Investor Presentation February 2020

https://www.mitsuifudosan.co.jp/english/ Contents １．About Mitsui Fudosan 1-1 About Mitsui Fudosan P4 1-2 Highlights P5

２．Management Strategy 2-1 Mitsui Fudosan Group Long-term Vision【VISION2025】 P8 2-2 Capital Policy P11 2-3 Growth Drivers P13 2-4 Portfolio Strategies P15 2-5 Promoting ESG Management (Recent Initiatives) P19 2-6 Corporate Governance P20

３．Core Businesses：Overview & Strengths 3-1 Leasing Business P22 3-2 Property Sales Business P31 3-3 Management Business P35

４．Financial Statements and investment data, etc. 4-1 Summary of Results for the Nine Months Ended June 31, 2019 P44 4-2 Forecasts for the Year to March 2020 (FY 2019) P47 4-3 Summary of Results for the Year Ended March 31, 2019 P49 4-4 Operating Income by Segment P52 4-5 Investment and Financial Data P53 4-6 Shareholder Composition P55

５．Appendices(Market Trends) 5-1 Market Trends/Leasing Business/Office Buildings P57 5-2 Market Trends/Leasing Business/Retail Facilities P60 5-3 Market Trends/Property Sales Business/To Individuals P61 5-4 Market Trends/Property Sales Business/To Investors P62 5-5 International Visitors to Japan P63 Disclaimer P64

MITSUI FUDOSAN CO.,LTD 2 1．ABOUT MITSUI FUDOSAN 1-1．About Mitsui Fudosan Group About Mitsui Fudosan

②ワークテーブル：円グラフ Aspirations for the Mitsui Fudosan Group Revenue Structure Revenue from Operations (For the Year ended March 31, 2019) Leasing Property Sales 1,861.1 billions of yen Management Mitsui Home Other 5% Other

Mitsui Home 14% ①ワークテーブル：連結営業収益 Leasing 32% 連結営業収益

③ワークテーブル：賃貸事業 Offce Buildings Management 商業施設 20% Property Sales 29% ④ワークテーブル：分業事業 分業事業

Three Core Businesses and Breakdown of each Revenue ⑤ワークテーブル：マネジメント事業 As of March 2019 マネジメント事業 Leasing Business Property Sales Business Management Business

4% ⑥ワークテーブル：賃貸事業、分業事業、マネジメント事業

27% As of March 2019 46% 40% 54% 56% 73% Offce Buildings Retail Facilities Others

Property Sagel to Individuals Offce Buildings Retail Facilities Property Management (Domestic) Others Property Sales to Investors and Brokerage, Asset management, etc. Individuals (Overseas),etc.

①ピボット参照：連結営業収益 MITSUI FUDOSAN CO.,LTD 4 1-2．Highlights About Mitsui Fudosan

Performance Highlights Long-Term Vision ①ワークテーブル：業務ハイライト（グラフ）

（Billions of yen） VISION 2025 330.0 Others(*1) Leasing Property Sales Management Leasing 300.0 Profit Attributable to owners of parent(*2) 52.0 Property Sales 270.0 53.4 Management 240.0 48.7 Others(*1) 53.8 192.0 210.0 124.0 52.4 98.0 168.6 180.0 49.3 83.0 155.8 49.9 65.2 131.8 150.0 41.5 44.5 117.7 120.0 27.0 45.4 100.1 23.0 76.8 90.0 59.4 135.7 138.3 141.9 144.0 60.0 104.3 109.2 107.8 124.1 30.0 0.0 (30.0) (20.8) (13.6) (16.6) (18.6) (22.2) (24.1) (31.2) (40.0) 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 ②ワークテーブル：業務ハイライト（表）

（Announced on Jan.30, 2020） 営業利益 Operating income 親会社株主に帰属する当期純利益 (Billions of Yen) 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.0 減価償却費 Profit Attributable to 59.4 76.8 100.1 117.7 131.8 155.8 168.6 192.0 配当金/株 parent (Billions of Yen) 自己株式取得 Depreciation 総還元性向 79.0 (Billions of Yen) 59.0 56.0 61.2 67.4 71.3 70.1 85.0 ROA ROE Cash dividends per share 22 22 25 30 34 40 44 44 （E）

Total amount of treasury acquired (Billions of Yen) - - - - - 15.0 16.0 - Total shareholder return ratio (%) (*3) 32.5 25.1 24.1 25.2 25.5 35.0 35.1 - ①業務ハイライト（グラフ：過去7期） ROA（％） 3.7 4.1 4.1 4.1 4.6 4.6 4.4 -

ROE（％） 5.3 6.3 6.4 6.2 6. 7.4 7.4 - 営業利益-賃貸 8 営業利益-分譲 *1 Others include Mitsui Home, other segments and nonconsolidated general & administrative expenses. 営業利益-マネジメント *2 Prior to FY2015 : Net Income 営業利益-その他 *3 Total shareholder return ratio= (Total dividends + Total amount of treasury stock acquired)/Profit Attributable to owners of parent 営業利益-消去他 ・ ROA: (Operating income + Non-operating income) /Average total assets over period ・ ROE: Profit Attributable to owners of parent /Average shareholders‘ equity over period

MITSUI FUDOSAN CO.,LTD 5 親会社株主に帰属する当期純利益 1-2．Highlights About Mitsui Fudosan

BS Highlights Trend of D/E ratio, etc.

Interest-bearing debt(Left) Shareholders' equity(Left) (Billions of yen) (time) 3,500.0 Debt/Equity ratio(Right) 3,300.0 2.00 BS as of March 31, 2019 (Billions of yen) 1.80 2,906.6 1.80 3,000.0 1.60 Real property for sale 2,604.6 1.60 (including advances 1,630.5 2,500.0 2,287.4 2,342.5 1,976.1 2,226.2 2,204.8 1.40 paid for purchases) 2,120.2 2,040.0 1,922.3 Interest-bearing 2,906.6 1,984.6 1.20 2,000.0 1,871.9 1.24 1.16 1.15 1.18 1.00 1,500.0 1,274.3 1.06 Tangible and Intangible 1,181.1 0.80 fixed assets 3,500.4 1,000.0 0.60 Other 1,475.3 (Rental properties) 3,024.0 0.40 500.0 0.20

0.0 0.00 Net Assets 2,420.8 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 (E)

Other 1,671.6 (Shareholders' equity) 2,342.5 Market Value of Rental Properties Assets 6,802.7 Debt and Equity 6,802.7 (Billions of yen) Book Value Unrealized Gain(Market Value-Book Value) 5,773.6 6,000.0 5,436.1 4,828.4 Rental Properties (Billions of yen) 5,000.0 4,560.5 4,054.3 2,749.6 At March 31. At March 31. 2,475.4 Change 4,000.0 3,472.6 2019 2018 3,168.0 1,912.1 2,183.3 1,564.4 3,000.0 Market Value 5,773.6 5,436.1 337.5 920.4 1,215.9 2,000.0 Book Value 3,024.0 2,960.7 63.3 2,960.7 3,024.0 2,489.9 2,648.3 2,645.0 Unrealized 1,000.0 2,247.5 2,256.7 2,749.6 2,475.4 274.2 Gain 0.0 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19

MITSUI FUDOSAN CO.,LTD 6 2．Management Strategy 2-1．Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 VISION2025

▶ Successfully establish a ▶ Harness technology to innovate sustainable society through the the real estate business ▶ Evolve into a global company creation of neighborhoods

Basic Strategies

Achieve Society 5.0 Establish a sustainable society Pursue common social value Contribute to the SDGs Drive sustainable profit growth

Main Initiatives

Drive evolution Innovate business models Dramatically grow in the creation of neighborhoods by harnessing real estate tech the overseas business

Infrastructure to support initiatives

Human resource strategies Organization, systems and governance Asset and financial strategy

MITSUI FUDOSAN CO.,LTD 8 2-1．Mitsui Fudosan Group Long-Term Vision 【VISION2025】 Management Strategy *Announced in May 2018 OUTLOOK ①ワークテーブル：将来見通し

連結営業利益 うち、海外事業利益 ROA Around 2025 FY2018 FY2019 Actual Forecasts released on Jan.30, 2020

Consolidated Operating Income Around ¥350 billion ¥262.1 ¥280 billion

Of which: Overseas Income Around 30% 19.8% - ①ピボット参照：将来見通し

ROA Around 5% 4.4% - 営業利益

*Overseas income ＝Overseas OP+ Pro forma operating income of overseas affiliates (Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest) Note: The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden. * ROA：(Operating income + Non-operating income) /Average total assets over period

MITSUI FUDOSAN CO.,LTD 9 2-1．Mitsui Fudosan Group Long-term Vision【VISION2025】 Management Strategy ⋆Announced in May 2018 Guidelines of return to shareholders ワークシート：配当総額・自己株式取得額・総還元性向の推移 Total Dividend Share Buyback ▶Mitsui Fudosan reinvests earnings to increase shareholder value over the medium to long term and returns profits to shareholders based on comprehensive consideration of such factors as the business environment and its performance and finances. ▶In terms of returns to shareholders, in addition to paying stable dividends, We will conduct a flexible share repurchasing* to improve capital efficiency. ▶Mitsui Fudosan has identified a total shareholder return ratio of around 35% of profit attributable to owners of parent.

Trends in Total Dividend Amount, Share *In principle, the acquired treasury stock will be cancelled. Repurchase Amount and Total Return Ratio

(Millions of Yen) 35.0% 35.1% 70,000 35% Cancellation of treasury stock 60,000 ⚫ The treasury stocks acquired in FY2018/FY2019 have 50,000 16,000 been canceled. 15,000 30% (12,174,500 shares, 40,000 25.2% 25.5% total acquisition price: approx. ¥31.0 billion) 24.7% 30,000 25% ⚫ Date of cancellation: November 29, 2019 39,527 43,218 20,000 29,643 33,596 ⚫ Ratio to the total number of shares outstanding before 24,704 10,000 20% the cancellation: 1.23% 3/’15 3/’16 3/’17 3/’18 3/’19

Total Dividend Share Buyback Total Shareholder Return MITSUI FUDOSAN CO.,LTD 10 2-2．Capital Policy Management Strategy ▶Undertaking the stable payment of dividends ワークシート：ROEの推移 Basic Capital Policy while flexibly repurchasing own shares： 3/’12 Total shareholder return ratio 3/’13 3/’14 =Around 35% of profit attributable to owners of parent. 3/’15 3/’16 3/’17 Shareholder Return 3/’18 Enhancements 3/’19 Continuously Enhance Corporate Value, Increase Shareholder Value

3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19

7.4% 7.4% 6.8% 6.4% 6.3% 6.2%

5.3%

4.8% 【ROE Trends】 Investment Financial for Growth Soundness

▶Reinvestment of profits in good investment opportunities: ▶Management of financial leverage : ▶Building of quality-based asset portfolio: Ensuring of appropriate D/E ratio level ROA ≈ 5% level around 2025 (Time) 5.0% 4.6% 4.6% 4.4% 1.80 1.62 1.60 4.5% 4.1% 4.1% 2.0 4.1% 1.24 1.06 1.16 1.15 1.18 4.0% 3.6% 3.7% *Guideline for Investment Criteria 1.0 3.5% 【ROA Trends】 Central prime office buildings ≈5%, 【D/E ratio Trends】 Retail Facilities ≈8% (land holding) 3.0% 0.0 Retail Facilities ≈12% (lease-land type) 3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19 3/’12 3/’13 3/’14 3/’15 3/’16 3/’17 3/’18 3/’19

MITSUI FUDOSAN CO.,LTD 11 2-2．Capital Policy Management Strategy Financial Soundness Approach to Profit Distribution Balancing Shareholder Returns And Growth Investment

Shareholder Growth Returns Investment Continuity

Total Shareholder return ratio Abundant Approx. 35% Investment pipeline

MITSUI FUDOSAN CO.,LTD 12 2-3．Growth Drivers Management Strategy

Promoting urban development for mixed use Future Growth Drivers

【Office Floor Area of Our Company】 Comparison to FY2018 ▶ About 1.5 times that of 2025

Otemachi One (to be completed in February 2020)

50 Hudson Yards, Inc. 1-Chome Central (to be completed in 2022) District (to be completed after FY2023) BAYSIDE CROSS Building S (scheduled for completion in March and October Building S 2020) Building N Msb (Station Tower South) 55 Hudson Yards, Inc. (Completed in 2018) (Completed in 2018) Msb Tamachi (Station Tower North) (to be completed in July 2020)

