#1Investor Presentation May 2021 MITSUI FUDOSAN https://www.mitsuifudosan.co.jp/english/#2| Contents The Impact of COVID-19 Highlights etc. P3 4. Financial Statements and investment data, etc. 1. MITSUI FUDOSAN GROUP Management Strategy 4-1 1-1 About Mitsui Fudosan Group P9 4-2 Summary of Results for the Year Ended March 31, 2021 Forecasts for the Year to March 2022 (FY 2021) P58 P61 1-2 Highlights P10 4-3 Operating Income by Segment P64 1-3 Mitsui Fudosan Group Long-term Vision [VISION2025) P12 4-4 Investment and Financial Data P65 1-4 Capital Policy P15 4-5 Shareholder Composition P67 1-5 Strong Financial Basis P17 1-6 Growth Drivers P18 5. Appendices (Market Trends) 1-7 Business model that realizes sustainable growth P19 5-1 Market Trends/Leasing Business/Office Buildings P69 1-8 Portfolio Strategies P20 5-2 1-9 Promoting ESG Management P24 5-3 5-4 Market Trends/Leasing Business/Retail Facilities Market Trends/Property Sales Business/To Individuals Market Trends/Property Sales Business/To Investors P71 P73 P74 2. Core Business: Overview & Strengths 5-5 Trends in Foreign Visitors to Japan and Japanese Departures P75 2-1 Leasing Business<Office Buildings, Retail Facilities, Logistics Facilities, Others> P26 Disclaimer P76 2-2 Property Sales Business P37 2-3 <Property Sales to Individuals, Property Sales to Investors> Management Business P41 <Property Management, Brokerage, Asset Management, etc.) 2-4 2-5 Other Business<Hotel and Resort Business> P43 (Appendix) Global Business P45 3. ESG Initiatives 3-1 Main KPIs of the MITSUI FUDOSAN GROUP P49 3-2 Information Disclosure and Assessment P50 3-3 Environmental and Climate Change Initiatives P51 3-4 Initiatives to Improve Governance P54 MITSUI FUDOSAN CO.,LTD 2#3Financial Highlights ■Summary of Financial Results for the Fiscal Year Ending March 31, 2021 ✓ Despite the impact of COVID-19, operating income and net income exceeded the full-year forecasts*1. Net sales exceeded 2 trillion yen, a record high, driven by the strong performance of the property sales business. ✓ The annual dividend for the current fiscal year is planned to be ¥44 per share. The Company has decided to repurchase 15 billion yen of its own shares*2, and the total return ratio is expected to be 44.2%*3. ✓ For the next fiscal year, we expect net income attributable to shareholders of the parent company to increase by more than 20% while factoring in the impact of COVID-19*4. *1 Compared to forecast Revenue from Operations:103.0% Operating Income: 101.9% Profit Attributable to Owners of Parent: 108.0% *2 period May 17, 2021 - March 31, 2022 *3 (Total annual dividends +Total amount of treasury stock repurchased)/Profit Attributable to Owners of Parent *4 Profit Attributable to Owners of Parent for the next fiscal year: 160 Billions of yen (compared to the current period increase of 23.5%) Our Major Corporate Actions since January 2020 Mar. 2020 [Shareholder returns] Decided to repurchase treasury stock (¥15 billion, extraordinary meeting of the Board of Directors) May 2020 [Shareholder returns] Annual dividend of ¥44 per share (planned for the fiscal year ending March 2021) Decided to repurchase treasury stock (¥10 billion, additional implementation) Oct. 2020 [BS Control] Decided to sell Shinjuku Mitsui Building, etc. (Total: ¥217 billion, Sold to: Nippon Building Fund Inc.) Nov. 2020 [Growth investment] Commencement of tender offer for Tokyo Dome shares of TOKYO DOME CORPORATION Jan. 2021 Consolidated TOKYO DOME CORPORATION* *Acquisition of 84.82% of voting rights as a result of the tender offer. The company's consolidated BS was incorporated into our consolidated BS at the end of March 2021, and the company's consolidated PL will be incorporated into our consolidated PL from the beginning of March 2022. MITSUI FUDOSAN CO.,LTD 3#4Financial Results and Forecasts ✓ The impact of the COVID-19 continues to be unpredictable, including the spread of mutated viruses. ✓ Our group's business has also been affected by the closure of some facilities based on requests from the government and local governments based on the emergency declaration issued on April 25, 2021, etc., shortened hours of operation and restrictions on attracting customers, as well as a decrease in the number of visitors to our facilities and a decline in operation due to requests to refrain from going out. Under these circumstances, although the economic environment is expected to recover in the future due to the progress of vaccination and other factors, the speed of such recovery remains uncertain, and the forecast figures are calculated based on the assumption that the impact of COVID-19 will remain throughout the fiscal year. Actual results may vary depending on the status of COVID-19 infection and other factors, and we will make an announcement as soon as possible if it becomes necessary to revise our forecasts. MITSUI FUDOSAN CO.,LTD Financial Results Differences from Forecast FY2020 Forecast FY2021 FY2020 FY2019 Y on Y Results Results Change Rate (Billions of Yen) (A) (B) (A)-(B) (A)/(B)×100 FY2020 Forecast (Nov,5,2020) (C) Change Rate FY2021 Forecast Change (D)=(A)-(C)|(A)/(C)×100| (May,5,2021) (E) (E)-(A) Revenues from Operations 2,007 1,905 +1,019 105.3% 1,950 +575 103.0% 2,150 +142 Leasing 120 145 (25) 82.8% 128 (7) 94.4% 128 +7 Domestic 40 29 +10 135.0% 33 +7 121.2% 22 (18) Investor 78 94 (15) 83.1% 81 (2) 96.6% 111 +32 Property Sales 118 123 (5) 95.5% 114 +4 103.7% 133 +14 Management 39 55 (15) 71.8% 33 +6 121.1% 44 +4 Other (27) 2 (29) (26) (1) 104.7% (22) +5 Elimination or Corporate (47) (46) +0 102.1% (49) +1 97.9% (53) (5) Operating Income 203 280 (76) 72.6% 200 +3 101.9% 230 +26 Non-oparating Income/Expenses (34) (22) (12) (31) (3) (25) +9 Extraordinary Gain/Losses 22 2 +20 10 +12 30 +7 Income Taxes (62) (77) +15 (59) (3) (75) (12) Profit attributable to 129 183 owners of the parent (54) 70.4% 120 +91 108.0% 160 +30 4#5Financial Results and Forecasts (Operating income) (Billions of yen) 300 250 200 150 100 50 280 -76 230 203 +26 FY2019 FY2020 Main reasons for income changes (Unit: Billions of yen) The impact of COVID-19 (operating) *Other than above FY2021 Main reasons for income changes (Unit: Billions of yen) About - 84 • Recovering from the impact of COVID-19 (Operating, exc the Tokyo Dome business) About +7 (Increase in domestic residential property sales business, etc.) •Other than above (Partly due to consolidation of Tokyo Dome) About +44 (The impact of COVID-19 About 84 → About40) About - 18 ■The impact of COVID-19 * FY2020 About ¥104 bil. 【Breakdown】 Operating ¥84bil. Non-operating ¥20bil. * Estimated recovery capacity of businesses affected by COVID-19 infection. MITSUI FUDOSAN CO.,LTD 5 FY2021 About ¥65 bil. 【Breakdown] Operating(exc the Tokyo Dome Business) Non-operating Tokyo Dome Business ¥40bil. ¥ 5bil. ¥20bil.#6Operation of facilities under the Impact of COVID-19 ■Measures taken by the government, etc. The state of emergency Period Number of days covered Subject area 1st 2nd Apr. 7, 2020 - May 25, 2020 (1Q FY2020) Jan. 8, 2021 - Mar. 21, 2021 (4Q FY2020) 49 Nationwide*1 73 11 prefectures*2 3rd Apr. 25, 2021 May 11, 2021 (1Q FY2021) 17 4prefectures (Tokyo metropolitan area, Kansai area, etc.) (Tokyo, Osaka, Kyoto, Hyogo) (planned) May 12, 2021 May 31, 2021 (1Q FY2021) 20 (planned) 6 prefectures (Aichi and Fukuoka added) *1 The timing differed from prefecture to prefecture, but it was applied nationwide from April 16 to May 14. *2 Initially, four prefectures in the Tokyo metropolitan area were covered; some prefectures were added on Jan. 14, and the restrictions were lifted gradually on Feb. 8. The operating status of our facilities (As of May 14, 2021, but subject to change due to government requests, etc.) Retail facilities Housing sales. Brokerage stores Condominium Sales Center Brokerage stores (Re-House) Closed (All facilities) *Only stores related to daily necessities are open shorter hours. Closed Closed (About 50% *³) Early Closing *Only stores related to daily necessities are open shorter hours. Open Open Closed Open Open Closed Open Open Hotel, Resort facilities Closed Open Open Urban hotels(Mitsui Garden Hotels, etc.) Closed (About 60%*3) Open Open Resort Facilities Closed (All facilities) Open Open Large-scale visitor attraction facilities (Tokyo Dome) Baseball game Baseball game Baseball game Baseball game : Cancelled : Maximum 5,000 spectators : No spectators : Maximum 5,000 spectators*4 *3 Based on number of facilities. *4 Excludes some games for which tickets have already been sold, etc. MITSUI FUDOSAN CO.,LTD 6#7Trends in Operating Conditions under the Impact of COVID-19 FY2020 Impact of COVID-19 Apr. FY2020/1Q FY2020/2Q May Jun. Jul. Aug. Sep. Oct. Declare a state of emergency (1st) Apr. 7th Emergency Declaration (7Prefectures) Spread of COVID- 19 (2nd) May 25th Comlete lifting of the emergency declation FY2020/3Q Nov. Dec. Jan. Spread of COVID-19 (3rd) Jun. 19th Complete lifting of self-restraint on travel across prefectures Jul. 17th GoTo Travel campaign*1 FY2020/4Q Feb. Declare a state of emergency (2nd) Mar. Jan. 8th Emergency Declaration (4prefectures) Mar. 27th Complete lifting onthe daclation Dec. 28th Stopped GoTo Travel campaign FY2020 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Indicators Shutdown at facilities, stores Self-restraint period for business (Economic stagnation) Segment Products and Businesses Leasing Retail Lalaport facilities +MOP*2 Facility Sales (Y on Y) Closing: from Apr. 8th Reopen: from May 15th *5 Closing About 80% 80~90% 85~95% 80~90% Sales Repark Management Homes, Living (Y on Y) 70% level 70% 90% level level 90% level 80% 90% 100% 90% 90% 80% 80% 100% level level level level level level level level Number of brokerage Rehouse transaction*4 (Y on Y) Closing: from Apr. 8th Reopen: from May 15th *5 About 80% About 80% About 110% About 100% Other Hotel Urban Hotel*3 Occupancy rate for the month Closing: from Apr. 13th Reopen: from May 22th*5 10% Closing level 20% 40% 50% level level level 60% 60% 50% level level level 30% 40% 50% level level level *1 Initially, accommodations in Tokyo and residents in Tokyo are not eligible. *2 Mitsui Outlet Park *3 Mitsui Garden Hotels + Hotel the Celestin + sequence *4 Accounting(transfer) basis MITSUI FUDOSAN CO.,LTD 7 *5 Retail facilities: All store reopened in May 29 Sumai All store reopened on June 19 Urban hotels all facilities reopened in July 22#81. MITSUI FUDOSAN GROUP Management Strategy#91-1. About Mitsui Fudosan Group Aspirations for the Mitsui Fudosan Group Revenue Structure The Group Statement, Vision and Mission (outline) GROUP STATEMENT MITSUI FUDOSAN GROUP • The Mitsui Fudosan Group aims to bring affluence and comfort to urban living Philosophy GROUP VISION Coexist in harmony with society, link diverse values, and achieve a sustainable society . Evolution and value creation A profitable and growing Mitsui Fudosan Group Other 13% Management 20% Mitsui Fudosan Group Management Strategy Revenue from Operations (For the Year ended March 31, 2021) 2,007.5 billions of yen Leasing 31% Property Sales 36% Three Core Business and Breakdown of each Revenue GROUP MISSION Leasing Business Property Sales Business FY2020 Management Business 7% Provide business and lifestyle-related solutions and services 46% 23% • Work in partnership with customers from a global perspective 34% 54% 59% • Raise our corporate value 77% • Create a strong corporate group by building the capabilities of individuals ■Office Buildings ■Retail Facilities Others ■Property Sales to Individuals (Domestic) Property Sales to Investors and Individuals (Overseas), etc. ■Property Management ■Brokerage, Asset management, etc. MITSUI FUDOSAN CO.,LTD Established in June 1999, amended in April 2018 6#101-2. Highlights Performance Mitsui Fudosan Group Management Strategy ■Leasing (Billions of yen) Management Property Sales ■Others(*1) Profit Attributable to owners of parent(*2) Long-Term Vision VISION 2025 314.0 284.0 123.7 254.0 98.0 83.0 224.0 65.2 183.9 118.2 168.6 44.5 194.0 155.8 45.4 27.0 164.0 53.8 131.8 48.7 55.1 55.6 129.5 23.0 52.4 117.7 39.9 134.0 15.7 49.9 16.1 49.3 100.1 41.5 34.3 104.0 32.1 76.8 59.4 74.0 49.9 50.1 135.7 138.3 141.9 145.8 124.1 120.7 44.0 88.9 95.6 104.3 109.2 107.8 14.0 (16.0) (17.1) (19.7) (20.8) (13.6) (16.6) (18.6) (22.2) (24.1) (31.2) (44.6) (75.1) (46.0) (76.0) 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Operating income 120.0 126.0 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.6 203.7 (Billions of Yen) Profit Attributable to Owners of 49.9 50.1 59.4 76.8 100.1 117.7 131.8 155.8 168.6 183.9 129.5 parent (Billions of Yen) Cash dividends per share (Yen) Total amount of treasury stock acquired (Billions of Yen) Total shareholder return ratio (%) (*3) 22 22 22 22 25 30 34 40 44 44 44 - 15.0 16.0 25.0 15.0 38.7 38.5 32.5 25.1 24.1 25.2 25.5 35.0 35.1 36.9 44.2 ROA (%) 3.4 3.6 ROE (%) 4.9 4.8 3.7 5.3 4.1 6.3 4.1 4.1 4.6 4.6 4.4 4.2 2.8 6.4 6.2 6.8 7.4 7.4 7.7 5.2 *1 Others include Mitsui Home, other segments and nonconsolidated general & administrative expenses. *2 Figures for FY2018 are calculated based on the reclassified segments, Figures for FY2014 and earlier are net income. *3 Total shareholder return ratio= (Total dividends + Total amount of treasury stock acquired)/Profit Attributable to owners of parent • 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 10#111-2. Highlights Trends in Interest-Bearing Debt Mitsui Fudosan Group Management Strategy (Billions of yen) Interest-bearing debt(Left) Shareholders' equity (Left) (Time) 4,000.0 1.80 1.71 --Debt/Equity ratio(Right) 3,623.4 3,700.0 2.0 1.62 3,481.1 3,500.0 1.60 1.8 2,906.6 1.6 3,000.0 2,604.6 2,287.4 1.4 2,500.0 2,226.2 2,408.6 2,555.8 2,120.2 2,040.0 1.2 2,000.0 1,740.0 1,743.4 1,976.1 1,871.9 1,922.3 1,984.6 2,204.8 2,342.5 1.42 1.24 1.45 1.0 1.18 1,500.0 1,181.1 1,274.3 1.06 1.16 1.15 0.8 1,019.9 1,078.1 0.6 1,000.0 0.4 500.0- 0.2 0.0 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'22 (E) Total assets 3,780.6 (Billions of Yen) 3,868.4 4,390.0 4,548.8 5,067.1 5,363.4 5,551.7 6,284.7 6,802.7 7,395.3 7,741.9 Trends in EBITDA (Billions of yen) 98.1 Depreciation Operating income 372.0 341.1 350.0 316.0 303.9 91.4 301.8 300.0 269.8 79.0 247.2 70.1 228.5 71.3 250.0 207.1 67.4 200.0 172.9 179.2 61.2 56.0 59.0 150.0 52.9 53.2 280.6 245.9 262.1 232.6 100.0 172.5 186.0 202.4 203.7 148.1 120.0 126.0 50.0 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Operating income (Billions of Yen) 120.0 126.0 148.1 172.5 186.0 202.4 232.6 245.9 262.1 280.6 203.7 Depreciation 52.9 53.2 59.0 56.0 61.2 67.4 71.3 70.1 79.0 91.4 98.1 (Billions of Yen) EBITDA* 172.9 179.2 207.1 228.5 247.2 269.8 303.9 316.0 341.1 372.0 301.8 XEBITDA Operating income +Depreciation MITSUI FUDOSAN CO.,LTD 11#121-3. Mitsui Fudosan Group Long-term Vision [VISION2025] | VISION2025 ► Successfully establish a sustainable society through the creation of neighborhoods Basic Strategies Mitsui Fudosan Group Management Strategy * Announced in May 2018 Harness technology to innovate the real estate business Evolve into a global company Pursue common social value Business innovation Innovate the real estate business Make extensive use of digital technology Establish new profit models Customer-centered management Appropriately address changes in customers' values Create markets by uncovering unmet needs Execute on a global level Achieve Society 5.0 Contribute to the SDGs Establish a sustainable society Drive sustainable profit growth Evolution of Group management Strengthen Group synergies Promote Group collaboration globally Strengthen external collaboration and implement open innovation | Main Initiatives Drive evolution in the creation of neighborhoods MITSUI FUDOSAN CO.,LTD Human resource strategies Innovate business models by harnessing real estate tech Infrastructure to support initiatives Organization, systems and governance 12 Dramatically grow the overseas business Asset and financial strategy#13| 1-3. Mitsui Fudosan Group Long-Term Vision 【VISION2025】 *Announced in May 2018 Mitsui Fudosan Group Management Strategy OUTLOOK Reference Around 2025 (FY2020 Actual) Consolidated Operating Income Around ¥350 billion ¥203.7 billion Of which: Overseas Income ROA Around 30% Around 5% 12.6% 2.8% *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. ⚫Gain on sale of shares of overseas equity-method affiliated companies (Limited to overseas equity-method affiliated companies whose principal business is the sale of real estate) *ROA (Operating income + Non-operating income) /Average total assets over period MITSUI FUDOSAN CO.,LTD 13#141-3. Mitsui Fudosan Group Long-term Vision 【VISION2025) Guidelines of return to shareholders * Announced in May 2018 Mitsui Fudosan Group Management Strategy 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. * In principle, the acquired treasury stock will be cancelled. Cancellation of treasury stock Cancel treasury stocks acquired between March 19 and July 27, 2020. (14,105,500 shares, total acquisition price: approx. ¥25.0 billion) Date of cancellation: August 31, 2020 Ratio to the total number of shares outstanding before the cancellation: 1.44% (Yen) Trends in Profit Attributable to owners of parent and Dividend per Share Trends in Total Dividend Amount, Share Repurchase Amount and Total Return Ratio (Millions of Yen) 45 40 35 30 25 20 15 10 5 0 MITSUI FUDOSAN CO.,LTD Profit Attributable to owners of parent 3/'01 3/'02 3/'03 3/'04 3/'05 3/'06 3/'07 3/'08 3/'09 3/'10 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 250,000 (Millions of Yen) 70,000 44.2% 36.9% 45% 200,000 60,000 35.0% 35.1% 25,000 40% 15,000 16,000 50,000 150,000 15,000-35% 40,000 25.5% 100,000 25.2% 30% 30,000 24.7% 50,000 39,527 43,218 42,837 42,334 25% 20,000 24,704 29,643 33,596 0 20% 10,000 3/'15 3/'16 Total Dividend 3/'17 3/'18 Share Buyback 3/'19 3/'20 3/'21 --Total Shareholder Return Dividend per Share 14#151-4. Capital Policy Approach to Profit Distribution Mitsui Fudosan Group Management Strategy Balancing Shareholder Returns Shareholder Returns And Growth Investment 8 Growth Investment Total Shareholder return ratio Approx. 35% MITSUI FUDOSAN CO.,LTD Continuity 15 Abundant Investment pipeline#161-4. Capital Policy | Basic Capital Policy Undertaking the stable payment of dividends while flexibly repurchasing own shares. Shareholder Return Enhancements Continuously Enhance Corporate Value, Increase Shareholder Value 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 7.4% 7.7% 7.4% 6.3% 6.2% 6.8% 6.4% 4.8% 5.3% 4.9% 【ROE Trends] Investment for Growth ►Reinvestment of profits in good investment opportunities: ►Building of quality-based asset portfolio: ROA 5% level around 2025 5.2% Mitsui Fudosan Group Management Strategy Financial Soundness Management of financial leverage : Ensuring of appropriate D/E ratio level (Time) 4.6% 4.1% 4.2% 4.1% 4.6% 4.4% 4.1% 1.62 1.60 2.0 1.16 1.45 2.8% 【ROA Trends] *Guideline for Investment Criteria Central Tokyo prime office buildings =5%, Retail Facilities 8% (land holding) Retail Facilities 12% (lease-land type) 1.71 1.80 1.18 1.42 1.0 1.06 1.15 1.24 [D/E ratio Trends) 0.0 5.0% 4.5% 4.0% 3.6% 3.5% 3.7% 3.0% -3.4% 2.5% MITSUI FUDOSAN CO.,LTD 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 16 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21#171-5. Strong Financial Basis Financial Strategy ✓ Maintain financial soundness for investment opportunities while being conscious of the rating Mitsui Fudosan Group Management Strategy Trend of D/E ratio, etc. Interest-bearing debt(Left) Shareholders' equity(Left) (Billions of yen) 4,000 --Debt/Equity ratio(Right) (Time) 2.0 1.80 3,700.0 ✓ Controlling interest-bearing debt referring to DE ratio as an indicator 3,623.4 1.71 3,481.1 1.8 3,500 1.60 1.6 3,000 1.62 2,906.6 ✓ Flexible financing, including direct and indirect financing 2,604.6 1.4 2,555.8 2,500 2,408.6 2,226.2 2,287.4 1.2 2,120.2 2,342.5 2,040.0 2,204.8 1.45 1.42 1,922.3 1,984.6 2,000 ✓ Maintain a high long-term/fixed ratio of outstanding loans 1,740.0 1,743.4 1,976.1 1.18 1.24 1.0 1,871.9 1.16 1.15 1.06 0.8 1,500 1,274.3 1,181.1 1,078.1 1,019.9 0.6 ✓ The unused commitment line is 400 billion yen 1,000 0.4 500 0.2 0 0.0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'22 (E) 10.1% Non-Recourse - JPY 4.9% Interest-Bearing Debt *consolidated Ratio of Long-Term Debt As of March 31, 2021 Excl. Non-recourse As of March 31, 2021 Non-Recourse - Others, Short-Term 4.5% Ratio of Fixed-Interest Debt Excl. Non-recourse Credit Rating As of March 31, 2021 Floating As of March 31, 2021 8.0% Rating Agencies Long-term Short-term Outlook Moody's A2 negative Standard & Poor's A A-1 negative Corporate - Others, 15.6% R&I AA- a-1+ Stable Corporate - JPY, 69.4% Long-Term 95.5% Fixed 92.0% JCR AA J-1+ Stable 【Interest rate situation】 As of March 31, 2021 Average Duration 6.31 Years All currency 1.08% Japanese currency 0.64% Foreign currency 2.34% MITSUI FUDOSAN CO.,LTD 17#181-6. Growth Drivers Promoting urban development for mixed use Future Growth Drivers 55 Hudson Yards, Inc. (Completed in 2018) Otemachi One (Completed in Feb. 2020) TOYOSU BAYSIDE CROSS (Completed in Mar. and Oct. 2020) Building S Building N Msb Tamachi (Station Tower North) (Completed in Jul. 2020) Tokyo Midtown Hibiya (Completed in 2018) Nihonbashi Takashimaya Mitsui Building (Completed in 2018) Nihonbashi Muromachi Mitsui Tower (Completed in 2019) 2018- BUNKYO GARDEN GATETOWER (Completed in Apr. 2020) MITSUI FUDOSAN CO.,LTD Mitsui Fudosan Group Management Strategy 50 Hudson Yards, Inc. (to be completed in 2022) Nihonbashi 1-Chome Central District (to be completed after FY2025) Tokyo Dome City 皇居外苑 日比谷深 土谷駅 Tokyo Midtown Yaesu Yaesu 2-Chome Central District (to be completed in Aug. 2022) (to be completed in FY 2028) 18 2022- 有采取 JR有效时 BROR BESE Hibiya Park North District みゆき通り 国会通り Central District South District Project Site 外堀通り ALORIER Uchisaiwaicho 1-chome District* (to be completed 2029 or later) *Company related areas: North and Central districts 2025 or later#191-7. Business model that realizes sustainable growth Increasing management income by creating rental and sales profits using our BS (Approx. ¥7.7 trillion) and expanding assets under custody (Approx. ¥4.4 trillion) Other Our BS (Approx. ¥7.7 trillion) Mitsui Fudosan Group's high-quality real estate stock 3.029 39% tangible and Intangible 10% fixed assets Tangible and Intangible. fixed assets Total Assets A.Rental Properties (Tangible and Intangible Fixed Assets) L Customers' assets in custody (Approx. ¥4.4 trillion) Wide range of potential buyers Nippon Building MITSUI FUDOSAN GROUP NBF Bund Sale of Assets Property Sales CF from sales Nippon Accommodations Fund Asset size ¥1.367 trillion (75 properties) Asset size ¥318.4 billion Asset size ¥339 billion (129 properties) ¥7.741 trillion 1.258 Others 26% Real Property for Sale 16% Leasing 9% Real Property for Sale B.Real Property for Sale (for Property Sales (for property sales Rent Leasing Frontier Real Estate Investment Corporation (37 properties) Management and operation Management Mitsui Fudosan MFLP Logistics Park, Inc. Asset size ¥297.6 billion (21 properties) Commissions MITSUI FUDOSAN INVESTMENT