#1Investor Presentation November 2012 MITSUI FUDOSAN www.mitsuifudosan.co.jp/english#2Contents 1. Long-Term Business Plan: Innovation 2017 1-1. Three Strategies 1-2. Management Strategies 1-3. Strengthen Competitiveness 1-4. Quantitative Targets and Benchmarks 2 3 3 4 5 6 1-6. Basic Policy for Shareholder Returns 7 1-5. Investment and Recovery Plan 4. Summary of Results for the Three Months Ended Sept.30,2012(FY2012/2Q) 4-1. Consolidated Income Statements 4-2. Consolidated Segment Revenue & Operating Income 4-3. Consolidated Balance Sheets 5. Forecast for the Year to March 2013 (FY2012) 25 26 222 27 5-1. Consolidated Income 28 2. Consolidated Results 5-2. Financial Position, Property Sales to Individuals 2-1. Consolidated Results 8 (Reference) 29 3. Core Businesses: Overview & Strengths 3-1. Leasing Business: Overview & Strengths 3-1-1. Analysis of Revenue 6. Summary of Results for the Year Ended March 31,2012(FY2011) 6-1. Consolidated Income Statements 30 9 3-1-2. Premier Assets (Office Buildings) 10 6-2. Consolidated Segment Revenue & Operating Income 6-3. Consolidated Balance Sheets 31 32 3-1-3. Premier Assets (Retail Facilities) 11 6-4. SPC Investments & Off-Balance-Sheet Debt 33 3-1-4. Mitsui Fudosan's Strengths (Office Buildings) 3-1-5. Major Projects (Office Buildings) 12 Appendices (Market Trends) 13 3-1-6. Mitsui Fudosan's Strengths (Retail Facilities) 3-1-7. Major Projects (Retail Facilities) 14 Appendix 1: Leasing Business Market Trends (Office Buildings) 34 15 3-2. Property Sales Business: Overview & Strengths Appendix 2: Leasing Business Market Trends (Retail Facilities) 36 3-2-1. Mitsui Fudosan's Strengths 16 3-2-2. Major Projects (Property Sales to Individuals) 3-2-3. Mitsui Fudosan's Strengths 17 Appendix 3: Property Sales Business Market Trends (Property Sales to Individuals) 32 37 18 3-2-4. Model for Cooperation with Investors 20 Appendix 4: Property Sales Business Market Trends (Property Sales to Investors) 38 3-2-5. Real Property for Sale 21 Appendix 5: Shareholder Composition 39 3-3. Management Business: Overview & Strengths 3-3-1. Mitsui Fudosan's Strengths 3-3-2. Mitsui Fudosan's Strengths (Property Management) 23 3-3-3. Mitsui Fudosan's Strengths (Brokerage, Asset Appendix 6: Operating Income by Segment 40 22 22 Disclaimer 41 Management, etc.) 24 1#31. Long-Term Business Plan: Innovation 2017#41. Long-Term Business Plan: Innovation 2017 1-1. Three Strategies Accelerating maturity and globalization, ongoing urbanization Business model innovation Integrate tangibles and intangibles Create new value through collaboration with different industries ☐ Create communities Customer-centered management Provide solutions for customer needs created by maturing society and economy Provide solutions that meet customer needs on a global basis Create value by executing these three strategies Full implementation of Group management Pursue economies of scale Offer one-stop services Network with partners Strengthen the competitiveness of our domestic business & develop global operations 2#51. Long-Term Business Plan: Innovation 2017 1-2. Management Strategies 1. Grow in core businesses Achieve well-balanced earnings growth by flexibly combining three core businesses according to the operating environment. Enhance portfolio quality Holding Three core businesses Trading Management Increase profitability and turnover Expand transaction volume and assets under management 2. Strengthen our earnings structure Top-line growth and cost control (Increase profitability through overall Group initiatives) 3. Maintain sound finances Maintain the capacity to procure additional funding for new investments Ensure financial integrity to prepare against downturns in the financial environment 3#61. Long-Term Business Plan: Innovation 2017 1-3. Strengthen Competitiveness Strengthen the competitiveness of our domestic business Create neighborhoods ✓ Larger, higher quality portfolio in central Tokyo area ✓ Quickly bring planned developments on stream ✓ Promote the Smart City Evolve the housing business ✓ Increase units supplied and profitability in property sales to individuals ✓ Housing brokerage business: maintain No. 1 position Remodeling business: Become the leading brand for high- value-adding remodeling Evolution of our model for cooperation with investors ✓ Add new asset classes, including logistics facilities ✓ Expand assets under management (sponsored REITs, private REIT) Develop global operations ✓ Be more active in Europe, North America and Asia Europe & N. America: Build up a portfolio mainly consisting of offices for lease Asia: Be more active in developing housing, retail facilities & office buildings 創っていく。 