Investor Presentation

Six Months Ended September 2010 (1s t Ha lf, Fisca l 2010) Investor Presentation

November 2010

www.mitsuifudosan.co.jp/english 0 Contents

1. Overview of Results for the Six Months Ended September 8. Property Sales Business (Property Sales to Investors) 30,2010(1st Half, Fiscal 2010) 8-1: Market Trends 26 1-1: Income Statements 3 8-2: Investment and Acquisitions among J-REITs 27 1-2: Balance Sheets 4 8-3: Mitsui Fudosan’s Strengths 28 1-3: Cash Flow Statements 5 9. Management Business (Property Management) 2. Overview of Results for the Fiscal Year Ended March 31, 9-1: Mitsui Fudosan’s Strengths 30 2010 (Fiscal 2009) 10. Management Business (Brokerage) 2-1: Income Statements 6 10-1: Market Trends 32 2-2: Ba lance Sh eet s & C ash Fl ow Stat ement s 7 10-2: Mitsui Fudosan’s Strengths 33 2-3: Disclosure of Market Value of Rental Properties 8 11. Forecast for the Fiscal Year Ending March 31, 2011 3. Earnings Trends 9 (Fiscal 2010) 35 4. Financial Strategy 10 12. Management Strategy 5. Leasi ng B usi ness (Offi ce Bu ildings) 12-1: Response to Maturity and Globalization 37 5-1: Market Trends 12 12-2: Response to Globalization 38 5-2: Mitsui Fudosan’s Strengths 14 12-3: Initiating the Next Phase of Growth 39 5-3: Major Capital Expenditures 15 Appendices 5-4: MjMajor P roj ect s 16 Appendix 1: Consolidated Balance Sheets (March 31, 2010) 41 6. Leasing Business (Retail Facilities) Appendix 2: SPC Investments and Off-Balance-Sheet Debt 6-1: Market Trends 18 (March 31, 2010) 42 6-2: Mitsui Fudosan’s Strengths 19 Appendix 3: Shareholder Composition 43 6-3: MjMajor P roj ect s 20 Appendix 4: Leasing Business – Office Building Portfolio 44 7. Property Sales Business (Property Sales to Individuals) Appendix 5: Leasing Business – Retail Facility Portfolio 45 7-1: Market Trends 22 Appendix 6: New and Former Segments 46 7-2: Mitsui Fudosan’s Strengths 23 Disclaimer 47 7-3: Major Projects 24

1 1. Overview of Results for the Six Months Ended September 30, 2010 (1st Half, Fiscal 2010)

2. Overview of Results for the Fiscal Year Ended March 31, 2010 (Fiscal 2009)

3. Earnings Trends

4. Financial Strategy 1. Overview of Results for the Six Months Ended September 30, 2010 (1st Half, Fiscal 2010)

1-1: Income Statements

(Billions of yen) Six Months Six Months 6-Months Ended Ended Results/ September September Change Full-Year 30,2010 30,2009 Forecast (1H,FY2010) (1H,FY2009) Operating income 59.9 86.7 -26.7 49.6%

Leasing 48. 5 50. 5 -202.0 53. 4% Property Sales 8.9 36.1 -27.1 49.6% Property sales to individuals 5.6 22.8 -17.1 69.2%

Property sales to investors 323.2 13. 3 -10. 0 33. 4% Management 16.1 15.3 0.7 53.8% Mitsui Home, Other -2.5 -4.7 2.1 - Elimination or Corporate -11.1 -10.5 -0.5 -

Interest Expense, in Net -14.0 -15.1 1.0 Other , in Net 1.9 1.2 0.6 EtExtraordi nary ga ins /losses -2.0 - -2.0 Income taxes and minority interests -21.5 -30.0 8.4 Net income 24.2 42.8 -18.5 48.6%

3 1. Overview of Results for the Six Months Ended September 30, 2010 (1st Half, Fiscal 2010)

1-2: Balance Sheets

(Billions of yen) Six Months Ended September Year to March Change 30, 2010 2010 (FY2009) (1H,FY2010)

Ba Total assets 3,753.5 3,710.4 43.0 l ance Shee Interest-bearing debt1 1,800.2 1,746.7 53.5

Shareholders’ equity2 1,018.7 1,007.8 10.8 ts D/E ratio (times)3 1.77 1.73 0.03

4 1. Overview of Results for the Six Months Ended September 30, 2010 (1st Half, Fiscal 2010)

1-3: Cash Flow Statements

(Billions of yen) Six Months Six Months Ended Ended September September Change 30, 2010 30, 2009 (1H,FY2010) (1H,FY2009)

Net cash provided by (used in) operating activities 15.2 -14.3 29.5 C

ash Flow Net cash provided by (used in) -60.1 -42.0 -18.1 investing activities Net cash provided by (used in) 44.4 55.9 -11.4 financing activities

Free cash flow1 -44.8 -56.3 11.4

1. Free cash flow: net cash provided by (used in) operating activities + net cash provided by (used in) investing activities

5 2. Overview of Results for the Fiscal Year Ended March 31, 2010 (Fiscal 2009) 2-1: Income Statements

(Billions of yen)

Year to March Year to March Change 2010 (FY2009) 2009 (FY2008)

Operating income 120.5 171.5 -50.9

Leasing 95. 5 94. 1 131.3 Property Sales 12.4 49.2 -36.7 Property sales to individuals 11.4 20.4 -9.0

Property sales to investors 101.0 28. 7 -27. 7

Management 29.7 38.8 -9.1 Mitsui Home, Other 3.8 7.7 -3.8 Eliminations and corporate -21.0 -18.4 -2.5

Non-operating income/expenses -26.6 -25.4 -1.2 (excl.interest expenses, in net) Extraordinary gains/losses 3.7 -30.1 33.8 Income taxes and minority interests -37.6 -32.4 -5.1 Net income 60.0 83.5 -23.4

