#1MFLP Mitsui Fudosan Logistics Park Inc. 9th Fiscal Period (Fiscal Period Ended January 31, 2021) Investor Presentation Material Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) March 12, 2021 Securities Code 3471 MFIP Mitsui Fudosan Logistics Park#2Table of Contents 1. Highlights 1-1 Operating Highlights 1-2 External Growth 1-3 Internal Growth Mitsui Fudosan MFLP Logistics Park Inc. 3. ESG Initiatives P32 P3 21 3-1 Initiatives of Mitsui Fudosan Group P4 3-2 Initiatives of MFLP-REIT and Asset Management P33 P9 Company - ESG Promotion Framework 1-4 Financial Strategy P10 3-3 Initiatives of MFLP-REIT and Asset Management P34 1-5 Initiatives for ESG P11 Company Topics P35 1-6 DPU growth P12 3-4 Initiatives of MFLP-REIT - for Environment 1-7 9th Fiscal Period (Ended January 2021) P/L P13 3-5 Initiatives of MFLP-REIT - for Society P36 P37 1-8 10th Fiscal Period (Ending July 2022) Earnings Forecast P14 3-6 Initiatives of MFLP-REIT - for Governance 4. Market Overview 4-1 Market Overview P39 2. Growth Strategy of MFLP-REIT 2-1 Continuous Growth through a strategic partnership with Mitsui Fudosan P16 5. Appendix P45 ⚫Our Portfolio • 2-2 Four Roadmaps to Stable Growth and Trajectory of Growth P18 Individual Property Income Statement for 9th Fiscal Period •Appraisal Summary for the End of 9th Fiscal Period P47 P48 . Statement of Income and Balance Sheet P49 2-3 Four Roadmaps to Enable Continued Stable Growth ... P19 . 2-4 External Growth Strategy • Distribution after Adjustment of Temporary Effects P50 P21 • Investment Unit Price Trends/Status of Unitholders P51 2-5-1 Location P23 . 2-5-2 Quality 2-5-3 Balance 2-6 Internal Growth Strategy 2-7 Financial Strategy P25 Mitsui Fudosan's Major Development/Operation Track Record P52 P26 P27 Notes on Matters Stated in This Document P53 P29 Disclaimer 1#31. Highlights MFLP Mitsui Fudosan Logistics Park Inc. 2#41-1 Operating Highlights Accelerating steady growth through strategic partnership with Mitsui Fudosan • External Growth Acquired MFLP Ibaraki and MFLP Kawaguchi I (¥77.4bn) through 4th follow-on offering in Oct. 2020 • Completed purchase agreement for data center • MFIP Inzai II (¥15.15bn) to acquire on Mar. 16. Asset size to rise to ¥300bn 3 new properties added to Properties defined in "Right of first look and preferential negotiation rights agreement"* for a total of 11 properties, 1.1mn m² . • Mitsui Fudosan MFLP Logistics Park Inc. Financial Strategy LTV* forecast at end of 10th FP 33.8% (post-MFIP Inzai II acquisition): lowest amongst J-REITs. Maintain strong growth potential Further strengthen financial soundness. Increase lenders to 22. Issue 1st Investment Corporation bond. Increase commitment line to ¥8bn. Credit rating AA- upgraded from stable to positive • Internal Growth Despite pandemic, average occupancy rate** for 9th FP maintained at 100% • All leases expiring in 9th/10th FPs signed. 100% of 9th FP, 92.8% of 10 th FP signings were renewals • • ESG Initiatives Implemented rigorous COVID-19 infection prevention measures Advanced ESG initiatives with launch of sustainability bond in February (1st Investment Corporation bond) DPU* Growth 9th fiscal period DPU (Actual) ¥7,283 (vs. 7th FP +10.6%) 10th fiscal period DPU (Forecast) ¥7,772 (vs. 8th FP +11.4%) * For further details, please refer to [Properties defined in "Right of first look and preferential negotiation rights agreement"] [Highlights] in the Notes on Matters Stated in this Document on p.53-54 Simple average of occupancy rates at the end of each month during the fiscal period in question ** 3#51-2 External Growth [1] -Properties Acquired in 9th FP- MFLP Mitsui Fudosan Logistics Park Inc. Acquisition of highly competitive MFLP Ibaraki and MFLP Kawaguchi I through 4th follow-on offering About the 4th follow-on offering Despite pandemic, enhanced the quality and stability of the portfolio, improving long-term unitholder value Acquired 2 highly competitive properties in prime locations Overview of properties acquired in the 9th FP No. of properties / Acquisition price 2 properties / 77.4 billion yen Average building age 3.0 years * Appraisal NOI / Appraisal value * Offering format Launch date / Pricing date Demand ratio Total amount issued / Total number of units issued Global offering September 16, 2020 / September 29, 2020 Approx. 10x (of which, overseas demand approx. 15x) 49.83 billion yen / PO : 96,190 units, OA : 4,810 units | Adjusted forecast NOI yield* Average occupancy rate 100% * Avg. 4.1% / Avg. 4.5% Less than 5 km from expressway interchange 100% Average lease term remaining * 3.1 year MFLP Ibaraki Overview of the property Location Ibaraki-shi, Osaka Acquisition price 58,900 million yen Appraisal NOI yield 4.1% / /Adjusted forecast NOI yield 4.6% Gross floor area 230,435m MFLP Kawaguchi I Overview of the property Location Acquisition price Kawaguchi-shi, Saitama 18,500 million yen Appraisal NOI yield /Adjusted forecast 4.0% / 4.4% NOI yield Gross floor area 49,838m² Characteristics of the property Flagship property. One of largest in Osaka inland area. Close to major expressway interchanges. Superior location for securing work force * For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.53-54. Characteristics of the property Located very close to Central Tokyo. Last mile distribution base enabled for high frequency receiving and dispatch 4#61-2 External Growth [2] -Property to be Acquired in 10th FP- Logistics Park Inc. MFLP Mitsui Fudosan Largely achieve medium-term asset size target of ¥300bn through acquisition of leading-edge, large-scale data center MFIP Inzai II MFIP Inzai II Data center Anticipated acquisition price / Appraisal value 15.15 billion yen / 15.2 billion yen * Appraisal NOI / Appraisal value* / Adjusted forecast NOI yield* 4.7% / 4.7% Building age * 0.7 years 16 Occupancy rate * 100% Abiko-shi Shiroi-shi MFIP Inzai Komuro Sta. Nishi-Shiroi Shiroi Sta. Sta. Funabashi-shi Yachiyo-shi Inzal City office o Inzai-shi MFIP Inzai II Inzai Makinohara Chiba New Town Chuo Sta. Sta. Overview of the property Location Inzai-shi, Chiba Gross floor area Completion ** December, 2020 Sales and purchase agreement date / Planned acquisition date 27,268m March 12, 2021/ March 16, 2021 * For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.53-54. **Completion date is date that inspection completion certificate is issued Characteristics of the property Access Excellent access: 1 hour by car from central Tokyo. Outside area subject to traffic restrictions in event of large-scale earthquake Seismic performance Seismic isolation structure: superior seismic performance Investment structure MFLP only owns real estate (land/physical shell), for which it receives rent payments based on lease agreement LO 5#7Superiority of MFIP Inzai II's location 1-2 External Growth [2] -Property to be Acquired in 10th FP- ■Superior location for developing data centers Location criteria for data center development 1 Sufficient power capacity 2 High quality communication environment 3 Low natural disaster risk Secure electric power Natural disaster risk Communication environment Mitsui Fudosan MFLP Logistics Park Inc. Market data 1 Large amount of electricity is required to run high-performance computers 2 High quality communication environment necessary for data center operations 3 Minimal natural disaster risk to ensure stable and safe data center operations Increasing shift to large-scale, high power density data centers Particularly strong market growth for cloud-related services Trends in large-scale data center space (over 2,000m³) | Annual average growth rate (2019-2024) 7.7% Gross floor area of high power density data centers (thousand m') Cloud-related service revenues within the data center service market Annual average growth rate (2019-2024) 18.6% I Annual average growth rate (2019-2024) 18.4% (billion yen) 1,500 Forecast 1,000 (thousand m) 800 ¡Forecast 1,000 | I Forecast 800 600 600 400 400 500 200 200 0 0 0 2018 2019 2020 2021 2022 2023 2024 (year) 2018 2019 2020 2021 2022 2023 2024 (year) 2019 2020 2021 2022 2023 2024 (year) Source: International Data Corporation Japan; "Outlook for Domestic Data Centers, Gross Floor Area and Power Capacity (2020-2024)" (March 2020) Source: International Data Corporation Japan; "Outlook for Domestic Data Centers, Gross Floor Area and Power Capacity (2020-2024)" (March 2020) Source: International Data Corporation Japan; "Outlook for Domestic Data Center Service Market (2020-2024)", August 2020. 6#81-2 External Growth [3] Portfolio quality, stability improved significantly through external growth NAV per unit also continued to rise, enhancing unitholder value External growth and properties defined in "Right of first look and preferential negotiation rights agreement❞* No. of properties/ Total floor area * Asset size Adjusted forecast NOI yield / after depreciation* Average building age* Top 5 tenant ratio* (logistics facilities only) Appraisal value* (unrealized gain*) No. of properties defined in "Right of first look and preferential negotiation rights agreement" /Total floor area* End of July 31,2020 (8th fiscal Period) 18 properties/ 950,000m 205.0 billion Properties acquired in the 9th fiscal period 2 properties /280,000m 77.4 billion 5.2% / 3.5% + 4.5% / 3.2% + 3.0 years 4.9 years 33.2% 219.2 billion yen (19.4 billion yen) 10 properties/ 1,180,000m Expansion of asset size and growth of NAV per unit Properties to be acquired in the 10th fiscal period 1 property /27,000m 15.15 billion 4.7% / 3.0% 0.7 years MFLP Mitsui Fudosan Logistics Park Inc. Medium-term target 300.0 billion yen virtually achieved End of July 31,2021 (10th fiscal period) (forecast) 21 properties/ 1,260,000m 297.6 billion yen 5.0% / 3.4% 4.8 years 28.3% 318.2 billion yen (27.4 billion yen) 11 properties/ 1,100,000 m Portfolio quality and stability substantially improved through continued expansion of asset size Enhanced unitholder value through continued growth in NAV per unit; external growth through acquisition of quality assets and accretive equity financing Asset size NAV per unit (billion yen) +45.1% 297.6 300 Average annual growth rate since (yen) 375,000 +10.6% 389,825 Average annual 205.0 200 listing +34.6% 352,401 growth rate since listing +9.0% 325,000 100 0 275,000 End of July 31,2020 (End of 8th fiscal period) March, 2021 (Post-MFIP Inzai II acquisition) End of July 31,2020 (End of 8th fiscal period) March, 2021 (Post-MFIP Inzai II acquisition) 7 * For further details, please refer to [Properties defined in "Right of first look and preferential negotiation rights agreement"], [Highlights] in the Notes on Matters Stated in this Document on p.53-54.#91-2 External Growth [4] -Improved Position in J-REIT Market- Improved credit rating, raising potential for further inclusion in indices Market position amongst J-REITS (asset size ¥250-500 billion) (billion yen) 500 Asset size as of the end of 9th fiscal period Anticipated acquisitions Mitsui Fudosan MFLP Logistics Park Inc. 400 300 200 100 0 AA Credit JCR rating AA- MFLP-REIT Asset size after anticipated acquisitions Tokyo Stock Exchange REIT Core Index FTSE Global Index Series Mid Cap N.B. Announced on February 19, 2021 that MFLP-REIT would move from the Small cap to Mid cap Index on March 22, 2021 ☐ ☐ ☐ 8#101-3 Internal Growth Logistics Park Inc. MFLP Mitsui Fudosan Despite the pandemic, there have been no delayed rent payments, rent relief or cancellations Solid progress in Signing leases as well Expanding demand for logistics facilities during the pandemic Greater Tokyo: Supply-demand and vacancy rates Osaka area: Supply-demand and vacancy rates thousand m² thousand m² 1200 18% 750 900 600 12% 500 Recent online shopping trends 18% yen 22,000 2020 12% 2019 20,000 Online Spending by Household Online Shopping by Number of Households 54% 2020 2019 52% 50% 48% 46% 44% 42% 12,000 40% Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. 