#1Investor Presentation MITSUI FUDOSAN CO., LTD. November 2009 www.mitsuifudosan.co.jp/english/#2Contents MITSUI FUDOSAN GROUP 1 Earnings Overview 02-07 4 Brokerage, Consignment sales and Consulting Business 28-30 1-1 Summary of the Fiscal Year Ended March 31, 2009 1-2 Summary of Six Months Ended September 30, 2009 02 04 4-1 Earnings Trends and Business Outline by categories 4-1 Brokerage Business 28 29 1-3 Revised Projections (P/L) for FY2009(Ending March 31,2010) 06 1-4 Earnings Trends and Forecast 07 4-1-1 Number/Volume of Transactions and Number of Contracts 4-2 Consulting Business 29 30 2 Leasing Business 08-16 4-2-1 Changes in AUM from private funds and J-Reits 30 2-1 Earnings Trends and Business Outline by categories. 08 5 Property Management Business 31 2-1 Leasing Business (Office Buildings) 09-12 2-1-1 Current Business Environment 2-1-2 Our Competitive Advantage 2-1-3 Major Projects (Medium- to Long-Term) 2-1-4 Major Projects (Operating in FY2010) 09 5-1 Earnings Trends and Business Outline by categories_ 6 Financial Strategy 31 32 10 7 New Challenge Plan 2016 33 11 12 Appendices 2-2 Leasing Business (Retail Facilities) 13-16 2-2-1 Current Business Environment 2-2-2 Our Competitive Advantage 13 Appendix 1 Consolidated Balance Sheet (At March 31, 2009) Appendix 2 SPC Investments and Off-Balance-Sheet Debt 34-40 35 14 (At March 31, 2009) 36 2-2-3 Major Projects (Medium- and Long-Term) 15 Appendix 3 Changes in MF Group AUM and Fees 37 2-2-4 Major Projects (Commencing Operations in FY2009) 2-3 Capital Expenditures and Leasing Segment Profits 16 Appendix 4 Shareholder Composition 38 17 3 Sales Business 18-27 3-1 Earnings Trends and Business Outline by categories 3-1 Sales Business (Housing Sales to Individuals) 18 Appendix 5 Leasing Business (Office Buildings) Portfolio Appendix 6 Leasing Business (Retail Facilities) Portfolio Disclaimer 39 40 41 19-22 3-1-1 Current Business Environment 19 3-1-2 Our Competitive Advantage 20 3-1-3 Major Projects 21 3-1-4 Balance of Real Property for Sale and Reported Income 22 3-2 Sales Business (Property Sales to Investors). 23-27 3-2-1 Current Business Environment 23 3-2-2 Real Estate Investment Market Function 24 3-2-3 New J-REIT Policies and Results 25 3-2-4 Our Competitive Advantage 26 3-2-5 Balance of Real Property for Sale and Reported Income 27 O Mitsui Fudosan Co., Ltd. 1#31 Earnings Overview 1-1 Summary of the Fiscal Year Ended March 31, 2009 (P/L) MITSUI FUDOSAN GROUP Fiscal 2008 Earnings (March 31, 2009) A Fiscal 2007 Earnings (March 31, 2008) B Fiscal 2008 Latest forecast *1 (March 31, 2009) Fiscal 2008 (March 31, 2009) change Year-on-year Year-on-year B' A-B A-B' C (Billions of yen) Fiscal 2009 (March 31, 2010) forecast *2 Year-on-year C-A Revenue from Operations 1,418.9 1,360.0 1,400.0 58.9 18.9 1,410.0 (8.9) Leasing 529.7 469.0 531.0 60.7 (1.2) 546.0 16.2 Sales of Housing, Office Buildings and Land 396.2 382.2 373.0 13.9 23.2 402.0 5.7 Housing Sales 305.0 270.3 305.0 34.7 0.0 310.0 4.9 Other Sales *3 91.1 111.8 68.0 (20.7) 23.1 92.0 0.8 Brokerage, Consignment Sales and Consulting 75.1 84.2 75.0 (9.0) 0.1 63.0 (12.1) Property Management 102.4 102.4 106.0 0.0 (3.5) 105.0 2.5 Other Segments *4 315.2 322.0 315.0 (6.7) 0.2 294.0 (21.2) Operating Income 171.5 179.2 170.0 (7.7) 1.5 120.0 (51.5) Leasing 99.5 90.6 97.0 8.8 2.5 94.0 (5.5) Sales of Housing, Office Buildings and Land 48.6 57.8 54.0 (9.1) (5.3) 20.0 (28.6) Housing Sales 20.4 30.8 30.5 (10.3) (10.0) 17.0 (3.3) Other Sales *3 28.1 26.9 23.5 1.1 4.6 2.9 (25.2) Brokerage, Consignment Sales and Consulting 18.1 26.5 17.0 (8.4) 1.1 10.0 (8.1) Property Management 15.5 15.4 16.0 0.0 (0.4) 16.0 0.4 Other Segments *4 7.9 7.2 6.0 0.7 1.9 1.0 (6.9) Elimination or Corporate (18.2) (18.5) (20.0) 0.2 1.7 (21.0) (2.7) Non-Operating Income/Expenses (25.4) (16.4) (25.0) (9.0) (0.4) (27.0) (1.5) Ordinary Income 146.0 162.8 145.0 (16.7) 1.0 93.0 (53.0) Extraordinary gains (losses) (30.1) (7.7) (24.0) (22.3) (6.1) (5.0) 25.1 Income before Income Taxes 115.9 155.0 121.0 (39.0) (5.0) 88.0 (27.9) Income Taxes/Minority Interests (32.4) (67.6) (51.0) 35.2 18.5 (38.0) (5.5) Net Income 83.5 87.3 70.0 (3.8) 13.5 50.0 (33.5) Net Income per Share (Yen) 95.10 99.40 (4.30) 1. Announced on February 5, 2009 2. Announced on October 29, 2009 3. Property Sales to investors: Sales of income-producing properties to investors 4. Other Segments: "Construction," "Sales of Housing Materials and Merchandise," "Facility Operations" and "Other" segments O Mitsui Fudosan Co., Ltd. 2#41 Earnings Overview 1-1 Summary of the Fiscal Year Ended March 31, 2009 (B/S,C/F) MITSUI FUDOSAN GROUP Fiscal 2008 Results (March 31, 2009) A Fiscal 2007 Results (March 31, 2008) B Fiscal 2008 change Year-on-year A-B (Billions of yen) Fiscal 2009 forecast (March 31, 2010) C Total assets 3,758.3 3,634.4 123.8 Interest-bearing debt¹ B/S Shareholders' equity² D/E ratio (times)³ 1,733.5 1,550.4 183.1 1,790.0 978.6 971.3 7.3 1.77 1.60 0.18 - Cash flows from operating activities (40.9) 97.7 (138.7) Cash flows from investing activities (141.6) (392.1) 250.5 C/F Cash flows from financing activities 182.2 276.1 Free cash flows / Operating cash flows + investing cash flows (294.3) 1. Interest-bearing debt: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Shareholders' equity: Total net assets - minority Interests - new share subscription rights 3. D/E ratio: Interest-bearing debt / shareholders' equity (182.6) (93.9) 111.7 O Mitsui Fudosan Co., Ltd. 3#5Fiscal 2009 Earnings Six Months Ended (September 30, 2009) A Fiscal 2008 Earnings Six Months Ended (September 30, 2008) B 1 Earnings Overview 1-2 Summary of Six Months Ended September 30, 2009 (P/L) (Billions of yen) Fiscal 2009 (March 31, 2010) forecast *1 Progress A÷C MITSUI FUDOSAN GROUP change Year-on-year A-B C Revenue from Operations 665.7 614.5 51.1 1,410.0 47.2% Leasing 275.4 263.3 12.0 546.0 50.4% Sales of Housing, Office Buildings and Land 192.8 124.1 68.7 402.0 48.0% Housing Sales 163.5 104.7 58.7 310.0 52.7% Other Sales *2 29.3 19.3 9.9 92.0 31.9% Brokerage, Consignment Sales and Consulti 30.2 40.1 (9.8) 63.0 48.1% Property Management 48.5 49.3 (0.8) 105.0 46.2% Other Segments *3 118.6 137.5 (18.9) 294.0 40.3% Operating Income 86.7 70.9 15.8 120.0 72.3% Leasing 53.0 51.9 1.0 94.0 56.4% Sales of Housing, Office Buildings and Land 35.8 10.4 25.3 20.0 179.2% Housing Sales 22.7 7.4 15.2 17.0 133.3% Other Sales *2 13.1 3.0 10.0 2.9 444.6% Brokerage, Consignment Sales and Consulti 4.0 11.8 (7.7) 10.0 40.9% Property Management 7.8 7.9 (0.1) 16.0 48.8% Other Segments *3 (3.8) (1.6) (2.2) 1.0 Elimination or Corporate (10.1) (9.6) (0.5) (21.0) Non-Operating Income/Expenses (13.8) (11.1) (2.7) (27.0) Ordinary Income 72.9 59.8 13.1 93.0 78.4% Extraordinary gains (losses) (6.7) 6.7 (5.0) Income before Income Taxes 72.9 53.0 19.9 88.0 82.9% Income Taxes/Minority Interests (30.0) (20.9) (9.0) (38.0) Net Income 42.8 32.0 10.8 50.0 85.8% 1. Announced on October 29, 2009 2. Property Sales to investors: Sales of income-producing properties to investors 3. Other Segments: "Construction," "Sales of Housing Materials and Merchandise," "Facility Operations" and "Other" segments O Mitsui Fudosan Co., Ltd. 4#61 Earnings Overview 1-2 Summary of Six Months Ended September 30, 2009 (B/S) MITSUI FUDOSAN GROUP B/S Fiscal 2009 Six Months Ended (September 30, 2009) A Fiscal 2008 Results (March 31, 2009) B Fiscal 2009 (Billions of yen) Fiscal 2009 change Year-on-year A-B forecast *4 (March 31, 2010) C Total assets 3,807.3 3,758.3 48.9 Interest-bearing debt *1 1,809.4 1,733.5 75.9 1,790.0 Shareholders' equity *2 1,021.5 978.6 42.8 D/E ratio (times) *3 1.77 1.77 0.00 1. Interest-bearing debt: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Shareholders' equity: Total net assets - minority Interests - new share subscription rights 3. D/E ratio: Interest-bearing debt / shareholders' equity 4. Announced on October 29, 2009 O Mitsui Fudosan Co., Ltd. LQ 5#7Fiscal 2009 forecast *1 (March 31, 2010) A Revenue from Operations 1,410.0 1,420.0 1 Earnings Overview 1-3 Revised Projections (P/L) for FY2009 (Ending March 31,2010) Fiscal 2009 forecast *2 (March 31, 2010) B (Billions of yen) change Year-on-year A-B (10.0) MITSUI FUDOSAN GROUP Leasing 546.0 552.0 Sales of Housing, Office Buildings and Land Housing Sales 402.0 393.0 (6.0) 9.0 310.0 348.0 (38.0) Other Sales 92.0 45.0 47.0 Brokerage, Consignment Sales and Consulting 63.0 63.0 Property Management 105.0 109.0 (4.0) Other Segments *3 294.0 303.0 (9.0) Operating Income 120.0 150.0 (30.0) Leasing 94.0 97.0 (3.0) Sales of Housing, Office Buildings and Land 20.0 44.0 (24.0) Housing Sales 17.0 27.8 (10.7) Reflects time required to backfill vacancies and other factors Reflects reassessment of number of condominiums to be sold, devaluation loss and other factors Other Sales 2.9 16.1 (13.2) Reflects loss on transfer of assets to Brokerage, Consignment Sales and Consulting 10.0 10.0 Property Management 16.0 16.0 Other Segments *3 1.0 3.0 (2.0) Elimination or Corporate (21.0) (20.0) (1.0) Nippon Accommodations Fund, devaluation loss and other factors Reflects impact of sluggish economy on hotel and resort business and other factors Non-Operating Income/Expenses (27.0) (25.0) (2.0) Ordinary Income 93.0 125.0 (32.0) Extraordinary gains (losses) (5.0) (10.0) 5.0 Income before Income Taxes 88.0 115.0 (27.0) Income Taxes/Minority Interests (38.0) (48.0) 10.0 50.0 67.0 (17.0) Net Income 1. Announced on October 29, 2009 2. Announced on April 30, 2009 3. Other Segments: "Construction," "Sales of Housing Materials and Merchandise," "Facility Operations" and "Other" segments O Mitsui Fudosan Co., Ltd. 6#81 Earnings Overview Leasing 1-4 Earnings Trends and Forecast Housing Sales Property sales to investors Brokerage, Consignment Sales and Consulting Property Management Other Segments1 Operating income (Billions of yen): LHS 200 180 Net income (Billions of yen): RHS 179.2 171.5 120 7.2 161.8 15.4 7.9 8.1 15.5 160 137.5 14.3 100 26.5 18.1 Operating 120.0 7.5 57.8 income 48.6 140 total 115.7 12.7 26.0 1.0 103.2 109.2 27.087.3 5.7 49.2 28.183.5 16.0 80 120 (0.3) 3.5 10.7 22.5 7.7 Housing 10.8 26.975.2 10.0 (Approx.) Sales 44.6 3.0 10.9 18.6 20.4 100 + 14.0 30.8 Approx. 35.1 25.8 17.020.0 60 8.9 Property 32.9 Sales to 13.6 16.5 22.3 56.5 80 23.6 investors 18.8 50.0 32.5 19.3 18.6 60 60 40 99.5 90.6 94.0 40 28.6 81.3 66.525.5 63.0 62.5 67.9 20 20 14.4 0 0 Elimination or Corporate (14.1) (15.1) (17.0) (17.9) (17.2) (18.5) (18.2) (21.0) 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal year) 1. "Other Segments" includes "Construction," "Sales of Housing Materials and Merchandise," "Facility Operations" and "Other" segments. O Mitsui Fudosan Co., Ltd. MITSUI FUDOSAN GROUP 7#92 Leasing Business 2-1 Earnings Trends and Business Outline by categories Operating profit margins (%) 25% 20.2% 20.4% 19.0% 19.3% 18.2% 18.6% 18.8% 20% 17.2% 15% 600 Revenue from operation (Billions of yen): LHS Residentials, car parks, etc | Operating income(Billions of yen): RHS 546.0 120 529.7 Retail Facilities 500 469.0 Office Buildings 100 398.0 118.999.5 400 364.3 111.190.6 94.0 80 329.6 332.3 343.7 95.5 