#1welcia HELP THI MFLP Mitsui Fudosan Logistics Park Inc. Securities Code 3471 14th Fiscal Period (Fiscal Period Ended July 31, 2023) Investor Presentation Material Mitsui Fudosan Logistics Park Inc. (MFLP-REIT) B#2MEMO MFLP Mitsui Fudosan Logistics Park Inc. 1#3Table of Contents MFLP Mitsui Fudosan Logistics Park Inc. 1. Highlights 4. Appendix Operating Highlights P04 ⚫Our Portfolio 1-1 External Growth P05 •Individual Property Income Statement P43 P45 1-2 Internal Growth P08 for 14th Fiscal Period 1-3 Initiatives for ESG P10 1-4 Financial Strategy P11 •Appraisal Summary for the End of 14th Fiscal Period P47 1-5 DPU Growth P13 •Statement of Income and Balance Sheet P48 1-6 14th Fiscal Period (Ended July 2023) P/L P14 •External Evaluation and Certifications P49 1-7 Reference P16 • Investment Unit Price Trends/Status of Unitholders P50 2. Growth Strategy of MFLP-REIT Basic Strategy and Four Roadmaps P19 • Mitsui Fudosan's Major Development/ Operation Track Record P51 2-1 External Growth Strategy P21 (Expansion of Asset Size) 2-2 Internal Growth Strategy 2-3 Initiatives for ESG 2-4 Financial Strategy 2-5 DPU Growth 3. Market Overview 3-1 Market Overview P27 Notes on Matters Stated in this Document P29 P33 Disclaimer P34 P37 2#41. Highlights MFLP Mitsui Fudosan Logistics Park Inc.#51 Operating Highlights MFLP Mitsui Fudosan Continued steady growth through strategic partnership with Mitsui Fudosan 14th Fiscal Period (FP) Financial Summary . • • • . • Financial Summary 14th FP: Revenue, Profit, DPU up for 13 consecutive FPS Operating revenue 11.4 billion yen (+0.51 bn vs 13th FP act.) Ordinary income 4.2 billion yen (+0.05 bn vs 13th FP act.) 4.2 billion yen (+0.05 bn vs 13th FP act.) Net income 1-1 External Growth Acquired MFLP Osaka Katano in Feb. 2023 and completed agreements to acquire 5 MFLP properties in Jul. 2023, for a total of 6 properties worth 47.5 billion yen. Asset size up to 389.8 billion yen, further improving portfolio stability Rich pipeline of 7 ROFL* properties (0.92mn m). Continued prospects for external growth. Expansion of logistics facilities development continues at Mitsui Fudosan with cumulative investments of 850.0 billion yen 1-2 Internal Growth Market firm on continued strong demand for logistics facilities End-14th FP occupancy rate* remained high at 99.8%, expect to stay at around 100% in the 15th and 16th FPs Approximately 87% of floor space up for lease renewal in 15th FP has been signed (or spoken for) Majority of utilities expenses are borne by tenants: impact of rising energy costs on MFLP-REIT is limited Distributions per unit (DPU)* • • 14th FP actual 8,804 yen (+5.4% YoY vs 12th FP act.) • 15th FP forecast 8,781 yen • 16th FP forecast 9,151 yen • Logistics Park Inc. Average annual growth of 7.8% since IPO (including 16th FP) 1-3 ESG Initiatives Improved ratios for Green Building certification to 96.7%, ZEB certification to 69.4%. Solid progress on other environmental KPI as well Established green power supply framework, transitioned to green power usage in common areas at 12 properties (as of April 2023) 1-4 Financial Strategy End-14th FP (act.), end-15th FP (forecast) and end-16th FP (forecast) LTV* 38.6%, 36.6% and 39.4% respectively. Projected acquisition capacity* as of end-16th FP (at 50% LTV): 80.0 billion yen Near term, spread levels unchanged on recent borrowings. Impact of rising interest rates on MFLP-REIT limited For further details, please refer to [Highlights] [ROFL: Properties defined in "Right of first look and preferential negotiation rights agreement"] in the Notes on Matters Stated in this Document on p.52-54 +#61 -1. External Growth 1 MFLP Mitsui Fudosan Further enhancing portfolio quality and stability through the anticipated acquisitions Offering summary Logistics Park Inc. 1/2 Offering format Launch date Pricing date Oversubscription ratio Offering size Number of units offered (including over-allotment option) Anticipated acquisitions Reg. S only July 31, 2023 August 3, 2023 17x (of which overseas demand:27x) Approximately 15.0 billion yen 30,470 units (over-allotment option: 1,530 units) No. of properties 6 properties (Anticipated) acquisition price 47.5 billion yen Asset Size Kyushu Ratio of geographical diversification area 6.4% Greater Osaka area 34.7% Greater Tokyo area 58.9% 3-5 km 8.6% 1-3 km 30.2% Anticipated acquisitions SG Realty MFLP Fukuoka Kasuya (50% co-ownership