18,000 6% 250 6% 300 0.4% 2.5% 16,000 0.4% 1.0% 0 0% 0 +0% 14,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020 New demand Vacancy rate Vacancy rate (properties completed more than 1 year ago) New supply * Source: CBRE K.K. (including forecasts) as of December 31, 2020. Survey of rental logistics facilities with total floor areas of greater than 5,000m² held by real estate investment companies, real estate developers, etc. Status of occupancy rate and lease signings | Occupancy rates: 9th fiscal period, forecasts for 10th fiscal period and beyond Forecast *Source: Ministry of Internal Affairs and Communications "Survey of Household Economy [Monthly Disbursements per Household Using the Internet] by Nation, District and City Class" (as of March 9, 2021) Solid progress on lease signings (9th, 10 th fiscal period) 9th FY lease expiries 10th FP lease expiries 100% 100% 100% 100% 100% 100% 100% 100% 100% 95% 90% 85% 80% Aug. 31, Sep. 30, 2020 2020 Oct. 31, 2020 Nov. 30, 2020 Dec. 31, 2020 Jan. 31, Jul. 31, 2021 2021 (End of 9th FP) (End of 10th FP) (Forecast) Jan. 31, 2022 (End of 11th FP) (Forecast) Of which existing tenants 100% Leases signed/renewed Signing Rate 100% Of which existing tenants Existing tenants 92.8% New tenants N.B. Above graphs based on leases for portfolio properties signed as of January 31, 2021 (leased floor space basis), after taking into account property to be acquired during the 10th fiscal period. 9#111-4 Financial Strategy MFLP Mitsui Fudosan Logistics Park Inc. Maintain lowest LTV amongst J-REITs and improved acquisition capacity. Enhanced financial soundness ■LTV and acquisition capacity trends LTV Acquisition capacity (with LTV at 50%) End of 8th Fiscal Period (July 31, 2020) End of 9th Fiscal Period (January 31, 2021) 30.2% 82 billion yen Stable financial management 31.0% 109 billion yen End of 10th Fiscal Period (July 31, 2021) (forecast) 33.8% 96 billion yen Acquisition of MFLP Ibaraki and Kawaguchi I (Oct. 2020), Acquisition of MFIP Inzai II with new borrowings (Mar. 2021) and Issuance of 1st Investment Corporation bonds (Feb. 2021) End of 8th Fiscal Period (July 31, 2020) Total interest-bearing debt (short-term) No. of lenders Average time to maturity (long-term only) 62.9 billion yen (5 billion yen) Acquisition of MFLP Ibaraki and Kawaguchi | 31 billion yen 1st Investment Corporation bonds (Sustainability bonds) 3 billion yen Acquisition of MFIP Inzai II 15.5 billion yen (3.5 billion yen) 11 lenders End of 10th Fiscal Period (July 31, 2021) (forecast) 99.9 billion yen (2.5 billion yen) 22 lenders (6.5 billion yen) 16 lenders 19 lenders Average interest rate 7.4 years 0.28% 8.3 years 0.32% 10 years 0.50% 8.2 years 0.40%* 7.7 years Improved credit rating outlook (Nov. 2020) Credit rating agency 3 billion yen 5 billion yen Long-term Issuer Rating Outlook 8 billion yen Increase of commitment line (Feb. 2021) Before January, 2021 Sumitomo Mitsui Banking 3 billion yen Corporation Sumitomo Mitsui Trust Bank, Limited Total 3 billion yen 6 billion yen After February, 2021 Sumitomo Mitsui Banking Corporation Syndicate with Sumitomo Mitsui Trust Bank, Limited as arranger Total *For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.53-54 *N.B. Estimates calculated as of the end of February 2021. JCR AA- Stable Positive 10#121-5 Initiatives for ESG MFLP Mitsui Fudosan Further expanding ESG initiatives: Issued 1st sustainability bond in February 2021 Logistics Park Inc. Establish "Sustainability Finance Framework" Eligible Green Project Criteria: Properties that address environmental issues Eligible Social Project Criteria: Properties that address social issues JCR assigned MFLP-REIT "SU 1 (F)", its highest evaluation grade in its Sustainability Finance Framework Evaluation Issuance of Sustainability Bonds (1st Investment Corporation Bonds) Overview Eligible assets for investment Name Total issue amount Term Interest rate 1st Unsecured Bonds (Sustainability Bonds) 3 billion yen 10 years 0.50% JCR rating No. of declared investors SU 1 12 Eligible Green Project Criteria Eligible Social Project Criteria MFLP Kawaguchi I Eligible Green Project Criteria MFLP Ibaraki Use of Proceeds: To refinance the acquisition of the above two properties 11#13Mitsui Fudosan MFLP Logistics Park Inc. 1-6 DPU Growth Strong DPU growth maintained on initiatives in 9th and 10th fiscal periods ■ MFLP Ibaraki, MFLP Kawaguchi I acquisitions in 9th FP drive DPU of ¥7,283, +10.6% vs. 7th FP ■ Guiding for DPU of ¥7,772, +11.4% vs 8th FP on acquisition of MFIP Inzai II I DPU 6,584 yen +10.6% DPU +306 yen 6,977 yen +11.4% DPU +489 yen 7,283 yen (Unit: yen) (Unit: yen ) Major positive factors Major positive factors 9th FP acquisitions Full-term contributions from 8th FP acquisitions +435 Planned acquisitions in 10th FP Full-term contributions from 9th FP acquisitions +325 +934 +107 Increase in solar panel rents +95 Major negative factors Major negative factors Expensing property-related taxes on -716 Increase in asset mgmt. fees - 98 properties acquired in 8th/9th FP Decrease in solar panel rents - 18 Increase in asset mgmt. fees -167 Increase in other non-operating - 22 Increase in other non-operating -302 expenses, etc. expenses, etc. Other factors Other factors Decrease in distribution in excess of earnings - 98 Increase in distribution in excess of earnings +322 7th fiscal period Actual 8th fiscal period Actual 9th fiscal period Actual DPU 7,772 yen 10th fiscal period Forecast 12#141-7 9th Fiscal Period (Ended January 2021) P/L MFLP Mitsui Fudosan Logistics Park Inc. th 8" fiscal period 9th fiscal Actual period Forecast 9th period Actual Difference Main breakdown of difference (b)-(a) (Unit: million yen) (a) (b) (Sep. 16, 2020) Operating revenue Operating revenue 6,363 8,115 8,139 1,775 Increase due to properties acquired in the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I) +1,454 Operating expenses 3,482 4,385 4,353 870 Increase due to full-period operation of properties acquired in the +307 8th FP (MFLP Sakai (80%), MFLP Prologis Park Kawagoe (50%), MFLP Hiroshima I) Of which, depreciation 1,661 2,061 2,059 398 Decrease in photovoltaic power generation facilities rent revenue (excluding properties acquired in the 8th and 9th FP) -38 (those related to properties only) Decrease in other operating revenue +52 Operating income 2,881 3,729 3,786 905 Operating expenses Non-operating income 40 12 -28 Increase due to properties acquired in the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I) +544 Non-operating expenses 186 234 217 31 Increase due to full-period operation of properties acquired in the 8th FP (MFLP Sakai (80%), MFLP Prologis Park Kawagoe (50%), MFLP Hiroshima I) Increase in asset management fee +82 +204 Ordinary income 2,735 3,495 3,580 845 Profit (Net income) 2,734 3,494 3,579 845 Increase in other operating expenses Non-operating income +39 Absence of insurance income -40 Interest on consumption tax refund +5 Distribution per unit +5 6,977 7,217 7,283 306 Other non-operating revenue (DPU) (yen) Non-operating expenses Of which, +38 6,200 6,447 6,604 404 Interest expenses Distribution of earnings per unit (EPU) (yen) Of which, Offering costs associated with issuance of investment units Amortization of investment unit issuance expenses +17 +9 777 770 679 -98 Distribution in excess of earnings per unit (yen) Absence of disaster restoration expenses -35 Distribution in excess of earnings 20.6% 20.2% 17.9% expressed as a percentage of depreciation Other non-operating expenses <Reference> Formula for distribution per unit based on FFO* +2 Average occupancy rate during the period*1 99.9% 100% 100% * For further details, please refer to [Method of calculation of cash distribution based on FFO] in the Notes on Matters Stated in this Document on p. 53-54. *1 The simple average of the occupancy rates as of the end of each month in each fiscal period is indicated. FFO Profit (Net income) + Depreciation, etc. ...1 Source of funds for distribution 1 FFO 70% Distribution per unit = 2 Source of funds for distribution ÷ Number of investment units issued and outstanding 13#151-8 10th Fiscal Period (Ending July 2021) Earnings Forecast MFLP Mitsui Fudosan Logistics Park Inc. 10th fiscal (Unit: million yen) 9th fiscal period period Difference (Actual) (Forecast) (b)-(a) (a) (b) Main breakdown of difference <Reference> 11th period Forecast Operating revenue 8,139 9,356 1,216 Operating revenue 9,260 Operating expenses 4,353 5,455 1,101 Increase due to properties to be acquired in the 10th FP (MFIP Inzai II) +297 5,354*2 Increase due to full-period operation of properties acquired in the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I) +874 Of which, depreciation 2,059 2,348 289 2,373 (those related to properties only) Increase in photovoltaic power generation facilities rent revenue (excluding properties acquired in the 9th FP) +51 Operating income 3,786 3,900 114 Decrease in other operating revenue -6 3,905 Non-operating income Operating expenses 12 -12 Increase due to properties to be acquired in the 10th FP +121 (MFIP Inzai II) Non-operating expenses 217 230 12 220 Increase due to full-period operation of properties acquired in the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I) +370 Ordinary income 3,580 3,670 90 Expensing of fixed asset tax and city planning tax for properties acquired in the 8th and 9th FP +386 3,685 (MFLP Sakai (80%), MFLP Prologis Park Kawagoe (50%), MFLP Hiroshima I, MFLP Ibaraki, MFLP Kawaguchi I) Profit (Net income) 3,579 3,669 90 3,684 Increase in asset management fee +90 Increase in other operating expenses +132 Distribution per unit Non-operating income 7,283 7,772 489 7,823 (DPU) (yen) Absence of Interest on consumption tax refund Other non-operating revenue -5 -6 Of which, 6,604 6,771 167 6,797 Distribution of earnings per unit (EPU) (yen) Non-operating expenses Of which, 679 1,001 322 Interest expenses +40 1,026 Distribution in excess of earnings per unit (yen) Absence of offering costs associated with issuance of investment units -44 Distribution in excess of earnings expressed as a percentage of depreciation 17.9% 23.1% Amortization of investment unit issuance expenses Other non-operating expenses +4 23.4% +11 *1 The simple average of the occupancy rates as of the end of each month in each fiscal period is indicated. Average occupancy rate during the period*1 100% 100% 100% *2 The fixed asset tax and city planning tax (28 million yen) for the properties to be acquired in the 10th FP (MFIP Inzai II) is not included and will be recorded in and after the 12th FP. 14#162. Growth Strategy of MFLP-REIT MFLP-REIT aims to maximize unitholder value through a strategic partnership with Mitsui Fudosan, a major property developer that leverages the comprehensive strengths of its corporate group to create value in its logistics facilities MFLP Mitsui Fudosan Logistics Park Inc. 15#172-1 Continuous Growth through a strategic partnership with Mitsui Fudosan MFLP Mitsui Fudosan Logistics Park Inc. Mitsui Fudosan expanding the development of properties with excellent location and quality through its CRE strategies Ability to secure development sites through its corporate real estate (CRE) strategy Various CRE needs of client firms Rebuilding of corporate logistics Development of corporate infrastructure Utilization of idle land Trimming balance sheet (Asset disposal) Global development (Establishment of overseas sites) Proposal of CRE strategies MITSUI FUDOSAN MFLP Mitsui Fudosan Sale of real estate, etc. Logistics Park Inc. Develop high-quality properties in prime locations Image of growth of properties (to be) developed/operated by Mitsui Fudosan * Transition to Mitsui Fudosan established the Logistics Properties Department "Logistics Properties Business Division" at Mitsui Fudosan MFLP- REIT IPO Cumulative total investment size as of March 2021 47 facilities 610.0 billion yen* Cumulative total investment size as of November 2019 40 facilities 570.0 billion yen* Fiscal 2012 Fiscal 2013 Fiscal 2014 Fiscal 2015 Fiscal 2016 Fiscal 2017 Fiscal 2018 * For further details, please refer to [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in this Document on p. 53-54. Fiscal 2019 Fiscal 2020 (Plan) Fiscal 2021 (Plan) Fiscal 2022 or after (Plan) 16#182-1 Continuous Growth through a strategic partnership with Mitsui Fudosan Achieve continuous external growth on stable supply from Mitsui Fudosan Leasing capability leveraging client network Fully leverage the Mitsui Fudosan Group's broad client network MITSUI FUDOSAN Office building business Approx. 