Investor Presentation

MITSUI FUDOSAN CO., LTD.

November 2009

www.mitsuifudosan.co.jp/english/ Contents

1 Earnings Overview______02-07 4 Brokerage,Consignment sales and Consulting Business ______28-30 1-1 Summary of the Fiscal Year Ended March 31, 2009 ______02 4-1 Earnings Trends and Business Outline by categories ______28 1-2 Summary of Six Months Ended September 30, 2009______04 4-1 Brokerage Business ______29 1-3 Revised Projections(P/L) for FY2009(Ending March 31,2010)Revised06___ Projections4-1-1 Number/Volume (P/L) for FY2009 of Transactions(Ending March and 31, Number 2010) of Contracts ______29 1-4 Earnings Trends and Forecast ______07 4-2 Consulting Business______30 2 Leasing Business ______08-16 4-2-1 Changes in AUM from private funds and J-Reits ______30 2-1 Earnings Trends and Business Outline by categories ______08 5 Property Management Business ______31 2-1 Leasing Business (Office Buildings) ______09-12 5-1 Earnings Trends and Business Outline by categories______31 2-1-1 Current Business Environment______09 6 Financial Strategy ______32 2-1-2 Our Competitive Advantage ______10 7 New Challenge Plan 2016 ______33 2-1-3 Major Projects (Medium- to Long-Term) ______11 2-1-4 Major Projects (Operating in FY2010) ______12 Appendices ______34-40 2-2 Leasing Business (Retail Facilities) ______13-16 Appendix 1 Consolidated Balance Sheet (At March 31, 2009) ______35 2-2-1 Current Business Environment______13 Appendix 2 SPC Investments and Off-Balance-Sheet Debt 2-2-2 Our Competitive Advantage ______14 (At March 31, 2009) ______36 2-2-3 Major Projects (Medium- and Long-Term) ______15 Appendix 3 Changes in MF Group AUM and Fees ______37 2-2-4 Major Projects (Commencing Operations in FY2009) ______16 Appendix 4 Shareholder Composition ______38 2-3 Capital Expenditures and Leasing Segment Profits______17 Appendix 5 Leasing Business (Office Buildings) Portfolio ______39 3 Sales Business ______18-27 Appppendix 6 Leasing Business (Retail Facilities) Portfolio ______40 3-1 Earnings Trends and Business Outline by categories ______18 Disclaimer______41__ 3-1 Sales Business (Housing Sales to Individuals) ______19-22 3-1-1 Current Business Environment______19 3-1-2 Our Competitive Advantage ______20 3-1-3 Major Projects ______21 3-1-4 Balance of Real Property for Sale and Reported Income _____22 3-2 Sales Business (Property Sales to Investors) ______23-27 3-2-1 Current Business Environment______23 3-2-2 Real Estate Investment Market Function ______24 3-2-3 New J-REIT Policies and Results______25 3-2-4 Our Competitive Advantage ______26 3-2-5 Balance of Real Property for Sale and Reported Income _____27

(Billions of yen) Fiscal 2008 Fiscal 2007 Fiscal 2008 Fiscal 2008 Fiscal 2009 Earnings Earnings Latest forecast *1 (March 31, 2009) change (March 31, 2010) forecast *2 (March 31, 2009) (March 31, 2008) (March 31, 2009) Year-on-year Year-on-year Year-on-year A B B' A - B A - B' C C - A Revenue from Operations 141891,418.9 136001,360.0 140001,400.0 58. 9 18. 9 1, 410. 0 (8. 9) Leasing 529.7 469.0 531.0 60.7 (1.2) 546.0 16.2 Sales of Housing, Office Buildings and Land 396.2 382.2 373.0 13.9 23.2 402.0 5.7 Housing Sales 305.0 270.3 305.0 34.7 0.0 310.0 4.9 Other Sales *3 91.1 111.8 68.0 (20.7) 23.1 92.0 0.8 Brokerage, Consignment Sales and Consulting 75. 1 84. 2 75. 0 (9. 0) 010.1 63. 0 (12. 1) Property Management 102.4 102.4 106.0 0.0 (3.5) 105.0 2.5 Other Segments *4 315.2 322.0 315.0 (6.7) 0.2 294.0 (21.2) Operating Income 171.5 179.2 170.0 (7.7) 1.5 120.0 (51.5) Leasing 99.5 90.6 97.0 8.8 2.5 94.0 (5.5) Sales of Housing, Office Buildings and Land 48.6 57.8 54.0 (9.1) (5.3) 20.0 (28.6) Housing Sales 20.4 30.8 30.5 (10.3) (10.0) 17.0 (3.3) Other Sales *3 28.1 26.9 23.5 1.1 4.6 2.9 (25.2) Brokerage, Consignment Sales and Consulting 18.1 26.5 17.0 (8.4) 1.1 10.0 (8.1) Property Management 15.5 15.4 16.0 0.0 (0.4) 16.0 0.4 Other Segments *4 797.9 727.2 606.0 070.7 191.9 101.0 (6. 9) Elimination or Corporate (18.2) (18.5) (20.0) 0.2 1.7 (21.0) (2.7) Non-Operating Income/Expenses (25.4) (16.4) (25.0) (9.0) (0.4) (27.0) (1.5) Ordinary Income 146.0 162.8 145.0 (16.7) 1.0 93.0 (53.0) Extraordinary gains (losses) (30.1) (7.7) (24.0) (22.3) (6.1) (5.0) 25.1 Income before Income Taxes 115.9 155.0 121.0 (39.0) (5.0) 88.0 (27.9) Income Taxes/Minority Interests (32.4) (67.6) (51.0) 35.2 18.5 (38.0) (5.5) Net Income 83.5 87.3 70.0 (3.8) 13.5 50.0 (33.5)

Net Income per Share (Yen) 95.10 99.40 － (4.30) －－－

1. Announced on February 5, 2009 2. Announced on October 29, 2009 3. Property Sales to investors: Sales of income-producing properties to investors 4. Other Segments: “Construction,” “Sales of Housing Materials and Merchandise,” “Facility Operations” and “Other” segments

(Billions of yen)