BUNKYO GARDEN Nagoya Mitsui Building Nihonbashi Takashimaya Nihonbashi Muromachi 2-chome North District Yaesu 2-Chome Central District GATETOWER North Tokyo Midtown Mitsui Building Mitsui Tower (to be completed in FY 2025) (scheduled for completion (to be completed (to be completed in August 2022) (Completed in 2018) (Completed in 2018) (Completed in 2019) in spring 2020) in January 2021) 2018 2019 2020 2021 Around 2022-2025…

MITSUI FUDOSAN CO.,LTD 13 2-3．Growth Drivers Management Strategy Leasing Property Sales Dramatic growth in overseas operations Management, etc. Successive openings of rental 55HY/MOP Taichung Port, etc. 50HY/LaLaport Taichung, etc. 合計 Factors behind housing and commercial facilities Housing sales in the United Further increase in leasing and ※海事の髙橋弘樹君よりデータ入手（2019年度は海事への示達数字であり、海事にて開示ベースにセグ割り振り2019年4月12日時点） Property Sales Investors and profit growth Kingdom and Asia, etc. property sales Residential Sales 2017-2019 2020-2022 2023-2025

(Billions of yen) Overseas 100

business 80 Equity Method Profit

Management, etc. Earnings 60 Up/Down on an annual basis growth Property Sales 40 Image Sale Steady growth Leasing 20 Leasing - FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 -20

55 Hudson Yards Completion

50 Hudson Yards Completion

North American rental housing Construction completed in succession

MOP Taichung Port Opening

LaLaport Jinqiao and Lianhua Road Opening Main new LaLaport Kuala Lumpur Opening properties LaLaport Taiwan South Port Opening Around MOP Tainan Opening 2019-2022 Investment 70ML LaLaport Taichung Opening considerations

TVC 2023-2025 Housing sales in Southeast Asia, etc. Thailand Leasing Property X (already secured) China Property Sales X ※ MOP=Mitsui Outlet Park MITSUI FUDOSAN CO.,LTD 14 2-4．Portfolio Strategies Management Strategy Sources that generate Growth of Income Gains Rental Income and Sales Profit ①ワークテーブル

✓ Enjoy stable rent from operating assets 有形・無形固定資産 販売用不動産 ➢ Real estate for rent その他資産

(for holding / rental purpose) その他の有形・無形固定資産 ➢ Real estate for sale (for sale) 賃貸等不動産(有形・無形固定資産) A.Rental Properties 販売用不動産(投資家向け分譲用) 3.024 販売用不動産(個人向け住宅分譲用) (Tangible and Intangible Rent expansion by creation of added value その他資産 44% Fixed Assets) ✓ through development and operation Other tangible and Intangible fixed assets tangible and 【Example of creating added value】 総資産 Intangible Total Assets ➢ Urban Redevelopment Project fixed assets 7% ➢ Large-scale neighborhood development ¥6.802 *上記数値はいずれも2019年3月期決算数値となります。 (such as smart city) trillion 0.993 ➢ Town development of mixed use Others Real Property for Sale 25% 15% Creation of Capital gain ①ピボット参照 9% B.Real Property for Sale ✓ Our Strengths (for Property Sales Real Property for Sale ➢ Search for optimal exits based on extensive (for property sales to Investors) 総計 to individuals) network ➢ Determining the optimal sale timing by identifying the market

資産合計 *All of the above figures are the balance sheet numerical values for the fiscal year ended March 2019. 販売用不動産・前渡計 （Figures are before elimination of unrealized gains and losses, etc. that occur through intra-Group ✓ Strategies that leverage our strengths transactions） 有形無形固定資産計 *Rental Properties refer to assets for lease, such as office buildings and retail facilities among tangible and ➢ Promotion of asset sales and realization of intangible fixed assets (excluding intragroup lease). *Own-use floor area for rental, hotel and resort facilities, and related assets included in other tangible and unrealized gains in consideration of the intangible assets. appropriate BS size through BS control

MITSUI FUDOSAN CO.,LTD 15 2-4．Portfolio Strategies Management Strategy

Growth of Income gain ①ワークテーブル：円グラフ

A.Rental Properties B.Real Property for Sale Domestic (tangible and Intangible (for property sales Overseas fixed assets) to investors) 【Trends of Operating Income Under Developing Under Under in Rental Segment】 (A+B) Developing (Billions of yen) 17% Developing 32% 1,500 Book value at the end of Book value at the end of 期待NOI利回り Overseas March 2019 March 2019 うち、国内 10% 1,419 ¥3.024 trillion + ¥0.993 trillion うち、海外 1,400 1,383 Domestic Domestic 1,357 73% Overseas 49% 19% 1,300 Operating Asset Operating Asset ②ワークテーブル：賃貸セグメント営業利益の推移 1,241 Expected NOI yield 8.4% Expected NOI yield 6.7% 3/'11 889 Domestic 8.1% Domestic 7.1% 1,200 Overseas 10.3% Overseas 5.6%

1,092 1,100 1,078 A + B 1,043

1,000 Under 956 Rent growth ①ピボットテーブル：円グラフ Developing through 889 21% 900 総計 Book value at the end of development 稼働資産 March 2019 and operation 800 ¥4.017 trillion 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 Operating Asset Overseas Domestic *With regard to the expected NOI returns from operating assets, in the case of Expected NOI yield 8.0% 12% properties that are in steady operation, NOI is deemed as the actual value, for 67% Domestic 7.9% properties that were completed less than one year ago, on the basis of the NOI being assumed for the time of stable operation, in both cases being 稼働資産 Overseas 8.5% calculated by excluding the amounts recorded at the end of the period 稼働資産-国内-オフィス balance sheets. 稼働資産-国内-商業施設 稼働資産-国内-賃貸住宅 MITSUI FUDOSAN CO.,LTD 16 稼働資産-国内-物流施設 2-4．Portfolio Strategies Management Strategy

Creation of Capital gain (Unrealized gain expansion） 【 Unrealized gain on real estate for rent 】 A. Rental Properties (Billions of yen) (tangible and Intangible fixed assets) 6,000.0 5,773.6 5,436.1 4,828.4 5,000.0 4,560.5 4,054.3 2,749.6 2,475.4 Under 4,000.0 3,472.6 3,168.0 1,912.2 2,183.4 Developing 1,564.4 3,000.0 18% 920.5 1,215.9 2,000.0 Book value at the end of 2,960.7 3,024.0 Overseas March 2019 2,489.9 2,648.3 2,645.0 1,000.0 2,247.5 2,256.7 10% ¥3.024trillion 0.0

Domestic 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19

73% (Billions of yen)

Book Value Market Value Unrealized gain March 31,2019 March 31,2019 Office Building 1,754.3 3,498.0 1,743.7 Operating Asset Domestic Retail Facilities 364.7 956.2 591.4 In operation Other 83.5 91.7 8.1 Expected NOI yield 8.4% Office Building 260.6 618.3 357.7 Overseas Domestic 8.1% Retail Facilities 30.6 59.7 29.1 Under Developing Overseas 10.3% Not in (object of evaluation)* 28.4 47.8 19.4 Under Developing operation (out of evaluation)* 501.6 501.6 - 3,024.0 5,773.6 2,749.6 Change 63.3 337.5 274.2 *Domestic Rental Properties to be completed in FY2020

MITSUI FUDOSAN CO.,LTD 17 2-4．Portfolio Strategies Management Strategy

Creation of Capital gain (Realization of Unrealized gain） 【Change in gains on sales】（A＋B） (Billions of yen) Gains on Sales of Fixed Asset A.Rental Properties 70.0 B.Real Property for Sale Operating Income on Property Sales to Investors 63.3 (tangible and Intangible (for property sales to investors) 60.0 fixed assets) 54.1 50.0

40.0 34.6 Unrealized gain Unrealized gain 30.0 ¥2.749 trillion ¥ X trillion 18.7 20.5 Realization of 20.0 10.6 8.3 unrealized 10.0 6.4 5.4 Periodic gain through 0.0 Under sales Under portfolio review 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 Developing Developing 17% 32% Book value at the end of 【 Examples of assets sold in the past 】 Book value at the end of March March 2019 Timing Use Transfer Project Name Yield*3 Overseas 2019 hotel, retail Celestine Shiba Mitsui Building 4.5% 10% ¥3.024 trillion *1 ¥0.993 trillion *2 3/'14 office, retail, hotel 25th Street, Kobe former residence area --- Oversea Domestic office Fix→Sale 20 Old Bailey (UK) --- Domestic 3/'15 s 49% office Sapporo M-SQUARE 5.6% 73% 19% 3/'16 office Fix→Sale Yokohama Creation Square --- logistics Nine logistics facility buildings 4.5%~5.4％ 3/'17 office East Tower 4.0% Operating Asset Operating Asset retail LaLaport Shin-Misato 4.9% logistics MFLP Hino 4.2% office Fix→Sale Osaki Bright Core 3.2% Expected NOI yield 8.4% Expected NOI yield 6.7% 3/'18 office Fix→Sale Celestine Shiba Mitsui Building 3.7% Domestic 8.1% Domestic 7.1% office Fix→Sale T-CUBE 3.3% Overseas 10.3% Overseas 5.6% office Fix→Sale 70 Mark Lane (UK) --- logistics Six logistics facility buildings 4.2％~4.9％ office G-BASE Tamachi 3.2% 3/'19 retail GLOBE 3.8% *1 Asset breakdown *2 Asset breakdown retail SAKAE GLOBE 3.6% retail Shinsaibashi MG Building 3.3% Domestic Under Domestic Under Overseas Total Overseas Total Office Retail Other Developing Office Retail Logistics Rental Other Developing Housing Notes : sales of fixed asset : sales of property for sale 58% 12% 2% 10% 18% 100% 21% 11% 9% 7% 1% 19% 32% 100% * 3 Describes the direct reduction yield based on the appraisal value of the property, disclosed at the seller.

MITSUI FUDOSAN CO.,LTD 18 2-5．Promoting ESG Management (Recent Initiatives) Management Strategy Evaluations and Achievements Issuance of Green Bonds (Sep.2019) from Outside the Company ✓ Issuance Amount: ¥50.0 billion ✓ Maturity: 5 years Inclusion in the ESG Index ✓ Use of proceeds: At Nihonbashi Muromachi Mitsui Tower Refinancing of funds for acquiring reserve floor space ✓ Credit Rating : AA-(R&I*1) AA (Japan Credit Rating Agency, Ltd.) ✓ Green Bond Assessment: GA1 *2 (R&I)

*1 Rating and Investment Information, Inc. *2 This is an evaluation of the extent to which funds procured are invested in projects that contribute to the solution of environmental problems. Top rating on a five-point scale.

■ Nihonbashi Muromachi Mitsui Tower

[Transport] Tokyo Metro /Hanzomon line Mitsukoshi-mae Station directly connected JR Yokosuka Line and Sobu Rapid Line Shin-Nihonbashi Station directly connected [APPLICATIONS] Offices, commerce, parking lots, etc. [Number of stories] 26 floors and 3 basement floor [Site Area] THE INCLUSION OF MITSUI FUDOSAN CO., LTD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, 11,480㎡ TRADEMARKS, SERVICE MARKS OR INDEXNAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, [Total Floor Space] ENDORSEMENT OR PROMOTION OF MITSUI FUDOSAN CO., LTD. BY MSCI OR ANY OFITS AFFILIATES. THE MSCI Approx. 168,000㎡ INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS ORSERVICE MARKS OF MSCI OR ITS AFFILIATES.

MITSUI FUDOSAN CO.,LTD 19 2-6．Corporate Governance Management Strategy

Corporate Governance System Directors: 12 members (4 outside directors, including 1 woman) Auditors : 5 members (3 outside Auditors, including 1 woman)

Composition of Directors' Remuneration

Stock option *1 Performance-linked remuneration indicators (Medium to long-term Linking with ✓ Taking into account factors such as business results for the incentives) business fiscal year under review, returns to shareholders, progress with performance the Group's long-term vision, economic conditions, and the Bonuses to business environment directors *2 (Approx. 45-50%)

(Short-term incentive) *1 Decided within the total amount resolved at the 95th Ordinary General Meeting of Shareholders Basic Other than *2 To be determined within the total amount resolved performance-linked at the annual general shareholders' meeting remuneration*3 *3 Determined within the total amount resolved (Approx. 50-55%) at the 106th Ordinary General Meeting of Shareholders

Policy on strategic shareholdings ✓ Periodically verify the usefulness of management strategies at meetings of the Board of Directors. ✓ Continuously review the status of ownership and sell as necessary. ✓ We expect to sell more than 10 brands of stock in the fiscal year ending March 2020.