3,000 firms* Retail facility business Approx. 2,400 firms* Strong relationships with leading 3PL operators *Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2020 MFLP Mitsui Fudosan Logistics Park Inc. Solutions-based asset management MFLP-REIT Evolution of solutions-based asset management End user Logistics firm (3PL operator, etc.) ↑ Challenges facing logistics firms Improving the efficiency of operations Addressing BCP issues, etc. Labor shortages Anticipation of future rises in delivery costs Adoption of automation Operated stably as leasing progresses Properties defined in "Right of first look and preferential negotiation rights agreement" Construction completed: 594,000 m² * 11 properties 1,100,000 Construction not completed: 509,000 m² NEW NEW MFLP Hino (75%) MFLP Funabashi II MFLP Osaka I MFLP Tosu MFLP Tokorozawa NEW MFLP Ichikawa Shiohama II (60%) MFLP Hiratsuka II MFLP Yokohama Kohoku MFLP Yachiyo Katsutadai MFLP Funabashi III MFLP Osaka Katano Further expansion of properties defined in "Right of first look and preferential negotiation rights agreement" MFLP-REIT's asset size Location 21 properties 1,260,000 m² Quality Balance 297.6 billion yen Properties to be acquired in the 10th FP Data center Developed by Mitsui Fudosan ELO MFIP Inzai II Anticipated acquisition price 15.15 billion yen 93.1% Xbased on total floor area * For further details, please refer to [Properties defined in "Right of first look and preferential negotiation rights agreement"] in the Notes on Matters Stated in this Document on p. 53-54. Continuous external growth 17#192-2 Four Roadmaps to Stable Growth and Trajectory of Growth Fiscal 2016 - Fiscal 2020 MFLP Mitsui Fudosan Logistics Park Inc. 9th fiscal period 4th follow-on offering September 2020 20 Fiscal 2021 Fiscal 2022 and after 10th fiscal period 11th fiscal period 12th fiscal period and after Acquisition with borrowed funds, etc. March 2021 21 properties properties 297.6 billion yen Aim to acquire properties in a continuous manner, focused on high-quality properties covered by "Right of first look and preferential negotiation rights agreement" Aim for further expansion of asset size 1st - 8th fiscal periods Asset size 1st follow-on offering 2nd follow-on offering 3rd follow-on January 2018 January 2019 Acquisition with borrowed funds, etc. August 2017 Acquisition with borrowed funds, etc. December 2018 offering January 2020 16 properties 18 properties 12 properties 13 properties 10 properties 9 properties 75.5 billion yen 78.7 billion yen 98.3 billion yen 103.5 billion yen 156.7 billion yen 205.0 billion yen 282.4 billion yen LTV* MFLP Ibaraki, MFIP Inzai II Kawaguchi I End of 10th FP End of 11th FP (forecast) (forecast) (July 31, 2021) (January 31, 2022) End of 6th End of 8th End of 7th End of 1st fiscal period End of 2nd fiscal period End of 3rd fiscal period End of 4th End of 5th End of 9th Fiscal Period (January 31, 2021) fiscal period fiscal period fiscal period fiscal period fiscal period 24.5% 21.6% 22.5% 23.9% 26.8% 29.1% 27.3% 30.2% 31.0% 33.8% 33.2% Fund procurement and LTV management optimal for size of acquired assets 40% to 50% range Medium-to long- term stabilized LTV level 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 9th fiscal period 10th FP (forecast) 11th FP (forecast) 5,198 5,346 yen yen 5,563 yen 5,832 6,105 6,496 6,584 yen yen 6,977 yen 7,283 7,772 7,823 yen Continuous DPU growth through leverage effects, etc. yen yen yen yen Market cap* Trends for NAV per unit* 273,318 yen End of 1st fiscal period 76.1 billion yen 286,378 yen End of 2nd 314,345 yen 305,914 yen 292,424 yen End of 3rd fiscal period End of 4th fiscal period End of 5th fiscal period 318,471 yen End of 6th fiscal period 326,618 yen End of 7th fiscal period 352,401 yen End of 8th fiscal period 71.5 billion yen 84.4 billion yen 84.7 billion yen 90.7 billion yen 149.1 billion yen 198.9 billion yen 254.4 billion yen fiscal period 389,732 yen End of 9th fiscal period 284.0 billion yen 389,825 yen After MFIP Inzai II acquisition of * For further details, please refer to [Four Roadmaps to Stable Growth and Trajectory of Growth] in the Notes on Matters Stated in this Document on p. 53-54. Growth potential Expansion of market cap through public offerings, etc. Enhancement of investment liquidity 18#202-3 Four Roadmaps to Enable Continued Stable Growth 1/2 Expansion of Asset Size Mitsui Fudosan MFLP Logistics Park Inc. Robust sponsor pipeline (Properties defined in "Right of first look and preferential negotiation rights agreement"*) 11 properties 1.1 million m 3 key focus points for the portfolio: Location Quality Balance Acquire properties in prime areas; strong focus on portfolio quality and stability Medium-term asset size target 500 billion yen 3rd follow-on offering January 2020 18 properties 4th follow-on offering September 2020 Acquisition with borrowed funds, etc. March 2021 20 properties 21 properties 205.0 Billion yen 282.4 billion yen 297.6 billion yen End of 8th Fiscal Period (July 31, 2020) End of 9th Fiscal Period (January 31, 2021) End of 10th FP (forecast) (July 31, 2021) LTV* Management Financial strategy with emphasis on stability Average borrowing rate: 0.31% (as of end-9th FP) Credit rating: AA- (outlook positive) Leverage effect generates growth capacity from low LTV level (Forecast as of end-10th FP) Leverage acquisition capacity* (Forecast as of end-10th FP) of 96 billion yen: Continuous growth Medium-to long-term adjusted LTV level 40 - 50% 33.8% LTV* Acquisition capacity* 33.8% 33.2% 31.0% End of 9th Fiscal Period (January 31, 2021) 109.0 billion yen End of 10th FP (forecast) (July 31, 2021) 96.0 billion yen End of 11th FP (forecast) (January 31, 2022) 98.0 billion yen * For further details, please see [Four Roadmaps to Enable Continued Stable Growth] [Properties defined in "Right of first look and preferential negotiation rights agreement"] in the Notes on Matters Stated in this Document on p. 53-54. 19#212-3 Four Roadmaps to Enable Continued Stable Growth 2/2 Continuous DPU* Growth MFLP Mitsui Fudosan Logistics Park Inc. DPU (yen) Property acquisition at a reasonable price ( ) EPU (yen) 7,772 7,823 7,283 6,977 6,496 6,584 New issuance of investment units (equity) (6,771) (6,797) 6,105 (6,604) 5,832 (6,200) 5,563 5,346 5,198 (5,783) (5,811) (5,905) (5,497) (5,288) LTV management (debt) (5,142) (4,955) Annual average growth rate (actual result/year) DPU 8.8% EPU 7.4% Annual average growth rate (including forecast DPU for the 9th FP and 10th FP) DPU 8.5% EPU 6.5% Aim for continuous DPU growth FP ended Jan. 2017 (1st FP) FP ended FP ended FP ended Jul. 2017 (2nd FP) Jan. 2018 (3rd FP) Jul. 2018 (4th FP) FP ended Jan. 2019 (5th FP) FP ended Jul. 2019 (6th FP) FP ended Jan. 2020 (7th FP) FP ended Jul. 2020 (8th FP) FP ended Jan. 2021 (9th FP) FP ending Jul. 2021 (10th FP) FP ending Jan. 2021 (11th FP) Mid-term * 198.9 billion yen 254.4 billion yen Improved liquidity, unit price stability on market cap growth 284 billion yen (as of End of 9th FP) Continuous NAV growth NAV* per unit 389,732 yen (as of End of 9th FP) Expansion of Market Capitalization Expand investor base by advancing ESG initiatives through acquisition of GRESBE certification, etc. Aim for inclusion in major indices such as TSE REIT Core Index Market cap* NAV per Unit* 284.0 billion yen End of 7th FP (January 31, 2020) 326,618yen End of 8th FP (July 31, 2020) 352,401yen End of 9th FP (January 31, 2021) 389,732yen * For further details, please refer to [Four Roadmaps to Enable Continued Stable Growth] in the Notes on Matters Stated in this Document on p. 53-54. 20 20#222-4 External Growth Strategy [1] MFLP Mitsui Fudosan Logistics Park Inc. Stable growth leveraging the growth potential and extensive pipeline of Mitsui Fudosan's logistics facilities business : 47 facilities 610.0 billion yen 3,900,000 m² in total floor area Properties defined in "Right of first look and preferential negotiation rights Mitsui Fudosan's major development/operation track record Properties held by MFLP-REIT and properties to be acquired in the 10th FP agreement" * Properties developed/operated by Mitsui Fudosan Construction completion in fiscal 2016 Construction completion in fiscal 2022 Construction completion in fiscal 2023 75% MFLP Yokohama Daikoku MFLP Atsugi MFLP Inazawa MFLP Hiroshima I MFLP Hino MFLP Funabashi II MFLP Tosu GLP/MFLP Ichikawa Shiohama MFLP Kashiwa MFLP Tsukuba MFLP Ibaraki MFLP Hiratsuka II MFLP Funabashi III NEW MFLP Yashio MFLP Fukuoka | MFLP Atsugi II MFLP Kawaguchi I MFLP Yokohama Kohoku MFLP Tokorozawa NEW Tokyo Rail Gate EAST MFLP SHINKIBA II MFLP Funabashi | Construction completion Construction completion❤ in fiscal 2019 in fiscal 2022 Construction completion in fiscal 2023 MFIP Haneda Construction completion in fiscal 2019 MFLP Kawasaki | Construction completion in fiscal 2020 MFLP Kuki MFLP Hiratsuka MFLP Sakai MFIP Inzai MFLP Osaka | MFLP Osaka Katano MFLP Tachikawa Tachihi Property to be acquired NEW in the 10th FP Construction completion in fiscal 2022 MFLP Funabashi Nishiura MFLP Komaki MFLP Prologis Park Kawagoe MFIP Inzai II 60% MFLP Yachiyo Katsutadai MFLP Ichikawa Shiohama II MFLP Tomei Ayase MFLP Ebina | MFLP HIRATSUKA III Construction completion in fiscal 2022 Construction completion in fiscal 2024 (Tentative) Kasuya Town MFLP EBINA MINAMI Logistics Facility Project Construction completion in fiscal 2022 Another data center 1 property overseas MFLP Yatomi Kisosaki Construction completion in fiscal 2022 2 properties MFLP SHINKIBA I * For further details, please refer to [Mitsui Fudosan's Major Development/Operation Track Record], [Properties defined in Right of first look and preferential negotiation rights agreement] in the Notes on Matters Stated in this Document on p. 53-54. 