Fiscal 2008 Fiscal 2007 Fiscal 2008 Fiscal 2009 Results Results change forecast (March 31, 2009) (March 31, 2008) Year-on-year (March 31, 2010) A B A - B C TtlTotal asset s 3, 758. 3 3, 634. 4 123. 8 － Interest-bearing debt1 1,733.5 1,550.4 183.1 1,790.0 B/S Shareholders’ eqqyuity2 978.6 971.3 7.3 －

D/E ratio (times)3 1.77 1.60 0.18 －

Cash flows from operating activities (40.9) 97.7 (138.7)

Cash flows from investing activities (141.6) (392.1) 250.5 C/F Cash flows from financing activities 182.2 276.1 (93.9)

Free cash flows / Operating cash flows + investing cash flows (182.6) (294.3) 111.7

1. Interest-bearing debt: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Shareholders’ equity: Total net assets – minority Interests – new share subscription rights 3. D/E ratio: Interest-bearing debt / shareholders’ equity

© Mitsui Fudosan Co., Ltd. 3 1 Earnings Overview 1-2 Summary of Six Months Ended September 30, 2009 (P/L) （Billions of yen） Fiscal 2009 Earnings Fiscal 2008 Earnings change Fiscal 2009 Six Months Ended Six Months Ended Year-on-year (March 31, 2010) forecast *1 (September 30, 2009) (September 30, 2008) Progress ABＡ－ＢＣ÷ＣＡ Revenue from Operations 665.7 614.5 51.1 1,410.0 47.2%

Leasing 275.4 263.3 12.0 546.0 50.4% Sales of Housing, Office Buildings and Land 192.8 124.1 68.7 402.0 48.0% Housing Sales 163.5 104.7 58.7 310.0 52.7% Other Sales *2 29.3 19.3 9.9 92.0 31.9% Brokerage, Consignment Sales and Consultin 30.2 40.1 (9.8) 63.0 48.1% Property Management 48.5 49.3 (0.8) 105.0 46.2% Other Segments *3 118.6 137.5 (18.9) 294.0 40.3% Operating Income 86.7 70.9 15.8 120.0 72.3%

Leasing 53.0 51.9 1.0 94.0 56.4% SlSales o fHf Hous ing, Office BildiBuildings an dLd Lan d 35. 8 10. 4 25. 3 20. 0 179. 2% Housing Sales 22.7 7.4 15.2 17.0 133.3% Other Sales *2 13.1 3.0 10.0 2.9 444.6% Brokerage, Consignment Sales and Consultin 4.0 11.8 (7.7) 10.0 40.9% Property Management 7.8 7.9 (0.1) 16.0 48.8% Other Segments *3 (3. 8) (1. 6) (2. 2) 101.0 - Elimination or Corporate (10.1) (9.6) (0.5) (21.0) - Non-Operating Income/Expenses (13.8) (11.1) (2.7) (27.0) - Ordinary Income 72.9 59.8 13.1 93.0 78.4%

Extraordinary gains (losses) - (6.7) 6.7 (5.0) - Income before Income Taxes 72.9 53.0 19.9 88.0 82.9% Income Taxes/Minority Interests (30.0) (20.9) (9.0) (38.0) - Net Income 42.8 32.0 10.8 50.0 85.8%

1. Announced on October 29, 2009 2. Property Sales to investors: Sales of income-producing properties to investors 3. Other Segments: “Construction,” “Sales of Housing Materials and Merchandise,” “Facility Operations” and “Other” segments

（Billions of yen） Fiscal 2009 Fiscal 2008 Fiscal 2009 Fiscal 2009 Six Months Ended Results change ft*4forecast *4 (September 30, 2009) (March 31, 2009) Year-on-year (March 31, 2010) ABA－BC Total assets 3,807.3 3,758.3 48.9 -

Interest-bearing debt *1 1,809.4 1,733.5 75.9 1,790.0 B/S Shareholders’ equity *2 1,021.5 978.6 42.8 -

D/E ratio (()times) *3 1.77 1.77 0.00 -

1. Interest -bearing debt: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Shareholders’ equity: Total net assets – minority Interests – new share subscription rights 3. D/E ratio: Interest-bearing debt / shareholders’ equity 4. Announced on October 29, 2009

（Billions of yen） Fiscal 2009 Fiscal 2009 change forecast *1 forecast *2 Year-on-year (March 31, 2010) (March 31, 2010) ABＡ－Ｂ Revenue from Operations 141001,410.0 1, 420. 0 (10. 0)

Leasing 546.0 552.0 (6.0) Sales of Housing, Office Buildings and Land 402.0 393.0 9.0 Housing Sales 310.0 348.0 (38.0) Other Sales 92.0 45.0 47.0 Brokerage, Consignment Sales and Consulting 63.0 63.0 - Property Management 105.0 109.0 (4.0) Other Segments *3 294.0 303.0 (9.0) Operating Income 120.0 150.0 (30.0) Reflects time required to backfill vacancies and other factors Leasing 94.0 97.0 (3.0) Reflects reassessment of number of Sales of Housing, Office Buildings and Land 20.0 44.0 (24.0) condominiums to be sold, devaluation loss Housing Sales 17.0 27.8 (10.7) and other factors Other Sales 2.9 16.1 (13.2) Brokerage, Consignment Sales and Consulting 10.0 10.0 - Reflects loss on transfer of assets to Nippon Accommodations Fund, devaluation Property Management 16.0 16.0 - loss and other factors Other Segments *3 1.0 3.0 (2.0) Elimination or Corporate (21.0) (20.0) (1.0) Reflects impact of sluggish economy on hotel and resort business and other factors Non-Operating Income/Expenses (27.0) (25.0) (2.0) Ordinary Income 93. 0 125. 0 (32. 0)

Extraordinary gains (losses) (5.0) (10.0) 5.0 Income before Income Taxes 88.0 115.0 (27.0) Income Taxes/Minority Interests (38.0) (48.0) 10.0 Net Income 50. 0 67. 0 (17. 0)

1. Announced on October 29, 2009 2. Announced on April 30, 2009 3. Other Segments: “Construction,” “Sales of Housing Materials and Merchandise,” “Facility Operations” and “Other” segments

Leasing Housing Sales Property sales to investors Brokerage, Consignment Sales and Consulting Property Management Other Segments1

