#1MFLP Mitsui Fudosan Logistics Park Inc. 7th Fiscal Period (Fiscal Period Ended January 31, 2020) Investor Presentation Material March 16, 2020 Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) Securities Code 3471 MELP Mitsui Fudesan Logistics Park#2Table of Contents 1. Basic Strategy of MFLP-REIT (1) 5. Market Overview MFLP Mitsui Fudosan Logistics Park Inc. 1-1 Trajectory of Growth of Mitsui Fudosan's Logistics Facilities Business and 3rd Follow-On Offering P3 5-1 Market Overview P29 2. Basic Strategy of MFLP-REIT (2) 6. Appendix 2-1 Four Roadmaps to Stable Growth and Trajectory of Growth P6 . Statement of Income and Balance Sheet • Individual Property Income Statement P34 P35 2-2 Steady Implementation of Four Roadmaps P7 for 7th Fiscal Period • Appraisal Summary for the End of 7th Fiscal Period P36 3. Financial Summary • Initiatives for ESG P37 3-1 Financial Highlights P10 • Initiatives for ESG P38 3-2 7th Fiscal Period (Ended January 2020) P/L P11 - Environmental Principles and Initiatives for Environment 3-3 8th Fiscal Period (Ending July 2020) Earnings P12 • Initiatives for ESG P39 Forecast - Initiatives for Society 3-4 (Reference) Distribution after adjustment of temporary effects P13 • Initiatives for ESG P40 4. Management Status of MFLP-REIT - Initiatives for Governance with Consideration for Unitholders' Interests P41 • Investment Unit Price Trends/Status of Unitholders 4-1 Our Portfolio P15 4-2-1 Location P17 Mitsui Fudosan's Major Development/Operation Track Record P42 4-2-2 Quality 4-2-3 Balance 4-3 External Growth 4-4 Internal Growth P19 . P20 Notes on Matters Stated in this Document P21 • Disclaimer P43 P45 P23 4-5 Financial Strategy P25 4-6 Unitholder Relations P27 1#31. Basic Strategy of MFLP-REIT (1) MFLP-REIT aims to maximize unitholder value through a strategic partnership with Mitsui Fudosan, a major property developer that leverages the comprehensive strengths of its corporate group to create value in its logistics facilities MFLP Mitsui Fudosan Logistics Park Inc. 2#41-1. Trajectory of Growth of Mitsui Fudosan's Logistics Mitsui Fudosan MFLP Logistics Park Inc. Facilities Business and 3rd Follow-On Offering [1 of 2] Development sites securing capability through its corporate real estate (CRE) strategy Various CRE needs of client firms Re-establishment of corporate logistics Development of corporate infrastructure Utilization of idle land Trimming down of balance sheet (Off-balancing) Proposal of CRE strategies Global development (Establishment of overseas sites) Sale of real estate, etc. MITSUI FUDOSAN Mitsui Fudosan MFLP Logistics Park Inc. Develop high-quality properties in prime locations Image of growth of properties (to be) developed/operated * by Mitsui Fudosan Mitsui Fudosan established the Logistics Properties Department Fiscal 2012 Fiscal 2013 Cumulative total investment size as of November 2019 40 facilities 570.0 billion yen* Cumulative total investment size as of May 2018 32 facilities 480.0 billion yen* Transition to "Logistics Properties Business Division" at Mitsui Fudosan MFLP- REIT IPO Fiscal 2014 Fiscal 2015 Fiscal 2016 Fiscal 2017 Fiscal 2018 Fiscal 2019 (planned) Fiscal 2020 (planned) Fiscal 2021 or after (planned) *For further details, please refer to "Major properties developed/operated by Mitsui Fudosan" on p. 43. 3#51-1. Trajectory of Growth of Mitsui Fudosan's Logistics Facilities Business and 3rd Follow-On Offering [2 of 2] Leasing capability leveraging client network MITSUI FUDOSAN Office building business Approx. 3,000 firms * Fully leverage the Mitsui Fudosan Group's broad client network Retail facility business Approx. 2,300 firms * Strong relationships with leading 3PL operators *Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2019 Mitsui Fudosan MFLP Logistics Park Inc. Solutions-based asset management MFLP-REIT Evolution of solutions-based asset management Challenges facing logistics firms End user Logistics firm (3PL operator, etc.) Improving the efficiency of operations Addressing BCP, etc. Labor shortage Anticipation of future rises in delivery costs Responding to automation Properties defined in "Right of first look and preferential negotiation rights agreement" * 10 properties 1,180,000 m² Stably-operated as leasing progress Construction completed: 760,000 m² Construction not completed: 420,000 m² NEW NEW MFLP Hino (75%) MFLP Ibaraki MFLP Funabashi II MFLP Osaka l MFLP Yachiyo Katsutadai NEW NEW Further expansion of properties defined in "Right of first look and preferential negotiation rights agreement" MFLP Kawaguchi | MFLP Hiratsuka II MFLP Yokohama Kohoku MFLP Tosu MFLP-REIT's asset size (After acquisition of properties acquired in the 8th FP) 18 properties 950,000 m² 205.0 billion yen Location Quality Balance 3rd follow-on offering Number of newly issued investment units 62,000 units (29.7 billion yen) Number of investment units issued and outstanding after follow-on offering 441,000 units Rampway Properties acquired in the 8th FP Slope MFLP Funabashi III Rampway MFLP Prologis Park Kawagoe (50%) MFLP Hiroshima I MFLP Sakai (80%) Acquisition price 48.3 billion yen *For further details, please refer to "Properties defined in 'Right of first look and preferential negotiation rights agreement"" on p. 43. Continuous external growth 4#62. Basic Strategy of MFLP-REIT (2) MFLP Mitsui Fudosan Logistics Park Inc. LO 5#7Fudosan 2-1. Four Roadmaps to Stable Growth and Trajectory of Growth MFLP Logistics Park Inc. Fiscal 2016 - Fiscal 2019 1st 6th fiscal periods Fiscal 2020 7th fiscal period 8th fiscal period 9th fiscal period Asset size 1st follow-on offering January 2018 2nd follow-on offering January 2019 3rd follow-on offering January 2020 Acquisition with borrowed funds, etc. August 2017 Acquisition with borrowed funds, etc. December 2018 16 properties 12 properties 13 properties 9 properties 10 properties 75.5 billion yen 78.7 billion yen 98.3 billion yen 103.5 billion yen 156.7 billion yen 205.0 18 properties Target asset size Achieved 200 billion yen billion yen MFLP Prologis Park Kawagoe (50%) MFLP Hiroshima I MFLP Sakai (80%) LTV* Fiscal 2021 or after 10th fiscal period or after Aim to continuously acquire properties, focused on high-quality properties covered by "Right of first look and preferential negotiation rights agreement" 300.0 billion yen Aim for further expansion of asset size Medium-term target asset size End of 9th fiscal period (Forecast) (January 31, 2021) Fund procurement and LTV management optimal for the expansion of acquired asset size Medium-to long-term stabilized LTV level 40% to 50% range End of 7th End of 1st fiscal period End of 2nd fiscal period End of 3rd fiscal period End of 4th fiscal period End of 5th fiscal period End of 6th fiscal period fiscal period (January 31, 2020) End of 8th fiscal period (Forecast) (July 31, 2020) 24.5% 21.6% 22.5% 23.9% 26.8% 29.1% 27.3% 30.6% 28.9% Distribution per unit (DPU) 1st fiscal period 2nd fiscal period 3rd fiscal period 4th fiscal period 5th fiscal period 6th fiscal period 7th fiscal period 8th fiscal period (Forecast) 9th fiscal period (Forecast) 5,198 yen 5,346 yen 6,890 yen 7,217 yen 6,496 yen 6,584 yen 6,105 yen 5,563 yen 5,832 yen Market cap * Trends of NAV per unit* 305,914 yen 314,345 yen 292,424 yen 318,471 yen End of 6th fiscal period 354,492 yen 326,618 yen End of 7th fiscal period February 2020) After 3rd follow-on offering (as of the end of 286,378 yen 273,318 yen End of 1st fiscal period 76.1 billion yen End of 2nd fiscal period End of 3rd fiscal period End of 4th fiscal period End of 5th fiscal period 71.5 billion yen 84.4 billion yen 84.7 billion yen 198.9 billion yen 212.7 billion yen September Inclusion in EPRA/NAREIT Index 2019 *For further details, please refer to "Four Roadmaps to Stable Growth and Trajectory of Growth" on p. 43. 90.7 149.1 billion yen billion yen Continuous DPU growth through leverage effects Expansion of market cap through public offerings, etc. Growth potential 6#82-2. Steady Implementation of Four Roadmaps [1 of 2] Expansion of Asset Size Improvement of portfolio quality and stability Mitsui Fudosan MFLP Logistics Park Inc. End of (January 31, 2020) 7th fiscal period Properties acquired in the 8th FP No. of properties/Total floor area 16 properties/720,000 m² Asset size Adjusted forecast NOI yield Average NOI yield * 156.7 billion yen 5.2% 4.9% Average building age * 5.0 years 44.6% Top 5 property ratio Top 5 tenant ratio (logistics facilities only) * 41.2% LTV Management Expansion of acquisition capacity LTV* Acquisition capacity * (with LTV at 50%) End of (July 31, 2019) 6th fiscal period 29.1% 67.0 billion yen + 3 properties/220,000 m² 48.3 billion yen 5.1% 4.7% 2.8 years Further diversification After acquisition of properties acquired in the 8th FP 18 properties / 950,000 m² 205.0 billion yen 5.2% 4.9% 4.5 years 41.2% 33.5% End of (January 31, 2020) 7th fiscal period 27.3% End of (July 31, 2020) 8th fiscal period (Forecast) 30.6% End of (January 31, 2021) 9th fiscal period (Forecast) 28.9% *For further details, please refer to "Four Roadmaps to Stable Growth and Trajectory of Growth" on p. 43. 85.0 billion yen 80.0 billion yen 71.0 billion yen 7#92-2. Steady Implementation of Four Roadmaps [2 of 2] Continuous DPU* Growth Property acquisition considering portfolio yield Issuance of new investment units (Equity) DPU (yen) ( ) EPU (yen) 6,415 6,105 6,496 6,541 6,584 6.852 6,890 5,832 5,963 (5,905) (5,956) (5,783) (5,811) 5,563 5,745 (5,497) 5,346 5,493 (5,288) 5,198 5,190 (5,142) 4,923 (4,955) Annual average growth rate (actual/year) DPU 8.2% EPU 6.0% Annual average growth rate (including forecasted DPU for the 8th FP and 9th FP) DPU 8.6% EPU 6.4% Continuous DPU growth 7,217 7,152 (6,353) LTV management (Debt) Forecast "Actual FP ended Jan. 2017 (1st FP) *1 Announced on Sep. 13, 2016 Forecast Actual FP ended Jul. 2017 (2nd FP) *2 Announced (6th FP) Forecast 3 Actual FP ended Jan. 2018 (3rd FP) Forecast FP ended Jul. 2018 (4th FP) Actual Forecast Actual FP ended Jan. 2019 (5th FP) Forecast 6 Actual FP ended Jul. 2019 on Mar. 16, 2017 *3 Announced on Sep. 13, 2017 *4 Announced on Mar. 15, 2018 *5 Announced on Sep. 14, 2018 *6 Announced on Mar. 15, 2019 Forecast Actual FP ended Jan. 2020 (7th FP) *7 Announced on Sep. 13, 2019 Forecast Forecast '9 FP ending Jul. 2020 (8th FP) *8 Announced on Jan. 8, 2020 Expansion of Market Capitalization Enhancement of stability of investment unit price and liquidity Market cap NAV per unit * Average daily trading value End of (July 31, 2019) 6th fiscal period 149.1 billion yen 318,471 yen Before inclusion (from September 20, 2018 to January 31, 2019) 288 million yen End of (January 31, 2020) 7th fiscal period 198.9 billion yen 326,618 yen FTSE EPRA/NAREIT Global Real Estate Index Inclusion in FTSE EPRA/NAREIT Global Real Estate Index (September 20, 2019) Forecast 8 Forecast '9 FP ending Jan. 2021 (9th FP) *9 Announced on Mar. 13, 2020 After 3rd follow-on offering 212.7 billion yen *As of the end of February 2020 354,492 yen *After acquisition of properties acquired in the 8th FP After inclusion (from September 20, 2019 to January 31, 2020) 817 million yen *For further details, please refer to "Four Roadmaps to Stable Growth and Trajectory of Growth" on p. 43. 