Net income per share (y en) 68. 39 95. 10 -26. 71

6 2. Overview of Results for the Fiscal Year Ended March 31, 2010 (Fiscal 2009) 2-2: Balance Sheets & Cash Flow Statements

(Billions of yen)

Year to March Year to March Change 2010 (FY2009) 2009 (FY2008)

Ba Total assets 3,710.4 3,758.3 -47.9 l ance Shee Interest-bearing debt1 1,746.7 1,733.5 13.1

Shareholders’ equity2 1,007.8 978.6 29.1 ts D/E ratio (times)3 1.73 1.77 -0.04

Net cash provided by (used in) 84. 3 -40. 9 125. 3 operating activities Cash Fl Net cash provided by (used in) -64.8 -141.6 76.7 investing activities

o Net cash provided by (used in)

w -19.7 182.2 -201.9 financing activities

Free cash flow4 19.5 -182.6 202.1

1. Interest -bearing debt: consolidated bank loans + commercial paper + long-term debt due within one year + long-term debt due after one year 2. Shareholders’ equity: Net assets – minority interests – new stock acquisition rights 3. D/E ratio: interest-bearing debt/shareholders’ equity 4. Free cash flow: net cash provided by (used in) operating activities + net cash provided by (used in) investing activities 7 2. Overview of Results for the Fiscal Year Ended March 31, 2010 (Fiscal 2009) 2-3: Disclosure of Market Value of Rental Properties

DISCLOSURE OF MARKET VALUE OF RENTAL PROPERTIES Effective the end of the year under review, the Company will disclose the market value of its rental properties according to “Accounting Standard for Disclosures about Fair Value of Investment and Rental Property.” * Properties subject to disclosure: Properties being rented, investment properties, idle real estate * Properties not subject to disclosure: Real property for sale; property used for manufacture/sale of goods, provision of services, or business operoperationalational purposes; property held by SPCs In the case of the Mitsui Fudosan Group, main properties subject to disclosure are office buildings and retail facilities, while main properties not subject to disclosure are hotels operated in-house, golf courses, and properties used for in-house purposes. Of total tangible and intangible fixed assets stated in the consolidated balance sheets (amounti ng t o ¥2 ,105 billi on at M arch 31 , 2010) , properti es subj ect t o th e a foremen tione d disc losure amoun te d to ¥1,845 billion.

Rental income (after depreciation) from rental properties subject to disclosure amounted to ¥79 billion.

（Billions of yen） Amount shown on consolidated 1,845 balance sheets at fiscal year-end

Market value at fiscal year-end 2,599

Changg(e (amount ) 753

8 3. Earnings Trends

Resu lts b ott ome d in FY2009 an d FY2010, and Mit sui F ud osan i s now movi ng toward the next phase of growth.

(Billions of yen) (Billions of yen) Operating Income Holding Trading Management (to FY2005) Net income Leasing Property Sales Management (from FY2006) 120 200 179.2 171.5 180 161.8 47.3 100 160 38.8 137.5 87.3 46.6 83.5 120.5 140 115.7 75.2 80 103.2 109.2 40.9 29. 7 120 49.2 33.1 57.2 22.1 28.7 60 100 56.5 48.7 12.4 60 44.3 31.9 80 32.2 34.3 40 60 28.6 25.5 94.1 95.5 85.0 40 75.3 65.0 60.1 14.4 60.0 63.3 20 20

0 0 Others* -15.7 -11.8 -11.7 -11.0 -8.8 -10.3 -10.6 -17.1 2002 2003 2004 2005 2006 2007 2008 2009 （Fiscal Year）

* Others included the Construction, Sales of Housing Materials and Merchandise, Facilities Operations, and Other segments, and parent company G&A expenses through FY2005. The Mitsui Home and and Other segments have included parent company G&A expenses from FY2006. 9 4. Financial Strategy

We will mai nt ai n a sound fi nanci al st ruct ure and our abilit y t o i nvest i n growth opportunities

Interest-Bearing Debt and Off -Balance-Sheet Debt , D/E Ratio at Fiscal Year End

(Billions of yen) (Times) 2,000 Interest-bearing debt at fiscal year end (LHS) 1 2.50 Off-balance-sheet debt at fiscal year end (LHS) 2 1,746.7 1,740.0 2.22 D/E ratio (RHS) 3 1,733.5

2.00 1,550.4 2.00 1,500 1,397.2 1.86 1.77 1.73 1,321.5 1,279.0 1,258.4 1,199.2 1601.60 1.50

1,000 1.40 1.33

1.00

500 399.0 421.0 410.0 342.0 0.50 246.0 215.0 193.0 95.0

0 0.00 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 (E) 1: Interest-bearing debt at fiscal year end – the sum of bank loans, commercial paper, long-term debt due within one year and long-term debt due after one year 2: Off-balance-sheet debt at fiscal year end –The debt associated with investments in SPCs that is within the Company’s scope of responsibility 3: D/E ratio: Interest-bearing debt / shareholders’ equity

10 5. Leasing Business (Office Buildings) 5. Leasing Business (Office Buildings) 5-1: Market Trends

The trend for rising vacancy rates in central Tokyo has moderated, with signs of improvement for Class A buildings. Considering the strong yen, however, future supply and demand trends require attention.