21#232-4 External Growth Strategy [2] MFLP Mitsui Fudosan Logistics Park Inc. Superior locations of properties defined in Right of first look and preferential negotiation rights agreement* and developed by Mitsui Fudosan Greater Tokyo Area Saitama Prefecture 16 National Route 16 Tokyo Gaikan Expressway (Gaikan Expressway) MFLP Tokorozawa Metropolitan Inter-City Expressway (Ken-O Expressway) Greater Osaka Area Hyogo Prefecture Shin-Meishin Expressway Chugoku Expressway Tokyo Prefecture MFLP Yachiyo Katsutadai Hanshin Expressway MFLP MFLP Ichikawa Tachikawa Tachihi Tokyo Station Shiohama II MFLP Hino MFLP Funabashi I MFLP Funabashi II MFLP Funabashi III MFLP SHINKIBA II MELP MFLP SHINKIBA I Tokyo Rail Gate EAST MFIP Haneda Chiba Prefecture Yokohama Kohoku MFLP Kawasaki I Kanagawa Prefecture Wangan Line MFLP Ebina I MFLP Tomei Ayase MFLP EBINA MINAMI MFLP HIRATSUKAIII MFLP Hiratsuka II Population Density (people/km) 0~5,000 5,001~10,000 10,001~ Nishinomiya IC MFLP Osaka I Meishin Expressway Second KEIHAN Road MFLP Osaka Katano Kyoto Prefecture Osaka Prefecture Kinki Expressway Hanwa Expressway ■ Properties defined in Right of first look and preferential negotiation rights agreement : Properties developed by Mitsui Fudosan *For further details, please refer to [Properties defined in Right of first look and preferential negotiation rights agreement] in the Notes on Matters Stated in this Document on p. 53-54. *Population distribution data based on Ministry of Land, Infrastructure and Transport's data on Future Population Estimates by 1km mesh (2018 Estimates) 22#242-5-1 Location 1/2 Build a high quality portfolio by taking advantage of area diversification Acquired assets Rampway MFLP Facilities Slope MFLP Facilities Box MFLP Facilities Kanetsu Expressway Metropolitan Inter-City Expressway (Ken-O Expressway) Tohoku Expressway MFLP Kuki L-2 Kuki IC Shiraoka Shobu IC Saitama Prefecture Okegawa Kitamoto IC 16 Tsurugashima JCT Kawagoe IC MFLP Tsukuba L-12 Tsukuba Chuo IC Joban Expressway National Route 16 MFLP Kashiwa L-7 Kashiwa IC Tsukuba JCT Mitsui Fudosan MFLP Logistics Park Inc. MFLP Tokorozawa Soka IC Gaikan Misato-Nishi IC MFIP Facilities Tokyo Gaikan Expressway Misato JCT L-1 MFIP Inzai Properties defined in "Right of first look and preferential negotiation rights agreement" L-16 MFLP Prologis Park Kawagoe (Gaikan Expressway) MFLP Yashio L-4 Misato Minami IC L-2 MFIP Inzai Il MFLP Tachikawa Tachihi Oizumi JCT MFLP L-19 Kawaguchi I Kohoku JCT Kosuge JCT MFLP Funabashi Nishiura Tokyo Rampway MFLP Facilities Hachioji IC Chuo JCT (tentative name) Central Circular Route Chuo Expressway Ohashi JCT Slope MFLP Facilities Hachioji JCT Tomei JCT (tentative name) MFLP SHINKIBA II L-6 Takaya JCT Chidoricho IC Kasai JCT Wangan Ichikawa IC MFLP Funabashi III MFLP Yachiyo Katsutadai Higashi-Kanto Expressway Keiyo Road MFLP Funabashi L-10 MFLP Hino L-1 MFLP MFLP Yokohama Kohoku Tokyo Rail Gate EAST Oi JCT SHINKIBA I GLP/MFLP MFLP Funabashi I Chiba Prefecture Ichikawa Shiohama MFIP Haneda Box MFLP Facilities L-5 MFLP Atsugi Sagamihara Aikawa IC MFLP Kawasaki I Haneda Airport MFLP Ichikawa Shiohama II Kanagawa Prefecture Third Keihin Road Tateyama Expressway Properties developed by Mitsui Fudosan Mitsui Fudosan's strategic area MFLP Ebina Isehara JCT L-14 MFLP Atsugi II Atsugi IC MFLP Tomei Ayase Tomei Expressway Ebina JCT Tsehara Oyama JCT Atsuki Minami IC MFLP Hiratsuka II Ebina Minami JCT Samukawa Kita IC MFLP EBINA MINAMI MFLP HIATSUKA III Kamariya JCT Wangan Line Daikoku Futo IC L-3 MFLP Yokohama Daikoku Samukawa Minami IC Fujisawa IC L-11 MFLP Hiratsuka *After acquisition of properties to be acquired in the 10th FP Kisarazu JCT Taiei JCT 23 23#252-5-1 Location 2/2 Build a high quality portfolio by taking advantage of area diversification MFLP Mitsui Fudosan Logistics Park Inc. Meishin Expressway Hyogo Prefecture Kusatsu JCT Shin-Meishin Expressway MFLP Ibaraki L-18 Kobe JCT Takatsuki Ibaraki JCT Sendaiji IC Suita JCT Ibaraki IC Chugoku Expressway Ikeda Line Nishinomiya IC MFLP Osaka Katano Kyoto Prefecture 2nd KEIHAN Road Osaka Prefecture 2nd Hanna Road Hanshin Expressway MFLP Osaka | Kinki Expressway Sanbo JCT Matsubara JCT MFLP Sakai L-8 Nishi-Meihan Expressway Hanwa Expressway Geographically diversified portfolio Investment Target Area Hiroshima Kyushu area Greater Nagoya area 9.1% Greater Osaka area 5.4% 1.9% Shuto Expressway Wangan Line 12.1% Tokyo-Gaikan Greater Expressway Tokyo area and 10.4% Greater Osaka area 83.6% Ken-O Expressway 18.2% Greater National Route 16. Tokyo area 53.1% 12.4% (tentative name) Kasuya Town Logistics Facility Project MFLP L-15 Fukuoka l Fukuoka Prefecture MFLP Tosu L-13 MFLP Inazawa L-9 MFLP Komaki Aichi Prefecture MFLP Yatomi Kisosaki Okayama Prefecture Hiroshima Prefecture L-17 MFLP Hiroshima I Location offering excellent access to transportation nodes Location convenient for commuting workers Access (Distance) to Nearest Expressway Interchange Access (Time) to Nearest Train Station 5 km or more 3.1% Within walking distance (20-25 minutes) 3.2% By bus (20-30 minutes) 2.9% 3 km or more but less than 5 km 41.8% Less than 5 km 96.9% Less than 1 km 19.0% By bus (20 minutes or less) 59.1% Within walking distance/Within 20 min. by bus 97.1% Within walking distance (20 minutes or less) 34.8% area 30.5% 1 km or more but less than 3 km 36.1% * The pie charts above indicate figures for the portfolio after the acquisition of properties to be acquired in the 10th FP calculated on an acquisition price basis (excluding MFIP properties). 24#262-5-2 Quality Logistics Park Inc. MFLP Mitsui Fudosan MFLP-REIT concentrates investments in leading-edge logistics facilities with Mitsui Fudosan quality achieved by applying Mitsui Fudosan's expertise 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 ■ & Worker Storage space Effective ceiling height At least 5.5 m Column spacing At least 10 m Floor load capacity At least 1.5 tons/m² MFLP Sakai 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-resistant • Emergency power generation...etc. | & Tenant MFLP Sakai MFLP Kashiwa MFLP Ibaraki MFLP Hiroshima | MFLP Ibaraki Sky lounge Unmanned store Sky deck | & Community MFLP Ibaraki MFLP Hiroshima | Commuter shuttles Bicycle sharing | & Earth MFLP Kawaguchi I MFLP Hino Public open space Childcare facilities MFLP Kawaguchi | Bench that can be converted to emergency cooking grill MFLP Ibaraki MFLP Kawaguchi | Solar panels LED lights * Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features. Some of the specific examples may include features of properties not held by MFLP-REIT. 25 25#272-5-3 Balance MFLP Mitsui Fudosan Logistics Park Inc. Securing growth and stability by building a balanced portfolio through acquisition of MFLPS developed in consideration of land characteristics and tenant needs Logistics needs Shipping needs Tenant type Investment ratio: 80% or more Logistics facilities Multi-tenant type Rampway MFLP Slope MFLP Multi MFLP Ibaraki Single MFLP Kawaguchi I Multi MFLP Prologis Park Kawagoe Multi MFLP Hiroshima I Storage needs Single-tenant type Box MFLP Single MFLP Fukuoka I Single MFLP Tsukuba Investment ratio: 20% or less Industrial real estate Data centers, etc. Mainly long-term BTS type MFIP (Mitsui Fudosan Industrial Park) BTS MFIP Inzai II BTS MFIP Inzai Multi MFLP Sakai Multi MFLP Atsugi II Other*1 MFLP Hiratsuka Investment Ratio by Property Type*2 Multi MFLP Hino Multi Multi Rampway MFLP 45.5% Data center 9.2% MFLP Inazawa MFLP Yashio Box MFLP 14.8% Multi GLP/MFLP Single MFLP Komaki Ichikawa Single MFLP Funabashi Nishiura Slope MFLP 30.5% Shiohama Multi MFLP Yokohama Daikoku Multi MFLP Kuki Single MFLP Kashiwa Investment Ratio by Tenant Type *2 BTS 9.2% Other 2.4% Single MFLP Atsugi *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 to be acquired in the 10th FP calculated on an acquisition price basis. Multi 67.7% Single 20.8% 26#282-6 Internal Growth Strategy [1] MFLP Mitsui Fudosan Logistics Park Inc. Achieve stable management by leveraging Mitsui Fudosan Group's platform and client network Effectively leverage the Mitsui Fudosan Group's platform and client network in leasing Tenant diversification Japan Logistic Systems Other Occupied by many tenants that have a relationship with Mitsui Fudosan Lease agreement Mitsui Fudosan MFLP Logistics Park Inc. End user Owner of logistics facility Lease agreement Logistics firm (3PL operator, etc.) Logistics agency agreement About International logistics firm 70 Rakuten E-LogiT Tenants * Hitachi Transport System Metropolitan JA Mitsui Leasing Tatemono Major Specialty store retailer of Private label Apparel MARUBENI LOGISTICS Sagawa Global Logistics Nakano Shokai NIPPON EXPRESS 3PL Sun Toshi Tatemono Kimura Unity Bic Camera *Tenant numbers reflect total number of leases MISUMI MITSUI-SOKO LOGISTICS KDDI KOKUBU DAIWA Corporation End user Occupancy rates Status of lease agreements (%) 100 100 100 100 100 100 100 100 100 95 99.1 Average lease 90 Can directly approach logistics firms and end users regardless of contract type 85 80 period * Remaining lease contract period * 7.4 years 3.8 years Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, Jul. 31, Jan. 31, 2017 2017 2018 2018 2019 2019 2020 2020 2021 ◆ MITSUI FUDOSAN Fully leverage the Mitsui Fudosan Group's broad client network Office building business client network Staggering of contract expiration periods 40.6% 21.2% Retail facility business client network Strong relationships 7.7% 7.8% 9.0% 10.2% with leading 3PL operators 0% 1.0% 2.6% 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 ending 2024/07 17th FP 18th FP or after Approx. 3,000 firms* || Approx. 2,400 firms* *Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2020 ending 2025/01 * The graphs above show figures based on leased areas stated in lease agreements concluded as of January 31, 2021 after acquisition of properties to be acquired in 10th fiscal period. Tenant diversification excludes MFIP. * For details of calculation, please refer to [Internal Growth Strategy] in the Notes on Matters Stated in this Document on p. 53-54. 27#292-6 Internal Growth Strategy [2] MFLP Mitsui Fudosan Logistics Park Inc. Steady internal growth through evolution of solutions-based asset management and maintenance of relationships with tenants over the medium-to long-term Key points of asset management plans Challenges facing logistics firms Improving the efficiency of operations MFLP-REIT Labor shortages Addressing BCP issues End user Logistics firm (3PL operator, etc.) Anticipation of future rises in delivery costs End user Adopting 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. Consulting support to help tenant companies secure staff Matching of 3PL operators and end users • Establishment of comfortable working environment for tenants' onsite employees Strengthening capability to propose specialized solutions that respond to the needs of tenants MFLP ICT LABO 2.0 Examples of equipment on display 30 types of leading-edge logistics automation equipment and systems, including handling robots, on display (first standing display of its kind in Japan). Proactively contributing to helping existing and prospective tenants address challenges such as labor shortages by providing specialized solutions that reduce labor or automate processes Initiatives for improving the satisfaction of tenant companies and employees MFLP-REIT implements various measures to improve customer satisfaction based on survey feedback. In addition, MFLP-REIT improves tenant employee satisfaction by creating a comfortable working environment and contributes to securing human resources. Thanks party Customer satisfaction survey Unmanned store Autonomous Receiving, forklift dispatching Dual-arm packing & unpacking robot Packing Autonomous storage system Storing 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. Policy for future internal growth Negotiation of rent increase through contract renewal, etc. Hacobu x MFLP Mitsui Fudosa Logistics Park Reduction of utility expenses through revision of supply agreement 28 88#302-7 Financial Strategy [1] Financial management with an emphasis on stability MFLP Mitsui Fudosan Logistics Park Inc. I Status of borrowing and LTV * Total interest-bearing debt End of 9th fiscal period 88.3 billion yen End of 10th FP (forecast) 99.9 billion yen (of which, short-term) LTV (5.9 billion yen) (2.5 billion yen) 31.0% 33.8% 33.2% Average time to maturity (long-term only) 5.8 years 5.6 years 5.1 years End of 11th FP (forecast) 97.4 billion yen Credit rating assignment Credit rating outlook upgraded from stable to positive in November 2020 Japan Credit Rating Agency, Ltd. (JCR) Long-term issuer rating: AA- Credit rating agency Rating details Average interest rate 0.31% Ratio of fixed (long-term) borrowings 93.3% 97.5% Outlook 100% Positive *As of the end of each period Lender formation and Investment Corporation Bonds Initiated new relationships with 6 financial institutions in acquiring MFLP Ibaraki, Kawaguchi I, making further progress on creditor diversification and further enhancing a robust lender formation. Issued 1st Investment Corporation Bond (Sustainability Bond) in February 2021, further diversifying sources of funds After new borrowing associated with acquisition of MFIP