蘇らせながら、 「残しながら、 「日本橋再生計画」 日本橋のあゆみ 街の歴史と、「日本橋再生計画」 が目指す未来の姿 Mitsui Housing Mall Mitsui Housing Mall Central Desk Customer Communication New condos & detached homes Previously owned condos & detached Custom-built homes Remodeling Leased homes Mitsui housing Mitsui Fudosan Fudosan Mitsui Residential Rehouse Mitsui Home Mitsui Reform Housing Lease Mutual cooperation among group companies 5 Hanover Square (London) Shanghai New Town Development Project 4#71. Long-Term Business Plan Innovation 2017 1-4. Quantitative Targets and Benchmarks Earnings targets, segment earnings targets, and benchmarks Achieve both earnings growth and sound finances Operating income Holding FY2014 Targets (including SPC figures) ¥163 billion ¥87 billion FY2017 Goal (including SPC figures) ¥240 billion or higher ¥120 billion ¥60 billion FY2011 Actual (excluding SPC figures) ¥126 billion ¥89.7 billion ¥15.7 billion ¥40.6 billion ¥50.1 billion Trading ¥39 billion Management ¥48 billion ¥60 billion Net income ¥67 billion ¥110 billion or higher ROA Approx. 3.8% Debt/Equity ratio Approx. 1.8 times Interest-bearing debt ¥2,160 billion Approx. 5.5% Approx. 1.5 times Approx. ¥2,100 billion 3.55% 1.62 times ¥1,743.4 billion Reference: Operating income by financial accounting segment Leasing ¥95 billion ¥128 billion ¥95.6 billion Property Sales ¥39 billion ¥60 billion ¥15.7 billion Management ¥40 billion ¥52 billion ¥34.3 billion 5#8Overseas Domestic 1. Long-Term Business Plan: Innovation 2017 1-5. Investment and Disposal Plan Investment and disposal plan Investments in Japan and overseas to generate future growth Area and Type FY2012-FY2014 FY2015-FY2017 (Billions of yen) |FY2012-FY2017 Total Investment 300-400 400-500 Approx. 800 Capital expenditures Total Disposal Approx. 200 Approx. 200 Approx. 600 Approx. 600 Investment 1,000-1,100 1,300-1,400 Approx. 2,400¹ Real property Disposal 1,000-1,100 1,300-1,400 for sale Approx. 2,400 Total Approx. ±0 Approx. ±0 Investment 200-300 200-300 Approx. 500² Europe, North America & Asia Disposal Total Approx. 100 Approx. 400 Approx. 100 Approx. 400 Net investment (sum of investment and recovery) Adjusted cash flow³ 500-600 400-500 400-500 Approx. 1,000 500-600 Approx. 1,000 1. Two-thirds of total investment will be in property sales to individuals, one-third will be in property sales to investors 2. 60% of total overseas investment will be in Europe and N. America, 40% will be in Asia (including China) 3. Adjusted cash flow = Income before income taxes + Depreciation and amortization, etc. - Income taxes paid 6#91. Long-Term Business Plan Innovation 2017 1-6. Basic Policy for Shareholder Returns Basic policy for shareholder returns Shareholder returns over the mid-to-long term are based on comprehensive consideration of reinvesting earnings to increase shareholder value and directly distributing earnings to meet shareholder expectations. ♦ We aim to maintain stable dividends in the medium term and increase dividends in the future as a result of earnings growth. Net Income and Dividends FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012(E) Net income (Billions of yen) 75.2 87.3 83.5 60.0 49.9 50.1 55.0 Cash dividends per share (Yen) 14 20 22 22 22 22 22 7#102. Consolidated Results#112. Consolidated Results (Billions of yen) Operating income (LHS) 2-1. Consolidated Results ■Leasing Management Property sales 250 (Billions of yen) Net income (RHS) 240.0 140 120 110.0 200 179.2 171.5 163.0 161.8 100 87.3 57.2 49.2 83.5 135.0 126.0 150 48.7 75.2 120.5 120.0 22.0 15.7 60 80 12.4 16.1 38.8 60.0 47.3 29.7 34.3 33.0 32.1 55.0 100 46.6 49.9 50.1 60 40 40 60 50 94.1 95.5 95.6 98.0 85.0 88.9 75.3 0 Other* -8.8 -10.3 -10.6 -17.1 -17.1 -19.7 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 -18.0 3/2013 (E) 3/2015 (T) 3/2018 (G) Depreciation 40.1 44.3 Interest-bearing debt Shareholders' equity 1,258.4 944.1 1,550.4 48.8 1,733.5 50.2 52.9 53.2 65.0 1,746.7 1,740.0 971.3 978.6 1,007.8 1,019.9 1,743.4 1,078.1 2,120.0 2,160.0 2,100.0 Debt/Equity ratio (times) 1.33 1.60 1.77 1.73 1.71 1.62 Approx. 1.8 Approx. 1.5 Unrealized gain of 753.9 840.7 810.4 rental properties *Other: the Mitsui Home and Other segments and nonconsolidated general & administrative expenses. Includes SPC figures from the year ended March 2013. Since the early application of a change in the accounting standards regarding a consolidation of special purpose entities is planned for the fiscal year ending March 31, 2013, the consolidated performance forecasts listed in this document incorporate such effects. 20 20 0 8#123. Core Businesses: Overview & Strengths#133-1. Leasing Business: Overview & Strengths#143-1. Leasing Business: Overview & Strengths 3-1-1. Analysis of Revenue A well-balanced portfolio between office buildings and retail facilities Analysis of Leasing Segment Revenue (FY ended March 2012) (Billions of yen) 450.0 Revenue: JPY 420.5 bn Office Buildings 400.0 Retail Facilities Other JPY 5.3bn (1%) 350.0 300.0 314.0 299.6 283.6 315.0 Retail facilities 250.0 279.8 JPY 131.5 bn (31%) 200.0 249.1 Domestic 237.8 office 229.1 229.8 Overseas office 150.0 buildings buildings JPY 264.4bn JPY 19.1 bn (63%) 100.0 (5%) 125.6 128.4 131.5 50.0 110.4 96.2 45.7 53.8 60.0 71.2 0.0 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 9#153-1. Leasing Business: Overview & Strengths 3-1-2. Premier Assets (Office Buildings) Nihonbashi Mitsui Tower (2005) Tokyo Midtown (2007) Shinjuku Mitsui Building (1974) Kasumigaseki Building (1968) Gran Tokyo North Tower (2007) 