Investor Presentation November 2014

www.mitsuifudosan.co.jp/english Contents

1．About Mitsui Fudosan 2-3 Management 1-1 Highlights 3 2-3-1 Mitsui Fudosan’s Strengths 28 1-2 Performance Highlights 4 2-3-2 Mitsui Fudosan’s Strengths 1-3 Financial Highlights 5 (Property Management) 29 1-4 Long-Term Business Plan Innovation 2017 6 2-3-3 Mitsui Fudosan’s Strengths 1-5 Summary of The Offering 9 (Brokerage, Asset Management, etc.) 30 2． Core Businesses: Overview & Strengths 2-4 Global Business 31 2-1 Leasing 3． Summary of Results for the Six Months Ended Sept. 30, 2014 (FY 2014) 2-1-1 Analysis of Revenue 12 3-1 Consolidated Income Summary (Overall) 35 2-1-2 Premier Assets (Office Buildings) 13 3-2 Consolidated Segment Revenue & Operating Income 36 2-1-3 Premier Assets (Retail Facilities) 14 3-3 Consolidated Balance Sheet Summary 37 2-1-4 Mitsui Fudosan’s Strengths (Office Buildings) 15 4． Forecast for the Year to March 2015 (FY 2014) 2-1-5 Pipeline (Office Buildings) 16 Consolidated Income Summary 39 2-1-6 Create Neighborhoods in Nihonbashi and Yaesu 17 5． Summary of Results for the Year Ended March 31, 2014 (FY 2013) 2-1-7 Mitsui Fudosan’s Strengths (Retail Facilities) 18 5-1 Consolidated Income Summary (Overall) 41 2-1-8 Pipeline (Retail Facilities) 19 5-2 Consolidated Segment Revenue & Operating Income 42 2-2 Property Sales 5-3 Consolidated Balance Sheet Summary 43 2-2-1 Mitsui Fudosan’s Strengths 21 Appendices (Market Trends) 2-2-2 Major Projects (Property Sales to Individuals) 22 Appendix 1 Leasing Business Market Trends (Office Buildings) 46 2-2-3 Mitsui Fudosan’s Strengths Appendix 2 Leasing Business Market Trends (Property Sales to Individuals) 23 (Retail Facilities) 49 2-2-4 Pipeline (Property Sales to Individuals) 24 Appendix 3 Property Sales Business Market Trends 2-2-5 Model for Cooperation with Investors 25 (Property Sales to Individuals) 50 2-2-6 Model for Cooperation with Investors Appendix 4 Property Sales Business Market Trends (Logistics facilities) 26 (Property Sales to Investors) 51 Appendix 5 Shareholder Composition 52 Appendix 6 Operating Income by Segment 53 Disclaimer 54 1 1. About Mitsui Fudosan 1. About Mitsui Fudosan 1-1 Highlights Mitsui Fudosan Highlights (For the year ended March 31, 2014)

Revenue from Operations 1,515 billions of yen

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 2% Property Sales Brokerage Asset Retail Space to Investors Units booked Management,etc Facilities (Incl. Managed 16% 28% AUM 35% Properties) (Condominiums) Sales Ratio Sales Sales Office Buildings Ratio Ratio 2,738 thousand ㎡ Office 6,557 3.32 Buildings Property Sales Property trillion yen 63% Retail Facilities to Individuals units Management 1,714 thousand ㎡ 84% 72% 3 1. About Mitsui Fudosan 1-2 Performance Highlights

Net income Operating income Leasing Management Property sales (Left) (Right) Long-Term Business Plan (As of April, 2012) (Billions250 of yen) 240.0 (Billions of yen) 120.0 110.0

183.0 200 100.0 172.5 163.0 171.5 90.0 148.1 83.5 27.0 46.0 76.8 49.2 126.0 23.0 80.0 150 120.5 120.0 67.0 15.7 49.9 12.4 16.1 60.0 41.5 59.4 50.0 60.0 38.8 29.7 34.3 100 32.1 49.9 50.1

40.0

50 104.3 109.2 102.0 94.1 95.5 88.9 95.6 20.0

0 OtherOther* *1 -136 -110 0 -106 -171 -171 -197 -208 -150 0.0 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 (E) 3/2015 (T) 3/2018 (G)

Depreciation 48.8 50.2 52.9 53.2 59.0 56.0 60.0 －－ (Billions of yen)

Cash dividends 22 22 22 22 22 22 22 －－ per share (Yen)

Payout ratio (%) 23.1 32.2 38.7 38.5 32.5 25.1 21.5 *2 －－

*1 Other include Mitsui Home, other segments and nonconsolidated general & administrative expenses. *2 Before considering capital increase The figures of FY2013 or after reflect the effect of the SPC consolidation. 4 1. About Mitsui Fudosan 1-3 Financial Highlights

※The Long-term Business Plan is on a April 2012 disclosure basis

(Left) Interest-bearing debt Debt/Equity ratio (Right) Shareholders’ equity B/S as of March 31, 2014 (Billions of yen) (Times) (Billions of yen) 2,500.0 2.00 1.80 2,230.0 1.80 1.71 1.62 1.60 2,100.0 Real property for sale (including advances 2,120.2 *1 961.4 2,000.0 1.60 paid for purchases) Interest-bearing debt 2,040.0 1,740.0 1,743.4 2,040.0 1.50 1.40 Due to SPC consolidation 1,500.0 1.20 1,274.3 1,181.1 1.00 Tangible and intangible 1,078.1 fixed assets 2,526.1 1,019.9 Other 1,183.3 1,000.0 0.80 (Rental properties) (2,256.7) 0.60

500.0 0.40 Net assets 1,325.4

0.20 (Shareholders' equity) (1,274.3) Other 1,061.2 0.0 0.00 3/2011 3/2012 3/2013 3/2014 3/2015 (E) 3/2018 (G) *１ Expectation of D/E ratio does not consider the impact of capital increase Long-Term Assets 4,548.8 Debt and Equity 4,548.8 Business Plan ◆Changes in D/E Ratio (Times) 2.50 ◆Rental properties （Billions of yen) 2.22 At March 31, 2014 At March 31, 2013 2.00 Change 2.00 (FY2013 Year-end) (FY2012 Year-end) 1.86 1.73 1.71 1.80 1.60 1.62 1.40 1.77 1.60 Market value 3,472.6 3,168.0 304.6 1.50 Book value 2,256.7 2,247.5 9.2 1.33 Unrealized gain 1,215.9 920.4 295.4 1.00 3/'03 3/'04 3/'05 3/'06 3/'07 3/'08 3/'09 3/'10 3/'11 3/'12 3/'13 3/'14 5 1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017

Earnings Targets, Segment Earnings Targets, and Benchmarks

Long-Term Business Plan FY2014 (on a April 2012 disclosure basis) FY2012 Actual FY2013 Actual Estimates as of May, 2014 FY2014 Targets FY2017 Goals Operating ¥240 billion or ¥148.1 billion ¥172.5 billion ¥183 billion ¥163 billion income higher ¥110 billion or Net income ¥59.4 billion ¥76.8 billion ¥90 billion ¥67 billion higher