Inzai II Total lenders: 22 Total borrowings ¥100.9bn (Includes Investment Corporation Bonds) Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank MUFG Bank 14.2 % 9.7 % The 77 Bank 2.7 % The Chiba Bank 2.5% 9.5 % Sumitomo Life Insurance Company 1.8 % The Bank of Fukuoka 8.9 % Nippon Life Insurance Company 1.5 % Mizuho Bank 8.7 % The Hyakugo Bank 1.0 % Shinkin Central Bank 8.5 % The Chugoku Bank 1.0 % The Norinchukin Bank 5.6 % Daishi Hokuetsu Bank 1.0 % NEW Mizuho Trust & Banking 5.4 % The Joyo Bank 1.0 % The Yamaguchi Bank 3.9% The Yamanashi Chuo Bank 1.0 % Development Bank of Japan Mitsui Sumitomo Insurance Shinsei Bank 3.1 % The Bank of Kyoto 0.5% 3.0 % New Investment Corporation Bonds 3.0% 2.8 % 29 29#312-7 Financial Strategy [2] Financial management with an emphasis on stability Interest-bearing debt maturity ladder In consideration of future financing risk, expand total commitment line to 8,000 million yen, diversify maturities for interest-bearing debt Commitment line 8,000 million yen (million yen) ช,บบบ Existing borrowing New borrowing Investment corporation bonds 6,000 4,000 2,000 3,500 0 FP FP 1,900 FP 3,400 FP 5,600 FP 4,000 FP 6,600 FP 3,000 FP 2,200 500 3,000 2,000 3,300 7,500 7,800 6,700 5,600 5,100 5,700 3,600 4,400 4,500 3,100 3,200 2,100 1,800 FP FP FP FP FP FP FP FP FP FP FP FP FP FP 800 FP ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending ending Jul. 2021 Jan. 2022 Jul. 2022 Jan. 2023 Jul. 2023 Jan. 2024 Jul. 2024 Jan. 2025 Jul. 2025 Jan. 2026 Jul. 2026 Jan. 2027 Jul. 2027 Jan. 2028 Jul. 2028 Jan. 2029 Jul. 2029 Jan. 2030 Jul. 2030 Jan. 2031 Jul. 2031 Jan. 2032 Jul. 2032 N.B. Debt maturity ladder after reflecting borrowings associated with the acquisition of MFIP Inzai II on Mar. 16, 2021 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. In addition, in cases where the distribution amount for distributions per unit is expected to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., a one- off distributions in excess of retained earnings may be executed in order to standardize the amount of the distributions per unit. Key points of cash distribution in excess of earnings Diagram of cash distribution based on FFO Leasing business expenses, SG&A, etc. Pay distributions based on a threshold of approx. 70% of FFO FFO Rental revenue Depreciation Distributions in excess of earnings Distributions of earnings Profit (Net income)* Targeted at 70% * Gain or loss on sale of real estate, etc. is not included in "Profit (Net income)" in the above chart. 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) 30#323. ESG Initiatives MFLP Mitsui Fudosan Logistics Park Inc. 31#33Promoting ESG management 3-1 Initiatives of Mitsui Fudosan Group Mitsui Fudosan Logistics Park Inc. MFLP Group Vision [& EARTH ]: Contribute to social and economic development, and preservation of the environment Based on the ideals of coexisting in harmony with society, linking diverse values and achieving a sustainable society as symbolized by its logo, the Group is working to build societies that enrich people's lives and our planet. Under the [ & EARTH ] byword, the Mitsui Fudosan Group manages its businesses with an awareness of its responsibilities with regard to ESG. MFLP-REIT and the asset management company share the sponsor's ESG management principles and are proactively implementing initiatives. 1 2 Materiality and priority goals in Mitsui Fudosan Group's LT Vision: VISION2025 Establish ultra-smart societies by creating neighborhoods Achieve a society where a diverse workforce can thrive 3 Achieve health, safety and security in people's daily lives Create new industries through open innovation Reduce environmental impact and generate energy Continuously improve compliance and governance 10 6 Building a Sustainable Society Driving continual profit growth SUSTAINABLE DEVELOPMENT GOALS Major ESG targets (KPI)* I ✓ GHG emissions reductions (vs. FY2019) (SBT initiative certification pending) by FY2030 -30% -> by FY2050 -100% *For further detail on initiatives please refer to the ESG Report on Mitsui Fudosan's website https://www.mitsuifudosan.co.jp/corporate/esg_csr/kpi/index.html Climate change initiatives and reducing the environmental burden ✓ Signatory to the UN Global Compact Signed the UN Global Compact (UNGC) in December 2018, in support of the 10 principles relating to human rights, labor, the environment and anti-corruption ✓ Affiliation with RE100 In February 2020, became a member of RE100, a global initiative committed to utilizing 100% renewable energy for business operations ✓ Support TCFD (Task Force on Climate-related Financial Disclosures) In February 2020 declared support for the disclosure of associated risks and opportunities regarding climate change proposed by the Task Force on Climate- related Financial Disclosures, TCFD 32 32#343-2 Initiatives of MFLP-REIT and Asset Management Company - ESG Promotion Framework Establish internal structure to promote ESG Policy for ESG Initiatives Mitsui Fudosan Logistics REIT Management, asset management company for MFLP REIT, set out a policy for ESG in November 2017 and is focused on addressing ESG issues on a daily basis, in collaboration with Mitsui Fudosan ESG Policy Environment 1. Consideration and response to the environment (1) Energy saving and the reduction of CO2 emissions (2) Conservation of the water resources and promotion of resource saving and waste reduction (3) Utilization of green building certification systems Mitsui Fudosan MFLP Logistics Park Inc. Internal structure to promote ESG Based on its ESG Policy, the asset management company set up an internal structure to promote environmental and social issues. The Sustainability Promotion Committee is led by the President, with the CIO and head of Finance Department as permanent members Main agenda items for Sustainability Promotion Committee Sustainability vision, strategies and organization • Sustainability policies and targets Participation, support for environmental organizations 2. Consideration and response to society Social Content of sustainability disclosures (1) Respect for human rights (2) Initiatives to enhance comfort, safety and security (3) Consideration for local communities (4) Initiatives for officers and employees (5) Sustainable procurement 3. Consideration and response to governance Governance Execution of ESG/SDGs financings, etc. Establish Sustainability Finance Framework Set up Sustainability Finance Framework in January 2021 to handle sustainability financings such as issuance of sustainability bonds. Going forward, will undertake reporting for sustainability financings (1) Compliance with laws and regulations Reporting content (2) Information disclosure to unitholders, etc. (3) Building of appropriate relations with interested parties Funding status including the sponsor Improved environmental impact Social contributions Change in funding status 33 33#35Fudosan Inc. 3-3 Initiatives of MFLP-REIT and Asset Management Company - Topics MFLP Logistics Park In Recent developments at MFLP-REIT and asset management company Issued sustainability bond (1st Investment Corporation Bond) Issued 1st sustainability bond that addresses green and social issues. Strong demand from investors proactive on ESG issues. Eligible assets for investment COVID-19 infection prevention measures Measures implemented in properties As part of facility operations, implement infection prevention measures which give users a continued sense of security MFLP Ibaraki Eligible Green Project Criteria Eligible Green Project Criteria MFLP Ibaraki MFLP Kawaguchi I Eligible Social Project Criteria Eligible Green Project Criteria CASBEE Osaka-fu: Rank A MFLP Kawaguchi | CASBEE Saitama-ken: Rank S BELS: 5 Stars + Eligible Social Project Criteria MFLP Kawaguchi I Related to land acquisition/development from Kawaguchi City, achieve the following •Contribute to industry in Kawaguchi •Provide disaster prevention services to local residents •Provide recreational space Thorough disinfection 3つの密を避けましょう! K が Temperature readings Reminders to avoid the 3Cs Avoid crowding at lunch hour Measures implemented at asset management company Preventative measures to protect employees in the work place Telework Off-peak commuting I ESG training seminars Plastic screens Online meetings Declaring investors (Japanese syllabary order) • Aoi Mori Shinkin Bank •The Kita Osaka Shinkin Bank ⚫GUNMAMIRAI Shinkumi Bank •The SAGAMI Shinkin Bank •The Sawayaka Shinkin Bank ⚫Shizuoka Yaizu Shinkin Bank Sustainability bonds ⚫The TAKAMATSU SHINKIN BANK Chugoku Labour Bank Tokio Marine Asset Management Co., Ltd. ⚫Nagano Shinkin Bank • Manulife General Account Investments (Singapore) Pte. Ltd. The Yokohama Shinkin Bank To raise employee awareness of ESG/SDGs at asset management company, have held a series of ESG training seminars. In January 2021, held session led by invited external expert I Conduct employee satisfaction survey To improve the working environment, asset management company conducted an employee satisfaction survey in February 2021 Survey Aggregate/ analyze Work place improvements Devise measures 34 =4#363-4 Initiatives of MFLP-REIT - for Environment Environment Implementing initiatives for the preservation of the environment Initiatives for reducing environmental load MFLP-REIT has implemented efforts to reduce CO2 emissions through energy saving while promoting efficient use of energy at its portfolio assets by measures like introducing LED lights and installing roof-top solar panels. Solar panels LED lights MFLP Kawaguchi I Multiple properties where interior lighting has been converted to LEDs MFLP Ibaraki Multiple properties with large-scale roof-top solar panel installations to leverage renewable energy Power generation facilities using solar panels (2020 Actual) Number of properties 11 properties Annual power generation 18 GWh* * For further details, please refer to [Annual Power Generation by Solar Panel] in the Notes on Matters Stated in this Document on p. 53-54 Introduction of Green Leases To further enhance portfolio environmental contributions, MFLP will introduce green lease clauses in new contracts after April 2021. The introduction of green lease clauses is an initiative aimed at promoting environmentally friendly property operations through the joint efforts of MFLP- REIT and its tenants, and is designed to involve tenants in promoting ESG initiatives I Eco-friendly green buildings MFLP Logistics Park Inc. Mitsui Fudosan MFLP-REIT has a track record of acquiring CASBEE, DBJ Green Building Certification and BELS for the properties below. MFLP Sakai has received the Osaka Ecofriendly Construction Award. MFLP-REIT proactively incorporates environmentally conscious green buildings. Environmental certifications acquired (based on No. of properties) 85.0%* *Based on 20 properties owned as of the end of January 2021 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 MFLP Ibaraki MFLP Kawaguchi I CASBEE (n) DBJ Green Building 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 Osaka-fu Rank A * CASBEE Saitama-ken Rank S, BELS 5 Stars * Evaluation based on the local government notification system. 