6th Fiscal Period (Fiscal Period Ended July 31, 2019) Investor Presentation Material Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) September 17, 2019 Securities Code 3471 Table of Contents 1. Basic Strategy of MFLP-REIT 4. Market Overview 1-1 Trajectory of Growth of Mitsui Fudosan’s …… P3 4-1 Market Overview …… P27 Logistics Facilities Business 1-2 Four Roadmaps to Stable Growth and …… P4 Trajectory of Growth 5. Appendix 1-3 Steady Implementation of Four Roadmaps …… P5 • Statement of Income and Balance Sheet …… P32 • Individual Property Income Statement …… P33 2. Financial Summary for 6th Fiscal Period • Appraisal Summary for the End of 6th …… P34 2-1 Financial Highlights …… P8 Fiscal Period 2-2 6th Fiscal Period (Ended July 2019) P/L …… P9 • Initiatives for ESG …… P35 2-3 7th Fiscal Period (Ending January 2020) …… P10 • Investment Unit Price Trends/Status of Unitholders …… P38 Earnings Forecast • Mitsui Fudosan’s Major Development/Operation Track Record …… P39 3. Management Status of MFLP-REIT 3-1 Management Status Highlights …… P12 3-2 Our Portfolio …… P13 3-2-1 Location …… P15 3-2-2 Quality …… P17 …… P18 3-2-3 Balance …… P19 3-3 External Growth …… P21 3-4 Internal Growth …… P23 3-5 Financial Strategy …… P25 3-6 Unitholder Relations 1 1. Basic Strategy of MFLP-REIT MFLP-REIT aims to maximize unitholder value through a strategic partnership with Mitsui Fudosan, a major property developer that leverages the comprehensive strengths of its corporate group to create value in its logistics facilities 2 1-1. Trajectory of Growth of Mitsui Fudosan’s Logistics Facilities Business Development sites securing capability through Cumulative total investment size as of May 2018 * its corporate real estate (CRE) strategy 32 facilities 480.0 billion yen Various CRE needs of client firms Image of growth of properties (to be) developed/operated * by Mitsui Fudosan Re-establishment of Utilization of idle land Trimming down of balance sheet corporate logistics (Off-balancing) MFLP-REIT IPO Development of Global development Develop corporate infrastructure (Establishment of overseas sites) high-quality properties in prime locations Proposal of Sale of Mitsui Fudosan CRE strategies real estate, etc. established the Logistics Properties Department Fiscal平成24 年度2012 Fiscal 平成25 年度2013 Fiscal 平成26 年度2014 Fiscal 平成27 年度2015 Fiscal 平成28年度（予定） 2016 Fiscal 平成29年度（予定） 2017 Fiscal 平成30年度（予定） 2018 Fiscal 平成31年度（予定） 2019 Fiscal 平成32年度（予定） 2020 (planned) (planned) Properties defined in “Right of first look and Leasing capability leveraging client network preferential negotiation rights agreement” * 9 properties 1,000,000 m2 Fully leverage the Mitsui Fudosan Construction completed: 620,000 m2 Group’s broad client network Expansion of Office building Strong relationships Retail facility properties defined business business with leading 3PL Approx. 3,000 firms * operators in “Right of first Approx. 2,300 firms * look and MFLP Sakai (80%) MFLP Hino (75%) MFLP Ibaraki MFLP Prologis Park MFLP Hiroshima I * Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended Kawagoe (50%) preferential March 31, 2019 Construction not negotiation rights completed: 380,000 m2 agreement” Stably-operated as leasing Solutions-based asset management progress Challenges facing logistics firms MFLP Funabashi II MFLP Kawaguchi I MFLP Hiratsuka II MFLP Yokohama End user Kohoku Improving the efficiency of operations MFLP-REIT Addressing BCP, etc. MFLP-REIT’s asset size Logistics firm Labor shortage Continuous (3PL operator, etc.) 2 Anticipation of future rises in 16 properties 720,000 m 156.7 billion yen external delivery costs growth Evolution of solutions- based asset management Responding to automation Location Quality Balance * For further details, please refer to “Major properties developed/operated by Mitsui Fudosan” and “Properties defined in ‘Right of first look and preferential negotiation rights agreement’” on p. 41. 3 1-2. Four Roadmaps to Stable Growth and Trajectory of Growth Fiscal 2016 - Fiscal 2018 Fiscal 2019 Fiscal 2020 Fiscal 2021 or after 1st – 5th fiscal periods 6th fiscal period 7th fiscal period 8th fiscal period 9th fiscal period or after Asset size 1st follow-on offering 2nd follow-on offering January 2018 January 2019 Aim for further Acquisition with Aim to continuously acquire expansion of Acquisition with borrowed funds, etc. properties, focused on 16 properties asset size borrowed funds, etc. December 2018 high-quality properties August 2017 300.0 12 properties 13 properties covered by “Right of first 200.0 look and preferential billion yen 9 properties 10 properties billion yen negotiation rights Fiscal 2020 Medium-term 755billion yen75.5 78.7 98.3 