81.3 107.3 85.3 300 70.6 66.5 72.9 77.0 92.2 67.9 60 63.0 62.5 68.2 42.6 42.9 50.9 56.9 200 40 303.4 265.5 100 216.4 216.4 215.7 222.0 234.2 20 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (FY) Business Outline by categories ➤ Office Buildings-Leasing of owned and subleased office buildings ➤ Retail Facilities-Leasing of owned and subleased retail facilities ➤ Residentials, car parks,etc. -Leasing of mainly subleased rental condominiums, car parks, etc. MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 8#102-1 Leasing Business (Office Buildings) 2-1-1 Current Business Environment Maintaining a comparative advantage amid leveling off of supply/demand balance Office vacancy rates and new supply MITSUI FUDOSAN GROUP (Vacancy rate: %) 10.0 Office vacancy rates 21,295 8:57%" (6/03) (3/09) 19,657 (9/09) (Average rent: yen/tsubo) 25,000 Average market rents (yen/tsubo) : RHS 8.0 7:62% 20,000 5.8% (9/09) Mitsui Fudosan vacancy rate (Tokyo Metro/parent basis) :LHS 6.0 (9/03)... 4.0 2.0 2.65% (12/07)" 0.9% (6/06) 6:05%* 3.6% 15,000 (3/09) (9/09) 3.1% (6/09) Market vacancy rate (Central Tokyo 5 wards, large-scale) :LHS 10,000 5,000 2.5% 0.0 (3/09) 0 2002 2003 2004 2005 2006 2007 2008 9/2009 (Year) Source: Miki Shoji (Floor space: thousands of m²) 3,000 New supply in the Tokyo 23-ward area (Office buildings with floor space of 10,000 m² or more) 2,500 2,000 1,500 1,000 1,250 500 1,210 770 0 02 03 04 05 06 Completed □ Not completed (under construction) ☐ Not completed (not under construction) 07 08 2,160 Average for FY86-FY08: 1.04 million m² (based on floor space) Average for FY09 onward: 1.00 million m² (based on floor space) 1,570 1,410 1,540 1,190 650 870 890 1,080 260 290 11 12 13 (Year) Source: Mori Building O Mitsui Fudosan Co., Ltd. 9 09 10#112 Leasing Business (Office Buildings) 2-1-2 Our Competitive Advantage High-quality assets and proactive portfolio management MF-owned building sales ratio by area FY20081 Other areas of metropolitan Tokyo Ratio of properties by years since construction³ Regional 10% March 31, 2003 March 31, 2009 5% Within five Within five years 17% years 24% Five wards of central Tokyo² 85% 2.26 million m² 2.65 million m² 14% Six-ten years 2% 1. Parent company basis, including jointly held properties 2. Chiyoda-ku, Chuo-ku, Minato-ku, Shinagawa-ku, Shinjuku-ku 3. Sum of owned and master-leased properties Nihonbashi Mitsui Tower GranTokyo North Tower Tokyo Midtown Gate City Ohsaki To be rebuilt MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 10#122 Leasing Business (Office Buildings) 2-1-3 Major Projects (Medium-to Long-Term) Concentrated, continuous investment in carefully selected projects Takebashi Mitsui Seimei Otemachi Bldg. Marunouchi 1-chome Rebuilding Project (scheduled for FY2010) Sanshin Bldg. /Hibiya Mitsui Bldg. Reconstruction Project Otemachi Otemachi Muromachi East District Projects Phase I: FY2010 MITSUI FUDOSAN GROUP Project Phase II: Scheduled for FY2013 Year built (* indicates properties under master-lease and management) Location Net rentable area (approx.) Tokyo Club Bldg. Chiyoda-ku 7,700 m² GranTokyo North Tower Chiyoda-ku 66,000 m² FY2007 Akasaka Biz Tower* Minato-ku 105,000 m² Mitsukoshimae Nihonbashi 1-chome Bldg. FY2008 GranTokyo North Tower Yodoyabashi Mitsui Bldg. Mitsui Seimei Otemachi Bldg. Aoyama OM-SQUARE Jingumae M-SQUARE Osaka 29,000 m² Chiyoda-ku 34,000 m² Minato-ku 8,000 m² Shibuya-ku 7,000 m² Nihonbashi Nihonbashi FY2009 Higashi Gotanda SQUARE Shinagawa-ku 16,000 m² Takashimaya FY2010 Nihonbashi Marunouchi 1-chome Rebuilding Project Muromachi East District Projects Areas 2-2 Chiyoda-ku 46,000 m² Chuo-ku 21,000 m² 2-chome Project (provisional name) Kyobashi Major new building Takaracho Muromachi East District Projects: Areas 1-5 (Chuo-ku) Muromachi East District Projects: Areas 2-3 (Chuo-ku) projects -Chiyoda-ku Fujimi 2-chome Project (Chiyoda-ku) after FY2011 ⚫Sanshin Bldg./Hibiya Mitsui Bldg. Reconstruction Project (Chiyoda-ku) -Nihonbashi 2-chome Project (Chuo-ku) Tokyo Tokyo Sta Tokyo Nijubashimae Yurakucho Hibiya Yurakucho Sta. Ginza 1-chome Ginza Imperial Hotel Ginza Newly constructed (within five years) To be rebuilt / reconstructed -Mitsui Seimei Otemachi Bldg. (Chiyoda-ku) Yokohama Mitsui Bldg. Project (Yokohama) ⚫ Sapporo Mitsui Bldg. Reconstruction Project (Sapporo) years built and net rentable areas are subject to change. Some project names are provisional. Shintomicho Higashi Ginza The Existing O Mitsui Fudosan Co., Ltd. 11#13MITSUI FUDOSAN GROUP 2 Leasing Business (Office Buildings) 2-1-4 Major Projects (Operating in FY2010) Two large-scale projects slated in prime central Tokyo locations Marunouchi 1-chome Rebuilding Project Muromachi East District Projects* Areas 2-2 Imperial palace Mitsui Life Mitsui Insurance Otemachi Bussan Bldg. Bldg. Bldg. KDDI Yomiuri MUFG Tokyo Bldg. Shimbun Tokyo Sankei Bldg. Otemachi Sta. NTT Otemachi Bldg. Tokyo Metro Hanzomon Line Ootenma-Honcho S 2-4 Block 2-5 Block Nihonbashi Mitsui Tower 2-3 2-2 Block Block Aiisai st Schedule Floor space Building scale Rentable area (offices) Rentable area (retail) Primary contractor Primary tenant Otemon Palace Hotel (under construction) Otemachi First Square Mizuho Bank Tokyo Central Branch Otemachi Sta. SMBC Otemachi Bldg. Tokyo Metro Tozal Line AIG Bldg. Ginko Kaikan Tokyo Ginko Kyokai Bldg Wadakura Fountain Park Tokyo Marine Nichido Bldg. Shin- Marunouchi Bldg. Gyoko-dori Mitsubishi Corp. • Marunouchi Head Office Bldg. Tokyo Sta. Tokyo Sta. Construction began January 2008 Scheduled for completion in first half of FY2010 Approx. 