interest) 6th follow-on offering July 2023 MFLP Tomei Ayase (50% co-ownership interest) MFLP Shinkiba I 389.8 billion yen 342.2 billion yen MFLP Osaka Katano MFLP Tokorozawa MFLP Hiratsuka III End of 13th fiscal period (January 31, 2023) 24 properties Acquired in 14th FP Acquired in 15th FP February 2023 1 property 16.5 billion yen August 2023 13.7 properties billion yen Access (distance) to nearest expressway interchange Less than Less than 5 km 100% 1 km 61.3% Further enhancing portfolio quality and stability through the anticipated acquisitions Anticipated acquisition in 16th FP February 2024 3 properties 17.3 billion yen After the anticipated acquisitions 30 properties 5#71 -1. External Growth 1 MFLP Mitsui Fudosan Logistics Park Inc. Further enhancing portfolio quality and stability through the anticipated acquisitions 2/2 Anticipated acquisitions Average adjusted forecast Average Appraisal NOI yield* Average building age* Average occupancy rates NOI yield* 4.4% (after depreciation 2.2%) 4.3% 1.4 years 100% Average lease period*/ Average remaining lease period* 10.4 years/9.0 years Green Building certifications ratio*1 100% Portfolio Overview No. of properties/Asset size Average adjusted forecast NOI yield Average appraisal NOI yield Average building age Average occupancy rates Average lease period/ Average remaining lease period Top 5 property ratio* Top 5 tenant ratio* End of 13th fiscal period (January 31, 2023) 24 properties/ 342.2 billion yen 4.9% (after depreciation 3.3%) 4.0% End of 14th fiscal period (July 31, 2023) 25 properties/ 358.7 billion yen 4.9% (after depreciation 3.2%) 4.0% 6.6 years 6.8 years 99.8% 99.8% 9.2 years/3.8 years 9.2 years/4.0 years 39.5% 37.8% 30.0% 31.3% After anticipated acquisitions (Forecast) 30 properties/ 389.8 billion yen 4.8% (after depreciation 3.1%) 4.0% 6.2 years 99.8% 9.3 years/4.4 years 34.8% 27.9% * For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.52-54 6#81 -1. External Growth 3 Solid progress toward medium-term asset size target of 500 billion yen MFLP Mitsui Fudosan Logistics Park Inc. Properties developed/ operated by Mitsui Fudosan Properties covered by the "Right of first look and preferential negotiation rights agreement" 7 properties 920,000m MITSUI FUDOSAN Cumulative total investment size 22 facilities 300.0 billion yen March 2016 Leased Leased Construction completion in fiscal 2016 Construction completion in fiscal 2020 Construction completion in fiscal 2024 Construction completion in fiscal 2025 Construction completion In fiscal 2026 Plan to reach 1 trillion yen in fiscal 2023 Decided to develop additional 6 new buildings in Japan Cumulative total investment size 56 facilities 700.0 billion yen Cumulative total investment size 62 facilities 850.0 billion yen MFLP Funabashi | MFLP Tachikawa Tachihi MFLP Sendai Natori | MFLP Ichinomiya Construction completion in fiscal 2019 Construction completion in fiscal 2022 Construction completion in fiscal 2024 Construction completion in fiscal 2025 MFLP Iruma ll Construction completion in fiscal 2026 MFIP Haneda MFLP Ebina I Construction completion in fiscal 2019 Construction completion in fiscal 2023 MFLP Nagoya Iwakura Construction completion in fiscal 2024 MFLP Misato Construction completion in fiscal 2025 MFIP Ebina Construction completion in fiscal 2026 January 2023 Construction completed 830,000m Leased Leased MFLP Yokohama Kohoku MFLP Shinkiba II MFLP.LOGIFRONT Tokyo Itabashi Construction completion Construction completion in fiscal 2019 in fiscal 2023 Construction completion in fiscal 2024 MFLP Irumal Construction completion in fiscal 2025 MFLP Funabashi Minamikaijin Other data center 1 property Overseas 4 properties April 2023 MFLP Kawasaki I MFLP Ebina Minami MFLP Tsukubamirai MFLP Amagasaki I Under construction 80,000 m MFLP Hino (75%) MFLP Ichikawa Shiohama II (60%) MFLP Funabashi II MFLP Funabashi III MFLP Yatomi Kisosaki MFLP OGUD Osaka Torishima(50%) MFLP Zama (41.5%) Further expansion of properties covered by the "Right of first look and preferential negotiation rights agreement" Aim for continuous external growth to improve unitholder value Medium-term asset size target 500.0 billion yen MFLP-REIT'S asset size 30 properties 389.8 billion yen 1,600,000m Mitsui Fudosan MFLP Logistics Park Inc. 9 properties 75.5 Acquisition from properties covered by the "Right of first look and preferential negotiation rights agreement" 24 properties 25 properties 27 properties 30 properties 21 properties 297.6 billion yen 342.2 billion yen 358.7 billion yen 372.4 billion yen 389.8 billion yen billion yen January 31, 2017 January 31, 2022 January 31, 2023 July 31, 2023 January 31, After Anticipated 2024 acquisitions * For further details, please refer to [Major properties developed/operated by Mitsui Fudosan] in the Notes on Matters Stated in this Document on p.52-54. 