Operating income (Billions of yen)：LHS Net income (Billions of yen)：RHS 179.2 200 120 7.2 171.5 161.8 180 15.4 7.9 8.1 15.5 100 137.5 14.3 26.5 160 18.1 Operating 7.5 57.8 120.0 income 48.6 1.0 140 total 115.7 12.7 26.0 27.0 87.3 103.2 109.2 5.7 49.2 28.1 83.5 16.0 80 3.5 10. 7 22.5 (Approx.) 120 (0.3) 26.9 75.2 10. 0 7.7 Housing 10.8 44.6 3.0 Sales 18.6 20.4 (Approx.) 10.9 + 14.0 30.8 100 35.1 25.8 17.0 20.0 60 8.9 Property 32.9 22.3 Sales to 13.6 16.5 56.5 80 23.6 investors 18.8 50.0 32. 5 19. 3 18. 6 40 60 99.5 90.6 94.0 40 28.6 81.3 66.5 25.5 63.0 62.5 67.9 20 20 14.4 0 0 Elimination or Corporate (14.1)20022002 2003(15.1) 20032004 (17.0) 2004 2005 (17.9) 2005 2006 (17.2) 2006 2007 (18.5) 2007 2008 (18.2) 2008 2009 (21.0) 2009 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal yy)ear)

1. “Other Segments” includes “Construction,” “Sales of Housing Materials and Merchandise,” “Facility Operations” and “Other” segments.

Operating profit margins (%) 25% 20.2% 20.4% 19. 0% 19.3% 18.2% 18. 6% 18. 8% 20% 17.2%

15% 2002 2003 2004 2005 2006 2007 2008 2009 Revenue from operation(Billions of yen) : LHS Operating income(Billions of yen)：RHS 120 600 Residentials,car parks,etc 529.7 546.0 Retail Facilities 500 469.0 100 Office Buildings 118.9 398.0 99.5 364.3 111.190.6 94.0 80 400 329.6 332.3 343. 7 95.5 81.3 107.3 85.3 300 70.6 72.9 77.0 67.9 92.2 60 66.5 63.0 62.5 68.2 42.6 42.9 50.9 56.9 200 40 265. 5 303.4 100 216.4 216.4 215.7 222. 0 234. 2 20 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (FY) 20022002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009

Business Outline by categories

¾ Office Buildings－Leasing of owned and subleased office buildings ¾ Retail Facilities－Leasing of owned and subleased retail facilities ¾ Residentials, car parks ,etc.－Leasing of mainly subleased rental condominiums, car parks, etc.

Maintaining a comparative advantage amid leveling off of supply/demand balance

Office vacancy rates and new supply

(Vacancy rate: %)Office vacancy rates (Average rent: yen/tsubo) 21,295 10.0 8.57% 25,000 (3/09) 19,657 Average market rents (yen/tsubo) ：RHS (6/03) (9/09) 8.0 7.62% 20,000 Mitsui Fudosan vacancy rate 58%5.8% (()9/09) (To kyo Me tro /paren t bas is ) (le： ftLHS scal e) 6.0 (9/03) 15,000 6.05% 3.6% Market vacancy rate (Central Tokyo 5 (3/09) (9/09) 2.65% wards, large-scale) (left：LHS scale) 4.0 (12/07) 3.1% 10,000 (6/09) マーケット平均賃料（円/坪）：右目盛 0.9% 2.0 (6/06) 5,000 2.5% 0.0 (3/09) 0 02/32002 02/9 03/3 2003 03/9 04/3 200404/9 05/3 05/9 2005 06/3 06/9 2006 07/3 07/9 2007 08/3 08/9 2008 09/3 09/9 9/2009 (Year) Source: Miki Shoji

(Floor space: thousands of m2) 3, 000 New supply in the Tokyo 23-ward area (Office buildings with floor space of 10,000 m2 or more) 2,500 Average for FY86–FY08: 1.04 million m2 Average for FY09 onward: 1.00 million m2 2,000 2,160 (based on floor space) (based on floor space) 1,570 1,410 1, 500 1,540 1,000 1,250 1,210 1,190 1,080 500 770 650 870 890 260 290 0 02 03 04 05 06 07 08 09 10 11 12 13 (Year) Completed Not completed (under construction) Not completed (not under construction) Source: Mori Building

High-quality assets and proactive portfolio management

MF-owned building sales ratio by area FY20081 Ratio of properties by years since construction3 Other areas of Regional metropolitan Tokyo 10% March 31, 2003 March 31, 2009 Within five 5% Within five years years 17% 24%24% Five wards of 2.65 central Tokyo2 2.26 million m2 million m2 14％ 2.65 million m2 Six–ten 85% years 2% 1. Parent company basis, including jointly held properties To be rebuilt 2. Chiyoda-ku, Chuo-ku, Minato-ku, Shinagawa-ku, Shinjuku-ku 3. Sum of owned and master-leased properties

Nihonbashi Mitsui TowerGranTokyo North Tower Tokyo Midtown Gate City Ohsaki

Concentrated, continuous investment in carefully selected projects

Muromachi East Takebashi （仮称）室町東地区計画District Projects Ⅰ期2010Phase年度、 I:Ⅱ FY2010期2013年度予定 Project Phase II: Scheduled for FY2013 Net rentable area Year built Location Mitsui Seimei三井生命大手町ビル Otemachi Bldg. (* indicates properties under master-lease and (approx.) management) Tokygyo Club Bldg.Chiyoda-ku 7,700 m2 2 Otemachi GranTokyo North Tower Chiyoda-ku 66,000 m FY2007 Akasaka Biz Tower* Minato-ku 105,000 m2 Mitsukoshimae Yodoyabashi Mitsui Bldg. Osaka 29,000 m2 Mitsui Seimei Otemachi Bldg. Chiyoda-ku 34,000 m2 Nihonbashi 2 1-chome Bldg. Aoyama OM-SQUARE Minato-ku 8,000 m Marunouchi 1-chome Rebuilding FY2008 Project (scheduled for FY2010) GranTokyo 2 North Tower Jingumae M-SQUARE Shibuya-ku 7,000 m Nihonbashi Tokyo 2 Nihonbashi FY2009 Higashi Gotanda SQUARE Shinagawa-ku 16,000 m Tokyo Sta. Otemachi Marunouchi 1-chome Rebuilding Chiyoda-ku 46,000 m2 Takashimaya Project FY2010 Muromachi East District Projects Chuo-ku 21, 000 m2 Nihonbashi Areas 2-2 Tokyo 2-chome Project Sanshin Bldg. (provisional name) ・ Nijubashimae Major new Muromachi East District Projects: Areas 1-5 (Chuo-ku) Kyobashi /Hibiya Mitsui Bldg. building ・Muromachi East District Projects: Areas 2-3 (Chuo-ku) Reconstruction Takaracho Yurakucho projects Project ・Chiyoda-ku Fujimi 2-chome Project (Chiyoda-ku) Yurakucho after Ginza 1-chome ・Sanshin Bldg./Hibiyyga Mitsui Bldg. Reconstruction Projj(yect (Chiyoda-ku) Hibiya Sta. FY2011 ・Nihonbashi 2-chome Project (Chuo-ku) ・Mitsui Seimei Otemachi Bldg. (Chiyoda-ku) Ginza