80,000 m² 23 floors, 4 sub-levels Approx. 46,000 m² Mitsui Fudosan Co., Ltd. Sumitomo Mitsui Banking Corp. Schedule Floor space Building scale Rentable area (offices) Rentable area (retail) Primary contractor Primary tenant Mitsui Main Building Edozakura st. ***** 1-5 Block Ginza Line Mitsukoshimae Sta. Nihonbashi Mitsukoshi Honkan Nihombashi Mitsukoshi Shinkan Tokyo Metro Hanzomon Line Mitsukoshimae Sta. Tokyo Metro Mitsukoshimae sta. exit Construction began March 2009 Scheduled for completion in first half of FY2010 Approx. 41,000 m² 22 floors, 4 sub-levels Approx. 14,000 m² Approx. 7,200 m² Mitsui Fudosan Co., Ltd. TBD *Provisional name O Mitsui Fudosan Co., Ltd. 12#142-2 Leasing Business (Retail Facilities) 2-2-1 Current Business Environment MF facility performance sound, despite sluggish consumer spending Sales by store type (YoY) Existing store basis Quarterly sales of MF facilities by type (YoY) Existing store basis 2% MITSUI FUDOSAN GROUP 11% 1% 0.3% 0.3% 9% 0.0% 7% 0% 5% -0.7% -0.7% 5% 3% 1-0.2% -1% -0.5% -2.1% -1.6% -1.7% 3% 2% 2% -2.1% 3.0% -2% .4% -1.5% 1% 2% 2.0% -2.8%-2.8% -1% -1% -2.3% -0.4% -3% -2.6% -2.7% -3% -3.3% -1.0% -2% -2.0% -3.2% -2.7% -4% -3.5% -5% -4% -6.0% -4.3% -7% -6.7% -5% >-7.7% 2002 2003 2004 2005 2006 2007 2008 -9% (Year) General shopping centers Department stores Chain stores FY2008 1Q (4-6/08) FY2008 FY2008 FY2008 FY2009 FY2009 2Q 3Q 4Q 1Q 2Q (7-9/08) (10-12/08) (1-3/09) (4-6/09) (7-9/09) General shopping centers (market data) Sources: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association LaLaport (8 existing facilities) Outlet Park (6 existing facilities) Source: Japan Council of Shopping Centers O Mitsui Fudosan Co., Ltd. 13#152-2 Leasing Business (Retail Facilities) 2-2-2 Our Competitive Advantage Diverse facility categories and stable profit structure MITSUI FUDOSAN GROUP Retail facilities sales* by category FY2008 Ratio *1 of fixed to sales-linked rent *2 by category FY2008 三井ショッピングパーク 100% 5% 1.1. LaLaport 20% 20% (Regional mall) Others 15% 80% 40% Urban facility 60% 10% ■Sales- linked rent 45% 5% 三井ショッピングパーク 40% 80% 80% ■Fixed rent LaLa garden (Lifestyle center) 60% 95% 25% 20% 0% m MITSUI CP OUTLET PARK *Includes master-leased properties Growing Together LaLaport Outlet Others Total *1 Approximate Mitsui Shopping Park LaLaport *2 Includes master-leased properties Mitsui Outlet Park Mitsui Shopping Park LaLagarden MITSUI OUTLET PARK LaLaport Tokyo Bay Mitsui Outlet Park Marine Pia Kobe LaLagarden Kawaguchi Les Posites Urban Facility Ginza Glasse Mitsui Fudosan Co., Ltd. 14#162-2 Leasing Business (Retail Facilities) 2-2-3 Major Projects (Medium- and Long-Term) Developing optimal facilities with a focus on the Tokyo metropolitan area MITSUI FUDOSAN GROUP Year Managed retail facilities in the Tokyo metro area Project Location built (* indicates properties under master-lease and management) Net rentable area (approx.) Lease hold Lazona Kawasaki Plaza LaLaport Kawasaki 172,000 m² O FY Urban Dock LaLaport Toyosu LaLaport Koto-ku 165,000 m² O 2006 LaLaport Kashiwanoha LaLaport Kashiwa 145,000 m² LaLaport Yokohama LaLaport Yokohama 227,000 m² Stellar Town Ginza Velvia Kan* Urban Chuo-ku 8,000 m² LaLa Garden Kasukabe ●LaLaport Kashiwanoha (16) FY Nitta Building* Urban Chuo-ku 3,000 m² LaLa terrace Minami Senju LaLaport Shin-Misato Mitsui Outlet Park 2007 Mitsui Outlet Park Jazz Dream Nagashima (expansion) Outlet Kuwana 6,000 m² Iruma LaLa Garden Kawaguchi Kojun Buliding Tokyo Midtown Mitsui Outlet Park Shiodome City Center Tama Minami Osawa -COREDO Nihonbashi ◆LaLaport Tokyo-Bay Ginza Namikidori Building Mitsui Outlet Park Makuhari LaLagarden Kasukabe Mitsui Outlet Park Iruma* LaLagarden Outlet Kasukabe 23,000 m² Iruma 32,000 m² Urban Dock LaLaport Toyosu Ginza Glasse Urban Chuo-ku 5,000 m² GINZA GLASSE LaLaport Yokohama Lazona Kawasaki Plaza Mitsui Outlet Park Yokohama Bayside Treage shirahata FY LaLaport Tokyo bay (expansion) LaLaport Funabashi 3,000 m² 2008 Mitsui Outlet Park Sendai Port Outlet Sendai 20,000 m² O LaLagarden Kawaguchi LaLagarden Kawaguchi 26,000 m² O Mitsui Outlet Park Marine Pia Kobe LaLaport Iwata Outlet FY LaLaport Shin-Misato 2009 LaLagarden Nagamachi LaLaport LaLaport Misato LaLagarden Sendai Kobe Iwata 22,000 m² 50,000 m² 60,000 m² 19,000 m² O Ginza Echigoya Bldg. Project* Urban Chuo-ku 4,500 m² FY G1 Project Urban Chuo-ku TBD ● Mitsui Shopping Park LaLaport Mitsui Outlet Park Mitsui Shopping Park LaLagarden ● Urban facility 2010 Mitsui Outlet Park Shiga Ryuo Outlet Mitsui Outlet Park Sapporo Kita-Hiroshima Outlet Ryuo Sapporo TBD о 23,000 m² Major new retail facility projects after FY2011 ⚫ Ginza Komatsu Reconstruction Project (Chuo-ku) (Leasehold scheme) ■ Odaiba Project (Aomi Q Area) (Koto-ku) The years built and net rentable areas are subject to change. Some project names are provisional. Mitsui Fudosan Co., Ltd. 15#172-2 Leasing Business (Retail Facilities) 2-2-4 Major Projects (Commencing Operations in FY2009) Completed two large-scale retail facility projects Public road LaLaport Iwata LaLaport lane LaLaport street LaLaport LaLaport Shin-Misato 1.1. LaLaport ファインコート FING ららシティ MITSUI FUDOSAN GROUP Public road Parking area Smart interchange 2街区 3 3x Shin-Misato Station 8 LO 7 To Tokyo (P Enshu Toyota PA Tomei Expressway! To Iwata Interchange Distribution From Tokyo To Hamamatsu Interchange COSTCO WHOLESALE Smart interchange 100m Location Schedule Floor space Building scale Store area Iwata, Shizuoka Prefecture Construction began in June 2008 Opened in June 2009 Approx. 136,000 m² 4 floors Primary stores Approx. 