35 55#373-5 Initiatives of MFLP-REIT - for Society Proactive measures for the benefit of stakeholders Social MFLP Logistics Park Inc. Mitsui Fudosan Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by MFLP-REIT promote initiatives to offer a healthy, pleasant and safe environment out of consideration for stakeholders such as tenants, facility users, the surrounding environment and local communities. Providing a comfortable working environment Unmanned store In response to the needs of the logistics industry, established 24-hour unmanned shops in the facilities for the convenience of users Initiatives for security and safety Adoption of seismic isolation Adopted seismic isolation technology to not only ensure the safety of users in the event of a large-scale earthquake but also mitigate the impact on goods stored Sky deck Created rest spaces that leverage local scenery to enhance user satisfaction and promote long- term tenant retention Initiatives for local communities CARLL Tani Evon Designated as a tsunami evacuation site Supporting local communities in the event of disasters by securing designation as disaster evacuation sites from municipalities Childcare facilities Provide child-rearing support for both users and neighboring families by building child care facilities on site Emergency power generator Emergency power backup capacity enabled for a maximum of 72 hours in the event of power failure, contributing to both BCP and safety in the facilities during a blackout Initiatives for tenants Commuter shuttles ICT LABO 2.0 Provide shuttle buses for the convenience of commuting users. Also contributes to easing crowding in local public transport Provide expert solutions in automation and labor-saving equipment to prospective MFLP tenants *Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features. Some of the specific examples may include features of properties not held by MFLP-REIT. 36 96#383-6 Initiatives of MFLP-REIT - for Governance Governance MFLP Mitsui Fudosan Logistics Park Inc. Initiatives for governance with consideration for unitholders' interests 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 with those 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. Draft by the Investment Team Approval by the Chief Compliance Officer Deliberation and resolution by the Compliance Committee *2 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 Instruction to cancel or amend details 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. I Asset management with emphasis placed on relationship of trust with unitholders I Asset management fee structure consistent with the interests of unitholders Our aim is to align the interests of the Asset Manager with those of unitholders. Total assets x 0.1% (maximum) Asset management fee I Operating income (before deduction of asset Asset management fee II management fees and depreciation) × 5.5% (maximum) Pre-tax earnings (before deduction of asset Asset management fee III 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 investment in capital from Mitsui Fudosan. 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. The same-boat investment ratio is 5.3%. Timely and proper information disclosure and ensuring 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 as well as disclosure of both financial information and non-financial information concerning ESG. 37#394. Market Overview MFLP Mitsui Fudosan Logistics Park Inc. 38 88#404-1 Market Overview [1] I Supply-demand balance and vacancy rate [1 of 3] | Greater Tokyo Area thousand m² Forecast 3,500 3,000 2,500 2,000 1,500 1,000 15% : New supply in 2019 and 2020 Vacancy rate 0-5% : New demand in 2019 and 2020 Vacancy rate 5-10% = 100 thousand m² Vacancy rate 10%- *As of the end of December 2020 12% 9% Tohoku/Ken-O Expwy area MFLP Kuki Tohoku Expressway Metropolitan Inter-City: Expressway (Ken-O Expressway) MFLP Mitsui Fudosan Logistics Park Inc. :Submarket areas Mitsui Fudosan's strategic areas Tsukuba JCT Tsukuba Chuo IC Kuki IC 6% Shiraoka Shobu IC National Route 16 area MFLP Tsukuba 3% Saitama Prefecture Kan-Etsu/Ken-O Expwy Okegawa- Kitamoto IC National Route 16 Joban Expressway area Tokyo-Gaikan Expwy 0% Tsurugashima JCT Kanetsu Expressway Kawagoe IC area MFLR Kashiwa Kashiwa C MFLP Tokorozawa Tokyo Galikan Expressway (Gaikan Expressway) Soka IC MFLP Prologis Park Kawagoe Gaikan Misato Nishi IC Misato JCT MFIP Inzai MFLP Yashio Misato Minami IC 500 0 20102011201220132014 2015 2016 2017 2018 2019 2020 2021 2022 (year) thousand m² 1200 900 MFIP Inzai II Narita area Higashi-Kanto Expressway Tokyo Prefecture MFLP MFLP Yachiyo Katsutadai Hachioji area 18% MFLP Tachikawa Tachihi Oizumi JCT Kawaguchi MFLP Funabashi Nishiura Central Circular Route Chuo JCT Hachioji IC MFLP Hino 12% Hachioji JCT MFLP Atsugi Chuo Expressway (tentative name) Tomei JCT (tentative name) MFLP SHINKIBA II ❤ Takaya JCT MFLP Funabashi Wangan Ichikawa IC Keiyo Road Chidoricho IC Ohashi JCT Kasai JCT Chiba inland area MFLP SHINKIBA I Oi JCT Tokyo Rail Gate EAST GLP/MFLP Ichikawa Shiohama MFLP Funabashi II MFLP Funabashi I Chiba Prefecture MFIP Haneda Daisan Keihin Road MFLP Ichikawa Shiohama II Haneda Airport 600 300 0 سليليا 6% Sagamihara Aikawa IC 0.4% Kanagawa Prefecture 0.4% MFLP Atsugi 0% Daini Tomei Expressway Atsugi IC Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Isehara Oyama IC Isehata CT MFLP Hiratsuka II 2019年 2020年 MFLP Hiratsuka New supply New demand Vacancy rate Vacancy rate (Completion over 1 year) Source: CBRE K.K. (including forecast figures) *As of December 2020 * 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 5,000m² or more.. Kanagawa inland area MFLP Ebina I MFLP Yokohama Kohoku MFLP Tomei Ayase Tomei Expressway MFLP EBINA MINAMI Ebina JCT MFLP HIRATSUKAI Ebina Minami JCT Samukawa kita IC" Samukawa- Fujisawa Minami IC IC Kamariya JCT MFLP Kawasaki I Wangan Line Daikoku Futo IC MFLP Yokohama Daikoku Greater Tokyo bay area Kisarazu JCT Tateyama Expressway Daiei JCT 39#414-1 Market Overview [1] Supply-demand balance and vacancy rate [2 of 3] | Greater Osaka Area thousand m² 2,000 Forecast 15% 1,500 1,000 500 12% 9% 6% 3% 0 0% 201020112012201320142015201620172018 2019 2020 2021 2022 (year) thousand m² 750 500 250 0 Q1 New supply 22 Q2 Q3 Q4 +0 2019 New demand MFLP Mitsui Fudosan Logistics Park Inc. : New supply in 2019 and 2020 : Vacancy rate 0-5% : New demand in 2019 and 2020 = 100 thousand m² : Vacancy rate 5-10% Vacancy rate 10%- *As of the end of December 2020 :Submarket areas Mitsui Fudosan's strategic areas Other area Meishin Expressway Osaka inland area Shin-Meishin Expressway Ibaraki-Sendaiji IC Kobe JCT Takatsuki JCT Chugoku Expressway MFLP Ibaraki⚫ Suita JCT Ibaraki C 2nd KEIHAN Road Nishinomiya IC 18% Hanshin Expressway Kobe Line MFLP Osaka I 12% 6% 2.5% 1.0% 0% Q1 Q2 Q3 Q4 Vacancy rate 2020 Vacancy rate (Completion over 1 year) Source: CBRE K.K. (including forecast figures) *As of December 2020 * 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 5,000m or more. MFLP Osaka Katano Sanbo JCT Kinki Expressway Matsubara JCT 2nd Hanna Road MFLP Sakai Osaka bay/ Kobe area Hanshin Expressway Wangan Line Nishi-Meihan Expressway Hanwa Expressway Osaka Prefecture 40 40#424-1 Market Overview [1] Supply-demand balance and vacancy rate [3 of 3] | Greater Nagoya Area [Legend] Kyushu Area thousand m² 2,000 1,500 1,000 500 Forecast thousand m² 15% 400 300 10% 200 5% 100 MFLP Mitsui Fudosan Logistics Park Inc. New supply New demand Vacancy rate Vacancy rate (Completion over 1 year) Forecast thousand m² 15% 200 150 10% 100 5% 50 :Mitsui Fudosan's strategic areas Hiroshima Area Forecast 80% Mi 60% 40% 20% 0 0% 0 0% 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (year) (year) (year) thousand m2 thousand m² thousand m² 750 18% 150 18% 100 18% 16% 16% 16% 14% 14% 14% 75 500 12% 100 10.0% 12% 12% 10% 10% 10% 50 8% 8% 8% 250 6% 50 50 6% 6% 6.4% 25 4% 4% 2.3% 4% 2% 0.0% 2% 2% 0 0% 0 0% 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22 Q3 Q4 2019 2020 2019 2020 2019 2020 MFLP Komaki MFLP Inazawa MFLP Yatomi Kisosaki Aichi Prefecture (tentative name) Kasuya Town Logistics Facility Project * Source: CBRE K.K. (including forecast figures) *As of December 2020 * 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 5,000m or more. MFLP Fukuoka I Fukuoka Prefecture MFLP Tosu Okayama Prefecture Hiroshima Prefecture MFLP Hiroshima I 41#43thousand m² 4-1 Market Overview [2] Stock of logistics facilities in Japan Logistics facilities 40 years old or older 37.2% Future demand for replacement of aging properties Leading-edge logistics facilities 5.2% Highly scarce leading-edge logistics facilities (As of December 2019) Logistics facilities less than 40 years old 57.6% Long-term data on construction starts of logistics facilities (nationwide) Over 40 years old 20,000 15,000 10,000 5,000 0 1975 1977 8/6 0861 9861 1987 1988 6861 1990 1993 1997 1998 1999 2000 2001 2007 2003 2004 2007 8002 2009 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. 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 2019 (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 Leading-edge logistics facilities (left axis) Share of leading-edge logistics (right axis) facilities * 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. 53-54 of this presentation material. Tenants/End users of logistics facilities Other 4% Manufacturing 2% Wholesale 8% Share by tenant business type Retail 17% (year) * Source: CBRE K.K. Logistics 69% Other 8% Logistics 4% Manufacturing 24% Share by end user business type Wholesale 18% -Retail 46% * 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 2020. 42#444-1 Market Overview [3] Mounting demand due to 3PL business and e-commerce market size expansion | 3PLMarket with Stable Growth (hundred million yen) I Broader demand for leading-edge logistics facilities Attracting Delivery Bases of Retail Stores (Convenience Stores/Drug Stores) 241 35,000 Net sales 30,000 25,000 20,000 15,000 Conventional 3.2 trillion yen Manufacturing Wholesaler | MFLP Mitsui Fudosan Logistics Park Inc. Expansion of the data center market Sales of Cloud-related Services in the Data Center Service Market (billion yen) Store 1,500 Forecast Consolidation of scattered logistics bases into a delivery center After consolidation Manufacturing 241 1,000 Delivery center Store 500 Integrating Logistics Bases of Manufacturers 10,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (year) Source: Monthly Logistics Business (September 2020) Conventional To Warehouse for Transport parts Assembly plant Transport Warehouse for Transport end products | Expanding E-Commerce Market Scale After consolidation (hundred million yen) (%) 19.4 trillion yen 210,000 8 Scale of e-commerce market 6.8% E-commerce ratio 180,000 150,000 120,000 90,000 6 4 2 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 facilities Transport Warehouse Its intended use includes not only warehouse, which is its original function, but also other various uses Consumers Retail stores T 0 60,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Assembly and processing Research and development Office Showroom (year) Source: "E-Commerce Market Survey" by the Ministry of Economy, Trade and Industry (Announced on July 22, 2020) Other Inspection, Photographic etc... Product inspection maintenance and repair studio Call center • 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. Annual average growth rate (2019-2024 years) 18.6% 0 2019 2020 2021 2022 2023 2024 (year) Source: International Data Corporation Japan; "Outlook for Domestic Data Center Service Market (2020-2024)", dated August 2020. Sales Breakdown of the Data Center Service Market (2024 Projections) Non-cloud-related services 34% Cloud-related services 66% Source: International Data Corporation Japan; "Outlook for Domestic Data Center Service Market (2020-2024)", dated August 2020. 