60 Change 1.50 1.16 (FY2015 Year-end) (FY2014 Year-end) 1.33 1.62 1.00 1.40 Market value 4,560.5 4,054.3 506.1 1.06 0.50 Book value 2,648.3 2,489.9 158.4 Unrealized gain 1,912.1 1,564.4 347.7 0.00 3/'04 3/'05 3/'06 3/'07 3/'08 3/'09 3/'10 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 5 1. About Mitsui Fudosan 1-4 Mid-Term Business Plan 【Innovation 2017 Stage Ⅱ】

Target income levels and other benchmarks Mid-Term Business Plan (As of May 2015)

FY2014 FY2015 FY2016 Mid-Term Business Plan (Actual) (Actual) (Estimates as of May 2016) FY2017(Target) ¥ 245.0 billion Operating income ¥ 186.0 billion ¥ 202.4 billion ¥ 220.0 billion or higher Profit attributable ¥ 130.0 billion *1 ¥ 100.1 billion ¥ 117.7 billion ¥ 125.0 billion to owners of parent or higher Interest-bearing debt ¥ 1,976.1 billion ¥ 2,226.2 billion ¥ 2,450.0 billion Approx. ¥ 2,500.0 billion D/E Ratio 1.06 times 1.16 times － Approx. 1.3 times ROA*2 4.1% 4.1% － Approx. 5% ◆Operating income by segment FY2014 FY2015 FY2016 Mid-Term Business Plan (Actual) (Actual) (Estimates as of May 2016) FY2017(Target) Leasing ¥ 107.8 billion ¥ 124.1 billion ¥ 131.0 billion ¥ 133.0 billion Property Sales ¥ 45.4 billion ¥ 44.5 billion ¥ 60.0 billion ¥ 65.0 billion Management ¥ 49.3 billion ¥ 52.4 billion ¥ 52.0 billion ¥ 52.0 billion Other (¥ 16.6 billion) (¥ 18.6 billion) (¥ 23.0 billion) (¥ 5.0 billion) (Reference) *3 Overseas Income ¥ 12.0 billion ¥ 14.0 billion － ¥ 30.0 billion or higher Overseas Income ratio 6.4% 6.8% Approx. 12% ROE*4 6.4% 6.2% － Approx. 7% *1 The accounting line item net income has been renamed as profit attributable to owners of parent. This reflects changes in the overall concept and accounting line item designation of net income in accordance with revisions to accounting standards in Japan. *2 ROA=(Operating Income + Non-Operating Income)/ Average Total Assets over period *3 Overseas Income= Overseas operating income + equity in earnings of overseas affiliates *4 ROE= Profit attributable to owners of parent/ Average Shareholders‘ Equity over period 6 1. About Mitsui Fudosan 1-4 Mid-Term Business Plan 【Innovation 2017 Stage Ⅱ】

Investment Plan

Mid-Term Business Plan FY2015 FY2016 (2015-2017 three-year totals) (Actual) (Estimate) Investments Recovery NET Investments

Domestic ¥550 billion － ¥550 billion Approx. ¥170 billion Approx. ¥140 billion Capital expenditures

Overseas Capital expenditures ¥550 billion ¥100 billion ¥450 billion Approx. ¥150 billion Approx. ¥200 billion (Europe, North America & Asia)

Real Property ¥1,300 billion ¥1,250 billion ¥50 billion Approx. ¥420 billion Approx. ¥500 billion For Sale(Domestic)

NET INVESTMENT ¥1,050 billion

Shareholder return ◆ Basic policy for shareholder returns Mitsui Fudosan reinvests earnings to increase shareholder value over the medium-to-long term and returns profits to shareholders based on comprehensive consideration of such factors as the business environment and the Company’s performance and finances

◆ Dividends Mitsui Fudosan aims to pay approximately 25% of annual profit attributable to owners of parent in dividends on a consolidated basis 7 1. About Mitsui Fudosan 1-4 Mid-Term Business Plan 【Innovation 2017 Stage Ⅱ】

Vision Be a leader that creates markets and grows continuously in Japan and secure a solid position globally

Basic strategies Customer-centered management

Create value by executing these three strategies

Business model Full implementation of innovation Group management

Further strengthen Dramatic growth the competitiveness in overseas business of our domestic business Evolve from a real estate solutions Combine our strengths with those partner to a business of partners to build a highly stable portfolio and lifestyle solutions partner with abundant growth potential 8 1. About Mitsui Fudosan 1-4 Mid-Term Business Plan 【Innovation 2017 Stage Ⅱ】

Growth strategies

Create neighborhoods 5. Strengthen the competitiveness 1. of the housing business ・Strategies to create stand-out neighborhoods (evolving the Smart City concept) ・ Grow businesses related to existing homes ・Maximize neighborhood value ・ Merge the Company’s residential leasing business with Mitsui Fudosan Residential Evolve the office building business Expand 2. the hotel and resort business ・ Be a business partner that helps solve our corporate customers’ problems ・ Aim to operate 10,000 rooms Further develop the retail facility business Implement a model for joint value 3. creation with investors ・Meet changing customer needs ・Increase profitability through strengths in sales ・Grow assets in custody to expand management and operations revenue6. Expand Dramatic growth the logistics facility business in the overseas business

・ Scale expansion4. and establish logistics REIT ・Grow globally by combining our strengths ・ Flexibly combine leasing business with trading 7. and management businesses with those of business partners

9

8. 2. Core Businesses: Overview & Strengths 2-1. Leasing Business 2-1. Leasing Business 2-1-1 Analysis of Revenue

 A well-balanced portfolio between office buildings and retail facilities

Analysis of Leasing Segment Revenue

(Billions of yen) Revenue: ¥509.1 bn 500.0 Office buildings Retail facilities (FY ended March 2016) 450.0 Other 14.1bn 3% 400.0 350.0 291.6

283.4 Domestic 300.0 Retail 286.9 284.5 office facilities 303.0 291.7 283.6 buildings 250.0 303.4 203.3bn 259.2bn 265.5 200.0 40% 51% 234.2 150.0 32.3bn 100.0 203.3 6% 171.0 148.6 157.8 Overseas 121.9 125.8 131.5 office buildings 50.0 92.2 107.3 68.2 0.0 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016

12 2-1. Leasing Business 2-1-2 Mitsui Fudosan’s Strengths (Office Buildings)  A portfolio concentrated in central and relationships with quality tenants (3,000 companies) Office Building Revenue by Area Office Building Lease Contract Duration (FY ended March 2016; nonconsolidated) (FY ended March 2016; nonconsolidated) Other regions Other 5.1 years 2 years metropolitan 8% or more or less Tokyo 5 Wards of 17% 14% central 31% Tokyo 78% 2.1-5 years 52% Average contract duration: 4.3years

Stable, Long-Term Relationships with Approximately 3,000 Tenant Companies

13 2-1. Leasing Business 2-1-3 Pipeline (Office Buildings)  Using our development capabilities to continuously improve our portfolio Major Projects (completed in FY2015・FY2016) Major New Projects (to be completed after FY2017)