8#103. Financial Summary (7th fiscal period: from August 1, 2019 to January 31, 2020) MFLP Mitsui Fudosan Logistics Park Inc. 9#113-1. Financial Highlights Asset size (total amount of acquisition price) Asset Appraisal value Unrealized gain * End of 7th fiscal period (Actual) 16 properties 156.7 billion yen 16 properties 169.7 billion After acquisition of properties acquired in the 8th FP 18 properties 205.0 billion yen 18 properties yen 218.4 17.2 billion yen billion yen 17.5 billion yen Appraisal value (billion yen) Mitsui Fudosan MFLP Logistics Park Inc. 18 properties 218.4 16 properties 16 properties 167.6 169.7 13 12 properties properties 112.1 105.1 End of 4th fiscal period End of 5th fiscal period End of 6th fiscal period End of 7th fiscal period After acquisition of properties acquired in the 8th FP End of 7th fiscal period (Actual) End of 8th fiscal period (Forecast) LTV 30.6% 29.1% 27.3% 28.9% 26.8% Balance of interest-bearing 42.9 billion yen 62.9 billion yen 23.9% debt Debt LTV * 27.3% Distribution per unit * Equity NAV per unit 30.6% End of 4th fiscal period End of 5th fiscal period End of 6th fiscal period End of 7th fiscal period End of 8th fiscal period (Forecast) End of 9th fiscal period (Forecast) 7th fiscal period (Actual) 6,584 yen End of 7th fiscal period (Actual) 326,618 yen 8th fiscal period (Forecast) 6,890 yen After acquisition of properties acquired in the 8th FP 354,492 yen Distribution per unit (yen) 7,217 6,890 6,584 6,496 6,105 5,832 4th 5th 6th 7th 9th 8th fiscal period fiscal period fiscal period fiscal period fiscal period fiscal period (Forecast) (Forecast) *For further details, please refer to "Financial Highlights" on p. 43. 10#123-2. 7th Fiscal Period (Ended January 2020) P/L Mitsui Fudosan MFLP Logistics Park Inc. 6th period Actual (Unit: million yen) (a) 7th period Forecast (Mar. 15, 2019) 7th period Actual (b) Difference (b)-(a) Main breakdown of difference Operating revenue 4,969 5,077 5,064 94 Operating revenue Increase due to full-period operation of properties +154 Operating expenses 2,650 2,779 2,748 98 acquired in the 6th FP (MFLP Hino (10%), Tsukuba (40%), Inazawa, Atsugi II, Fukuoka I, MFIP Inzai (80%)) Of which, Depreciation 1,314 1,327 1,326 12 (those related to properties only) Decrease in rent income due to tenant move-out at "GLP/MFLP Ichikawa Shiohama" - 38 Operating income 2,318 2,298 2,315 - 3 Decrease in photovoltaic power generation facilities rent revenue (excluding properties acquired in the 6th FP) Increase in other operating revenue - 34 +12 Non-operating income 3 26 23 23 Operating expenses Increase due to full-period operation of properties +49 Non-operating expenses 118 82 103 -15 acquired in the 6th FP (MFLP Hino (10%), Tsukuba (40%), Inazawa, Atsugi II, Fukuoka I, MFIP Inzai (80%)) Ordinary income 2,203 2,215 2,238 35 Increase in asset management fee +42 Increase in other operating expenses +5 Profit (Net income) 2,202 2,214 2,237 35 Non-operating income Increase in insurance income +22 Distribution per unit (DPU) (yen) 6,496 6,541 6,584 88 Non-operating expenses Of which, 5,811 5,843 5,905 94 Distribution of earnings per unit (EPU) (yen) Absence of offering costs associated with issuance of investment units - 32 Of which, Increase in disaster restoration expenses +17 Distribution in excess of earnings per unit (yen) 685 698 679 -6 Distribution in excess of earnings 19.7% 19.9% 19.4% <Reference> Formula for distribution per unit based on FFO * expressed as a percentage of depreciation Average occupancy rate during the period*1 100% 100% 99.4% * For further details, please refer to "Method of calculation of cash distribution based on FFO" on p. 44. *1 The simple average of the occupancy rates as of the end of each month in each fiscal period is indicated. FFO Source of funds for distribution == Profit (Net income) 1 FFO + Depreciation, etc. 1 70% ...② Distribution = per unit 2 Source of funds for distribution ÷ Number of investment units issued and outstanding 11#133-3. 8th Fiscal Period (Ending July 2020) Earnings Forecast Mitsui Fudosan MFLP Logistics Park Inc. 7th period Actual 8th period Forecast (a) (b) Difference (b)-(a) Main breakdown of difference <Reference> 9th period Forecast (Unit: million yen) Operating revenue 5,064 6,381 1,317 Operating revenue 6,665 Increase due to properties acquired in the 8th FP (MFLP Prologis Park Kawagoe (50%), Hiroshima I, Sakai (80%)) +1,291 Operating expenses 2,748 3,600 852 3,735*2 Of which, Depreciation 1,326 1,714 387 Increase in photovoltaic power generation facilities rent revenue (excluding properties acquired in the 8th FP) Decrease in other operating revenue +42 - 16 1,745 (those related to properties only) Operating income 2,315 2,780 464 2,929 Operating expenses Non-operating income 26 33 7 Increase due to properties acquired in the 8th FP (MFLP Prologis Park Kawagoe (50%), Hiroshima I, Sakai (80%)) +565 Expensing of fixed asset tax and city planning tax for properties acquired in the 6th FP +155 Non-operating expenses 103 186 82 62 (MFLP Hino (10%), Tsukuba (40%), Inazawa, Atsugi II, Fukuoka I, MFIP Inzai (80%)) 127 Increase in asset management fee +79 Increase in other operating expenses +52 Ordinary income 2,238 2,627 389 2,802 Profit (Net income) 2,237 2,626 389 Non-operating expenses 2,801 Interest expenses +24 Offering costs associated with issuance of +27 investment units Distribution per unit (DPU) (yen) 6,584 6,890 306 Amortization of investment unit issuance 7,217 +15 expenses Other non-operating expenses +16 Of which, 5,905 5,956 51 6,353 Distribution of earnings per unit (EPU) (yen) Of which, Distribution in excess of earnings per unit (yen) 679 934 255 *1 The simple average of the occupancy rates as of the end of each month in each fiscal period is indicated. 864 Distribution in excess of earnings 19.4% 24.0% expressed as a percentage of depreciation Average occupancy rate during the period*1 99.4% 99.7% *2 The fixed asset tax and city planning tax (170 million yen) for the properties acquired in the 8th FP(MFLP Prologis Park Kawagoe 50%, MFLP Hiroshima I, MFLP Sakai 80%) is not included and will be recorded in and after the 10th FP. 21.8% 100% 12#143-4. (Reference) Distribution after adjustment of temporary effects MFLP Mistak Logistics Park Inc. The right chart is a graph which shows the comparison of the estimated values of distribution after adjustment of temporary effects estimated by making the following adjustments based on the forecasted figures for the 8th fiscal period (ending July 2020) and 9th fiscal period (ending January 2021) announced on March 13, 2020. 1. As for the property leasing business revenues and property leasing business expenses for the properties acquired in the 8th FP, it is assumed that full-period operation will be implemented in the 8th fiscal period (ending July 2020) and 9th fiscal period (ending January 2021). 2. It is assumed that property-related taxes including fixed asset tax and city planning tax for the properties acquired in the 8th FP will occur from the beginning of the 8th fiscal period (ending July 2020), and that 170 million yen will be recorded as expenses in the 8th fiscal period (ending July 2020) and 9th fiscal period (ending January 2021). 3. 27 million yen of expenses related to the issuance of new investment units which will temporarily occur in the 8th fiscal period (ending July 2020) due to the 3rd follow-on offering is excluded from non-operating expenses. (yen) 8,000 7,500 FP ending July 2020(8th FP) Forecasted DPU, etc. FP ending January 2021 (9th FP) Forecasted DPU, etc. 7,217 7,075 7,035 7,000 6,890 6,500 4. The interest expenses of borrowings which fluctuate due to the adjustment of the management period of properties acquired in the 8th FP have been added to non- operating expenses. 6,000 5. Expenses linked to factors such as operating income and profit (net income) which fluctuate due to the above adjustments. 5,500 As a specific example, it is assumed that management fee will increase by 21 million yen in the 8th fiscal period (ending July 2020) and decrease by 28 million yen in the 9th fiscal period (ending January 2021). 5,000 Moreover, such DPU after adjustment of temporary effects (estimate) does not aim to estimate distributions for a specific calculation period, and does not have the meaning as the forecast of distributions, etc. during a specific calculation period. DPU after adjustment of temporary effects (estimate) is not an indicator stipulated in the corporate accounting standards ("Japanese GAAP") which is generally accepted in Japan, and shall not be taken into consideration as an alternative indicator of other indicators indicated in conformity with the Japanese GAAP. Furthermore, DPU after adjustment of temporary effects does not guarantee whether or not distribution will be made in the future as well as the amount of such distribution in any sense. Please note that the actual DPU during the calculation period for the 8th fiscal period (ending July 2020) and 9th fiscal period (ending January 2021) may differ significantly from the DPU after adjustment of temporary effects (estimate). 0 Forecast made this time After adjustment of temporary effects Forecast made this time After adjustment of temporary effects *Revenue in even periods and odd periods differ due to seasonal factors. Moreover, the difference of rent for photovoltaic power generation facilities, which is the main seasonal factor, between the 8th fiscal period (ending July 2020) and 9th fiscal period (ending January 2021) is assumed to be approximately 47 million yen. 13#154. Management Status of MFLP-REIT 4-1. Our Portfolio 4-2-1. Location 4-2-2. Quality 4-2-3. Balance 4-3. External Growth 4-4. Internal Growth 4-5. Financial Strategy 4-6. Unitholder Relations MFLP Mitsui Fudosan Logistics Park Inc. 14#164-1. Our Portfolio [1 of 2] (After acquisition of properties acquired in the 8th FP) MFLP Mitsui Fudosan Stable portfolio with investment focused on MFLPS-leading-edge logistics facilities developed by Mitsui Fudosan―of relatively young building age Total acquired assets 18 properties / 205.0 billion yen Adjusted forecast NOI yield * 5.2% (after depreciation: 3.5%) Average appraisal NOI yield * 4.6% Average building age 4.5 years Logistics Park Inc. Occupancy rate 99.3% Property Category no. Property name Location Acquisition price (million yen) Appraisal value * (million yen) Adjusted forecast Appraisal NOI yield * NOI yield * * NOI yield * (%) Total floor area *1 Building age" (m²) (years) (%) Occupancy rate (%) (%) L-1 GLP/MFLP Ichikawa Shiohama (50% quasi co-ownership interest) Ichikawa, 105,019 Chiba 15,500 17,900 4.9 4.7 4.1 6.0 87.6 (52,509) Kuki, L-2 MFLP Kuki Saitama 12,500 14,300 5.8 5.3 4.6 73,153 5.6 100 MFLP Yokohama Daikoku Yokohama, L-3 (50% quasi co-ownership 10,100 10,900 5.1 interest) Kanagawa 50 L-4 MFLP Yashio Yashio, Saitama 9,650 11,100 5.4 549 100,530 5.0 4.6 10.8 100 (50,265) 5.1 4.5 40,728 5.9 100 L-5 MFLP Atsugi Aiko, Kanagawa 7,810 9,140 5.8 5.5 4.7 40,942 4.9 100 Logistics Funabashi, L-6 MFLP Funabashi Nishiura 6,970 facilities Chiba 7,890 5.3 5.2 4.6 30,947 5.0 100 L-7 MFLP Kashiwa Kashiwa, 6,300 7,110 5.3 5.2 4.6 Chiba 31,242 4.2 100 Additional acquisition in the 8th FP L-8 (80% quasi co-ownership interest) Sakai, 23,600 Osaka 24,060 5.2 4.7 4.6 125,127 5.4 100 MFLP Sakai Komaki, L-9 MFLP Komaki Aichi 8,260 8,570 5.1 4.9 19 4.7 40,597 3.0 100 MFLP Hino L-10 (25% quasi co-ownership interest) Hino, 205,200 Tokyo 12,533 12,600 4.6 4.3 4.3 4.3 100 (51,300) L-11 MFLP Hiratsuka Hiratsuka, Kanagawa 7,027 7,150 49 4.9 4.7 4.6 33,061 3.2 100 15#174-1. Our Portfolio [2 of 2] (After acquisition of properties acquired in the 8th FP) MFLP Mitsui Fudosan Logistics Park Inc. Property Category Property name no. Location Acquisition price (million yen) Appraisal value (million yen) Adjusted forecast NOI yield * NOI yield * (%) Appraisal NOI yield * Total floor area *1 (m²) Building age* (years) Occupancy rate (%) (%) (%) Existing L-12 MFLP Tsukuba building Tsukubamirai, Annex Ibaraki building *2 37,027 9.6 6.1 8,781 10,100 5.8 5.0 100 (5.8) 25,457 1.8 L-13 MFLP Inazawa Inazawa, Aichi 16,200 16,500 5.2 4.8 4.7 72,883 2.7 100 L-14 MFLP Atsugi II Logistics Isehara, Kanagawa 13,100 13,500 4.8 4.5 4.4 48,976 1.8 100 facilities L-15 MFLP Fukuoka I Kasuya, 5,263 5,430 5.6 5.1 5.0 32,199 3.3 100 Fukuoka Acquired in 8th FP L-16 MFLP Prologis Park Kawagoe Kawagoe, 14,800 14,800 4.7 4.4 Saitama 44 (50% quasi co-ownership interest) 117,337 4.4 1.3 100 (58,668) Acquired in 8th FP Hiroshima, L-17 MFLP Hiroshima I 14,480 14,600 5.4 Hiroshima 54 5.1 50 5.0 68,427 0.4 100 Subtotal or Average 1,228,860 192,874 205,650 5.2 4.9 4.6 4.4 99.3 (913,516) Industrial real estate Inzai, I-1 MFIP Inzai 12,220 12,800 5.0 5.0 4.7 40,478 5.9 Chiba Not disclosed Total or Average | Reference: As of end of 7th fiscal period 205,094 218,450 5.2 4.9 4.6 1,269,338 (953,994) 4.5 99.3 Logistics facilities 1,043,095 Subtotal 144,494 156,950 5.2 4.9 4.5 4.9 99.1 (Property no. L-1 to L-15) *3 (686,318) 1,083,574 Total (Property no. L-1 to L-15, I-1) *3 156,714 169,750 5.2 4.9 4.6 5.0 99.1 (726,796) *For further details, please refer to "Our Portfolio" on p. 43. *1: "Total floor area" figures in parentheses are the figures after taking into consideration the ownership interest. *2: The annex building at MFLP Tsukuba qualifies for partial reduction or exemption of fixed asset tax and city planning tax until 2021. The adjusted forecast NOI yield after the end of this tax reduction or exemption treatment is expected to be 5.8%. *3: MFLP-REIT's quasi co-ownership interests in L-8 "MFLP Sakai" as of the end of 7th FP is 20%. 16#184-2-1. Location [1] Acquired assets Rampway MFLP Facilities Slope MFLP Facilities Tohoku Expressway MFLP Kuki L-2 Kuki IC Shiraoka Shobu IC Metropolitan Inter-City Expressway (Ken-O Expressway) MFLP Tsukuba L-12 Tsukuba Chuo IC Tsukuba JCT Fudosan MFLP Logistics Park Inc. Box MFLP Facilities Saitama Prefecture Okegawa Kitamoto IC MFIP Facilities Properties defined in "Right of first look and preferential negotiation rights agreement" Rampway MFLP Facilities Slope MFLP Facilities Tsurugashima JCT Kanetsu Expressway Kawagoe IC MFLP Tokorozawa Tokyo Gaikan Expressway L-16 MFLP Prologis Park Kawagoe (Gaikan Expressway) 16 Joban Expressway National Route 16 MFLP Kashiwa L-7 Kashiwa IC Gaikan Misato-Nishi le Soka IC Misato JCT 1-1 MFIP Inzai MFLP Yashio L-4 Taiei JCT Misato Minami IC MFLP Kawaguchi I Oizumi JCT MELP Tachikawa Tachihi MFLP Funabashi Nishiura Tokyo Box MFLP Facilities Central Circular Route Wangan Ichikawa IC MFLP Yachiyo Katsutadai L-6 MFLP Funabashi III Hachioji JCT Chuo JCT (tentative name) Higashi-Kanto Expressway MFLP Osakat Chuo Expressway Takaya JCT Chidoricho Je MFLP IbarakiMFLP Osaka Katano Osaka Prefecture L-8 MFLP Sakai Keiyo Road Ohashi JCT Kasai JCT Properties developed by Mitsui Fudosan Rampway MFLP Facilities Hachioji JCT L-10 MFLP Hino Tomei JCT (tentative name) MFLP L-1 GLP/MFLP Funabashi | MFLP Funabashill Chiba Prefecture Tokyo Rail Gate EAST MFLP Yokohama Kohoku Oi JCT Ichikawa Shiohama MFIP Haneda L-13 MFLP Inazawa L-9 MFLP Komaki Ichikawa Shiohama Logistics facility Aichi Prefecture Slope MFLP Facilities L-5 MFLP Atsugi, Sagamihara Aikawa IC MFLP Kawasaki I development plan Haneda Airport Third Keihin Road Kanagawa Prefecture MFLP Ebina Box MFLP Facilities MFIP L-14 MFLP Atsugi II Isehara Atsugi IC JCT Tomei Expressway Ebina JCT Isehara Oyama JCT Atsuki Minami IC MFP Hiratsuka II Ebina Minami JCT Samukawa Kita IC Mitsui Fudosan's strategic area Samukawa Minami IC Fujisawa IC Kamariya JCT *After acquisition of properties acquired in the 8th FP L-11 MFLP Hiratsuka II Wangan Line Daikoku Futo IC L-3 MFLP Yokohama Daikoku Kisarazu JCT Tateyama Expressway L-15 MFLP Fukuoka | Fukuoka Prefecture MFLP Tosu Hiroshima Prefecture Okayama, Prefecture L-17 MFLP Hiroshima I 17#194-2-1. Location [2] Geographically diversified portfolio Location offering excellent access to transportation nodes Mitsui Fudosan MFLP Logistics Park Inc. Location taking into consideration convenience in terms of commuting to work for employees area Access (time) to nearest train station Within walking distance Investment target Access (distance) to Inearest expressway interchange Kyushu Hiroshima area Tokyo metropolitan 5 km or more 4.3% 2.7% Less than 1 km 26.6% area 7.5% area 64.8% By bus (20-30 minutes) 4.0% 3 km or more but less than 5 km (20-25 minutes) 4.6% Greater Nagoya area 12.7% Shuto Expressway 28.1% 16.9% Wangan Line Tokyo-Gaikan Tokyo Expressway metropolitan area and Kansai area 77.1% 5.0% Kansai National Route 16 17.4% area 12.2% Ken-O Expressway 25.5% Less than 5 km 95.7% 1 km or more but less than 3 km 41.0% By bus (20 minutes or less) 42.7% *The pie charts above indicate figures for the portfolio after the acquisition of properties acquired in the 8th FP calculated on an acquisition price basis (excluding MFIP property). Within walking distance/ Within 20 min. by bus 96.0% Within walking distance (20 minutes or less) 48.7% 18#204-2-2. Quality Mitsui Fudosan MFLP Logistics Park Inc. MFLP-REIT focuses investment in "leading-edge logistics facilities with Mitsui Fudosan quality" realized by applying Mitsui Fudosan's know-how as a comprehensive developer Mitsui Fudosan quality Basic specifications of leading-edge logistics facilities Large-sized site [Total floor area] At least 10,000 m² Storage space Effective ceiling height At least 5.5 m Column spacing At least 10 m Floor load capacity MFLP Sakai At least 1.5 tons/m² High performance [Column spacing] At least 10 m [Effective ceiling height] At least 5.5 m [Floor load capacity] At least 1.5 tons/m² • Disaster prevention Adoption of seismic isolation Emergency power generator Equipped with Seismic isolation • Quake-resistance • Emergency power generation ...etc. MFLP Sakai MFLP Kashiwa ■ & Worker MELP Hiroshima I MFLP Hiroshima | Cafeteria Unmanned store MFLP Prologis Park Kawagoe Seasonal decoration ■ & Community MELP Prologis Park Kawagoe Public open space J & A | & Tenant GLP/MFLP Ichikawa Shiohama MFLP Hiroshima | Commuter shuttles Bicycle sharing I & Earth MFLP Hino MFLP Hiroshima I Childcare facilities Monument Solar panels MFLP Sakai MFLP Prologis Park Kawagoe LED lights *Photos are for illustrative purposes only. An MFLP facility or each portfolio asset is not necessarily equipped with all of the abovementioned standard specifications and features. Some of the specific examples include also those of properties not held by MFLP-REIT. 19#214-2-3. Balance Logistics Park Inc. MFLP Mitsui Fudosan Securing growth and stability by building a balanced portfolio through acquisition of MFLPs developed in consideration of land characteristics and tenant needs Investment ratio: 80% or more Logistics facilities Investment ratio: 20% or less Industrial real estate Logistics needs Shipping needs Tenant type Multi-tenant type Rampway MFLP Slope MFLP L MFLP Multi Prologis Park | Kawagoe MFLP Sakai Multi Multi MFLP Hiroshima I Multi MFLP Atsugi II Multi MFLP Hino Multi MFLP Inazawa Multi GLP/MFLP Ichikawa Shiohama Multi MFLP Yokohama Daikoku Single MFLP Komaki Multi MFLP Kuki Single MFLP Atsugi MP Storage needs Single tenant type Box MFLP Data center, etc. Mainly long-term BTS type MFIP Single MFLP Fukuoka I Single MFLP Tsukuba Other 1 MFLP Hiratsuka Multi MFLP Yashio Single MFLP Funabashi Nishiura (Mitsui Fudosan Industrial Park) BTS MFIP Inzai *2 Investment ratio by property type Rampway MFLP 37.3% Data center 6.0% O Box MFLP 21.4% Slope MFLP 35.3% Investment ratio by tenant type BTS 6.0% Other 3.4% *2 Single MFLP Kashiwa Multi 69.5% *1 "Other" refers to a property for which the classification (multi or single) cannot be disclosed in this material as consent for disclosure has not been obtained from the lessee. *2 Figures for the portfolio after the acquisition of properties acquired in the 8th FP calculated on an acquisition price basis. Single 21.2% 20 20#224-3. External Growth [1] Stable growth utilizing the growth potential and extensive pipeline of Mitsui Fudosan's logistics facilities business Various CRE needs of client firms MFLP Logistics Park Inc. Fudosan Re-establishment of corporate logistics Development of corporate infrastructure Proposal of CRE strategies MITSUI FUDOSAN Utilization of idle land Trimming down of balance sheet (Off-balancing) MFLP Mitsui Fudosan Logistics Park Inc. Global development (Establishment of overseas sites) Sale of real estate, etc. Further development of Mitsui Fudosan's logistics facilities business Mitsui Fudosan's major development/operation track record *: 40 facilities 570.0 billion yen 3,600,000 m² in total floor area Properties held by MFLP-REIT and properties acquired in the 8th FP Additionally acquired in 8th FP Properties defined in "Right of first look and preferential negotiation rights agreement" NEW Properties developed/operated by Mitsui Fudosan Construction completion in fiscal 2016 Construction completion in fiscal 2021 MFLP MFLP MFLP Yokohama Daikoku Atsugi Inazawa MFLP Sakai MFLP Ibaraki Acquired in 8th FP MFLP Osaka I NEW MFLP Funabashi I Construction completion in fiscal 2019 MFLP Osaka Katano Construction completion in fiscal 2021 Yachiyo Katsutadai NEW MFIP Haneda Construction completion in fiscal 2019 (Tentative) Ichikawa Shiohama development of logistics facilities Construction completion in fiscal 2022 or after GLP/MFLP MFLP Ichikawa Shiohama Kashiwa MFLP Tsukuba MFLP Prologis Park Kawagoe MFLP MFLP Funabashi II Acquired in 8th FP MFLP Yashio MFLP Fukuoka I MFLP Atsugi II MFLP Hiroshima MFLP Kawaguchi I MFLP Tosu NEW 75% MFLP Kuki MFLP Hiratsuka MFIP Inzai MFLP Hino MFLP Hiratsuka II MFLP Funabashi III MFLP Kawasaki I Construction completion in fiscal 2020 MFLP Ebina Construction completion in fiscal 2022 or after MFLP Tachikawa Tachihi Construction completion in fiscal 2021 Tokyo Rail Gate EAST Other data centers (2 properties) Other overseas properties (2 properties) MFLP Funabashi Nishiura MFLP Komaki MFLP Yokohama Kohoku MFLP Tokorozawa *For further details, please refer to "Major properties developed/operated by Mitsui Fudosan" and "Properties defined in 'Right of first look and preferential negotiation rights agreement"" on p. 43. 