ROA 3.66% 4.07% ― Approx. 3.8% Approx. 5.5%

Debt/Equity Approx. 1.8 1.80 1.60 ― Approx. 1.5 times ratio times Interest-bearing Approx. ¥2,100 ¥2,120.2 billion ¥2,040.0 billion ¥2,230 billion ¥2,160 billion debt billion

 Operating income by segment

Long-Term Business Plan FY2014 (on a April 2012 disclosure basis) FY2012 Actual FY2013 Actual Estimates as of May, 2014 FY2014 Targets FY2017 Goals

Leasing ¥104.3 billion ¥109.2 billion ¥102 billion 95 billion 128 billion

Property sales ¥23.0 billion ¥27.0 billion ¥46 billion 39 billion 60 billion

Management ¥41.5 billion ¥49.9 billion ¥50 billion 40 billion 52 billion

6 1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017

Investment Plan

(Billions of yen)

FY2014 Long-Term Business Plan Innovation 2017 FY2012 FY2013 Estimates 3 Years (on a April 2012 disclosure basis) Area and Type (Actual) (Actual) as of May, Total FY2012～2017 FY2012～2014 FY2015～2017 2014 Total Domestic Capital 66.0 123.0 163 352 300 400 Approx. 800 expenditures ～400 ～500 (cost recovery 200)

Overseas Capital expenditures 48.0 37.0 102 187 200 200 Approx. 500 (Europe, North America ～300 ～300 (cost recovery 100) & Asia)

Real property 1,000 1,300 Approx. 2,400 for sale 389.0 378.0 395 1,162 ～1,100 ～1,400 (cost recovery 2,400) (Domestic)

* The investment amounts indicated above are approximate 60% of total overseas investment will be in Europe and N. America, 40% will be figures and include equity investments. in Asia

Two-thirds of total investment will be in property sales to individuals, one-third will be in property sales to investors 7 1. About Mitsui Fudosan 1-4 Long-Term Business Plan Innovation 2017

Strengthen the Competitiveness of Our Domestic Business  Create neighborhoods • Larger, higher quality portfolio in central Tokyo area • Quickly bring planned developments on stream • Promote the Smart City

 Evolve the housing business • Increase units supplied and profitability in property sales to Mitsui Housing Mall individuals • Housing brokerage business: maintain No. 1 position Mitsui Housing Mall • Remodeling business: Become the leading brand for high- Central Desk value-adding remodeling Customer Communication  Evolution of our model for cooperation with investors New condos & Previously Custom –built Remodeling Leased • Add new asset classes, including logistics facilities detached owned condos homes housing homes & detached Mitsui homes • Expand assets under management Mitsui Fudosan Fudosan Mitsui Mitsui Mitsui Housing (sponsored REITs, private REIT) Residential Rehouse Home Reform Lease

Mutual cooperation among group companies Develop Global Operations  Be more active in Europe, North America and Asia • Europe & N. America: Build up a portfolio mainly consisting of offices for lease • Asia: Be more active in developing housing, retail facilities & office 5 Hanover Square Shanghai New Town buildings (London) Development Project 8 1. About Mitsui Fudosan 1-5 Summary of The Offering

New Shares offered 110,000,000shares Total Amount to be Paid 330.9 billion yen ※Payment Date:June23 and 23,July22,2014 Background for the offering

Current Situation of Mitsui Fudosan Group Stable progress in Long-Term Business Plan“Innovation2017”

Advanced Rich Development Achievement of our Pipeline Income Target in (Mixed-Use Future Opportunities FY2014 Development)

Executing Our Rich Take Advantage of New Development Pipeline Business Opportunities (Business/Asset Class/Region)

Dynamic Change in Macro Environment A chance to achieve new growth Improved Business Conditions

Abenomics Our Strategies

Tokyo Olympics National Strategic & Paralympics Special Zone Creativity that Results Reinforcement of in High Value-Added Financial Position Improvement of Infrastructure Strengthen Tokyo’s International Competitiveness

9 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

Revenue: ¥449.6 bn (Billions of yen) 500 (FY ended March 2014) Office buildings Retail facilities 450 Other ¥7.2 bn 400 % 350 Retail 1 facilities 300 284.5 157.8 bn 286.9 Domestic 303.0 291.7 283.6 office 250 303.4 35% buildings 265.5 ¥254.8 bn 200 234.2 Overseas office % 222.0 buildings 57 150 ¥29.7 bn 100 % 148.6 157.8 7 121.9 125.8 131.5 50 92.2 107.3 56.9 68.2 0 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014

12 2-1. Leasing Business 2-1-2 Premier Assets（Office Buildings）

Sumitomo Mitsui Banking Corporation Head Office Akasaka Biz Tower Gate City Ohsaki (1999) Building (2010) (2008)

Kasumigaseki Building (1968)

GranTokyo North Tower (2007)

Nihonbashi 1-Chome Mitsui Building (2004) Nihonbashi Muromachi East District Development Projects （2014） Tokyo Midtown (2007)

13 2-1. Leasing Business 2-1-3 Premier Assets (Retail Facilities)

LaLaport TOKYO-BAY （1981） Urban Dock LaLaport TOYOSU （2006） LaLaport YOKOHAMA（2007）

LAZONA Kawasaki Plaza (2006） Koujun Building （2004） LaLagarden KAWAGUCHI （2008）

MITSUI OUTLET PARK JAZZ DREAM NAGASHIMA MITSUI OUTLET PARK SHIGA RYUO MITSUI OUTLET PARK KISARAZU (Expanded in 2011) （ Expanded in 2013） （Expanded in 2014） 14 2-1. Leasing Business 2-1-4 Mitsui Fudosan’s Strengths (Office Buildings)  A portfolio concentrated in central Tokyo and relationships with quality tenants (3,000 companies) Office Building Revenue by Area Office Building Lease Contract Duration (FY ended March 2014; nonconsolidated) (FY ended March 2014; nonconsolidated)

Regions Other metropolitan Tokyo 7% 5.1 years 2 years 5 Wards of or more or less 15% central 19% Tokyo 38% 78% 2.1-5 years 43% Average contract duration: 4.2 years

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

15 2-1. Leasing Business 2-1-5 Pipeline (Office Buildings)  Using our development capabilities to continuously improve our portfolio Major Newly on-stream Projects and full-term contribution Projects Major Newly Projects (completed in FY2013・FY 2014) (to be completed after FY2015)