FY Project Name Rentable FY Project Name Total Floor Space Location Location Completed (※Jointly owned property) Floor Space Completed (※Jointly owned property) (Site Area) Project ≈ 189,000 ㎡ ※ -ku, Chiyoda-ku, Tokyo OSAKI BRIGHT TOWER( ) Tokyo ≈ 53,700 ㎡ 2017 Shin-Tokyo Takeda Building(※) Chuo-ku, Tokyo ≈ 45,000 ㎡ Shinagawa-ku, Wood Lane, 2015 OSAKI BRIGHT CORE(※) Tokyo ≈ 22,300 ㎡ 2017～ White City Place Redevelopment Project(※) ≈ 209,000 ㎡ London Nihonbashi 2-Chome Redevelopment Project 270 Brannan(※) San Francisco ≈ 16,900 ㎡ Chuo-ku, Tokyo ≈ 143,400 ㎡ (Block C)(※) 2016 1 Angel Court Project City, London ≈ 29,400 ㎡ TGMM Project (Tower A)(※) Minato-ku, Tokyo ≈ 132,600 ㎡ ※ ㎡ 2018 55 Hudson Yards( ) New York ≈ 117,600 Wood Lane, Television Centre Redevelopment Project(※) ≈ 55,000 ㎡ London ㎡ Nihonbashi Muromachi 3rd District Chuo-ku, Tokyo ≈ 168,000 Project(※) (ZONE A) 2019 OH-1 Project(Otemachi 1-Chome Block 2)(※) Chiyoda-ku, Tokyo ≈ 357,800 ㎡ Yaesu 2-Chome Central Block Project(※) Chuo-ku, Tokyo ≈ 380,000 ㎡ Yaesu 2-Chome North Block Project(※) Chuo-ku, Tokyo ≈ 293,600 ㎡ Chuo-ku, Tokyo TBD After Nihonbashi Muromachi 1-Chome Project(※) (≈8,000㎡) 2020 Chuo-ku, Tokyo TBD Nihonbashi 1-Chome Block1,2 Project(※) (≈7,000㎡) （仮称）日本橋二計画 Nihonbashi 1-Chome Central Block Chuo-ku, Tokyo TBD （4-12 Square） Project(※) (≈23,000㎡) Hibiya Project Nihonbashi 2-Chome Nihonbashi Muromachi TBD 2-, 3-Chome Block 2 Project(※) Koto-ku, Tokyo ≈ 258,600 ㎡ Redevelopment Project 3rd District Project (Block C) Each FY completed and total floor space may change in the future. Some project names are tentative.

OH-1 Project Yaesu 2-chome North Block project 55 Hudson Yards White City Place Redevelopment project Television Centre Redevelopment project 14 2-1. Leasing Business 2-1-4 Create Neighborhoods in Nihonbashi and Yaesu

Project Map Leasable area classified by use at the date of completion

◆Nihonbashi Area ・ Nihonbashi Muromachi 3rd ・Muromachi Higashi Mitsui Building OH-1 Project District Project Shin-Nihonbashi Sta. ・Muromachi Furukawa Mitsui Building (Otemachi 1-Chome Block2) ・Muromachi Chibagin Mitsui Building JP Building Project

Others Hotel 1.0% 16.7%

Retail 11.5%

Nihonbashi Residential 3.3% Office 67.5%

Nihonbashi Sta. ◆ Nihonbashi 1-Chome Central Block Tokyo Sta. （4～12 Square） Project

日本橋二丁目再開発計画 Nihonbashi 2-Chome Urban Redevelopment Project (Block C) Service Others Apartment 2.2% 3.7% Hotel 11.9% Retail 7.8%

Yurakucho Sta. Residential 15.6% Office 58.8% New Projects

Hibiya Project Other Existing Projects 15 2-1. Leasing Business 2-1-5 Mitsui Fudosan’s Strengths (Retail Facilities)  Diverse types of facilities and a stable revenue structure  Relationships with 2,300 tenant companies Retail Facility Revenue by Category Ratio of Fixed & Sales-Linked Rent by Category (FY ended March 2016) ＊ (FY ended March 2016)＊

100% 8% Other 19% 20% 4% 80% 33% 10% 60% 6% 92% 50% 40% 81% 80% 67% 30% 20%

0% LaLaport Outlet Others All Facilities *Includes master-leased properties Fixed rent Sales-linked rent *Includes master-leased properties Sales at Mitsui Fudosan Retail Facilities

(Billions of yen)

80

60

40

20

0 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016

LaLaPort LAZONA Kawasaki LaLaPort TOYOSU LaLaPort YOKOHAMA *Revenue from operations derived from LaLaport Tokyo Bay has declined during the fiscal year ended March 31, 2013 owing to the partial closure of facilities. 16 2-1. Leasing Business 2-1-6 Pipeline (Retail Facilities)

 Expand profit by new development and large-scale renewal projects

Major Projects (completed in FY2015・FY 2016) Major New Projects (to be completed after FY2017)

FY Project Name Store Floor FY Project Name Store Floor Location Location Opened (※Jointly owned property) Space Opened (※Jointly owned property) Space 2 MITSUI OUTLET PARK JAZZ DREAM LaLaport FUJIMI Fujimi, Saitama ≈ 80,000 m 2017 Kuwana, Mie ≈ 6,200 m2 NAGASHIMA (5th stage) MITSUI OUTLET PARK KLIA SEPANG(※) Selangor, Malaysia ≈ 24,000 m2 m2 (1st stage) Nagoya Komei Project Nagoya, Aichi ≈ 54,600 Taichung City, MITSUI OUTLET PARK HOKURIKU OYABE Oyabe, Toyama ≈ 26,000 m2 MITSUI OUTLET PARK TAICHUNG PORT ≈ 35,000 m2 2018 Taiwan MITSUI OUTLET PARK MAKUHARI 2 MITSUI OUTLET PARK KLIA SEPANG(※) rd Chiba, Chiba ≈ 6,500 m 2015 (3 stage) (2nd stage) Selangor, Malaysia ≈ 9,900 m2 LaLaport EBINA Ebina, Kanagawa ≈ 54,000 m2 (3rd stage) ≈ 9,900 m2 2021 Kuala Lumpur, 2 ≈ 71,000 m2 LaLaport Kuala Lumpur(※) ≈ 80,000 m EXPOCITY Suita, Malaysia LaLaport EXPOCITY Retail Facility Development Project in Aichigun,Aichi TBD New Taipei City, Togocho, Aichi MITSUI OUTLET PARK LINKOU (※) ≈ 45,000 m2 TBD Taiwan Miyashita Park Project -ku, Tokyo TBD 2016 LaLaport SHONAN HIRATSUKA Hiratsuka, Kanagawa ≈ 60,000 m2

Each FY opened and store floor space may change in the future. Some project names are tentative. Major New Projects (Managed) FY Store Floor Project Name Location Opened Space 2015 LaLaport TACHIKAWA TACHIHI Tachikawa, Tokyo ≈ 60,000 m2 Pudong Jinqiao, 2020 LaLaport SHANGHAI JINQIAO ≈ 60,000 m2 Shanghai

LaLaport EBINA EXPOCITY LaLaport SHONAN HIRATSUKA Nagoya Komei Project LaLaport Kuala Lumpur 17 2-2. Property Sales Business 2-2. Property Sales Business 2-2-1 Mitsui Fudosan’s Strengths  Property sales to individuals: Development and sale of condominiums and detached housing to individuals  Property sales to investors: Development and sale of income generating properties to institutional investors Property Sales to Individuals Property Sales Segment: Operating Income (Booked in FY ended March 2016)

(Billions of yen) 70.0 Property sales to individuals

Property sales to investors 60.0

50.0 Park City Osaki GLOBAL FRONT 26.9 33.0 The Tower TOWER 40.0 Property Sales to Investors 18.7 28.1 20.5 (Booked in FY ended March 2016) 30.0 4.3 20.0 7.7 30.8 27.0 6.4 5.4 26.7 23.9 10.0 20.4 1.1 22.7 15.3 11.3 9.7 10.2 0.0 LaLaport SHIN-MISATO Mercure Hotel Yokosuka