Office Vacancy Rate (%) Mitsui Fudosan vacancy rate (Tokyo Metro/Parent basis) 10.0 8.8% 8.75% (03/6) Market vacancy rate (Central Tokyo 5 wards, Source:Miki Shoji) (10/3) 9.01% 8.0 (10/9) 8.57% Market vacancy rate (Central Tokyo 5 wards, A-class, Source:CBRE) 6.1% (()10/3) (03/6, 8) 54%5.4% 6.0 (10/9) 5.8% 4.0 2.49% 4.0% (03/9) (07/11) 3.9% (10/9) 2.0 0.9% 0.9% (10/3) Source: (06/6) (07/6) Miki Shoji Co., Ltd. CB Richard Ellis K.K. 0.0 0.6% (06/7) 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3

Trends of Supply Volume of Large -Scale Office Buildings within Tokyo’s23Wards s 23 Wards (Million ㎡) 2.5 Past supply volume Forecast supply volume after ‘10 (annual average) (annual average) 2 2 2.0 Uncompleted Completed 1.03 million m /year 1.00 million m /year 2.16 (total floor space) (total floor space) 1.5 1.54 1.53 1.0 1.25 1.21 1.19 0.99 0.91 1.40 Source: 0.77 0.86 0.85 0.5 0.72 0.65 0.76 Mori Building Co., Ltd. 0450.45 (f(As of December 2009) 0.0 0.36 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 (Calendar Year)

12 5．Leasing Business (Office Buildings) 5-1: Market Trends

The trend for rising vacancy rates has moderated. We expect recovery in average asking rents charges to take some time. Office market trends of central Tokyo 5 wards（average asking rents,vacancy rates） (%) 10.0

10/9 10/3 03/6,8 9.0 (8.57%) 03/3 8.0 04/3

7.0 04/10 (＠17, 526Yen／month･tsubo) 09/3 6.0 05/3 5.0 02/3 4.0 08/8 (＠22,901Yen／month･tsubo) 3.0 06/3 08/3 07/3 202.0 07/11 (2.49%) 1.0 Source: Miki Shoji Co., Ltd. 000.0 17,000 18,000 19,000 20,000 21,000 22,000 23,000 24,000 (Yen／month･tsubo) 13 5. Leasing Business (Office Buildings) 5-2: Mitsui Fudosan’s Strengths

Office building development, leasing and management are core strengths

Floor Space of Mitsui Fudosan Properties in 5 Wards of Central Tokyo (As of March 31, 2010)1 AtflibldA portfolio balanced among ou ttditltstanding central Tokyo locations

Redevelopment capabilities that enable steady Shinjuku Ward progress in redevelopment projects ≈ 100, 000m2 Chiy oda Ward ≈ 200,000m2 Stable long-term relationships with approximately 3,000 tenant companies

Chuo Ward ≈ 310,000m2

Floor Space of Mitsui Fudosan Properties by Area (As of March 31, 2010)1 Minato Ward ≈ 100,000m2

Regional

Other Metropolitan Tokyo 5 Wards of Shinagawa Central Tokyo2 Ward ≈ 30,000m2

1: Consolidated basis, includes jointly held properties (in Japan) 2: Chiyoda Ward, Chuo Ward, Minato Ward, Shinagawa Ward, Shinjuku Ward

14 5. Leasing Business (Office Buildings) 5-3: Major Capital Expenditures

Sustained investment in carefully selected projects

Major Capital Expenditures FY2006 FY2007 FY2008 FY2009 FY2010 Former JFE Building (land & Former Mitsui Life Insurance Chiyoda Fujimi 2-Chome Project Sumitomo Mitsui Banking building) Otemachi Building (land & (land) ≈ 36.0 billion yen Corporation Head Office Building building) ≈ 118.0 billion yen (former JFE Building) (building) ≈ 85.0 billion yen Yodoyabashi Mitsui Building (land Muromachi-Higashi Mitsui Office & building) ≈ 25.0 billion yen Building (Muromachi East District 2-2) (building) buildings GranTokyo North Tower (building) ≈ 22. 0 billion yen Yokohama Mitsui Building (land)

LaLaport Toyosu (building) Mitsui Outlet Park Marine Pia LaLagarden Kawaguchi (building) LaLagarden Nagamachi (building) Mitsui Outlet Park Sapporo Kita- Kobe (land) ≈ 11.0 billion yen Hiroshima (building) Retail ≈ 13.0 billion yen Mitsui Outlet Park Sendai Port (building) Mitsui Outlet Park Shiga Ryuo facilities Lazona Kawasaki (Building) (building)

Capital Expenditures 220.3 billion yen 340.4 billion yen 165.0 billion yen 61.9 billion yen 140.0 billion yen (E)

Schedule for Major Office Buildings FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013

Tokyo Midtown Completed

GranTokyo North Tower Completed

Yodoyabashi Mitsui Building Completed Sumitomo Mitsui Banking Corporation Head Office Building (former JFE Building) Acquired Started Completed Yokohama Mitsui Building Acquired Started Completed Muromachi-Higashi Mitsui Building (Muromachi East District 2-2) Started Completed Aomi Q Area Project Acquired Started Completed Muromachi East District Development Projects Areas 2-3,1-5 Started Completed Chiyoda Fujimi 2-Chome Project Acquired Start & Completion Planned Otemachi 1-Chome Mitsui Building Acquired Business Plan Formulation Start & Completion Planned (former Mitsui Life Insurance Otemachi Building) Sanshin Building/Hibiya Mitsui Building Reconstruction Project Business Plan Formulation 15 5. Leasing Business (Office Buildings) 5-4: Major Projects

We deploy our development capabilities to continuously improve our portfolio.