Imperial Hotel Ginza ・Yokohama Mitsui Bldg. Project (Yokohama) ・Sapporo Mitsui Bldg. Reconstruction Project (Sapporo) Shintomicho Higashi Ginza The years built and net rentable areas are subject to change. Newly constructed (within five years) Some project names are provisional. To be rebuilt / reconstructed Existing

Two large-scale projects slated in prime central Tokyo locations

Marunouchi 1-chome Rebuilding Project Muromachi East District Projects * Areas 2-2

リレーションシップ ID rId4 のイメージパーツがファイルにありませんでした。

Mitsui Life NTT Mitsui Insurance KDDI Otemachi Bussan Bldg. Otemachi Bldg. Bldg. Bldg. 2-4 Yomiuri Block Imperial Shimbun Tokyo Sankei 2-5 palace MUFG Bldg. Block Tokyo Bldg. Nihonbashi 2-3 Mitsui Tower Block Otemon Otemachi 2-2 Mizuho Bank First Square Tokyo Central Block Branch Mitsui Palace Hotel SMBC (under construction) Otemachi Main Building AIG Bldg. Bldg. 1-5 Ginko Block Kaikan Tokyo Ginko Kyokai Bldg Nihonbashi Wadakura Fountain Park Mitsukoshi Tokyo Marine Honkan Nichido Bldg. Shin- Marunouchi Nihombashi Bldg. Mitsukoshi Shinkan

Mitsubishi Tokyo Sta. Corp. Marunouchi Tokyo Metro Hea d Office Bldg. Mitsuk oshi mae sta. exit Construction began January 2008 Construction began March 2009 Schedule Scheduled for completion in first half Schedule Scheduled for completion in first half of FY2010 of FY2010 Floor space Approx. 80 ,000 m2 Floor space Approx. 41 ,000 m2 Building scale 23 floors, 4 sub-levels Building scale 22 floors, 4 sub-levels Rentable area (offices) Rentable area (offices) Approx. 14,000 m2 Approx. 46,000 m2 Rentable area (retail) Rentable area (retail) Approx. 7,200 m2 Primary contractor Mitsui Fudosan Co., Ltd. Primary contractor Mitsui Fudosan Co., Ltd. Primary tenant Sumitomo Mitsui Banking Corp. Primary tenant TBD *Provisional name

MF facility performance sound, despite sluggish consumer spending

Existing Existing Sales by store type (YoY) stbitore basis Quarterly sales of MF facilities by type (YoY) stbitore basis

2% 11% 1% 03%0.3% 03%0.3% 9% 0.0% 7% 0% 5% -0.7% -0.7% 5% 3% -1% -0.2% -0.5% -2.1% -1.6% -1.7% 3% 2% 2% -21%2.1% -1.5% 3.0% -2% -1.4% 1% 2% 2.0% -2.8%-2.8% -2.3% -1% -1% -3% -0.4% -2.6% -2.7% -3.3% -1.0% -3% -2% -2.0% -3.2% -2.7% -4% -3.5% -5% -4% -6.0% -4.3% -7% -5% -6.7% -7.7% 2002 2003 2004 2005 2006 2007 2008 -9% (Year) FY2008 FY2008 FY2008 FY2008 FY2009 FY2009 General shopping centers 1Q 2Q 3Q 4Q 1Q 2Q (4-6/08) (7-9/08) (10-12/08) (1-3/09) (4-6/09) (7-9/09) Department stores General shopping centers (market data) Chain stores LaLaport ((g8 existing facilities )

Outlet Park (6 existing facilities) Sources: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association Source: Japan Council of Shopping Centers

Diverse facility categories and stable profit structure

Retail facilities sales * by category FY2008 Ratio *1 offixedtosalesof fixed to sales-linked rent *2 by category FY2008

100% 5% 20% 20% (Regional mall) Others 80% 40% 15% Urban facility 60% Sales- 10% 45% linked rent 5% 40% 80% 80% Fixed rent 60% 95% (Lifestyle center) 25% 20%

0% LaLaport Outlet Others Total

*1 Approximate *Includes master-leased properties *2 Includes master-leased properties

Mitsui Shopping Park LaLaport Mitsui Outlet Park Mitsui Shopping Park LaLagarden Urban Facility

LaLaport Tokyo Bay Mitsui Outlet Park Marine Pia Kobe LaLagarden Kawaguchi Ginza Glasse