FY Project Name Rentable Floor FY Project Name Total Floor Space Location Location Completed (*Jointly owned property) Space Completed (*Jointly owned property) (Site Area) Muromachi Furukawa Mitsui Chuo-ku, Kita-Shinagawa 5-Chome Block 1 Shinagawa-ku, ≈ 19,600 ㎡ ― Building* Tokyo 2015 Redevelopment Project* Tokyo 2013 Muromachi Chibagin Mitsui Chuo-ku, 270 Brannan Project* San Francisco ≈ 16,800 ㎡ ≈ 9,300 ㎡ Building* Tokyo Hibiya Project Chiyoda-ku,Tokyo ≈ 189,800 ㎡ 2017 Nihonbashi Honcho 2-Chome Specified Block 8-10 Moorgate City, London ≈ 12,500 ㎡ Chuo-ku, Tokyo ≈ 46,800 ㎡ Project* GATE SQUARE Kashiwa, ≈ 8,000 ㎡ Nihonbashi 2-Chome Redevelopment Project ㎡ (Kashiwanoha Campus Block 148) Chiba 2018 (Block C)* Chuo-ku, Tokyo ≈ 143,400 Sapporo, Nihonbashi Muromachi 3-Chome Urban Sapporo Mitsui JP Building* ≈ 25,400 ㎡ Chuo-ku, Tokyo ≈ 169,000 ㎡ 2014 Hokkaido Redevelopment Project* Washington 1200 17th Street * ≈ 15,600 ㎡ 2019 OH-1 Project (Otemachi 1-Chome Block 2)* Chiyoda-ku, Tokyo ≈ 352,000 ㎡ D.C. TGMM Shibaura Project* Chiyoda-ku, Minato-ku, Tokyo ― Iidabashi Grand Bloom* ≈ 71,300 ㎡ (Overall completion:FY2019) Tokyo Yaesu 2-Chome Central Block Project* Chuo-ku, Tokyo ≈ 355,000 ㎡ Mark Lane Project City, London ≈ 16,000 ㎡ Yaesu 2-Chome North Block Project* Chuo-ku, Tokyo TBD (≈14,900㎡) TBD Each FY completed and total floor space may change in the future. After Nihonbashi Muromachi 1-Chome Project* Chuo-ku, Tokyo Some project names are tentative. (≈8,000㎡) 2020 TBD Nihonbashi 1-Chome Block1,2 Project* Chuo-ku, Tokyo （仮称）日本橋二計画 (≈7,000㎡) Nihonbashi 1-Chome Central Block Chuo-ku, Tokyo TBD （4～12 Square） Project* (≈23,000㎡) 1 Angel Court Project* City, London ≈ 27,500 ㎡ TBD Toyosu 2-, 3-Chome Block 2 Project * Koto-ku, Tokyo ≈ 243,200 ㎡

Nihonbashi Muromachi East District Iidabashi Grand Bloom GATE SQUARE Sapporo Mitsui JP Kita-Shinagawa 5-Chome Block 1 Nihonbashi 2-Chome Hibiya Project Development Project Building Redevelopment Project Redevelopment Project(Block C) 16 2-1. Leasing Business 2-1-6 Create Neighborhoods in Nihonbashi and Yaesu

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

◆Nihonbashi Area Nihonbashi Muromachi 3-Chome ・Nihonbashi Mitsui Tower Development Project ・Muromachi Higashi Mitsui Building OH-1 Project ・Muromachi Furukawa Mitsui Building (Otemachi 1-Chome Block2) ・Muromachi Chibagin Mitsui Building Muromachi-Furukawa Mitsui Building （Completed in FY2013) Others 1.0% Muromachi-Chibagin Hotel Mitsui Building 16.7% （Completed in FY2013) Retail 11.5% Office Nihonbashi Residential 3.3% 67.5%

Nihonbashi Sta. ◆Tokyo Midtown 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. Newly Projects Residential （Completed in or after FY2015, 15.6% Office Under development or in planning) 58.8% Newly Opened Projects （Complete in FY2013・FY2014) Hibiya Project Other Existing Projects 17 2-1. Leasing Business 2-1-7 Mitsui Fudosan’s Strengths (Retail Facilities)  Diverse types of facilities and a stable revenue structure  Relationships with 2,100 tenant companies Retail Facility Revenue by Category Ratio of Fixed & Sales-Linked Rent by Category (FY ended March 2014)* (FY ended March 2014)*

120% Fixed rent Sales-linked rent Urban Other facilities 5% 100% 7% 20% 22% 6% 80% 35% 8% 60% 47% 93% 40% 80% 78% 34% 65% 20%

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

(Billions of yen) 80

60

40

20

0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014

LaLaPort TOKYO BAY 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. 18 2-1. Leasing Business 2-1-8 Pipeline (Retail Facilities)  Expand profit by new development and large-scale renewal projects Major Newly Opened Projects Major Newly Opened Projects (Managed)

FY Project Name Store Floor FY Store Floor Location Project Name Location Opened (*Jointly owned property) Space Opened Space 2 MITSUI OUTLET PARK SHIGA RYUO 2 Okachimachi Yoshiike Head Store Building Taito-ku,Tokyo ≈ 9,400 m nd Gamo-gun, Shiga ≈ 10,000 m (2 stage) 2014 Shinjuku-ku, SHINJUKU NAKAMURAYA BUILDING ≈4,200m2 LoveLa2 Niigata, Niigata ≈ 11,200 m2 Tokyo LaLaport TOKYO-BAY West Area 2015 LaLaport TACHIKAWA-TACHIHI Tachikawa, Tokyo ≈ 60,000 m2 Funabashi, Chiba ≈ 24,000 m2 2013 Reconstruction Project Pudong Jinqiao, 2 2 2017 LaLaport SHANGHAI JINQIAO ≈ 74,000 m COREDO Muromachi2 * Chuo-ku, Tokyo ≈ 13,600 m Shanghai COREDO Muromachi3 * Chuo-ku, Tokyo ≈ 5,000 m2 Ikebukuro Globe Toshima-ku,Tokyo ≈ 4,400 m2 Large-scale Renewal Projects LaLaTerrace MUSASHIKOSUGI* Kawasaki, Kanagawa ≈ 8,100 m2 MITSUI OUTLET PARK SAPPORO Kita-Hiroshima, 2 No. of Stores nd ≈ 7,700 m KITA-HIROSHIMA (2 stage) Hokkaido Execution Period Facility Name Renewed / Total No. MITSUI OUTLET PARK KISARAZU Kisarazu, Chiba ≈ 8,500 m2 of Stores (2nd stage) LaLaport KASHIWANOHA February-September 2013 LaLaport YOKOHAMA 133/279 Kashiwa, Chiba ≈ 7,500 m2 (North Building) 2014 March-April 2013 LaLaport KASHIWANOHA 76/150 Akarenga TERRACE* Sapporo, Hokkaido ≈ 8,500 m2 April 2013 Tokyo Midtown 42/135 IIDABASHI SAKURA TERRACE* Chiyoda-ku, Tokyo ≈ 4,900 m2 Shinsaibashi Square Osaka, Osaka ≈ 1,700 m2 February-April 2014 ALPARK (Hiroshima) 27/160 LaLaport IZUMI Izumi, Osaka ≈ 55,000 m2 March-April 2014 LaLaport TOKYO-BAY 75/450 MITSUI OUTLET PARK KUALA Kuala Lumpur, ≈ 46,300 m2 February-April 2014 LaLaport KOSHIEN 24/150 LUMPUR INTERNATIONAL AIRPORT* Malaysia LaLaport FUJIMI Fujimi, Saitama ≈ 80,000 m2 Kashimada Project Kawasaki, Kanagawa ≈ 10,800 m2 MITSUI OUTLET PARK HOKURIKU Oyabe, Toyama ≈ 26,000 m2 OYABE MITSUI OUTLET PARK MAKUHARI Chiba, Chiba ≈ 6,400 m2 2015 (3rd stage) LaLaport EBINA Ebina, Kanagawa ≈ 54,000 m2 Osaka Expoland Site Plan Suita, Osaka ≈ 88,000 m2 Linkou Enterprise Zone Project * Linkou District, Taiwan ≈ 45,000 m2 (Taiwan, Outlet Project) Retail Facility Development Project in Hiratsuka, Kanagawa TBD Hiratsuka Retail Facility Development Project in TBD Nagoya, Aichi TBD Nagoya LaLaport TOKYO-BAY MITSUI OUTLET PARK Retail Facility Development Project in Aichigun,Aichi TBD Togocho, Aichi SAPPORO KITA-HIROSHIMA Each FY opened and store floor space may change in the future. Some project names are tentative. 19 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 2014)