ADVISORS, INC. Assets in custody ¥1.409 trillion to individuals) Rental properties: Approx. ¥3 trillion to Investors) Expected NOI yield on working assets: 8.0% Property for sale: Approx. ¥1.25 trillion Expected NOI yield on working assets: 6.4% Extensive customer base (Office tenants: 3,000 companies, Retail tenants: 2,400 companies) Mitsui Fudosan Private REIT Inc. MFPR Asset size ¥376.9 billion (53 properties) Realize sustainable growth by optimally combining Leasing, Property sales, and Management and leveraging our strengths Leasing Enjoyment of stable rent* from operating assets *Of the ¥4.2 trillion in assets, 79% are working assets, expected NOI yield 7.5% Property Sales Promoting the sale by BS Control Realization of unrealized gains on assets held Management Stable growth in non-asset earnings the expansion of AUM Strengths Trends in gains on sales (A+B) (Billions of yen) Management Segment Operating Income (Billions of yen) Leasing Segment Operating Income (A+B) (Billions of yen) 97.9 60 94.8 53.8 55.1 55.6 150 145.8 52.4 141.9 49.9 49.3 48.7 90 138.3 135.7 140 80 Property Sales to Investors Operating Income Gain on sales of fixed assets 50 41.5 40 70 10 34.3 130 124.1 120.7 60 63.3 54.1 32.1 30 120 50 109.2 107.8 110 104.3 40 20 34.6 30 100 95.6 20.5 18.7 10 20 88.9 10.6 90 8.3 10 0 6.4 5.4 0 80 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Ability to develop urban development-type projects and a wealth of customers (tenants) base MITSUI FUDOSAN CO.,LTD 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/20 3/'21 Wide variety of assets for sale and a variety of potential buyers 19 39.9 3/'11 3/12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/20 3/21 * Figures for FY2017 and earlier exclude operating income in the former segment "Mitsui Home" for rental management. Figures for FY2018 are calculated based on the reclassified segments. Strong asset base in custody and enhanced management service functions#201-8. Portfolio Strategies I Sources that generate Rental Income and Sales Profit fixed assets 3.029 39% Tangible and Intangible fixed assets Other tangible and Intangible 10% Total Assets ¥7.741 trillion A.Rental Properties (Tangible and Intangible Fixed Assets) 1.258 Others Real Property for Sale 16% 26% 9% B.Real Property for Sale (for Property Sales to Investors) Real Property for Sale (for property sales to individuals) *All of the above figures are the balance sheet numerical values for FY2020. (Figures are before elimination of unrealized gains and losses, etc. that occur through intra-Group transactions) *Rental Properties refer to assets for lease, such as office buildings and retail facilities among tangible and intangible fixed assets (excluding intragroup lease). *Own-use floor area for rental, hotel and resort facilities, and related assets included in other tangible and intangible assets. Mitsui Fudosan Group Management Strategy Growth of Income Gains ✓ Enjoy stable rent from operating assets ➤ Real estate for rent (for holding / rental purpose) ➤ Real estate for sale (for sale) ✓ Rent expansion by creation of added value through development and operation [Example of creating added value)] ➤ Urban Redevelopment Project ➤ Large-scale neighborhood development (such as smart city) ➤ Town development of mixed use Creation of Capital gain ✓ Our Strengths Search for optimal exits based on extensive network ➤ Determining the optimal sale timing by identifying the market ✓ Strategies that leverage our strengths Promotion of asset sales and realization of unrealized gains in consideration of the appropriate BS size through BS control MITSUI FUDOSAN CO.,LTD 20 20#211-8. Portfolio Strategies Growth of Income gain A.Rental Properties (Tangible and Intangible fixed assets) B.Real Property for Sale (for property sales to investors) Under Developing 19% Overseas Book value at the end of March 2021 9% ¥3.029 trillion + Domestic 72% Under Developing 25% Book value at the end of March 2021 ¥1.258 trillion Overseas 16% (Billions of yen) 150 140 Domestic 59% 130 Operating Asset Operating Asset Expected NOI yield Domestic Overseas 8.0% 7.7% 10.0% Expected NOI yield 6.4% Domestic Overseas 6.7% 120 5.6% A + B Under Developing 21% Book value at the end of Overseas March 2021 Operating Asset Expected NOI yield 7.5% Domestic 7.4% 11% ¥4.287 trillion Domestic 68% Overseas 8.2% MITSUI FUDOSAN CO.,LTD Mitsui Fudosan Group Management Strategy 【Trends of Operating Income in Rental Segment) (A+B) 109 110 107 104 100 95 Rent growth through 90 88 development and operation 80 21 145 141 138 135 124 120 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 *With regard to the expected NOI returns from operating assets, in the case of properties that are in steady operation, NOI is deemed as the actual value, for 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 calculated by excluding the amounts recorded at the end of the period balance sheets.#221-8. Portfolio Strategies Creation of Capital gain (Unrealized gain expansion) A. Rental Properties (Tangible and Intangible fixed assets) Mitsui Fudosan Group Management Strategy 【Unrealized gain on real estate for rent ] (Billions of yen) 6,089.5 5,773.6 5,856.1 6,000.0 5,436.1 4,828.4 5,000.0 4,560.5 4,054.3 2,918.4 2,749.6 2,826.4 4,000.0 2,475.4 Under Developing 1,912.2 2,183.4 1,564.4 19% 3,000.0 2,000.0 Overseas Book value at the end of March 2021 1,000.0 2,489.9 2.648.3 2,645.0 2,960 7 3,0240 3,171.1 3,029.6 9% ¥3.029 trillion 0.0 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Domestic 72% Book Value March 31,2021 Market Value March 31,2021 (Billions of yen) Unrealized gain Office Building 1,598.2 3,366.8 1,768.5 Operating Asset Domestic Retail Facilities 442.5 1,058.0 615.5 In operation Other 143.4 171.3 27.8 Expected NOI yield 8.0% Overseas Domestic Overseas 7.7% Office Building Retail Facilities 246.6 632.7 386.1 28.9 57.2 28.3 10.0% Not in operation Under Developing (object of evaluation)* Under Developing (out of evaluation)* 569.8 569.8 3,029.6 5,856.1 2,826.4 Change (141.5) (233.4) (91.9) MITSUI FUDOSAN CO.,LTD *Domestic Rental Properties to be completed in FY2021 22#231-8. Portfolio Strategies Creation of Capital gain (Realization of Unrealized gain) A.Rental Properties (Tangible and Intangible fixed assets) B.Real Property for Sale (For property sales to investors) Mitsui Fudosan Group Management Strategy 【Change in gains on sales) (A+B) (Billions of yen) 97.9 94.8 ■Gains on Sales of Fixed Asset 90.0 Operating Income on Property Sales to Investors 80.0 70.0 63.3 60.0 54.1 Under Developing 19% Book value at the end of Overseas March 2021 9% ¥3.029 trillion* 1 Periodic portfolio review 50.0 Under Developing 40.0 34.6 25% Realization of 30.0 18.7 20.5 ← Book value at the end of March 2021 20.0 ¥1.258 trillion* *2 unrealized gain through sales 6.4 10.6 8.3 5.4 10.0 0.0 Overseas 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 16% Domestic 72% Domestic 59% 【Examples of major assets sold in the past ] Timing Use Transfer Yield*3 Project Name office Fix Sale 70 Mark Lane (UK) logistics 6 logistics facility buildings 4.2% 4.9% office G-BASE Tamachi 3.2% 3/'19 Operating Asset Operating Asset retail IKEBUKURO GLOBE 3.8% retail SAKAE GLOBE 3.6% Expected NOI yield 8.0% Expected NOI yield 6.4% retail Shinsaibashi MG Building 3.3% Domestic Overseas 7.7% 10.0% Domestic 6.7% office Osaki Bright Core Brighe Plaza 3.2% 3/20 logistics Overseas 5.6% retail 3 logistics facility buildings TENJIN216 4.3%~4.9% 3.6% office SHINBASHI M-SQUARE Bright 2.9% office 3/'21 office Osaki Bright Tower 2 Nagoya Mitsui Buildings 3.2% *1 Asset breakdown Domestic Overseas Office Retail Other Under Developing Total 53% 15% 5% 9% 19% 100% *2 Asset breakdown Domestic Office Retail Logistics 27% 13% 9% Overseas Rental Housing Other Under Developing Total 9% logistics 3 logistics facility buildings office Fix Sale GRAN TOKYO SOUTH TOWER 3.7%~4.2% 4.0%~4.8% 2.8% Notes : sales of fixed asset : sales of property for sale 1% 16% 25% 100% * 3 Describes the direct reduction yield based on the appraisal value of the property, disclosed at the seller. MITSUI FUDOSAN CO.,LTD 23#241-9. Promoting ESG Management The Mitsui Fudosan Group's Approach to ESG Management Establish ultra-smart societies by creating neighborhoods 6 Materialitys (Priority Goals) Contribute to achieving healthy, safe and secure daily lives Mitsui Fudosan Group Management Strategy (For details, please refer to " 3. ESG Initiatives ") Create new industries through open innovation Achieve a society where a diverse workforce can thrive Reduce environmental impact and generate energy Continuously improve compliance and governance Establish a Sustainable Society Drive Sustainable Profit Growth For details of our approach to ESG management, please refer to the ESG Report on our website. https://www.mitsuifudosan.co.jp/english/corporate/esg csr/approach/index.html MITSUI FUDOSAN CO.,LTD 24 24#252. Core Businesses :Overview & Strengths#262-1. Leasing Business Core Business A well-balanced portfolio between Office Buildings and Retail Facilities Analysis of Leasing Segment Revenue *Office and Retail Facilities Revenue FY2020; consolidated (Billions of yen) 600.0 Office buildings 550.0 Other 44.9bn Retail facilities 7% 500.0 450.0 360.2 337.7 400.0 369.2 Retail 307.8 298.6 350.0 208.8bn 291.6 Office 283.4 34% 300.0 286.9 284.5 369.2bn 305.4 291.7 283.6 303.4 250.0 59% 265.5 200.0 234.2 222.0 150.0 MITSUI FUDOSAN CO.,LTD 100.0 221.2 229.3 238.3 240.4 203.3 208.8 50.0 107.3 171.0 148.6 157.8 122.4 125.8 131.5 92.2 56.9 68.2 0.0 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/'20 3/'21 26#272-1-1. Leasing Business/Office Buildings A portfolio concentrated in central Tokyo and relationships with quality tenants (Approx. 3,000 companies) Office Building Revenue by Area Office Building Lease Contract by Duration FY2020; non-consolidated Other regions 7% Other Tokyo metropolitan 13% 'TORAY' Innovation by Chemistry FY2020; non-consolidated 5.1 years or longer 28% Up to 2 years 22% Core Business 5 wards of central Tokyo 80% 2.1-5.0 years 50% Stable Long-Term Relationships with approx. 3,000 companies Average contract duration: 4.8 years FAST RETAILING Daiwa Securities Group Inc. Bank of America Merrill Lynch MITSUI FUDOSAN CO.,LTD HAKUHODO NTT DATA Global IT Innovator CHUS CHUGAI PHARMACEUTICAL CO., LTD. Roche Roche Group FUJIFILM Value from Innovation Designing The Future KDDI JP JAPAN POST INSURANCE 27 SMBC SUMITOMO MITSUI BANKING CORPORATION EY Building a better working world FUJITSU Asahi KASEI astellas Leading Light for Life HITACHI Inspire the Next#282-1-1. Leasing Business/Office Buildings | Creating Neighborhoods in Nihonbashi & Yaesu Shinnihonbashi Sta Otemachi One Nihonbashi Muromachi Mitsui Tower OVOL Nihonbashi Building Nihonbahi Muromachi 1st District Project Mitsukoshimae Sta. Nihonbashi 1st District 1-2-Project Nihonbahi Sta. Nihonbashi Takashimaya Tokyo Sta Mitsui Building Nihonbashi 1st District Central Project Core Business 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 Tokyo Midtown Yaesu Yaesu 2nd District Central Project Yurakucho Sta TOKYO MIDTOWN HIBIYA Uchisaiwaicho 1-chome District New projects since FY2021 (involving Mitsui Fudosan) Other Group-owned properties MITSUI FUDOSAN CO.,LTD 28#292-1-1. Leasing Business/Office Buildings Core Business Using our development capabilities to continuously improve our portfolio Major New Projects Overseas projects FY Completed Project name Share Location Total Floor Space 2020 2021 Operation Time 2022 2023 2024 2025- BUNKYO GARDEN GATETOWER TOYOSU BAYSIDE CROSS * 2020 msb Tamachi (Tamachi Station Tower North) Bunkyo-ku, Tokyo ≈2 Koto-ku, Tokyo Sublease Minato-ku, Tokyo 94,700 m 259,000 m ≈2 152,300 m Nagoya Mitsui North Building 100% Nagoya, Aichi 22 29,500 m 2021 Innovation Square Phase II Boston 22 28,400 m Tokyo Midtown Yaesu TBD Chuo-ku, Tokyo ≈2 289,800 m 2022 50 Hudson Yards Project 90% New York 264,000 m White City Place (Gateway Central) London ≈2 32,500 m 2022- RMZ Ecoworld 30 50% India, Bangalore ≈2 462,400 m 2023 Brannan Square Television Centre Redevelopment Project (One Wood Crescent) Nihonbashi 1-Chome Central District Project Yaesu 2nd District Central Project or later Nihonbashi Muromachi 1st District Project Nihonbashi 1st District 1-2 Project Uchisaiwaicho 1-chome Central District Uchisaiwaicho 1-chome North District * TOYOSU BAYSIDE CROSS TOWER : FY2019 / Tower B FY2020 Each FY completed, total floor space may change in the future. Some project names are tentative. San Francisco ≈2 112,000 m - London ≈2 16,300 m Chuo-ku, Tokyo ≈2 380,300 m TBD Chuo-ku, Tokyo TBD Chuo-ku, Tokyo TBD Chuo-ku, Tokyo ≈2 418,000 m - - Chiyoda-ku, Tokyo Chiyoda-ku, Tokyo MITSUI FUDOSAN CO.,LTD 29#302-1-2. Leasing Business/Retail Facilities Diverse types of facilities and a stable revenue structure Relationships with approx. 