50,000 m² Toho Cinemas (Multiplex cinemas) Nojima (Electronic store) UNIQLO (SPA) Location Schedule Architectural area Building scale Store area Primary stores Retail, office IKEAⓇ Office, storage Misato, Saitama Prefecture Construction began in July 2008 Opened in September 2009 Approx. 142,000 m² 2 floors (one section: 4 floors) Approx. 60,000 m² Ito-Yokado (Supermarket) Edion (Electronic store) O Mitsui Fudosan Co., Ltd. 16#182-3 Capital Expenditures and Leasing Segment Profits -Leasing Segment ROA 6% 5% 4.2% 4.3% 4.3% 4% 3.4% 3.3% 3.5% 3.2% 3% 2% 1% 0% MITSUI FUDOSAN GROUP Capital Expenditures (Billions of yen): LHS → Leasing segment operating income. (Billions of yen): RHS 400 120 99.5 350 94.0 90.6 100 300 81.3 80 250 66.5 67.9 63.0 62.5 200 60 340.4 150 40 220.3 100 165.0 50 110.0 20 61.1 78.8 92.7 35.8 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal year) 17 O Mitsui Fudosan Co., Ltd.#193 Sales Business 3-1 Earnings Trends and Business Outline by categories Operating profit margins / Housing sales to individuals (%) 9.4% 8.6% 8.7% 7.3% 6.6% 11.4% 15% 10% 6.7% 5.5% 5% MITSUI FUDOSAN GROUP Revenue from operation(Billions of yen) : LHS Property sales to investors Housing sales to individuals Operating income (Billions of yen): RHS Property sales to investors Housing sales to individuals 500 80 382.2 396.2 402.0 400 350.7 57.8 335.3 334.4 336.9 341.6 60 49.2 91.1 48.6 92.0 56.8 44.6 111.8 300 59.7 78.8 120.4 103.7 27.0 32.5 32.9 35.1 40 26.9 200 28.2 25.8 8.9 275.6 293.813.6 16.5 305.0 255.6 270.3 100 216.4 237.8 30.8 310.020.0 3.0 20 Approx. 23.6 19.3 18.6 18.8 22.3 20.4 17.0 Approx. 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (FY) Business Outline by categories ➤ Housing sales to individuals-Sales of condominiums and detached houses to individuals, developed by Mitsui Fudosan Residential Co., Ltd. ➤ Property sales to investors-Sales of business-use properties such as office buildings, retail facilities, rental condominiums to investors, etc. 18 O Mitsui Fudosan Co., Ltd.#20MITSUI FUDOSAN GROUP 3-1 Sales Business (Housing Sales to Individuals) 3-1-1 Current Business Environment Condominium market in the Tokyo metropolitan area Initial month contract rate: %: LHS Average tsubo unit price: thousands of yen/tsubo* (Tokyo metro area): RHS Average tsubo unit price: thousands of yen/tsubo* (Tokyo 23 ward area): RHS 100 3,000 90 82.5 2,829 2,810 2,560 (1~9/09) 78.1 79.0 78.3 75.4 2,500 80 69.7 2,140 2,364 70 -2,231-----2,215-----2,264- 70.2 (1~9/09) 2,109 2,090 2,000 60 2,029 (1~9/09) 1,802 1,818 1,802 1,835 62.7 50 1,696 1,500 Thousands of new units sold: LHS Thousands of new units sold (forecast): LHS Unsold inventory: thousands of units: RHS 100 60 89 80 83 85 84 11.6 (12/02) 12.4 (12/08) 10.8 (12/07) 75 14.0 12.0 10.0 6.8 60 50 9.7 (12/03) (9/09) 8.0 40 40 7.9 (12/04 8.2 (12/06) 61 44 44 35 6.0 6.0 (12/05) 4.0 20 20 2.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 (Year) * Tsubo is a Japanese measurement of area. One tsubo equals approximately 3.3 m². Source: "Condominium Market Trends in the Tokyo Metropolitan Area," Real Estate Economic Institute O Mitsui Fudosan Co., Ltd. 19#213-1 Sales Business (Housing Sales to Individuals) 3-1-2 Our Competitive Advantage Promoting the integrated construction and sales of high-value-added residences Condominium brand line-up park HOMES condominiums with Small to mid-sized higher turnover park MANSION park COURT Prime quality High-quality urban condominiums condominiums Sales by brand FY2008 (Condominiums) Park Homes 30% MITSUI FUDOSAN GROUP Park Mansion/ Park Court 30% Park Homes Fujigaoka park TOWER Super high-rise condominiums Park Court Toranomon Atago Tower park Environment- shaping large-scale CITY development THE TOYOSU TOWER park Central Tokyo small family LUXE condominiums Park City Hamadayama park Resort SEASONS condominiums Park Tower/Park City 40% Sales by region FY2008 (Condominiums) Other regions Kansai/ Chubu regions 5% 5% Tokyo metro area 90% O Mitsui Fudosan Co., Ltd. 20 20#223-1 Sales Business (Housing Sales to Individuals) 3-1-3 Major Projects Providing high-value-added properties in prime metropolitan Tokyo locations MITSUI FUDOSAN GROUP Major properties (Tokyo metropolitan area) Year to be Property name Location Total units (share) booked Park City Saitama Kita Park City Kashiwanoha Campus City First Avenue Park Court Toranomon Atago Tower Minato-ku 230 (100%) Park City Musashi-Kosugi Kawasaki 643 (80%) Station Forest Tower FY2008 THE TOYOSU TOWER Koto-ku 825 大宮职 (30%) Park City Kashiwanoha Campus City Ichi-ban Gai Kashiwa 977 (100%) Park Court Akasaka The Tower Hiroo Garden Forest Park City Saitama Kita Saitama 1,045 (100%) Park Court Akasaka The Tower Minato-ku 463 (70%) Park City Hamadayama Suginami-ku 522 (100%) Park Court Toranomon Atago Tower 成田空港 FY2009 Park City Hamadayama Park City Musashi-Kosugi Mid Sky Tower Hiroo Garden Forest Kawasaki 794 (80%) Minato-ku 670 (50%) 西新駅 THE TOYOSU TOWER 東京駅 Prime Arena Shin-Yurigaoka Kawasaki 393 (70%) Prime Arena Shin-Yurigaoka FY2010 Park Court Azabu-Juban The Tower Park Tower Gran Sky Minato-ku 360 (40%) Shinagawa-ku 613 (100%) Park Court Azabu 10-ban The Tower Major new properties ⚫Roppongi 3-chome Area Redevelopment Project ⚫lidabashi Station West Exit Area Development Project Park Tower Gran Sky for construction Park City Musashi-Kosugi Mid Sky Tower Park City Musashi-Kosugi Station Forest Tower 0km 10km 20km projects after FY2011 Kita-Shinagawa 5-chome Area Redevelopment Project Musashikosugi Station South Area/East Block Redevelopment Project Kashimada Station Western Area Redevelopment Project Some projects and properties span multiple years. Years to be booked are subject to change. Some project and property names are provisional. Land bank(as of end of March, 2009) Sites acquired (confirmed): Approx. 