MITSUI FUDOSAN CO.,LTD 20 3．Core Businesses :Overview & Strengths 3-1．Leasing Business Core Business

①ワークテーブル：売上高 A well-balanced portfolio between Office Buildings and Retail Facilities Office Retail Other 合計 Revenue Analysis of Leasing Segment Revenue *Office and Retail Facilities

FY ended March 2019; consolidated ②ワークテーブル：賃貸セグメント(オフィス・商業施設)の売上高推移 (Billions of yen)

550.0 Office buildings Office buildings Retail facilities Retail facilities 500.0 Other 27.2bn 4% 450.0

400.0 337.7 307.8 ①ピボット参照：売上高 298.6 350.0 291.6 Retail ビル賃貸 283.4 300.0 284.5 商業施設賃貸 238.3bn Office 286.9 その他賃貸 303.0 291.7 283.6 337.7bn 303.4 40% 250.0 56% 265.5 200.0 ②ピボット参照：賃貸セグメント(オフィス・商業施設)の売上推移 234.2 222.0 216.4 215.7 150.0 ビル賃貸 238.3 商業施設賃貸 221.2 229.3 100.0 203.3 171.0 148.6 157.8 121.9 125.8 131.5 50.0 92.2 107.3 68.2 42.9 50.9 56.9 0.0 3/'04 3/'05 3/'06 3/'07 3/'08 3/'09 3/'10 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19

MITSUI FUDOSAN CO.,LTD 22 3-1-1．Leasing Business/Office Buildings Core Business A portfolio concentrated in central Tokyo and relationships with quality tenants (approx. 3,000 companies)

Office Building Revenue Office Building Lease Contract by by Area Duration ワークシート：オフィス エリア別売上比率

FY ended March 2019; non-consolidated FY ended March 2019; non-consolidated 5 wards of central Tokyo Other metropolitan Tokyo Other regions 7% 5.1 years or Other regions longer 12% ワークシート：オフィス 契約年数分布 Up to 2 years Other metropolitan 2.1-5.0 years Tokyo 12% Up to 2 5.1 years or longer 合計 years 30%

5 wards of central Tokyo 2.1-5.0 years 81% 58% Average contract duration: 4.1 years

Stable Long-Term Relationships with Approximately 3,000 Corporate Tenants

MITSUI FUDOSAN CO.,LTD 23 3-1-1．Leasing Business/Office Buildings Core Business Creating Neighborhoods in Nihonbashi & Yaesu

Nihonbashi Revitalization Plan (Stage 3, 2019) 【Three Key Initiatives】

１. Revitalization of rich waterfront

２. Creation of new industries

３. International events linked to the world

MITSUI FUDOSAN CO.,LTD 24 3-1-1．Leasing Business/Office Buildings Core Business ワークシート：主な新規プロジェクト Using our development capabilities to continuously improve our portfolio

Major New Projects Overseas projects Total Floor FY Project name Share Location Completed Space msb Tamachi (Tamachi Station Tower South) - Minato-ku,Tokyo ≈ 136,600 ㎡ 2019 Nihonbashi Takashimaya Mitsui Building - Chuo-ku,Tokyo ≈ 148,100 ㎡ OVOL Nihonbashi Building Sublease Chuo-ku,Tokyo ≈ 28,500 ㎡

2018 M-SQUARE Bright 100% Minato-ku,Tokyo ≈ 7,800 ㎡ 2021 55 Hudson Yards 90% New York ≈ 117,600 ㎡ msb Tamachi (Tamachi Nihonbashi Takashimaya Station Tower South) Mitsui Building

2 Television Centre 75% Wood Lane,London ≈ 55,000 ㎡ 2022～ Nihonbashi Muromachi Mitsui Tower - Chuo-ku,Tokyo ≈ 168,000 ㎡ 2022～ 2019 Otemachi One - Chiyoda-ku,Tokyo ≈ 358,700 ㎡ BUNKYO GARDEN GATETOWER - Bunkyo-ku,Tokyo ≈ 94,700 ㎡ TOYOSU BAYSIDE CROSS * - Koto-ku,Tokyo ≈ 259,000 ㎡ 2020 msb Tamachi (Tamachi Station Tower North) Sublease Minato-ku,Tokyo ≈ 152,800 ㎡ Nagoya Mitsui Building (North) Project 100% Nagoya,Aichi ≈ 29,400 ㎡

2021 Innovation Square PhaseⅡ - Boston ≈ 28,400 ㎡

50 Hudson Yards Project 90% New York ≈ 264,000 ㎡ Yaesu 2nd District Nihonbashi Muromachi Mitsui 2022 North Project Yaesu 2nd District North Project TBD Chuo-ku,Tokyo ≈ 289,700 ㎡ Tower 2022～ Brannan Square - San Francisco ≈ 112,000 ㎡ 2022～ RMZ Ecoworld 30 50% India,Bangalore ≈ 462,400 ㎡ Yaesu 2nd District Central Project TBD Chuo-ku,Tokyo ≈ 418,000 ㎡ 2023 Nihonbashi Muromachi 1st District Project TBD Chuo-ku,Tokyo ー or later Nihonbashi 1st District 1-2 Project TBD Chuo-ku,Tokyo ー Nihonbashi 1st District Central Project TBD Chuo-ku,Tokyo ー ＊TOYOSU BAYSIDE CROSS TOWER : 2019 / Tower B : 2020 TOYOSU BAYSIDE CROSS Otemachi One Each FY completed, total floor space may change in the future. Some project names are tentative.

MITSUI FUDOSAN CO.,LTD 25 3-1-2．Leasing Business/Retail Facilities Core Business ワークシート：オフィス エリア別売上比率

Diverse types of facilities and a stable revenue structure RSC（ららぽーと） MOP Relationships with approx. 2,300 tenant companies LSP（ﾗﾗｶﾞｰﾃﾞﾝ） 都心型（アーバン・ミッドタウン） Others

Retail Facility Revenue by Category Ratio of Fixed & Sales-Linked Rent by Category ワークシート：固定賃料と変動賃料比率 FY ended March 2019; non-consolidated FY ended March 2019; non-consolidated LaLaport 100% Outlet 9% 18% 20% Others 80% 34% All Facilities

60% 91% 40% 82% 80% Others 66% 4% 20% 9% 0% LaLaport Outlet Others All Facilities 6% Fixed rent Sales-linked rent

Sales at Mitsui Fudosan Retail Facilities 54% 27% (Billions of yen) 80

60

40

20 3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 3/2016 3/2017 3/2018 3/2019

LaLaPort TOKYO BAY LaLaPort TOYOSU LaLaPort YOKOHAMA

MITSUI FUDOSAN CO.,LTD 26 3-1-2．Leasing Business/Retail Facilities Core Business ワークシート：主な新規プロジェクト

Expand profit by new development and large-scale renewal projects

Major New Projects Overseas projects Large-Scale Renewal Projects

FY No.of Stores Renewed Project Name Location Store Floor Space Execution Period Facility name Location Opened (Total Floor Space) /Total No. of Stores

LaLaport NAGOYA minato AQULS Nagoya,Aichi ≈ 59,500 ㎡ March-April 2018 LAZONA Kawasaki Plaza Kawasaki,Kanagawa ≈ 103/330 MITSUI OUTLET PARK KISARAZU (Phase3) Kisarazu,Chiba ≈ 9,300 ㎡ March-May 2018 LaLaport SHIN MISATO Misato-shi,Saitama ≈ 34/180 2018 Shinsaibashi MG Building Osaka,Osaka (≈ 2,000 ㎡) Nov 2018- DiverCity Tokyo Plaza Koto-ku,Tokyo ≈ 48/160 MITSUI OUTLET PARK TAICHUNG PORT Taichung City,Taiwan ≈ 35,000 ㎡ March-April 2019 LaLaport YOKOHAMA Yokohama,Kanagawa ≈ 53/270 Funabashi,Chiba Yomiuri Namiki-dori St. Building Sublease Chuo-ku,Tokyo (≈ 14,200 ㎡) March 2019- LaLaport TOKYO-BAY ≈ 51/440 Kashiwa,Chiba 2019 LaLaport NUMAZU Numazu,Shizuoka ≈ 64,000 ㎡ March 2019- LaLaport KASHIWANOHA ≈ 29/180 January-March 2020 Urban Dock LaLaport TOYOSU 1・2 Koto-ku, Tokyo SHANJING OUTLET PLAZA・NINGBO(Phase3) Ningbo,China ≈ 10,300 ㎡ ≈ 66/180 January-March 2020 LaLaport IZUMI Izumi,Osaka ≈ 39/210 MITSUI OUTLET PARK YOKOHAMA BAYSIDE Reconstruction Plan Yokohama,Kanagawa (≈ 53,000 ㎡)

Urban Dock LaLaport TOYOSU 3 (in TOYOSU BAYSIDE CROSS TOWER) Koto-ku,Tokyo ≈ 7,000 ㎡ 2020 MIYASHITA PARK(Rerail Facilities) -ku,Tokyo (≈ 26,600 ㎡) 2025 LaLaport SHANGHAI JINQIAO Sublease PudongJinqiao,Shanghai ≈ 60,000 ㎡ LaLaport AICHI TOGO Aichi-gun,Aichi ≈ 63,900 ㎡

Lianhua Road Station Building Retail Facilities Sublease Selangor,Malaysia ≈ 16,500 ㎡ MITSUI OUTLET PARK KLIA SEPANG(Phase3) KualaLumpur,Malaysia ≈ 10,200 ㎡ 2021 LaLaport Kuala Lumpur KualaLumpur,Malaysia ≈ 82,600 ㎡ Fukuoka Seikaichiba Project Fukuoka,Fukuoka TBD LaLaport NUMAZU LaLaport NANGANG Sublease Taipei City,Taiwan ≈ 70,000 ㎡ MITSUI OUTLET PARK TAINAN (Phase1) Tainan City,Taiwan ≈ 33,000 ㎡ 2022 Osaka Sakai Project Sakai,Osaka TBD Osaka Kadoma Project Kadoma,Osaka TBD LaLaport TAICHUNG Taichung City,Taiwan ≈ 67,000 ㎡ 2023 HARUMI FLAG District 7 Project Chuo-ku,Tokyo TBD 2025 MITSUI OUTLET PARK TAINAN (Phase2) Tainan City,Taiwan ≈ 12,000 ㎡

Each FY opened and store floor space may change in the future. Some project names are tentative. MITSUI OUTLET PARK YOKOHAMA BAYSIDE Reconstruction Plan

MITSUI FUDOSAN CO.,LTD 27 3-1-３．Leasing Business/Expand Our Leasing Business Core Business

Multi-Site Share Offices for Corporate Clients Fashion EC Mall creates New Concept in WORKSTYLING Collaboration with Retail Properties Mitsui Shopping Park &mall ・Exclusively for Corporate Clients. ・Supports sales increases by utilizing store inventory. ・High Security, High User Experience. ・Located in High-grade Mitsui’s Buildings. ・Can be used by store staff to improve their motivation. ・Increases customer numbers at real stores through the internet.

Over 11 million Mitsui Shopping Park point card members (as of March 31, 2019)

Nationwide 44 locations (as of Dec. 31, 2019)

MITSUI FUDOSAN CO.,LTD 28 3-1-３．Leasing Business/Expand Our Leasing Business Core Business ワークシート：主な新規プロジェクト Senior Residence Business 2019 ・Utilizing development and operational know-how acquired in the housing, hotel, and commercial 2021 未定 facility businesses, the Group will provide quality products and services to senior citizens. ・High-grade hospitality services to residents by Mitsui Fudosan Residential Wellness. ・The Group plans to accelerate development in major cities, mainly in Tokyo and three neighboring prefectures. Major Projects FY Project Name Location units Opened 2019 PARK WELLSTATE Hamadayama Suginami-ku, Tokyo ≈ 70 Land Acquisition・ 2021 PARK WELLSTATE Kamogawa Kamogawa, Chiba ≈ 470 Development TBD PARK WELLSTATE Nishiazabu Minato-ku, Tokyo TBD

Each FY Opened, The number of units may change in the future. Some project names are tentative.

Leasing Contract

Operation

(Mitsui Fudosan Residential Wellness)

Leasing Contract

PARK WELLSTATE Hamadayama PARK WELLSTATE Kamogawa

MITSUI FUDOSAN CO.,LTD 29 3-1-4．Leasing Business Development Example Core Business ワークシート：主な開発プロジェクトの開発期間 Urban Area Reconstruction Standard-Type Redevelopment Project of Owned Assets Development

【Overview of Urban Area Redevelopment】

Acquire Floor acquired by the Company Acquire new business opportunities (reserved floor) Integrally reconstruct new business opportunities by creating multiple assets through arm’s length neighborhoods held by the Group transactions, bidding, etc. as an asset owner

Note: A, B, C, D = Land owners, building owners, etc.