21 221#234-3. External Growth [2] Building a high-quality portfolio capitalizing on diversification of areas Kansai area MFLP Mitsui Fudosan Logistics Park Inc. MFLP Ibaraki MFLP Osaka Katano IMFLP Osaka I Osaka Prefecture MFLP Sakai Tokyo metropolitan area MFLP Kuki Saitama Prefecture MFLP Tsukuba MFLP Kashiwa MFLP Prologis Park Kawagoe MFLP Yashio MFIP Inzai MFLP Tokorozawa MFLP Kawaguchi Tokyo Prefecture MFLP Funabashi Nishiura MFLP Tachikawa Tachihi MFLP Hino Ichikawa Shiohama development of logistics facilities MFLP Yachiyo Katsutadai MFLP Funabashi II MFLP Funabashi III MFLP Funabashi I Greater Nagoya area Hiroshima area MFLP Fukuoka | MFLP Hiroshima I Kyushu area MFLP Tosu MFLP Komaki L MFLP Inazawa : Properties held by MFLP-REIT : Properties defined in "Right of first look and preferential negotiation rights agreement" Properties developed by Mitsui Fudosan *After acquisition of properties acquired in the 8th FP MFLP Atsugi MFLP Kawasaki I GLP/MFLP Ichikawa Shiohama MFLP Rail Gate East MFIP Haneda Kanagawa Prefecture MFLP Yokohama Kohoku MFLP Yokohama Daikoku MFLP Ebina MFLP Atsugi II MFLP Hiratsuka II Properties defined in “Right of first look and preferential negotiation rights agreement" 10 properties 1,180,000 m² (Total floor area) MFLP-REIT's asset size 18 properties 950,000 m² (Total floor area) 205.0 billion yen *For further details, please refer to "Properties defined in 'Right of first look and preferential negotiation rights agreement"" on p. 43 MFLP Hiratsuka * Chiba Prefecture Further expansion of properties defined in "Right of first look and preferential negotiation rights agreement" Continuous external growth 22#244-4. Internal Growth [1] MFLP Mitsui Fudosan Logistics Park Inc. Achieve stable management by leveraging Mitsui Fudosan Group's platform and client network I Effectively leverage the Mitsui Fudosan Group's platform Tenant diversification and client network in leasing Occupied by many tenants that have a relationship with Mitsui Fudosan Lease agreement End user Suzuyo Daijyu Daikyo Express Japan Logistic Systems Other Domestic 3PL Hitachi Transport System Kanto Rakuten MARUBENI LOGISTICS Sagawa Global Logistics Tenant diversification NIPPON EXPRESS Sun Toshi Tatemono Kimura Unity Bic Camera DAIWA Corporation Hitachi Transport System Metropolitan JA Mitsui Leasing Tatemono MISUMI KOKUBU International delivery business E-LogiT MFLP Mitsui Fudosan Logistics Park Inc. Owner of Logistics Lease agreement agency logistics facility agreement Occupancy rates Lease agreements Logistics firm End user (%) 100 (3PL operator, etc.) 99.5 100 100 100 100 100 100 95 99.3 Average lease period * Can directly approach logistics firms and end users regardless of contract type 85 80 88 90 Aug. 31, Jan. 31, Jal. 31, Jan. 31, Jal. 31, Jan. 31, Jal. 31, 2016 2017 2017 2018 2018 2019 2019 Remaining lease contract period Jan. 31, 2020 7.2 years Average 4.1 years MITSUI FUDOSAN Fully leverage the Mitsui Fudosan Group's broad client network Office building business Client network: Approx. 3,000 firms Retail facility business Client network: * Approx. 2,300 firms * Strong relationships with leading 3PL operators Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2019 Staggering of contract expiration periods 23.7% 40.0% 8.5% 9.5% 7.8% 5.6% 2.3% 1.0% 1.5% 8th FP ending 2020/07 9th FP ending 2021/01 10th FP ending 2021/07 11th FP ending 2022/01 12th FP ending 2022/07 13th FP ending 2023/01 14th FP ending 2023/07 15th FP ending 2024/01 16th FP or after *The graphs and tables above show figures based on leased areas stated in lease agreements concluded as of January 31, 2020 after property acquisition in 8th fiscal period. Tenant diversification excludes MFIP. *For details of calculation of "Average lease period," please refer to "Calculation of average lease period" on p. 44. 23#254-4. Internal Growth [2] Logistics Park Inc. MFLP Mitsui Fudosan Steady internal growth through evolution of solutions-based asset management and maintaining relationships with tenants over the medium to long term Strengthening of proposal capability for specialized solutions responding to the needs from tenant customers Key points of asset management plans Challenges facing logistics firms MFLP Funabashi I/ICT LABO Labor shortage Addressing BCP, etc. Improving the efficiency of operations MFLP-REIT End user Logistics firm (3PL operator, etc.) Anticipation of future rises in delivery costs End user Responding to automation Specific examples of solutions-based asset management by Mitsui Fudosan Group Consulting service for leading-edge ICT-related products for improving efficiency, labor-saving, etc. O Consulting support to help tenant companies secure staff Matching of 3PL operators and end users Establishment of comfortable working environment for employees Establishment of leading-edge ICT-related products, etc. for improving efficiency, labor- saving, etc. MFLP-REIT mutually provides know-how to and collaborates with companies handling such devices, and is strengthening its proposal capability as a new solution to tenant companies. MFLP ICT LABO 2.0 (opened in February 2020) Relocated to MFLP Funabashi &GATE (shared facility building) for expansion Initiatives for improving the satisfaction of tenant companies and employees MFLP-REIT conducts various measures for improving CS based on the feedback after conducting CS survey. In addition, MFLP-REIT improves employee satisfaction by creating a comfortable working environment and contributes to the securement of employment. Concluded business alliance with Hacobu with an aim to improve the delivery environment such as the shortage of drivers and low loading ratio on trucks. Thanks party CS survey Unmanned convenience store Hacobu x MFLP Mitsui Fudosam Logistics Park Policy for future internal growth Negotiation of rent increase through contract renewal, etc. Reduction of utility expenses through revision of supply agreement 24#264-5. Financial Strategy [1] Financial management with an emphasis on stability I Status of borrowing and LTV End of 7th FP Total interest-bearing debt 42.9 billion yen End of 8th FP (forecast) 62.9 billion yen (1.6 billion yen) (5.0 billion yen) (of which, short-term) LTV Average time to maturity (long-term only) 27.3% 30.6% 4.9 years 5.4 years Average interest rate 0.27% *As of the end of each period Interest-bearing debt maturity ladder (million yen) 8,000 7,000 6,000 5,000 1,700 Mitsui Fudosan MFLP Logistics Park Inc. End of 9th FP (forecast) 58.4 billion yen (0.5 billion yen) 28.9% 4.9 years New borrowing associated Iwith the 3rd follow-on offering New borrowing Total interest- bearing debt (of which, short-term) Average borrowing period (long-term only) Average interest rate * 21.6 billion yen (5.0 billion yen) 8.4 years 0.29% *Estimated value as of the end of February 2020 | Credit rating assignment ■Existing borrowing ■New borrowing Credit rating agency Japan Credit Rating Agency, Ltd. (JCR) 4,000 5,000 3,000 2,000 1,000 1,600 3.400 1,900 5,600 4,900 4,000 800 3,000 2,800 5,600 7,800 Rating details Long-term issuer rating: AA- 2,400 2,1003,100 2,100 1,800 2,0002,000 900 Remarks Rating outlook: Stable 0 FP FP FP FP ending ending ending ending January July January July FP FP ending ending FP FP FP FP FP ending ending ending ending ending 2021 2021 2022 2022 2023 2023 2024 2024 2025 January July January July January July January July January 2025 2026 2026 FP FP FP ending ending ending July 2027 2027 FP ending January 2028 FP FP ending ending July January 2028 2029 2030 FP FP FP ending ending ending July January July 2029 2030 *As of the end of January 2020 *The repayment period when adding new borrowing associated with the 3rd follow-on offering to the borrowing at the end of the 7th FP is indicated. 25 25#274-5. Financial Strategy [2] Status of borrowings End of 7th FP The Chiba Bank 2.3% Sumitomo Life Insurance Company 2.3% Mitsui Sumitomo Insurance 2.8% The Yamaguchi Bank 2.8%. Nippon Life Insurance Company 3.5% The Norinchukin Bank 4.9% Development Bank of Japan 4.9% Mizuho Trust & Banking 6.8% The Bank of Fukuoka 8.6% Shinkin Central Bank 8.9% Mizuho Bank 15.4% Total amount for all 14 financial institutions 42.9 billion yen 14.7 % Sumitomo Mitsui Banking Corporation 11.7 % 10.5% Sumitomo Mitsui Trust Bank MUFG Bank MFLP Mitsui Fudosan Logistics Park Inc. Shinsei Bank 1.2% The 77 Bank 1.4% Nippon Life Insurance Company 2.3% The Chiba Bank 2.3% Sumitomo Life 2.8% Insurance Company Mitsui Sumitomo Insurance 3.1% Development Bank of Japan 3.3% The Yamaguchi Bank 3.3% The Norinchukin Bank 4.8% Mizuho Trust & Banking 5.3% Shinkin Central Bank 8.4% MUFG Bank 9.5% After new borrowing associated with the 3rd follow-on offering 15.1% Sumitomo Mitsui Banking Corporation Total amount for all 16 financial institutions 64.2 billion yen 13.2 The Bank of Fukuoka % 12.1 % Sumitomo Mitsui Trust Bank 11.7% Mizuho Bank Efficient cash management Based on the characteristics of logistics facilities, such as the ratio of building value to land value being typically high, MFLP-REIT intends to make cash distributions, including distributions in excess of earnings, on an ongoing basis each fiscal period from a perspective of securing stable distribution levels while managing cash efficiently. Diagram of cash distribution based on FFO Rental revenue Leasing business expenses, SG&A, etc. FFO Depreciation Pay distributions based on a threshold of approx. 70% of FFO Distributions in excess of earnings Profit * (Net Income) Distributions of earnings Targeted at 70% *Gain or loss on sale of real estate, etc. is not included in "Profit (Net income)" in the above chart. Key points of cash distribution in excess of earnings Level of distribution For the time being, we intend to pay distributions (including distributions in excess of earnings) calculated at an amount equivalent to approximately 70% of FFO (excluding gain or loss on sale of real estate, etc.) for the relevant fiscal period on an ongoing basis, in principle. Securing long-term building maintenance funds Distributions in excess of earnings will be paid to the extent that an amount can be retained that is more than double the six-month average of capital expenditures stated in the engineering report for each operating period. Securing financial stability Distributions in excess of earnings will not be made if appraisal LTV ratio * exceeds 60% for each operating period. *Appraisal LTV ratio = Interest-bearing debt ÷ (Total assets - Book value of portfolio real estate, etc. + Appraisal value) 26#284-6. Unitholder Relations MFLP Logistics Park Inc. Mitsui Fudosan Maximization of unitholder value through establishment of strong relationship of trust with unitholders Asset management fee structure consistent with the interests of unitholders Our aim is to align the interests of the Asset Manager with those of the unitholders. Total assets × 0.1% (maximum) Asset management fee I Asset management fee II Operating income (before deduction of asset management fees and depreciation) × 5.5% (maximum) Asset management fee III Pre-tax earnings (before deduction of asset management fees) × Pre-tax EPU (before deduction of asset management fees) × 0.001% (maximum) ■ Same-boat investment in MFLP-REIT by Mitsui Fudosan MFLP-REIT receives 6.6% investment in capital from Mitsui Fudosan. (As of March 13, 2020) Receiving certain investment in capital leads to alignment of the interests of MFLP-REIT's unitholders and Mitsui Fudosan, and asset management that pursues mutually greater interests. 