Major Newly Operational Projects Office Buildings by Year of Completion

FY Rentable Floor March 31, 2003 March 31, 2010 Project Name Location Completed Space

Sumitomo Mitsui Banking Corporation 2010 Head Office Building Chiyoda-ku, Tokyo ≈ 46,000 ㎡ Within 5 years Within 5 MhiMuromachi-Higas hi Mitsu i Bu ilding (MhiMuromachi East District Development Projects Areas 2-2) Chuo-ku, Tokyo ≈ 14,000 ㎡ 23% years 2011 Hiroshima Kamiyacho Project Naka-ku, Hiroshima ≈ 14,000 ㎡ 17%

Nagoya Mitsui Building Shinkan Nakamura-ku, Nagoya ≈ 11,000 ㎡ 2.26 2.64 Within Shimbashi 1-Chome Project Minato-ku, Tokyo ㎡ ≈ 5,000 million ㎡ million ㎡ 14% 6-10 Onarimon Project Minato-ku, Tokyo ≈ 6,000 ㎡ years Nihonbashi Honcho 3-Chome Reconstruction Project Chuo-ku, Tokyo ≈ 8,000 ㎡ 4% Tsukiji 5-Chome Project Chuo-ku, Tokyo ≈ 12,000 ㎡ Nonconsolidated basis; includes masterleased buildings (Scheduled for Yokohama Mitsui Building Nishi-ku, Yokohama ≈ 49,000 ㎡ reconstruction) 2012 Nihonbashi Honcho 2-Chome Area Project Chuo-ku, Tokyo ≈ 14,000 ㎡

AiQAPjtAomi Q Area Project KtKoto-kTkku, Tokyo ≈ 44,000 ㎡ Muromachi East District Development Projects 2013 Areas 2-3 Chuo-ku, Tokyo ≈ 19,000 ㎡ Muromachi East District Development Projects Areas 1-5 Chuo-ku, Tokyo ≈ 8,000 ㎡

• Sapporo Mitsui Building Reconstruction Project (Chuo-ku, Sapporo) Scheduled for • Chiyoda Fujimi 2-Chome Project (Chiyoda-ku, Tokyo) • Kita-Shinagawa 5-Chome Area 1 Redevelopment Project completion in (Shinagawa-ku, Tokyo) FY2014 and • Sanshin Building/Hibiya Mitsui Building Reconstruction Project after (Chiyoda-ku, Tokyo) • Nihonbashi 2-Chome Project (Chuo-ku, Tokyo) • Otemachi 1-Chome Mitsui Building (Chiyoda-ku, Tokyo)

FY completed and rentable floor space may change in the future. Some project names are tentative. Sumitomo Mitsui Banking Muromachi-Higashi Mitsui Building Corporation Head Office Building 16 6. Leasing Business (Retail Facilities) 6. Leasing Business (Retail Facilities) 6-1: Market Trends While sales in every category have been decreasing due to stagnant consumer spending, signs of improvement are starting to appear.

Year-on-Year Change in Sales by Category 4%

0.3% 0.3% 0.0% -0.7% 0% -2.1% -2.1% -1.6% -1.7% -0.5% -0.2% -0.7% -2.8% -2.8% -1.4% -1.5% -4.3% -4% -2.3% -2.6% -2.7% -4.2% -32%3.2% -3.5% -4.7% -4.3% -4.9% -8% -6.8% General shopping centers Department stores Chain stores -10.1% -12% (Calendar year) 2002 2003 2004 2005 2006 2007 2008 2009 1-3/ 2010 Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association

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

8% General shopping centers (market data) LaLaport (8 existing facilities)+Outlet parks (6 existing facilities)

0% -04%0.4% -3.3% -4% -2.7% -4.2% -6.0% -8% -6.7% -7.7% -8.0% -12% FY08/1Q FY08/2Q FY08/3Q FY08/4Q FY09/1Q FY09/2Q FY09/3Q FY09/4Q (4-6/2008) (7-9/2008) (10-12/2008) (1-3/2009) (4-6/2009) (7-9/2009) (10-12/2009) (1-3/2010)

Source: Japan Council of Shopping Centers 18 6. Leasing Business (Retail Facilities) 6-2: Mitsui Fudosan’s Strengths

Diverse types of facilities and a stable revenue structure

Retail Facilities Sales’ by Categgyory (FY2009)* Ratio of Fixed to Sales-linked Rent by Categgyory (FY2009)*

Regional mall 100% ≈5% ≈20% ≈20% Other 80% ≈40% Urban facilities 10% 10% Sales-linked 60% 10% rent 50% ≈95% Fixed rent Lifestyle center 40% ≈80% ≈80% 20% ≈60% 20%

*includes master-leased properties LaLaport Outlet Others All facilities *includes master-leased properties

Regional Mall Outlet Mall Lifestyle Center Urban Facility

LaLaport Tokyo Bay Mitsui Outlet Park Iruma LaLagarden Nagamachi Kojun Building

Urban Facility

19 6. Leasing Business (Retail Facilities) 6-3: Major Projects We d evel op f aciliti es tha t are best suit ed t o th ei r area, with a f ocus on metropolitan Tokyo

Mitsui Fudosan Retail Facilities in Metropolitan Tokyo Majjypjor Newly Operational Projects

FY Store floor Project Name Location Opened （* indicates subleased or jointly owned property） space

2009 LaLaport Iwata Iwata, Shizuoka ≈ 50,000 ㎡

LaLaport Shin-Misato Misato, Saitama ≈ 60,000 ㎡

LaLagarden Nagamachi Sendai, Miyagi ≈ 19,000 ㎡

2010 Ginza Trecious* Chuo-ku, Tokyo ≈ 4,500 ㎡ Kita-Hiroshima, Mitsui Outlet Park Sapporo Kita-Hiroshima ≈ 23,000 ㎡ Hokkaido

Mitsui Outlet Park Shiga Ryuo Gam o-gun , Shi ga ≈ 27,000 ㎡

Ginza Yanagidori Building* Chuo-ku, Tokyo ≈ 7,000 ㎡

COREDO Muromachi Chuo-ku, Tokyo ≈ 7,000 ㎡

2011 Ginza Komatsu Reconstruction Project* Chuo-ku, Tokyo ≈ 8,000 ㎡ Ningbo, Zhejiang, Ningbo Outlet Project* ≈ 16, 000 ㎡ China Mitsui Outlet Park Jazz dream Nagashima Kuwana,Mie ≈ 9,000 ㎡ expansion (4th phase) Mitsui Outlet Park Kurashiki Kurashiki, Okayama ≈ 20,000 ㎡

* Koto-ku, Tokyo ≈ ㎡ LaLaport 2012 Aomi Q Area Project 49,000 Mitsui Outlet Park Mitsui Outlet Park Kisarazu Kaneda Kisarazu, Chiba ≈ 25,000 ㎡ LaLagarden FY opened and store floor space may change in the future. Some project names are tentative.