Developing optimal facilities with a focus on the Tokyo metropolitan area

Year Project Net rentable Lease Managed retail facilities in the Tokyo metro area Location built (* indicates properties under master-lease and management) area (approx.) hold 2 Lazona Kawasaki PlazaLaLaport Kawasaki 172,000 m ○ 2 FY Urban Dock LaLaport ToyosuLaLaport Koto-ku 165,000 m ○ 2 2006 LaLaport KashiwanohaLaLaport Kashiwa 145,000 m 2 LaLaport YokohamaLaLaport Yokohama 227,000 m 2 Ginza Velvia Kan*Urban Chuo-ku 8,000 m 2 FY Nitta Building*Urban Chuo-ku 3,000 m 2 2007 Mitsui Outlet Park Jazz Dream Nagashima (expansion) Outlet Kuwana 6,000 m 2 LaLagarden KasukabeLaLagarden Kasukabe 23,000 m 2 Mitsu i OtltPkIOutlet Park Iruma* Outlet Iruma 32, 000 m 2 Ginza GlasseUrban Chuo-ku 5,000 m 2 FY LaLaport Tokyo bay (expansion)LaLaport Funabashi 3,000 m 2 2008 Mitsui Outlet Park Sendai PortOutlet Sendai 20,000 m ○ 2 LaLagarden KawaguchiLaLagarden Kawaguchi 26,000 m ○ 2 Mitsui Outlet Park Marine Pia KobeOutlet Kobe 22,000 m LaLaport IwataLaLaport Iwata 50,000 m2 FY LaLaport Shin-MisatoLaLaport Misato 60,000 m2 2009 2 LaLagarden NagamachiLaLagarden Sendai 19,000 m ○ Ginza Echigoya Bldg. Project* Urban Chuo-ku 45004,500 m2 FY G1 Project Urban Chuo-ku TBD Mitsui Shopping Park LaLaport 2010 Mitsui Outlet Park Shiga RyuoOutlet Ryuo TBD ○ Mitsui Outlet Park Mitsui Outlet Park Sapporo Kita-HiroshimaOutlet Sapporo 23,000 m2 Mitsui Shopping Park LaLagarden Major new retail ・Ginza Komatsu Reconstruction Project (Chuo-ku) (Leasehold scheme) Urban facility facility projects after ・Odaiba Project (Aomi Q Area) (Koto-ku) FY2011 The years built and net rentable areas are subject to change. Some project names are provisional.

Completed two large-scale retail facility projects

LaLaport Iwata LaLaport Shin -Misato

LaLaport lane

Public road

Shin-Misato Station Public road

Parking area Smart interchange To Tokyo Tomei Exppyressway Enshu Toyota PA To Iwata Interchange Distribution Retail, office Office, storage

From Tokyo To Hamamatsu Interchange Smart interchange

Location Iwata, Shizuoka Prefecture LtiLocation Misa to, SitSaitama P ref ect ure

Construction began in June 2008 Construction began in July 2008 Schedule Schedule Opened in June 2009 Opened in September 2009

Floor space Apppprox. 136 ,000 m2 Architectural area Approx. 142,000 m2 Building scale 4 floors Building scale 2 floors (one section: 4 floors) 2 Store area Approx. 50,000 m2 Store area Approx. 60,000 m Ito-Yokado (Supermarket) Toho Cinemas (Multiplex cinemas) Primary stores Edion (Electronic store) PiPrimary stores NjiNojima (Elec tron icst)tore) UNIQLO (SPA)

Leasing Segment ROA 6% 5% 4.2% 4.3% 4.3% 4% 34%3.4% 33%3.3% 3.2% 35%3.5% 3% 2% 1% 0% 2002 2003 2004 2005 2006 2007 2008 2009 Capital Expenditures LeasingLeasing segment segment operating operating profit income ((y)Billions of yen) ：LHS ((y)Billions of yen)：RHS 400 120 350 99.5 90.6 94.0 100 300 81.3 67.9 80 250 66.5 63.0 62.5 200 60 340.4 150 40 100 220.3 165.0 110.0 20 50 78.8 92.7 61.1 35.8 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal year)

Operating profit margins / Housing sales to individuals (%) 15% 11.4% 9.4% 8.6% 8.7% 10% 6.6% 7.3% 6.7% 5.5% 5% 2002 2003 2004 2005 2006 2007 2008 2009 Revenue from operation(Billions of yen) : LHS Operating income(Billions of yen)：RHS Property sales to investors Property sales to investors Housing sales to individuals Housing sales to individuals 500 80 396.2 402.0 382. 2 57. 8 400 335.3 350.7 334.4 336.9 341.6 60 49.2 91.1 48.6 92.0 59.7 56.8 44.6 111.8 300 78.8 120.4 103.7 27.0 32.5 32.9 35.1 40 26.9 200 25.8 28.2 8.9 16.5 20. 0 293. 813. 6 305. 0 310. 0 275.6 255.6 237.8 270.3 3.0 20 100 216.4 30.8 Approx. 23.6 19.3 18.6 18.8 22.3 20.4 17.0 Approx. 0 0 2002 2003 2004 2005 2006 2007 2008 2009 20022002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009(FY) Business Outline by categories ¾ Housing sales to individuals－Sales of condominiums and detached houses to individuals, developed by Mitsui Fudosan Residential Co., Ltd. ¾ Property sales to investors－Sales of business-use properties such as office buildings, retail facilities, rental condominiums to investors,etc.

Condominium market in the Tokyo metropolitan area

Initial month contract rate: %：LHS Average tsubo unit price: thousands of yen/tsubo* (Tokyo metro area)：RHS Average tsubo unit price: thousands of yen/tsubo* (Tokyo 23 ward area)：RHS 100 3,000 2,560 90 82.5 2,829 2,810 (1～9/09) 78.1 79.0 78.3 2,500 80 75.4 69.7 2,140 70.2 2, 364 (1～9/09) 70 2,231 2,215 2, 264 2,000 2,109 2,090 60 2,029 (1～9/09) 1,802 1,818 1,802 1,835 62.7 50 1,696 1,500

Thousands of new units sold：LHS Unsold inventory: thousands of units：RHS Thousands of new units sold (forecast)：LHS 100 12.4 14.0 89 (12/08) 83 85 84 10.8 12. 0 80 (12/07) 11.6 10.0 75 (12/02) 6.8 60 9.7 (9/09) 8.0 (12/03) 44 7.9 8.2 61 40 (12/04 (12/06) 35 606.0 6.0 (12/05) 4.0 20 2.0

0 000.0 200202/122002 2003 03/12 2003 200404/12 2004 200505/12 2005 2006 06/12 2006 2007 07/12 2007 200808/12 2008 200909/06 2009 (Year)( * Tsubo is a Japanese measurement of area. One tsubo equals approximately 3.3 m2. Source: “Condominium Market Trends in the Tokyo Metropolitan Area,” Real Estate Economic Institute

Promoting the integrated construction and sales of high-value-added residences

Condominium brand line -up Sales by brand FY2008 (Condominiums)

Small to mid-sized Park Mansion/ condominiums with Prime quality High-quality urban Park Homes higher turnover condominiums condominiums 30% Park Court 30%