18,000 units (after sharing) ➤ Planning stage (redevelopment, etc.): Approx. 10,000 units (before sharing) 21 Mitsui Fudosan Co., Ltd.#233-1 Sales Business (Housing Sales to Individuals) 3-1-4 Balance of Real Property for Sale and Reported Income Operating income (Billions of yen): RHS (Housing sales business operating profit margin) Number of condominiums booked (or to be booked): LHS Completed condominiums in unsold inventory: LHS (Units) 30 25 4,487 20 22.3 15 (9.4%) 10 5 0 267 5,500 5,249 30.8 (11.4%) 5,206 4,900 5,000 4,500 4,000 3,500 20.4 (6.7%) 3,000 17.0 2,500 (5.5%) 2,000 1,500 826 453 1,000 500 0 (Billions of yen) 500 Expenses related to acquisition of land for housing sales (1st half) ■Expenses related to acquisition of land for housing sales (2nd half) Balance of real property for sale as housing (fiscal year-end) 400 407.5 360.5 300 311.4 MITSUI FUDOSAN GROUP 200 143.2 111.7 95.4 100 56.7 61.8 46.9 85.6 49.9 48.5 38.0 38.0 0 2006 2007 2008 2009 (Fiscal year) O Mitsui Fudosan Co., Ltd. 22#243-2 Sales Business (Property Sales to Investors) 3-2-1 Current Business Environment Downturn in the real estate investment market Listed company real estate transactions MITSUI FUDOSAN GROUP J-REIT property acquisition costs (Trillions of yen) (Units) (Trillions of yen) 6.0 2,000 2.0 5.5 1.8 5.0 1.6 1.82 0.01 1.70 1.66 0.06 0.45 0.13 4.5 1,500 1,340 1.4 0.51 4.0 1,201 0.40 1,157 3.5 1.2 0.32 3.0 1,000 1.0 0.24 0.91 0.06 846 859 0.32 5.54 2.5 0.09 0.8 0.68 0.19 0.02 648 4.34 2.0 4.15 0.59 0.07 502 0.6 0.03 0.29 1.5 500 0.30 0.16 0.07 0.97 2.62 (Residential leasin0.02 2.40 0.4 0.01 0.10 1.0 2.11 0.01 0.80 0.79 0.01 1.88 162 0.08 0.2 0.43 0.42 0.5 0.38 0.56 0.21 0.03 0.0 0 0.0 0.03 2002 2003 2004 2005 2006 2007 2008 2009 (Fiscal year) 2002 2003 2004 2005 2006 2007 2008 2009 (1st half) (1st half) (Fiscal year) Transaction volume: LHS Number of transactions: RHS Total Logistics facilities Residential leasing Retail facilities Hotels Offices Source: Urban Research Institute Corp. Source: Investment company disclosures O Mitsui Fudosan Co., Ltd. 23#253-2 Sales Business (Property Sales to Investors) 3-2-2 Real Estate Investment Market Function Reclaiming investor trust and expectations through revitalization of the J-REIT market will lead to a recovery in the real estate investment market Real Estate Market Operating properties Brokering Low-operating properties Value up Non-operating properties Develop Real Estate Investment Market Rejuvenation of J-REIT market Financial Markets Debt Loan Positive growth cycle Private fund activation Positive growth cycle Real estate investment market recovery Capital Investment corporation bonds Equity REIT Investment unit Fund investment Real estate direct investment MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 24#263-2 Sales Business (Property Sales to Investors) 3-2-3 New J-REIT Policies and Results System Foundation/Enhanced Creditworthiness, Financing Support ✓ Dec. 2008: Development Bank of Japan provides loans from Crisis Response Operations of the Japan Finance Corporation ✓ Jan. 2009: Bank of Japan revised collateral eligibility criteria to include J-REIT bonds ✔ Apr. 2009: J-REIT-related tax structure revisions such as: • Conduit items: Regarding the requirement to distribute over 90% of earnings (earnings are defined as booked profit, not taxable income) • Adjustments for negative goodwill (out of dividend distribution) Jul. 2009: Addition of J-REITs' investment to eligibility list of Banks' Shareholdings Purchase Corporation ✓ Sep. 2009: Creation of a real estate market stabilization fund J-REITS Public stock offerings, property acquisition Mergers, restructuring ✓ Oct. 2009: Two REIT POS, property acquisitions ✓ Since Aug. 2009: Three merger agreements announced MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 25#273-2 Sales Business (Property Sales to Investors) 3-2-2 Our Competitive Advantage High-quality assets and increasing operating ratios Percentage breakdown of real property for sale¹ MITSUI FUDOSAN GROUP Ratio of non-operating assets for sale to investors At the end of FY2008 For sale to investors (non-operating) For sale to investors (operating/residential leasing) End of FY2008: Approx. 30% Housing to 30% individuals 40% 8% 15% 7% For sale to investors (operating/retail facilities) For sale to investors (operating/office buildings) Sale Jingumae M-SQUARE Park Axis Series LaLaport Shin-Misato End of FY2010: Approx. 10% (forecast) Growth/symbiosis model of diverse investors Mitsui Fudosan Group Management Group-managed J-REITS Sale Management Group-structured private funds Sale Management Corporations Consolidated basis, real properties for sale(including advances paid for purchases) and assets held by SPCs 1. for trading business O Mitsui Fudosan Co., Ltd. 26#283-2 Sales Business (Property Sales to Investors) 3-2-3 Balance of Real Property for Sale and Reported Income MITSUI FUDOSAN GROUP Balance of on-balance-sheet real property for sale to investors (fiscal year-end) Share in balance of off-balance-sheet real property for sale to investors (fiscal year-end, trading business SPCs) (Billions of yen) 586.7 567.1 600 534.7 500 400 300.0 392.0 302.0 300 200 267.1 100 232.7 194.7 0 2006 2007 2008 (Fiscal year end) O Mitsui Fudosan Co., Ltd. 27#294 Brokerage, Consignment sales