19 2-2. Property Sales Business 2-2-2 Mitsui Fudosan’s Strengths (Property Sales to Individuals)

 Operating margin has recovered and Inventories decreased

Property sales to individuals – Condominium - Units Booked and Sales and Operating Margin Year-End Inventories

Revenue (Left) (Units) Unit booked Year-end inventories (Billions of yen) （％） Operating Margin (Right) 400.0 12.0 7,000 11.4 6,557 345.1 350.0 333.0 6,000 316.3 10.0 5,455 5,450 305.0 300.9 298.1 295.2 5,249 300.0 282.6 5,206 4,956 4,858 270.3 5,000 257.2 8.0 4,651 4,512 4,391 250.0 6.6 9.0 8.1 8.1 6.7 4,000 200.0 6.0

3,000 150.0 5.4 3.8 4.0 4.0 2,000 100.0 3.1

2.0 826 872 50.0 1,000 638 380 223 170 83 88 0.0 0.0 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 FY ended (E) FY ended (E)

20 2-2. Property Sales Business 3-2-3Pipeline (Property Sales to Individuals)  An abundant land bank focusing mainly on redevelopment Sales by Bran & Region Land Bank (Condominiums) (FY ended March 2016) (As of March 31, 2016) Based on Mitsui Fudosan Residential results Land acquired approximately 24,000 units ( incl. redevelopment project in the planning phase) Sales by Brand High-grade condominiums Major Large-Scale Projects

Total No. 9% FY to be Project Name Location of Units Reported Sold Middle-grade BAYZ TOWER ＆ GARDEN Koto-ku, Tokyo ≈ 550 condominiums 43% KACHIDOKI THE TOWER Chuo-ku, Tokyo ≈ 1,320 47% Park City Kashiwanoha Campus 2016 Kashiwa, Chiba ≈ 350 The Gate Tower Large-scale developments Park Homes Toyosu The Residence Koto-ku, Tokyo ≈ 690 Park Tower Shin-Kawasaki Kawasaki, Kanagawa ≈ 660 Park City Musashikosugi The Garden Kawasaki, Kanagawa ≈ 590 Towers East 2017 Park City Chuo-Minato The Tower Chuo-ku, Tokyo ≈ 270 Sales by Region BLUE HARBOR TOWER Minatomirai Yokohama,Kanagawa ≈ 300 Park Court Sanbancho Hilltop Residence Chiyoda-ku, Tokyo ≈90 Other regions Park Court Akasaka Hinokicho The Tower Minato-ku, Tokyo ≈ 160 4% Park Court Aoyama The Tower Minato-ku, Tokyo ≈ 160 Park City Musashikosugi The Garden Kawasaki,Kanagawa ≈ 610 Kansai & Chubu Towers West Park Court Hamarikyu The Tower Minato-ku, Tokyo ≈ 360 10% The Shibuya Ward Office Rebuilding Shibuya-ku, Tokyo ≈ 500 After Project 2018 Park Tower Harumi Chuo-ku, Tokyo ≈ 1,100 Project for the area around Shinagawa-ku, Tokyo ≈ 500 Metropolitan Musashikoyama Station Tokyo Yokohama Kitanaka Tower Project Yokohama, Kanagawa ≈ 1,100 Project for the area around Kasuga Bunkyo-ku, Tokyo ≈ 300 86% Korakuen Station 1-chome Nishinakadori Project Chuo-ku, Tokyo ≈ 180 FY to be reported and total number of units sold may change in the future. Some project names are tentative. 21 2-2. Property Sales Business 3-2-4 Model for Cooperation with Investors  Multiple exit strategies and a model for cooperation with investors

Inventory of Property for Sales to Investors Sales Management to a diverse array of contracts investors after sales Total: ≈ ¥701.3 J-REITs managed by the Mitsui Fudosan Group (As of March 31, 2016)

AUM: ¥1,080.3 bn (74 properties)

AUM: ¥296.0 bn (117 properties) Office buildings in operation Planned & under development AUM: ¥284.9 bn (33 properties) Frontier Real Estate 25% Investment Corporation 37% AUM: ¥75.5 bn (9 properties) Retail facilities in Private funds structured and managed by the operation Mitsui Fudosan Group 15%

Mitsui Fudosan Investment Advisors, Inc. AUM: ¥1,295.0 bn (Structures and manages private funds) 14% AUM: ¥233.6 bn (40 properties) Logistics 8% Mitsui Fudosan Private REIT, Inc. facilities in Rental housing operation properties in Institutional investors, operation corporations, etc. Total amount of AUM (on an appraised value basis) and properties owned as of March 31, 2016. However, this does not include Mitsui Fudosan Logistics Park, Inc. 22 2-3． Management Business 2-3． Management Business 2-3-1 Mitsui Fudosan’s Strengths

 Property Management Management and other consignment business relating to office building, retail facility, housing, and Car Park Leasing operations

 Brokerage, Asset management, etc. Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Asset management: Asset management services through four REITs and private funds

Management Business Operating Income

(Billions of yen) 60.0 Property management Brokerage, Asset management, etc.

50.0

Property management 40.0 22.4 22.1 20.8 is highly stable 15.1 30.0 18.5 10.5 Office buildings 8.4 10.2 52.0 20.0 Retail facilities 27.8 28.5 29.9 Housing 23.7 26.4 10.0 20.2 21.2 21.9 Car park leasing 0.0 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 (E)

* Figures for the years ended March 2009 are for reference. 24 2-3． Management Business 2-3-2 Mitsui Fudosan’s Strengths (Property Management)  Stable earnings growth on the back of an increase in consigned properties Car Park Leasing : Track Records (Thousands of units) 200 150

100 191 155 167 124 133 143 50 97 117 118 121 0 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016

Property Management (Sales condominiums):Track Records (Thousands of units) 260 240 220 200 180 244 252 222 229 238 160 210 217 184 196 140 172 120 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016

Property Management (Leasing condominiums):Track Records (Thousands of units) 70 60 50 40 30 52 56 58 44 46 47 50 20 34 38 41 10 0 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 25 2-3． Management Business 2-3-3 Mitsui Fudosan’s Strengths (Brokerage, Asset Management, etc.)  Brokerage Business (Mitsui Rehouse) Boasting No. 1 Transaction Volume

Brokerage market (FY ended March 2016) Number of Stores by Area (As of March 31, 2016)

Fee/Revenue Transactions Transaction Volume Number of Other (Billions of yen) (Units) (Billions of yen) stores Nagoya 10% 1 Mitsui Fudosan Realty Co., Ltd. 75.6 37,827 1,424 275 2 Sumitomo Real Estate Sales Co., Ltd. 56.3 35,987 1,065 257 9% Metropolitan 3 Tokyu Livable, Inc. 48.3 21,939 1,211 158 Kansai Tokyo 4 Nomura Real Estate Group 28.0 7,710 713 72 15% 5 Mitsubishi UFJ Real Estate Services 17.3 6,081 441 43 66% Source：Real Estate Economic Institute (As of May 26, 2016)

 Stable earnings growth due mainly to an increase in assets under management

Assets under Management: Track Record Assets under Management (As of March 31, 2016)

(Trillions of yen) 4.00 3.42 3.47 3.50 3.19 3.32 Private 2.92 funds, 3.00 2.70 2.80 2.70 2.80 etc. 2.50 2.35 31% 2.00 34% 1.50 1.00 8% Originators 0.50 8% 0.00 19% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (As of March, 31) 26 2-4. Logistics facility Business 2-5. Hotel & Resort Business 2-6. Global Business 2-4. Logistics facility Business