2,400 tenant companies Retail Facility Revenue by Category Core Business Ratio of Fixed & Sales-Linked Rent by Category FY2020; non-consolidated FY2020 ; non-consolidated 100% 6% 16% 16% 28% 80% 三井ショッピングパーク 60% Mitsui Shopping Park Urban TOKYO MIDTOWN 1.1. LaLaport 94% 40% 84% 84% Others 72% 3% 20% 三井ショッピングパーク 7% •I• LaLa garden 0% LaLaport Outlet Others All Facilities 6% Fixed rent Sales-linked rent Trends in Leasing Revenue from Retail Facilities 27% 57% (Billions of yen) 250.0 MITSUI OUTLET PARK MITSUI FUDOSAN CO.,LTD 221.2 229.3 238.3 240.4 203.3 208.8 200.0 171.0 157.8 148.6 150.0 125.8 131.5 100.0 50.0 0.0 30 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21#31Project Name 2-1-2. Leasing Business/Retail Facilities Expand profit by new development and large-scale renewal projects Major New Projects FY Opened Core Business Overseas projects Location Store Floor Space (Total Floor Space) 2020 2021 Operation Time 2022 2023 2024 2025- MITSUI OUTLET PARK YOKOHAMA BAYSIDE Reconstruction Plan Urban Dock LaLaport TOYOSU 3 (in TOYOSU BAYSIDE CROSS TOWER) Yokohama, Kanagawa ( = 53,000 m) Koto-ku, Tokyo ≈2 7,000 m 2020 RAYARD MIYASHITA PARK LaLaport AICHI TOGO RAYARD Hisaya-odori Park Shibuya-ku, Tokyo ( = 23,900 m) Aichi-gun, Aichi ≈2 62,800 m Nagoya, Aichi ≈2 7,200 m LaLaport SHANGHAI JINQIAO Sublease Shanghai City,China 55,000 m Lianhua Road Station Building Retail Facilities Sublease Shanghai City,China ≈2 16,500 m 2021 MITSUI OUTLET PARK KLIA SEPANG(Phase3) LaLaport Kuala Lumpur Fukuoka City Fruit and Vegetable Market Site Utilization Project LaLaport SAKAI Osaka Kadoma Project Selangor, Malaysia Kuala Lumpur, Malaysia Fukuoka, Fukuoka 10,100 m ≈2 82,600 m (= 206,400 m) Sakai, Osaka ≈2 56,200 m Kadoma, Osaka TBD LaLaport TAICHUNG 2022 LaLaport NANGANG Taichung City, Taiwan ≈ 68,000 m 2023 or later MITSUI OUTLET PARK TAINAN (Phase1) MITSUI OUTLET PARK TAICHUNG PORT (Phase2) MITSUI OUTLET PARK LINKOU(Phase2) MITSUI OUTLET PARK TAINAN (Phase2) HARUMI FLAG District 7 Project Large-Scale Renewal Projects Sublease Taipei City, Taiwan 70,000 m Tainan City, Taiwan Taichung City, Taiwan New Taipei City, Taiwan Tainan City, Taiwan Chuo-ku, Tokyo ≈2 33,000 m ≈2 8,000 m 27,400 m 12,000 m TBD No.of Stores Renewed Execution Period Facility name Location /Total No. of Stores January-March 2020 Urban Dock La Laport TOYOSU 1.2 Koto-ku, Tokyo ≈2 66/180 January-March 2020 LaLaport IZUMI Izumi,Osaka ≈2 March 2021- LaLaport FUJIMI Fujimi,Saitama 39/210 40/290 Each FY opened and store floor space may change in the future. Some project names are tentative. MITSUI FUDOSAN CO.,LTD 31#322-1-3. Leasing Business/Logistics Facilities Flexibly combine leasing business with trading and management businesses ■ 46 development and operation facilities,* ■ About 3.9 millions m of total floor space, ■ Over¥610 billion of cumulative investment (As of May 12, 2021) 【Domestic Development and operation facilities ) Saitama ■MFLP Yashio ■MFLP Kuki ■MFLP Prologis Park Kawagoe ■MFLP Kawaguchi I ■MFLP Tokorozawa (In development) Osaka ■MFLP Sakai EMFLP Ibaraki ■MFLP Osaka I ■MFLP Osaka Katano Hiroshima ■MFLP Hiroshima I Ibaraki ■MFLP Tsukuba Chiba ■GLP/MFLP Ichikawa Shiohama ■MFLP Funabashi Nishiura IMFLP Kashiwa ■MFLP Funabashi I ■MFLP Funabashi II ■MFLP Yachiyo Katsutadai ■MFLP Funabashi II (In development) ■MFLP Ichikawa Shiohama II (In development) (In development) Core Business Opened MFLP ICT LABO 2.0, a logistics ICT experience showroom at MFLP Funabashi &GATE ⚫"Industry's first" no human hands required "Full Automation Logistics Model" experience showroom ⚫The permanent exhibition in Japan is the first time to exhibit about 30 types of latest logistics ICT-related equipment, including transport robots •Strengthen solution proposals that utilize ICT to address issues including labor shortages Fukuoka ■MFLP Fukuoka I ■Kasuya Town Logistics Facility Project (In development) Saga MFLP Tosu Tokyo ■MFLP Hino ■MFIP Haneda ■MFLP Tachikawa Tachihi ■Tokyo Rail Gate EAST (In development) ■MFLP Shinkiba I (In development) ■MFLP Shinkiba II (In development) Kanagawa ■MFLP Yokohama Daikoku ■MFLP Atsugi MFLP Hiratsuka ■MFLP Atsugi II MFLP AUTO 15 Logis <"MFLP ICT LABO 2.0" Outline> Location 2-3-1, Hama-cho, Funabashi City, Chiba Prefecture (in MFLP Funabashi, &GATE) 9minutes walk from Minami Funabashi Station, JR Keiyo Line Ground floor: 1,021 m 2nd floor: 404m Exhibition of Full automation Advanced equipment experience area Consulting room Theater room ■MFLP Kawasaki I ■MFLP Hiratsuka II ■MFLP Yokohama Kohoku ■MFLP Tomei Ayase (In development) Mie ■MFLP Ebina I (In development) Access ■MFLP Yatomi Kisosaki(In development) ■MFLP Hiratsuka III (In development) ■MFLP Ebinaminami(In development). Size Aichi Content ■MFLP Komaki ■MFLP Inazawa *In Japan, there are 42 properties mentioned above, and 3 other facilities for use, Total of 46 facilities, including 1 in Thailand, are our development and management facilities. MITSUI FUDOSAN CO.,LTD 32 32#332-1-3. Leasing Business/Logistics Facilities Core Business Flexibly combine leasing business with trading and management businesses Major New Projects Overseas projects FY Completed Project Name Location Total Floor Space 2020 2021 Operation Time 2022 2023 2024 2025- MFLP Tachikawa Tachihi Tachikawa, Tokyo ≈2 69,900 m MFLP Osaka I Osaka, Osaka ≈2 49,000 m 2020 MFLP Yachiyo Katsutadai Yachiyo, Chiba 75,800 m MFLP Tosu Tosu,Saga ≈2 35,300 m MFLP Tokorozawa Iruma-gun, Saitama ≈2 21,800 m MFLP Funabashi III Funabashi, Chiba ≈2 268,400 m 2021 MFLP Osaka Katano Hirakata, Osaka ≈2 72,800 m MFLP Ichikawa Shiohama II Ichikawa, Chiba ≈2 184,000 m 2021 Bangpakong Project Bangkok, Thailand ≈2 160,000 m MFLP Tomei Ayase Tokyo Rail Gate EAST Ayase, Kanagawa ≈2 58,700 m Sub lease Shinagawa-ku, Tokyo ≈2 174,400 m MFLP Ebina I Ebina, Kanagawa ≈2 122,200 m 2022 Kasuya Town Logistics Facility Project Kasuya-gun, Fukuoka ≈2 36,100 m MFLP Yatomi Kisosaki Kuwana-gun, Mie ≈2 99,000 m MFLP SHINKIBA I Koto-ku, Tokyo 9,500 m MFLP SHINKIBA II Koto-ku, Tokyo 28,500 m 2023 MFLP HIRATSUKA III or later Hiratsuka, Kanagawa ≈2 29,100 m MFLP EBINA MINAMI Ebina, Kanagawa 37,600 m Some project names are tentative. FY completed and total floor space may change in the future. MITSUI FUDOSAN CO.,LTD 33#342-1-4. Leasing Business/Expand Our Leasing Business Services for Realizing New Working Styles WORK STYLING Multi-Site Shared Offices for Corporate Clients Base-type office WORK STYLING [Base distribution and breakdown] Tokyo metropolitan area 95 bases Work From Home Kinki region 17 bases Other areas 18 bases Corporate service office Multi-site satellite office for corporations WORK STYLING WORK STYLING WORK STYLING SOLO FLEX SHARE Private room specialized type Expansion of office functions -As a BCP measure -As a project use Workspace expansion -As a workspace near your home or business partner -As a workspace when you want to concentrate on your work Nationwide bases 130*1 ■Member companies =650 Members ≈2 190,000 (YoY2 1.1x) (YoY 1.7x) *1 Partnership with Mitsui Garden Hotel, etc. : 38 bases *2 Comparison with as of Apr. 30, 2020 (As of Apr. 30, 2021) MITSUI FUDOSAN CO.,LTD 34 =4 Fukuoka Core Business Sapporo Sendai Nagoya Kinki region Hiroshima Tokyo metropolitan area (As of Apr. 30, 2021) 【Bases in the Tokyo metropolitan area*¹) 3 wards of central Tokyo (office accumulation area) 40 bases *1 Tokyo and 3 prefectures (Tokyo, Kanagawa, Chiba, Saitama) Outside 3 wards of central Tokyo (area near terminals and housing) 55 bases Chuo Line Tokyo Station Yamate Line Tokaido Line (As of Apr. 30, 2021)#352-1-4. Leasing Business/Expand Our Leasing Business EC Mall creates New Concept in Collaboration with Retail Properties "Mitsui Shopping Park &mall" Core Business Acceleration of omni channelization by combining real shops and e-commerce Our retail strengths Our retail DX Our logistics facilities Members =12.4 million Mitsui Shopping Park & mall MFLP Mitsui Fudosan Logistics Park ≈2 Facility sales ¥1.3 trillion* (As of Mar. 31, 2020) Retail facilities tenants =2,400 Total number of shops =8,700 Ensuring safety and security Increase the value of your visit Promote omni channelization (As of Mar. 31, 2021) ☑ 9X &mall RANKING ≈ Members 3.6 million Total number of shops ≈360 2 (As of Mar. 31, 2021) ☑ Logistics facility bases 46 Leased area = 3.9 million m (As of May 12, 2021) MITSUI FUDOSAN CO.,LTD 35#362-1-5. Leasing Business Development Example Urban Area Redevelopment Project 【Overview of Urban Area Redevelopment] Acquire new business opportunities Floor acquired by the Company (reserved floor) by creating neighborhoods as an asset owner Note: A, B, C, D = Land owners, building owners, etc. Reconstruction of Owned Assets Integrally reconstruct multiple assets held by the Group Core Business Standard-Type Development Acquire new business opportunities through arm's length transactions, bidding, etc. 【Development periods of main development projects (Reference example) 1 Area Туре Project Name Location Project Schedule project 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 Mixed use Nihonbashi Takashimaya Mitsui Building Chuo-ku, Tokyo Initiate study groups with other landowners msb Tamachi Minato-ku, Tokyo Take part in bidding 13.0 10.0 Tamachi station tower S Japan Nihonbashi Muromachi Mitsui Building LaLaport NAGOYA Chuo-ku, Tokyo Establishment of preparation union 7.0 Nagoya, Aichi minato AQULS Retail La Laport NUMAZU Logistics MFLP Funabashi I Funabashi, Chiba Office 55 Hudson Yards New York Overseas Retail MOP TAICHIUNG PORT Taichung City, Taiwan Take part in bidding 6.0 Numazu, Shizuoka Initiate study groups with other landowners 3.5 2.0 From bidding to operator determination. Enter into investment agreement 4.0 Consultations with landowners, business reviews, etc. Promotion of design and planning. 