Urban facilities Regional mall

Lifestyle center Urban Facilities 20 7. Property Sales Business (Property Sales to Individuals) 7. Property Sales Business (Property Sales to Individuals) 7-1: Market Trends Sales conditions are improving thanks to price adjustments, low interest rates, and housing support measures adopted by government. Meanwhile, contract rates for properties in the Tokyo Metropolitan Area are strong, and unsold inventories are declining. (These trends are firming.) The market appears to be recovering steadily.

Metroppyolitan Tokyo Condominium Market: Initial Month Contract Rate & Unsold Inventory Avg. initial month contract rate for （Thousand of Units） Avg. initial month Avg. initial month 2010 1H: 78.9% contract rate for contract rate for 12 Inventory (LHS) Initial month contract rate (RHS) 2008: 62.7% 2009: 69.7% 100 10 82.8% 74.9% 90 （10/3）（10/9） 8 80 6 70 4 60 2 50 Source: Real Estate Economic Institute Co., 0 40 Ltd. 04/1 04/7 05/1 05/7 06/1 06/7 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7

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

（Thousand of Units） New units launched (LHS) （Millions of yen） 100 Average unit price, Tokyo 23ward area (RHS) 70 Average unit price, metro Tokyo (RHS) 61.2 59.3 (YoY comparison in parentheses) (18.9%) (-3.1%) 85 54.8 75 84 51.9 （7.5%） 60 49. 2 74 (-12. 5%) 46.6 (5.5%) 47.7 (1.4%) 61 (2.8%) 50 51.4 50 (4.7%) 47.1 46.4 44 45.3 （5.2％） 25 42.0 (10.6%) (-5.0%) 40 41.0 41.0 Source: Real Estate (2.2%) 43 (0. 9%) (0. 1%) 36 Economic Institute Co ., 0 30 Ltd. 04 05 06 07 08 09 10 (Calendar year) (1H) 22 7. Property Sales Business (Property Sales to Individuals) 7-2: Mitsui Fudosan’s Strengths We are accel erati ng th e cash -to-cash cycl e f or asset s whil e st eadil y promoti ng our strength in high-added-value properties

Extensive bookingggs of high-cost FY2009 Sales by Brand (()Condominiums) properties will lower profitability in FY2010. Park Homes Park Mansion Park Court We constantly acquire new land for 35% 35%

development Park Tower Park City Strength in high-value-added 30% properties consistently supports operations

Sales, Land Acquisition Expenses and Operating Margin (Condominiums) (Property Sales to Individuals) FY2009 Sales by Region

（Billions of yen）（%） 400 12.0 Other regions 11.4 326.0 5% 9.4 305.0 300.9 Kansai & Chubu 300 270.3 9.0 5% 237.8 6.7 200 606.0 142.3 111.7 95.4 3.8 100 3.0 107.4 2.5 Metropolitan Tokyo

0 0.0 90% 2006 2007 2008 2009 2010 (Ca len dar years) Sales (LHS) (E) Land Acquisition Expenses Operating Margin 23 7. Property Sales Business (Property Sales to Individuals) 7-3: Major Projects

Competitive products primarily in metropolitan Tokyo

Major Projects Condominium Brand Lineup

FY Total Units (Mitsui Small-scale Property Name Location condominium Booked Fudosan Share) properties with short sales 2009 Park Court Akasaka The Tower Minato-ku, Tokyo 479 （ 70%） cycle High-end High-grade urban condominiums condominiums Park City Hamadayama Suginami-ku, Tokyo 522 （100%）

Park City Musashi-Kosugi Mid Sky Tower Kawasaki, Kanagawa 794 （ 80%）

Hiroo Garden Forest Minato-ku, Tokyo 667 （ 50%）

Prime Arena Shin-Yurigaoka Kawasaki, Kanagawa 393 （ 70%）

2010 Park Court Azabu-Juban The Tower Minato-ku, Tokyo 369 （ 40%） Park Homes Kichijoji Gran Terrace Park Court Akasaka The Tower

Park Tower Gran Sky Shinagawa-ku, Tokyo 613 （100%） High-rise Large-scale condominiums developments that create 2011 Kemigawahama Residence Chiba, Chiba 379 （ 43%） their own environment Park City Minami-Senrioka Settsu, Osaka 586 （100%）

Park City Kashiwanoha Campus Nibangai Kashiwa, Chiba 880 （100%）

THE ROPPONGI TOKYO Minato-ku, Tokyo 611 （45%） (Roppongi 3-Chome Redevelopment)