【Development periods of main development projects】

Project Schedule project Area Type Project Name Location 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 periods

TOKYO MIDTOWN HIBIYA Chiyoda-ku,Tokyo ★Consider integrally reconstructing two buildings that have aged 13.0

Nihonbashi Takashimaya Chuo-ku,Tokyo ★Initiate study groups with other landowners 13.0 Mixed Mitsui Building

use msb Tamachi Minato-ku,Tokyo ★Take part in bidding 10.0 Tamachi station tower S

Nihonbashi Muromachi Japan Chuo-ku,Tokyo ★Establishment of preparation union 7.0 Mitsui Building

LaLaport NAGOYA Nagoya,Aichi ★Take part in bidding 6.0 minato AQULS Retail ★Initiate study groups with LaLaport NUMAZU Numazu, Shizuoka 3.5 other landowners

Logistics MFLP Funabashi Ⅰ Funabashi, Chiba 2.0

From bidding to operator determination Office 55 Hudson Yards New York ★Enter into いnvestment agreement 4.0 Consultations with landowners, business reviews, etc. Overseas Promotion of design and planning Retail MOP TAICHIUNG PORT Taichung City,Taiwan ★Take part in bidding 3.0 Construction work period (including dismantling period)

* The project period starts from when commercialization as a company is adjudged to have been made. In the case of redevelopment projects, the project period also includes the time needed to draw up an agreement (consultations by study groups, etc.) with landowners intending to bring the redevelopment to fruition. MITSUI FUDOSAN CO.,LTD 30 3-2．Property Sales Business Core Business

Property sales to individuals ①ワークテーブル：分譲セグメント 営業利益推移 : Development and sale of condominiums and detached housing to individuals Property sales to investors(Domestic) Property sales to investors : Development and sale of income generating properties to institutional investors 住宅分譲 Property sales to Individuals 投資家向け分譲 Booked in FY ended March 2019 Property Sales Segment: Operating Income

(Billions of yen)

140.0 ①ピボット参照：分譲セグメント 営業利益推移

Property sales to investors and indivisuals(Overseas), etc. 120.0 住宅合計 投資家向け分譲等合計 Property sales to investors(Domestic) 100.0 Park Court Akasaka Park Court Hinokicho The Tower Aoyama The Tower 国内住宅分譲-営業利益 80.0 投資家向け・海外住宅分譲等-営業利益 95.0 Property sales to Investors Booked in FY ended March 2019

60.0 71.4 51.8 34.6 40.0 18.7 20.5 4.3 20.0 7.7 30.6 31.1 29.0 6.4 5.4 22.7 26.7 23.9 26.6 15.3 9.7 10.2 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 (E) 70 Mark Lane (London) G-BASE Tamachi

MITSUI FUDOSAN CO.,LTD 31 3-2-1．Property Sales Business Core Business

Robust Trend of Housing Market

ワークテーブル：住宅分譲・マンション計上戸数、完成在庫、平均販売価格の推移

Property sales to Individuals – Condominium – Trend of OP (Left) Sales and Operating Profit Margin Units booked , Inventories , and Average Sales Price OP margin (Right) Unit booked (Left)

Unit booked (Left) Year-end inventories (Left)

(Billions of yen) OP (Left) OP margin (Right) (Units) (Millions of yen) （％） Average sales price (Right) 7,000 100 50.0 11.3 12.0 6,557

45.0 ①ピボット参照：住宅分譲 営業利益・営業利益率の推移 9.7 9.7 6,000 90 10.0 5,455 40.0 9.0 5,200 8.1 4,956 4,858 77 営業利益（千円） 9.3 5,000 80 営業利益率 35.0 4,512 4,391 30.6 31.1 8.0 29.0 ③ピボット参照：業績予想 30.0 6.6 3,707 26.7 26.6 4,000 70 3,400 23.9 3,283 25.0 5.4 22.7 6.0 67 営業利益（千円） 58 営業利益率 3,000 60 20.0 4.0 53 51 15.3 4.0 49 3.1 47 48 15.0 2,000 45 50 10.2 ②ピボット参照：マンション計上戸数、完成在庫、平均販売価格の推移 9.7 10.0 2.0 1,000 638 40 5.0 380 計上戸数 223 321 170 83 88 108 141 期末完成在庫戸数 平均販売価格 0.0 0.0 0 30 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 ③ピボット参照：業績予想 (E) (E)

計上戸数 期末完成在庫戸数 平均販売価格 MITSUI FUDOSAN CO.,LTD 32 Core Business 3-2-1．Property Sales Business/Property Sales to Individuals ワークシート：ブランド別売上割合 ↓並び順注意 PCO/PM An abundant land bank focusing mainly on redevelopment PC/PT PHO/PLX 合計 Sales by Brand & Region Land Bank (Condominiums)

*Based on Mitsui Fudosan Residential results (As of March 31, 2019) ワークシート：地域別売上割合 (FY ended March 2019) Approximately 26,000 units ◆Sales by Brand ( incl. redevelopment project in the planning phase) Metropolitan Tokyo Kansai&Chubu Other regions Middle-grade High-grade Major Large-Scale Projects / Higher-end Projects condominiums condominiums 合計 FY to be Total No. of Project Name Location 37% Reported Units Sold * 45% Park Court Akasaka Hinokicho The Tower Minato-ku,Tokyo ≈ 160 Park Court Aoyama The Tower Minato-ku,Tokyo ≈ 160 2018 Park City Musashikosugi The Garden Towers West Kawasaki,Kanagawa ≈ 610 MAKUHARI BAY-PARK CROSS TOWER & RESIDENCE Chiba,Chiba ≈ 500 18% Park Court NOGIZAKA The Tower Minato-ku,Tokyo ≈ 40 2019 Park Tower Harumi Chuo-ku,Tokyo ≈ 1,100 Large-scale Park Court Hamarikyu The Tower Minato-ku,Tokyo ≈ 360 developments Park City Musashi-Koyama The Tower Shinagawa-ku,Tokyo ≈ 500 Sales by Region ◆ The Tower Yokohama Kitanaka Yokohama,Kanagawa ≈ 1,100 MID TOWER GRAND Chuo-ku,Tokyo ≈ 390 Other regions 3% 2020 THE COURT Jingu-Gaien Shibuya-ku,Tokyo ≈ 180 Kansai&Chubu 9% Kosugi 3rd Avenue The Residence Kawasaki,Kanagawa ≈ 460 Park Court SHIBUYA The Tower Shibuya-ku,Tokyo ≈ 350 2021 Park Court BUNKYO The Tower Bunkyo-ku,Tokyo ≈ 400 1-chome EAST Northern District Project Minato-ku,Tokyo ≈ 770 Shibuya-ku 4-chome Project Shibuya-ku,Tokyo ≈ 400 2022 HARUMI FLAG Chuo-ku,Tokyo ≈ 4,150 Metropolitan Tokyo or later KACHIDOKI Eastern District Project Chuo-ku,Tokyo ≈ 2,250 Minato-ku Mita 1-chome Project Minato-ku,Tokyo TBD 88% 5-chome Nishishinjuku Central South District Project ,Tokyo ≈ 450 FY to be reported and total number of units sold may change in the future. Some project names are tentative. ※ The total number of units is before taking into account the Company's share.

MITSUI FUDOSAN CO.,LTD 33 3-2-2．Property Sales Business/Property Sales to Investors Core Business

Multiple exit strategies and a model for cooperation with investors ①ワークテーブル：【当社グループ運用J-REIT】/【当社グループ組織・運用プライベートファンド】 会社名 Property sales to Investors and Individuals(Overseas) Operating Income 三井不動産投資顧問 Sales Management (Billions of yen) to a diverse array of contracts 100.0 investors after sales 95.0

J-REITs managed by the Mitsui Fudosan Group 90.0

AUM: ¥1,128.9bn (71properties) 80.0 71.4 ②ワークテーブル：【投資家向け分譲・海外住宅分譲 営業利益推移】 70.0 AUM: ¥307.5bn (125properties) 営業利益

60.0 AUM: ¥326.4bn (37properties) 51.8

50.0 AUM: ¥155.7bn (16properties)

40.0 ①ピボット参照：【当社グループ運用J-REIT】/【当社グループ組織・運用プライベートファンド】 Private funds structured and managed by the 34.6 Mitsui Fudosan Group 2019503 30.0 会社名 Mitsui Fudosan Investment Advisors, Inc. AUM: ¥1,396.0bn (Structures and manages private funds) 20.5 18.7 20.0 AUM: ¥326.8bn (47properties) 三井不動産投資顧問 Mitsui Fudosan Private REIT, Inc. 10.0 6.4 7.7 Institutional investors, 5.4 4.3 corporations, etc.

※ Total asset scale (on an acquisition price basis) and the number of properties held as 0.0 ②ピボット参照：【投資家向け分譲・海外住宅分譲 営業利益推移】 of the end of March 2019 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20(E)

営業利益

MITSUI FUDOSAN CO.,LTD 34 3-2-2．Management Business Core Business

Property Management Management and other consignment business relating to office building, retail facility, housing, and Car Park Leasing operations ①ワークテーブル：マネジメントセグメント営業利益推移 Brokerage, Asset management, etc. Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Property Management Asset management: Asset management services through four REITs and private funds

Management Business Operating Income Assets under Management (As of March 31, 2019) ②ワークテーブル：預かり資産残高・比率 (Trillions of yen) (Billions of yen) Property Management 4.00 3.73 3.90 3.61 3.42 3.47 預かり資産 60.0 Brokerage, Asset Management, etc. 3.50 3.32 3.16 2.93 3.00 2.79 2.80 2.70 2.69 50.0 2.50 2.35 ③ワークテーブル：円グラフ

21.2 22.4 23.2 2.00 40.0 Private Funds 22.1 20.8 19.8 Originators 1.50 15.1 MFLP投資法人 フロンティア不動産投資法人 30.0 1.00 日本アコモデーションファンド 10.5 07/03 08/03 09/03 10/03 11/03 12/03 13/03 14/03 15/03 16/03 17/03 18/03 19/03 10.2 52.0 日本ビルファンド

20.0 32.5 29.9 28.9 30.2 Private Funds 26.4 27.8 28.5 28% 23.7 10.0 21.9 32%

①ピボット参照：マネジメントセグメント営業利益推移 8% 0.0 Originators 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 8% ﾌﾟﾛﾊﾟﾃｨﾏﾈｼﾞﾒﾝﾄ (E) 4% 20% 仲介・ｱｾｯﾄﾏﾈｼﾞﾒﾝﾄ等

MITSUI FUDOSAN CO.,LTD 35 営業利益-マネジメント 3-3．Management Business Core Business Property Management /Stable earnings growth on the back of an increase in consigned properties Brokerage, Asset management, etc. /No. 1 Transaction Volume＆Stable earnings growth due mainly to an increase in AUM Property Management (Sales condominiums) Car Park Leasing Track Record Track Record

Mitsui Fudosan Realty Mitsui Fudosan Residential Service Group (units) (units) 257,902 258,689 245,511 260,000 250,000 255,713 251,874 226,125 210,549 244,494 238,027 200,000 191,450 240,000

228,549 166,752 154,643 221,910 150,000 143,450 220,000 217,222 133,039 124,379

100,000 200,000 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19

Property Management (Sales condominiums) Brokerage Market (FY ended March 2019) Track Record Mitsui Fudosan Residential Lease

Transaction (units) Fee/Revenue Transactions Number Volume (Billions of yen) (Units) of stores 70,000 66,741 (Billions of yen) 63,777 61,392 Mitsui Fudosan Realty 58,293 1 85 41,533 1,706.8 281 60,000 55,684 Co., Ltd. 51,939 Sumitomo Real Estate 49,720 2 70 37,643 1,326.3 270 47,341 50,000 45,635 Sales Co., Ltd. 3 Tokyu Livable, Inc. 60 25,570 1,245.5 182 40,000 Nomura Real Estate 4 33 8,922 767.3 86 Group 30,000 Sumitomo Mitsui Trust 5 21 7,935 504.2 72 Realty Co., Ltd. 20,000 Source：Real Estate Economic Institute (As of May 24, 2019) 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19

MITSUI FUDOSAN CO.,LTD 36 3-4．Apx. Logistics Facility Business Core Business

Flexibly combine leasing business with trading and management businesses ワークシート：主な新規プロジェクト

Major New Projects Overseas projects

Total Floor FY Project Name Location Completed Space ◼ 40 development and operation facilities,*