7#91 -2. Internal Growth 1 Steady and stable property management Status of lease signings and occupancy rates (thousand mi) 500 200 100 Signed Spoken for Unsigned 449 * Figures in the graph show unsigned floor area (includes spoken for). Figures in brackets include floor area for signed leases. 186 167 168 (83) 3 (132) 0 83 (29) 10 160 154 72 9 0 13th FP 14th FP (23/1) (23/7) 15th FP (24/1) 16th FP (24/7) 17th FP (25/1) 18th FP (25/7) 19th FP 20th FP (26/1) (26/7) 21st FP 22nd FP 23rd FP (27/1) (27/7) (28/1) After 24th FP Status of occupancy rate as of each FP end 99.8% 99.8% Status of Lease Signings 132,361m 132,361m 3.5% 27.8% 99.7% (Forecast) Unsigned Spoken for 100%(Forecast) New leases Rent unchanged Re-lease Rent raised 83,359m 4.0% 80,046m 83,964m 5.5% 6.8% 96.5% 72.2% 100% 90.5% 93.2% 29,484m 12.8% 25,711m 6.1% 13th FP (23/1) 14th FP (23/7) 21.3% 66.0% 93.9% 15th FP (24/1) 16th FP (24/7) * The above graph shows figures for leased floor area for MFLP-REIT properties after new acquisitions (excluding MFIPS) based on leases signed as of July 31, 2023. MFLP Mitsui Fudosan Logistics Park Inc. Impact of rising electricity costs ■Breakdown of electricity costs by facility type (based on floor area) Majority of electricity costs borne by tenants (MFLP-REIT only bears electricity costs for common areas in multi-tenant properties). MFLP-REIT's exposure to electricity costs is limited. Multi-tenant properties* 15 properties Dedicated areas /Tenant indirectly responsible (MFLP REIT pays provider on behalf of tenants) about 83% Common areas / MFLP REIT bears costs for about 17%* Single-tenant properties* BTS 9 properties Tenant directly responsible (Tenant pays provider directly) MFLP REIT's limited exposure to electricity costs * For further details, please refer to [Multi-tenant properties/Single-tenant properties/BTS] in the Notes on Matters Stated in this Document on p.52-54. * The ratio of electricity costs for common areas to electricity costs for multi-tenant properties (excluding MFLP Osaka Katano) in the 13th and 14th fiscal periods. Factors depressing utilities expense margin Electricity usage 12th FP 13th FP 14th FP (YoY) No. of properties 15 15 15 Dedicated tenant area 100 120.0 94.6 (- 5.4%) 89.5 Common area 100 87.8 (-10.5%) *The electricity consumption of multi-tenant properties (excluding MFLP Osaka Katano) is indexed based on the 12th fiscal period. 1 Tenant area usage down on energy saving measures + 2 Common area usage also reduced but offset by inflation impact on electricity unit prices Utilities expense margin down YoY on factors 1 and 2 8#101 -2. Internal Growth 2 Steady and stable property management Supply-demand balance and vacancy rate Greater Tokyo area thousand m 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Greater Nagoya area thousand m Greater Osaka area Forecast Forecast thousand m 15% 2,000 15% 1,000 MFLP Mitsui Fudosan Logistics Park Inc. Forecast 15% 12% 12% 12% 750 1,500 9% 9% 9% 500 6.8% 1,000 6% 6% 250 500 3% 2.2% 3% 2.0% 6% 5.3% 3% 3.9% 0.5% 0% 0 0% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: CBRE K.K. (including forecast figures) (August 2023) Vacancy rate (logistics facilities 1 year old or older) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 * Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m² or more. Vacancy rate in 2023 is as of the end of June 2023. Rising demand on back of growth in e-commerce 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 New supply New demand Vacancy rate Stock of logistics facilities in Japan* Logistics facilities 40 years old or older 44.8% Future demand for replacement of aging properties Logistics facilities less than 40 years old 49.1% Source: CBRE K.K. (February 2023) Leading-edge logistics facilities market scale (hundred million yen) 6.1% -E-commerce ratio(the whole world) 210,000 -E-commerce ratio(USA) --E-commerce ratio(Japan) 180,000 ■Scale of E-commerce market Highly scarce 