6.6% 27 27#295. Market Overview MFLP Mitsui Fudosan Logistics Park Inc. 28 88#305-1. Market Overview [1] Supply-demand balance and vacancy rate [1 of 2] | Greater Tokyo metropolitan area (thousand m²) 2,500 2,000 Forecast 15% 12% MFLP Mitsui Fudosan Logistics Park Inc. : New supply in 2018 and 2019 : Vacancy rate 0-5% : New demand in 2018 and 2019 |: Vacancy rate 5-10% = 100 thousand m² : Vacancy rate 10%- *As of December 31, 2019 Tohoku Expressway 1,500 1,000 9% Tohoku/Ken-O Expwy area MFLP Kuki Kuki IC 6% Shiraoka Shobu IC Metropolitan Inter-City Expressway (Ken-O Expressway) Tsukuba Chuo IC MFLP Tsukuba 500 3% Kan-Etsu/Ken-O Expwy area 0 0% Tsurugashima JCT 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021, (year) Saitama Prefecture National Route 16 area Tsukuba JCT Joban Okegawa-Kitamoto IC National Route 16 Expressway Kanetsu Expressway Tokyo Gaikan Expressway (Gaikan Expressway) MFLP Kashiwa MFLP Kawagoe Tokorozawa IC Kashiwa IC (thousand m²) 900 600 Submarket areas Mitsui Fudosan's strategic areas Soka IC Gaikan Misato Nishi IC Narita area MFLP Prologis Park Kawagoe Misato JCT Tokyo-Gaikan Expwy area MFIP Inzai Tokyo Prefecture MFLP Yashio MFLP Kawaguchi 1 Misato Minami IC Daiei JCT MFLP Yachiyo Katsutadai 6% MFLP Tachikawa Tachihi Oizumi JCT MFLP Funabashi Nishiura MFLP Funabashi III Hachioji area Hachioji IC Chuo Expressway Chuo JCT (tentative name) Ohashi JCT Central Circular Route MFLP Hino 4% Hachioji JOT Tomei JCT (tentative name) Oi JCT MFLP Tokyo Rail Gate EAST Atsugi Kanagawa inland area Daisan Keihin Road Sagamihara Aikawa IC MFLP Yokohama Kohoku MFLP Kawasaki Takaya JCT Chidoricho IC Kasai JCT GLP/MFLP Ichikawa Shiohama MFIP Haneda Haneda Airport Wangan Ichikawa IC MFLP Funabashi I Ichikawa Shiohama development of logistics facilities Keiyo Road Chiba inland area Higashi-Kanto Expressway MFLP Funabashi II Chiba Prefecture Tateyama Expressway MFLP Ebina Wangan Line Daikoku Futo IC Tomei Expressway Ebina JCT MFLP Yokohama Daikoku 300 2% 1.0% Kanagawa Prefecture 0.5% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MFLP Atsugi II Daini Tomei Expressway Atsugi IC Isehara Oyama IC Isehara JCT New supply 2018 Net absorption 2019 Vacancy rate Vacancy rate (Completion over 1 year) *Source: CBRE K.K. (including forecast figures) *As of December 31, 2019 *The survey is of rental logistics facilities that are held by real estate investment companies, real estate development companies, etc. and have total floor area of 5,000 m² or more. MFLP Hiratsuka II MFLP Hiratsuka Ebina Minami JCT Samukawa kita IC Fujisawa IC Samukawa-Minami IC Kamariya JCT Greater Tokyo bay area Kisarazu JCT 29 29#315-1. Market Overview [1] MFLP Mitsui Fudosan Logistics Park Inc. | Supply-demand balance and vacancy rate [2 of 2] | Greater Osaka area (thousand m²) | Greater Nagoya area Forecast (thousand m²) Forecast (thousand m²) 2,000 15% 2,000 15% 400 [Graph legend] New supply New demand | Greater Kyushu area Vacancy rate | Greater Chugoku area Vacancy rate (Completion over 1 year) Forecast (thousand m²) 15% 200 1,500 1,000 500 1,500 10% 1,000 5% 500 300 10% 200 5% 100 150 10% 100 Forecast 30% 25% 20% 15% 5% 50 10% 5% 0 0% 0 0% 0 0% 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (year) (year) (year) (year) (thousand m²) 750 (thousand m²) (thousand m²) 18% 750 18% 150 16% 16% 14% 14% 500 12% 500 12% 100 9.5% 10% 10% 8% 8% 250 2.7% 6% 250 6% 50 3.0% 50 4% 4% 2% 2% 3.0% 0 0% 0 0% 0 Q1 02 Q3 Q4 Q1 Q2 03 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 22 Osaka inland area 2018 2019 2018 2019 MFLP Ibaraki- Other area MFLP Komaki MFLP Inazawa MFLP Osaka Katano MFLP Osaka I Osaka bay/ Kobe area Osaka Prefecture MFLP Sakai [Map legend] 2018 2019 (thousand m²) 18% 100 16% 14% 75 12% 10% 50 8% 6% 25 4% 25 0.0% 2% 0% 0 Q3 Q1 Q2 Q4 MFLP Fukuoka l Fukuoka Prefecture Aichi Prefecture MFLP Tosu New supply in 2018 and 2019 = 100 thousand m² : Vacancy rate 0- less than 5% New demand in 2018 and 2019 2019 18% 16% 14% 12% 10% 8% 6% 4% 0.0% 2% 0% Q3 Q4 Hiroshima Prefecture MFLP Hiroshima'l : Vacancy rate 5% - less than 10% Vacancy rate 10%- Submarket areas Mitsui Fudosan's strategic areas *As of December 31, 2019 Okayama Prefecture 30#32(thousand m²) 5-1. Market Overview [2] Stock of logistics facilities in Japan Logistics facilities 40 years old or older 35.2% Future demand for replacement of aging properties Logistics facilities less than 40 years old 60.5% Leading-edge logistics facilities 4.3% Highly scarce leading-edge logistics facilities (As of December 2018) (million m²) 700 600 500 400 300 200 100 0 MFLP Mitsui Fudosan Logistics Park Inc. 40% 35% 30% 25% 20% 15% 10% 5% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (year) Estimate for logistics facilities 40 years old or older Share of logistics facilities 40 years old or older Estimate for logistics facilities less than 40 years old Share of leading-edge logistics facilities Leading-edge logistics facilities (left axis) (right axis) *Estimates by CBRE K.K. based on "Building Starts" (Ministry of Land, Infrastructure, Transport and Tourism) and "Summary Report on Prices, etc. of Fixed Assets" (Ministry of Internal Affairs and Communications). For details, please refer to "About analysis of Japan's logistics facilities stock" on p. 44 of this presentation material. Long-term data on construction starts of logistics facilities (nationwide) I Tenants / End users of logistics facilities Other Over 40 years old Other 4% 8% 20,000 Manufacturing 3% Wholesale 9% Logistics 5% Manufacturing 26% 15,000 Share by tenant business type Share by end user business type Retail 41% 10,000 5,000 Retail 13% 0 1998 1999 2001 2002 2005 78 Source: CBRE K.K. *Figures calculated as the sum total of the floor area of structures with "warehouse" as the use category and "steel- framed structure," "reinforced concrete structure" or "steel-framed reinforced concrete structure" as the structure type. (year) Source: CBRE K.K. Logistics 71% Wholesale 20% *Figures are rounded to the whole number. *The survey is of rental logistics facilities that are held by real estate investment companies, real estate development companies, etc. and have total floor area of 5,000 m² or more as of the end of December 2019. 31#335-1. Market Overview [3] Mounting demand due to 3PL business and ■ e-commerce market size expansion 3PL market with stable growth (100 million yen) | Broader demand for leading-edge logistics facilities Attracting delivery bases of retail stores (convenience stores/drug stores) 24 35,000 30,000 25,000 20,000 15,000 Net sales Conventional 3.0 Manufacturer trillion yen Wholesaler Consolidation of scattered logistics bases into a delivery center After consolidation Manufacturer MFLP Mitsui Fudosan Logistics Park Inc. Expansion of the data center market I Data center market with significant growth (in Japan) (100 million yen) Store 30,000 2.7 trillion yen 1241 25,000 20,000 Delivery center 15,000 Store 10,000 Average annual growth rate 6.4% 5,000 10,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 (year) Conventional Integrating logistics bases of manufacturers To M Source: Monthly Logistics Business (September 2019) Warehouse Transport for parts Assembly plant Transport Warehouse for Transport end products | Expanding e-commerce market scale After consolidation (100 million yen) 210,000 Scale of E-commerce market E-commerce ratio 18.0 (%) trillion yen 8 6.2% 180,000 6 150,000 120,000 90,000 4 2 60,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 (year) Source: "E-Commerce Market Survey" by the Ministry of Economy, Trade and Industry (Announced on May 16, 2019) *Amounts and percentages indicate the scale of B to C market in the e-commerce market. The target of the calculation of e-commerce ratio is limited to the sales field. Consolidation of separately located warehouse for parts, assembly plant and warehouse for end products into one base MFLP Use as a mixed-use logistics facility Leading-edge logistics facility Transport Warehouse Its intended use includes not only warehouse, which is its original function, but also other various uses T Assembly and processing Research and development Office Showroom Consumers Retail stores etc... Product inspection Inspection, maintenance Photographic and repair studio Call center 0 2017 (Estimated) 2022 (year) (Forecast) Source: "Comprehensive Survey of Data Center Business Market 2018: Vol. 1 Market Edition" by Fuji Chimera Research Institute, Inc. (February 21, 2018) Expanding cloud services market (in Japan) (100 million yen) 60,000 50,000 40,000 30,000 20,000 10,000 0 4.9 trillion yen Average annual growth rate 13.2% 2017 (Estimated) 2021 (year) (Forecast) Source: "Reality and Future Prospective of Cloud Computing 2018: Vol.1 Users' Questionnaire Analysis and Cloud Market Edition" by Fuji Chimera Research Institute, Inc. (February 28, 2018) 32 32#346. Appendix MFLP Mitsui Fudosan Logistics Park Inc. 33 33#35Statement of Income and Balance Sheet Statement of income Item 6th fiscal period (ended Jul. 31, 2019) Actual (Unit: million yen) 7th fiscal period | (ended Jan. 31, 2020) Actual Mitsui Fudosan MFLP Logistics Park Inc. Balance sheet Item 6th fiscal period (ended Jul. 31, 2019) Actual (Unit: million yen) 7th fiscal period (ended Jan. 31, 2020) Actual Operating revenue 4,969 5,064 Current assets 6,745 4,332 Lease business revenue 4,766 4,815 Cash and deposits 1,085 877 Cash and deposits in trust 3,074 3,281 Other lease business revenue 202 248 Consumption taxes receivable 2,261 Operating expenses 2,650 2,748 Other current assets 324 173 Expenses related to rent business 2,134 2,175 Non-current assets 153,842 152,615 Asset management fee 439 482 Property, plant and equipment 153,761 152,546 Asset custody and administrative service fees 22 28 Other non-current assets 81 68 Directors' compensations 5 5 Deferred assets 93 74 Other operating expenses 48 55 Total assets 160,681 157,023 Operating income 2,318 2,315 Non-operating income 3 26 Current liabilities 7,081 3,639 Non-operating expenses 118 103 Operating accounts payable 228 266 Short-term borrowings 5,500 1,600 Interest expenses 59 59 Accounts payable 502 580 Amortization of investment unit issuance 18 18 Income taxes payable 0 0 expenses Offering costs associated with issuance Advances received 849 851 32 of investment units Other current liabilities 0 341 Other 8 25 Non-current liabilities 44,315 