 Establish our logistics REIT  Flexibly combine leasing business with trading and management businesses Major Projects Convenient location in close proximity to major transportation arteries including FY Total Floor Project Name Location Completed Space outer beltways and inner city expressways Acquired Yokohama, MFLP Yokohama Daikoku (*1)(*2) ≈ 131,800 ㎡ in 2013 Kanagawa Metropolitan GLP・MFLP Ichikawa Shiohama (*1)(*2) Ichikawa, Chiba ≈ 122,000 ㎡ Tokyo 2013 MFLP Yashio (*2) Yashio, Saitama ≈ 41,900 ㎡ MFIP Inzai (*2) Inzai, Chiba ≈ 45,800 ㎡ MFLP Kuki MFLP Kuki (*2) Kuki, Saitama ≈ 74,500 ㎡ MFLP Sakai (*2) Sakai, Osaka ≈ 133,300 ㎡ 2014 MFLP Funabashi Nishiura (*2) Funabashi, Chiba ≈ 31,000 ㎡ Aiko-gun, MFLP Atsugi (*2) ≈ 43,000 ㎡ Kanagawa Kawagoe Project MFLP Kashiwa MFLP Hino Hino, Tokyo ≈ 213,400 ㎡ 2015 MFLP Yashio MFLP Kashiwa (*2) Kashiwa, Chiba ≈ 31,400 ㎡ MFIP Inzai MFLP FunabashiⅠ Funabashi, Chiba ≈ 198,000 ㎡ MFLP Funabashi Nishiura MFLP Fukuoka Ⅰ Kasuya, Fukuoka ≈ 32,400 ㎡ 2016 Hiratsuka, MFLP Hiratsuka ≈ 33,200 ㎡ MFLP FunabashiⅠ Kanagawa GLP・MFLP Ichikawa Shiohama MFLP Komaki Komaki, Aichi ≈ 42,500 ㎡ MFLP Hino MFLP Inazawa Inazawa, Aichi ≈ 74,300 ㎡ Tokyo Rail Gate EAST 2017 MFLP Ibaraki Ibaraki, Osaka ≈ 241,900 ㎡ Isehara, MFLP Atsugi Ⅱ ≈ 54,000 ㎡ Kanagawa MFLP Atsugi MFLP Yokohama Daikoku Hiratsuka, MFLP HiratsukaⅡ ≈ 43,400 ㎡ MFLP AtsugiⅡ 2018 Kanagawa Shinagawa-ku, MFLP HiratsukaII 2021 Tokyo Rail Gate EAST （*managed） ≈ 161,000 ㎡ Tokyo MFLP Hiratsuka Kawagoe, Kawagoe Project TBD TBD Kanagawa Map date ©2016 Google、ZENRIN FY completed and total floor space may change in the future. KEN-O EXPWY Completed Some project names are tentative. (*1) Jointly owned property Route 16 Under development (*2) Property eligible for incorporation at the time of listing for Mitsui Fudosan Logistics Park, Inc. GAIKAN EXPWY 28 2-5． Hotel and Resort Business

Average Occupancy Rate/Average Daily Rate(ADR) Total 20 hotels （％） （Yen） 5,337 rooms 100 18,000 (As of September 30, 2016) 90 80 16,000 70 14,000 60 50 12,000 40 10,000 30 Average Occupancy Rate（Left） 20 Average Daily Rate(Right) 8,000 10 0 6,000

*Mitsui Garden Hotel Kumamoto was closed during the 1Q and the 2Q of 2016 and accordingly has been excluded from the above data.

Ratio of Foreign guests

（％） 60 FY2013 Kyobashi 50 Nihonbashi Premier (*) FY2014 the Higashi- 2-Chome (*) 40 FY2015

30 Nagoya Premier 20

(*) ･･･ 2018 scheduled 10

0 Average Tokyo Osaka, Other Area 29 2-5．Hotel and Resort Business

 Expand business area, aiming to operate 10,000 rooms Major New Projects (Rooms) To 10,000 rooms 10,000 FY No. of Project Name Type Location Opened Rooms 8,000 AMANEMU 2015 Resort Shima, Mie ≈ 30 Newly (NEMU HOTEL & RESORT) secured Approx. 5,400 Mitsui Garden Hotel Kyobashi Garden Hotel Chuo-ku, Tokyo ≈ 230 6,000 rooms 2016 Mitsui Garden Hotel Nagoya Premier Garden Premier Nagoya, Aichi ≈ 300

4,000 the 8-Chome Hotel Project TBD Chuo-ku, Tokyo ≈ 110 2017 the Kyoto Gion Komatsucho Hotel Project TBD Kyoto, Kyoto ≈ 160 Shinagawa-ku, 2,000 the Higashi-Gotanda 2-Chome Hotel Project Garden Hotel ≈ 370 2018 Tokyo Mitsui Garden Hotel Nihonbashi Premier Garden Premier Chuo-ku, Tokyo ≈ 260 0 Four Seasons Hotels and Resorts 2020 Luxury Hotel Chiyoda-ku, Tokyo ≈ 190 2015 2020 (Year) (OH-1 Project) FY to be opened and number of rooms may change in the future. Some project names are tentative.

AMANEMU Mitsui Garden Hotel Mitsui Garden Hotel the Ginza 8-Chome Mitsui Garden Hotel Four Seasons (NEMU HOTEL & RESORT) Kyobashi Nagoya Premier Hotel Project Nihonbashi Premier Hotels and Resorts (OH-1 Project) 30 2-6．Global Business 2-6-1 Global Business Summary  North America and Europe : Continuously secure excellent business opportunities to build a stable earnings base  China and Asia: Aggressively capture rapidly growing demand for quality housing and expanding consumption Income from oversea Existing Properties

Mid-term Business Plan (Billions of yen) (As of May, 2015) 35.0 30.0 25.0 th 20.0 1200 17 Street Halekulani Hotel (Washington D.C., 2014) (Honolulu , opened in 1984) 15.0 30.0 10.0 12.0 12.0 14.0 5.0 9.1 0.0 3/2013 3/2014 3/2015 3/2016 3/2018 ( T ) 1251 Avenue of the Americas 527Madison Avenue Homer Building Waikiki Parc Hotel (New York, Acquired in 1986) (New York, Acquired in 2008) (Washington D.C., (Honolulu, opened in 1987) Breakdown of Overseas Assets Acquired in 2012) by Country

Asia Overseas 11.1 19% % 8-10 Moorgate (London, 2014)

Europe US Shanjing Outlet Plaza Ningbo 23% 58% (China, opened in 2011) 70 Mark Lane (London, 2014) Domestic 88.9 % St. Regis Hotel& Residences (Singapore, opened in 2008) Total assets: ¥5,374.2billion （as of March 31, 2016） 5 Hanover Square (London, 2012) 31 2-6．Global Business 2-6-2 Pipeline (North America and Europe) New Projects / North America New Projects / Europe

Project Name Expected Rentable Floor Project Name Expected Rentable Floor Type Location Type Location (*Jointly owned property) Completion Space or Units* (*Jointly owned property) Completion Space 270 Brannan（*） San Francisco 2016 ≈ 16,900 ㎡ 1 Angel Court City, London 2016 ≈ 29,400 ㎡ Office （ ） New York 132,600 ㎡ Office White City Place 55 Hudson Yards * 2018 ≈ 2017 ≈ TBD ㎡ 160 Madison(*) New York 2015 ≈ 320 units Redevelopment Project（*） Wood Lane, Mixed- Television Centre London Rental 650 Indiana（*） San Francisco 2017 ≈ 120 units 2018 ≈ TBD ㎡ use Redevelopment Project（*） Housing 525 West 52nd Street（*） New York 2017 ≈ 390 units 2nd & Pike（*） Seattle 2018 ≈ 340 units Each expected completion, rentable floor space and total number of units may change in the future. Some project names are tentative. Includes joint development projects with codevelopers.