MFLP Atsugi Ⅱ Isehara,Kanagawa ≈ 54,800 ㎡ ◼ about3.6 millions ㎡ of total floor space, 2018 MFLP Prologis Park Kawagoe Kawagoe,Saitama ≈ 131,300 ㎡ ◼ over¥570 billion of cumulative investment MFIP Haneda Ota-ku,Tokyo ≈ 81,000 ㎡ (As of Dec. 31, 2019) MFLP Hiroshima Ⅰ Hiroshima,Hiroshima ≈ 71,900 ㎡ 【 Domestic Development and operation facilities 】 MFLP Kawasaki Ⅰ* Kawasaki,Kanagawa ≈ 47,600 ㎡ 2019 MFLP Funabashi Ⅱ Funabashi,Chiba ≈ 224,800 ㎡ MFLP Kawaguchi Ⅰ Kawaguchi,Saitama ≈ 54,800 ㎡ MFLP Hiratsuka Ⅱ Hiratsuka,Kanagawa ≈ 50,000 ㎡ MFLP Yokohama Kohoku Yokohama,Kanagawa ≈ 50,600 ㎡ MFLP Tachikawa Tachihi Tachikawa,Tokyo ≈ 67,000 ㎡ MFLP Osaka Ⅰ Osaka,Osaka ≈ 48,300 ㎡ 2020 MFLP Yachiyo Katsutadai Yachiyo,Chiba ≈ 75,800 ㎡ MFLP Tosu Tosu,Saga ≈ 35,300 ㎡ MFLP Tokorozawa Iruma-gun,Saitama ≈ 21,300 ㎡ MFLP Funabashi Ⅲ Funabashi,Chiba ≈ 268,400 ㎡ 2021 MFLP Osaka Katano Hirakata,Osaka ≈ 72,000 ㎡ Ichikawa Shiohama Logistics Facility Ichikawa,Chiba Development Project ≈ 183,800 ㎡ MFLP Ebina Ebina,Kanagawa ≈ 124,400 ㎡ 2022 Sub Tokyo Rail Gate EAST Shinagawa-ku,Tokyo lease ≈ 175,000 ㎡ Bangpakong, Thai Bangpakong Project 2020 Chachoengsao ≈ 160,000 ㎡ ～ Thai Wangnoi Project Wangnoi,Ayutthaya ≈ 90,000 ㎡ ＊ B : 2019 /9 A : 2020/1 Some project names are tentative. *In Japan, there are 35 properties mentioned above, and 3 other facilities for use, Total of FY completed and total floor space may change in the future. 40 facilities, including two in Thailand, are our development and management facilities.

MITSUI FUDOSAN CO.,LTD 37 Core Business 3-5．Apx. Hotel and Resort Business ワークシート：稼働率とADR(平均客室単価)の推移

Average Occupancy Rate (Left) Average Daily Rate (Right)

ワークシート：外国人宿泊客比率

Average Tokyo Osaka, Kyoto Other Area

Total 31 hotels 8,094 rooms

(As of Jan. 31, 2020)

Occupancy Rate/Average Daily Rate Ratio of Foreign guests

(%) (Yen) (%) 100 17,000 70.0 FY2013 FY2014 90 16,000 60.0 FY2015 80 15,000 50.0 FY2016 FY2017 70 14,000 40.0 FY2018 60 13,000 30.0

50 12,000 20.0

40 Average Occupancy Rate (Left) 11,000 10.0 Average Daily Rate (Right) 30 10,000 0.0 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Average Tokyo Osaka, Kyoto Other Area MITSUI FUDOSAN CO.,LTD 38 3-5．Apx. Hotel and Resort Business Core Business ワークシート：主な新規プロジェクト Achieved the target of 10,000 rooms including new projects *excluding resort hotel projects

Major New Projects Overseas project

FY No.of Project Name Location Opened Rooms

Mitsui Garden Hotel Otemachi Sublease Chiyoda-ku, Tokyo ≈ 190 Mitsui Garden Hotel Shinagawa-ku,Tokyo ≈ 370 2018 Mitsui Garden Hotel Nihonbashi Premier Sublease Chuo-ku, Tokyo ≈ 260 Mitsui Garden Hotel Kanazawa Kanazawa, Ishikawa ≈ 160 Mitsui Garden Hotel Fukuoka Gion Fukuoka, Fukuoka ≈ 300 Halekulani Okinawa Kunigami-gun, Okinawa ≈ 360 Mitsui Garden Hotel Mitsui Garden Hotel Mitsui Garden Hotel Fukuoka Gion Mitsui Garden Hotel Kyoto Station Front Kyoto, Kyoto ≈ 140 Jingugaien Tokyo Premier Roppongi Premier 2019 Mitsui Garden Hotel Ginza-gochome Chuo-ku, Tokyo ≈ 340 Mitsui Garden Hotel Jingugaien Tokyo Premier Shinjuku-ku, Tokyo ≈ 360 Mitsui Garden Hotel Roppongi Premier Minato-ku,Tokyo ≈ 260 Mitsui Garden Hotel Sapporo West Sapporo, Hokkaido ≈ 170

Mitsui Garden Hotel Fukuoka Nakasu Sublease Fukuoka, Fukuoka ≈ 260 Mitsui Garden Hotel Kyoto Shijo* Chiyoda-ku, Tokyo ≈ 350 sequence MIYASHITA PARK Shibuya-ku, Tokyo ≈ 240 Mitsui Garden Hotel Toyosu BAYSIDE CROSS Koto-Ku, Tokyo ≈ 230 sequence KYOTO GOJO Kyoto, Kyoto ≈ 210 2020 Four Seasons Hotel Tokyo Otemachi(Otemachi One) Chiyoda-ku, Tokyo ≈ 190 Mitsui Garden Hotel Four Seasons Hotel Tokyo Zhongxiao Xinsheng Otemachi(Otemachi One) Hotel Project HOTEL THE MITSUI KYOTO Kyoto, Kyoto ≈ 160 Sapporo West

Zhongxiao Xinsheng Hotel Project Sublease Taipei City, Taiwan ≈ 300

Kyoto Jokyo-ji Temple Hotel Project Sublease Kyoto, Kyoto ≈ 170 sequence SUIDOBASHI Sublease Chiyoda-ku, Tokyo ≈ 120

Zhongshan Zhongxiao Hotel Project Sublease Taipei City, Taiwan ≈ 350 2021 The Bvlgari Hotel Tokyo(Yaesu 2nd District North Project) Chuo-ku, Tokyo ≈ 100 or later Dunhua North Road Bridge Project Sublease Taipei City, Taiwan ≈ 180 Hakone Project Ashigarashimo-gun，Kanagawa TBD *The extension building has approximately 70 rooms of 350, will open in April 2020. FY to be opened and number of rooms may change in the future. Halekulani Okinawa HOTEL THE MITSUI KYOTO Some project names are tentative.

MITSUI FUDOSAN CO.,LTD 39 3-6．Apx. Global Business Core Business North America and Europe /Continuously secure excellent business opportunities to build a stable earnings base ①ワークテーブル：海外利益の推移 China and Asia /Aggressively capture rapidly growing demand for quality housing and expanding consumption Leasing Income from overseas Existing Properties Property Sales

(Billions of yen) FY2016 FY2017 FY2018 合計 60.0 55.4(19.8%) 合計％

18.2 40.0 ②ワークテーブル：海外資産の国別内訳 1.5 1200 17thStreet 270 Brannan Street US 18.9 (San Francisco) 19.8(8.3%) 18.2(7.2%) (Washington D.C.) Europe 20.0 China & Asia 6.4 6.8 1.02.3 2.0 16.6 Overseas 10.0 11.6 Domestic 0.0 -2.3 Pro forma Operating Income of Overseas Affiliates Management, Other, etc. 総資産 -20.0 Property Sales 1251 Avenue of the Americas 527Madison Avenue Leasing Water Front Corporate Homer Building (New York) (New York) CenterⅢ (New Jersey) (Washington D.C.) Breakdown of Oversea Assets by Country ①ピボット参照：海外利益の推移

賃貸-営業利益 China & Asia 分譲-営業利益 19% Mitsui Outlet Park Shanjing Outlet Plaza Overseas KLIA SEPANG Ningbo (China) Halekulani Hotel 8-10 Moorgate プライベート 16.2% Europe (Kuala Lumpur) (Honolulu) (London) ファンド等 US 13% ②ピボット参照：海外資産の国別内訳 68%

Domestic 米国 83.8% 欧州 中国・アジア その他地域1 Halepuna Waikiki 5 Hanover Square Mitsui Outlet Park LINKOU St.RegisHotel& その他地域2 Total Assets ¥6,802.7bn (As of March 31, 2019) (Honolulu) (London) (Taiwan) Residences (Singapore) MITSUI FUDOSAN CO.,LTD 40 Core Business 3-6．Apx. Global Business ワークシート：主な新規プロジェクト

Major New Projects＜North America＞ Major New Projects＜Europe＞

Total Floor Space Expected Total Floor Space Expected Location Type Project Name Location Type Project Name Completion or Units* Completion or Units* 2019

New York Office 55 Hudson Yards ≈ 117,600 ㎡ Office 2 Television Centre ≈ 55,000 ㎡ 2018 2018 Television Centre Redevelopment Project Seattle Rental Housing West Edge Tower ≈ 340 London ≈ 430 Condo (The Helios/The Crescent) 2019 San Francisco Rental Housing The Landing(former 22 Texas) ≈ 260 TBD Television Centre Redevelopment Project(Phase2) ≈ 500 Arlington Rental J-SOL(former 4000 North Fairfax Drive) ≈ 320 Los Angeles Housing 5750 Hollywood Boulevard ≈ 160 Each expected completion, rentable floor space and total number of units may change 2020 in the future. Some project names are tentative. New York 200 Amsterdam Avenue Project ≈ 110 *The total number of units is before taking into account the Company's share. Condo Alexandria Robinson Landing ≈ 90 Washington,D.C. The Silva(1630 Colombia Road) ≈ 170

Boston 290 Revolution Drive ≈ 320 2021～ Rental Denver Denargo Market III ≈ 330 2021 Housing San Francisco 830 Eddy Street ≈ 130 Maryland Maizon Bethesda ≈ 220 2022～ 2022～ Boston Office Innovation Square PhaseⅡ ≈ 28,400 ㎡

2021～ Seattle Rental Housing Yesler Terrace ≈ 540 New York Office 50 Hudson Yards Project ≈ 264,000 ㎡ 2022 Washington,D.C. Rental Housing Museum Place ≈ 480 2022～ San Francisco Office Brannan Square ≈ 112,000 ㎡

2022～ Walnut Creek Rental Housing Walnut Creek Transit Village ≈ 580

2Television Center TBD

J-SOL

55 Hudson Yards Project 50 Hudson Yards Project West Edge Tower Television Centre Redevelopment Project

MITSUI FUDOSAN CO.,LTD 41 Core Business 3-6．Apx. Global Business ワークシート：主な新規プロジェクト

Major New Projects＜Asia＞ 2018 2019 Expected Floor or Store Expected Location Type Project Name Location Type Project Name Units opening Space/rooms opening

2018 Taiwan Taichung City Retail MITSUI OUTLET PARK TAICHUNG PORT store ≈ 35,000 ㎡ 2018 Thailand Bangkok Ideo Sukhumvit 93 etc. ≈ 5,200 2019 China Ningbo Retail SHANJING OUTLET PLAZA・NINGBO(Phase3) store ≈ 10,300 ㎡ 2019 Thailand Bangkok Elio Del Moss etc. ≈ 3,300 China Shanghai City Retail LaLaport Shanghai Jinqiao Sublease store ≈ 60,000 ㎡ 2020 China Suzhou City Ming Yue Lan Ting ≈ 940 Taiwan Taipei City Hotel Zhongxiao Xinsheng Hotel Project Sublease ≈ 300 2020 Singapore Forest Woods ≈ 510 Logisti Bangpakong Project gross ≈ 160,000 ㎡ 2020～ Thailand Bangkok Thailand Bangkok Elio Del Nest etc. ≈ 4,000 cs Wangnoi Project gross ≈ 90,000 ㎡ Taiwan New Taipei City Sanchong Zhongxing Bridge Project ≈ 130 China Shanghai City Lianhua Road Station Building Retail Facilities Sublease store ≈ 16,500 ㎡ 2021 Thailand Bangkok Ideo Rama 9 etc ≈ 2,300 2022～ 2021 Selangor Retail MITSUI OUTLET PARK KLIA SEPANG(Phase3) store ≈ 10,200 ㎡ Condo Malaysia 2023 Kuala Lumpur LaLaport Kuala Lumpur store ≈ 82,600 ㎡ Singapore The Jovell ≈ 420 2024 Taiwan Taipei City Hotel Zhongshan Zhongxiao Hotel Project Sublease ≈ 350 2021～ Philippines Quezon City The Arton ≈ 1,600 2025 2022 Taiwan Tainan City LaLaport Nangang Sublease store ≈ 70,000 ㎡ China Nantong City Nantong Hong Jiang Lu Project ≈ 1,300 Retail 2022 Taiwan Tainan City MITSUI OUTLET PARK TAINAN(Phase1) store ≈ 33,000 ㎡ Singapore Piamont Grand ≈ 820 2022～ India Bangalore Office RMZ Ecoworld 30 gross ≈ 426,400 ㎡ Malaysia Kuala Lumpur Conlay Place ≈ 490 2023 2023 Taiwan Taichung City Retail LaLaport TAICHUNG store ≈ 67,000 ㎡ Singapore One North Gateway ≈ 160 2024 Taiwan Taipei City Hotel Dunhua North Road Hotel Project Sublease ≈ 180 * Indonesia Tangerang Citra Raya ≈ 1,600 2025 Taiwan Tainan City Retail MITSUI OUTLET PARK TAINAN(Phase2) store ≈ 12,000 ㎡ ＊ Development in some stages Each expected completion or opening, store floor space, and total number of units may change in the future. Some project names are tentative. The total number of units is before taking into account the Company's share.