43#455. Appendix MFLP Mitsui Fudosan Logistics Park Inc. 44#46Our Portfolio (After acquisition of properties to be acquired in the 10th FP) MFLP Mitsui Fudosan Logistics Park Inc. Total acquired assets Adjusted forecast NOI yield* 21 properties 297.6 billion yen 5.0% (after depreciation: 3.4%) Appraisal NOI/Appraisal value* Average 4.4% Average building age* 4.8 years Occupancy rate* 100% Appraisal Property Category no. Property name Location Acquisition price Appraisal value* (million yen) (million yen) NOI yield* Adjusted Appraisal forecast NOI / NOI yield* (/Acquisition Appraisal (%) price)(%) value* (%) Total floor area (m²) *1 Building Occupancy age* rate* (year) (%) GLP/MFLP Ichikawa Shiohama L-1 (50% quasi co-ownership interest) Ichikawa, Chiba 105,019 15,500 18,350 5.1 4.7 4.0 7.0 100 (52,509) L-2 MFLP Kuki Kuki, Saitama 12,500 14,500 5.8 5.3 4.6 73,153 6.6 100 MFLP Yokohama Daikoku L-3 (50% quasi co-ownership interest) Yokohama, Kanagawa 100,530 10,100 11,000 5.1 5.0 4.6 11.8 100 (50,265) Yashio, L-4 MFLP Yashio 9,650 11,500 5.3 5.2 4.4 40,728 6.9 100 Saitama L-5 MFLP Atsugi Aiko, 7,810 9,250 5.6 5.5 4.6 40,942 5.9 100 Kanagawa Funabashi, L-6 MFLP Funabashi Nishiura 6,970 7,990 5.3 5.2 4.5 30,947 6.0 100 Chiba Logistics facilities L-7 MFLP Kashiwa Kashiwa, Chiba 6,300 7,180 5.1 5.2 4.5 31,242 5.2 100 L-8 MFLP Sakai Sakai, Osaka 23,600 24,700 5.4 4.7 4.5 125,127 +9 6.4 100 L-9 MFLP Komaki Komaki, Aichi 8,260 8,730 5.1 4.9 4.6 40,597 4.0 100 MFLP Hino L-10 205,200 (25% quasi co-ownership interest) Hino, Tokyo 12,533 12,900 4.5 4.3 4.2 5.3 99.9 (51,300) L-11 MFLP Hiratsuka Hiratsuka, Kanagawa 7,027 7,580 4.9 4.8 4.5 33,061 4.2 100 L-12 MFLP Tsukuba Existing building Annex building Tsukubamirai, Ibaraki 6.1*2 37,027 10.6 8,781 10,300 5.8 4.9 (5.8) 100 25,457 2.8 45#47Category Proper ty no. Property name Acquisition price Appraisal value* Location Our Portfolio (After acquisition of properties to be acquired in the 10th FP) Adjusted forecast Mitsui Fudosan MFLP Logistics Park Inc. Appraisal NOI yield* Appraisal NOI / Total floor area *1 Building Occupancy (million yen) (million yen) NOI yield (%) (/Acquisition Appraisal price)(%) value* (%) (m²) age* (year) rate* (%) L-13 MFLP Inazawa L-14 MFLP Atsugi II Inazawa, Aichi 16,200 17,000 5.2 4.8 4.6 72,883 3.7 100 Isehara, 13,100 13,900 4.9 4.6 4.3 48,976 2.8 100 Kanagawa L-15 MFLP Fukuoka | Kasuya, 5,263 5,600 5.6 5.1 4.8 32,199 4.3 100 Fukuoka Logistics facilities MFLP Prologis Park Kawagoe L-16 Kawagoe, 117,337 14,800 15,600 4.9 4.5 4.3 2.3 100 (50% quasi co-ownership interest) Saitama (58,668) Hiroshima, L-17 MFLP Hiroshima I 14,480 15,100 5.4 5.1 4.9 68,427 1.4 100 Hiroshima Ibaraki, L-18 58,900 60,100 4.6 4.2 4.1 230,435 3.4 100 MFLP Ibaraki Osaka Kawaguchi, L-19 MFLP Kawaguchi I 18,500 19,000 4.4 4.1 4.0 49,838 1.3 100 Saitama Subtotal or Average 270,274 290,280 5.0 50 1,509,135 4.7 4.4 4.8 100 (1,193,790) Inzai, I-1 MFIP Inzai 12,220 12,800 5.0 5.0 4.7 40,478 6.9 Industrial real Chiba Not disclosed estate Properties to be acquired in the 10th FP Inzai, 1-2 15,150 15,200 4.7 4.7 4.7 27,268 0.7 100 MFIP Inzai II Chiba Subtotal or Average 27,370 28,000 4.9 4.8 4.7 67,746 4.4 Not disclosed 1,576,881 Total or Average 297,644 318,280 5.0 4.7 4.4 4.8 100 (1,261,537) | Reference: As of end of 9th fiscal period Logistics facilities (Property no. L-1 to L-19) Total (Property no. L-1 to L-19, I-1) Subtotal 270,274 290,280 5.0 4.7 4.4 1,509,135 (1,193,790) 4.8 100 282,494 303,080 5.0 4.7 4.4 1,549,613 (1,234,269) 4.9 100 * For further details, please refer to [Our Portfolio (After acquisition of properties to be acquired in the 10th FP)] in the Notes on Matters Stated in this Document on p. 53-54. *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%. 46 46#48Individual Property Income Statement for 9th Fiscal Period MFLP Mitsui Fudosan Logistics Park Inc. (Unit: million yen) GLP/MFLP Ichikawa Shiohama MFLP Kuki MFLP Yokohama Daikoku MFLP MFLP Yashio Atsugi MFLP Funabashi Nishiura MFLP MFLP Kashiwa Sakai MFLP Komaki MFLP Hino MFLP MFLP MFLP Hiratsuka Tsukuba Inazawa MFLP MFLP MFLP Prologis Atsugi II Fukuoka I Park Kawagoe MFLP Hiroshima I MFLP Ibaraki MFLP Kawaguchi I MFIP Inzai Total Number of days of 184 184 184 184 184 184 184 184 184 184 184 asset management 184 184 184 184 184 184 118 118 184 Lease business 452 436 322 753 354 429 457 1,095 7,757 revenue Operating revenue Other lease from real business 36 35 15 estate revenue 60 60 222 27 20 20 29 34 381 leasing Total 488 472 337 813 382 449 486 1,130 8,139 Outsourcing expenses =4 34 31 29 Not Utility 19 26 12 expenses Repair Operating 3 2 12 expenses expenses from real Not Not Not 62 22 discloseddisclosed discloseddisclosed 35 Not 35 disclosed * 16 12 4 Property- estate 38 42 39 16 38 related taxes leasing Other 2 2 1 expenses Total 99 105 95 3 1 130 97 Not Not Not Not Not disclosed disclosed disclosed disclosed disclosed 26 26 33 58 Not Not 477 disclosed disclosed 18 18 21 21 271 65 0 2 3 59 489 0 0 0 108 1 2 76 48 56 160 1,412 Depreciation 80 108 87 63 63 50 50 198 88 86 51 95 181 113 56 107 132 282 62 97 2,059 Operating income (loss) from real estate 309 258 154 196 154 133 120 484 121 198 119 174 235 202 93 294 296 687 223 208 4,667 leasing NOI from real estate leasing [Operating income (loss) 389 366 241 259 218 183 170 683 210 285 170 269 417 316 150 401 429 969 285 306 6,727 from real estate leasing + Depreciation]) *Not disclosed, because consent has not been obtained from the lessee. 47#49Appraisal Summary for the End of 9th Fiscal Period Mitsui Fudosan MFLP Logistics Park Inc. (Unit: million yen) Main factors of change Acquisition date Acquisition price End of 9th fiscal period Book value End of 8th fiscal period"² (End of Jul. 2020) (a) End of 9th fiscal period (End of Jan. 2021) (b) Change (b)-(a) Appraisal value Appraisal CR*1 CR*1 Appraisal CR*1 CR*1 value value GLP/MFLP Ichikawa Shiohama (50%) September 2016 15,500 14,891 17,950 4.0% 18,350 3.9% 400 -0.1 MFLP Kuki August 2016 12,500 11,644 14,300 4.5% 14,500 4.4% 200 -0.1 MFLP Yokohama Daikoku (50%) August 2016 10,100 9,735 10,900 4.4% 11,000 4.3% 100 -0.1 O MFLP Yashio August 2016 9,650 9,171 11,200 4.3% 11,500 4.2% 300 - 0.1 ○ MFLP Atsugi August 2016 7,810 7,302 9,160 4.5% 9,250 4.4% 90 -0.1 MFLP Funabashi Nishiura August 2016 6,970 6,561 7,910 4.4% 7,990 4.3% 80 -0.1 MFLP Kashiwa August 2016 6,300 5,908 7,120 4.5% 7,180 4.4% 60 -0.1 MFLP Sakai August 2016 23,600 23,162 24,200 4.5% 24,700 4.4% 500 -0.1 MFLP Komaki August 2017*3 8,260 7,781 8,580 4.6% 8,730 4.5% 150 -0.1 MFLP Hino (25%) February 2018*3 12,533 12,217 12,600 4.2% 12,900 4.1% 300 -0.1 MFLP Hiratsuka March 2018 7,027 6,796 7,150 4.5% 7,580 4.4% 430 -0.1 MFLP Tsukuba December 2018*3 8,781 8,605 10,100 4.9% 10,300 4.8% 200 -0.1 MFLP Inazawa February 2019 16,200 15,638 16,600 4.6% 17,000 4.5% 400 -0.1 MFLP Atsugi II February 2019 13,100 12,762 13,600 4.3% 13,900 4.2% 300 -0.1 MFLP Fukuoka l February 2019*3 5,263 5,099 5,430 4.8% 5,600 4.7% 170 - 0.1 ○ MFLP Prologis Park Kawagoe (50%) February 2020 14,800 14,716 14,850 4.3% 15,600 4.2% 750 -0.1 MFLP Hiroshima I March 2020 14,480 14,405 14,800 4.9% 15,100 4.8% 300 -0.1 MFLP Ibaraki October 2020 58,900 58,857 (59,200) (4.2%) 60,100 4.0% 900 -0.2 MFLP Kawaguchi I October 2020 18,500 18,536 (18,600) (4.0%) 19,000 3.9% 400 -0.1 MFIP Inzai August 2016*3 12,220 11,850 12,800 4.6% 12,800 4.6% 0 0.0 219,250 4.5% Total/average 282,494 275,645 303,080 4.3% 6,030 -0.1 (297,050) (4.4%) Reference (as of March 12, 2021) MFIP Inzai II Total/average after acquisition of properties to be acquired in the 10th FP *4 March 2021 (planned) 15,150 15,150 297,644 290,795 Amount of difference = Unrealized gain 27,484 million yen 15,200 4.0% 318,280 4.3% Other о о 00 о О О о O О On-Capitanization rate DAC ON Capitanization Memes). The average marcates a weighted average vasca on the appraisal value. *2 Appraisal value and CR as the appraisal date are indicated in parenthesis for properties acquired in the 9th FP (MFLP Ibaraki, MFLP Kawaguchi I) at the end of the 8th FP. In the total/average column, the appraisal value which is the sum of the figures at the end of the 8th FP and the said figures, and the weighted average CR based on the appraisal value are indicated in parenthesis. *3 The acquisition periods of "MFLP Komaki", "MFLP Hino", "MFLP Tsukuba", "MFLP Fukuoka I" and "MFIP Inzai" are divided into multiple 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. *4 Book value at the end of 9th fiscal period as of March 12, 2021 indicates planned acquisition price; and appraisal value at the end of 9th fiscal period indicates appraisal value and CR with January 31, 2021, as the date of value. 48 48#50Statement of Income and Balance Sheet Statement of income Item 8th fiscal period (ended Jul. 31, 2020) Actual Balance sheet (Unit: million yen) 9th fiscal period (ended Jan. 31, 2021) Actual Item 8th fiscal period (ended Jul. 31, 2020) Actual MFLP Mitsui Fudosan Logistics Park Inc. (Unit: million yen) 9th fiscal period (ended Jan. 31, 2021) Actual Operating revenue Lease business revenue 6,363 8,139 Current assets 8,249 9,306 6,110 7,757 Cash and deposits 1,460 619 Other lease business revenue 253 381 Cash and deposits in trust 4,089 5,923 Operating expenses 3,482 4,353 Consumption taxes receivable 2,540 2,655 Expenses related to rent business 2,816 3,471 Other current assets 158 108 Asset management fee 584 788 Non-current assets 199,863 275,722 Asset custody and administrative 25 29 service fees Property, plant and equipment 199,790 275,650 Directors' compensations 5 5 Other non-current assets 72 72 Other operating expenses 50 57 Deferred assets 131 175 Operating income 2,881 3,786 Total assets 208,243 285,205 Non-operating income 40 12 Non-operating expenses 186 217 Current liabilities 7,013 8,791 Interest expenses 81 119 Operating accounts payable 220 422 Amortization of investment unit 33 43 issuance expenses Short-term borrowings 5,000 5,900 Offering costs associated with Accounts payable 675 947 27 44 issuance of investment units Income taxes payable 0 0 Other 43 9 Advances received 1,116 1,516 Ordinary income 2,735 3,580 Other current liabilities 0 4 Profit before income taxes 2,735 3,580 Non-current liabilities 62,203 88,665 Income taxes 0 Long-term borrowings 57,900 82,400 Profit (Net income) 2,734 3,579 Tenant leasehold and security Unappropriated retained earnings 2,734 3,579 4,303 deposits in trust 6,265 Total liabilities 69,216 97,457 Total unitholders' equity 139,026 187,747 Unitholders' capital 137,143 185,362 Deduction from unitholders' capital - 851 -1,193 Unitholders' capital, net 136,292 184,168 Surplus 2,734 3,579 Total net assets 139,026 187,747 Total liabilities and net assets 208,243 285,205 49#51Distribution after Adjustment of Temporary Effects 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 10th fiscal period (ending July 2021)and 11th fiscal period (ending January 2022) announced on March 12, 2021. 1. As for the property leasing business revenues and property leasing business expenses for the anticipated acquisition in the 10th FP (MFIP Inzai II), it is assumed that full-period operation will be implemented in the 10th fiscal period (ending July 2021). 2. It is assumed that property-related taxes including fixed asset tax and city planning tax for the anticipated acquisition in the 10th FP (MFIP Inzai II) will occur from the beginning of the 10th fiscal period (ending July 2021), and that 28 million yen will be recorded as expenses in the 10th fiscal period (ending July 2021) and 11th fiscal period (ending January 2022). FP ending July 2021(10th FP) Forecasted DPU, etc. MFLP Mitsui Fudosan Logistics Park Inc. FP ending January 2022 (11th FP) Forecasted DPU, etc. (yen) 7,846 7,823 7,772 7,795 8,000 7,500 7,000 3. The interest expenses of borrowings which fluctuate due to the adjustment of the management period of the anticipated acquisition in the 10th FP (MFIP Inzai II) have been added to non-operating expenses. 6,500 6,000 4. Expenses linked to factors such as operating income and profit (net income) which fluctuate due to the above adjustments. As a specific example, it is assumed that management fee will increase by 11 million yen in the 10th fiscal period (ending July 2021) and decrease by 6 million yen in the 11th fiscal period (ending January 2022). 5,500 5,000 5. With the exception of the property expected to be acquired in the 10th fiscal period (MFIP Inzai II), no adjustments have been made to existing portfolio properties. 