44,322 Ordinary income 2,203 2,238 Long-term borrowings 41,300 41,300 Profit before income taxes 2,203 2,238 Tenant leasehold and security 3,015 3,022 deposits in trust Income taxes 0 0 Total liabilities 51,397 47,962 Profit (Net Income) 2,202 2,237 Total unitholders' equity 109,284 109,060 Unappropriated retained earnings 2,202 2,238 Unitholders' capital 107,416 107,416 Deduction from unitholders' capital -334 -593 Unitholders' capital, net 107,081 106,822 Surplus 2,202 2,238 Total net assets 109,284 109,060 Total liabilities and net assets 160,681 157,023 34#36Individual Property Income Statement for 7th Fiscal Period Mitsui Fudosan MFLP Logistics Park Inc. (Unit: million yen) GLP/MFLP Ichikawa Shiohama MFLP Kuki MFLP Yokohama Daikoku MFLP Yashio MFLP Atsugi MFLP Funabashi Nishiura MFLP Kashiwa MFLP Sakai MFLP Komaki MFLP Hino MFLP MFLP Hiratsuka Tsukuba MFLP Inazawa MFLP Atsugi II MFLP Fukuoka I MFIP Portfolio Inzai total 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days 184 days Number of days of asset management Lease business revenue 411 437 332 Operating revenue Other from real estate lease business revenue 35 34 37 19 leasing Total 447 475 352 Outsourcing expenses 39 30 Utility expenses 19 27 135 29 29 355 29 164 385 4,815 248 5,064 25 25 12 35 287 Not disclosed Not disclosed Not disclosed Not Not Not Not Not Not disclosed * disclosed * disclosed disclosed disclosed * disclosed Not disclosed Not disclosed * 16 16 сл 5 20 20 171 Operating Repair expenses 1 0 15 expenses from real estate Property-related 38 taxes 42 42 39 leasing Depreciation Other expenses 1 2 1 Total 100 104 98 80 107 86 98 63 63 50 50 50 1 1 16 23 23 0 1 36 22 82 I 23 43 88 40 87 51 95 95 181 113 36 332 20 20 848 56 56 107 1,326 Operating income (loss) from real estate leasing 266 263 167 191 156 133 121 84 119 214 120 182 290 239 107 227 2,888 NOI from real estate leasing [Operating income (loss) from 346 370 254 254 220 183 171 128 207 302 171 277 472 353 163 335 4,215 real estate leasing + Depreciation]) *Not disclosed, because consent has not been obtained from the lessee. 35#37Acquisition date Acquisition price Appraisal Summary for the End of 7th Fiscal Period End of 6th fiscal period (End of Jul. 2019 (a) End of 7th fiscal period (End of Jan. 2020) (b) Book value at end of 7th fiscal Appraisal *1 period CR Appraisal value value Change (b)-(a) *1 CR Appraisal value Mitsui Fudosan MFLP Logistics Park Inc. (Unit: million yen) Main factors of change *1 *1 CR CR Other GLP/MFLP Ichikawa Shiohama (50%) 2016/09 15,500 15,047 17,350 4.1% 17,900 4.0% 550 -0.1 MFLP Kuki 2016/08 12,500 11,843 14,000 4.6% 14,300 4.5% 300 -0.1 ○ MFLP Yokohama Daikoku (50%) 2016/08 10,100 9,770 10,600 4.5% 10,900 4.4% 300 -0.1 O MFLP Yashio 2016/08 9,650 9,284 10,900 4.4% 11,100 4.3% 200 -0.1 MFLP Atsugi 2016/08 7,810 7,426 8,720 4.6% 9,140 4.5% 420 -0.1 O MFLP Funabashi Nishiura 2016/08 6,970 6,656 7,740 4.5% 7,890 4.4% 150 -0.1 MFLP Kashiwa 2016/08 6,300 6,000 6,960 4.6% 7,110 4.5% 150 -0.1 MFLP Sakai (20%) 2016/08 4,500 4,253 4,880 4.6% 4,760 4.6% -120 0.0 MFLP Komaki 2017/08 *2 8,260 7,954 8,540 4.6% 8,570 4.6% 30 0.0 MFLP Hino (25%) 2018/02 *2 12,533 12,380 12,600 4.2% 12,600 4.2% 0 0.0 MFLP Hiratsuka 2018/03 7,027 6,896 7,150 4.5% 7,150 4.5% 0 0.0 MFLP Tsukuba 2018/12 2 8,781 8,792 10,100 4.9% 10,100 4.9% 0 0.0 MFLP Inazawa 2019/02 16,200 15,997 16,400 4.6% 16,500 4.6% 100 0.0 MFLP Atsugi Il 2019/02 13,100 12,987 13,500 4.3% 13,500 4.3% 0 0.0 MFLP Fukuoka I 2019/02 2 5,263 5,209 5,400 4.8% 5,430 4.8% 30 0.0 MFIP Inzai 2016/08 *2 12,220 12,026 12,800 4.6% 12,800 4.6% 0 0.0 Total/average 156,714 152,526 167,640 4.5% 169,750 4.4% 2,110 -0.0 Reference (as of March 13, 2020) *3 MFLP Prologis Park Kawagoe (50%) 2020/02 14,800 14,800 MFLP Hiroshima I 2020/03 14,480 14,480 MFLP Sakai (70%) 2020/02 16,710 16,710 MFLP Sakai (10%) 2020/04 (planned) 2,390 2,390 After acquisition of properties acquired in the 8th FP 205,094 200,906 Total/average 14,800 4.3% 14,600 4.9% 16,900 4.6% 2,400 218,450 4.4% Amount of difference = Unrealized gain 17,543 million yen *1 CR Capitalization rate based on direct capitalization method (NCF basis). The average indicates a weighted average based on the appraisal value. *2 The acquisition periods of "MFLP Komaki". "MFLP Hino", "MFLP Tsukuba", "MFLP Fukuoka I" and "MFLP Inzai" are divided into two periods, but the initial acquisition dates (Komaki: upon acquisition of 40% quasi co-ownership interest, Hino: upon acquisition of 15% quasi co-ownership interest, Tsukuba: upon acquisition of 60% quasi co-ownership interest, Fukuoka I: upon acquisition of 81% quasi co-ownership interest, Inzai: upon acquisition of 20% quasi co-ownership interest) are indicated. *3 Book value at the end of 7th fiscal period as of March 13, 2020 indicates (planned) acquisition price; and appraisal value at the end of 7th fiscal period indicates appraisal value with November 30, 2019 as the date of value. 36 96#38Initiatives for ESG ESG vision of Mitsui Fudosan Group Mitsui Fudosan MFLP Logistics Park Inc. Environmental policy of Mitsui Fudosan Group 2= 13- & EARTH Mitsui Fudosan Group aims to create a society where people and the earth can co-exist. Environment Social Governance Achieving a sustainable society Driving continual profit growth SUSTAINABLE GOALS DEVELOPMENT Establish ultra-smart societies by creating neighborhoods ES Shin mbash Station Electricity/Heat supply-area Nihonbashi Muromachi Mitsui Tower Nihonbashi Mitsui Tower Mitsui COREDO Muromachi Main Building Nharash Meer POWERTY HANGER 2m 555 CLEAN ENERGY DECENT WORK AND NOUS NINTEN ADRASTRUCTURE 13 ACTION 14 + OUATION 5 INDOR EQUALITY AND SANITATION 15 16 REDUCER SUSTABLE CITES 11 PEACE, JUSTICE 17 FOR THE GOALS RESPONSABLE 12 CONSUMPTION 1 3 Achieve a society where a diverse workforce can thrive S 女性が活躍 ています 13- 14 K 15 13 14 15- Achieve health, safety and security in people's daily lives E S Cleaning the famous Nihonbashi bridge (conducted every July) Create new industries through open innovation E S Field Map Reduce environmental impact generate energy Locations of Group-Owned Foreste E Carbon Dioxide Absorption and Fixation by Mitsui Fudosan Group Forests Approx. 5,343t/year Continuously improve compliance and governance G Corporate governance Risk management Compliance 37#39Initiatives for ESG - Environmental Principles and Initiatives for Environment Environmental policies of Mitsui Fudosan Group Mitsui Fudosan Group seeks reduction of environmental load, diversified collaboration/cooperation with various entities, improvement of peace of mind, safety and comfort as well as securement of sustainability. Cooperation A wide range of collaboration/cooperation with various entities Load reduction Reduction of environmental load Quality improvement Improvement of peace of mind and safety and securement of sustainability • Co-existence with local communities • Proactive action towards tenants and owners O Collaboration/cooperation with design, construction, energy, manufacturing firms, etc. ⚫Further collaboration/cooperation with local communities, government, and research institutes including universities • Improvement of peace of mind and safety • Conservation and utilization of natural environment (conservation of biodiversity) ● Conservation and utilization of landscape and townscape ●Improvement of health and comfort ●Reduction of CO2 (including supporting use of low-carbon transportation) Aquatic conservation • Reduction of harmful substances • Resource saving and reduction of waste material Initiatives for reducing environmental load MFLP-REIT has put forth efforts on reducing CO2 emissions through energy saving while promoting efficient use of energy at its portfolio assets by introducing LED lights, installing solar panels on the roof and such. LED lights Solar panels MFLP Atsugi II MFLP Inazawa Environment Eco-friendly green buildings Mitsui Fudosan MFLP Logistics Park Inc. MFLP-REIT has a track record of acquiring CASBEE, DBJ Green Building Certification and BELS for the following properties. Furthermore, MFLP Sakai has received the Osaka Ecofriendly Construction Award. As such, MFLP-REIT proactively DBJ Green Building incorporates environmentally conscious green buildings. Property name GLP/MFLP Ichikawa Shiohama MFLP Kuki MFLP Yokohama Daikoku MFLP Yashio MFLP Atsugi MFLP Funabashi Nishiura MFLP Kashiwa MFLP Sakai MFLP Komaki MFLP Hiratsuka MFLP Inazawa MFLP Atsugi II MFLP Fukuoka I MFLP Prologis Park Kawagoe MFLP Hiroshima I CASBEE BELS Evaluation/Award history, etc. CASBEE (Real estate) Rank S CASBEE (New construction) Rank A CASBEE (New construction) Rank A DBJ Green Building Certification 5 Stars CASBEE (New construction) Rank A CASBEE Kanagawa Rank A * DBJ Green Building Certification 4 Stars CASBEE (New construction) Rank A CASBEE (New construction) Rank A CASBEE (New construction) Rank S FY2015 Osaka Eco-friendly Construction Award (Commerce, other category) CASBEE Aichi Rank A * CASBEE Kanagawa Rank A CASBEE (New construction) Rank A CASBEE Aichi Rank A * CASBEE Kanagawa Rank A * CASBEE (New construction) Rank A CASBEE (New construction) Rank A BELS 5 Stars CASBEE Hiroshima Rank A * *CASBEE Kanagawa, Aichi and Hiroshima are not certified by a third-party but an assessment based on self-reporting. Power generation facilities using solar panel (2019 Actual) Annual power generation Number of properties established 10 properties 15 GWh* *For further details, please refer to "Annual Power Generation by Solar Panel" on p.44. 38 88#40Initiatives for ESG - Initiatives for Society Social MFLP Mitsui Fudosan Logistics Park Inc. Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by MFLP-REIT promote initiatives to offer healthy, pleasant and safe environment by giving consideration to stakeholders such as occupying tenants, facility users, surrounding environment and local communities. Provision of a comfortable working environment Unmanned convenience store Dining hall Initiatives for security and safety Adoption of seismic isolation Emergency power generator Cafeteria Initiatives for local communities Seasonal decoration Terrace BCP measures Implemented beautification activities (cleaning) Emergency temporary toilets Creation of community space Childcare facilities RACHEL Tani on Initiatives for tenants Remote monitoring using ITV Stockpiles for disaster prevention Commuter shuttles ICT LABO H927 Designated as a tsunami evacuation building Mitsui Fudosan SC discount service for employees Issuance of quarterly magazine Thanks party Initiatives for employees Asset Management Company: Mitsui Fudosan Logistics REIT Management Co., Ltd. MFLP-REIT focuses on the enhancement of the motivation of employees and the creation of a better working environment for conducting creative work efficiently. In addition, MFLP-REIT intends to enrich work-life balance and benefit program as part of the creation of an environment where employees can choose from various work styles and continue to work safely in addition to various training and corporate subsidy systems aiming to let employees maintain and improve their expertise in fields such as estate and finance. Communication space Personnel training 10 107 *Photos are for illustrative purposes only. An MFLP facility or each portfolio asset is not necessarily equipped with all of the abovementioned standard specifications and features. Some of the specific examples include also those of properties not held by MFLP-REIT. Work-life balance and benefit program Introduction of flexible working hour system Defined contribution (DC) pension system Provision of cafeteria plan 39#4140 40 Initiatives for ESG - Initiatives for Governance with Consideration for Unitholders' Interests Governance MFLP Logistics Park Inc. Mitsui Fudosan MFLP-REIT and the Asset Management Company are working to establish proper governance through the following measures in order to build a solid relationship of trust that aligns interests of unitholders and interests of MFLP-REIT and the Asset Management Company while giving sufficient consideration to unitholders' rights. Rules concerning conflicts of interest in asset management The acquisition and transfer of assets by MFLP-REIT from related parties are decided by the Asset Management Company via a transparent decision-making process. *2 Draft by the Investment Team Approval by the Chief Compliance Officer Deliberation and resolution by the Compliance Committee Examination and approval by the Investment Committee Approval by MFLP-REIT's Board of Directors Submission of the acquisition plan by the Chief Investment Office Officer to the Management Committee Deliberation and resolution by the Management Committee Reporting to the Board of Directors and MFLP-REIT or amend details Instruction to cancel or amend details Instruction to cancel *1: The above chart shows the decision-making flow when a transaction involves a related party, which requires the approval of MFLP-REIT's Board of Directors under Article 201- 2 of the Act on Investment Trusts and Investment Corporations. *2: If a transaction prescribed in Article 201-2 of the Act on Investment Trusts and Investment Corporations falls under the criteria for insignificance defined therein, the approval of MFLP-REIT's Board of Directors shall be omitted. Asset management with emphasis placed on relationship of trust with unitholders I Asset management fee structure consistent with the interests of unitholders The aim is to keep the interests of MFLP-REIT's unitholders consistent with the interests of the Asset Management Company. Asset management fee I Asset management fee II Asset management fee III Total assets x 0.1% (maximum) Operating income (before deduction of asset management fees and depreciation) × 5.5% (maximum) Pre-tax earnings (before deduction of asset management fees) × Pre-tax EPU (before deduction of asset management fees) × 0.001% (maximum) | Same-boat investment in MFLP-REIT by Mitsui Fudosan MFLP-REIT receives 6.6% investment in capital from Mitsui Fudosan. (As of March 13, 2020) Receiving certain investment in capital leads to alignment of the interests of MFLP-REIT's unitholders and Mitsui Fudosan, and asset management that pursues mutually greater interests. Timely and proper information disclosure and securement of transparency MFLP-REIT strives to make timely and proper disclosure of information necessary for unitholders to make investment decisions. Upon disclosure, MFLP-REIT promotes prompt and transparent information disclosure to secure fairness and equality, and also promotes disclosure of not only financial information but also non-financial information concerning ESG.#42Investment Unit Price Trends/Status of Unitholders Investment unit price firm since IPO (yen) Investment unit price (closing price) TSE REIT Index (indexed) Mitsui Fudosan MFLP Logistics Park Inc. 530,000 480,000 430,000 380,000 330,000 280,000 230,000 2016/08/02 2016/10/31 IPO issue price: 270,000 yen 2017/1/31 2017/4/30 2017/7/31 2017/10/31 2018/1/31 2018/4/30 2018/7/31 2018/10/31 2019/1/31 2019/4/30 2019/7/31 2019/10/31 2020/1/31 *The starting point is the price of the first trade at IPO on August 2, 2016. *The TSE REIT Index is indexed to the August 2, 2016 opening price. Status of unitholders at end of 7th fiscal period (end of January 2020) Number of unitholders and number of investment units by type of unitholder Major unitholders Number of unitholders % of total Number of investment units % of total Individuals/Other 6,164 92.3% 21,693 5.7% The Master Trust Bank of Japan, Ltd. (trust account) Financial institutions 134 2.0% 208,569 55.0% Japan Trustee Services Bank, Ltd. (trust account) Other Japanese corporations 144 2.2% 34,320 Mitsui Fudosan Co., Ltd. 9.1% Non-Japanese 213 3.2% 101,773 26.9% The Nomura Trust and Banking Co., Ltd. (Investment Account) Securities companies 25 0.4% 12,645 3.3% Total 6,680 100.0% 379,000 100.0% Trust & Custody Services Bank, Ltd. (securities investment trust account) Total Number of investment units % of total 77,973 20.6% 46,748 12.3% 28,900 7.6% 12,797 3.4% 11,737 3.1% 178,155 47.0% 41#43Fudosan Mitsui Fudosan's Major Development/Operation Track Record * MFLP Logistics Park Fiscal year of completion Property developed/operated MFLP Yokohama Daikoku FY2013 GLP/MFLP Ichikawa Shiohama MFLP Yashio Total floor area 100,530 m² 105,019 m² 40,728 m² 73,153 m² 125,127 m² Acquisition by MFLP-REIT (planned) * (50%) ● (50%) Properties defined in "Right of first look and preferential negotiation rights agreement Flow regarding provision of right of first look information Property developed/operated by Mitsui Fudosan Inc. MFLP Kuki MFLP Sakai FY2014 MFLP Funabashi Nishiura 30,947 m² MFLP Atsugi 40,942 m² MFIP Inzai 40,478 m² MFLP Hino 205,200 m² FY2015 (25%) (75%) MFLP Kashiwa 31,242 m² MFLP Funabashi I 197,746 m² MFLP Fukuoka | 32,199 m² FY2016 MFLP Hiratsuka 33,061 m² MFLP Komaki 40,597 m² MFLP Inazawa 72,883 m² FY2017 MFLP Ibaraki 230,435 m² MFLP Tsukuba 62,484 m² MFLP Atsugi II 48,976 m² FY2018 MFLP Prologis Park Kawagoe 117,337 m² (50%) MFIP Haneda 80,334 m² MFLP Hiroshima I 68,427 m² MFLP Funabashi II 227,003 m² MFLP Kawaguchi I 49,838 m² FY2019 MFLP Hiratsuka II 48,141 m² MFLP Yokohama Kohoku 50,667 m² MFLP Kawasaki | MFLP Tachikawa Tachihi MFLP Osaka I FY2020 MFLP Yachiyo Katsutadai MFLP Tosu MFLP Tokorozawa MFLP Funabashi III FY2021 MFLP Osaka Katano A: 36,188 m² B: 13,583 m² Approx. 67,000 m² 49,009 m² 75,802 m² 35,274 m² Approx. 21,300 m² 268,392 m² Approx. 72,000 m² NEW NEW NEW FY2022 or after (Tentative) Ichikawa Shiohama Logistics Facility Development Project *3 MFLP Ebina Tokyo Rail Gate EAST Other data centers (2 properties) TBD Other overseas properties (2 properties) Approx. 183,800 m² Approx. 124,400 m² Approx. 175,000 m² Presentation of list of properties defined in "Right of first look and preferential negotiation rights agreement" Mitsui Fudosan Prioritized provision of information upon sale Preferential negotiation period NEW Acquisition of property by MFLP-REIT *For further details, please refer to "Major properties developed/operated by Mitsui Fudosan" and "Property defined in "Right of first look and preferential negotiation rights agreement"" on p. 43. *1: In the case of MFLP Yokohama Daikoku, it is the fiscal year in which the property began to be under its operation. The fiscal year of completion of the property is fiscal 2009. The fiscal year of completion of the existing building of MFLP Tsukuba is fiscal 2010. *2: The percentage figure in parentheses is the percentage of quasi co-ownership interest in the portfolio asset. *3: Based on materials released by Mitsui Fudosan on November 5, 2019. MFLP-REIT 42#44Notes on Matters Stated in this Document MFLP Mitsui Fudosan Logistics Park Inc. *Unless otherwise specified, figures indicated in whole number are rounded down to the nearest specified unit and figures with a decimal point are rounded to the nearest indicated unit. *Unless otherwise specified, descriptions are made based on the following. [Major properties developed/operated by Mitsui Fudosan] Based on materials released by Mitsui Fudosan on May 21, 2018 and November 5, 2019. Indicates the area recorded in the property registry or the certificate of completion for completed properties, the area stated on the building confirmation certificate for uncompleted properties that are properties defined in "Right of first look and preferential negotiation rights agreement," and the area stated in the material published by Mitsui Fudosan for all other properties. The area for uncompleted properties is the planned area and is subject to change. "Cumulative total investment size" includes properties under development or scheduled to be developed as of each date of publication and their (planned) investment amount. Properties scheduled to be developed include those targeted or planned by the Mitsui Fudosan Group as of the date of this document, and are subject to change or cancellation. Furthermore, there are no details concerning the timing of completion of the aforementioned investments that had been finalized as of the date of this document. Nor does MFLP-REIT guarantee or promise that the plans be materialized. "Tokyo Rail Gate EAST" is included in "32 facilities 480.0 billion yen 2,700,000 m2" in terms of the number of facilities and total floor area, but not in term of the amount. Mitsui Fudosan has no plans to acquire the property as of the date of this document. [Properties defined in "Right of first look and preferential negotiation rights agreement"] "Properties defined in 'Right of first look and preferential negotiation rights agreement"" refers to properties on the list of right of first look and preferential negotiation properties pertaining to real estate subject to provision of information, presented based on the right of first look and preferential negotiation rights agreement executed between the Asset Management Company and Mitsui Fudosan upon the Asset Management Company managing MFLP-REIT's assets. "Real estate subject to provision of information" refers to, among real estate, etc. held by Mitsui Fudosan or a real estate fund which accepted investment or monetary contribution of Mitsui Fudosan, those which are judged to have the possibility to be sold to MFLP-REIT at Mitsui Fudosan's discretion. The (number of) subject properties and ratio/total floor area indicate figures after considering co-ownership interest (or quasi co-ownership interest). [Four Roadmaps to Stable Growth and Trajectory of Growth] / [Steady Implementation of Four Roadmaps] / [Financial Highlights] / [Our Portfolio (After acquisition of properties acquired in the 8th FP)] "LTV" LTV = Balance of interest-bearing debt Total assets "Distribution per unit (DPU)" Includes distribution in excess of earnings. (Number of investment units issued and outstanding: 262,774 units at the end of 5th fiscal period / 379,000 units at the end of 6th and 7th fiscal periods / 441,000 units at the end of 8th and 9th fiscal periods) "Market cap' FP ended July 2019 (End of 6th FP): Closing price of the investment unit as of the end of the FP ended July 2019 (393,500 