1251 Avenue of the Americas Building Nihonbashi 1-Chome Building (1986) (2004) Sumitomo Mitsui Banking Corporation Head Office Building Akasaka Biz Tower (2008) Gate City Ohsaki (1999) 10 (2010)#163-1. Leasing Business: Overview & Strengths 3-1-3. Premier Assets (Retail Facilities) LaLaport TOKYO-BAY (1981) Urban Dock LaLaport TOYOSU (2006) LaLaport YOKOHAMA (2007) LAZONA Kawasaki Plaza (2006) bem sport DOCE GABBANA ROSEBER LANVIN ser ROSEBUD STOCK BGS STOUS MITSUI OUTLET PARK Jazz Dream Nagashima (Expanded in 2011) MITSUI OUTLET PARK Kisarazu (2012) Lalagarden Koujun Building (2004) LaLagarden Kawaguchi (2008) 11#173-1. Leasing Business: Overview & Strengths 3-1-4. Mitsui Fudosan's Strengths (Office Buildings) A portfolio concentrated in central Tokyo and relationships with quality tenants (3,000 companies) Office Building Revenue by Area (FY ended March 2012; nonconsolidated) Regions 7% Other metropolitan Tokyo 16% 5 Wards of central Floor Space of Mitsui Fudosan Properties in 5 wards of Central Tokyo (As of March 31, 2012) Chiyoda-ku Shinjuku-ku 100,000m2 ≈ 200,000m² Tokyo 77% Office Building Lease Contract Duration (As of March 31, 2012) Minato-ku Chuo-ku 100,000m Shinagawa | -ku 30,000m² 300,000m² Stable, long-term relationships with approximately 3,000 tenant companies "TORAY' Ф CHUGAI PHARMACEUTICAL CO., LTD. Innovation by Chemistry Roche Roche Group YAHOO! JAPAN FUJIFILM Daiwa Over 5 years Less than 27% FAST RETAILING 2 years 2-5 40% 三井住友銀行 SMBC years 33% Securities Group Inc. HAKUHODO ANA NTT Бата HITACHI Inspire the Next Designing The Future KDDI Bank of America Merrill Lynch RICOH LIXIL Link to Good Living Average contract duration: 4.3 years 12#183-1. Leasing Business: Overview & Strengths 3-1-5. Major Projects (Office Buildings) Using our development capabilities to continuously improve our portfolio FY Completed 2011 Major Newly Operational Projects Project Name Rentable Floor Space Central Tokyo Portfolio Map Newly Operational Projects (Operational in 2011, under development, in planning) Existing Properties (Operational since 2010) Location 2012 (* Indicates subleased or jointly owned property) Nagoya Mitsui Building New Building Nihonbashi Honcho MK-SQUARE* Shimbashi M-SQUARE Onarimon M-SQUARE Hamarikyu Mitsui Building* Yokohama Mitsui Building Hiroshima Train Vert Building* DiverCity Tokyo Office Tower Nagoya, Aichi Chuo-ku, Tokyo ≈2 11,000 m² 8,000 m² Minato-ku, Tokyo 5,000 m² Otemachi 1-Chome Mitsui Building Minato-ku, Tokyo 6,000 m² Chuo-ku, Tokyo ≈2 12,000 m² Yokohama, Kanagawa Hiroshima, Hiroshima 49,000 m² 14,000 m² Nihonbashi Honcho MK-SQUARE (Completed 2011) Nihonbashi Muromachi East District Development Projects Areas 1-5 & 2-3 (scheduled for completion in 2013) Nihonbashi Honcho 2-Chome Area Project (scheduled for completion in 2012) Otemachi Koto-ku, Tokyo Nihonbashi Honcho 2-Chome Project* Chuo-ku, Tokyo 2013 Nihonbashi Muromachi East District Chuo-ku, Tokyo Development Projects Area 2-3* Nihonbashi Muromachi East District ≈2 44,000 m² 14,000 m² ≈2 20,000 m² Nihonbashi Chuo-ku, Tokyo 9,300 m² Development Projects Area 1-5* Tokyo 2014 8-10 Moorgate Project Kashiwanoha campus Area 148 Sapporo Mitsui JP Building* City, London Kashiwa, Chiba Sapporo, Hokkaido ≈ 12,000 m² TBD1 Nihonbashi 2-Chome Project (Tentative Name) ≈ Washington D.C. Chiyoda-ku, Tokyo City, London ≈ 1200 17th Street Project* lidabashi Station West Gate Project* 70 Mark Lane Project 1: Total floor space for office/retail building: approx. 32,000 m² 2: Total floor space for office/retail building: approx. 123,000 m² Scheduled for completion in FY2015 and after -Kita-Shinagawa 5-Chome Area 1 Redevelopment Project* Toyosu 2-, 3-Chome Area2 Project (Koto-ku, Tokyo) • Hibiya Mitsui Building /Sanshin Building Reconstruction Project (Chiyoda-ku, Tokyo) Nihonbashi 2-Chome Project (Chuo-ku, Tokyo) Otemachi 1-Chome Mitsui Building (Chiyoda-ku, Tokyo) FY completed and rentable floor space may change in the future. Some project names are tentative. 25,000 m² 16,000 m² TBD2 16,000 m² Hibiya Hibiya Building/ Sanshin Building Reconstruction Project 13#193-1. Leasing Business: Overview & Strengths 3-1-6. Mitsui Fudosan's Strengths (Retail Facilities) Diverse types of facilities and a stable revenue structure Relationships with 2,100 tenant companies Retail Facility Revenue by Category (FY ended March 2012)* Regional mall 三井ショッピングパーク 1.1. LaLaport Lifestyle center 三井ショッピングパーク •I• LaLa garden Urban facilities Other 10% 5% 5% 30% Ratio of Fixed & Sales-Linked Rent by Category (FY ended March 2012)* 100% ≈ 10% = 25% =25% 80% ≈ 40% 60% ≈ 90% 50% = 75% = 75% 40% ≈ 60% 20% 0% m MITSUI CO OUTLET PARK *Includes master-leased properties Regional mall Fixed rent Outlet Parks Sales-linked rent (Billions of yen) 80 60 40 40 20 Sales at Mitsui Fudosan Retail Facilities Others All Facilities *Includes master-leased properties -La Laport TOKYO BAY LAZONA Kawasaki LaLaport TOYOSU La Laport YOKOHAMA 0 3/2008 3/2009 3/2010 3/2011 3/2012 14#203-1. Leasing Business: Overview & Strengths 3-1-7. Major Projects (Retail Facilities) We develop facilities