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 10th fiscal period (ending July 2021) and 11th fiscal period (ending January 2022) may differ significantly from the DPU after adjustment of temporary effects (estimate). 0 Forecast made this time Forecast After adjustment of temporary effects 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 10th fiscal period (ending July 2021) and 11th fiscal period (ending January 2022) is assumed to be approximately 54 million yen. 50 00#52Investment Unit Price Trends/Status of Unitholders Investment unit price firm since IPO (yen) 610,000 Investment unit price (closing price) TSE REIT Index (indexed) Mitsui Fudosan MFLP Logistics Park Inc. 560,000 510,000 460,000 410,000 360,000 310,000 IPO issue price: 270,000 yen 260,000 210,000 160,000 2016/08/02 2016/10/31 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 2020/4/30 2020/7/31 2020/10/31 2021/1/31 * 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 9th fiscal period (end of January 2021) 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 Number of investment units % of total Individuals/Other 7,608 92.2% Financial institutions 153 1.9% 26,745 units 293,439 units 4.9% 54.1% The Master Trust Bank of Japan, Ltd. (trust account) Custody Bank of Japan, Ltd. (trust account) 101,325 units 18.7% 67,960 units 12.5% Other Japanese 219 2.7% 34,381 units 6.3% Mitsui Fudosan Co., Ltd. 28,900 units 5.3% corporations Non-Japanese 253 3.1% Securities companies 20 0.2% Total 8,253 100.0% 178,616 units 8,819 units 542,000 units 33.0% The Nomura Trust and Banking Co., Ltd. (Investment Trust Account) 26,237 units 4.8% Custody Bank of Japan, Ltd. 1.6% 24,305 units 4.5% (securities investment trust account) 100.0% Total 248,727 units 45.9% 51#5342 52 Properties defined in "Right of first look and preferential negotiation Mitsui Fudosan's Major Development / Operation Track Record Fiscal year of completion Property developed/operated Total floor area Acquisition by MFLP-REIT (planned) rights agreement"/Acquisition under exclusive negotiation* * MFLP Mitsui Fudosan Acquisition by MFLP-REIT (planned) Logistics Park Inc. Properties defined in "Right of first look and preferential negotiation rights agreement"/Acquisition under exclusive negotiation* Fiscal year of completion Property developed/operated Total floor area MFLP Yokohama Daikoku 100,530m² (50%) MFLP Tachikawa Tachihi 55,094m² MFLP Osaka | 43,919m² Fiscal 2013 GLP/MFLP Ichikawa 105,019m² Shiohama ● (50%) Fiscal 2020 MFLP Yachiyo Katsutadai 75,823m² MFLP Yashio 40,728m² MFLP Tosu 35,274m² MFLP Kuki 73,153m² MFIP Inzai II 27,268m² MFLP Sakai 125,127m² MFLP Tokorozawa 21,823m² NEW MFLP Funabashi Fiscal 2014 30,947m² MFLP Funabashi III 268,392m² Nishiura Fiscal 2021 MFLP Atsugi 40,942m² MFLP Osaka Katano 72,827m² NEW MFIP Inzai 40,478m² MFLP Ichikawa Shiohama II 183,991m² NEW (60%) MFLP Hino 205,200m² (25%) (75%) MFLP Tomei Ayase Fiscal 2015 Approx. 58,700m MFLP Kashiwa 31,242m² Tokyo Rail Gate EAST MFLP Funabashi | 197,746m² 174,404m² Approx. MFLP Ebina | 122,200 m MFLP Fukuoka | 32,199m² FY2022 Fiscal 2016 MFLP Hiratsuka 33,061m² (tentative) Kasuya Town Logistics Facility Project Approx. 36,100m Approx. MFLP Komaki 40,597m² MFLP Yatomi Kisosaki 99,000m MFLP Inazawa 72,883m² Approx. MFLP SHINKIBA I 9,500m Fiscal 2017 MFLP Ibaraki 230,435m² Approx. MFLP SHINKIBA II 28,500m MFLP Tsukuba 62,484m² FY2023 Approx. MFLP HIRATSUKA III MFLP Atsugi II 48,976m² 29,100m Fiscal 2018 MFLP Prologis Park Kawagoe Approx. 117,337m² ● (50%) FY2024 MFIP Haneda 80,334m² MFLP EBINA MINAMI another data center (1 property) I I I 37,600m TBD MFLP Hiroshima | 68,427m² MFLP Funabashi II 227,003m² Fiscal 2019 MFLP Kawaguchi | 49,838m² MFLP Hiratsuka II 48,141m² MFLP Yokohama Kohoku 45,512m² MFLP Kawasaki | 49,801m² * other overseas properties (2 properties) For further details, please refer to [Properties defined in "Right of first look and preferential negotiation rights agreement] [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in this Document on p. 53-54. *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.#54Notes on Matters Stated in This Document MFLP Mitsui Fudosan Logistics Park Inc. * Unless otherwise specified, figures indicated in whole numbers 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. [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). [Highlights] / [Four Roadmaps to Stable Growth and Trajectory of Growth]/[Four Roadmaps to Enable Continued Stable Growth] / [Internal Growth Strategy] / [Our Portfolio (After acquisition of properties to be acquired in the 10th 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: 224,000 units at the end of the 1st/2nd/3rd fiscal periods / 262,774 units at the end of 4th and 5th fiscal periods / 379,000 units at the end of 6th and 7th fiscal periods / 441,000 units at the end of 8th fiscal period / 542,000 units at the end of 9th/10th/11th fiscal periods) "Occupancy rate" Leased area as a percentage of leasable area. Based on concluded agreements as of January 31, 2021. "Appraisal 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 / Appraisal value" Appraisal NOI divided by appraisal value. The subtotal (average) and total (average) of "Appraisal NOI / Appraisal value" for each category indicate the weighted average based on the appraisal value. "Adjusted forecast NOI yield" Annualized after subtracting the fixed asset tax and city planning tax for the properties to be acquired in the 10th fiscal period from the NOI assumed in the earnings forecast for the 10th and 11th 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. "Building age" Number of years from the date of construction of the main building of a property acquired in the register to January 31, 2021. "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. "Calculation of remaining lease contract period" "Average lease term" is calculated using the average of the remaining period in the lease terms after January 31, 2021, based on the concluded lease agreements as of January 31, 2021. Concerning the subject lease agreements, when a new lease agreement ("re-contract") is concluded with the same lessee, the remaining period shall be calculated assuming that the lease period continues from the day immediately following the expiration date of the previous contract to the expiration date of the re-contract. "Calculation of average lease term" "Average lease term" is calculated using the average of the lease terms stated in concluded lease agreements as of January 31, 2021 weighted by the leasable floor area. Concerning the subject lease agreements, when a re-contract starting on the day immediately following the expiration date of the respective lease agreement is concluded with the same lessee, the 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. "Total floor area" Figures based on the record on the register, rounding down to the nearest whole number. "Appraisal value" Appraisal values corresponding to the quasi co-ownership interest ratio of each property with January 31, 2021 (end of 9th FP), as the appraisal date are indicated. Figures as of end of 8th FP use July 31, 2020 as price date and considers the quasi co-ownership interest of each property. "Top 5 tenant ratio (logistics facilities only)" The total leased area of top five tenants as a percentage of the total leased area. "NAV per unit" "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) "End of FP ended July 2020 (End of 8th FP)": (Net assets as of the end of FP ended July 2020 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended July 2020) / Number of investment units issued and outstanding (441,000 units) "End of FP ended January 2021 (End of 9th FP": (Net assets as of the end of FP ended January 2021 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended January 2021) / Number of investment units issued and outstanding (542,000 units) "After acquisition of MFIP Inzai II": (NAV as of the end of FP ended January 2021 (End of 9th FP) + Unrealized gain on appraisal basis of properties to be acquired in 10th FP (*) / Number of investment units issued and outstanding (542,000 units) *Unrealized gain on appraisal basis of properties acquired in 10th FP: (total) Appraisal value of properties to be acquired in 10th FP - (total) Acquisition price of properties to be acquired in 10th FP. Calculation of NAV as of the end of each fiscal period based on net assets as of the end of each FP and unrealized gain on appraisal basis less total distribution amount divided by number of investment units issued and outstanding. 33 53#55Notes on Matters Stated in This Document MFLP Logistics Park Inc. Mitsui Fudosan "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. "Unrealized gain" A period-end book value is indicated for properties held by MFLP-REIT as of the end of 9th FP, and a figure obtained by subtracting the total of acquisition prices from appraisal value is indicated for properties acquired in the 10th FP. "Market cap" 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) FP ended July 2020 (End of 8th FP): Closing price of the investment unit as of the end of the FP ended July 2020 (577,000 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended July 2020 (441,000 units) FP ended January 2021 (End of 9th FP): Closing price of the investment unit as of the end of the FP ended January 2021 (524,000 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended January 2021 (542,000 units). Market cap as of end of each FP calculated using closing price at end of FP multiplied by number of investment units issued and outstanding as of the end of each FP. [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. In addition, in cases where the distribution amount for distributions per unit is expected to temporarily decline by a certain degree due to such factors as the procurement of funds through the issuance of new investment units, etc., a one-off distribution in excess of retained earnings may be executed in order to standardize the amount of the distributions per unit. [Major properties developed/operated by Mitsui Fudosan] Based on materials released by Mitsui Fudosan on November 5, 2019 and March 4, 2021 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 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. [Annual Power Generation by Solar Panel] Actual power generated between January and the end of December 2020 at 11 properties with photovoltaic panel facilities and owned by MFLP-REIT as of January 31, 2021, 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] 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 meters, 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." ⑤The 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." 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). ⑦In 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. 54 ....#56Disclaimer 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. This document should not be interpreted as constituting disclosure documents or asset management report required under Financial Instruments and Exchange Act or the Act on Investment Trusts and Investment Corporations. Concerning the information provided in this document, although MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd. make every effort to provide correct information, its accuracy, adequacy or completeness are not guaranteed regardless of the information being prepared by MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd. or being received from third-parties. Among the information provided in this document, statements other than those pertaining to facts in the past or present are forward-looking statements presented by MFLP-REIT or Mitsui Fudosan Logistics REIT Management Co., Ltd. according to assumptions or judgement based on information available on the date of this document (the date if specified otherwise in the document). 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. 55 59