(Billions of yen) Property sales to individuals Property sales to investors 70

60

50 26.9 Park City Musashino Sakuratsutsumi 40 Park City Musashikosugi The Grand Wing Tower 28.1 21.5 30 Property Sales to Investors 4.3 (Booked in FY ended March 2014) 20 7.7 30.8 1.1 6.4 5.4 24.5 10 20.4 22.7 15.3 11.3 9.7 10.2 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 (Ｅ)

Jingumae M-SQUARE LaLaport SHINMISATO ANNEX 21 2-2. Property Sales Business 2-2-2 Major Projects (Property Sales to Individuals)

Park Mansion Mita Hyugazaka (2010)

Park Luxe Kagurazaka（2012）

Park City Hamadayama (2008～)

Park City Kashiwanoha (2007～)

Park Homes Setagaya Park Homes Meguro Park City Musashikosugi Park Tower Shinonome (2013） Fine Court Hibarigaoka （2012） Akatsutsumi(2011） The Residence(2010) The Grand Wing Tower(2013) ※(FY to be reported) 22 2-2. Property Sales Business 2-2-3 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) Operating Margin (Right) (Units) Unit booked Year-end inventories (Billions of yen) （％） 7,000 6,557

400.0 12.0 11.4 6,000 345.1 5,455 350.0 5,249 5,206 316.3 10.0 4,956 5,000 306.0 305.0 300.9 5,000 4,651 300.0 282.6 4,512 270.3 8.0 257.2 8.0 250.0 4,000 6.7 200.0 6.6 6.0 3,000 5.4 150.0 3.8 4.0 4.0 2,000 100.0 3.1 826 872 2.0 1,000 638 50.0 453 380 223 170 0.0 0.0 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 FY ended (E) FY ended (E)

23 2-2. Property Sales Business 2-2-4 Pipeline (Property Sales to Individuals)  An abundant land bank focusing mainly on redevelopment

Sales by Brand & Region Land Bank (Condominiums) (FY ended March 2014) (As of March 31, 2014) Based on Mitsui Fudosan Residential results Land acquired approximately 21,000 units Sales by Brand High-grade condominiums ( incl. redevelopment project in the planning phase)

7% Major Large-Scale Projects

Total No. FY to be Project Name Location of Units Reported Middle-grade 42% Large-scale Sold condominiums developments Park Court Chiyoda Fujimi The Tower Chiyoda-ku, Tokyo ≈ 430 51% 2014 SKYZ TOWER ＆ GARDEN Koto-ku, Tokyo ≈ 1,110 Sakurajosui Gardens Setagaya-ku, Tokyo ≈ 510 Shinagawa-ku, Park City Osaki The Tower ≈ 570 Tokyo 2015 Tomihisa Cross Shinjuku-ku, Tokyo ≈ 1,000 CAPITAL GATE PLACE Chuo-ku, Tokyo ≈ 500 Sales by Region GLOBAL FRONT TOWER Minato-ku, Tokyo ≈ 880 KACHIDOKI THE TOWER Chuo-ku, Tokyo ≈ 1,300 Hamamatsucho 1-chome Minato-ku, Tokyo ≈ 330 Redevelopment Other regions 2016 Kosugicho 2-chome Project Kawasaki, Kanagawa ≈ 1,080 (NOC company residence) Kansai & Chubu 6% Kashiwanoha Campus Area 148 Kashiwa, Chiba ≈ 670 Project for the area around Kasuga 13% Bunkyo-ku, Tokyo ≈ 400 Korakuen Station Minato 2-chome Redevelopment Chuo-ku, Tokyo ≈ 300 2017 Project Harumi Chuo-ku 2-chome Project Chuo-ku, Tokyo ≈ 1,100 Metropolitan Tokyo Toyosu Koto-ku 5-chome Project Koto-ku, Tokyo ≈ 670 The Shibuya Ward Office Rebuilding 2018 Shibuya-ku, Tokyo ≈ 410 81% Project FY to be reported and units may change in the future. Some project names are tentative. 24 2-2. Property Sales Business 2-2-5 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: ≈ ¥557.0bn J-REITs managed by the Mitsui Fudosan Group (As of March 31, 2014)

AUM: ¥1,074.3 bn (73 properties) Nippon Building Fund, Inc.

AUM: ¥287.7 bn (112 properties) Office Planned & buildings in Nippon Accommodations Fund, Inc. under operation development Frontier Real Estate AUM: ¥270.1 bn (30 properties) 27% Investment Corporation 40% Private funds structured and managed by the Mitsui Fudosan Group Retail facilities in operation Mitsui Fudosan Investment Advisors, Inc. AUM: ¥1,236.0 bn (Structures and manages private funds) 27% AUM: ¥167.5 bn (31 properties) Mitsui Fudosan Private REIT, Inc. 4% Rental 2% housing Institutional investors, properties in Rogistics corporations, etc. operation facilities in (As of March 31, 2014) operation 25 2-2. Property Sales Business 2-2-6 Model for Cooperation with Investors (Logistics facilities)  Asset class expansion → Development of advanced logistics facilities

Major Projects Convenient location in close proximity to major transportation arteries including FY Project Name Total Floor Location Completed (*Jointly owned property) Space outer beltways and inner city expressways Acquired Mitsui Fudosan Logistics Park Yokohama, ≈ 131,800 ㎡ in 2013 Yokohama Daikoku* Kanagawa GLP・MFLP Ichikawa Shiohama * Ichikawa, Chiba ≈ 122,000 ㎡ 2013 Mitsui Fudosan Logistics Park Yashio Yashio, Saitama ≈ 41,600 ㎡ Mitsui Fudosan Logistics Park Kuki Kuki, Saitama ≈ 74,500 ㎡ 2014 Mitsui Fudosan Logistics Park Sakai Sakai, Osaka ≈ 133,000 ㎡ Mitsui Fudosan Logistics Park Funabashi, ≈ 31,000 ㎡ 2015 Funabashi Nishiura Chiba Mitsui Fudosan Logistics Park Hino Hino, Tokyo TBD*1 Aiko-gun, Mitsui Fudosan Logistics Park Atsugi ≈ 43,000 ㎡ Kanagawa TBD Mitsui Fudosan Logistics Park Funabashi, TBD*2 Funabashi Chiba *1 Site area: Approx. 97,500㎡ *2 Site area: Approx. 60,000㎡ FY completed and total floor space may change in the future. Some project names are tentative.