that are best suited to their area. Major Newly Operational Projects Sales by Area (FY ended March 2012; nonconsolidated) FY Project Name Opened (* indicates master-leased or jointly owned property) Location Store floor space 2011 MITSUI OUTLET PARK Jazz Dream Nagashima 4th Stage Kuwana, Mie 9,000 m² Shanjing Outlet Plaza • Ningbo* MITSUI OUTLET PARK Kurashiki Ginza Komatsu* Ningbo, Zhejiang, China ༤ 26,000 m² Kurashiki, 20,000 m² Okayama Regional 30% Chuo-ku, Tokyo 9,900 m² 2012 DiverCity Tokyo* Koto-ku, Tokyo 50,000 m² MITSUI OUTLET PARK Kisarazu Kisarazu, Chiba 28,000 m² LaLaport Shinmisato ANNEX Misato, Saitama 3,000 m² 2013 2th Stage Ikebukuro Square MITSUI OUTLET PARK Shiga Ryuo Niigata bandai 1-chome Project Toshima-ku, Tokyo 8,710 m² Gamogun, Shiga 10,000 m² Niigata 22,000 m² LaLaport TOKYO-BAY West Area Reconstruction Project Funabashi, Chiba 23,900 m² Nihonbashi Muromachi East District Development Projects Area 2-3* Chuo-ku, Tokyo 14,000 m² Chuo-ku, Tokyo 5,000 m² Nihonbashi Muromachi East District Development Projects Area 1-5* . Scheduled for Ikebukuro S Project (Toshima-ku, Tokyo/Store floor space completion in FY2014 and after 4,300m) Fujimi LaLaport Project (Fujimi, Saitama) ■ Osaka Izumi Project(Izumi, Osaka) ⚫ Osaka Banpaku Site Plan (Suita, Osaka) FY completed and rentable floor space may change in the future. Some project names are tentative. Metopolitan Tokyo 70% Regional mall LaLaport Mitsui outlet park • Lifestyle center LaLagarden Urban facilities 15#213-2. Property Sales Business: Overview & Strengths#223-2. Property Sales Business: Overview & Strengths 3-2-1. Mitsui Fudosan's Strengths Property sales to individuals: 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 2012) (Billions of yen) 60 40 40 20 20 26.8 26.9 Property sales to individuals Property sales to investors 28.1 8.0 1.1 5.4 6.4 22.3 30.8 20.4 11.3 9.7 10.2 14.0 0 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 (E) FY ended THE ROPPONGI TOKYO Park Homes Kaminoge Atelier Property Sales to Investors (Booked in FY ended March 2012) Higashi Gotanda SQUARE Shin-Kawasaki Mitsui Building 16#233-2. Property Sales Business: Overview & Strengths 3-2-2. Major Projects (Property Sales to Individuals) Park Mansion Mita Hyugazaka (2011) Park City Kashiwanoha (2010~) Park City Musashikosugi (2008) Park City Hamadayama (2009~) Park Tower Ueno Ikenohata (2010) Fine Court LaLa City (2009~) Park Luxe Ichigaya (2010) Park Homes Meguro (2010) Park Court Akasaka (2009) 17#243-2. Property Sales Business: Overview & Strengths 3-2-3. Mitsui Fudosan's Strengths (Property Sales to Individuals) Operating margin has bottomed and the sales environment is robust Condominium Units Booked, Contracts during the Year and Inventories at End of FY (Billions of yen) 400.0 Sales and Operating Margin Sales (LHS) Operating margin (RHS) (%) (Units) 12.0 8,000 Units booked Contracts during the FY Inventories at end of FY 11.4 316.3 305.0 300.9 300.0 270.3 280.0 9.0 6,000 5,628 5,455 5,362 5,249 5,206 257.2 4,900 4,651 6.7 200.0 4,331 6.0 4,000 5.0 4.0 3.8 3.1 4,512 3,889 3,321 100.0 3.0 2,000 826 872 638 453 380 0.0 FY ended 0.0 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 FY ended 3/2008 3/2009 (E) 3/2010 3/2011 3/2012 3/2013 (E) 18#253-2. Property Sales Business: Overview & Strengths 3-2-3. Mitsui Fudosan's Strengths (Property Sales to Individuals) Development of competitive products primarily in metropolitan Tokyo Land Bank (Condominiums) (As of March 31, 2012) Sales by Brand & Region (FY ended March 2012) Land acquired approximately 21,000 units (incl. Project stage of redevelopment) Sales by Brand Land Acquisition Costs (Billions of yen) 150 118.4 120 111.7 107.4 106.1 95.4 90 60 60 30 0 FY ended 3/2008 3/2009 3/2010 3/2011 3/2012 High-grade condominiums = 10% park park MANSION COURT = 15% Middle-grade condominiums park HOMES = 75% Sales by Region Other regions. ≈ 5% Kansai & Chubu ≈ 10% Metropolitan Tokyo ≈ 85% Large-scale developments park park TOWER CITY 19#263-2. Property Sales Business: Overview & Strengths 3-2-4. Model for Cooperation with Investors Multiple exit strategies and a model for cooperation with investors MITSUI FUDOSAN GROUP 11 Sales to a diverse array of investors J-REITs managed by the Mitsui Fudosan Group NBF Nippon Building Nippon Building Fund, Inc. N Nippon Accommodations Fre Nippon Accommodations Fund, Inc. Management contracts after sales フロンティア不動産投資法人 Fration Rosal Exit Investment Corporation Frontier Real Estate Investment Corporation Private funds structured and managed by the Mitsui Fudosan Group 三井不動産投資顧問株式会社 Mitsui Fudosan Investment Advisors, Inc. (Structures and manages private funds) MFPR 三井不動産プライベートリート投資法人 Mitsui Fudosan Private REIT, Inc. Institutional investors, corporations, etc. 20 20#273-2. Property Sales Business: Overview & Strengths 3-2-5. Property for Sale (Property Sales to Investors) We use our development capabilities to create superior assets Jingumae M-SQUARE Inventory of Property for Sales to Investors* Total: JPY 447bn (As of March 31, 2012) On balance sheet: JPY 235 bn Off balance sheet: JPY 