and Consulting Business 4-1 Earnings Trends and Business Outline by categories MITSUI FUDOSAN GROUP Operating profit margins (%) 32.9% 33.7% 30.9% 31.6% 35% 26.3% 30% 23.6% 24.1% 25% 15.9% 20% 15% Revenue from operation (Billions of yen): LHS Operating income (Billions of yen): RHS 100 30 Consulting 84.2 Consignment sales 77.3 75.1 25 80 Brokerage 68.7 26.0 12.1 26.5 60.2 14.3 22.5 10.0 15.3 63.0 20 60 53.5 11.7 46.5 9.8 18.6 10.8 7.0 8.2 18.1 6.4 15 8.8 40 6.5 9.1 14.0 10.5 62.0 10 10.9 48.7 52.1 52.7 10.0 20 37.9 41.5 29.4 5 0 0 2002 2003 2004 2005 2006 2007 2008 2009 (FY) Business Outline by categories ➤ Brokerage-Brokerage of existing properties targeting individual and institutional investors for the purpose of business-use and investment ➤ Consignment Sales-Consignment sales of newly constructed properties including condominiums and detached houses built by developers other than Mitsui Fudosan Residential ➤ Consulting-Various consulting services such as development management and project management services, as well as fund management services for private funds and J-REITS O Mitsui Fudosan Co., Ltd. 28#30Number of transactions : LHS Number/volume of transactions¹ (Units) 2nd half 1st half 35,000 31,693 1,382.0 32,040 1,378.5 4-1 Brokerage Business 4-1-1 Number/Volume of Transactions and Number of Contracts Number of transactions remains firm, transaction volume down MITSUI FUDOSAN GROUP Transactions volume : RHS 2nd half (Billions of yen) 1st half 1,500 31,084 30,000 1,105.9 25,000 16,341 698.6 16,613 718.9 15,515 1,000 20,000 542.2 15,903 15,000 683.4 485.1 659.5 10,000 500 563.6 15,352 15,427 15,569 15,903 485.1 5,000 0 O 2006 2007 2008 2009 (%) 30 Year-on-year change in number of contracts concluded² 25 20 15 10 5 -5 Condominiums -Land/detached housing - Total -10 -15 -20 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 12 2 2006 2007 1. Mitsui Fudosan Sales Brokerage Business 2. Tokyo metropolitan area Mitsui Rehouse contracts concluded 2008 2009 O Mitsui Fudosan Co., Ltd. 29 29#314-2 Consulting Business 4-2-1 Changes in AUM from private funds and J-Reits Stable growth in AUM Nippon Building Fund Management Ltd. Mitsui Fudosan Frontier REIT Management Ltd. Mitsui Fudosan Investment Advisors, Inc. MITSUI FUDOSAN GROUP I Mitsui Fudosan Accommodation Fund Management Ltd. AUM(Billions of yen) 1,200 1,076.6 994.3 1,000 174.3 1,069.0 123.1 800 759.1 914.0 140.0 140.0 816.0 600 628.9 40.3 102.9 413.9 536.0 400 276.0 299.7 731.2 762.3 408.0 656.1 338.0 588.6 200 413.9 246.0 276.0 299.7 0 2002 2003 2004 2005 2006 2007 2008 (Fiscal year end) Fund Management Companies Mitsui Fudosan Investment Advisors - Asset management company for private real estate fund ➤ Nippon Building Fund Management-Asset management company of Nippon Building Fund Inc. (Listed office REIT) Mitsui Fudosan Accommodation Fund Management - Asset management company of Nippon Accommodation Fund Inc. (Listed residential REIT) Mitsui Fudosan Frontier REIT Management-Asset management company of Frontier Real Estate Investment Corporation (Listed retail REIT) Mitsui Fudosan Co., Ltd. 30#325 Property Management Business 5-1 Earnings Trends and Business Outline by categories Operating profit margins (%) 20% 14.0% 13.8% 14.1% 14.4% 15.1% 15.2% 15.2% 15% 11.1% 10% 5% Revenue from operation(Billions of yen) : LHS Operating income(Billions of yen): RHS 120 20 Tenant improvement 105.0 102.4 102.4 Property management 99.6 100 90.4 77.4 78.2 29.3 25.3 80 33.6 15.4 15.5 16.0 15 69.5 31.0 14.3 25.9 22.1 12.7 60 22.3 10 10.8 10.7 40 7.7 73.1 77.1 47.2 51.5 56.1 59.3 66.0 5 20 0 2002 2003 2004 2005 2006 0 2007 2008 2009 (FY) MITSUI FUDOSAN GROUP Business Outline by categories Property Management -A variety of property management services for office buildings, retail facilities and condominiums ➤ Tenant Improvement-Renovations of office buildings in preparation for tenant changeovers, as well as general repair and maintenance work O Mitsui Fudosan Co., Ltd. 31#336 Financial Strategy Maintain sound financial strength | Interest-bearing debt at fiscal year-end: LHS1 Off-balance-sheet debt at fiscal year-end: LHS2 (Billions of yen) MITSUI FUDOSAN GROUP D/E ratio (times): RHS3 2,000 2.22 1,800 2.00 1,600 1.86 2.5 1,790.0 1,733.5 1,550.4 2.0 1,397.2 1,400 1,321.5 1,279.0 1,199.2 1,258.4 1,200 1,000 800 600 400 215.0 200 95.0 LLLLL 1.77 1.60 1.5 1.40 1.33 1.0 399.0 421.0 342.0 0.5 246.0 193.0 0 2002 2003 2004 2005 2006 2007 2008 0.0 2009 1. Interest-bearing debt at fiscal year-end: Short-term debt + commercial paper + bonds redeemable within one year + straight bonds + long-term debt 2. Off-balance-sheet debt at fiscal year-end: The portion of debt associated with debt arising from investments in SPCs that is within the Company's scope of responsibility 3. D/E ratio: Interest-bearing debt / shareholders' equity Mitsui Fudosan Co., Ltd. 32#347 New Challenge Plan 2016 Combine the flexibility of our three core businesses to respond to market changes Create opportunities to advance the Challenge Plan over the next few years Embrace the external environment positively, target medium-term growth O Mitsui Fudosan Co., Ltd. MITSUI FUDOSAN GROUP 33#35Appendices O Mitsui Fudosan Co., Ltd. 34#36Appendix 1 Consolidated Balance Sheet (At March 31, 2009) Real property for sale (including advances paid for purchases) Mitsui Fudosan Other America Group 30.6 (4%) 54.1 (7%) Total assets: ¥3,758.3 billion Current assets 1,127.4 Liabilities (Billions of yen) 2,758.5 Cash and time deposits 63.0 Interest-bearing debt 1,733.5 Mitsui Fudosan 267.1 Mitsui