Television Centre Redevelopment Project

160 Madison 2nd &Pike J.D.Carlisle Development 1 Angel Court

270 Brannan 525 West 52nd Street 55 Hudson Yards

White City Place Redevelopment Project 650 Indiana 32 2-6．Global Business 2-6-3 Pipeline (China and Asia) New Projects [ Retail Facilities ] New Projects [ Condominiums ]

Project Name Expected Store Floor Project Name Expected Location Location Units* (*Jointly owned property) Opening Space (*Jointly owned property) Completion China Shanghai LaLaport SHANGHAI JINQIAO（*） 2020 ≈ 60,000 ㎡ China Shanghai House Feng Xiang Yuan（*） * ≈ 1,300 units New Taipei City MITSUI OUTLET PARK LINKOU（*） 2016 ≈ 45,000 ㎡ Kuala Lumpur THE MEWS（*） 2017 ≈ 260 units Taiwan MITSUI OUTLET PARK Taichung City 2018 ≈ 35,000 ㎡ Malaysia Petaling Jaya GEO RESIDENCES（*） 2017 ≈ 470 units TAICHUNG PORT Kuala Lumpur Conlay Place（*） 2020 ≈ 370 units MITSUI OUTLET PARK KLIA SEPANG （*） Bartley Ridge（*） 2016 ≈ 870 units Selangor (Phase 1) 2015 ≈ 24,000 ㎡ The Brownstone（*） 2017 ≈ 640 units Malaysia ㎡ Singapore (Phase 2) 2018 ≈ 9,900 The Criterion（*） 2018 ≈ 500 units (Phase 3) 2021 ≈ 9,900 ㎡ Forest Woods（*） 2019 ≈ 520 units Kuala Lumpur LaLaport Kuala Lumpur（*） 2021 ≈ 80,000 ㎡ Ideo Q Chula-Samyan（*） 2016 ≈ 1,600 units Ideo Q Siam-Ratchathewi（*） 2017 ≈ 550 units Ashton Asoke（*） 2017 ≈ 780 units Q Chidlom-Phetchaburi（*） 2017 ≈ 350 units Ideo Mobi Bangsue 2017 660 units Grand Interchange（*） ≈ Ideo Thaphra Interchange（*） 2017 ≈ 840 units Thailand Bangkok Ashton Chula-Silom （*） 2018 ≈ 1,180 units Ideo O₂（*） 2018 ≈ 1,560 units MITSUI OUTLET PARK MITSUI OUTLET PARK Ashton Silom （*） 2018 ≈ 430 units KLIA SEPANG MAHB LINKOU Ideo Mobi Asoke（*） 2018 ≈ 510 units Ideo Sukhumvit 93（*） 2018 ≈ 1,330 units Ideo Mobi Sukhumvit 66（*） 2018 ≈ 300 units Ideo Phaholyothin- 2019 390 units Chatuchak（*） ≈ CitraGarden City Jakarta 2018 470 units Citra Lake Suites（*） ≈ Indonesia The CitraRaya subdivision Tangerang 2024 1,880 units MITSUI OUTLET PARK TAICHUNG PORT LaLaport Kuala Lumpur in the Ecopolis Block（*） ≈ * Phase 1：2016/ Phase 2：2017 Each expected completion ,store floor space and total number of units may change in the future. Some project names are tentative. Includes joint development projects with codevelopers.

Ideo Q CitraGarden City Chula-Samyan Citra Lake Suites 33 3. Summary of Results for the Six Months Ended September 30, 2016 (FY2016) 3. Summary of Results for the Six Months Ended September 30, 2016 (FY2016) 3-1 Consolidated Income Summary (Overall)

(Billions of yen)

Actual/ FY2016/2Q FY2015/2Q Change Full-Year Forecast (as of May 2016) Forecast

Revenue from operations 810.9 798.9 12.0 1,750.0 46.3%

Operating income 114.7 109.6 5.1 220.0 52.2% Non-operating income/expenses (6.4) (6.0) (0.4) (22.0) － Equity in net income of affiliates 1.0 4.8 (3.7) －－ Interest income/expense (12.0) (12.1) 0.1 (26.0) － Other 4.5 1.3 3.2 －－ Ordinary income 108.2 103.5 4.6 198.0 54.7% Extraordinary gains/losses - - - (10.00) － Extraordinary gains ---－－ Extraordinary losses ---－－ Income taxes 36.0 36.9 (0.8) 60.0 － Profit 72.1 66.6 5.5 128.0 － Profit/Loss attributable to (0.6) (0.4) (0.2) 3.0 non-controlling interests － Profit attributable to owners of the parent 72.8 67.0 5.7 125.0 58.3%

35 3. Summary of Results for the Six Months Ended September 30, 2016 (FY2016) 3-2 Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Appendices

(Billions of yen) 【Vacancy Rate 】 Full-Year 9/2016 6/2016 3/2016 3/2015 3/2014 3/2013 FY2016/2Q FY2015/2Q Change Forecast (as of May 2016) Office Buildings and 2.4% 2.3% 2.2% 3.2% 3.5% 3.3% Retail Facilities *1 Revenues from operations 810.9 798.9 12.0 1,750.0 Tokyo Metropolitan Area 1.9% 2.6% 2.6% 3.2% 3.3% 3.8% Leasing 260.7 245.2 15.4 544.0 Office Buildings *2 *1 Consolidated Property sales 241.8 249.8 (7.9) 525.0 *2 Non-Consolidated Management 166.2 160.8 5.3 340.0 【Property Sales to Individuials and Investors】 (Billions of yen) Mitsui Home 103.4 103.8 (0.3) 249.0 FY2016/2Q FY2015/2Q Change Other 38.7 39.1 (0.4) 92.0 Revenue 91.9 167.0 (75.1) Operating income 114.7 109.6 5.1 220.0 Operating Income 4.8 16.9 (12.0) Property Sales Unit 1,550 2,926 (1,376) Leasing 68.5 62.8 5.7 131.0 to Individuals Property sales 39.9 37.1 2.8 60.0 Condominiums 1,261 2,627 (1,366) Management 23.0 25.5 (2.5) 52.0 Detached Housing 289 299 (10)

Mitsui Home (3.1) (3.3) 0.1 4.2 Property Sales Revenue 149.9 82.7 67.1 Other 2.7 3.0 (0.2) 7.0 to Investors Operating Income 35.0 20.2 14.8 Eliminations or corporate (16.3) (15.6) (0.7) (34.2) 【Management】 (Billions of yen) FY2016/2Q FY2015/2Q Change

Revenue 125.4 118.0 7.3 Property Operating Income 14.8 13.8 0.9 Management Car Park Leasing/ 204,495 176,463 28,032 Total Managed Units Revenue 40.7 42.8 (2.0) Brokerage・ Asset Operating Income 8.1 11.7 (3.5) Management Brokerage Units 18,714 18,546 168

36 3. Summary of Results for the Six Months Ended September 30, 2016 (FY2016) 3-3 Consolidated Balance Sheet Summary (Billions of yen) Sep.30, 2016 Mar.31,2016 Change Sep.30, 2016 Mar.31,2016 Change

Current assets 1,575.2 1,520.5 54.6 Current liabilities 892.8 840.6 52.1

Cash & time deposits 167.0 111.1 55.8 Accounts payable - trade 83.3 95.8 (12.5)