212 bn Completed in 2009 Higashi Ikebukuro 1- Chome Project Operating office buildings ≈ 36% Planned & under development ≈ 43% ParkAxis Motoasakusa stage Operating retail facilities Operating rental housing properties = 2% ≈ 19% Opened in 2012 Consolidated basis. On-balance sheet real properties for sale including advances paid for purchases, and assets held by SPCs for the property sales business Completed in 2008 21#283-3. Management Business: Overview & Strengths#293-3. Management Business: Overview & Strengths 3-3-1. Mitsui Fudosan's Strengths ◆ Property management: Stable revenue growth from increases in properties under management Brokerage, Asset management, etc. : Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Asset management: Asset management services through three REITs and private funds Management Business Operating Income (Billions of yen) 50 40 25.4 26.0 30 18.6 10.5 10.2 8.4 20 10 10 33.0 20.6 21.9 20.3 21.2 21.9 23.7 0 FY ended 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 (E) Property management Brokerage, Asset management, etc. * Figures for the years ended March 2007 through 2009 are for reference. Property management is highly stable because it covers diverse asset classes Office buildings Retail facilities Housing 22 22#303-3. Management Business: Overview & Strengths 3-3-2. Mitsui Fudosan's Strengths (Property Management) Property Management Car Park Leasing: Track Records (Thousands units) 150 100 50 Ranking :Revenue of Car Park Leasing No. Revenue (Billions of yen) No.1 Park24 95.0 No.2 Repark of Mitsui 38.2 P 三井のリパーク 133 No.3 Nihon Parking 10.6 117 118 121 124 97 76 59 44 No.4 Nippon Parking Development No.5 Paraca 7.9 Source: 16/11/2011 6.7 Nikkei Marketing Journal 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 Property Management (Sales condominiums): Track Records (Thousands Ranking :Units of Property Mgmt (Sales condominiums) units) 240 220 200 180 No. Units No.1 Daikyo Group 408,184 No.2 Nihon Housing Group 379,081 No.3 Tokyu Community Group 304,708 217 222 210 160 196 172 140 160 152 No.4 Haseko Community Group No.5 Daiwa House Group 282,698 282,042 141 120 No.6 Mitsui Fudosan Housing Service Group 221,910 Source: Mansion Kanri Shimbun (as of March 31,2012) 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 Property Management (Leasing condominiums): Track Records (Thousands units) Ranking:Condominium units of Property Mgmt consigned by J-REIT 50 No. Units 40 W 30 44 46 47 No.1 Mitsui Fudosan Housing Lease Co., Ltd. No.2 Itochu Urban Community Co., Ltd. No.3 Haseko Livenet, Inc. 7,250 6,862 の 2,939 賃貸 20 41 38 34 30 いちばんに、住む人のこと。 27 24 No.4 Taisei Housy Property Co.,Ltd. 2,447 10 No.5 Tokyu Community Corporation 1,556 Source: Survey by Mitusifudosan O 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 Notes: Property in Tokyo 23 wards, consigned by residential type J-REIT housing Lease Co.,Ltd As of March 31,2012 23#313-3. Management Business: Overview & Strengths 3-3-3. Mitsui Fudosan's Strengths (Brokerage, Asset Management, Etc.) Providing asset management services through three REITs and private funds Assets under Management: Track Record Assets under Management (FY ended March 2012) (Trillions of yen) 3.0 2.70 2.80 2.80 2.92 2.70 NBF Bond Nippon Building 2.5 2.35 2.15 2.0 1.80 1.5 1.44 1.20 1.0 0.5 0.0 3/2003 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 30% Private funds, etc. 40% Nippon Accommodations Fund 8% 7% Originators 15% Frontier Real Estate Investment Corporation. The brokerage business achieved its highest transaction volume ever Brokerage market (FY ended March 2012) Number of Stores by Area Fee/Revenue (Billions of yen) Transactions (Unit) Number of stores 1 Mitsui Fudosan Realty 59.8 36,071 260 Other 10% Nagoya 2 Sumitomo Real Estate Sales 45.9 31,443 246 9% 3 Tokyu Livable, Inc. 30.1 14,912 121 Kansai metropolitan Tokyo 4 Nomura Real Estate Holdings, Inc. 16.3 5,762 46 16% 66% 5 Mitsubishi UFJ Real Estate Services 10.9 4,994 41 Source: 18/5/2012 jyuutaku-sinpo 26年連続 #No.1) The Mitsui Fudosan Group's Mitsui Rehouse brand has been number one in Japan's brokerage market for individuals in terms of transaction volume for 26 consecutive years since 1986 24#324. Summary of Results for the Three Months Ended Sept. 30, 2012 (FY 2012/2Q)#33(Billions of yen) 4. Summary of Results for the Three Months Ended Sept. 30, 2012 (FY2012/2Q) 4-1. Consolidated Income Summary (Overall) FY2012/2Q FY2011/2Q Change Full-Year Forecast (as of May 2012) Actual/ Forecast Revenue from operations 615.7 573.4 42.2 1,460.0 42.2% Operating income 61.1 47.0 14.1 135.0 45.3% Non-operating income & expenses -14.0 -11.1 -2.9 -26.0 Equity in net income of affiliates 1.0 2.2 -1.2 Net interest expense -14.5 -13.4 -1.1 -32.0 Other -0.5 0 -0.5 Ordinary income 47.0 35.9 11.1 109.0 43.2% Extraordinary gains/losses -2.6 -3.0 0.3 -10.0 Extraordinary gains - - Extraordinary losses -2.6 -3.0 0.3 Income taxes -19.4 -17.7 -1.7 -43.0 Minority interests 1.8 1.4 0.4 -1.0 Net income 26.8 16.6 10.2 55.0 48.9% Extraordinary losses Loss on disposal of fixed assets -1.4 Mitsui Fudosan & others Loss on valuation of investment securities -1.1 Mitsui Fudosan -2.6 25 25#344. Summary of Results for the Three Months Ended Sept. 30, 2012 (FY2012/2Q) 4-2. Consolidated Segment Revenue & Operating Income (Billions of yen) FY2012/2Q FY2011/2Q Change Full-Year Forecast (as of May 2012) Actual/ Forecast Revenue from operations 615.7 573.4 42.2 1,460.0 42.2% Leasing 218.1 207.6 10.4 434.0 50.3% Property sales 124.2 96.7 27.4 405.0 30.7% Management 143.4 137.0 6.4 294.0 48.8% Mitsui Home 77.6 82.0 -4.4 216.0 35.9% Other 52.2 49.9 2.2 111.0 47.1% Operating income 61.1 47.0 14.1 135.0 45.3% Leasing 54.6 49.1 5.5 98.0 55.8% Property sales 6.7 -0.7 7.5 22.0 30.8% Management 17.8 14.5 3.3 33.0 54.1% Mitsui Home -7.5 -3.6 -3.9 4.8 Other 0 -0.7 0.7 0 Eliminations or corporate -10.5 -11.4 0.9 -22.8 26 26#354. Summary of Results for the Year Ended June 30,2012 (FY2012 1Q) 4-3. Consolidated Balance Sheets Summary Real Property for Sale (including Advances Paid for Purchases) Other 14.4 (2%) Mitsui Total assets: JPY 4,317.5 bn (Billions of yen) Current assets 1,166.3 Liabilities Fudosan 212.4 (24%) SPCS Total Mitsui Fudosan Residential Cash and time deposit Real property for sale (including advances paid for purchases) 82.2 881.7 Interest-bearing debt (Non-recouse Debt 3,200.4 2,222.1 376.3) 417.0 (47%) Equity investment in 10.3 237.7 (27%) property for sale Other current assets Fixed assets Tangible and 192.0 3,151.2 2,589.7 Tangible and intangible intangible fixed assets fixed assets America, UK 164.8 (6%) SPCs Total 234.2 (9%) Mitsui Fudosan 2,058.4 (79%) Other 132.2 (5%) Deposits from tenants 355.4 (Rental properties) 2,325.6 Other liabilities 622.7 Net assets 1,117.1 (Shareholders' equity) 1,071.9 Investment securities 337.9 Lease deposits 160.1 Other fixed assets 63.4 Rental properties (Billions of yen) At June 30,2012 (FY2012 1Q) Market value Book value Unrealized gain 3,261.0 2,325.6 935.4 At March 31,2012 (FY2011 end) 2,860.0 2,049.6 Defference 401.0 276.0 810.4 125.0 27 27#365. Forecast for the Year to March 2013 (FY 2012)#375. Forecast for the Year to March 2013 (FY2012) 5-1. Consolidated Income (Billions of yen) Year to March 2013 (FY2012) Forecast Year Ended March 2012 (FY2011) Actual Change Revenue from operation Leasing Property sales 1,460.0 1,338.1 121.8 434.0 420.5 13.4 405.0 321.3 83.6 Management 294.0 286.6 7.3 Mitsui Home 216.0 207.5 8.4 Other 111.0 102.0 8.9 Operating income 135.0 126.0 8.9 Leasing 98.0 95.6 2.3 Property sales 22.0 15.7 6.2 Management 33.0 34.3 -1.3 Mitusi Home 4.8 4.1 0.6 Other 0.0 -0.8 0.8 Eliminations and corporate -22.8 -23.1 0.3 Non-operating income & expenses -26.0 -23.5 -2.4 Net interest expense -32.0 -26.5 -5.4 Other 6.0 2.9 3.0 Ordinary income 109.0 102.5 6.4 Extraordinary gains/losses -10.0 -8.0 -1.9 Net income before income taxes 99.0 94.5 4.5 Income taxes -43.0 -43.7 0.7 Minority interests -1.0 -0.5 -0.4 Net income 55.0 50.1 4.8 Since the early application of a change in the accounting standards regarding a consolidation of special purpose entities is planned for the fiscal year ending March 31, 2013, the consolidated performance forecasts listed in this document incorporate such effects. 28#385. Forecast for the Year to March 2013 (FY2012) 5-2. Financial Position, Property Sales to Individuals (Reference) (Billions of yen) Real property for sale (including advances paid for purchases) New acquisitions of real property for sale Cost recovery through property sales Tangible & intangible assets New investments Depreciation Interest-bearing debt Year to March 2013 Year Ended March 2012 (FY2011) Change (FY2012) Forecast Actual 330.0 284.2 45.7 350.0 258.3 91.6 160.0 111.7 48.2 65.0 53.2 11.7 2,120.0 1,743.4 376.5 (Billions of yen) Year to March 2013 Year Ended March 2012 (FY2011) Change (FY2012) Forecast Actual Revenue from operation Condominiums Detached housing Operating margin(%) 280.0 257.2 22.7 228.0 213.8 14.1 52.0 43.4 8.5 5.0% 4.0% 1.0pt Reported Number of Units 5,800 5,316 (Units) 484 Condominiums 4,900 4,512 388 Detached housing 900 804 96 Since the early application of a change in the accounting standards regarding a consolidation of special purpose entities is planned for the fiscal year ending March 31, 2013, the consolidated performance forecasts listed in this document incorporate such effects. 29#396. Summary of Results for the Year Ended March 31, 2012 (FY 2011)#406. Summary of Results for the Year Ended March 2012 (FY2011) 6-1. Consolidated Income Summary (Overall) (Billions of yen) 3/2012 (FY2011) 3/2011 (FY2010) Change Full-Year Forecast Actual/ Forecast (as of Oct.2011) Revenue from operations 1,338.1 1,405.2 -67.1 1,360.0 98.4% Operating income 126.0 120.0 5.9 122.0 103.3% Non-operating income & expenses -23.5 -23.8 0.3 -22.0 Equity in net income of affiliates 3.7 0.6 3.0 Net interest expense -26.5 -27.2 0.7 -27.0 Other -0.7 2.6 -3.3 5.0 Ordinary income 102.5 96.2 6.3 100.0 102.5% Extraordinary gains/losses -8.0 -12.5 4.5 -10.0 Extraordinary gains 20.9 -20.9 Extraordinary losses -8.0 -33.4 25.4 - Income taxes -43.7 -32.9 -10.8 -41.0 Minority interests -0.5 -0.8 0.2 -1.0 Net income 50.1 49.9 0.2 48.0 104.4% Extraordinary losses Loss on disposal of fixed assets -5.6 Mitsui Fudosan & others Loss on valuation of investment securi -1.2 Mitsui Fudosan & others Provision for loss on disaster -0.7 Mitsui Fudosan Residential & others Loss on disaster -0.3 Mitsui Fudosan & others -8.0 30 30#416. Summary of Results for the Year Ended March 2012 (FY2011) 6-2. Consolidated Segment Revenue & Operating Income (Billions of yen) Full-Year 3/2012 (FY2011) 3/2011 (FY2010) Change Forecast (as of Oct.2011) Revenue from operations 1,338.1 1,405.2 -67.1 1,360.0 Leasing 420.5 423.4 -2.9 418.0 Property sales 321.3 405.2 -83.8 339.0 Management 286.6 277.9 8.6 281.0 Mitsui Home 207.5 205.1 2.4 215.0 Other 102.0 93.4 8.5 107.0 Operating income 126.0 120.0 5.9 122.0 Leasing 95.6 88.9 6.7 92.0 Property sales 15.7 16.1 -0.4 18.0 Management 34.3 32.1 2.2 32.0 Mitsui Home 4.1 3.7 0.4 4.8 Other -0.8 1.0 -1.8 -2.0 Eliminations or corporate -23.1 -21.9 -1.2 -22.8 31#426. Summary of Results for the Year Ended March 2012 (FY2011) 6-3. Consolidated Balance Sheets Summary Real Property for Sale (including Advances Paid for Purchases) Other 24.5 (4%) Total assets: JPY 3,868.4 bn (Billions of yen) Current assets 941.7 Liabilities Mitsui Fudosan 211.0 (33%) Mitsui Fudosan Cash and time deposit Real property for sale (including advances paid for purchases) 62.2 Interest-bearing debt 2,768.0 1,743.4 642.8 Residential 407.2 Equity investment in 57.5 property for sale (63%) Other current assets Fixed assets Tangible and 179.0 2,926.6 2,304.8 intangible fixed assets Interest-Bearing Debt by Type & Maturity (B/S basis) Short-term debt, CP and bonds redeemable within one year 296.9 (17%) Long-term debt & SBs 1,446.4 (83%) Deposits from tenants 353.8 (Rental properties) 2,049.6 Other liabilities 670.7 Major Office Buildings 1,018.7 (44%) Net assets (Shareholders' equity) 1,100.4 1,078.1 Investment securities 397.6 Lease deposits 160.8 Other fixed assets 63.3 Capital expenditures Depreciation 111.7 53.2 Tangible and intangible fixed assets Other operating properties Under development 8.424(37%) Major Mixed-use Facilities 264.9(11%) Major Retail Facilities 178.6(8%) * Major Properties; balance above ¥10 billion at end of period (including properties under development) * Other operating properties; balance below ¥10 billion at end of period Rental properties (Billions of yen) Market value Book value Unrealized gain At March 31,2012 (FY2011 end) 2,860.0 2,049.6 810.4 At March 31,2011 (FY2010 end) 2,827.6 Defference 32.4 1,986.8 62.8 840.7 -30.3 Interest-Bearing Debt by Type (SBs, Bank Borrowings, CP) SBs 305.0 (17%) Bank borrowings, CP 1,438.4 (83%) 32 32#436. Summary of Results for the Year Ended March 2012 (FY2011) 6-4. SPC Investments and Off-Balance-Sheet Debt Total exposure: JPY 481 bn Reference Assets for Property Sales Business: JPY 212 bn (Billions of yen) Assets 481 Debt 357 Assets to be valued up 52 Off-balance 357 sheet debt Assets to be developed 160 Assets for holding 269 Equity On-balance sheet 124 124 Equity investments in property for sale 58 + Investment securities 66 Amounts on the right represent the total amount of assets, debt and equity corresponding to Mitsui Fudosan's equity share in each individual vehicle. Disclosure standards differ from those used for the "Guideline Applied to Disclosure of SPCS" presented since the year ended March 31, 2007. ➤ All figures are rounded off to the nearest billion yen. ➤ The categories "Assets to be valued up," "Assets to be developed," and "Assets for holding" conform to proprietary Mitsui Fudosan standards. 33 33#44Appendices (Market Trends)#45Appendix 1 Leasing Business Market Trends (Office Buildings) Office Vacancy Rate (%) Mitsui Fudosan (Tokyo Metro/Parent basis) Central Tokyo 5 Wards, Grade-A (Source: CBRE) Central Tokyo 5 Wards (Souce: Miki Shoji) 9.04% 9.3% 10.0 (3/2012) (9/2012) 8.0 8.57% (6,8/2003) 6.0 4.0 5.8% 0.9% 2.49% (11/2007) (9/2003) (6/2006) 0.9% 2.0 (6/2007) (7/2006) 0.0 6.4% 8.9% (3/2012) (9/2012) 5.0% 4.4% 0.0% (9/2012) (3/2012) 2.16 2.0 Uncompleted (other 20 wards)) Uncompleted (central 3 wards)) Completed 1.54 3/2002 3/2003 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 Trends of Supply Volume of Large-Scale Office Buildings within Tokyo's 23 Wards (Million m³) 2.5 Past supply volume (annual average) 1.08 million m²/year (total floor space) 1.81 Source: Miki Shoji Co., Ltd., CB Richard Ellis Forecast supply volume after '12 (annual average) 0.90 million m²/year (total floor space) 1.5 1.25 1.21 1.19 1.17 0.78 0.99 0.72 0.91 0.77 0.86 0.85 0.87 0.90 1.0 0.5 0.36 التاء 0.65 0.57 0.13 0.23 1.03 0.03 0.54 0.74 0.67 0.34 Source: Mori Building Co., Ltd. (As of September 26, 2012) 0.0 98 99 00 01 02 03 04 ठ 90 05 06 07 08 09 10 11 12 13 14 15 16 (Calendar year) 34#46Appendix 1 Vacancy rate (%) 10.0 Leasing Business Market Trends (Office Buildings) Office Building Market Trend ( 5 wards of Central Tokyo ) 9/2012 3/2011 9.0 3/2012 8.0 3/2004 7.0 10/2004 (@17,526yen 6.0 /month.tsubo) 3/2005 5.0 4.0 3/2006 3.0 2.0 1.0 0.0 16,000 