150,000 leading-edge logistics facilities 120,000 22.7 trillion yen (%) 20 19.3% 15 14.7% 10 9.1% 5 90,000 (As of December 2021) 60,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: "E-Commerce Market Survey" by the Ministry of Economy, Trade and Industry (Announced on August 31, 2023) * This is a calculation of the total floor area of buildings classified as "warehouses" by use and of "steel-frame construction," "reinforced concrete construction," or "steel-framed reinforced concrete construction" by structural type. * Amounts and percentages indicate the scale of B to C market in the e-commerce market. The basis for the calculation of the e-commerce ratio is limited to merchandise sales. 9#111-3. Initiatives for ESG Further strengthening of ESG initiatives Improving the Green Building certification ratio for logistics facilities Green Building certification ratio ZEB certification rate FP ended Jan. 2023 (13th FP) 96.3% 21/22 properties After anticipated acquisitions 96.7%*1 27/28 properties Monitoring of environmental KPIs MFLP Mitsui Fudosan Logistics Park Inc. Latest performance and progress against environmental KPIs generally on track. Aim to achieve targets by promoting initiatives to reduce environmental impact in the future. CO2 emissions intensity (t-co₂/mi) Whole building (Scope1·2·3) 2016 (base year) 2022 0.017 Reduction of 30% by 2030 0.013 (22.9% reduction) 61.6% 9/22 properties ZEB certification properties among anticipated acquisitions [ZEBJ Nearly ZEB 69.4%*1 16/28 properties Owner-managed portion (Scope1.2) 0.060 Reduction of 100% by 2030 0.025 (58.7% reduction) ZEB certification properties in the 14th period [ZEBJ Tenant-managed portion (Scope3) ZEB Ready Water usage intensity (m/m) 0.014 Reduction of 24% by 2030 2016 (base year) 0.013 (12.2% reduction) 2022 Logistics facilities 0.07 Not to increase above base-year level MFLP Hiratsuka III MFLP Atsugi II MFLP Hiratsuka II Waste recycling rate 1 other property Logistics facilities Targets 70% or more by 2030 0.06 (9.8% reduction) 2022 68.0% MFLP Osaka Katano 2 other properties Promoting transition to green power From April 2023, in addition to the 7 properties that had previously been converted to green power, 5 properties in Greater Tokyo, Greater Nagoya, Greater Osaka and Hiroshima areas have started converting common areas to green power. In addition, we have established a system for supplying green power to tenants in dedicated areas as well. As of October 2023, we plan to introduce green power in common areas of properties in Greater Osaka, and we expect to complete green power transition in common areas at a total of 14 properties. Trend in green power ratio in common areas for multi-tenant properties As of October 2022 46.7% * Above data excludes data centers (industrial real estate) as a result of NDAs in place with tenants. Industrial real estate is excluded from disclosures. Green Building certification ratio Logistics facilities Portfolio LED lighting adoption ratio Targets Maintain 95% Maintain 90% Targets 100% by 2023 100% by 2030 Owner-managed portion As of April 2023 As of October 2023 (expected) Tenant-managed portion Green leases adoption ratio Targets 75% or more by 2025 90% or more by 2030 75.0% 87.5% 7/15 properties 12/16properties 14/16 properties *1 *2 *3 Portfolio After anticipated acquisitions 96.7% 93.4% After anticipated acquisitions 100%*1*2 85.9%*1*2 After anticipated acquisitions 31.4%*3 Calculations based on total floor after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests. Exclude single tenant property from the denominator of properties owned by MFLP-REIT after anticipated acquisitions. Calculations based on leasable floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests. 10#121 -4. Financial Strategy 1 LTV management and stable financial operation | Major changes in financial metrics End of 13th FP (January 31, 2023) End of 14th FP (July 31, 2023) End of 15th FP (January 31, 2024) (forecast) MFLP Mitsui Fudosan Logistics Park Inc. End of 16th FP (July 31, 2024) (forecast) Funding base interest rate trends While base rates for funding are rising near term, MFLP-REIT has been able to keep spread levels unchanged when raising funds, through discussions with financial institutions: impact of rising interest rates is limited TONA SWAP rate trend Total interest- bearing debt 120.7 billion yen 135.2 billion yen 131.9 billion yen 147.9 billion yen 1.5% LTV 35.9% 38.6% 36.6% 39.4% 1.0% LTV-based capacity for Acquisitions 95.0 billion yen 80.0 billion yen 97.0 billion yen 80.0 billion yen (at 50% LTV) Average interest rate Average time to maturity 0.5% 0.39% 0.46% I маль whiny الله 8.2 years 8.3 years . 