LaLaport Shanghai Jinqiao

MITSUI OUTLET PARK TAICHUNG PORT

LaLaport Kuala Lumpur Zhongxiao Xinsheng Lianhua Road Station Building Hotel Project Retail Facilities

MITSUI FUDOSAN CO.,LTD 42 4. Financial Statements and investment data, etc. 4-1．Summary of Results for the Nine Months Ended December 31, 2019 Financial Statement ②ワークテーブル

Consolidated Income Summary (Overall)

(Billions of yen)

Full-Year Forecast Actual/ FY2019/3Q FY2018/3Q Change (as of Jan. 2020) Forecast

RevenueRevenues from fromoperationsOperations 1,295.4 1,244.0 51.4 2,013.0 64.4%

Operating incomeIncome 170.3 156.3 13.9 280.0 60.8%

Non-operating Income/Expenses (13.7) (3.8) (9.8) (21.0) ― Equity in Net Income of Affiliates 5.1 9.8 (4.6) - ― Interest Income/Expense (21.0) (19.1) (1.9) (28.0) ―

Other 2.2 5.4 (3.2) 7.0 ― ②ワークテーブル：特別利益・特別損失 Ordinary incomeIncome 156.6 152.5 4.0 259.0 60.5% Extraordinary Gains/Losses (1.8) (1.8) (0.0) 15.0 ― Extraordinary Gains 3.6 - 3.6 20.0 ― Extraordinary Losses 5.4 1.8 3.6 5.0 ― Income Taxes 51.7 46.9 4.8 80.0 ― Profit 103.0 103.7 (0.7) 194.0 ― Profit/Loss attributable to non-controlling interests 0.7 1.5 (0.8) 2.0 ― Profit attributable to owners of the parent 102.2 102.2 0.0 192.0 53.3%

①ピボット参照

MITSUI FUDOSAN CO.,LTD 44 4-1．Summary of Results for the Nine Months Ended December 31, 2019 Financial Statement

Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Supplemental Data

【Vacancy Rate】 (Billions of yen) 19/12 19/9 19/6 19/3 18/3 17/3 Full-Year Forecast Office Buildings & Retail Facilities *1 1.8% 2.0% 1.9% 1.8% 2.4% 3.1% FY2019/3Q FY2018/3Q Change (as of Jan. 2020) Tokyo Metropolitan Area Office Buildings *2 1.5% 1.8% 2.0% 1.7% 2.2% 3.4%

Revenues from Operations 1,295.4 1,244.0 51.4 2,013.0 【Property Sales】 (Millions of yen) FY2019/3Q FY2018/3Q Change 630.0 Leasing 475.6 446.6 29.0 Revenue 193,532 178,980 14,552 Property Sales 284.1 285.1 (0.9) 613.0 Property Sales to Operating Income 22,534 15,950 6,584 Individuals Units booked 2,608 2,217 391 Management 312.9 294.7 18.2 410.0 (Domestic) -Condominiums 2,285 1,868 417 Other 222.6 217.5 5.1 360.0 -Detached Housing 323 349 (26) Property Sales to Investors& Revenue 90,618 106,138 (15,519) Operating Income 170.3 156.3 13.9 280.0 Individuals (Overseas), etc. Operating Income 21,201 21,646 (444)

Leasing 118.0 109.1 8.9 144.0 【Management】 (Millions of yen) Property Sales 43.7 37.5 6.1 124.0 FY2019/3Q FY2018/3Q Change Management 41.4 37.1 4.2 52.0 Revenue 234,738 222,819 11,919 Property Operating Income 24,793 22,859 1,933 Other 0.3 3.4 (3.0) 4.0 Car park leasing/ Management 264,301 243,426 20,875 Eliminations Total managed units (33.2) (30.9) (2.3) (44.0) Revenue 78,239 71,887 6,352 or corporate Brokerage, Asset Operating Income 16,636 14,293 2,342 Management Brokerage Units 31,922 30,344 1,578

*1 Consolidated (Reference)Overseas Business (Millions of yen) *2 Non-Consolidated FY2019/3Q FY2018/3Q Change Revenue 48,522 40,143 8,379 Leasing Operating Income 15,624 12,175 3,449 Revenue 26,544 73,903 (47,358) Property sales Operating Income 789 18,557 (17,767) Management, Other, Revenue 10,151 11,661 (1,509) *1 Calculated by multiplying the operating income or the amount equivalent to operating income of each overseas equity-method affiliated company by the Company’s equity interest（Note） etc. Operating Income 825 1,405 (579) （Note）The amount equivalent to operating income is the amount of profit calculated on a simplified Pro forma Operating Income of Overseas Affiliates *1 5,419 11,980 (6,560) basis after taking into consideration the tax burden Overseas Income Total 22,659 44,118 (21,458) *2 Total overseas income / (Operating income + Pro forma operating income of overseas Ratio of Overseas Income *2 12.9% 26.2% (13.3pt) affiliates)×100

MITSUI FUDOSAN CO.,LTD 45 4-1．Summary of Results for the Nine Months Ended December 31, 2019 Financial Statement

Consolidated Balance Sheet Summary ①ワークテーブル

(Billions of yen) 流動資産 貯金・預金 FY2019/3Q FY2018/4Q Change FY2019/3Q FY2018/4Q Change 有価証券 販売用不動産・前渡金 営業出資金 Current Assets 2,333.2 2,117.2 216.0 Current Liabilities 1,127.6 1,109.3 18.2 その他 Cash & Time Deposits 168.0 174.2 (6.2) Accounts Payable - Trade 94.6 126.8 (32.2) 固定資産 有形・無形固定資産 Marketable Securities 0.6 0.9 (0.3) Short-Term Debt* 331.7 259.9 71.8 投資有価証券 Real Property for Sale (including Advances Paid for Purchases) 1,830.5 1,630.5 199.9 Commercial Paper* 196.0 114.0 82.0 差入敷金・保証金 その他 Equity Investments in Properties 6.6 6.7 (0.0) Short-Term Bonds Payable* 127.0 79.2 47.8 for Sale 資産計 Other Other 327.4 304.7 22.6 378.2 529.3 (151.1) Long-Term Liabilities 流動負債 Fixed Assets 4,966.6 4,685.4 281.1 3,657.6 3,272.5 385.0 支払い手形及び買掛 Corporate Bonds 短期借入金 Tangible & Intangible Fixed Assets 654.9 592.9 61.9 3,667.8 3,500.4 167.3 ｺﾏｰｼｬﾙﾍﾟｰﾊﾟｰ Long-Term Debt* 2,139.3 1,860.5 278.8 Investment Securities 976.4 872.6 103.7 短期償還社債（※） Deposits from Tenants 437.6 424.3 13.3 Lease Deposits 142.2 140.5 1.6 その他 Other 425.6 394.7 30.8 固定負債 Other 180.1 171.7 8.4 社債（※） Interest-Bearing Debt* 3,449.0 2,906.6 542.4 長期借入金（※） 預り敷金・保証金 Total Net Assets 2,514.7 2,420.8 93.9 その他 Common Stock 339.7 339.7 有利子負債（※） - 純資産 Capital Surplus 372.0 403.2 (31.2) 資本金 Retained Earnings 1,019.4 962.1 57.2 資本剰余金 利益剰余金 Other 783.5 715.6 67.8 その他 Total Liabilities & 負債・純資産計 Total assets 7,299.9 6,802.7 497.2 Net Assets 7,299.9 6,802.7 497.2 Ｄ/Ｅレシオ（倍） *Interest-Bearing Debt: short-term debt + commercial paper + short-term 自己資本比率 bonds payable + corporate bonds + long-term debt

FY2019/3Q FY2018/4Q Change D/E Ratio (Times) 1.42 1.24 0.18 Equity Ratio (%) 33.3% 34.4% (1.1pt)

MITSUI FUDOSAN CO.,LTD 46 ②ピボット参照 4-2．Forecasts for the Year to March 2020 (FY2019) Financial Statement

Consolidated Statement of Earning Forecasts

売上高 賃貸 (Billions of yen) 分譲 マネジメント 3/2020 3/2020 3/2019 (2019Forecast年度) Forecast Change その他 Actual The earnings forecast that was (as* of2019 Jan.30,年11月 2020)7日 (as of Nov.7, 2019) 営業利益 previously announced on November 7, 賃貸 Revenues from Operations 2,013.0 2,013.0 - 1,861.1 分譲 2019 was revised upwards as shown Leasing 630.0 630.0 - 603.2 マネジメント below on January 30, 2020. Property Sales 613.0 613.0 - 530.7 その他 Brief details are as follows: Management 410.0 410.0 - 322.7 消去他 営業外損益 Other 360.0 360.0 - 404.3 ⚫ Gain on the sales of shares of 純金利負担 Oriental Land Co., Ltd. through Operating Income 280.0 280.0 - 262.1 その他 経常利益 tendering in the tender offer for Leasing 144.0 144.0 - 141.9 treasury shares by Oriental Land Co., 特別損益 Property Sales 124.0 124.0 - 98.0 税前当期純利益 Ltd.(*) is included in extraordinary Management 52.0 52.0 - 55.1 法人税他 gains and losses. Profit attributable 当期純利益 Other 4.0 4.0 - 9.1 to owners of parent was revised 非支配株主に帰属する当期純利益 upwards by 17 billion yen from the Eliminations or Corporate (44.0) (44.0) - (42.1) 親株主に帰属する当期純利益 previous forecast and is projected to Non-operating Income/Expenses (21.0) (21.0) - (8.0) be 192 billion yen. Interest Income/Expense (28.0) (28.0) - (26.9) 7.0 - 18.8 *For more details, please see Other 7.0 “Notice Concerning Subscription to Ordinary income 259.0 259.0 - 254.1 ①ピボット参照：連結P/L概要(業績予想) Tender Offer for Treasury Shares by Oriental Land Co., Ltd.”, dated January Extraordinary Gains/Losses 15.0 (5.0) 20.0 (12.0) 30, 2020, issued by the Company. Income before Income Taxes 274.0 254.0 20.0 242.0 売上高 Income Taxes 80.0 77.0 (3.0) 71.9 売上高-賃貸 売上高-分譲 Profit 194.0 177.0 17.0 170.1 売上高-マネジメント Profit attributable to non- 2.0 2.0 - 1.4 売上高-その他 controlling interests 営業利益 営業利益-賃貸 Profit attributable to owners 営業利益-分譲 of the parent 192.0 175.0 17.0 168.6 営業利益-マネジメント 営業利益-その他 営業利益-消去他 営業外損益 営業外損益-純金利負担 営業外損益-その他 MITSUI FUDOSAN CO.,LTD 47 経常利益 4-2．Forecasts for the Year to March 2020 (FY2019) Financial Statement

Consolidated Income Statement (Forecasts ) Appendices (Billions of yen) (Billions of yen) 【Property sales】 3/2020 3/2019 Forecast Actual Change 3/2020 3/2019 (2019Forecast年度) Change Property sales to Actual Revenue from 300.0 285.4 14.5 (as* of2019 Jan.30,年11月 2020)7日 Individuals Operations Revenues from Operations 2,013.0 1,861.1 151.8 Condomini ums 260.0 252.2 7.7 Leasing 630.0 603.2 26.7 Revenue Detached from Property Sales 613.0 530.7 82.2 Housing 40.0 33.2 6.7 Operations/ Management 410.0 404.3 5.7 Operating Operating 29.0 26.6 2.3 Income Other 360.0 322.7 37.3 Income Operating 9.7% 9.3% 0.3pt Operating Income 280.0 262.1 17.8 Margin Leasing 144.0 141.9 2.0 Condominiums 3,400 3,283 117 Property Sales 124.0 98.0 25.9 Unit Management Detached 52.0 55.1 (3.1) Housing 580 475 105 Other 4.0 9.1 (5.1) Revenue from 313.0 245.3 67.6 Eliminations or Corporate (44.0) (42.1) (1.8) Property Sales Operations to Investors Operating Non-operating Income/Expenses 95.0 71.4 23.5 (21.0) (8.0) (12.9) Income Interest Income/Expense (28.0) (26.9) (1.0) (Billions of yen) Other 7.0 18.8 (11.8) 【Financial position】 3/2020 3/2019 Ordinary Income 259.0 254.1 4.8 Forecast Actual Change