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 36#37| 2-2 2-2. Property Sales Business I Property sales to individuals Core Business : Development and sale of condominiums and detached housing to individuals Property sales to investors : Development and sale of income generating properties to institutional investors Property Sales Segment: Operating Income Property sales to Individuals Booked in FY ended March 2021 (Billions of yen) 140 Property sales to investors and indivisuals (Overseas), etc. Property sales to indivisuals (Domestic) 120 100 Park Court SHIBUYA The Tower THE COURT Jingu-Gaien 80 60 94.1 78.2 111.0 Property sales to Investors Booked in FY ended March 2021 60 60 71.4 51.8 34.6 40 40 18.7 20.5 4.3 40.0 20 7.7 6.4 5.4 22.7 26.7 23.9 30.6 31.1 26.6 29.6 22.0 15.3 9.7 10.2 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'21 MITSUI FUDOSAN CO.,LTD 37 BB (E) GranTokyo Sourth Tower MFLP Ibaraki#382-2-1. Property Sales Business/Property Sales to Individuals Forecast for the fiscal year ending March 31, 2022 Number of condominium units booked under contract: 3,100 units Core Business Of the 3,100 new condominium units in Japan being recorded in the fiscal year ending March 31, 2022, the company had contracts in place on 65.2% as of April 1, 2021. (Billions of yen) Property sales to Individuals - Sales and Operating Profit Margin OP (Left) --OP margin (Right) Condominium - Trend of Units booked, Inventories, and Average Sales Price (%) (Units) Unit booked (Left) --Average sales price (Right) Year-end inventories (Left) (Millions of yen) 7,000 100 50 50 12.3 6,557 12 45 11.3 11.0 6,000 90 40.0 5,455 40 40 5,200 9.7 10 10 4,956 4,858 77 9.0 5,000 80 35 55 60 4,512 74 30.6 31.1 9.3 29.6 8 30 8.1 6.6 26.7 26.6 8.1 4,000 23.9 25 5.4 22.7 20 4.0 15.3 15 3.1 10.2 10 10 9.7 4,391 77 3,707 3,775 70 0 3,283 3,194 67 3,100 22.0 6 3,000 58 60 60 53 51 49 48 4 47 2,000 50 45 5 2 1,000 638 380 223 170 83 321 88 108 141 128 150 0 0 0 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'22 (E) MITSUI FUDOSAN CO.,LTD 38 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/122 (E) 40 40 30#392-2-1. Property Sales Business/Property Sales to Individuals An abundant land bank focusing mainly on redevelopment Sales by Brand & Region Sales by Brand Middle-grade condominiums park HOMES park LUXE 25% *Based on Mitsui Fudosan Residential results (FY2020) High-grade condominiums 27% Park MANSION Park COURT Land Bank (Condominiums) Approximately 26,000 units Core Business (As of March 31, 2021) (incl. redevelopment project in the planning phase) Major Large-Scale Projects / High-end Projects FY to be Reported Project Name Park City Musashi-Koyama The Tower The Tower Yokohama Kitanaka Location Total No. of Units Sold*1 MID TOWER GRAND 2020 48% THE COURT Jingu-Gaien Kosugi 3rd Avenue The Residence Park Court SHIBUYA The Tower Park Court BUNKYO KOISHIKAWA The Tower Shinagawa-ku, Tokyo Yokohama,Kanagawa Chuo-ku, Tokyo Shibuya-ku, Tokyo Kawasaki, Kanagawa Shibuya-ku, Tokyo Bunkyo-ku, Tokyo = 500 ≈2 1,100 ≈2 390 =2 180 460 350 =2 400 Sales by Region Large-scale developments park park 2021 Park Court Toranomon Minato-ku, Tokyo ≈2 120 SHIROKANE THE SKY Minato-ku, Tokyo =2 770 2022 TOWER CITY Park Court Chiyoda Yonbancho Park Tower KACHIDOKI MID/SOUTH Chiyoda-ku, Tokyo Chuo-ku, Tokyo =2 170 ≈ 1,670 Other regions 5% 2023 Kansai&Chubu 2% PARK COURT JINGU KITASANDO THE TOWER HARUMI FLAG Shibuya-ku, Tokyo ≈2 470 Chuo-ku, Tokyo 2,700 Shinjuku-ku Takadanobaba 4-chome Project Minato-ku Mita 1-chome Project Nishishinjuku 5-chome Central South District Project Shinjuku-ku, Tokyo Minato-ku, Tokyo =2 300 TBD 2024 Omiya Nishiguchi 3-B District Project Nakano Kakoicho East District Project or later Koiwa Station Kitaguchi District Project Shinjuku-ku, Tokyo Saitama, Saitama ≈2 450 400 * 2 Nakano-ku, Tokyo ≈2 720 2 Edogawa-ku, Tokyo ≈2 510 *2 *2 Metropolitan Tokyo 93% Toyomi District Project Tsukishima 3-chome South District Project Mita Koyama West District Project FY to be reported and total number of units sold may change in the future. Some project names are tentative. *1: The total number of units is before taking into account the Company's share. *2:Total number of units including units owned by landowners, etc. Chuo-ku, Tokyo 2,000 Chuo-ku, Tokyo Minato-ku, Tokyo =2 720 * 2 * 2 1,450 MITSUI FUDOSAN CO.,LTD 39#402-2-2. Property Sales Business/Property Sales to Investors Multiple exit strategies and a model for cooperation with investors MITSUI FUDOSAN GROUP Sales to a diverse array of investors Management contracts after sales J-REITs managed by the Mitsui Fudosan Group Core Business Property sales to Investors and Individuals(Overseas) Operating Income (Billions of yen) 120 100 Nippon Building AUM: ¥1,367.5bn (75properties) NBF Bound Nippon Accommodations Fund AUM: ¥318.4bn (129properties) Frontier Real Estate Investment Corporation AUM: ¥339.0bn (37properties) 88 80 94.1 78.2 71.4 111.0 MFLP Mitsui Fudosan Logistics Park, Inc. 60 AUM: ¥297.6bn (21 properties) Private funds structured and managed by the Mitsui Fudosan Group 40 40 MITSUI FUDOSAN INVESTMENT ADVISORS, INC. Mitsui Fudosan Investment Advisors, Inc. (Structures and manages private funds) AUM: ¥1,409.0bn Mitsui Fudosan Private REIT Inc. AUM: ¥376.9bn (53properties) 20 MFFE Institutional investors, corporations, etc. Total asset scale (on an acquisition price basis) and the number of properties held as of March 31, 2021 MITSUI FUDOSAN CO.,LTD 0 40 40 7.7 6.4 5.4 4.3 20.5 18.7 34.6 51.8 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 3/'22 (E)#412-3. Management Business Property Management Management and other consignment business relating to office building, retail facility, housing, and Car Park Leasing operations Brokerage, Asset management, etc. Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Asset management: Asset management services through four REITS and private funds Core Business Management Business Operating Income (Billions of yen) 60 Property Management Brokerage, Asset Management, etc. Assets under Management (As of March 31, 2021) (Trillions of yen) 4.35 4.50 3.92 3.98 4.00 3.73 3.61 3.42 3.47 3.50 3.32 3.19 50 2.93 3.00 2.80 22.8 21.2 40 40 22.4 23.2 2.50 22.1 20.8 19.8 2.00 15.1 1.50 30 18.0 10.5 10.2 1.00 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 20 10 21.9 23.7 26.4 27.8 28.5 29.9 32.5 28.9 30.2 32.7 21.8 NBF Nippon Building 31% Private Funds 26% 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 *Figures for FY2017 and earlier exclude operating income from leasing management of the old segment "Mitsui Home" In the FY2018, calculating based on the value after recombination MITSUI FUDOSAN CO.,LTD 41 Originators Nippon Accommodations 7% Fund 8% 7% Frontier Real Estate Investment Corporation MFLP Logistics Park, Inc. Fudosan#422-3. Management Business Property Management /Stable earnings growth on the back of an increase in consigned properties Brokerage, Asset management, etc. /No.1 for 34 consecutive years (Number of brokerages handled) Car Park Leasing Track Record (Units) P 三井のリパーク Mitsui Fudosan Realty (Units) 273,704 268,771 280,000 245,511 250,000 226,125 210,549 260,000 200,000 191,450 166,752 240,000 154,643 143,450 150,000 133,039 100,000 (Units) 140,000 130,000 120,000 124,379 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Property Management (Rental Housing) 110,000 108,050 Track Record Mitsui Fudosan Residential Lease Core Business Property Management (Sales condominiums) Track Record Mitsui Fudosan Residential Service Group 284,374 277,985 257,902 258,689 251,874 255,713 244,494 238,027 228,549 221,910 220,000 217,222 200,000 3/'11 3/'12 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 Brokerage Market FY2019 Mitsui Fudosan Realty Mitsui Home Estate Transaction Fee/Revenue Transactions (Billions of yen) (Units) Volume (Billions of Number of stores yen) 135,747 134,312 132,533 Mitsui Fudosan Realty 1 85 129,580 42,818 1,783.2 282 Co., Ltd. 125,758 Sumitomo Real Estate 2 67 37,715 1,287.5 276 121,247 Sales Co., Ltd. 117,558 3 Tokyu Livable, Inc. 62 26,437 1,315.9 190 112,387 Nomura Real Estate 4 35 9,515 872.3 92 Group Sumitomo Mitsui Trust 5 20 7,684 472.4 72 Realty Co., Ltd. 100,000 3/'13 3/'14 3/'15 3/'16 3/'17 3/'18 3/'19 3/'20 3/'21 MITSUI FUDOSAN CO.,LTD. 42 Source: Real Estate Economic Institute (As of May 29, 2020)#43Ishikawa Mitsui Garden Hotel Kanazawa Aichi 2-4. Other Business/Hotel and Resort Business mitsui garden hotels C THE CELESTINE HOTELS sequence (%) AMANEMU Halekulani On the Beach at Waikiki HOTEL THE MITSUI Halekulani OKINAWA KYOTO Total 48 hotels 11,665 rooms Halepuna WAIKIKI by Halekulari (Including Domestic and Overseas As of Mar. 31, 2021) Occupancy Rate/Average Daily Rate Mitsui Garden Hotel Nagoya Premier Mie AMANEMU Toba Kokusai Hotel NEMU RESORT Kyoto HOTEL THE CELESTINE KYOTO GION Mitsui Garden Hotel Shinmachi Bettei Mitsui Garden Hotel Kyoto Station Front Mitsui Garden Hotel Kyoto Sanjo Mitsui Garden Hotel Kyoto Shijo Mitsui Garden Hotel Kyoto Kawaramachi Jokyoji sequence KYOTO GOJO HOTEL THE MITSUI KYOTO Osaksa Mitsui Garden Hotel Osaka Premier Mitsui Garden Hotel Osaka Yodoyabashi Okayama Mitsui Garden Hotel Okayama Hiroshima Mitsui Garden Hotel Hiroshima Fukuoka Mitsui Garden Hotel Fukuoka Gion Mitsui Garden Hotel Fukuoka Nakasu Kumamoto Mitsui Garden Hotel Kumamoto Okinawa Halekurani Okinawa Haimurubushi(Kohama Island) 100 90 90 80 80 70 70 60 50 50 40 40 30 -Average Occupancy Rate (Left) --Average Daily Rate (Right) FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 *Based on the results of Mitsui Garden Hotels, Celestine Hotels and Sequence MITSUI FUDOSAN CO.,LTD (Yen) (%) 17,000 70.0 16,000 60.0 15,000 50.0 14,000 13,000 40.0 12,000 30.0 11,000 20.0 10,000 10.0 9,000 8,000 0.0 43 Average Core Business Hokkaido Mitsui Garden Hotel Sapporo Mitsui Garden Hotel Sapporo West Tokyo Chiba Miyagi Mitsui Garden Hotel Sendai Mitsui Garden Hotel Kashiwa-no-ha Mitsui Garden Hotel PRANA Tokyo Bay Mitsui Garden Hotel Chiba HOTEL THE CELESTINE GINZA HOTEL THE CELESTINE TOKYO SHIBA Mitsui Garden Hotel Ginza Premier Millennium Mitsui Garden Hotel Tokyo Mitsui Garden Hotel Nihonbashi Premier Mitsui Garden Hotel Roppongi Premier Mitsui Garden Hotel Jingugaien Tokyo Premier Mitsui Garden Hotel Otemahi Mitsui Garden Hotel Kyobashi Mitsui Garden Hotel Ginza-gochome Mitsui Garden Hotel Shiodome Italia-gai Mitsui Garden Hotel Ueno Mitsui Garden Hotel Gotanda Mitsui Garden Hotel Toyosu BAYSIDE CROSS sequence MIYASHITA PARK sequence SUIDOBASHI Four Seasons Tokyo Otemachi Overseas Hawai (Oahu) Halekulani Halepuna WAIKIKI Taipei, Taiwan MGH Mitsui Garden Hotel Taipei Zhongxiao Ratio of Foreign guests Tokyo Osaka, Kyoto FY2017 FY2018 FY2019 FY2020 Other Area *Based on the results of Mitsui Garden Hotels, Celestine Hotels and Sequence#442-4. Other Business/Hotel and Resort Business I Expanding various hotels in Japan and overseas with the aim of providing facilities and services that meet the diversifying needs of guests Major New Projects Core Business Overseas project FY No.of Project Name Location Opened Mitsui Garden Hotel Fukuoka Nakasu Sublease Fukuoka, Fukuoka Rooms 2020 2021 ≈260 Operation Time 2022 2023 2024 2025- Mitsui Garden Hotel Kyoto Shijo* sequence MIYASHITA PARK sequence KYOTO GOJO Mitsui Garden Hotel Toyosu BAYSIDE CROSS Tokyo Kyoto, Kyoto ≈ 350 Shibuya-ku, Tokyo ≈ 240 Kyoto, Kyoto ≈210 Koto-ku, Tokyo ≈230 2020 FOUR SEASONS HOTEL TOKYO OTEMACHI Chiyoda-ku, Tokyo ≈ 190 MGH Mitsui Garden Hotel Taipei Zhongxiao Mitsui Garden Hotel Kyoto Kawaramachi Jokyoji HOTEL THE MITSUI KYOTO Sublease Taipei City, Taiwan ≈ 300 Sublease Kyoto, Kyoto ≈ 170 Kyoto, Kyoto ≈ 160 sequence SUIDOBASHI Sublease Chiyoda-ku, Tokyo ≈120 Kashiwanoha Hotel Project Kashiwa, Chiba ≈ 150 2022 The Bvlgari Hotel Tokyo Chuo-ku, Tokyo ≈ 100 Zhongshan Zhongxiao Hotel Project Sublease Taipei City, Taiwan ≈ 350 Dunhua North Road Bridge Project Sublease Taipei City, Taiwan = 180 2023 or later Waldorf Astoria Tokyo Nihonbashi Hakone Project Chuo-ku, Tokyo Ashigarashimo-gun, Kanagawa *The extended building has approximately 70 rooms of 350, opened in July 2020. FY to be opened and number of rooms may change in the future. Some project names are tentative. = 200 TBD MITSUI FUDOSAN CO.,LTD 44#452-5. Apx. Global Business North America and Europe /Continuously secure excellent business opportunities to build a stable earnings base China and Asia /Aggressively capture rapidly growing demand for quality housing and expanding consumption Business Development Area Income from overseas London EUROPE 55 Hudson Yards GRELATED MITSUI FUDOSAN CO.,LTD NORTH AMERICA Seattle Denver ASIA Bangkok Shanghai Taiwan Manila San Francisco Los Angels Honolulu Bangalore. Kuala Lumpur. Singapore Jakarta Core Business (Billions of yen) FY2017 60.0 FY2018 55.4(19.8%) FY2019 FY2020 18.2 40.0 1.5 27.9(12.6%) 27.5(9.6%) Boston New York 18.2(7.2%) 18.9 7.4 Washington, D.C. 17.3 20.0 1.2 6.8 2 16.6 19.3 14.8 11.6 0.0 -2.3 -0.4 -2.1 -2.0 2Television Center STANHOPE OXFORD 50 Hudson Yards Project RELATED OXFORD LaLaport Shanghai Jinqiao 45 -20.0 Pro forma Operating Income of Overseas Affiliates Management, Other, etc. Property Sales Leasing Breakdown of Oversea Assets by Country China & Asia 16% Overseas 19.7% UK 10% US 74% Domestic 80.3% Total Assets ¥7,741.9bn (As of March 31, 2021)#462-5. Apx. Global Business (Europe and the United States) Major New Projects <Office Rental Housing> Expected Completion Location 2020 Arlington Туре Project Name Los Angeles Washington, D.C. Rental Housing J-SOL(former 4000 North Fairfax Drive) Core Business Total Floor Space or Units 2020 2021 Operation Time 2022 2023 2024 2025- 320 ALTA Ink.