17,000 3/2010 6,8/2003 (8.57%) 3/2003 18,000 19,000 3/2002 3/2009 8/2008 (@22,901yen /month.tsubo) 3/2008 3/2007 B 11/2007 (2.49%) 20,000 21,000 Source: Miki Shoji Co., Ltd. 22,000 23,000 24,000 Asking rent (yen / month per tsubo) (Thousands m³) 400 Net Absorption Trend (5 wards of Central Tokyo ) 300 200 100 0 -100 Any -200 01/2000 01/2001 01/2002 01/2003 01/2004 01/2005 01/2006 01/2007 01/2008 01/2009 01/2010 01/2011 01/2012 Source: Sanko Estate Co., Ltd. 35#47Appendix 2 Leasing Business Market Trends (Retail Facilities) Year-on-Year Change in Sales by Category 4% 0.3% 0.3% 0.0% -0.7% -0.8% 980 0% -2.3% -1.6% -1.7% -2.0% -0.2% -0.7% -0.5% -1.5% -1.3% -2.1% -4.3% -4% -2.8% -2.6% -2.7% -1.4% -2.6% -2.1% -2.8% -2.0% -6.8% -3.2% -3.5% -4.3% -3.1% -8% -10.1% General shopping center -12% 2002 2003 Department stores Chain stores 2004 2005 2006 2007 2008 2009 2010 2011 (Calendar years) Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association 14% 10% Mitsui Fudosan: Year-on-Year Change in Sales by Type of Retail Facility 6% 2% -2% -6% -10% -14% La Laport (existing facilities) +Outlet Parks (existing facilities) 2009/10 2009/2Q 2009/3Q 2009/4Q 2010/1Q 2010/2Q 2010/3Q 2010/4Q 2011/1Q 2011/2Q 2011/3Q 2011/4Q 2012/1Q 2012/2Q (09/4-6) (09/7-9) (09/10-12) (10/1-3) (10/4-6) (10/7-9) (10/10-12) (11/1-3) (11/4-6) (11/7-9) (11/10-12) (12/1-3) (12/4-6) (12/7-9) 36#48Appendix 3 Property Sales Business Market Trends (Property Sales to Individuals) Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory (Thousands of units) 12 Avg. initial contract rate Avg. initial contract rate for 2008: 62.7% Avg. initial contract rate for 2009: 69.7% Inventory (LHS) Initial month contract rate (RHS) 10 Avg. initial contract rate for 2010: 78.4% for 2011: 77.8% 82.8% 79.7% (10/3) (11/3) (%) Avg. initial contract rate for 100 2012: 1H 77.6% 79.2% 69.3% 90 (12/3) (12/9) 8 6 4 2 0 70 8260 1/2004 7/2004 1/2005 7/2005 1/2006 7/2006 1/2007 7/2007 1/2008 7/2008 1/2009 7/2009 1/2010 7/2010 1/2011 7/2011 1/2012 7/2012 50 Source: Real Estate 40 Economic Institute Co., Ltd. Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit (Thousands of units) (Millions of yen) New units launched (LHS) Avg. unit price Tokyo 23 wards (LHS) Avg. unit price metro Tokyo (RHS) 100 70 61.2 (18.9%) 59.3 (-3.1%) 75 85 84 49.2 74 51.9 (-12.5%) 54.9 (5.9%) 53.3 (-2.9%) 60 60 46.6 (5.5%) 50 (1.4%) 61 50 51.4 (4.7%) 44 45 44 36 25 40 41.0 (0.9%) 41.0 (0.1%) 42.0 46.4 47.7 45.4 47.1 45.7 Source: Real Estate (2.2%) (10.6%) (2.8%) (-5.0%) (4.0%) (-2.9%) Economic Institute Co., 0 30 Ltd. 2004 2005 2006 2007 2008 2009 2010 2011 (Calendar years) 37#49Appendix 4 Property Sales Business Market Trends (Property Sales to Investors) Acquisition of Assets by J-REITs & Tokyo Stock Exchange J-REIT Index (Billions of yen) 600 TSE J-REIT Index (excl.dividends) (RHS) Acquisition of assets by J-REITS (LHS) 500 400 300 200 239.9 100 212.1 0 228.9 82.6 140.4 108.5 101.7 73.3 54.6 52.1 3.5 229.4 1,800 1,600 1,400 1,200 1,000 800 600 288.9 400 203.3 201.3 174.0 118.9 200 80.3 0 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q (Calendar years) Cap Rates Trend (Results of the Real Estate Investor Survey, A Class Buildings in Tokyo's Marunouchi and Otemachi Districts) (%) 5.0 4.5 4.5 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.0 3.8 3.8 4.0 3.5 3.5 3.5 3.5 3.0 2.0 4/2004 10/2004 4/2005 10/2005 4/2006 10/2006 4/2007 10/2007 4/2008 10/2008 4/2009 10/2009 4/2010 10/2010 4/2011 10/2011 4/2012 Source: Results of Real Estate Investor Survey, Japan Real Estate Institute 38#50Appendix 5 Shareholder Composition Shareholder Composition as of March 31 Individuals ■Financial Institutions ■Foreign Other companies, etc. 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 1997 11.9 48.8 25.6 13.7 1996 12.3 47.6 25.3 14.8 1995 13.5 50.1 19.8 16.6 1994 14.0 49.4 19.3 17.3 1993 14.7 48.3 19.1 17.9 1992 14.7 47.0 20.0 18.3 1991 16.1 48.1 15.2 20,6 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 39#51Appendix 6 Operating Income by Segment Financial accounting segments Innovation 2017 segments FY2011 actual FY2011 actual Holding Leasing 95.6 Holding (Office buildings & retail facilities) Subleasing 2001 & prior 2002 & after Property Sales 15.7 Management 34.3 (Billions of yen) 89.7 Trading 15.7 Management 40.6 Mitsui Home 4.1 Other -20 Other -8 Eliminations -23.1 Total 126 Total 126 40 40#52Disclaimer This presentation contains forward-looking statements that are based on information available and our judgment when we issued the presentation, and are subject to risks and uncertainties. Actual results may differ from our forecasts depending on factors including changes in economic conditions, market trends and operating conditions. Although we exercised due care in preparing this presentation, we assume no obligation to update, revise or correct the statements and do not warrant their usefulness, suitability for a specific purpose, functionality or reliability. This presentation is not intended to solicit investment. Investment decisions should be based solely on the judgments of the investor. 41