Park Tower/Park City 40%

Park Homes Fujigaoka Park Court Toranomon Atago Tower

Environment- Sales by region FY2008 (Condominiums) Super high -rise shaping large-scale condominiums development Kansai/ Other regions Chubu regions 5% 5%

Tokyo metro area 90% THE TOYOSU TOWER Park City Hamadayama

Central Tokyo Resort small family condominiums condominiums

Providing high-value-added properties in prime metropolitan Tokyo locations

Major properties (Tokyo metropolitan area) Year to be Property name Location Total units (share) booked Park City Saitama Kita Park City Kashiwanoha Campus City First Avenue Park Court Toranomon Atago Tower Minato-ku 230 (100%) Park City Musashi-Kosugi Station Forest Tower Kawasaki 643 (80%) FY2008 THE TOYOSU TOWER Koto-ku 825 (30%) PkCitPark City KhiKashiwano ha CCitCampus City Ichi-ban Gai Kashiwa 977 (100%) Park Court Akasaka The Tower Park City Saitama Kita Saitama 1,045 (100%) Park Court Akasaka The Tower Minato-ku 463 (70%) Hiroo Garden Forest Park City Hamadayama Suginami-ku 522 (100%) Park Court Toranomon Atago Tower Park City Musashi-Kosugi FY2009 Mid Sky Tower Kawasaki 794 (80%) Park City Hamadayama Hiroo Garden Forest Minato-ku 670 (50%) THE TOYOSU TOWER Prime Arena Shin-Yurigaoka Kawasaki 393 (70%) Park Court Azabu-Juban The Tower Minato-ku 360 (40%) Prime Arena Shin-Yurigaoka FY2010 Park Tower Gran Sky Shinagawa-ku 613 (100%)

Park Court Azabu 10-ban The Tower ・Roppongi 3-chome Area Redevelopment Project Major new properties ・Iidabashi Station West Exit Area Development Project Park Tower Gran Sky for ・Kita-Shinagawa 5-chome Area Redevelopment Project construction ・Musashikosugi Station South Area/East Block projects after RdRedeve lopmen tPt Pro jec t FY2011 ・Kashimada Station Western Area Redevelopment Project Park City Musashi-Kosugi Mid Sky Tower Some projects and properties span multiple years. Years to be booked are subject to change. Park City Musashi-Kosugi Station Forest Tower N Some project and property names are provisional. 0km 10km 20km Land bank（as of end of March,2009) ¾ Sites acquired (confirmed): Approx. 18,000 units (after sharing) ¾ Planning stage (redevelopment, etc.): Approx. 10,000 units (before sharing)

Operating income (Billions of yen)：RHS Number of condominiums booked (or to be booked)：LHS (Housing sales business operating profit margin) Completed condominiums in unsold inventory：LHS (Units) 5,500 30 5,249 52065,206 5, 000 30.8 4,900 25 4,487 4,500 (11.4%) 4,000 20 22.3 3,500 20.4 3,000 (9. 4%) 15 (6.7%) 17.0 2, 500 (5.5%) 2,000 10 1,500 826 5 453 1,000 267 500 0 0 (Billions of yen) 2006 2007 2008 2009 Expenses related to acquisition of land for housing sales (1st half) 500 Expenses related to acquisition of land for housing sales (2nd half) 500 Balance of real property for sale as housing (fiscal year-end) 400 407.5 400 360.5 300 311.4 300 200 200 143.2 111.7 56.7 95.4 100 100 61.8 46.9 38.0 85.6 49.9 48.5 0 0 38. 0 200620062006 2007 2007 2007 2008 2008 2008 2009 2009 2009 (Fiscal year)

Downturn in the real estate investment market

Listed company real estate transactions J-REIT property acquisition costs

(Trillions of yen) (Units) (Trillions of yen) 6.0 2,000 2.0 1.82 5.5 0.01 181.8 1701.70 1.66 5.0 0.06 1.6 0.45 0.13 4.5 1,500 1,340 1.4 0.51 4.0 1,201 0.40 1, 157 3.5 1.2 0.32

0.24 3.0 1,000 1.0 0.91 0.06 0.32 846 859 5.54 0.09 2.5 0.8 0.68 0.19 0.02 648 4154.15 4344.34 0590.59 2.0 0.07 0.03 502 0.6 0.29 0.30 0.16 0.07 1.5 500 0.97 2.62 (Residential leasing)0.02 0.10 2.40 0.4 0.01 0.80 0.79 2.11 0.01 0.01 1.0 1.88 162 0.08 0.43 050.5 0.2 0.42 0380.38 0.56 0.21 0.03 0.0 0 0.0 0.03 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal year) 2002 2003 2004 2005 2006 2007 2008 2009 (1st half) (1st half) (Fiscal year) Transaction volume ：LHS Number of transactions ：RHS Total Logistics facilities Residential leasing Retail facilities Hotels Offices

Source: Urban Research Institute Corp. Source: Investment company disclosures

Reclaiming investor trust and expectations through revitalization of the J-REIT market will lead to a recovery in the real estate investment market

Real Estate Real Estate Financial Market Investment Market Markets

Rejuvenation of Debt Operating J-REIT market properties Loan Brokering Positive growth cycle Investment corporation bonds ital p Low-operating p Private fund activation

properties Ca Equity Value up Positive growth cycle REIT Non-operating Investment unit properties Real estate investment Fund investment Develop market recovery・・・ Real estate direct investment

System Foundation/Enhanced Creditworthiness, Financing Support ✓Dec. 2008: Development Bank of Japan provides loans from Crisis Response Operations of the Japppan Finance Corporation ✓Jan. 2009: Bank of Japan revised collateral eligibility criteria to include J-REIT bonds ✓Apr. 2009: J-REIT-related tax structure revisions such as: • Conduit items: Regarding the requirement to distribute over 90% of earnings (earnings are defined as booked profit, not taxable income) • Adjustments for negative goodwill (out of dividend distribution) ✓Jul. 2009: Addition of J-REITs’ investment to eligibility list of Bk’ShhldiPBanks’ Shareholdings Purc hase Corpora tion ✓Sep. 2009: Creation of a real estate market stabilization fund

J-REITs

Public stock offerings, property acquisition Mergers, restructuring ✓OtOct. 2009: TREITPOTwo REIT POs, propert y acqui iitisitions ✓Since Aug. 2009: Three merger agreements announced