Extraordinary Gains/Losses 15.0 (12.0) 27.0 Tangible & Intangible Assets Income before Income Taxes 274.0 242.0 31.9 Income Taxes (80.0) (71.9) (8.0) New Investments 390.0 390.5 △ 0.5

Profit 194.0 170.1 23.8 Depreciation 85.0 79.0 5.9 Profit attributable to non- controlling interests (2.0) (1.4) (0.5) Real Property for Sales (including Advances Paid or Purchases)

Profit attributable to owners New Investments 610.0 423.8 186.1 of the parent 192.0 168.6 23.3 Cost Recovery 440.0 382.6 57.3 ◆ Mitsui Fudosan is expecting to pay a cash dividend per share for the fiscal year ending March 31, 2020 of ¥44.00 per share comprising an interim and period-end dividend of ¥22.00 per share. Interest-Bearing Debt 3,300.0 2,906.6 393.3

MITSUI FUDOSAN CO.,LTD 48 4-3．Summary of Results for the Year Ended March 31, 2019 Financial Statement

Consolidated Income Summary (Overall) (Billions of yen) Full-Year Forecast Actual/ FY2018 FY2017 Change (as of Nov. 2018) Forecast

Revenues from Operations 1,861.1 1,751.1 110.0 1,870.0 99.5%

Operating Income 262.1 245.9 16.2 250.0 104.9% Non-operating Income/Expenses (8.0) (5.5) (2.4) (14.0) ― Equity in Net Income of Affiliates 14.8 15.2 (0.3) - ― ②ワークテーブル Interest Income/Expense (26.9) (24.8) (2.1) (27.0) ― Other 3.9 4.0 (0.0) 13.0 ― Ordinary Income 254.1 240.3 13.7 236.0 107.7% Extraordinary Gains/Losses (12.0) (15.5) 3.5 - ― Extraordinary Gains 1.4 - 1.4 - ― Extraordinary Losses 13.5 15.5 (2.0) - ― Income Taxes 71.9 66.7 5.1 71.0 ― Profit 170.1 157.9 12.1 165.0 ― Profit/Loss attributable to non-controlling interests 1.4 2.1 (0.6) 2.0 ― Profit attributable to Owners of the parent 168.6 155.8 12.7 163.0 103.5%

◆Extraordinary Gains Gain on Sales of Investment Securities 14 ②ワークテーブル：特別利益・特別損失 14 ◆Extraordinary Losses Inpairment Loss △114 Loss on Disposal of Fixed Assets △21 △135

MITSUI FUDOSAN CO.,LTD 49 4-3．Summary of Results for the Year Ended March 31, 2019 Financial Statement

Consolidated Segment Revenue & Operating Income

Consolidated Segment Revenue & Operating Income Supplemental Data

(Billions of yen) 【Vacancy Rate】 Full-Year 19/3 18/3 17/3 16/3 15/3 14/3 FY2018 FY2017 Change Forecast Office Buildings & Retail Facilities *1 1.8% 2.4% 3.1% 2.2% 3.2% 3.5% (as of Nov, 2018) Tokyo Metropolitan Area Office Buildings *2 1.7% 2.2% 3.4% 2.6% 3.2% 3.3%

Revenues from Operations 1,861.1 1,751.1 110.0 1,870.0 【Property Sales】 (Millions of yen) Leasing 603.2 558.1 45.1 600.0 FY2018 FY2017 Change Revenue 285,432 275,988 9,444 Property Sales 530.7 499.6 31.1 535.0 Property Sales to Operating Income 26,604 31,167 △ 4,563 Management 377.4 353.8 23.6 385.0 Individuals Units booked 3,758 4,208 △ 450 Mitsui Home 261.7 252.1 9.5 260.0 (Domestic) -Condominiums 3,283 3,707 △ 424 -Detached Housing 475 501 △ 26 Other 87.9 87.3 0.6 90.0 Property Sales to Investors& Revenue 245,333 223,619 21,713 Operating Individuals (Overseas), etc. Operating Income 71,433 51,843 19,590 income 262.1 245.9 16.2 250.0

Leasing 141.9 138.3 3.6 140.0 【Management】 (Millions of yen) Property Sales 98.0 83.0 15.0 90.0 FY2018 FY2017 Change Management 53.4 48.7 4.7 51.0 Revenue 275,338 263,420 11,918 Property Operating Income 30,243 28,914 1,329 Mitsui Home Car park leasing/ 6.2 5.4 0.7 5.8 Management 245,511 226,125 19,386 Other Total managed units 4.6 6.8 (2.1) 4.0 Revenue 102,152 90,393 11,759 Brokerage, Asset Eliminations or Operating Income 23,202 19,813 3,388 Management Corporate (42.1) (36.4) (4.9) (40.8) Brokerage Units 41,361 40,638 723

*1 Consolidated (Reference) Overseas Business (Millions of yen) *2 Non-Consolidated FY2018 FY2017 Change Revenue 55,784 43,837 11,947 Leasing Operating Income 16,673 11,668 5,005 Revenue 83,903 2,200 81,703 Property sales Operating Income 18,936 (2,313) 21,249 *1 Calculated by multiplying the operating income or the amount equivalent to operating income of Management, Other, Revenue 15,278 16,072 (793) each overseas equity-method affiliated company by the Company’s equity interest（Note） etc. Operating Income 1,546 2,037 (491) （ Note ） The amount equivalent to operating income is the amount of profit calculated on a Pro forma Operating Income of Overseas Affiliates *1 18,298 6,827 11,471 simplified basis after taking into consideration the tax burden Overseas Income Total 55,454 18,219 37,234 *2 Total overseas income ÷(Operating income + Pro forma operating income of overseas Ratio of Overseas Income *2 19.8% 7.2% 12.6pt affiliates)×100

MITSUI FUDOSAN CO.,LTD 50 4-3．Summary of Results for the Year Ended March 31, 2019 Financial Statement

Consolidated Balance Sheet Summary ①ワークテーブル

(Billions of yen) 流動資産 貯金・預金 FY2018 FY2017 Change FY2018 FY2017 Change 有価証券 販売用不動産・前渡金 営業出資金 Current Assets 2,117.2 1,927.9 189.2189.2 Current liabilities 1,109.3 1,064.6 44.6 その他 Cash & Time Deposits 174.2 100.8 73.3 Accounts Payable - Trade 126.8 123.9 2.8 固定資産 有形・無形固定資産 Marketable Securities 0.9 0.1 0.7 Short-Term Debt* 259.9 273.2 (13.2) 投資有価証券 Real Property for Sale (including Aadvances Paid for Purchases) 1,630.5 1,524.8 105.6 Commercial Paper* 114.0 125.0 (11.0) 差入敷金・保証金 Equity Investments in Properties 6.7 6.7 0.0 Short-Term Bonds Payable* 79.2 51.1 28.0 その他 for Sale 資産計 Other 304.7 295.3 9.4 Other 529.3 491.3 38.0 Long-Term Liabilities 3,272.5 2,948.8 323.6 流動負債 Fixed Assets 4,685.4 4,373.3 312.1 支払い手形及び買掛 短期借入金 Tangible & Intangible Fixed Assets Corporate Bonds 592.9 468.0 124.9 3,500.4 3,318.9 181.5 ｺﾏｰｼｬﾙﾍﾟｰﾊﾟｰ Long-Term 1,860.5 1,687.2 173.2 Investment Ssecurities 872.6 787.9 84.7 短期償還社債（※） Deposits from Tenants 424.3 403.4 20.9 その他 Lease Deposits 140.5 138.5 2.0 Other 394.7 390.1 4.5 固定負債 Other 171.7 127.8 43.8 社債（※） Interest-Bearing Debt* 2,906.6 2,604.6 301.9 長期借入金（※） 預り敷金・保証金 Total Net Assets 2,420.8 2,287.7 133.1 その他 Common Stock 339.7 339.7 - 有利子負債（※） 純資産 Capital Surplus 403.2 409.7 (6.4) 資本金 Retained Earnings 962.1 834.4 127.6 資本剰余金 利益剰余金 Other 715.6 703.6 11.9 その他 Total Liabilities & 負債・純資産計 Total assets 6,802.7 6,301.2 501.4 Net Asset 6,802.7 6,301.2 501.4 *Interest-Bearing Debt: short-term debt + commercial paper + short-term Ｄ/Ｅレシオ（倍） bonds payable + corporate bonds + long-term debt 自己資本比率

FY2018 FY2017 Change D/E Ratio (Times) 1.24 1.18 0.06 Equity Ratio (%) 34.4% 35.0% (0.6pt) 3Q

1Q MITSUI FUDOSAN CO.,LTD 51 2Q 4-4．Operating Income by Segment Financial Statement

Innovation 2017 Financial accounting segments segments

FY2018 actual FY2018 actual (Billions of yen)

Leasing 141.9 Holding Holding 128.6

Sub-leasing

Property Sales 98.0 Trading 98.0

Managementマネジメント 53.4 Management 66.7

Mitsui Home 62

Other 46 Other (31.2)

Eliminations (421)

Total Total 262.1

MITSUI FUDOSAN CO.,LTD 52 4-5．Investment & Financial Data Financial Statement

【Interest-Bearing Debt Breakdown】 ①ワークテーブル

(Billions of yen) 3,500.0 4.00%

3.59% 10 3.42% 3.50% 3,000.0 3.01% 3.00% 2,500.0 2.72% 2.66% 2.57% 2.50% 2.24% 2.25% 2,000.0

2.00% ①ピボット参照

1,500.0 1.51% 1.38% 1.35% 1.32% 1.35% 1.50% 1.22% 1.21% 1.27% 1.42% 1,000.0 1.29% 1.26% 1.19% 1.00% 1.05% 0.96% 0.83% 500.0 0.72% 0.50%

1,743.4 2,120.2 2,040.0 1,976.1 2,226.2 2,287.4 2,604.6 2,906.6 0.0 0.00% 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 Interest-Bearing Debt (Left) Interest Rate (consolidated, Right) Interest Rate (Japanese currency, Right) Interest Rate (foreign currency, Right)

MITSUI FUDOSAN CO.,LTD 53 Financial Statement 4-5．Investment & Financial Data ①ワークテーブル

【Interest-Bearing Debt Breakdown 】 【連結有利子負債】

Interest-Bearing Debt 連結有利子負債 Ratio of Bank Borrowing Ratio of Long-Term Debt Ratio of Fixed-Interest Debt *consolidated 【借入・社債比率】 At March 2019 Excl. Non-recourse Excl. Non-recourse Excl. Non-recourse Short- Non-Recourse - At March 2019 At March 2019 Floating At March 2019 借入・社債比率 Term Others 6.3% 14.7% Non-Recourse - SB, CP 6.8% 【長期・短期比率】 JPY 8.6% 25.6% 固定変動比率(円貨＋外貨) Corporate - Others 16.8% Bank 【固定・変動比率】 Borrow Corporate - JPY Long-Term ing Fixed 長短比率(円貨＋外貨) 68.3% 93.2% 74.4% 85.3%

Average Duration 6.6 year 返済予定額 【Maturity Profile】 FY2019 (Billions of yen) FY2020 FY2021 450.0 Short-Term Borrowing, CP SB Long-Term Borrowing FY2022 FY2023 400.0 FY2024 93.0 FY2025 350.0 FY2026 FY2027 300.0 FY2028 169.3 FY2029~FY2056 250.0

200.0 40.0 63.2 50.0 20.0 83.2 20.0 150.0 30.0 65.4 317.9 55.0 100.0 166.5 179.4 165.6 175.1 162.6 139.6 136.5 50.0 128.0 118.5 94.0 ①ピボット参照

0.0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029~FY2056

１年内償還普通社債 *Excl. Non-recourse At March 2019 ＣＰ（調達） NR債務計 MITSUI FUDOSAN CO.,LTD 54 普通社債 Financial Statement 4-6．Shareholder Composition ワークシート：株主構成

Shareholder Composition as of March 31 1998 1999 2000 Individuals Financial Institutions Foreign Other companies, etc. 2001 4.0 38.4 46.5 11.1 2002 2003 4.0 37.6 47.9 10.5 2004 4.4 35.1 51.4 9.1 2005 2006 4.6 34.6 50.8 10.0 2007 2008 4.6 33.7 52.3 9.4 2009 5.0 31.9 54.0 9.1 2010 2011 4.7 34.2 50.3 10.7 2012 2013 5.8 35.9 47.9 10.4 2014 6.0 36.5 47.5 10.0 2015 2016 6.1 35.6 48.3 10.0 2017 6.2 34.5 49.4 9.9 2018 2019 6.3 37.0 47.3 9.4 ＊2019/9 6.3 33.8 50.3 9.6 6.4 36.7 47.8 8.8 7.5 39.1 45.1 8.3 9.3 45.7 37.6 7.5 9.9 47.8 34.4 7.9 10.9 52.9 29.1 7.1 10.7 51.6 28.9 8.9 10.9 49.0 30.2 9.9 13.4 46.7 27.8 12.2 11.5 52.2 25.1 11.3 10.7 51.1 26.3 11.9

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ＊This is the ratio of shareholders as of the end of September 2019.