2012 Park Homes Meguro The Residence Meguro-ku, Tokyo 237 （100%）

Park City Kokubunji Meguro-ku, Tokyo 331 （100%） Park City Hamadayama Roppongi 1-Chome South Area Urban Park Tower Gran Sky Minato-ku, Tokyo 269 （100%） Redeveloppjment Project Urban Resort condominiums for condominiums ・ Musashikosugi Station South Exit Area Urban Redevelopment Project small households ・ Iidabashi Station West Exit East Area Urban Redevelopment Project ・ Kita-Shinagawa 5-Chome Area Urban Redevelopment Project FY2013 and after ・ Kashimada Station West Area Urban Redevelopment Project Land Bank (As of March 31, 2010) ・ Sakurajosui Apartment houses Redevelopment Project ¾ Land acquired (confirmed): approximately 19,000 ・ Tsukishima 1-Chome 3,4,5 Area Urban Redevelopment Project units (Mitsui Fudosan share only) Units become available for sale over multiple fiscal years at some properties. Moreover, the ¾ Project stage (incl. redevelopment): approximately fiscal year in which units become available for sale may change in the future. Some project 13,000 units (before sharing) names are tentative. 24 8. Property Sales Business (Property Sales to Investors) 8. Property Sales Business (Property Sales to Investors) 8-1: Market Trends J-REIT mar ke t: var ious measures an d th e es ta blish ment of a real est at e mark et stabilization fund have accelerated the trend toward recovery

Since autumn 2009, institutional reform and measures to strengthen creditworthiness and support financing

Trend toward recovery in the J-REIT market

Resumption of capital increases through public offerings Resumption of investment corporation bond issues

Progress in mergers and restructuring Improvement in the debt financing environment

The external growth cycle is beginning again with the resumption of new property acquisitions in the J-REIT market

Recovery expected in the overall real estate investment market, which is central to the J-REIT market

26 8. Property Sales Business (Property Sales to Investors) 8-2: Investment and Acquisitions among J-REITs

The autumn 2009 establishment of a real estate market stabilization fund has led to the resumption of capital increases through public offerings, investment corporation bond issues and property acquisition in the J-REIT market, and restructuring has progressed. The conditions that could support a recovery of the overall real estate investment market are now in place.

Acquisition of Assets by J-REITs

September 2009 (Billions of yen) Real estate market stabilization fund 600 established 504.5 Since October 2009 500 Public offerings of investment units 11 Mergers (publicly announced) 7 400 Investment corporation bond issues 18

300 (As of September 30, 2010) 239.5 225.9 197.5 200 166.9 140.4 108.4 100 82.6 52.1 76.0 3.6 0 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

(Calendar Year)

Source: The Association for Real Estate Securitization

27 8. Property Sales Business (Property Sales to Investors) 8-3: Mitsui Fudosan’s Strengths Mitsui F ud osan i s k eepi ng an eye on f ull -scalithlttle recovery in the real estate investment market while moving forward with current projects.

Inventory of Properties for Sale to Investors* A model for growing in cooperation with a diverse array of investors

Operating office Planned & under development buildi ngs ≈ 30% ≈ 30% J-REITs managed by the Mitsui Fudosan Management Group

Operating rental Sales Operating retail facilities housing properties ≈ 25% Private funds ≈ 15% Management structured by Mitsui the Mitsui * Consolidated basis. On-balance sheet real properties for sale including Fudosan Fudosan advances paid for purchases, and assets held by SPCs for the trading Group Sales Group business Management

Total: ≈ 519 billion yen (As of March 31, 2010) Sales On balance sheet: 281 billion yen Corporations Off balance sheet: 238 billion yen

28 9. Management Business (Property Management) 9. Management Business (Property Management) 9-1: Mitsui Fudosan’s Strengths

Fee income based on stable property management

“Tenant Improvements ” and “Property Management” Business Results1

Revenue from operations (LHS) Tenant improvements Operating income (RHS) (Billions of yen) Property management (Billions of yen)

2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal Year)

1: Previous “Property Management” segment (These businesses are included in “Property Management” category of “Management Segment” effective from FY2010.) 30 10. Management Business (Brokerage) 10. Management Business (Brokerage) 10-1: Market Trends CtContrac t num bers remai n at thihll high levels, and cont ract tdied prices are ri iising compared with the previous year. We expect these favorable market conditions to continue.

YoY Comparison of Existing Home (Condominiums) Sales Contracts Number (Units) (%) 4,000 30 Number of sales contracts (LHS) YoY (RHS) 25 20 3,000 15 10 2,000 5 0 -5 1,000 -10 -15 0 -20 07/9 07/12 08/3 08/6 08/9 08/12 09/3 09/6 09/9 09/12 10/3 10/6 10/9 Source: Real Estate Information Network for East Japan, Monthly Market Watch

YYYoY CifEitiComparison of Existing H(Cdii)Home (Condominiums) SlSales C on trac tPit Prices

(Millions of yen) (%) Contract prices (LHS) 27.0 YoY (RHS) 20 15 26.0 10 25.0 5 0 24.0 -5 23.0 -10 07/9 07/12 08/3 08/6 08/9 08/12 09/3 09/6 09/9 09/12 10/3 10/6 10/9 Source: Real Estate Information Network for East Japan, Monthly Market Watch 32 10. Management Business (Brokerage) 10-2: Mitsui Fudosan’s Strengths Con ditions are f avora ble, with cont ract s i n th e B rok erage for indi vid ual s higher than the previous corresponding period.