Marketable Securities 0.0 0.1 (0.0) Short-term debt* 261.5 240.9 20.5 Real property for sale 1,158.1 1,167.7 (9.6) Commercial paper* (including advances paid for purchases) 159.0 109.0 50.0 Equity investments in properties for sale 6.7 10.1 (3.3) Short-term bonds payable* 79.4 54.8 24.6

Other 243.2 231.3 11.8 Other 309.4 339.9 (30.5) Fixed assets 3,754.1 3,853.6 (99.5) Long-term liabilities 2,475.2 2,544.5 (69.3)

Tangible & intangible fixed assets 2,961.1 2,968.9 (7.7) Corporate bonds* 278.4 304.0 (25.6)

Investment securities 575.6 667.8 (92.2) Long-term debt* 1,494.8 1,517.3 (22.5)

Lease deposits 132.0 133.9 (1.8) Deposits from tenants 371.6 373.0 (1.4)

Other 85.2 82.9 2.2 Other 330.3 350.0 (19.6)

Interest-bearing debt* 2,273.2 2,226.2 47.0

Total net assets 1,961.3 1,989.0 (27.7)

Common Stock 339.7 339.7 -

Capital Surplus 413.6 413.6 (0.0)

Retained Earnings 697.4 640.2 57.2

Other 510.3 595.3 (85.0) Total assets 5,329.3 5,374.2 (44.8) Total liabilities & net assets 5,329.3 5,374.2 (44.8) *Interest-bearing debt: short-term debt + commercial paper + short-term bonds payable + corporate bonds + long-term debt

Sep.30, 2016 Mar.31,2016 Change

D/E ratio (Times) 1.20 1.16 0.04 Equity ratio (%) 35.7% 35.8% ( 0.1)pt 37 4. Forecasts for the Year to March 2017 (FY 2016) 4. Forecasts for the Year to March 2017 (FY2016)

Consolidated Income Statements (Forecasts ) Appendices

(Billions of yen) 【Property Sales】 (Billions of yen) 3/2017 3/2016 3/2017 3/2016 Forecast Actual Change Forecast Actual Change (FY2016) (FY2015) (FY2016) (FY2015) Property Sales to Revenue from Operations 333.0 295.2 37.7 Revenues from operations 1,750.0 1,567.9 182.0 Individuals Leasing 544.0 509.1 34.8 Condominiums 289.0 253.4 35.5 Property sales 525.0 391.5 133.4 Revenue from Detached Housing 44.0 41.8 2.1 Management 340.0 334.6 5.3 Operations/ Operating Operating Income 27.0 23.9 3.0 Mitsui Home 249.0 247.4 1.5 Income Other 92.0 85.1 6.8 Operating Margin(%) 8.1% 8.1% 0.0pt Operating income 220.0 202.4 17.5 Condominiums 5,450 4,391 1,059 Leasing 131.0 124.1 6.8 Unit Property sales 60.0 44.5 15.4 Detached Housing 700 751 (51) Management 52.0 52.4 (0.4) Revenue from Operations 192.0 96.2 95.7 Property Sales to Mitsui Home 4.2 4.7 (0.5) Investors Operating Income 33.0 20.5 12.4 Other 7.0 7.1 (0.1) Eliminations or corporate (34.2) (30.4) (3.7) (Billions of yen) 【 Financial Position】 Non-operating income/expenses (22.0) (19.9) (2.0) 3/2017 3/2016 Forecast Actual Change Interest income/expense (26.0) (24.7) (1.2) (FY2016) (FY2015) Other 4.0 4.7 (0.7) Tangible and Intangible Assets Ordinary income 198.0 182.5 15.4 Extraordinary gains/losses (10.0) (1.2) (8.7) New Investments 230.0 207.1 22.8 Income before income taxes 188.0 181.3 6.6 Depreciation 70.0 67.4 2.5 Income taxes 60.0 62.0 (2.0) Real Property for Sales (including Advances Pail or Purchases) Profit 128.0 119.3 8.6 New Investments 580.0 514.5 65.4 Profit attributable to non-controlling interests 3.0 1.5 1.4 Cost Recovery 400.0 302.0 97.9 Profit attributable to owners 125.0 117.7 7.2 Interest-Beaning Debt 2,450.0 2,226.2 223.7 of the parent

◆Dividends Mitsui Fudosan is expecting to increase its dividend per share for the fiscal year ending March 31, 2017 to ¥32 per share comprising an interim and period-end dividend of ¥16 per share. 39 5. Summary of Results for the Year Ended March 31, 2016 (FY2015) 5. Summary of Results for the Year Ended March 31, 2016 (FY2015) 5-1 Consolidated Income Summary (Overall)

(Billions of yen)

Actual/ FY2015 FY2014 Change Full-Year Forecast (as of May 2015) Forecast

Revenue from operations 1,567.9 1,529.0 38.9 1,610.0 97.4%

Operating income 202.4 186.0 16.4 195.0 103.8% Non-operating income/expenses (19.9) (22.7) 2.7 (24.0) － Equity in net income of affiliates 5.5 2.3 3.1 －－ Interest income/expense (24.7) (25.6) 0.9 (28.0) － Other (0.8) 0.5 (1.3) －－ Ordinary income 182.5 163.3 19.1 171.0 106.7% Extraordinary gains/losses (1.2) 3.4 (4.6) －－ Extraordinary gains 2.6 5.6 (2.9) －－ Extraordinary losses 3.8 2.1 1.7 －－ Income taxes 62.0 61.6 0.3 62.0 － Profit * 119.3 105.1 14.1 109.0 － Profit/Loss attributable to 1.5 4.9 (3.3) 2.0 non-controlling interests * － Profit attributable to owners of the parent * 117.7 100.1 17.5 107.0 110.0%

•The accounting line item net income has been renamed as profit. ◆Extraordinary Gains This reflects changes in the overall concept and accounting line item Gain on Sales of Investment Securities 2.6 designation of net income in accordance with revisions to accounting 2.6 standards in Japan. ◆Extraordinary Losses ◆ Loss on Disposal of Fixed Assets 3.8 Dividends The Company paid a period-end cash dividend of ¥16.00 per share for the fiscal 3.8 year ended March 31, 2016, an increase of ¥2.00 per share compared with the forecast announced at the start of the period. 41 5. Summary of Results for the Year Ended March 31, 2016 (FY2015) 5-2 Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Appendices

(Billions of yen) 【Vacancy Rate 】 Full-Year 3/2016 12/2015 9/2015 6/2015 3/2015 3/2014 FY2015 FY2014 Change Forecast (as of May 2015) Office Buildings and 2.2% 2.6% 3.3% 3.4% 3.2% 3.5% Retail Facilities *1 Revenues from operations 1,567.9 1,529.0 38.9 1,610.0 Tokyo Metropolitan Area 2.6% 3.4% 3.8% 4.0% 3.2% 3.3% Leasing 509.1 464.8 44.3 496.0 Office Buildings *2 *1 Consolidated Property sales 391.5 425.4 (33.8) 446.0 *2 Non-Consolidated Management 334.6 317.8 16.8 337.0 【Property Sales to Individuials and Investors】 (Billions of yen) Mitsui Home 247.4 242.1 5.3 242.0 FY2015 FY2014 Change Other 85.1 78.7 6.3 89.0 Revenue 295.2 298.1 (2.8) Operating income 202.4 186.0 16.4 195.0 Operating Income 23.9 26.7 (2.7) Property Sales Unit 5,142 5,757 (615) Leasing 124.1 107.8 16.2 116.0 to Individuals Property sales 44.5 45.4 (0.9) 50.0 Condominiums 4,391 4,858 (467) Management 52.4 49.3 3.1 50.0 Detached Housing 751 899 (148) Mitsui Home 4.7 4.0 0.7 3.5 Property Sales Revenue 96.2 127.3 (31.0) to Investors Other 7.1 5.1 1.9 5.5 Operating Income 20.5 18.7 1.8 Eliminations or corporate (30.4) (25.8) (4.6) (30.0) 【Management】 (Billions of yen) FY2015 FY2014 Change Revenue 247.1 235.2 11.8