High-quality assets and increasing operating ratios

Percentage breakdown of real property for sale1 Ratio of non-operating assets for sale to investors At the end of FY2008 For sale to investors (non-operating) Housing 30% to End of FY2008: Approx. 30% individuals For sale to investors 40% 8% (operating/residential leasing) 15% 7% For sale to investors End of FY2010: Approx. 10% (forecast) For sale to investors (operating/retail facilities) (operating/office buildings)

Growth/symbiosis model of diverse investors

Mitsui Fudosan Group

Sale Sale Sale Jingumae M-SQUARE Park Axis Series

Management Management Management

Group-managed Group-structured Corporations J-REITs private funds

1. Consolidated basis, real properties for sale(including advances paid for purchases) and assets held by SPCs for trading business LaLaport Shin-Misato

Balance of on-balance-sheet real property for sale to investors (fiscal year-end)

Share in balance of off -balance-sheet real property for sale to investors (fiscal year-end, trading business SPCs)

(Billions of yen) 586.7 567.1 600 534.7

500

300. 0 400 392.0 302.0 300

200 267.1 100 194.7 232.7

0 2006 2007 2008 (Fiscal year end)

Operating profit margins (%) 32.9% 33.7% 30.9% 31.6% 35% 26.3% 30% 23.6% 24.1% 25% 15.9% 20% 15% Revenue from2002 operation(Billions 2003 of yen) 2004 : LHS 2005 2006 2007Operating income(Billions 2008 2009 of yen)：RHS 100 30 Consulting 84.2 Consignment sales 77.3 75.1 25 80 Brokerage 68.7 26.0 12.1 26.5 60.2 22.5 14.3 10.0 15.3 63.0 20 60 53.5 11.7 46. 5 989.8 10. 8 707.0 6.4 18.6 8.2 18.1 15 6.5 8.8 40 9.1 14.0 10.5 62.0 10 10.9 52.1 52.7 10.0 20 41.5 48.7 29.4 37.9 5 0 0 2002 2003 2004 2005 2006 2007 2008 2009 20022002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009(FY) Business Outline by categories ¾ BkBrokerage－BkBrokerage of exitiisting properties ttitargeting idiidlindividual and itittilinstitutional itinvestors for the purpose of business-use and investment ¾ Consignment Sales－Consignment sales of newly constructed properties including condominiums and detached houses built by developers other than Mitsui Fudosan Residential ¾ CltiConsulting－ViVarious consulting services such as dldevelopmen tmanagement and projtject management services, as well as fund management services for private funds and J-REITs

Number of transactions remains firm, transaction volume down Number of transactions ：LHS Number/volume of transactions1 Transactions volume ：RHS 2nd half 2nd half (Billions of yy)en) (Units) 1st half 1st hlfhalf 35,000 31,693 1,382.0 32,040 1,378.5 31,084 1,500 30,000 1,105.9 25,000 16,341 698.6 16,613 718.9 15,515 1,000 20, 000 542. 2 15, 903 15,000 485.1 683.4 659.5 10,000 563.6 500 15,352 15,427 15,569 15,903 485.1 5,000 0 0 2006 2007 2008 2009 2 (%)30 Year-on-year change in number of contracts concluded 25 20 15 10 Condominiums 5 Land/detached housing 0 Tooatal -5 -10 -15 -20 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2 2006 2007 2008 2009 1. Mitsui Fudosan Sales Brokerage Business 2. Tokyo metropolitan area Mitsui Rehouse contracts concluded

Stable growth in AUM

Nippon Building Fund Management Ltd. Mitsui Fudosan Frontier REIT Management Ltd. Mitsui Fudosan Accommodation Fund Management Ltd. Mitsui Fudosan Investment Advisors, Inc. AUM(Billions of yen) 1,200 1,200 1,076.6 994.3 1,000 174. 3 1, 069. 0 1,000 123.1 914.0 800 759.1 140.0 140.0 800 816.0 628.9 102.9 600 40.3 600 413. 9 536.0 400 299.7 762.3 400 276.0 408.0 656.1 731.2 338.0 588.6 200 246.0 413.9 200 276.0 299.7 0 0 200220022002 2003 2003 2003 2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 2007 2008 2008 2008(Fiscal year end) Fund Management Companies ¾ Mitsui Fudosan Investment Advisors－Asset management company for private real estate fund ¾ Nippon Building Fund Management－Asset management company of Nippon Building Fund Inc. （Listed office REIT） ¾ Mitsui Fudosan Accommodation Fund Management － Asset management company of Nippon Accommodation Fund Inc. (Listed residential REIT) ¾ Mitsui Fudosan Frontier REIT Management－Asset management company of Frontier Real Estate Investment Corporation(Listed retail REIT)

Operating profit margins (%) 20% 15.1% 15.2% 15.2% 14.0% 13.8% 14.1% 14.4% 11. 1% 15% 10% 5% 2002 2003 2004 2005 2006 2007 2008 2009 Revenue from operation(Billions of yen) : LHS Operating income(Billions of yen)：RHS 120 20 Tenant improvement 102.4 102.4 105.0 Property management 99.6 100 90.4 29.3 25.3 15 77.4 78.2 33.6 15.4 15.5 16.0 80 69. 5 31.0 14. 3 25.9 22.1 12.7 60 22.3 10.8 10.7 10 40 77.1 7.7 66.0 73.1 56.1 59.3 5 20 47. 2 51. 5 0 0 200220022002 2003 2003 2003 2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 2007 2008 2008 2008 2009 2009 2009(FY) Business Outline by categories ¾ Property Management－A variety of property management services for office buildings, retail facilities and condominiums ¾ Tenant Improvement－Renovations of office buildings in preparation for tenant changeovers, as well as general repair and maintenance work

Maintain sound financial strength

Interest-bearing debt at fiscal year-end：LHS1 Off-balance-sheet debt at fiscal year-end：LHS2 D/E ratio (times)：RHS3 (Billions of yen) 2,000 2.5 2.22 1,790.0 1, 800 1, 733. 5 2.00 1,600 1.86 1,550.4 2.0 1,397.2 1,400 1,321.5 1,279.0 1, 199. 2 1, 258. 4 1771.77 1,200 1.60 1.5 1.40 1,000 1.33 800 101.0 600 399.0 421.0 400 342.0 0.5 246. 0 215. 0 193.0 200 95.0 0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 1. Interest-bearing debt at fiscal year-end: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Off-balance-sheet debt at fiscal year-end: The portion of debt associated with debt arising from investments in SPCs that is within the Company’s scope of responsibility 3. D/E ratio: Interest-bearing debt / shareholders’ equity