0.0% (long-term only) Fixed interest ratio (long-term only) 98.3% 98.5% 2022/1 2022/7 5 years rate 2023/1 10 years rate Interest-bearing debt maturity ladder and lender formation | Lender formation (As of July 31, 2023) 2023/7 (bn yen) ■Long-term (fixed interest rate) borrowings and investment corporation bonds ■Long-term (floating rate) borrowing Short-term borrowing 120 100 80 60 40 20 0 15th FP 16th FP Commitment line 10,000 million yen 17th FP 18th FP 19th FP 20th FP OF21st FP 3722nd FP 23rd FP 24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 31st FP 32nd FP 33rd FP 34th FP 35th FP Investment Corporation Bonds. Sumitomo Mitsui Banking Corporation others- The 77 Bank Development Bank of Japan Nippon Life Insurance Company The Chiba Bank Sumitomo Life Insurance Company itsui Sumitomo Insurance SBI Shinsei Bank The Yamaguchi Bank Total lenders: 29 Total borrowings ¥135.2 bn (Includes Investment Corporation Bonds) Mizuho Trust & Banking Mizuho Bank The Bank of Fukuoka Shinkin Central Bank MUFG Bank The Norinchukin Bank Sumitomo Mitsui Trust Bank 11#131 -4. Financial Strategy 2 Efficient cash management and change to FFO payout policy MFLP Mitsui Fudosan Logistics Park Inc. MFLP-REIT revised its payout policy, in keeping with its aim to implement efficient cash management in alignment with phase of growth Policy of basing distributions on FFO times a payout ratio remains unchanged. Aim to raise the FFO payout ratio in a stepwise function targeting an increase from 70% to 75% by the 18th FP • • • Background to revision of distribution policy Since listing, MFLP-REIT has grown its asset size through continuous external growth; following new acquisitions, the portfolio size will rise to 389.8 billion yen Average building age of the portfolio after new acquisitions will be 6.2 years. the portfolio will remain focused on young properties with a limited need for capex MFLP-REIT has established a sound financial base: the lender formation has expanded to 29 financial institutions and LT issuer credit rating (JCR) remains AA (stable) Diagram of cash distribution based on FFO Leasing business expenses, SG&A, • . Efficient cash management Will continue to focus on efficient cash management MFLP-REIT will consider using cash on hand to improve unitholder value etc. FFO Rental revenue Deprecia -tion FFO Capex FFOX75% FFOX 72% FFOX73% Deprecia -tion Debt repayment Funds for property acquisition Retained earnings 75% Increased payout FFOX 70% ratio 70% Distributions in excess of earnings Profit (Net income) Distributions of earnings Until 14th FP 15th FP 16th FP 18th FP target Total distribution Profit (Net income) amount 12#141-5. DPU Growth Solid Execution on Roadmap to Enhancing Unitholder Value MFLP Mitsui Fudosan Logistics Park Inc. Stable portfolio management and acquisition of acquired assets in the 14th FP will result in +5.4% growth in DPU +5.4% 8,401 yen 8,353 yen Continuous DPU Growth Aim for continuous distribution growth by acquiring assets to be acquired in the 15th and 16th FPs and continuing to strive for stable management +5.9% (Average annual growth rate) 1 property 16.5bn yen 8,804 yen 8,772 yen MFLP Osaka Katano 2 properties 13.7bn yen 8,781 yen 3 properties 17.3bn yen MFLP Hiratsuka III 9,151 ye MFLP Tomei Ayase (50% co-ownership interest) MFLP Shinkiba | MFLP Tokorozawa SG Realty MFLP Fukuoka Kasuya (50% co-ownership interest) Average annual growth rate (Forecast for the 16th FP from listing) +7.8% FP ended Jul. 2023 Forecast (14th FP) Actual 25 70% FP ended Jan. 2024 (15th FP) Forecast 27 72% FP ended Jul. 2024 (16th FP) Forecast 30 73% FP ended Jul. 2022 FP ended Jan. 2023 No. of properties (12th FP) Actual 24 (13th FP) Actual FFO payout ratio 70% 24 70% NAV per unit Growth of NAV per unit* End of 14th FP (July 31, 2023) 478,717 yen After the anticipated acquisitions 481,047 yen Average annual growth rate of NAV per unit (After this offering from the 1st period) +8.4% For further details, please refer to [Highlights] in the Notes on Matters Stated in this Document on p.52-54 Aiming for further stabilization of investment unit price and improvement of NAV 13#151 -6. 