(former 5750 Hollywood Boulevard) The Silva (former 1630 Colombia Road) ≈2 160 170 Rental Denver 2021 Housing San Francisco The Gage(former Denargo Market III) 830 Eddy Street 330 130 Maryland Maizon Bethesda ≈2 220 Boston Office Innovation Square Phase II ≈2 28,400 m New York 50 Hudson Yards Project ≈2 264,000 m Office 2022 London White City Place (Gateway Central) ≈2 32,500 m Boston Rental Housing Seattle Alta Revolution (former 290 Revolution Drive) Mason&Main(former Yesler Terrace) 320 ≈2 550 2022- Rental Housing Walnut Creek San Francisco The Waymark(former Walnut Creek Transit Village) Brannan Square 590 ≈2 112,000 m Office 2023 London or later Washington, D.C. Rental Housing Los Angeles Television Centre Redevelopment Project (One Wood Crescent) = Museum Place 8th Figueroa 16,300 m ≈2 480 430 Major New Projects <Condominiums > Expected Location Completion 2020 Alexandria 2021 New York TBD London Туре Project Name Total Units* Robinson Landing 22 90 Condo 200 Amsterdam Avenue ≈2 110 Television Centre Redevelopment Project(Phase 2) = 500 Each expected completion, rentable 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. MITSUI FUDOSAN CO.,LTD 46 46 Average contract term of our office (Europe and the United States, FY2020) 15.6yrs#47Core Business 2023 2024 2025- Location 2-5. Apx. Global Business (Asia) Major New Projects <Office Retail Hotel. Logistics> Expected opening Туре Project Name Total Floor or Store Space/Rooms/Units Operation Time 2020 2021 2022 2020 Taiwan 2020- Thailand China China Taipei City Bangkok Shanghai City Hotel SA MGH Mitsui Garden Hotel Taipei Zhongxiao Life Skumbit ect. Sublease ≈ 300 ≈2 1,400 LaLaport Shanghai Jinqiao Sublease store 55,000 m 2021 Malaysia Shanghai City Selangor Lianhua Road Station Building Retail Facilities Sublease store 16,500 m Retail MITSUI OUTLET PARK KLIA SEPANG(Phase3) store 10,100 m Malaysia Kuala Lumpur LaLaport Kuala Lumpur store 82,600 m 2021- Thailand Bangkok Logistics Bangpakong Project gross = 160,000 m Taiwan Taichung City LaLaport TAICHUNG store ≈2 68,000 m Taiwan Taipei City LaLaport Nangang Sublease store ≈ 70,000 m Retail 2022 Taiwan Taiwan Thailand Taiwan 2022- India Tainan City Taichung City Pattaya Taipei City Bangalore MITSUI OUTLET PARK TAINAN(Phase1) store 33,000 m MITSUI OUTLET PARK TAICHUNG PORT (Phase 2) store 8,000 m SA Hotel Somerset Blue Coast 320 Office Zhongshan Zhongxiao Hotel Project RMZ Ecoworld 30 Sublease ≈2 350 gross 426,400 m Malaysia Kuala Lumpur Rental Housing BBCC Project 260 2023 Taiwan or later Taiwan Taiwan Taipei City New Taipei City Tainan City Hotel Retail Retail Dunhua North Road Hotel Project MITSUI OUTLET PARK LINKOU(Phase2) MITSUI OUTLET PARK TAINAN(Phase 2) Sublease 180 store ≈ store 27,400 m ≈ 12,000 m Major New Projects <Condominiums> Expected Location Туре Project Name opening Total Units *2 China Suzhou City 2020 Singapore Ming Yue Lan Ting Forest Woods ≈2 940 Expected opening 2022- Total Units Location Туре Project Name *2 22 510 2021 Thailand Taiwan Singapore China Bangkok Elio Del Nest etc. ==2 5,500 New Taipei City San song M PARK ≈2 130 Condo The Jovell ≈2 420 Nantong City Cheng yuan ≈2 1,300 *1 Philippines Quezon City Malaysia Kuala Lumpur 2023 Singapore or later Taiwan Taiwan Indonesia The Arton ≈2 1,600 Conlay Place =2 490 One North Eden 160 Condo Tainan City New Taipei City Tangerang Tainan yong hua Project 210 Zong he ban nan lu Project Citra Raya =2 940 =2,300 Singapore Piamont Grand 820 2022 Thailand China Bangkok Jiaxing City Ideo Charan 70 etc. Poyuewan ≈2 5,400 ≈2 1,200 *1 Development in some stages *2 The total number of units is before taking into account the Company's share. Each expected completion or opening, store floor space, and total number of units may change in the future. Some project names are tentative. MITSUI FUDOSAN CO.,LTD 47#483. ESG Initiatives#493-1. Main KPIs of the MITSUI FUDOSAN GROUP ESG Initiatives Greenhouse Gas (GHG) Emissions Reductions Net zero greenhouse gas emissions by FY2050 RE100 Ratio of electricity generated from renewable sources to total consumption from business activity 100% by FY2050 Ratio of Women in Management Positions (Mitsui Fudosan Co., Ltd.) 10% by FY2025 20% by FY2030 For details of KPIs, please refer to the ESG Report on our website. https://www.mitsuifudosan.co.jp/english/corporate/esg csr/kpi/index.html MITSUI FUDOSAN CO.,LTD 49#503-2. Information Disclosure and Assessment Scope of Disclosure Evaluating Organization FTSE 4GOOD/Blossom Japan FTSE4Good FTSE Blossom Japan ESG Initiatives Assessment 3.4 Overall Comprehensive (Real Estate) MSCI Japan ESG Select Leaders NIKKEI SDGS Management Survey GRESB (Disclosed Assessment) S&P JPX Carbon Effcient Index TCFD 2020 MSCI ESG Leaders Indexes Constituent 6.4 GRES B PUBLIC DISCLOSURE 2019 S&P/JPX Carbon Efficient Index TCFD TASK FORCE CLIMATE RELATED FINANCIAL DISCLOSURES CDP 3.5 A Certified Disclosed B Climate Change CDP SBT SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION RE100 Work Style Innovation NIKKEI Smart Work RE100 NIKKEI Smart Work Certified Member ★4.5 Empowerment of Women MSCI JAPAN ENPOWERING WOMEN INDEX EMPOWERING WOMEN INDEX (WIN) 2020 CONSTITUENT MSCI JAPAN Certified Ministry of Health, Labour and Welfare "Eruboshi" Accreditation やだが活躍し ています Child-rearing Support Ministry of Health, Labour and Welfare "Kurumin" MITSUI FUDOSAN CO.,LTD 50 50 しています Accreditation#513-3. Environmental and Climate Change Initiatives ESG Initiatives Promote greening of power consumption*¹ at all Tokyo facilities by FY2030 ✓ Provision of "Green Power Provision Service "*2 in response to the greening plans of tenant companies ✓ Approximately 120 facilities (as of May 2021) ✓ By FY2030, approximately 600 million kWh (264,600 t-CO2) of electricity will be green *1 Equivalent to the amount of electricity used by Mitsui Fudosan in shared common spaces (includes some partially owned areas; excludes electricity generated by each facility). "Greening" means effectively switching from electricity to renewable energy consumption through the use of non-fossil fuel certificates. *2 Service will be launched in April 2021 based on a comprehensive agreement with TEPCO Energy Partner and other companies. How the greening of power consumption promoted by Mitsui Fudosan works (image) Energy-saving power source (*1) Environmental value Environmental value (* 2) Non-fossil fuel certificate Network power source Conventional electricity Electricity retailers Non-fossil fuel certificate (*3) Conventional electricity Office buildings, commercial facilities, etc. Common areas of buildings (owned by Mitsui Fudosan) Tenants and building owners Able to offer flexible electricity plans to tenants using the Green Energy Supply Service *1 Solar power plants owned by Mitsui Fudosan, post-FIT residential solar power generation facilities for housing (contracted by TEPCO Energy Partner, Incorporated), solar power owned by partner power generation companies, etc. *2 FIT power supply obtained via Japan Electric Power Exchange (JEPX); non-FIT power supply obtained from electric power companies. *3 Mitsufudosan TG Smart Energy Co., Ltd. for the specially designated power supply business area, and the rest from TEPCO Energy Partner. MITSUI FUDOSAN CO.,LTD 51#523-3. Environmental and Climate Change Initiatives Own and maintain approx. 5,000ha of forest land in Hokkaido; acquired SGEC forest certification 5,343t of CO2 absorbed annually ||Forest area Approx. 5,000ha 100 200 300 400 500 600 700 800 Spans 31 municipalities, mainly in the Northern region of Hokkaido We own and manage approximately 5,000 ha of forest land Amount of CO2 absorbed and sequestered by the Mitsui Fudosan Group's forest land Approx. 5,343t/year 900 1,000 1,100 Area equivalent to approx. 1,063 Tokyo Domes *Tokyo Dome's area 4.7ha 1,200 CO2 CO2 CO2 CO2 500 1,000 1,500 2,000 CO2 CO2 CO2 CO2 2,500 3,000 3,500 4,000 CO2 CO2 CO2 CO2 4,500 5,000 5,500 6,000 *Annual CO2 absorption/sequestration of group-owned forests calculated based on the Hokkaido formula. Applying the biomass coefficient to the volume of growth and multiplying by the carbon content MITSUI FUDOSAN CO.,LTD 52 52 ESG Initiatives Never-ending Forest Creation Creating a Future for the Earth Plant, Grow, and Use Forests owned#533-3. Environmental and Climate Change Initiatives ESG Initiatives ✓ Reduce construction-related CO2 emissions by approximately 20% (aim to achieve by 2025) ✓ Currently constructing wooden condominiums (Mitsui Home, scheduled for completion in Nov. 2021) ✓ Mitsui Fudosan Group proactively utilizing lumber from its Hokkaido forests for interiors in wood structure condominiums and offices We have acquired SGEC forest management certification for all forest land owned by the Mitsui Fudosan Group SGEC Forest Management Certification is a certification system that uses standards tailored to the natural and social location of Japan's forests, in accordance with the Montreal Process, in which 12 hot forest countries other than Europe, such as Japan and the United States, participate and compile standards and indicators for objectively assessing and evaluating the sustainability of forest management. Wooden Office Buildings Wooden Condominium MITSUI FUDOSAN CO.,LTD 53 認証書 住所:東京都中央区日本積有2丁目1番1号 名称:港エステート株式会社 ARORATSFROAK-RES (SGEC)の証します。 