Fudosan (35%) Residential 407.5 (54%) Real property for sale (including advances paid for purchases) Equity investment in properties for sale Other current assets 759.4 89.7 Fixed assets 215.1 2,630.9 Tangible and 2,047.7 intangible fixed assets Deposits from tenants 370.6 (Buildings, Structures Buildings, Structures and Land etc. for Lease and Land etc. for Lease) (1,649.4) Other liabilities Other 222.2(13%) Major Retail Facilities 131.3 (8%) Major 654.2 Net assets 999.8 (Shareholders' equity) (978.6) Investment securities 343.5 Interest-bearing debt breakdown/duration (B/S basis) Short-term debt, CP and bonds redeemable within one year 226.2 (13%) Long-term debt and SBs 1,507.3 (87%) Interest-bearing debt breakdown/SBS or bank borrowing, CP SBs 245.0 (14%) MITSUI FUDOSAN GROUP Office Building 1,218.4 (74%) Bank borrowing, Lease deposits 180.8 Other fixed assets 58.8 CP 1,488.5 (86%) Major Mixed-use Facilities (Office + Retail) Capital expenditures (FY2008) 165.0 77.4(5%) Depreciation (FY2008) 48.8 Note: CP refers to commercial paper, SB to straight bonds O Mitsui Fudosan Co., Ltd. 35#37Appendix 2 SPC Investments and Off-Balance-Sheet Debt (At March 31, 2009) Assets for Trading Business: ¥300.0 billion Total exposure: ¥552.0 billion (Billions of yen) Assets 552.0 Debt 421.0 Assets to be valued up Off-balance-sheet 128.0 421.0 debt Assets to be developed 172.0 Assets for holding 252.0 Equity 131.0 On-balance-sheet investments 131.0 Equity investments in properties for sale 90.0 + Investment securities 41.0 Amounts on the right represent the total amount of assets, debt and equity corresponding to Mitsui Fudosan's equity share in each individual vehicle. ➤ Different disclosure standards apply from those for information disclosed under our "Guideline Applied to Disclosure of SPCs❞ since the Results for the Year Ended March 31, 2007. ➤ All figures are rounded off to the nearest billion yen. "Assets to be valued up," "Assets to be developed" and "Assets for holding" are categorized by MF's proprietary standards. MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 36#38Appendix 3 Changes in MF Group AUM and Fees (Trillions of yen) AUM: LHS 3.0 (Billions of yen) -Management profit : RHS 30 2.80 2.70 2.5 2.35 25 2.15 24.3 2.0 20 1.80 20 20.0 19.0 1.44 18.3 1.5 15 1.20 15.6 1.0 10 10.2 0.5 5 LO 6.1 0.0 0 2002 2003 2004 2005 2006 2007 2008 (Fiscal year) MITSUI FUDOSAN GROUP O Mitsui Fudosan Co., Ltd. 37#39Appendix 4 Shareholder Composition Shareholder composition as of March 31 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% ■Individual ■Institutional ■Foreign ■ Other MITSUI FUDOSAN GROUP 38 O Mitsui Fudosan Co., Ltd. 88#40Appendix 5 Leasing Business (Office Buildings) Portfolio MITSUI FUDOSAN GROUP Property name Shinjuku Mitsui Building GranTokyo North Tower Kasumigaseki Building Nihonbashi Mitsui Tower Tokyo Midtown Location Floor space* Shinjuku-ku 179,000 m² Net rentable area * Building scale 104,000 m² Chiyoda-ku 212,000 m² 65,000 m² Chiyoda-ku 153,000 m² 96,000 m² Completed 55 floors, 3 sub-levels September 1974 43 floors, 4 sub-levels 36 floors, 3 sub-levels October 2007 April 1968 Chuo-ku 130,000 m² 51,000 m² 38 floors, 4 sub-levels July 2005 Minato-ku 311,000 m² 184,000 m² 54 floors, 5 sub-levels March 2007 Nihonbashi 1-chome Property name Gate City Ohsaki Building Jinbocho Mitsui Building Akasaka Biz Tower Location Floor space* Net rentable area Building scale * Chuo-ku 98,000 m² 50,000 m² Shinagawa-ku 291,000 m² Chiyoda-ku 88,000 m² Minato-ku 218,000 m² 20 floors, 4 sub-levels Completed January 2004 155,000 m² 24 floors, 4 sub-levels January 1999 51,000 m² 23 floors, 3 sub-levels March 2003 99,000 m² 39 floors, 3 sub-levels January 2008 Approximate O Mitsui Fudosan Co., Ltd. 99 39#41Appendix 6 Leasing Business (Retail Facilities) Portfolio LaLaport Urban Facilities Property name LaLaport Tokyo Bay LaLaport Yokohama Urban Dock LaLaport Toyosu LAZONA Kawasaki Koujun Building Location Floor space* Funabashi 307,000 m² Yokohama 226,000 m² Koto-ku 165,000 m² Retail space* 113,000 m² 92,000 m² 63,000 m² Stores* 540 280 190 Kawasaki 172,000 m² 78,000 m² 300 Chuo-ku 17,000 m² 8,500 m² 19 Opening April 1981 March 2007 October 2006 September 2006 October 2004 Mitsui Outlet Park LaLagarden - 100 MITSUI OUTLET PARK Property name Location Mitsui Outlet Park Jazz Dream Nagashima Floor space* Kuwana 44,000 m² Mitsui Outlet Park Makuhari Chiba 22,000 m² Mitsui Outlet Park Marine Pia Kobe Kobe 36,000 m² Retail space* 30,000 m² 16,000 m² 22,000 m² Stores* 190 90 Opening March 2002 October 2000 130 October 1999 Letagerton MITSUI FUDOSAN GROUP LaLagarden Kawaguchi Kawaguchi 60,000 m² 26,000 m² 90 November 2008 * Approximate O Mitsui Fudosan Co., Ltd. 40#42Disclaimer This presentation contains forward looking statements regarding our operating performance. The statements are based on information available at announcement and our judgment as of such date, and may contain potential risks and uncertainties. Please note that actual results may differ from our forecasts depending on factors including the economic situation, market trends and management conditions. Although we have take great care in preparing the contents of this presentation, please keep in mind that we claim no obligation to update, revise/correct the statements or warrant their usefulness, conformity with a specific purpose, functionality or safety. This material was not created for solicitation of investors. Investment decisions must be based solely on the judgment of the investor. O Mitsui Fudosan Co., Ltd. MITSUI FUDOSAN GROUP 41