103.5 156.7 agreement” target asset size target asset size billion yen billion yen billion yen billion yen billion yen LTV * Fund procurement and End of 7th fiscal LTV management optimal End of 8th fiscal Medium- to End of 6th period (Forecast) period (Reference) long-term End of 1st End of 5th for the expansion of End of 2nd End of 3rd End of 4th fiscal period (January 31, 2020) (July 31, 2020) fiscal period fiscal period stabilized LTV level fiscal period fiscal period fiscal period acquired asset size 40% to 50% % 22.5% % 26.8% 29.1% 27.6% 26.9% 24.5% 21.6 23.9 range Distribution per unit (DPU) * 7th fiscal 8th fiscal 6th fiscal period period (Forecast) 5th fiscal period (Reference) 4th fiscal Continuous DPU growth 3rd fiscal period period 1st fiscal 2nd fiscal period through leverage effects period period Growth potential yen 5,198 yen 5,346 yen 5,563 yen 5,832 yen 6,105 yen 6,496 yen 6,541 6,346 yen * End of 6th Market cap fiscal period End of 5th Inclusion in Expansion of market cap End of 4th fiscal period through public offerings, End of 3rd fiscal period EPRA/NAREIT End of 1st End of 2nd fiscal period Index etc. fiscal period fiscal period 76.1 71.5 84.4 84.7 90.7 149.1 September 2019 billion yen billion yen billion yen billion yen billion yen billion yen * For further details, please refer to “Four Roadmaps to Stable Growth and Trajectory of Growth” on p. 41. 4 1-3. Steady Implementation of Four Roadmaps [1 of 2] End of (January 31, 2020) Expansion of Asset Size 7th fiscal period or after End of (January 31, 2019) End of (July 31, 2019) 5th fiscal period 6th fiscal period Improvement of portfolio quality 13 properties / 490,000 m2 16 properties / 720,000 m2 and stability No. of properties/Total floor area * Continuous external growth 103.5 billion yen 156.7 billion yen accompanied with qualitative Asset size improvement * 5.3% 5.2% Adjusted forecast NOI yield Property acquisition considering 5.0% 4.9% portfolio yield Average NOI yield * 4.7 years 4.6 years Average building age * Further diversification and improvement of stability 54.1% 44.6% Top 5 property ratio * 43.3% 40.8% Top 5 tenant ratio (logistics facilities only) * Fund procurement optimal for the expansion of asset size LTV Management LTV ※ 27.6% End of (January 31, 2019) End of (July 31, 2019) 5th fiscal period 6th fiscal period Expansion of acquisition capacity ※ * 70.0 billion yen LTV 26.8% 29.1% P/NAV 1.24 * Acquisition capacity* Equity 49.0 billion yen 67.0 billion yen P/BPU 1.40 * (with LTV at 50%) Debt (borrowings) 46.8 billion yen Average interest rate 0.26% Average time to maturity DPU growth potential 5.4 years * For further details, please refer to “Four Roadmaps to Stable Growth and Trajectory of Growth” on p. 41. (long-term only) ※ end of the fiscal period ending January 2020 (Forecast) 5 1-3. Steady Implementation of Four Roadmaps [2 of 2] Distribution per Unit* Continuous DPU growth 2nd follow-on offering Acquisition with 6,700 DPU (yen) borrowed funds, etc. 6,496 6,541 Decrease due to expenses related to ()EPU (yen) 1st follow-on 6,492 fixed asset tax and city 6,415 offering planning tax for 6,200 Acquisition with 6,105 properties acquired in borrowed funds, etc. the 6th FP being 5,832 5,963 recorded (295 yen) (5,843) 5,700 5,563 5,745 (5,783) (5,811) (5,554) 5,346 5,493 (5,497) 5,198 5,200 (5,288) 5,190 (5,142) 4,923 (4,955) 4,700 Earnings forecast for the 8th FP is assumed that the total number of the properties assets held by 4,200 MFLP-REIT will be 16 existing properties 3,700 Forecast *1 Actual Forecast *2 Actual Forecast *3 Actual Forecast *4 Actual Forecast *5 Actual Forecast *6 Actual Forecast *6 Forecast *7 Reference *7 FP ended Jan. 2017 FP ended Jul. 2017 FP ended Jan. 2018 FP ended Jul. 2018 FP ended Jan. 2019 FP ended Jul. 2019 FP ending Jan. 2020 FP ending Jul. 2020 (1st FP) (2nd FP) (3rd FP) (4th FP) (5th FP) (6th FP) (7th FP) (8th FP) *1 Announced *2 Announced *3 Announced *4 Announced *5 Announced *6 Announced *7 Announced on Sep. 13, 2016 on Mar. 16, 2017 on Sep. 13, 2017 on Mar. 15, 2018 on Sep. 14, 2018 on Mar. 15, 2019 on Sep. 13, 2019 Expansion of Market Capitalization Enhancement of stability of investment unit price and liquidity End of (January 31, 2019) End of (July 31, 2019) Early inclusion in indexes 5th fiscal period 6th fiscal period Expansion of the investor base Market cap * 90.7 billion yen 149.1 billion yen Continuous NAV growth NAV per unit * 314,345 yen 318,471 yen * For further details, please refer to “Four Roadmaps to Stable Growth and Trajectory of Growth” on p. 41. ※ FP= fiscal period; the same shall apply hereafter 6 2. Financial Summary (6th fiscal period: from February 1, 2019 to July 31, 2019) 7 2-1.