GLP・MFLP Ichikawa Shiohama MFLP Yashio

26 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 three REITs and private funds

Management Business Operating Income

(Billions of yen) 60

50 Property management 40 22.1 is highly stable 25.4 15.1 30 18.5 10.5 Office buildings 10.2 8.4 50.0 Retail facilities 20 26.4 27.8 Housing 10 21.9 20.2 21.2 21.9 23.7 Car park leasing 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 (E)

Property management * Figures for the years ended March 2008 through 2009 Brokerage, Asset management, etc. are for reference. 28 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 Ranking :Revenue of Car Park Leasing (Thousands of units) 150 No. Revenue (Billions of yen) No. 1 Park24 111.5 100 No. 2 Repark of Mitsui 47.3 155 133 143 117 118 121 124 No. 3 Meitetsu Kyosho 11.9 50 97 76 No. 4 Nihon Parking 11.5 Source: Novemberﾌﾟﾗｲﾍﾞｰﾄ 6,2013 Nikkei Marketing Journal 0 No. 5 Nippon Parking Development 8.9 ﾌｧﾝﾄﾞ等 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 Property Management (Sales condominiums):Track Records Ranking :Units of Property Mgmt (Sales condominiums) (Thousands of units) 240 No. Units

220 No. 1 Daikyo Group 516,658 200 No. 2 Tokyu Community Group 478,506 180 238 No. 3 Nihon Housing Group 397,024 222 229 210 217 160 196 184 No. 4 Daiwa House Group 309,330 172 140 160 No. 5 Haseko Community Group 303,260 Source: May 25, 2014 Mansion Kanri Shimbun 120 No. 6 Mitsui Fudosan Residential Service Group 238,027 (As of March 31, 2014) 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 Property Management (Leasing condominiums):Track Records Ranking :Condominium units of Property Mgmt consigned by J-REIT (Thousands of units) 50 No. Units

40 No. 1 Mitsui Fudosan Housing Lease Co., Ltd. 9,302

30 No. 2 Itochu Urban Community Co., Ltd. 8,523 50 52 44 46 47 No. 3 Nomura Living Support Co., Ltd. 4,654 20 38 41 30 34 No. 4 Tokyu Community Corporation 3,733 10 No. 5 Daiwa Living Co., Ltd. 3,307 Source: Survey by Mitusifudosan Housing Lease 0 Notes: Property in Tokyo 23 wards, consigned by residential type J-REIT 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 As of March 31, 2014 29 2-3． Management Business 2-3-3 Mitsui Fudosan’s Strengths (Brokerage, Asset Management, Etc.)  The brokerage business achieved its highest transaction volume ever

Brokerage market (FY ended March 2014) Number of Stores by Area (As of March 31, 2014)

Fee/Revenue Transactions Transaction Volume Number of Other (Billions of yen) (Unit) (Billions of yen) stores Nagoya 10% 1 Mitsui Fudosan Realty Co., Ltd. 74.6 42,550 1,401 273 9% 2 Sumitomo Real Estate Sales Co., Ltd. 52.6 35,455 987 251 Metropolitan 3 Tokyu Livable, Inc. 40.0 19,465 911 138 Kansai Tokyo 4 Nomura Real Estate Holdings, Inc. 24.5 7,437 672 60 15% 5 Sumitomo Mitsui Trust Realty Co., Ltd. 14.6 7,043 397 71 66%

Source：Real Estate Economic Institute (As of May, 2014)

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

Assets under Management: Track Record Assets under Management (FY ended March 2014)

(Trillions of yen) 3.50 3.19 3.32 2.80 2.80 2.92 3.00 2.70 2.70 Private 2.50 2.35 2.15 32% funds, etc. 1.80 2.00 37% 1.50

1.00 8% 0.50 Originators

0.00 6% 17% 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 30 2-4. Global Business 2-4．Global Business

 Europe and the United States: Build a high-quality portfolio and actively engage in development-type projects  Asia: Secure growth through retail facility, housing, and other development

Income from Overseas Breakdown of Overseas Assets by Country

(Billions of yen) 15.0 Overseas 7.5% Asia 10.0 26% US 15.0 51% 11.6 12.5 11.0 10.6 5.0 Domestic Europe 92.5% 23%

0.0 3/2010 3/2011 3/2012 3/2013 3/2014 Total assets: ¥4,548.8 billion as of March 31, 2014 Income from overseas=Operating income of subsidiaries outside Japan + Equity in net income/loss of affiliates outside Japan

1251 Avenue of the Americas Homer Building (Washington D.C.) 5 Hanover Square (London) Halekulani Hotel (Hawaii) St. Regis Hotel & (New York) Residences (Singapore) 32 2-4．Global Business

Promote business with blue-chip local partner companies

London ●

Beijing ● Dalian ● ● ● San Francisco New York ● Tianjin ●Tokyo Washington D.C.● Shanghai● ● Ningbo ● Foshan ● Taipei Hawaii● Bangkok●

Kuala Lumpur● ● Singapore

● Jakarta

 Abundant newly land banks Partners

◆Washington D.C.

Europe and the United States ◆London 8-10 Moorgate Mark Lane Project 1200 17th Street 160 Madison Project 270 Brannan Project 1 Angel Court Project （London） （London） （Washington D.C.） （New York) （San Francisco） (London）

◆ Singapore Asia

Mitsui Outlet Park Kuala Lumpur Linkou Enterprise Zone The Mews IDEO Ｑ CHULA LaLaport SHANGHAI JINQIAO International Airport (KLIA) Project (Taipei) (Malaysia) SAMYAN（Thai） 33 3．Summary of Results for the Six Months Ended Sept. 30, 2014 (FY2014/2Q) 3．Summary of Results for the Six Months Ended Sept. 30, 2014 (FY2014/2Q) 3-1 Consolidated Income Summary (Overall)

(Billions of yen)

Actual/ FY2014/2Q FY2013/2Q Change Full-Year Forecast (as of May 2014) Forecast

Revenue from operations 748.0 636.1 111.8 1,540.0 48.6%

Operating income 92.1 69.2 22.9 183.0 50.4% Non-operating income/expenses (14.3) (12.3) (1.9) (27.0) － Equity in net income of affiliates 0.6 0.8 (0.1) －－ Interest income/expense (12.9) (14.5) 1.5 (31.0) － Other (2.0) 1.3 (3.4) 4.0 － Ordinary income 77.7 56.8 20.9 156.0 49.9% Extraordinary gains/losses 5.1 10.8 (5.6) (5.0) － Extraordinary gains 5.1 13.1 (8.0) －－ Extraordinary losses - 2.3 (2.3) －－ Income taxes 33.0 27.6 5.4 56.0 － Minority interests 2.8 0.1 2.7 5.0 － Net income 47.0 39.8 7.1 90.0 52.2%

◆Extraordinary Gains Gain on Sales of Shares of Affiliated Companies 5.1 5.1

35 3．Summary of Results for the Six Months Ended Sept. 30, 2014 (FY2014/2Q) 3-2 Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Appendices 【Vacancy Rate at End of Term】 14/9 14/6 14/3 13/12 13/9 13/6