Property Operating Income 29.9 28.5 1.4 Management Car Park Leasing/ 191,450 166,752 24,698 Total Managed Units Revenue 87.4 82.5 4.9 Brokerage・ Asset Operating Income 22.4 20.8 1.6 Management Brokerage Units 37,811 37,147 664

42 5. Summary of Results for the Year Ended March 31, 2016 (FY2015) 5-3 Consolidated Balance Sheet Summary (Billions of yen) Mar.31,2016 Mar.31,2015 Change Mar.31,2016 Mar.31,2015 Change

Current assets 1,520.5 1,374.8 145.6 Current liabilities 840.6 672.4 168.2

Cash & time deposits 111.1 107.1 4.0 Accounts payable - trade 95.8 98.2 (2.3)

Marketable Securities 0.1 12.3 (12.1) Short-term debt* 240.9 209.5 31.4 Real property for sale 1,167.7 1,031.0 136.6 Commercial paper* (including advances paid for purchases) 109.0 - 109.0 Equity investments in properties for sale 10.1 9.6 0.4 Short-term bonds payable* 54.8 37.5 17.3

Other 231.3 214.6 16.7 Other 339.9 327.1 12.8 Fixed assets 3,853.6 3,702.2 151.4 Long-term liabilities 2,544.5 2,472.6 71.9

Tangible & intangible fixed assets 2,968.9 2,788.6 180.3 Corporate bonds* 304.0 342.5 (38.5)

Investment securities 667.8 700.6 (32.8) Long-term debt* 1,517.3 1,386.5 130.8

Lease deposits 133.9 127.9 5.9 Deposits from tenants 373.0 365.2 7.7

Other 82.9 84.9 (1.9) Other 350.0 378.2 (28.1)

Interest-bearing debt* 2,226.2 1,976.1 250.0

Total net assets 1,989.0 1,932.0 56.9

Common Stock 339.7 339.7 -

Capital Surplus 413.6 413.7 (0.1)

Retained Earnings 640.2 549.6 90.5

Other 595.3 628.8 (33.4)

Total assets 5,374.2 5,077.1 297.1 Total liabilities & net assets 5,374.2 5,077.1 297.1 *Interest-bearing debt: short-term debt + commercial paper + short-term bonds payable + corporate bonds + long-term debt

Mar.31,2016 Mar.31,2015 Change

D/E ratio (Times) 1.16 1.06 0.10 Equity ratio (%) 35.8% 36.9% ( 1.1)pt 43 5. Summary of Results for the Year Ended March 31, 2016 (FY2015) 5-3 Consolidated Balance Sheets Summary Total Assets: ¥5.37 trillion (Billions of yen) Interest-Bearing Debt/Long- Real Property for Sale 1,167.7 Current assets1,520.5 Liabilities 3,385.2 Short Borrowing Ratio (including Advances Paid for Purchases) Cash and time deposit 111.1 Interest-bearing debt 2,226.2 (Contract base excl. non- Real property for sale recourse debt) （Billions of yen） 1,167.7 (Non-recourse debt) (322.0) 1 year and shorter Other Other 241.6 10% 144.1 13% Fixed assets 3,853.6 Mitsui Fudosan Tangible and intangible 2,968.9 Mitsui Residential fixed assets Fudosan 458.4 317.8 Deposits from tenants 373.0 39% over 1 year 27% (Rental properties) (2,648.3) SPC Total Other 785.9 90% 247.1 21% Net assets 1,989.0 (Shareholders' equity) (1,922.3)

Rental properties 2,648.3 Investment securities 133.9 Interest-Bearing Debt/Direct Finance Ratio (Contract base excl. non-recourse debt) （Billions of yen） Other 750.8 Other34.1 Planned 1% New investments(Tangible and 207.1 &under intangible fixed assets) * SBs Depreciation development 67.4 13% 606.9 Office * New investments include the increase in tangible and intangible fixed assets 23% buildingsOffice in at subsidiaries in which the Company invested during the period. buildings in operation ◆Rental properties （Billions of yen) Retail operation Bank borrowings, CP facilities 383.4 1,623.7 At March 31, 2016 At March 31, 2015 Change in operation 15% 61% (FY2015 Year-end) (FY2014 Year-end) 87% Market value 4,560.5 4,054.3 506.1 Book value 2,648.3 2,489.9 158.4 Unrealized gain 1,912.1 1,564.4 347.7 44 Appendices (Market Trends) Appendix 1 Leasing Business Market Trends (Office Buildings) Office Vacancy Rate (%) Mitsui fudosan(Tokyo Metro;non-consolidated) Source: Miki Shoji 10.00 Central Tokyo 5 Wards(Source:Miki Shoji) 9.43% 8.00 6.7% 8.57% (12/6) 8.56% (14/03) (03/6,8) (13/3) 5.30% 6.00 5.3% (15/3) 4.34% (12/6) (16/3) 5.8% 4.00 2.49% 3.70% (03/9) (07/11) (16/9) 3.8% 0.9% 3.3% 3.2% 2.00 (13/3) (06/6) 0.9% (14/3) (15/3) 2.6% 1.9% (07/6) (16/3) (16/9) 0.00 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 （Year/Month） Trends of Supply Volume of Large-Scale Office Buildings within Tokyo’s 23 Wards

(Million ㎡) 2.50 Completed Uncompleted (other 20 wards) Uncompleted (central 3 wards) Forecast supply volume after FY2016 (annual average) 2.16 2 Past(‘86~’15) supply volume 1.14 million m /year 2.00 (annual average) (total floor space) 1.03 million m2/year 1.75 1.54 (total floor space) 1.50 1.39 1.37 1.25 1.21 1.19 1.17 1.24 1.09 1.02 0.34 1.00 0.91 0.86 0.85 0.87 0.5 0.57 0.72 0.77 0.25 0.65 0.58 0.69 0.18 0.50 1.05 0.77 0.75 0.8 0.51 0.00 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 (Calendar years) Source: Mori Building (As of April, 2016) 46 Appendix 1 Leasing Business Market Trends (Office Buildings)

Net Absorption Trend （ 5 wards of Central Tokyo ）

(Million ㎡) 1.5

1.0

0.5

0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (Calendar years) (Jan.-Sep.) -0.5

Source: Sanko Estate -1.0

Office Building Market Trend (Average Rent and Vacancy Rate)

(Yen/Tsubo) Average rent(Left) Vacancy rate(Right) （%） 25,000 10 9 20,000 8 7 15,000 6 0808： 22,901 Yen/Tsubo 5 10,000 1312:16,207 Yen/Tsubo 4 1412:16,953 Yen/Tsubo 1512:17,692 Yen/Tsubo 3 5,000 1609:18,336 Yen/Tsubo 2 1 0 0 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/03 12/3 13/3 14/3 15/3 16/03 Source: Miki Shoji （Year/Month） 47 Appendix 1 Leasing Business Market Trends (Office Buildings)