14th Fiscal Period (Ended July 2023) P/L MFLP Mitsui Fudosan Logistics Park Inc. 13th fiscal period Actual 14th fiscal period Forecast 14th fiscal period Main breakdown of difference Actual (Mar. 14, Difference (b)-(a) (a) (b) (Unit: million yen) 2023) Operating revenue Operating revenue 10,960 11,587 11,478 517 Increase due to a property acquired in the 14th FP (MFLP Osaka Katano) +614 Increase in utilities charge -101 Rental expenses (excluding depreciation) 2,563 2,759 2,668 104 (excluding a property acquired in the 14th FP) ΝΟΙ 8,396 8,827 8,810 413 Increase in solar power generation facilities rent revenue (excluding a property acquired in the 14th FP) +56 Depreciation 2,707 2,985 2,984 276 Decrease in other operating revenue -52 Net rental revenues 5,688 5,842 5,825 136 Operating expenses General and administrative expenses, etc. 1,181 1,257 1,221 37 Increase due to a property acquired in the 14th FP (MFLP Osaka Katano) +433 Operating income 4,504 4,584 4,604 99 Expensing of fixed asset tax and city planning tax for properties acquired in the 12th FP +131 Non-operating income 3 2 -1 (MFLP Yachiyo Katsutadai, Hiratsuka II and Osaka I) Non-operating expenses 302 350 344 42 Decrease in repair expenses -104 (excluding a property acquired in the 14th FP) Ordinary income Profit (Net income) 4,206 4,234 4,261 55 Decrease in utilities expense -59 (excluding a property acquired in the 14th FP) 4,205 4,233 4,260 55 Increase in asset management fees +32 Decrease in other operating expenses -14 FFO 6,913 7,218 7,244 331 FFO Payout ratio 70% 70% 70% Total number of investment units (unit) 576,000 576,000 576,000 Non-operating expenses Increase in interest expenses Decrease in other non-operating expenses +69 -26 Distribution per unit (DPU) (yen) 8,401 8,772 8,804 403 Of which, 7,301 7,349 7,396 55 95 <Reference> Distributions of earnings per unit (EPU) (yen) Formula for distribution per unit based on FFO* FFO Profit (Net income) + Depreciation, etc. ...① Of which, 1,100 1,423 1,408 308 Distributions in excess of earnings per unit (yen) Source of funds for distributions 1 FFO Upper limit 75% ...② Distributions in excess of earnings expressed as 23.4% a percentage of depreciation * 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.52-54 Distributions per unit = 27.5% 27.2% ②Source of funds for distributions ÷ Number of investment units issued and outstanding 14#161-6. MFLP Mitsui Fudosan Logistics Park Inc. 15th Fiscal Period (Ending January 2024) & 16th Fiscal Period (Ending July 2024) Earnings Forecast 14th fiscal period Actual 15th fiscal period Forecast Difference (b)-(a) (a) (b) 16th fiscal period Forecast*1 (c) Main breakdown of difference Difference (c)-(b) (Unit: million yen) Operating revenue (b)-(a) (c)-(b) Operating revenue 11,478 11,869 390 12,353 484 Increase due to properties acquired in the 15th FP +343 +17 Increase due to properties acquired in the 16th FP +450 Rental expenses (excluding depreciation) 2,668 2,809 141 2,969 159 Increase/decrease in utilities charge +79 -74 (excluding properties acquired in the 15th & 16th FPs) ΝΟΙ 8,810 9,059 248 9,384 324 Depreciation 2,984 3,116 131 3,295 178 Increase/decrease in solar power generation facilities rent revenue -48 +48 Net rental revenues 5,825 5,942 116 6,088 145 (excluding properties acquired in the 15th & 16th FPs) Increase in other operating revenue +16 +42 General and administrative expenses, etc. 1,221 1,271 49 1,304 32 Operating expenses (b)-(a) (c)-(b) Increase due to properties acquired in the 15th FP +164 Operating income 4,604 4,671 67 4,784 113 Non-operating income 2 -2 Non-operating expenses 344 370 26 456 85 Increase due to properties acquired in the 16th FP Expensing of fixed asset tax and city planning tax for properties acquired in the 14th & 15th FPS Increase in repair expenses +191 +87 +8 +58 Ordinary income 4,261 4,300 39 4,327 27 Profit (Net income) 4,260 4,299 39 4,326 27 (excluding properties acquired in the 15th & 16th FPs) Increase/decrease in utilities expense +74 -55 (excluding properties acquired in the 15th &16th FPs) Increase in insurance premiums +14 (excluding properties acquired in the 15th &16th FPs) FFO 7,244 7,415 170 7,622 206 Increase in asset management fees +29 FFO Payout ratio 70% 72% 2pt 73% 1pt Increase in other operating expenses +61 +59 Total number of investment units (unit) 576,000 608,000 