(Billions of yen) Office Buildings and 4.6% 4.3% 3.5% 3.5% 3.4% 3.2% Full-Year Retail Facilities *1 FY2014/2Q FY2013/2Q Change Forecast Tokyo Metropolitan Area (as of May 2014) 5.9% 5.8% 3.3% 4.1% 4.5% 3.8% Office Buildings *2 Revenues from operations 748.0 636.1 111.8 1540.0 *1 Consolidated *2 Non-Consolidated Leasing 225.9 221.9 4.0 458.0 【Property Sales to Individuials and Investors】 (Billions of yen) Property sales 229.4 118.7 110.7 442.0 FY2014/2Q FY2013/2Q Change

Management 152.8 150.6 2.1 321.0 Revenue 129.3 86.5 42.7

Mitsui Home 104.1 94.3 9.8 239.0 Operating Income 11.7 (1.2) 12.9 Property Sales Other 35.6 50.5 (14.9) 80.0 Unit 2,347 1,907 440 to Individuals Operating income 92.1 69.2 22.9 183.0 Condominiums 1,969 1,555 414 Detached Housing 378 352 26 Leasing 53.1 55.4 (2.3) 102.0 Property Sales Revenue 100.1 32.1 67.9 Property sales 29.5 2.3 27.1 46.0 to Investors Operating Income 17.7 3.5 14.1 Management 22.1 24.1 (2.0) 50.0 Mitsui Home (2.6) (4.4) 1.7 3.8 【Management】 (Billions of yen) FY2014/2Q FY2013/2Q Change Other 2.2 2.0 0.2 4.0 Revenue 114.5 107.6 6.8 Eliminations or corporate (12.2) (10.3) (1.8) (22.8) Property Operating Income 13.9 13.6 0.3 Management Car Park Leasing/ 159,677 149,666 10,011 Total Managed Units

Revenue 38.3 42.9 (4.6) Brokerage・ Operating Income 8.1 10.5 (2.4) Asset Management Mitsui Fudosan Realty/ 18,026 21,011 (2,985) Brokerage Units

36 3．Summary of Results for the Six Months Ended Sept. 30, 2014 (FY2014/2Q) 3-3 Consolidated Balance Sheet Summary (Billions of yen) Sep.30,2014 Mar.31,2014 Change Sep.30,2014 Mar.31,2014 Change

Current assets 1,415.7 1,316.1 99.5 Current liabilities 521.6 846.3 (324.6) Cash & time deposits 98.6 127.8 (29.2) Accounts payable - trade 72.5 130.6 (58.1)

Marketable Securities 120.3 0.2 120.1 Short-term debt* 165.3 284.0 (118.6) Real property for sale 975.1 961.4 13.7 Short-term bonds payable* (including advances paid for purchases) 0.0 50.1 (50.0) Equity investments in properties for sale 11.4 12.0 (0.5) Other 283.6 381.4 (97.8)

Other 210.1 214.5 (4.4) Fixed assets 3,311.0 3,232.6 78.4 Long-term liabilities 2,482.1 2,377.0 105.0

Tangible & intangible fixed assets 2,570.8 2,526.1 44.6 Corporate bonds* 380.0 296.5 83.4

Investment securities 533.5 495.7 37.7 Long-term debt* 1,412.9 1,409.3 3.6

Lease deposits 130.1 135.7 (5.5) Deposits from tenants 348.6 345.6 3.0

Other 76.5 75.0 1.5 Other 340.4 325.5 14.8

Interest-bearing debt* 1,958.5 2,040.0 (81.5)

Total net assets 1,723.0 1,325.4 397.6

Common Stock 339.7 174.2 165.4

Capital Surplus 413.7 248.2 165.4

Retained Earnings 493.9 454.7 39.2

Other 475.5 448.0 27.4

Total assets 4,726.8 4,548.8 177.9 Total liabilities & net assets 4,726.8 4,548.8 177.9

*Interest-bearing debt: short-term debt + short-term bonds payable + corporate bonds + long-term debt

Sep.30,2014 Mar.31,2014 Change

D/E ratio (Times) 1.17 1.60 (0.43) Equity ratio (%) 35.4% 28.0% 7.4 pt 37 4．Forecast for the Year to March 2015 (FY 2014) 4．Forecast for the Year to March 2015 (FY2014) Consolidated Income Summary

Consolidated Income Statements(Forecasts ) Appendices

(Billions of yen) (Billions of yen) 【Property Sales】 3/2015 3/2014 Actual Forecasts 3/2015 3/2014 (FY2013) Change (FY2014) Forecasts Actual Change Property Sales to (FY2014) (FY2013) Revenue from Operations 306.0 345.1 (39.1) Individuals Revenues from operations 1,540.0 1,515.2 24.7 Condominiums 257.0 295.4 (38.4) Revenue from 458.0 449.6 8.3 Detached Housing 49.0 49.6 (0.6) Leasing Operations/ Operating Property sales 442.0 409.4 32.5 Operating Income 24.5 22.7 1.7 Income Management 321.0 314.2 6.7 Operating Margin(%) 8.0% 6.6% 1.4pt Mitsui Home 239.0 237.0 1.9 Other 80.0 104.7 (24.7) Condominiums 5,000 6,557 (1,557) Unit Operating income 183.0 172.5 10.4 Detached Housing 900 916 (16) Revenue from Operations 136.0 64.2 71.7 Leasing 102.0 109.2 (7.2) Property Sales to Investors Property sales 46.0 27.0 18.9 Operating Income 21.5 4.3 17.1 Management 50.0 49.9 0.0 3.8 4.1 (0.3) Mitsui Home 【 Financial Position】 Other 4.0 3.0 0.9 Eliminations or corporate (22.8) (20.9) (1.8) (Billions of yen)

Non-operating income/expenses (27.0) (27.9) 0.9 3/2015 3/2014 Actual Forecasts (FY2013) Change Interest income/expense (31.0) (30.2) (0.7) (FY2014) Other 4.0 2.3 1.6 Tangible and Intangible Assets Ordinary income 156.0 144.5 11.4 New Investments 220.0 149.5 70.4 Extraordinary gains/losses (5.0) (17.8) 12.8 Depreciation 60.0 56.0 3.9 Net income before income taxes 151.0 126.7 24.2 Real Property for Sales (including Advances Pail or Purchases) Income taxes 56.0 47.0 8.9 New Investments 430.0 374.9 55.0 Minority interests 5.0 2.8 2.1 Cost Recovery 400.0 324.8 75.1 Net income 90.0 76.8 13.1 Interest-Beaning Debt 2,230.0 2,040.0 189.9 39 5．Summary of Results for the Year Ended March. 31, 2014 (FY2013) 5．Summary of Results for the Year Ended March 31, 2014 (FY2013) 5-1 Consolidated Income Summary (Overall)

(Billions of yen)

3/2014 3/2013 Actual/ Change Full-Year Forecast (FY2013) (FY2012) (as of May 2013) Forecast