保ⅳ:東京都千代K六番町 一般人若不森牌介 RAZR OR NO R € SGEC 「緑の認証会議 ス CRUSTS I#543-4. Initiatives to Improve Governance ✓ Board of Directors ✓ Board of Corporate Auditors ✓ Compensation Advisory Committee ✓ Nomination Advisory Committee Composition of Board of Directors Outside 4 ESG Initiatives including 1 female] Directors: 12 [4 outside directors (1/3 outside directors) Corporate Auditors: 5 [3 outside auditors (majority outside) Committee Chair: Outside Director Composition 4 Outside Directors, 2 inside directors Committee Chair Outside Director Composition 4 Outside Directors, 2 Internal Directors Gender Ratio: Board of Directors Female 1 8% Compensation Advisory Committee including 1 female] 33% Board of Directors 12 Inside 8 67% Composition of Board of Corporate Auditors Outside 3 60% Corporate Auditors MITSUI FUDOSAN CO.,LTD 5 Inside 2 40% Board of Directors 12 Committee Chair Male 11 92% Outside 4 67% Nomination Advisory Committee Gender Ratio: Board of Corporate Auditors Female1 20% Corporate Auditors 5 Committee Chair Male 4 80% 54 Inside 2 33% Outside 4 67% Inside 2 33%#553-4. Initiatives to Improve Governance Executive Compensation ESG Initiatives ✓ Composed of Basic Compensation, Bonuses to Directors and Restricted Stock Awards ✓ To be determined by the Board of Directors after consultation with the Compensation Advisory Committee chaired by an outside director Composition of Directors' Remuneration Restricted Stock Awards (Medium- to long-term incentives) Bonuses to Directors (Short-term incentives) Linked with business performance (Approx. 45-50%) Basic Compensation Non-performance linked (Approx. 50-55%) <Performance-linked remuneration indicators> Takes into account factors such as business results for the fiscal year under review, shareholder returns, progress on the Group's Long-term Vision, economic conditions, and the business environment MITSUI FUDOSAN CO.,LTD 55#563-4. Initiatives to Improve Governance Policy on reduction of strategic shareholdings ESG Initiatives We review our strategic equity shareholdings on an ongoing basis with a view to reduce our holdings. We assess the rationale for owning the shares based on a quantitative evaluation and our relationship with the issuer. Sale results ✓ FY2019: 20.3 billion yen (13 stocks, 3.57 million shares) ✓ FY2020: 45.9 billion yen (3 stocks, 5.06 million shares) Status of shares held for purposes other than pure investment ✓ Number of stocks: 127 (including 58 listed stocks) ✓ Balance sheet amount: 639.9 billion yen (including 629.2 billion yen of listed stocks) MITSUI FUDOSAN CO.,LTD 56#574. Financial Statements and investment data, etc.#584-1. Summary of Results for the Year Ended March 31, 2021 Consolidated Income Summary (Overall) Financial Statement FY2020/4Q FY2019/4Q Change Full-Year Forecast (as of Nov. 2020) (Billions of yen) Actual/ Forecast Revenues from Operations 2,007.5 1,905.6 101.9 1,950.0 103.0% Operating Income 203.7 280.6 (76.8) 200.0 101.9% Non-operating Income/Expenses (34.9) (22.1) (12.7) (31.0) 112.6% Equity in Net Income of Affiliates (6.1) 5.7 (11.8) Interest Income/Expense (26.4) (28.0) 1.5 (30.0) 88.3% Other (2.2) 0.1 (2.4) Ordinary Income 168.8 258.5 (89.6) 169.0 99.9% Extraordinary Gains/Losses 22.9 2.7 20.2 10.0 229.5% Extraordinary Gains 77.3 16.7 60.6 Extraordinary Losses 54.3 14.0 40.3 Income Taxes 62.0 76.5 (14.4) 58.0 107.1% Profit 129.7 184.6 (54.9) 121.0 107.2% Profit/Loss attributable to 0.1 non-controlling interests 0.7 (0.5) 1.0 15.2% Profit attributable to owners 129.5 of the parent 183.9 (54.3) 120.0 108.0% Return to shareholders Annual dividend per share for the current fiscal year is 44 yen (planned) as announced at the beginning of the fiscal year, and the Company decided to repurchase up to 10 million shares for 15 billion yen (total return ratio: 44.2%) MITSUI FUDOSAN CO.,LTD 58#594-1. Summary of Results for the Year Ended March 31, 2021 Consolidated Segment Revenue & Operating Income Consolidated Segment Revenue & Operating Income (Billions of yen) [Vacancy Rate] Financial Statement Full-Year Forecast FY2020/4Q FY2019/4Q Change (as of Nov. 2020) Office Buildings & Retail Facilities *1 Tokyo Metropolitan Area Office Buildings *2 Supplemental Data 21/3 20/3 19/3 18/3 17/3 16/3 2.9% 2.3% 1.8% 2.4% 3.1% 2.2% 3.1% 1.9% 1.7% 2.2% 3.4% 2.6% Revenues from Operations 2,007.5 1,905.6 101.9 1,950.0 【Property Sales)] (Millions of yen) Leasing 623.0 636.0 (12.9) 620.0 Revenue FY2020/4Q 325,364 FY2019/4Q Change 268,661 56,703 Property Sales 714.7 524.0 190.6 660.0 Property Sales to Individuals Operating Income Units booked 40,003 29,624 10,378 4,290 3,675 615 Management 402.9 421.4 (18.5) 390.0 (Domestic) -Condominiums 3,775 3,194 581 Other 266.8 324.0 (57.1) 280.0 Operating Income 203.7 280.6 (76.8) 200.0 Property Sales to Investors& Individuals (Overseas), etc. -Detached Housing Revenue 515 481 34 389,374 255,433 133,940 Operating Income 78,209 94,120 (15,910) Leasing 120.7 145.8 (25.1) 128.0 Property Sales 118.2 123.7 (5.5) 114.0 Management 39.9 55.6 (15.7) 33.0 Other (27.2) 2.2 (29.5) (26.0) 【Management] Property Management Revenue FY2020/4Q FY2019/4Q Operating Income 309,099 21,888 316,228 32,776 (Millions of yen) Change Δ 7,128 A 10,887 Eliminations Car park leasing/ Total managed units 273,704 268,771 4,933 (47.9) (46.9) (0.9) 49.0 Revenue or corporate Brokerage, Asset Management 93,829 105,261 Operating Income Brokerage Units 18,081 22,894 A 11,432 A 4,813 38,363 42,770 ▲ 4,407 *1 Consolidated (Reference) Overseas Business (Millions of yen) *2 Non-Consolidated FY2020/4Q FY2019/4Q Change Revenue 67,228 65,004 2,224 Leasing Operating Income 14,824 19,360 (4,536) Revenue Property sales 17,335 28,167 (10,831) Operating Income (2,126) (434) Management, Other, Revenue 3,430 14,243 etc. Operating Income (2,095) 1,205 Pro forma Operating Income of Overseas Affiliates *1 Overseas Income Total Ratio of Overseas Income *2 17,352 7,463 9,888 27,955 27,596 359 12.6% 9.6% 3.0pt (1,692) (10,812) *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) (3,300) (Note) The amount equivalent to operating income is the amount of profit calculated on a simplified basis after taking into consideration the tax burden *2 Total overseas income / (Operating income + Pro forma operating income of overseas affiliates)×100 MITSUI FUDOSAN CO.,LTD 59#604-1. Summary of Results for the Year Ended March 31, 2021 Consolidated Balance Sheet Summary Financial Statement (Billions of yen) FY2020/4Q FY2019/4Q Change FY2020/4Q FY2019/4Q Change Current Assets Cash & Time Deposits Marketable Securities Real Property for Sale 2,455.9 2,393.5 62.4 Current Liabilities 1,001.1 1,039.7 (38.5) 189.5 0.0 183.4 6.1 Accounts Payable - Trade 97.9 147.0 (49.1) (including Advances Paid for Purchases) 1,930.5 0.2 1,907.8 (0.1) Short-Term Debt* 306.8 164.4 142.4 22.6 Commercial Paper* 99.5 173.0 (73.5) Equity Investments in Properties for Sale Other 10.0 325.8 6.6 3.3 Short-Term Bonds Payable* 56.6 102.5 (45.8) Fixed Assets 5,285.9 295.4 5,001.7 30.4 Other 440.1 452.7 (12.5) 284.1 Long-Term Liabilities 4,084.8 3,869.0 215.7 Tangible & Intangible Fixed Assets 3,796.8 3,753.1 43.6 Corporate Bonds 797.0 694.5 102.5 Investment Securities 1,049.0 888.0 161.0 Long-Term Debt* 2,363.3 2,346.6 16.7 Lease Deposits Other 160.9 145.4 15.5 Deposits from Tenants Other 435.9 436.5 (0.6) 279.1 488.4 391.3 215.1 97.1 63.9 Interest-Bearing Debt* 3,623.4 3,481.1 142.3 Total Net Assets 2,655.9 2,486.5 169.4 Common Stock Capital Surplus 339.8 372.2 339.7 0.1 372.1 0.1 Retained Earnings Other Total Liabilities & Total assets 7,741.9 7,395.3 346.6 Net Assets 1,259.7 1,070.2 189.4 684.0 704.3 (20.2) 7,741.9 7,395.3 346.6 MITSUI FUDOSAN CO.,LTD *Interest-Bearing Debt: short-term debt + commercial paper + short-term bonds payable + corporate bonds + long-term debt 60 60 FY2020/4Q FY2019/4Q Change D/E Ratio (Times) Equity Ratio (%) 1.42 33.0% 1.45 32.6% (0.03) 0.4pt#614-2. Forecasts for the Year to March 2022 (FY2021) Financial Statement The impact of the COVID-19 continues to be unpredictable, including the spread of mutated viruses. ✓ Our group's business has also been affected by the closure of some facilities based on requests from the government and local governments based on the emergency declaration issued on April 25, 2021, etc., shortened hours of operation and restrictions on attracting customers, as well as a decrease in the number of visitors to our facilities and a decline in operation due to requests to refrain from going out. ✓ Under these circumstances, although the economic environment is expected to recover in the future due to the progress of vaccination and other factors, the speed of such recovery remains uncertain, and the forecast figures are calculated based on the assumption that the impact of COVID-19 will remain throughout the fiscal year. ✓ Actual results may vary depending on the status of COVID-19 infection and other factors, and we will make an announcement as soon as possible if it becomes necessary to revise our forecasts. MITSUI FUDOSAN CO.,LTD 19 61#624-2. Forecasts for the Year to March 2022 (FY2021) Consolidated Statement of Earning Forecasts <Details of revision of earnings forecast> The Leasing segment is expected to increase by 56.9 billion yen and profit by 7.2 billion yen, despite the impact of COVID-19, due to improved facility sales at commercial facilities and the contribution of new full-year operating properties. In the Property Sales segment, net sales and operating income of Property Sales to Individuals (Domestic) business are expected to decrease, mainly due to fewer units of large-scale properties being delivered. Both sales and income are expected to increase in the Property for Investors business due to expected sales of real estate in response to the strong real estate investment market. Overall segment sales are expected to decrease by 44.7 billion yen and profit is expected to increase by 14.7 billion yen. In the Management segment, revenue is expected to increase by ¥17.0 billion and profit by ¥4.0 billion, due to the contribution to earnings from an increase in the number of transactions in the brokerage business for individuals, as well as improved occupancy rates and continued cost reductions in the Re-Park (rental parking lot business). In the Other segment, the Hotel and Resort business will continue to post losses mainly due to the impact of COVID-19, but we expect revenue to increase by 113.1 billion yen and profit to rise by 5.2 billion yen due to an expected recovery in occupancy rates, mainly driven by domestic demand. The profit and loss of the Tokyo Dome Group will be included in the "Other" segment from the first quarter of the fiscal year ending March 31, 2022. As a result, operating revenue is expected to increase by ¥142.4 billion to ¥2,150.0 billion, and operating income is expected to increase by ¥26.2 billion to ¥230.0 billion. Ordinary income will increase by 36.1 billion yen to 205.0 billion yen, factoring in the recovery of equity in earnings of affiliates in non-operating income and expenses. Net income attributable to shareholders of the parent company will increase by 30.4 billion yen to 160.0 billion yen, taking into account extraordinary gains and losses of 30.0 billion yen. We plan to pay an annual dividend of 44 yen per share (22 yen at the interim and 22 yen at the year-end) for the next fiscal year. Financial Statement Consolidated Income Statement (Forecasts) Revenues from Operations Leasing Property Sales Management Other Other 3/2022 Forecast (as of May 14, 2021) 0 2,150.0 3/2021 Actual (Billions of yen) Change 2, 2,007.5 142.4 680.0 623.0 56.9 670.0 714.7 (44.7) 420.0 402.9 17.0 380.0 266.8 113.1 Operating Income 230.0 203.7 26.2 Leasing 128.0 120.7 7.2 Property Sales Management 133.0 118.2 14.7 44.0 39.9 4.0 (22.0) (27.2) 5.2 (53.0) (47.9) (5.0) (25.0) (34.9) 9.9 (28.0) (26.4) (1.5) 3.0 (8.4) 11.4 Ordinary Income 205.0 168.8 36.1 Extraordinary Gains/Losses 30.0 22.9 7.0 Income before Income Taxes 235.0 191.8 43.1 Income Taxes 75.0 62.0 12.9 Profit 160.0 129.7 30.2 Profit attributable to non- (0.0) 1.0 (1.0) controlling interests Profit attributable to owners of the parent 160.0 129.5 30.4 Eliminations or Corporate Non-operating Income/Expenses Interest Income/Expense Other MITSUI FUDOSAN CO.,LTD 62 62#634-2. Forecasts for the Year to March 2022 (FY2021) Consolidated