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended July 2019 (379,000 units) FP ended January 2020 (End of 7th FP): Closing price of the investment unit as of the end of the FP ended January 2020 (525,000 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended January 2020 (379,000 units) "After the 3rd follow-on offering": Closing price of the investment unit in regular trading as of February 28, 2020 (482,500 yen) x the number of MFLP-REIT's investment units issued and outstanding as of February 28, 2020 (441,000 units) "Total floor area" Figures based on the record on the register, rounding down to the nearest whole number. "Appraisal value" Appraisal value indicates figures corresponding to the quasi co-ownership interest ratio of each property. Appraisal values with January 31, 2020 (end of 7th FP) as the appraisal date are indicated for properties owned as of the end of 7th FP, and those with November 30, 2019 as the appraisal date are indicated for properties acquired in 8th FP. For MFLP Sakai, the total of appraisal value of each quasi co-ownership acquired (the value increased along with owning 100% interest is added for properties acquired in 8th FP (80% quasi co-ownership interest)) is indicated. However, such is not included in the appraisal value as of the end of 7th FP. "Adjusted forecast NOI yield" Annualized after subtracting the fixed asset tax and city planning tax for the properties acquired in 8th FP from the NOI assumed in the earnings forecast for the 8th and 9th fiscal periods as well as adjusting special factors, and dividing it by the total acquisition price. Subtotal (average) and total (average) for each category indicate the weighted average based on acquisition price. "NOI yield" Ratio of net operating income under direct capitalization method stated in real estate appraisal report ("Appraisal NOI") to acquisition price. "Average NOI yield" and subtotal (average) and total (average) for each category indicate the weighted average based on acquisition price. "Appraisal NOI yield" Appraisal NOI as a percentage of appraisal value. "Average appraisal NOI yield" and subtotal (average) and total (average) for each category indicate the weighted average based on the appraisal value. "Building age" Number of years from the date of construction of the main building of a property acquired in the register to January 31, 2020. "Average building age" and subtotal (average) and total (average) indicate the weighted average based on the total floor area, considering the quasi co-ownership interest of each property. "Top 5 property ratio" The sum of the acquisition prices of the five largest properties as a percentage of the total acquisition price. "Top 5 tenant ratio (logistics facilities only)" The total leased area of top five tenants as a percentage of the total leased area. "Acquisition capacity" Amount of debt that can be additionally financed supposing that LTV is raised to 50%. The amount indicated is rounded to the nearest billion yen. "NAV per unit" End of FP ended July 2019 (End of 6th FP): (Net assets as of the end of FP ended July 2019 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended July 2019) / Number of investment units issued and outstanding (379,000 units) End of FP ended January 2020 (End of 7th FP): (Net assets as of the end of FP ended January 2020 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended January 2020) / Number of investment units issued and outstanding (379,000 units) "After the 3rd follow-on offering" and "After acquisition of properties acquired in the 8th FP": (NAV as of the end of FP ended January 2020 (End of 7th FP) + Unrealized gain on appraisal basis of properties acquired in 8th FP (*) + Total issue amount of the 3rd follow-on offering (29,727,512,000 yen) /Number of MFLP-REIT's investment units issued and outstanding after the 3rd follow-on offering (441,000 units) *Unrealized gain on appraisal basis of properties acquired in 8th FP: (total) Appraisal value of properties acquired in 8th FP - (total) Acquisition price of properties acquired in 8th FP. "Unrealized gain" A period-end book value is indicated for properties held by MFLP-REIT as of the end of 7th FP, and a figure obtained by subtracting the total of acquisition prices from appraisal value is indicated for properties acquired in the 8th FP. "Occupancy rate" Leased area as a percentage of leasable area. Based on concluded agreements as of January 31, 2020. 33 43#45Notes on Matters Stated in this Document MFLP Logistics Park Inc. Mitsui Fudosan [Method of calculation of cash distribution based on FFO] (1) Distribution of earnings is determined based on profit (net income) for the applicable operating period. (2) FFO for the applicable operating period is calculated by adding depreciation to profit (net income) (excluding gain or loss on sale of real estate, etc.) for the applicable operating period. (3) The amount distributable including distribution in excess of earnings is calculated based on a threshold of an amount equivalent to 70% of FFO for the applicable operating period. (4) The amount distributable in excess of earnings is calculated by deducting the amount of distribution of earnings (excluding gain or loss on sale of real estate, etc.) from the amount distributable including distribution in excess of earnings. (5) The amount of continuous distribution in excess of earnings is determined based on a comprehensive judgment on the basis of the amount distributable in excess of earnings. (6) The distribution in excess of earnings determined in 5. above is to be continuously made each fiscal period in principle, in addition to the distribution of earnings determined in 1. above. [Calculation of average lease term] "Average lease term" is calculated using the weighted average of the lease terms stated in concluded lease agreements as of January 31, 2020 with leased areas. Concerning the subject lease agreements, when a new lease agreement ("re-contract") starting on the day immediately following the expiration date of the respective lease agreement is concluded with the same lessee, lease term is deemed to be from the start of the initial lease agreement to the expiration date of the re-contract, and used in the calculation as such. [Annual Power Generation by Solar Panel] Actual power generated between January 2018 and the end of December at 10 properties with photovoltaic panel facilities and owned by MFLP-REIT as of January 31, 2020 is indicated. The total power generation amount of the entire properties is indicated regardless of ownership ratio held by MFLP-REIT. [About analysis of Japan's logistics facilities stock] (1) The "Analysis of Japan's logistics facilities stock" graph is of estimates by CBRE K.K. based on the Policy Bureau of the Ministry of Land, Infrastructure, Transport and Tourism's "Building Starts" and the Ministry of Internal Affairs and Communications" "Summary Report on Prices, etc. of Fixed Assets." (2) In the "Analysis of Japan's logistics facilities stock" graph, "Leading-edge logistics facilities" is the figure of each year's sum total of the gross floor area of leading-edge logistics facilities (refers to rental logistics facilities that have gross floor area of at least 10,000 m² and, in principle, ceiling height of at least 5.5 m, floor load capacity of at least 1.5 tons/m² and column spacing of at least 10 m). (3) In the "Analysis of Japan's logistics facilities stock" graph, "Estimate for logistics facilities 40 years old or older" is the figure of each year's overall stock estimate (as covered by note 5; the same shall apply hereinafter) minus the sum total of the floor area of which construction was started within the past 40 years. (4) "Estimate for logistics facilities less than 40 years old" is the figure of the overall stock estimate minus the floor area of "Estimate for logistics facilities 40 years old or older" and "Leading-edge logistics facilities." (5) The overall stock estimate is the sum total of "Estimate for logistics facilities 40 years old or older," "Estimate for logistics facilities less than 40 years old" and "Leading-edge logistics facilities." (6) In the "Analysis of Japan's logistics facilities stock" graph, "Share of leading-edge logistics facilities" is each fiscal year's "Leading-edge logistics facilities" expressed as a percentage of the overall stock estimate (gross floor area basis). (7) In the "Analysis of Japan's logistics facilities stock" graph, "Share of logistics facilities 40 years old or older" is each fiscal year's "Estimate for logistics facilities 40 years old or older" expressed as a percentage of the overall stock estimate (gross floor area basis). (8) "Gross floor area" is compiled based on data on construction starts. In addition, estimates are on the basis of the time of construction completion being that construction is deemed to be completed after one year has elapsed from construction start. Accordingly, gross floor area may not match the floor area on the building confirmation certificate, construction completion drawing or register. 44#46Disclaimer MFLP Mitsui Fudosan Logistics Park Inc. This document is provided solely for informational purpose with regard to Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) and is not intended to serve as an inducement or solicitation to trade in any product offered by MFLP-REIT. Purchase, sale and such of MFLP's investment units entail the risk of incurring a loss due to fluctuations of the investment unit price. Please consult with a securities company regarding the purchase of MFLP-REIT's investment units or investment corporation bonds. Information presented on this document should not be interpreted, unless otherwise specified, as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations. 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Forward-looking statements are based on assumptions such as the investment policy of MFLP-REIT, applicable laws and regulations, market environment, interest rate environment, business practice and other facts as of the preparation date of this document, and do not reflect or consider changes in situations after the preparation date. Forward-looking statements include, explicit or implied, uncertainties of existing risks, unknown risks and other factors, and may materially differ from actual performance, business results, financial status and such of MFLP-REIT. The content of this document is subject to change or repeal without prior notice. MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd. are under no obligation to update or publicly disclose the content of this document (including forward-looking statements). Duplication or reproduction of any content presented in this document without the prior consent of MFLP-REIT or Mitsui Fudosan Logistics REIT Management Co., Ltd. is strictly prohibited. The document is prepared solely for use by residents of Japan and is not intended for use by non-residents of Japan. 45#47MEMO MFLP Mitsui Fudosan Logistics Park Inc. 46 46#48MFLP Mitsui Fudosan Logistics Park Inc.