Revenue from operations 1,515.2 1,445.6 69.6 1,530.0 99.0%

Operating income 172.5 148.1 24.3 160.0 107.9% Non-operating income/expenses (27.9) (25.1) (2.8) (28.0) － Equity in net income of affiliates 1.4 2.8 (1.4) －－ Interest income/expense (30.2) (29.0) (1.2) (31.0) － Other 0.8 1.0 (0.2) －－ Ordinary income 144.5 123.0 21.5 132.0 109.5% Extraordinary gains/losses (17.8) (12.1) (5.7) (20.0) － Extraordinary gains 13.1 8.6 4.5 －－ Extraordinary losses 31.0 20.7 10.2 －－ Income taxes 47.0 50.3 (3.3) 46.0 － Minority interests 2.8 1.1 1.7 1.0 － Net income 76.8 59.4 17.3 65.0 118.2%

◆Extraordinary Gains Gain on Sales of Fixed Assets 13.1 13.1 ◆Extraordinary Losses Impairment Loss 11.5 Loss on Sales of Fixed Asset 9.1 Loss on Disposal of Fixed Assets 8.2 Loss on Liquidation of Subsidiaries 2.1 31.0 41 5．Summary of Results for the Year Ended March 31, 2014 (FY2013) 5-2 Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Appendices 【Vacancy Rate at End of Term】 14/3 13/12 13/9 13/6 13/3 12/3 (Billions of yen) Office Buildings and 3/2014 3/2013 Full-Year Forecast 3.5% 3.5% 3.4% 3.2% 3.3% 2.9% Change Retail Facilities *1 (FY2013) (FY2012) (as of May 2013) Tokyo Metropolitan Area 3.3% 4.1% 4.5% 3.8% 3.8% 4.4% Office Buildings *2

Revenues from operations 1,515.2 1,445.6 69.6 1,530.0 *1 Consolidated *2 Non-Consolidated Leasing 449.6 441.7 7.9 456.0 【Property Sales to Individuials and Investors】 (Billions of yen) Property sales 409.4 393.4 16.0 436.0 FY2013 FY2012 Change Management 314.2 297.9 16.2 309.0 Revenue 345.1 282.6 62.5 Mitsui Home 237.0 209.0 28.0 224.0 Operating Income 22.7 15.3 7.4 Property Sales Unit 7,473 5,751 1,722 Other 104.7 103.5 1.2 105.0 to Individuals Condominiums 6,557 4,956 1,601 Operating income 172.5 148.1 24.3 160.0 Detached Housing 916 795 121 Leasing 109.2 104.3 4.8 105.0 Property Sales Revenue 64.2 110.7 (46.4) Property sales 27.0 23.0 4.0 31.0 to Investors Operating Income 4.3 7.7 (3.4) Management 49.9 41.5 8.3 42.0 (Billions of yen) Mitsui Home 4.1 0.5 3.6 2.0 【Management】 FY2013 FY2012 Change Other 3.0 (0.0) 3.1 1.0 Revenue 225.4 218.9 6.5 Eliminations or corporate (20.9) (21.2) 0.3 (21.0) Property Operating Income 27.8 26.4 1.3 Management Car Park Leasing/ 154,643 143,450 11,193 Total Managed Units

Revenue 88.7 79.0 9.7 Brokerage・ Operating Income 22.1 15.1 6.9 Asset Mitsui Fudosan Estate Management Sales/ 42,418 38,769 3,649 Brokerage 42 5．Summary of Results for the Year Ended March 31, 2014 (FY2013) 5-3 Consolidated Balance Sheet Summary

(Billions of yen) Mar.31,2014 Mar.31,2013 Change Mar.31,2014 Mar.31,2013 Change

Current assets 1,316.1 1,202.8 113.3 Current liabilities 846.3 652.1 194.1

Cash & time deposits 127.8 102.2 25.6 Accounts payable - trade 130.6 100.7 29.9

Real property for sale Short-term debt* 284.0 199.2 84.7 (including advances paid for 961.4 915.2 46.2 purchases) Commercial paper* - 27.0 (27.0)

Equity investments in properties for Short-term bonds payable* sale 12.0 10.9 1.0 50.1 40.1 9.9

Other 214.7 174.4 40.3 Other 381.4 284.9 96.4

Fixed assets 3,232.6 3,187.2 45.4 Long-term liabilities 2,377.0 2,504.8 (127.7)

Tangible & intangible fixed assets 2,526.1 2,503.9 22.1 Corporate bonds* 296.5 340.0 (43.5)

Investment securities 495.7 465.8 29.8 Long-term debt* 1,409.3 1,513.6 (104.3)

Lease deposits 135.7 148.7 (12.9) Deposits from tenants 345.6 344.9 0.6

Other 75.0 68.6 6.3 Other 325.5 306.1 19.3

Interest-bearing debt* 2,040.0 2,120.2 (80.1)

Total net assets 1,325.4 1,233.0 92.3

Total assets 4,548.8 4,390.0 158.7 Total liabilities & net assets 4,548.8 4,390.0 158.7

*Interest-bearing debt: short-term debt + commercial paper + short-term bonds payable + corporate bonds + long-term debt

Mar.31,2014 Mar.31,2013 Change D/E ratio (Times) 1.60 1.80 (0.19) Equity ratio (%) 28.0% 26.9% 1.1 pt

43 5．Summary of Results for the Year Ended March 31, 2014 (FY2013) 5-3 Consolidated Balance Sheets Summary Total Assets: ¥4.54 trillion (Billions of yen) Interest-Bearing Debt/Long- Real Property for Sale 961.4 Current assets1,316.1 Liabilities 3,223.4 Short Borrowing Ratio (including Advances Paid for Purchases) Cash and time deposit 127.8 Interest-bearing debt 2,040.0 (Contract base excl. non- recourse debt) （Billions of yen） Real property for sale 961.4 Other (Non-recourse debt) (236.2) 1 year and shorter 51.4 1% 5% Other 226.8 Fixed assets 3,232.6 Mitsui Mitsui Fudosan Residential Tangible and intangible Fudosan fixed assets 2,526.1 295.7 362.5 38% Deposits from tenants 345.6 31% over 1 year SPC Total (Rental properties) (2,256.7) 99% 251.7 Other 837.7 26% Net assets 1,325.4 (Shareholders' equity) (1,274.3)