The brokerage business (Mitsui Rehouse) achieved record-high contracts (first half ended September 2010)

Recovery of residential brokerage for end users

Full-scale recovery of corporate brokerage expected

Monthly Trends in Number of Contracts ( YoY) for Tokyo Metropolitan Area Rehouse Network (%) 30 Condominiums Land & detached houses 20 Total

-10

-20 06/3 06/9 07/3 07/9 08/3 08/9 09/3 09/9 10/3 10/9 Source: Mitsui Real Estate Sales, Monthly Trend 33 11. Forecast for the Fiscal Year Ending March 31, 2011 (Fiscal 2010) 11.Forecast for the Fiscal Year Ending March 31, 2011 (Fiscal 2010)

(Billions of yen) Year to March Year to March 2011 (FY2010) 2010 (FY2009) Change Forecast Results Operating income 121.0 120.5 0.4 Leasing 91.0 95.5 -4.5 Property sales 18.0 12.4 5.5 PrPropertyoperty sasalesles to individualsindividuals 88.1.1 11.4 -3.3 Property sales to investors 9.9 1.0 8.9 Management 30.0 29.7 0.2 Mitsui Home, Other 4.2 3.8 0.3 Eliminations and corporate -22. 2 -21. 0 -111.1 Interest Expense, in Net -29.0-29.2 0.2 Non-operating income/expenses (excl.interest expenses, in net) 3.02.5 0.4 Extraordinary gains/losses -10.0 3.7 -13.7 Income taxes and minority interests -35.0 -37.6 2.6 Net Income 50.0 60.0 -10.0

Real property for sale (Billions of yen) Interest-bearing debt (Billions of yen) FY2010 (E)FY2009 Change FY2010 (E)FY2009 Change New investments 330.0306.4 23.5 Interest-bearing debt 1,740.01,746.7 -6.7 Recovery of costs 360.0300.6 59.3

Tangible and intangible assets (Billions of yen) FY2010 (E)FY2009 Change New investments 140.061.9 78.0 Depreciation 50.050.2 -0.2 35 12. Management Strategy 12. Management Strategy 12-1: Response to Maturity and Globalization Mitsui F ud osan i s i nnovati ng it s b usi ness mod el b y t aki ng th e perspecti ve of customers regarding accelerating structural socioeconomic changes

Structural Socioeconomic Changes Mitsui Fudosan Group Responses

Maturity

Poppp(ggulation composition (higher average age, low birthrate, population decline) Grasp socioeconomic changes to create new levels of value Diversifying values and lifestyles Economics (intensifying corporate Create enriched, affluent urban competition, streamlining in the public sector) spaces

Asset stock enhancement

Globalization

Acceleration of cross-border real estate investment Becomilttltiing a real estate solution Globalization of corporate activities partner in the global market Intensifying economic competition among cities in East Asia

Growing inbound business and tourism

37 12. Management Strategy 12-2: Response to Globalization MitiFdMitsui Fudosan has fi filidnalized a pil iltot proj jttect to parti tiitiChicipate in China and dth other dynamic East Asian areas

Beijing (Mitsui Fudosan Consulting (Beijing) Co ., Ltd. ) ●

Advance into ●Tokyo ● East Asia ● London Shanghai (Mitsui Fudosan (U.K.) Ltd.) (Mitsui Fudosan (Shanghai) ● Consulting Co., Ltd.) New York (Mitsui Fudosan America, Inc.)

Respond to ● Singapore needs in East (Mitsui Fudosan (Asia) Pte. Ltd.) Asia

*Construction has started at the Shanghai Condominium Project (February 2010) and at the Ningbo Outlet Project (April 2010).

38 12. Management Strategy 12-3: Initiating the Next Phase of Growth

Quickly complete crisis response and initiate the next phase of growth

Review, strengthen and re-engineer each core business

Response to maturity: business development that accommodates acceleratinggg changes in the domestic market environment

Response to globalization: specify growth strategies for China and other East Asian nations

Maintain a sound financial structure that supports growth

2011 2012 2013 2014 2015 2016 2009 2010

Respond to crisis and Formulate new business plan for the prepare for next phase medium-to-long term of growth

39 Appendices Appendix 1: Consolidated Balance Sheets (March 31, 2010)

Real property for sale (including Interest-bearing debt advances paid for purchases) Total assets: 3,710.4 breakdown/duration (Billions of yen) (B/S basis) Mitsui Fudosan Other: 16.1 (2%) Current assets 987.5 Liabilities 2,681.1 America G: Cash and time Short-term debt, 63.2 Interest-bearing debt1,746.7 06(0%)0.6 (0%) deposits CP and bonds redeemable Real property for sale within one year (including advances 682.5 313.4 paid for purchases) Mitsui (18%) Mitsui Fudosan Fudosan 264.5 Residential Equity investments in (39%) 73. 4 401.2 properties for sales Long-term debt and SBs (59%) Other current assets 168.3 1,433.3 (82%) Fixed assets 2,722.8 Tangible and intangible fixed 2,105.8 assets

Deposits from （Rental Properties) (1848.5) 366.7 Tangible and intangible tenants Interest-bearing debt fixed assets breakdown/SBs or bank Other liabilities 567.7 borrowing, CP Major Mixed-use Facilities （Office＋Retail） SBs 75.5(4%) 245.0 Net assets 1,029.2 (14%) Other (Shareholders’ (1,007.8) 452.0(21%) eqqy)uity) Major Bank borrowing, CP Office Buildings Investment securities 392.7 1,501.7 1,450.6 (86%) Major (69%) Retail Facilities Lease deposits 175.7 127. 7(6%) Other fixed assets 48.5 ＊Major Properties； balance above ¥10 billion at end of period (including properties under development) Capital expenditures 61.9 ＊Other； balance below ¥10 billion at end of period Depreciation 50.2 (office building, retail facility etc.) 41 Appendix 2: SPC Investments and Off-Balance-Sheet Debt (March 31, 2010)

Total exposure: 548.0 billion yen

(Billions o f yen ) Assets 548.0Debt 410.0 Assets to be 65.0 Off-balance-sheet 410.0 valued up debt AtfAssets for Assets to be 173.0 Trading Business: developed 238.0 billion yen

Assets for holding 310.0

Equity investments in Equity 138.0 73.0 properties for sale On-balance-sheet 138.0 Investments ＋

Investment securities 65. 0

¾ Amounts on the right represent the total amount of assets, debt and equity corresponding to Mitsui Fudosan’s equity share in each individual vehicle. ¾ Disclosure standards differ from those used for the “Guideline Applied to Disclosure of SPCs” presented since the year ended March 31, 2007. ¾ All figures are rounded off to the nearest billion yen. ¾ The categories “Assets to be valued up,” “Assets to be developed,” and “Assets for holding” conform to proprietary Mitsui Fudosan standards.