32,000 608,000 Non-operating expenses (b)-(a) (c)-(b) Distribution per unit (DPU) (yen) 8,804 8,781 -23 9,151 370 Increase in interest expenses +14 +102 Of which, Increase/decrease in expenses related to investment unit offering +13 -13 Distributions of earnings per unit (EPU) 7,396 7,071 -325 7,117 46 (yen) Increase/decrease in other non-operating -1 -3 expenses Of which, * Distributions in excess of earnings per 1,408 1,710 302 2,034 324 unit (yen) Distributions in excess of earnings expressed as a percentage of 27.2% 33.4% 37.5% depreciation A Property acquired in the 14th FP ... Properties acquired in the 15th FP Properties acquired in the 16th FP ... MFLP Osaka Katano MFLP Tomei Ayase, MFLP Tokorozawa MFLP Hiratsuka III, MFLP Shinkiba I, SG Realty MFLP Fukuoka Kasuya *1 For further details, please refer to [Earnings Forecast] in the Notes on Matters Stated in this Document on p.52-54 15#171-7. Reference MFLP Mitsui Fudosan Impact of 6 acquisitions in the 6th PO (after adjusting for temporary effects) As a result of the acquisition of 6 properties through the 6th PO, MFLP-REIT's total NOI, total FFO and net income increased significantly Logistics Park Inc. • After retaining funds on hand (Total FFO - Total distributions) of around 2 billion yen, MFLP-REIT continues to consider measures to enhance unitholder value MFLP-REIT revised its distribution policy to align it with its growth stage, raising the FFO payout ratio. As a result, DPU growth from the 13th FP is assumed to increase in 6.5% (average annual growth rate), on the back of an increase of NOI and FFO per unit after the 6th PO and acquisition of 6 properties, and the impact from the rise in payout ratio from 70% to 73% • Although EPU in the 16th FP is forecasted to decline slightly on dilution resulting from the 6th PO and conservative operating assumptions, MFLP-REIT continues to aim to grow EPU and enhance unitholder value (million yen) Total amount basis Per unit basis 10,000 (yen) 16,000 15,000 9,000 +12.8% ΝΟΙ 9,337 8,000 ΝΟΙ 8,275 7,000 FFO 6,820 Funds on hand 6,000 2,047 14,000 NOI 14,367 13,000 FFO 12,000 +11.2% 7,586 Funds on hand FFO 2,049 11,000 11,840 10,000 FFO×73% 9,000 8,288 5,000 FFO ×70% Distribution 5,537 8,000 +4.3% 7,000 4,000 Net income 4,112 Net income 4,291 Distribution 4,773 6,000 0 0 13th FP (January 2023) Figures after adjusting for temporary effects based on the 13th FP results 16th FP (July 2024) Figures after adjusting for temporary effects based on the 16th FP forecasts Properties Number of investment units issued 24 30 576,000 +5.6% 608,000 FFO payout ratio 70% +3pt 73% +6.9% (Annual average growth rate +4.5%) +5.4% (Annual average growth rate +3.6%) +9.9% NOI 15,358 FFO 12,477 H DPU EPU 7,139 13th FP (January 2023) Figures after adjusting for temporary effects based on the 13th FP results FFO ×70% (Annual average growth rate +6.5%) -1.1% (Annual average growth rate -0.8%) DPU 9,108 FFO x73% EPU 7,057 16th FP (July 2024) Figures after adjusting for temporary effects based on the 16th FP forecasts 30 24 576,000 +5.6% 608,000 70% +3pt 73% 16#18MEMO MFLP Mitsui Fudosan Logistics Park Inc. 17#192. Growth Strategy of MFLP-REIT MFLP Mitsui Fudosan Logistics Park Inc.#202 Basic Strategy and Four Roadmaps 1 MFLP Mitsui Fudosan Maximize unitholder value through a strategic partnership with Mitsui Fudosan Logistics Park Inc. Mitsui Fudosan MFLP Logistics Park Inc. External Growth Own Internal Growth Stable Management Maximize unitholder value Strategic Partnership Develop MITSUI FUDOSAN Strong development capabilities as a comprehensive developer Superior land sourcing ability enabled by CRE strategies Superior leasing capability leveraging Group's network Manage Evolutional solutions-based asset management Expansion of logistics facilities business 19#21Basic Strategy and Four Roadmaps 2 Leveraging Growth in Asset Size as Main Driver of Steady DPU Growth MFLP Mitsui Fudosan Logistics Park Inc. Fiscal 2016 - 2022 1st 13th fiscal periods 5th follow-on offering Fiscal 2023 Fiscal 2024 and after 14th fiscal period 15th fiscal period 16th fiscal period 17th fiscal period and after January 2022 6th follow-on offering July 2023 Asset Size 30 properties 27 properties Aim to acquire properties 25 properties 24 properties. 