Reason for Company Relocation Desired Areas for Planned Lease of Office Space 3 wards of central Tokyo* To Establish a Department/To Expand Business /To Accommodate an Increase in Employees Otemachi Better Location Yurakucho Anti-seismic Design Uchisaiwaicho Hibiya More Floorspace per Floor Kojimachi/Bancho Higher Grade Facilities Hirakawacho/Kioicho Lower Rent/Lower-Priced Building Superior Security Yaesu

Disaster Prevention Systems Nihonbashi /Backup Systems Kyobashi To Pursue a New Business Project Ginza 2015(Total381) 2015(Total399) Harumi Location That Enhances Corporate Status 2014(Total337) 2014(Total399) To Consolidate Offices

Current Building is to be Redeveloped Kamiyacho Eco-conscious /Environment-Friendly Building Akasaka Necessary to Establish Annex /Separate Office Aoyama Building Owner Enjoys a High Degree of Trust (in the case of leasing) Hamamatsucho

As a Temporary Move Daiba/ To Establish a New Branch Office /Business Office Shinagawa(around station)

0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Source: Mori Building ”Report of the Result of the 2015 Survey of Office Needs in Tokyo’s 23 Wards” (As of December, 2015) ＊3 wards means Chiyoda-ku, Chuo-ku, Minato-ku 48 Appendix 2 Leasing Business Market Trends (Retail Facilities)

Year-on-Year Change in Sales by Category

4.0% 1.6% 2.0% 0.3% 0.3% 0.5% 0.7% 0.0% -0.8% -0.5% 0.3% 0.0% -0.7% -0.2% -2.0% 0.3% 0.1% 0.0% -0.7% -0.5% -0.7% -0.2% -2.0% -1.3% -0.6% -1.4% -1.5% -2.6% -1.9% -2.6% -2.0% -4.0% -2.7% -4.3% -3.1% -4.3% -6.0% -8.0% -6.8% General shopping centers Department stores Chain stores -10.0% -10.1% -12.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (Calendar years) Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association

Mitsui Fudosan: Year-on-Year Change in Sales

LaLaport (existing facilities) & Outlet park (existing facilities) 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% 2012/1Q 2012/2Q 2012/3Q 2012/4Q 2013/1Q 2013/2Q 2013/3Q 2013/4Q 2014/1Q 2014/2Q 2014/3Q 2014/4Q 2015/1Q 2015/2Q 2015/3Q 2015/4Q 2016/1Q 2016/2Q (12/4-6) (12/7-9) (12/10-12) (13/1-3) (13/4-6) (13/7-9) (13/10-12) (14/1-3) (14/4-6) (14/7-9) (14/10-12) (15/1-3) (15/4-6) (15/7-9) (15/10-12) (16/1-3) (16/4-6) (16/7-9)

49 Appendix 3 Property Sales Business Market Trends (Property Sales to Individuals)

Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory

(Thousand of units) Inventories(Left) （%） 12 72.0％ 90.0 Initial month contract rate(Right) 82.1% 79.8% 79.6% （16/9） 85.0 10 79.2% （13/3） （14/3） （15/3） （12/3） 80.0 8 67.6% 75.0 （16/3） 6 70.0

65.0 4 60.0 2 55.0

0 50.0 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 11/1 11/7 12/1 12/7 13/1 13/7 14/1 14/7 15/1 15/7 16/1 16/7 （Year/Month） Source: Real Estate Economic Institute

Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit

(Thousand of units) New units launched (Left) Average unit price metro Tokyo (Right) (Millions of yen) (Figures in bracket indicate OY change) 100 90 84 49.2 55.1 47.7 47.1 80 74 45.3 45.4 (8.6%) (9.1%) 50.0 (2.8%) (4.0%) 45.7 70 61 (-5.0%) (-2.9%) (-0.8%) 50.6 60 56 (2.7%) 46.4 50 44 45 45 46 45 (10.6%) 40 37 40 36 42.0 40.0 41.0 30 (2.2%) 20 (0.1%) 10 0 30.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016（E ） (Calendar years) Source: Real Estate Economic Institute 50 Appendix 4 Property Sales Business Market Trends (Property Sales to Investors)

Acquisition of Assets by J-REITs & J-REIT Index 2,200 Acquisition of assets by J-REIT (Left) TSE REIT Index (excl. dividends) (Right) (Billions of yen) 2,000

900 1,800 800 1,600 700 1,400 600 1,200 500 1,000 400 800 300 200 600 Jan.~Dec. 2011 Jan.~Dec.2012 Jan.~Dec.2013 Jan.~Dec.2014 Jan.~Dec.2015 Jan.~Sep. 2016 100 ≈ ¥710bn ≈ ¥800bn ≈ ¥2.28T ≈ ¥1.59T ≈ ¥1.59T ≈ ¥1.46T 400 0 200 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Source: The Association for Real Estate Securitization

Yield Benchmark, Offices in Prime Locations 5.0%

4.0%

3.0% 3.5% 3.5% 3.5% 3.5% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.2% 3.0% 2.9% 2.8% 2.8% 2.0% 0606 0612 0706 0712 0806 0812 0906 0912 1006 1012 1106 1112 1206 1212 1306 131214061412150615121606 Source: Survey by Japan Real Estate Institute Offices in prime locations: Office building around five-years old located in Marunouchi, Otemachi, and Nihonbashi area with total and standard floor areas of 20,000 tsubo or more and 500 tsubo or more, respectively. Yield benchmark (on an NCF basis): Yield by use and region based on an assessment of capitalization rates by the Japan Real Estate Institute. 51 Appendix 5 Shareholder Composition

Shareholder Composition as of March 31

Individuals Financial Institutions Foreign Other companies, etc. 2016 4.6 33.7 52.3 9.4 2015 5.0 31.9 54.0 9.1 2014 4.7 34.2 50.3 10.7 2013 5.8 35.9 47.9 10.4 2012 6.0 36.5 47.5 10.0 2011 6.1 35.6 48.3 10.0 2010 6.2 34.5 49.4 9.9 2009 6.3 37.0 47.3 9.4 2008 6.3 33.8 50.3 9.6 2007 6.4 36.7 47.8 8.8 2006 7.5 39.1 45.1 8.3 2005 9.3 45.7 37.6 7.5 2004 9.9 47.8 34.4 7.9 2003 10.9 52.9 29.1 7.1 2002 10.7 51.6 28.9 8.9 2001 10.9 49.0 30.2 9.9 2000 13.4 46.7 27.8 12.2 1999 11.5 52.2 25.1 11.3 1998 10.7 51.1 26.3 11.9 1997 11.9 48.8 25.6 13.7

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 52 Appendix 6 Operating Income by Segment

Financial accounting segments Innovation 2017 segments

FY2015 actual FY2015 actual (Billions of yen)

Leasing 124.1 Holding Holding 114.5

2001 and Subleasing prior

2002 and after

Property Sales 44.5 Trading 44.5

Management 52.4 Management 62.0

Mitsui Home 4.7 Other 7.1 Other (18.6) Eliminations (30.4)

Total 202.4 Total 202.4

53 Disclaimer

This presentation contains forward-looking statements including details regarding the Company’s business results forecasts, development plans, and targets. All forward- looking statements are based on judgments derived from the information available to the Company at the time this presentation was issued, and are subject to a variety of risks and uncertainties.

As a result, actual results may differ materially from the Company’s forecasts due to a number of factors including changes in economic conditions, market trends, and shifts in the operating environment.

Although we exercised all due care in the preparation of this presentation, we assume no obligation to update, revise, or correct any of the statements and do not attest to or guarantee their usefulness, suitability for a specific purpose, functionality, or reliability.

Moreover, this presentation is not intended to solicit investment of any kind. Investment decisions should be based solely on the judgments of investors.

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