42 Appendix 3: Shareholder Composition

Shareholder Composition as of March 31

2010 6.2 34.5 49.4 9.9 2009 636.3 37. 0 47. 3 949.4 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 1992 14.7 47.0 20.0 18.3 1991 16.1 48.1 15.2 20.6

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Individuals Financial Institutions Foreign Other companies etc. 43 Appendix 4: Leasing Business – Office Building Portfolio

Name Shinjuku Mitsui Building GranTokyo North Tower Kasumigaseki Building Nihonbashi Mitsui tower Tokyo Midtown

Location Shinjuku-ku, Tokyo Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo Chuo-ku, Tokyo Minato-ku, Tokyo

Floor space ≈179,000 ㎡ ≈ 212,000 ㎡ ≈ 153,000 ㎡ ≈ 130,000 ㎡ ≈ 311,000 ㎡

Rentable floor space ≈ 104,000 ㎡ ≈ 65,000 ㎡ ≈ 96,000 ㎡ ≈ 51,000 ㎡ ≈ 184,000 ㎡

Floors 55 + 3 below ground 43 + 4 below ground 36 + 3 below ground 38 + 4 below ground 54 + 5 below ground

Year completed September 1974 October 2007 April 1968 July 2005 March 2007

Nihonbashi 1-Chome Name Gate City Osaki Garden Air Tower Akasaka Biz Tower Sumitomo Mitsui Banking Building Corporation head Office Buildings Location Chuo-ku, Tokyo Shinagawa-ku, Tokyo Chiyoda-ku, Tokyo Minato-ku, Tokyo Chiyoda-ku, Tokyo

Floor space ≈ 98,000 ㎡ ≈ 291,000 ㎡ ≈ 93,000 ㎡ ≈ 218,000 ㎡ ≈ 80,000 ㎡

Rentable floor space ≈ 50,000 ㎡ ≈ 155,000 ㎡ ≈ 55,000 ㎡ ≈ 99,000 ㎡ ≈ 46,000 ㎡

Floors 20 + 4 below ground 24 + 4 below ground 35+ 2 below ground 39 + 3 below ground 23 + 4 below ground

Year completed January 2004 January 1999 January 2003 January 2008 July 2010 44 Appendix 5: Leasing Business – Retail Facility Portfolio

LaLaport

Urban Dock LaLaport Name LaLaport Tokyo-Bay LaLaport Yokohama Lazona Kawasaki LaLaport Shin-Misato Toyosu Location Funabashi, Chiba Yokohama, Kanagawa Koto-ku, Tokyo Kawasaki, Kanagawa Misato, Saitama Floor space ≈ 307,000 ㎡ ≈ 226,000㎡ ≈ 165,000 ㎡ ≈ 172,000 ㎡ ≈ 142,000 ㎡ Store floor ≈ 113,000 ㎡ ≈ 92, 000㎡ ≈ 63,000㎡ ≈ 78,000 ㎡ ≈ 60,000 ㎡ space Stores ≈ 540 stores ≈ 280 stores ≈ 190 stores ≈ 300 stores ≈ 170 stores Opening April 1981 March 2007 October 2006 September 2006 September 2009

Mitsui Outlet Park Urban Facilities LaLagarden

Mitsui Outlet Park Mitsui Outlet Park Shiga Mitsui Outlet Park Marine Name KjKoujun Buildi ng LLLaLagar den KhiKawaguchi Sapporo Kita-Hiroshima Ryuo Pia Kobe Location Kita-Hiroshima, Hokkaido Gamo-gun, Shiga Kobe, Hyogo Chuo-ku, Tokyo Kawaguchi, Saitama Floor space ≈ 40,000 ㎡ ≈ 44,000 ㎡ ≈ 36,000 ㎡ ≈ 17,000 ㎡ ≈ 60,000 ㎡ Store floor ≈ 23, 000 ㎡ ≈ 27, 000 ㎡ ≈ 22, 000㎡ ≈ 85008,500 ㎡ ≈ 26, 000㎡ space Stores ≈ 130 stores ≈ 160 stores ≈ 130 stores 19 stores ≈ 90 stores Opening April 2010 July 2010 October 1999 October 2004 November 2008 45 Appendix 6: New and Former Segments

Segment Reorganization Chart

Former Segments New Segments

Leasing Office Buildings Office Buildings Leasing Retail Facilities Retail Facilities Residential

(Residential leasing, Other etc.)

(Mitsui Home)

Repark, Others

(Repark)

Sales of Housing, Housing Sales and Other Property Sales Property Sales Sales Office Buildings to Individuals Sales of Properties to and Land Investors Property Sales (Mitsui Home) to Investors

Construction

Property Property Management Property Management Management Tenant Improvements management

Brokerage, Brokerage Brokerage, Asset Consignment Consignment Sales management, etc. Sales and Consulting Consulting

Sales of Housing Housing Materials Mitsui Home Materials and Other Merchandise Merchandise Merchandise Other

Facility Operations Facility Operations

Other Other *Major segment changes are shown above. Other segments changes have also been implemented. 46 Disclaimer

This presentation contains forward-looking statements that are based on information available and our judgment when we issued the presentation, and are subject to risks and uncertainties.

Actual results may differ from our forecasts depending on factors including changgpges in economic conditions, market trends and operating conditions.

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

This presentation is not intended to solicit investment.

Investment decisions should be based solely on the judgments of the investor.