Investment securities 135.7 Interest-Bearing Debt/Direct Rental properties 2,256.7 Finance Ratio (Contract base excl. non-recourse debt) （Billions of yen） Other 570.7 Other 20.4 1% New investments(Tangible and 149.5 intangible fixed assets) * SBs Planned & under Depreciation 56.0 development 497.1 * New investments include the increase in tangible and intangible fixed assets 16.6% at subsidiaries in which the Company invested during the period. 22% Office buildings in Bank borrowings, CP Retail facilities 261.7 operation ◆Rental properties （Billions of yen) in operation 12% 84.4% At March 31, 2014 At March 31, 2013 1,477.4 Change (FY2013 Year-end) (FY2012 Year-end) 65% Market value 3,472.6 3,168.0 304.6 Book value 2,256.7 2,247.5 9.2 Unrealized gain 1,215.9 920.4 295.4 44 Appendices (Market Trends) Appendix 1 Leasing Business Market Trends (Office Buildings) Office Vacancy Rate (%) 10.00 8.56% Mitsui fudosan(Tokyo Metro;non-consolidated) 9.43% (13/3) Central Tokyo 5 Wards(Source:Miki Shoji) 6.7% 8.00 (12/6) 8.57% (14/03) (03/6,8) 6.00 5.65% 6.45% (14/9) (14/6) 4.00 5.8% 2.49% 5.3% (03/9) (07/11) (12/6) 0.9% 3.8% 2.00 3.3% (06/6) (13/3) 0.9% (14/03) (07/6) 0.00 02/3 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 (Forecast) Source: Miki Shoji (Calendar years) Trends of Supply Volume of Large-Scale Office Buildings within Tokyo’s 23 Wards (Million ㎡) 2.5 Uncompleted (other 20 wards) 2.16 Uncompleted (central 3 wards) Completed Past supply volume Forecast supply volume after FY2014 2 (annual average) (annual average) 1.75 1.06 million m2/year 1.04 million m2/year 1.54 (total floor space) (total floor space) 1.5 1.25 1.21 1.19 1.17 1.24 1.11 1.10 0.96 1 0.91 0.86 0.85 0.88 0.3 0.28 0.6 0.77 0.28 0.72 0.65 0.17 0.58 0.5 0.36 0.81 0.81 0.71 0.64 0.68

0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 (Calendar years) Source: Mori Building (As of October, 2014) 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 (Calendar years) (1-9) -0.5

-1.0 Source: Sanko Estate

Office Building Market Trend (Average Rent and Vacancy Rate)

(Yen/Tsubo) Average rent(Left) Vacancy rate(Right) （%） 25,000 10 9 20,000 8 0808： 22,901 Yen/Tsubo 7 15,000 6 5 1312：16,207 Yen/Tsubo 10,000 1406：16,607 Yen/Tsubo 4 1409：16,805 Yen/Tsubo 3 5,000 2 1 0 0 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/03 12/3 13/3 14/3 （Year/Month） Source: Miki Shoji 47 Appendix 1 Leasing Business Market Trends (Office Buildings)

Reason for Company Relocation Desired Areas for Planned Lease of Office Space

Increase in 3 wards of central Tokyo* personnel/Business 36% 26% expansion Marunouchi Otemachi Tonintegrate distributed 27% Yurakucho offices 30% Uchisaiwaicho Current Building to be 17% Hibiya demolished 7% Kojimachi/Bancho Hirakawacho/Kioicho Rent reduction 13% 14% Iidabashi Akihabara Improvement in Business 10% Yaesu efficiency and convenience 22% Nihonbashi For Business Continuity Kyobashi Plan/Earthquake 9% 8% Ginza resistance/Safety… Harumi Improvement of office 6% Shiodome enviroment,such as facirities 5% Shinbashi Construction/Purchase/Rebu Toranomon ilding space of Company 5% 5% Kamiyacho Building Akasaka M&A/New company 3% Roppongi Establishment 3% Aoyama 2013(179companies) Hamamatsucho Sale of Company Building 2% 2012(194companies) 2013(Total422) 2% Tamachi 2012(Total472) Daiba/Aomi Others 4% Shinagawa(around station) 7% 0% 2% 4% 6% 8% 10%12%14%16%18% 0% 10% 20% 30% 40% Source:Mori Building”report of the Result of the 2013 Survey of Office Needs in Tokyo’s 23 Wards” ※3 wards means Chiyoda-ku,Chuo-ku,Minato-ku Source:Nikkei Real Estate Market Information “March.2014” 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% 0.5% 0.3% 0.0% -0.8% 0.0% -1.7% 0.3% -0.2% -0.7% -2.0% -0.5% -0.7% -0.5% -2.0% -2.8% -1.5% -0.7% -1.4% -1.3% -1.9% -4.0% -2.6% -2.7% -2.6% -2.0% -3.5% -4.3% -4.3% -3.1% -6.0% -6.8% Source: Japan Department Stores -8.0% Association, Japan Council of Shopping Centers, Japan Chain -10.0% -10.1% Stores Association General shopping centers Department stores Chain stores -12.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Calendar years)

Mitsui Fudosan: Year-on-Year Change in Sales by Type of Retail Facility

15.0%

10.0% LaLaport (existing facilities) & Outlet park (existing facilities)

5.0%

0.0%

-5.0%

-10.0% 2009/1Q 2009/2Q 2009/3Q 2009/4Q 2010/1Q 2010/2Q 2010/3Q 2010/4Q 2011/1Q 2011/2Q 2011/3Q 2011/4Q 2012/1Q 2012/2Q 2012/3Q 2012/4Q 2013/1Q 2013/2Q 2013/3Q 2013/4Q 2014/1Q 2014/2Q (09/4-6) (09/7-9) (09/10-12) (10/1-3) (10/4-6) (10/7-9) (10/10-12) (11/1-3) (11/4-6) (11/7-9) (11/10-12) (12/1-3) (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)

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) Initial month contract rate(Right) 12 100

82.8% 79.7% 82.1% 79.8% 10 （11/3） 79.2% 90 （10/3） （12/3） （13/3） （14/3） 8 80

6 70 71.6% 4 （14/9） 60

2 50

0 40 05/1 05/7 06/1 06/7 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 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 46.4 50.0 90 84 (10.6%) 49.2 80 74 47.7 47.1 (8.6%) 70 61 (2.8%) 45.3 45.7 45.4 (4.0%) 56 60 (-5.0%) (-2.9%) (-0.8%) 50 42.0 44 45 45 46 40.0 41.0 40 (2.2%) 36 (0.0%) 30 20 10 0 30.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 (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 & Tokyo Stock Exchange J-REIT Index

(Billions of yen) Acquisition of assets by J-REIT (Left) TSE REIT Index (excl. dividends) (Right) 800 1,800 799.9 700 637.3 1,600 600 1,400 Jan.~Dec. 2011 500 ≈ 710bn Jan.~Dec.2012 1,200 ≈ 790bn 545.5 434.7 400 Jan.~Dec.2013 334.4 1,000 ≈ 2.23T 308.0 300 288.9 800 228.9 229.4 250.5 203.3 201.3 205.9 174.0 Jan.~Sep.2014 200 ≈ 1.07T 600 140.4 118.9 82.6 101.7 80.3 100 52.1 73.3 400 3.5 0 200 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 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% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.2%

2.0% 0512 0606 0612 0706 0712 0806 0812 0906 0912 1006 1012 1106 1112 1206 1212 1306 1312 1406 Source: Survey by Japan Real Estate Instituteh 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. 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 1996 12.3 47.6 25.3 14.8 1995 13.5 50.1 19.8 16.6 1994 14.0 49.4 19.3 17.3 1993 14.7 48.3 19.1 17.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 52 Appendix 6 Operating Income by Segment

Financial accounting segments Innovation 2017 segments

FY2013 actual FY2013actual (Billions of yen)

Leasing 109.2 Holding Holding 103.1

2001 and Subleasing prior

2002 and after

Property Sales 27.0 Trading 27.0

Management 49.9 Management 56.5

Mitsui Home 4.1 Other 3.0 Other (14.2) Eliminations (20.9)

Total 172.5 Total 172.5

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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