Com bine t he flex ibility o f our t hree core businesses to respond to market changes

Create opportunities to advance the Challenge Plan over the next few years

Em brace the ex terna l env ironmen t pos itive ly, target medium-term growth

RlReal proper tfty for sal l(ildie (including Interest-bearing debt advances paid for purchases) Total assets: ¥3,758.3 billion breakdown/duration (Billions of yen) (B/S basis) Mitsui Fudosan Other America Group 30.6 (4%) Current assets 1,127.4 Liabilities 2,758.5 Cash and time 54.1 63.0 Interest-bearing debt 1,733.5 (7%) deposits Short-term debt, CP and Real property for sale bonds redeemable (including advances 759.4 within one year paid for purchases) 226.2 (13%) Equity investment in Mitsui Fudosan Mitsui Fudosan 89.7 267.1 Residential properties f or sal e (35%) 407.5 Other current assets 215.1 (54%) Fixed assets 2,630.9 Long-term debt and SBs Tangible and 2,047.7 1,507.3 (87%) intangible fixed assets Deposits from tenants 370.6

(Buildings, Structures Buildings, Structures and Land etc. (1,649.4) Other liabilities 654.2 and Land etc. for Lease for Lease) Interest-bearing debt breakdown/SBs or Other bank borrowing , CP 222.2(13%)

Major Retail Facilities Net assets 999.8 SBs 131.3 (8%) 245.0 (Shareholders’ equity) (978.6) (()14%) Major Office Building Investment securities 343.5 1,218.4 Bank borrowing, (74%) Lease deposits 180.8 CP 1,488.5 Other fixed assets 58.8 (()86%) Capital expenditures 165.0 Major Mixed-use Facilities (Office + Retail) (FY2008) 77.4(5%) Depreciation (FY2008) 48.8 Note: CP refers to commercial paper, SB to straight bonds

Total exposure: ¥552.0 billion

(Billions of yen) Assets 552.0 Debt 421.0 Assets to be Off-balance-sheet 128.0 421.0 valued up debt Assets for Trading Business: Assets to be 172.0 ¥300.0 billion developed

Assets for holding 252.0

Equit y Equity 131.0 investments in 90.0 properties for On-balance-sheet 131.0 sale investments ＋ ¾ Amount s on th e r ig ht represen t the to ta l amoun t o f asse ts, de bt and Investment equity corresponding to Mitsui Fudosan’s equity share in each 41.0 individual vehicle. securities ¾ Different disclosure standards apply from those for information disclosed under our “Guideline Applied to Disclosure of SPCs” since the Results for the Year Ended March 31, 2007. ¾ All figures are rounded off to the nearest billion yen. ¾ “Assets to be valued up,” “Assets to be developed” and “Assets for holding” are categorized by MF’s proprietary standards.

(Trillions of yen) (Billions of yen)

：LHS ：RHS

1.44

(Fiscal year)

Shareholder composition as of March 31 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 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% Individual Institutional Foreign Other

Property name Shinjuku Mitsui Building GranTokyo North Tower Kasumigaseki Building Nihonbashi Mitsui Tower Tokyo Midtown

LtiLocation ShijkShinjuku-ku Chiyo da-ku Chiyo da-ku Chuo-ku Mina to-ku

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

Net rentable area * 104,000 m2 65,000 m2 96,000 m2 51,000 m2 184,000 m2

Building scale 55 floors, 3 sub-levels 43 floors, 4 sub-levels 36 floors, 3 sub-levels 38 floors, 4 sub-levels 54 floors, 5 sub-levels

Completed September 1974 October 2007 April 1968 July 2005 March 2007

Nihonbashi 1-chome Property name Gate City Ohsaki Jinbocho Mitsui Building Akasaka Biz Tower Building Location Chuo-ku Shinagawa-ku Chiyoda-ku Minato-ku

Floor space* 98,000 m2 291,000 m2 88,000 m2 218,000 m2

NtNet rent tblable area * 50, 000 m2 155, 000 m2 51, 000 m2 99, 000 m2

Building scale 20 floors, 4 sub-levels 24 floors, 4 sub-levels 23 floors, 3 sub-levels 39 floors, 3 sub-levels

Completed January 2004 January 1999 March 2003 January 2008 *Approximate

LaLaport Urban Facilities

Urban Dock LaLaport Property LaLaport Tokyo Bay LaLaport Yokohama LAZONA Kawasaki Koujun Building name Toyosu Location Funabashi Yokohama Koto-ku Kawasaki Chuo-ku Floor space* 307,000 m2 226,000 m2 165,000 m2 172,000 m2 17,000 m2 Retail space* 113,000 m2 92,000 m2 63,000 m2 78,000 m2 8,500 m2 Stores* 540 280 190 300 19 OiOpening April 1981 Marc h 2007 Oct ob er 2006 Sept emb er 2006 Oct ob er 2004

Mitsui Outlet Park LaLagarden

Mitsui Outlet Park Jazz Mitsui Outlet Park Mitsui Outlet Park Marine Property LaLagarden Kawaguchi name Dream Nagashima Makuhari Pia Kobe Location Kuwana Chiba Kobe Kawaguchi Floor space* 44,000 m2 22,000 m2 36,000 m2 60,000 m2 Retail space* 30,000 m2 16,000 m2 22,000 m2 26,000 m2 Stores* 190 90 130 90 Opening March 2002 October 2000 October 1999 November 2008

*Approximate

This presentation contains forward looking statements regarding our operating performance. The statements are based on information available at announcement and our judgment as of such date, and may contain potential risks and uncertainties.

Please note that actual results may differ from our forecasts depending on factors including the economic situation, market trends and management conditions.

Although we have take great care in preparing the contents of this presentation, please keep in mind that we claim no obligation to update, revise/correct the statements or warrant their usefulness, conformity with a specific purpose, functionality or safety.

This material was not created for solicitation of investors.

Invest ment d eci si ons mus t b e base d so le ly on the ju dgmen t o f the inves tor.