MITSUI FUDOSAN CO.,LTD 55 5．Appendices(Market Trends) ワークシート：オフィス空室率の推移 Appendix 5-1．Leasing Business Market Trends/Office Buildings # # Office Vacancy Rate # Source:Miki Shoji # (%) # 9.43% Mitsui Fudosan(Tokyo Metro;non-consolidated) # 10.00 (12/6) 8.57% 8.56% # (03/6,8) Central Tokyo 5 Wards(Source:Miki Shoji) (13/3) 9.00 # # 8.00 6.7% # (14/03) # 7.00 5.8% 5.30% # (03/9) 6.00 (15/3) # 4.34% # 5.00 (16/3) 3.60% # (17/3) 2.80% # 4.00 2.49% (18/3) # (07/11) 3.8% 1.78% 3.00 1.55% # (13/3) 3.3% 3.2% (19/3) (14/3) (15/3) 3.4% (19/12) # 2.00 0.9% 2.6% (16/3) (17/3) 2.2% # (06/6) 1.7% (18/3) # 1.00 (19/3) 1.5% 0.9%(07/6) (19/12) # 0.00 # 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3 # # Office Building Market Trend (Average rent / Vacancy rate) # Source: Miki Shoji # - 5 wards of Central Tokyo - # (Yen/Tsubo) Average rent(Left) Vacancy rate(Right) (%) # 25,000 10 # # 9 # 20,000 8 # # 7 # # 15,000 0808:22,901 Yen/Tsubo 6 # 1312:16,207 Yen/Tsubo 5 # 1412:16,953 Yen/Tsubo # 10,000 4 1512:17,692 Yen/Tsubo # 1612:18,540 Yen/Tsubo 3 # 1712:19,173 Yen/Tsubo # 5,000 2 1812:20,887 Yen/Tsubo # # 1912:22,206 Yen/Tsubo 1 # 0 0 # 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/03 12/3 13/3 14/3 15/3 16/03 17/03 18/3 19/3 19/12 # # MITSUI FUDOSAN CO.,LTD # 57 5-1．Leasing Business Market Trends/Office Buildings Appendix

Trend of Supply Volume of Large-Scale Office Buildings within Tokyo’s 23 Wards ワークシート：オフィスビル新規供給量 Source:Mori Building(as of April.2019) 00 (Million ㎡) 01 Completed Uncompleted (other 20 wards) Uncompleted (3 wards of central Tokyo) Forecast supply volume after ’19 250 02 (Annual average) 03 2 216 Past(‘86~’18) supply volume 1.02 million m /year 04 (total floor space) 200 (Annual average) 05 2 1.03 million m /year 175 172 06 (total floor space) 07 154 150 141 48 132 08 125 09 121 119 117 109 99 24 10 97 100 91 11 86 85 87 72 77 12 65 69 43 58 123 57 50 13 50 108 14 16 15 56 15 41 35 16 0 17 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 18 19 20 Net Absorption Trend(5 wards of Central Tokyo) 21 22 Source: Sanko Estate 23 (Million ㎡) 2.0

森ビル / 東京23区の大規模オフィスビル市場動向調査 1.5 http://www.mori.co.jp/company/press/research.html

1.0

0.5

0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -0.5 （1-12）

-1.0

MITSUI FUDOSAN CO.,LTD 58 5-1．Leasing Business Market Trends/Office Buildings Appendix

Reason for Company Relocation Desired Areas for Planned Lease of Office Space 3 wards of central Tokyo* To Establish a Department/To Expand Business /To Accommodate an Increase in Employees Otemachi 新 Better Location Yurakucho

More Floorspace per Floor Uchisaiwaicho Hibiya Lower Rent/Lower-Priced Building Kojimachi/Bancho 2019(Total441) 新 Hirakawacho/Kioicho 2018(Total405) Higher Grade Facilities Anti-seismic Design Kanda/

To secure excellent human resources Yaesu Nihonbashi Disaster Prevention Systems Kyobashi /Backup Systems Ginza Superior Security Harumi To Consolidate Offices 2019(Total395) Shinbashi Location That Enhances Corporate Status Toranomon 2018(Total354) Kamiyacho Current Building is to be Redeveloped Akasaka Roppongi To create an innovative office environment Aoyama Hamamatsucho To Pursue a New Business Project Tamachi Eco-conscious Shinagawa(around station) /Environment-Friendly Building Daiba/ Necessary to Establish Annex /Separate Office Building Owner Enjoys a High Degree of Trust ♦Shibuya (in the case of leasing) ♦Shinjuku

0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 5% 10% 15% 20%

MITSUI FUDOSAN CO.,LTD Source: Mori Building ”Report of the Result of the 2018 Survey of Office Needs in Tokyo’s 23 Wards” (As of Dec. 2019) 59 ＊3 wards means Chiyoda-ku, Chuo-ku, and Minato-ku 5-２．Leasing Business Market Trends/Retail Facilities Appendix ワークシート：業態別の売上高前年対比 2005 Year-on-Year Change in Sales by Category EC Market in Japan(BtoC) 2006 Source: Japan Ministry of Economy 2007 Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association 2008 4.0% (Billions of yen ) 2009 Sales of EC market(Left) 6.22% 200,000 6.50% 2010 2.0% 5.79% 0.6% EC ratio(Right) 5.43% 2011 180,000 5.50% 2012 0.0% -0.2% 4.75% 160,000 2013 4.37% 2014 -0.8% 4.50% -2.0% 140,000 3.85% 2015 3.40% 120,000 3.17% 2016 3.50% -4.0% 2.84% 2017 100,000 2018 179,845 2.50% -6.0% 80,000 165,054 151,358 137,746 General shopping centers 60,000 127,970 -8.0% 111,660 1.50% 95,130 Department stores 40,000 77,880 84,590 -10.0% 0.50% Chain stores 20,000

-12.0% 0 -0.50% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018

Mitsui Fudosan: Year-on-Year Change in Domestic Sales

LaLaport (existing facilities) & Outlet park (existing facilities*Inc.Floor expansion)

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

-8.0% 2013/1Q 2013/2Q 2013/3Q 2013/4Q 2014/1Q 2014/2Q 2014/3Q 2014/4Q 2015/1Q 2015/2Q 2015/3Q 2015/4Q 2016/1Q 2016/2Q 2016/3Q 2016/4Q 2017/1Q 2017/2Q 2017/3Q 2017/4Q 2018/1Q 2018/2Q 2018/3Q 2018/4Q 2019/1Q 2019/2Q 2019/3Q (13/4-6) (13/7-9) (13/10-12) (14/1-3) (14/4-6) (14/7-9) (14/10-12) (15/1-3) (15/4-6) (15/7-9) (15/10-12) (16/1-3) (16/4-6) (16/7-9) (16/10-12) (17/1-3) (17/4-6) (17/7-9) (17/10-12) (18/1-3) (18/4-6) (18/7-9) (18/10-12) (19/1-3) (19/4-6) (19/7-9) (19/10-12)

MITSUI FUDOSAN CO.,LTD 60 5-３．Property Sales Business Market Trends /Property Sales to Individuals Appendix

Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit ワークシート：都圏分譲マンションの新規発売戸数と戸当平均価格 Source: Real Estate Economic Institute

(Thousand of units) (Millions of yen) 2005 2006 100.0 New units launched (Left) Average unit price Tokyo metropolitan (Right) 6,000 (Figures in bracket indicate OY change) 5,980 2007 90.0 84.1 5,908 5,871 2008 (1.9%) (7.6%) (-0.6%) 2009 80.0 74.5 5,490 4,929 5,518 2010 4,775 70.0 4,716 (8.6%) (9.1%) (-0.5%) 2011 61.0 4,535 4,578 4,540 5,000 (2.8%) (4.0%) 5,060 2012 60.0 (-5.0.%) (-2.9%) (-0.8%) 56.5 (2.7%) 2013 50.0 43.7 44.5 2014 44.9 40.4 44.5 45.6 37.1 2015 40.0 4,644 36.4 35.8 35.9 31.2 32.0 2016 (10.6%) 4,000 30.0 4,108 4,200 2017 2018 20.0 (0.1%) 2.2%) 2019 2020 10.0 (E) 0.0 3,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (E)

Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory Source: Real Estate Economic Institute

(Thousand of units） (％) 12 Inventories(Left) Initial month contract rate(Right) 100.0

90.0 10 80.0

70.0 8 60.0

6 50.0

40.0 4 30.0

20.0 2 10.0

0 0.0 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 11/1 11/7 12/1 12/7 13/1 13/7 14/1 14/7 15/1 15/7 16/1 16/7 17/1 17/7 18/1 18/7 19/1 19/7 19/12

MITSUI FUDOSAN CO.,LTD 61 Appendix PW 5-４．Property Sales Business Market Trends /Property Sales to Investors https://www.ares.or.jp/action/reserch/index02.html

Acquisition of Assets by J-REITs ワークシート：J-REITの資産取得価格 Source: The Association for Real Estate Securitization 2012 (Billions 20134Q Jan.-Dec.2013 Jan.-Dec.2014 Jan.-Dec.2015 Jan.-Dec.2016 Jan.-Dec.2017 of yen) Jan.-Dec.2018 Jan.-Dec.2019 20131Q ≈ ¥2.28T ≈ ¥1.59T ≈ ¥1.59T ≈ ¥1.76T ≈ ¥1.33T ≈ ¥1.77T ≈ ¥1.42T 2Q 9,000 2013 20133Q 8,000 20144Q 20141Q 7,000 20142Q 6,000 20143Q 20154Q 5,000 20151Q 4,000 20152Q 20153Q 3,000 20164Q 2,000 20161Q 20162Q 1,000 20163Q 0 20174Q 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 20171Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 20172Q 20173Q Yield Benchmark, Offices in Prime Locations 20184Q 20181Q Source: Survey by Japan Real Estate Institute 20182Q 3Q 5.0% 2018 20194Q 20191Q 4.0% 20192Q 3Q

3.0% 3.5% 3.5% 3.5% 3.5% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.2% 3.0% 2.9% 2.8% 2.8% 2.7% 2.6% 2.6% 2.0% 2.5% 2.4% 2.3% 2.2%

1.0%

0.0% 06/6 06/12 07/6 07/12 08/6 08/12 09/6 09/12 10/6 10/12 11/6 11/12 12/6 12/12 13/6 13/12 14/6 14/12 15/6 15/12 16/6 16/12 17/6 17/12 18/6 18/12 19/6 19/12

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 E state Institute.z

MITSUI FUDOSAN CO.,LTD 62 Appendix https://www.jnto.go.jp/jpn/statistics/visitor_trends/index.html 5-5．International Visitors to Japan ワークシート：訪日外国人観光客数の暦年推移

Inbound Travel Trend (The number of International Visitors to Japan) Source. Japan National Tourism Organization (Thousand people) 40,000 40,000

35,000 31,192 31,882 30,000 28,691 24,040 25,000 19,737 20,000

15,000 13,413 10,364 8,347 8,351 8,611 8,358 10,000 7,334 6,728 6,790 6,219 5,212 6,138 5,000

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(1-12) 2020 (Target)

Consumption Trends of International Visitors to Japan Source. Japan Tourism Agency

Total Travel Expenditure(Left) Shopping Expenditure(Left) Shopping Expenditure per Visitor(Right) (Billions of yen) (Yen) 50,000 80,000 44,162 45,189 45,000 70,000 37,476 40,000 34,771 60,000 35,000 30,000 50,000 25,000 40,000 20,278 20,000 16,398 15,763 30,000 14,167 14,539 14,261 15,000 11,490 10,846 20,000 10,000 8,135 7,146 3,554 3,409 4,632 5,000 2,425 10,000 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018

MITSUI FUDOSAN CO.,LTD 63 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.

MITSUI FUDOSAN CO.,LTD