Statement of Earning Forecasts (Appendices) I Financial Statement (Billions of yen) 【Property sales] Property sales to Individuals 3/2022 (as of May 14, 2021) 3/2021 Actual 【Financial position] 3/2022 Change (as of May 14, 2021) 3/2021 Actual (Billions of yen) Change Revenue from 270.0 325.3 Operations (55.3) Tangible & Intangible Assets Condomini 230.0 290.2 (60.2) New Investments ums Revenue Detached from 40.0 35.1 4.8 Housing Depreciation 230.0 565.2 (335.2) 110.0 98.1 11.8 Operations/ Operating Operating 22.0 40.0 (18.0) Real Property for Sales Income (including Advances Paid or Purchases) Income Operating 8.1% 12.3% (4.1pt) New Investments 600.0 516.7 83.2 Margin Condominiums 3,100 3,775 (675) Cost Recovery 490.0 544.1 (54.1) Unit Detached 550 515 35 Housing Interest-Bearing Debt 3,700.0 3,623.4 76.5 Revenue from 400.0 389.3 10.6 Property Sales Operations to Investors Operating 111.0 78.2 32.7 MITSUI FUDOSAN CO.,LTD Income 63 83#644-3. Operating Income by Segment Financial Statement Financial accounting segments Innovation 2017 segments FY2020 actual FY2020 actual (Billions of yen) Leasing 120.7 Holding Holding 107.1 Sub-leasing Property Sales 118.2 Management 39.9 Other (27.2) Eliminations (47.9) Total 203.7 MITSUI FUDOSAN CO.,LTD 64 Trading 118.2 Management 53.4 Other (75.1) Total 203.7#654-4. Investment & Financial Data 【Interest-Bearing Debt Breakdown] (Billions of yen) 4,000 3,500 3,000 2.72% 2.66% 2.57% 2,500 2.24% 2.25% 2,000 3.42% 3.01% Financial Statement 4.00% 3.50% 3.00% 2.34% 2.50% 2.00% 1.26% 1,000 1.19% 1,500 1.35% 1.32% 1.22% 1.27% 1.21% 1.35% O 1.50% 1.21% 1.08% 1.00% 1.05% 0.96% 0.83% 500 0.72% 0.50% 0.62% 0.64% 2,040.0 1,976.1 2,226.2 2,287.4 2,604.6 2,906.6 3,481.1 3,623.4 0 0.00% 3/'14 3/'15 3/'16 3/'17 3/'19 3/120 3/'21 MITSUI FUDOSAN CO.,LTD Interest-Bearing Debt (Left) 3/'18 --Interest Rate (consolidated, Right) - Interest Rate (Japanese currency, Right) -- Interest Rate (foreign currency, Right) 65 95#664-4. Investment & Financial Data 【Interest-Bearing Debt Breakdown 】 Interest-Bearing Debt *consolidated As of March 31, 2021 Non-Recourse - Others Ratio of Bank Borrowing Excl. Non-recourse As of March 31, 2021 10.1% Non-Recourse - JPY 4.9% Corporate Others 15.6% Corporate - JPY 69.4% 【Maturity Profile] SB, CP 28.2% Bank Borrowing 71.8% Ratio of Long-Term Debt Short-Term 4.5% Excl. Non-recourse As of March 31, 2021 Financial Statement Ratio of Fixed-Interest Debt Floating 8.0% Excl. Non-recourse As of March 31, 2021 Long-Term 95.5% Fixed 92.0% Average Duration 6.31 years (Billions of yen) 450 Short-Term Borrowing, CP SB ■Long-Term Borrowing 400 350 163.0 300 138.7 110.4 79.0 3.8 250 36.4 95.7 63.4 200 35.0 66.9 50.0 150 65.0 100 217.8 237.5 259.6 253.5 216.4 191.9 177.5 190.4 160.5 154.6 113.6 50 0 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2069 *Excl. Non-recourse As of March 31, 2021 MITSUI FUDOSAN CO.,LTD 66 99#674-5. Shareholder Composition Financial Statement Shareholder Composition as of March 31 Individuals Financial Institutions Foreign Other companies, etc. 2021 4.3 37.1 46.0 12.6 2020 4.2 38.5 47.0 10.3 2019 4.0 37.6 47.9 10.5 2018 4.4 35.1 51.4 9.1 2017 4.6 34.6 50.8 10.0 2016 4.6 33.7 52.3 9.4 2015 5.0 31.9 54.0 9.1 2014 4.7 34.2 50.3 10.7 2013 5.8 35.9 47.9 10.4 2012 6.0 36.5 47.5 10.0 2011 6.1 35.6 48.3 10.0 2010 6.2 34.5 49.4 9.9 2009 6.3 37.0 47.3 9.4 2008 6.3 33.8 50.3 9.6 2007 6.4 36.7 47.8 8.8 2006 7.5 39.1 45.1 8.3 2005 9.3 45.7 37.6 7.5 2004 9.9 47.8 34.4 7.9 2003 10.9 52.9 29.1 7.1 2002 10.7 51.6 28.9 8.9 2001 10.9 49.0 30.2 9.9 2000 13.4 46.7 27.8 12.2 1999 11.5 52.2 25.1 11.3 1998 10.7 51.1 26.3 11.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MITSUI FUDOSAN CO.,LTD 67#685. Appendices(Market Trends)#695-1. Leasing Business Market Trends/Office Buildings Office Vacancy Rate Appendix Source: Miki Shoji (%) 10.00 9.00 8.57% (03/6,8) Mitsui Fudosan(Tokyo Metro; non-consolidated) -Central Tokyo 5 Wards(Source: Miki Shoji) 9.43% (12/6) 8.56% (13/3) 8.00 6.7% (14/03) 7.00 5.8% 5.3% (03/9) 6.00 (15/3) 5.42% (21/3) 4.34% 5.00 (16/3) 3.6% (17/3) 4.00 2.49% (07/11) 3.8% 2.8% (18/3) 3.00 (13/3) 3.3% 1.78% 1.9% 3.2% 2.00 0.9% (06/6) (14/3) (15/3) 2.6% (16/3) 3.4% (19/3) (20/3) 3.1% (21/3) 2.2% (17/3) (18/3) 1.00 1.7% (19/3) 1.5% (20/3) 0.9% (07/6) 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 20/3 21/3 Office Building Market Trend (Average rent / Vacancy rate) - 5 wards of Central Tokyo - (Yen/Tsubo) 25,000 20,000 15,000 8/'08:22,901 Yen/Tsubo 10,000 5,000 Average rent(Left) Dec. 2013 :16,207 Yen/Tsubo Dec. 2014:16,953 Yen/Tsubo Des. 2015 :17,692 Yen/Tsubo Dec. 2016 :18,540 Yen/Tsubo Dec. 2017 :19,173 Yen/Tsubo Vacancy rate (Right) Dec. 2018 :20,887 Yen/Tsubo Dec. 2019:22,206 Yen/Tsubo Dec. 2020:21,999 Yen/Tsubo Mar. 2021:21,541 Yen/Tsubo Source: Miki Shoji (%) 10 9 186 7 7/'20:23,014 Yen/Tsubo 16 5 4 + 3 21 0 0 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/03 12/3 13/03 14/3 15/03 16/03 17/03 18/3 19/3 20/3 21/3 MITSUI FUDOSAN CO.,LTD 69 69#705-1. Leasing Business Market Trends/Office Buildings Trend of Supply Volume of Large-Scale Office Buildings within Tokyo's 23 Wards (Calender year) (Million m) 250 ■Completed 216 Uncompleted (other 20 wards) Uncompleted (3 wards of central Tokyo) Past('86~'19) supply volume Appendix Source: Mori Building (as of May 25, 2020) Forecast supply volume after '20 (Annual average) 1.03 million m²/year (Total floor space) 200 150 100 50 50 0 72 12 (Annual average) 1.03 million m²/year (Total floor space) 175 154 125 121 119 91 77 117 86 85 65 187 48 141 143 35 109 97. 87 85 77 69 58 139 8 54 54 108 12 12 69 69 42 42 00 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 20 Net Absorption Trend(5 wards of Central Tokyo, Calender year) (Million m) 2.0 1.5 1.0 0.5 21 22 23 24 Source: Sanko Estate 0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1-3) -0.5 -1.0 MITSUI FUDOSAN CO.,LTD 70 0#715-2. Leasing Business Market Trends/Retail Facilities Year-on-Year Change in Sales by Category (Calender year) 4.0% -1.0% -6.0% -11.0% -16.0% -21.0% Appendix Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association --General shopping centers --Department stores --Chain stores 0.9% -22.3% -25.7% -26.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Mitsui Fudosan: Year-on-Year Change in Domestic Sales 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% -16.0% -18.0% -20.0% LaLaport (existing facilities) & Outlet park (existing facilities*Inc. Floor expansion) FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 08/10 08/20 08/30 08/40 09/10 09/2009/3Q 09/4Q10/1Q 10/2Q 10/3Q 10/4Q 11/1Q 11/2Q 11/3Q 11/40 12/10 12/20 12/3Q 12/4Q13/1Q 13/2Q 13/3Q 13/4Q 14/1Q 14/2014/30 14/4Q15/1Q 15/20 15/3Q 15/4Q 16/1Q 16/2Q 16/3Q 16/4Q17/1Q 17/2Q 17/3Q 17/40 18/10 18/2Q 18/3Q 18/4Q 19/1Q 19/2Q 19/3Q 19/40 20/1Q 20/2Q 20/3Q 20/4Q MITSUI FUDOSAN CO.,LTD FY2020/1Q Around -60% YoY change (Decrease mainly due to the closure of retail facilities (From April to May, 1.5month on avarage) as a result of COVID-19) 71#725-2. Leasing Business Market Trends/Retail Facilities EC Market in Japan(BtoC) (Calender year) (Billions of yen ) Appendix Source: Ministry of Economy 6.76% 20,000 Sales of EC market(Left) -EC ratio(Right) 6.22% 6.80% 5.79% 18,000 5.43% 5.80% 16,000 4.75% 4.37% 14,000 4.80% 3.85% 12,000 3.40% 3.17% 3.80% 2.84% 10,000 19,361 17,985 2.80% 8,000 16,505 15,136 6,000 12,797 13,775 11,166 1.80% 9,513 4,000 7,788 8,459 0.80% 2,000 0 -0.20% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 EC Conversion rate for each product in Japan (Calender year) Food, drink, liquor Cars, motorcycles, parts, etc. Cosmetics and pharmaceuticals Clothes and miscellaneous goods Household goods, furniture, interior Books, video / music software Home appliances, audio-visual equipment, PC peripheral equipment Office supplies, stationery MITSUI FUDOSAN CO.,LTD Source: International Economic Research Project for The Development of Economic Growth Strategies in Japan and Overseas (Market research on e-commerce) in 2020" by Ministry of Economy " 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 2015 2016 ■ 2017 2018 2019 72 22#735-3. Property Sales Business Market Trends/Property Sales to Individuals Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit (Calender year) (Thousand of units) 100.0 New units launched (Left) -•-Average unit price Tokyo metropolitan (Right) (Figures in bracket indicate OY change) Appendix Source: Real Estate Economic Institute (Millions of yen) 6,000 90.0 84.1 80.0 74.5 70.0 61.0 4,775 60.0 (2.8%) 4,535 (-5.0.%) 4,716 (4.0%) 4,929 (8.6%) 5,060 (2.7%) 5,908 5,871 (7.6%) (-0.6%) 5,980 (1.9%) 6,084 (1.7%) 4,578 4,540 (-2.9%) (-0.8%) 5,518 (9.1%) 5,490 (-0.5%) 5,000 50.0 43.7 56.5 44.5 44.9 44.5 40.4 36.4 45.6 35.8 35.9 37.1 40.0 30.0 4,644 (10.6%) 31.2 32.0 27.2 4,000 4,108 4,200 20.0 10.0 (0.1%) 2.2%) 0.0 T 3,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (E) Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory Source: Real Estate Economic Institute 112 (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 04/1 04/7 05/1 05/7 06/1 06/7 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 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 20/1 20/7 21/1 21/3 MITSUI FUDOSAN CO.,LTD 73#74Appendix Source: The Association for Real Estate Securitization 5-4. Property Sales Business Market Trends /Property Sales to Investors Acquisition of Assets by J-REITS (Calender year) (Billions of yen) Jan.-Dec.2008 Jan.-Dec.2009 Jan.-Dec.2010 = \1.0T = \0.24T = \0.52T Jan.-Dec.2011 = \0.71T Jan.-Dec.2012 = \0.8T Jan.-Dec.2013 = \2.28T Jan.-Dec.2014 = ¥1.59T Jan.-Dec.2015 = ¥1.59T Jan.-Dec.2016 = ¥1.76T Jan.-Dec.2017 = ¥1.33T Jan.-Dec.2018 = \1.77T Jan.-Dec.2019 = ¥1.42T Jan.-Dec.2020 = \1.39T 900 800 700 600 500 400 300 200 100 0 (FY) 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 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 2020 2020 2020 2020 2020 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 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 Yield Benchmark, Offices in Prime Locations 5.0% 4.0% Source: Survey by Japan Real Estate Institute 3.0% 3.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.5% 3.5% 3.5% 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.3% 3.2% 2.0% 3.0% 2.9% 2.8% 2.8% 2.7% 2.6% 2.6% 2.5% 2.4% 2.3% 2.2% 2.2% 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 20/6 20/12 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 Estate Institute.z MITSUI FUDOSAN CO.,LTD 74 14#755-5. Trends in Foreign Visitors to Japan and Japanese Departures Total number of foreign and Japanese guests (Calendar year) (Million man-days) Total number of Japanese guests ■Total number of foreigne guests Appendix Source. Japan Tourism Agency 595 600 537 504 509 492 115 500 465 473 439 65 79 400 413 27 417 33 44 69 == 94 26 18 309 309 301 300 22 22 18 304 18 480 200 385 398 413 432 428 438 423 429 443 286 287 283 286 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Consumption Trends of International Visitors to Japan (Calender year) (Million of people) Number of people going abroad to Japan Source. Japan National Tourism Organization Number of foreign travelers visiting Japan 51.96 50.14 50.00 46.58 41.15 40.00 35.95 31.88 30.31 31.19 28.69 30.00 26.84 27.83 25.64 24.33 25.24 24.03 22.24 23.21 19.73 8.35 13.41 10.36 8.34 20.00 8.35 8.61 6.21 6.78 10.00 17.29 15.98 15.44 16.63 16.99 18.49 17.47 16.90 16.21 17.11 17.88 18.95 20.08 7.28 4.11 3.17 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 MITSUI FUDOSAN CO.,LTD 75 35#76Disclaimer 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 76