24 properties 21 properties 297.6 billion yen 342.2 billion yen 342.2 billion yen 358.7 billion yen 372.4 billion yen 389.8 billion yen agreement" in a continuous manner, focused on high-quality properties Aim for further 500.0 expansion of covered by "Right of first look and billion yen asset size preferential negotiation rights Medium-term asset size target 9 properties 75.5 billion yen Average annual growth rate since listing +24.5% LTV End of 11th FP (January 31, 2022) End of 12th FP (July 31, 2022) End of 13th FP (January 31, 2023) End of 14th FP (July 31, 2023) End of 1st FP 24.5% LTV-based capacity for acquisitions(LTV to 50%) 33.1% 36.5% 35.9% 38.6% End of 15th FP (forecast) (January 31, 2024) 36.6% End of 16th FP (forecast) (July 31, 2024) 39.4% Fund procurement and LTV management optimal for size of acquired assets 40% to 50% Medium-to long-term stabilized LTV level 100.0 billion yen 91.0 billion yen 95.0 billion yen 80.0 billion yen 14th FP 12th FP 13th FP 97.0 billion yen 15th FP (Forecast) 80.0 billion yen 16th FP (Forecast) 11th FP 7,895 yen 8,353 yen 8,401 yen 8,804 yen 8,781 yen 9,151 yen Distribution per unit (DPU) 1st FP 5,198 yen Forecast annual growth rate (per year) (include 14th-16th fiscal period) +7.8% Continuous DPU growth through leverage effects, etc. Aiming for further DPU growth Expansion of market cap through public offerings, etc. Inclusion in major indices Aim for Enhancement of investment liquidity Market Cap* End of 11th FP End of 12th FP End of 14th FP After 6th follow-on offering (Forecast) After anticipated acquisitions End of 13th FP End of 1st FP 306.7 billion yen 301.2 billion yen 261.2 billion yen 291.4 billion yen 301.2 billion yen 423,819 yen 450,386 yen 76.1 billion yen 273,318 yen NAV per unit Average annual growth rate of NAV per unit from January 31, 2017 +8.4% * For further details, please refer to [Basic Strategy and Four Roadmaps] in the Notes on Matters Stated in this Document on p.52-54 463,661 yen 478,717 yen 481,047 yen 20 20#222 -1. External Growth Strategy (Expansion of Asset Size) 1 MFLP Mitsui Fudosan CRE Strategy: Mitsui Fudosan increasing quality developments in superior locations Ability to secure development sites through its corporate real estate (CRE) strategy Various CRE needs of client firms Rebuilding of corporate logistics capabilities Utilization of idle land Trimming balance sheet (Asset disposal) Development of corporate infrastructure Global development (Establishment of overseas sites) Propose CRE strategies Sale of real estate, etc. Logistics Park Inc. MITSUI FUDOSAN MFLP Mitsui Fudos Logistics Park Inc. Examples of superior location and high quality of Mitsui Fudosan developments MFLP Tomei Ayase (50% co-ownership interest) Distinctive building design harmonized with the Conveniently located next to the IC | Growth image for properties (to be) developed/operated by Mitsui Fudosan Cumulative total investment size as of April 2023 62 facilities 850.0 billion yen surrounding environment Location To Ebina Sta. Tomei Expressway 1 minute walk to bus stop Ayase SIC MFLP Tomei Ayase Cumulative total investment size as of January 2023 56 facilities 700.0 billion yen Transition to "Logistics Properties Business Division" at Mitsui Fudosan MFLP- REIT IPO Heliport: contribute to enhancing emergency medical capabilities in the region First domestic logistics facility with an aluminum heliport deck installed on the roof, based on an agreement with the city of Ayase. through a public/private/academic collaboration with Ayase City Fire Department and Tokai University Hospital's Advanced Medicine Emergency Center, the heliport is used for doctor heli EMS. During disasters, it can be used as a base for disaster response services providing relief support and supplies. Mitsui Fudosan established the Logistics Properties Department Fiscal Fiscal Fiscal Fiscal 2012 2013 2014 2015 Fiscal 2016 Fiscal Fiscal Fiscal Fiscal 2017 2018 2019 Fiscal Fiscal Fiscal 2020 2021 2022 2023 or after (planned) 21#232 -1. External Growth Strategy (Expansion of Asset Size) 2 MFLP Mitsui Fudosan Logistics Park Inc. Stable growth leveraging the growth potential and extensive pipeline of Mitsui Fudosan's logistics facilities business Mitsui Fudosan's major development/operation track record: 62 facilities 850.0 billion yen 5,300,000 m² Properties held by MFLP-REIT and anticipated acquisitions 30 properties 1,600,000 m² 389.8 billion yen Properties covered by "Right of first look and preferential negotiation rights agreement" 7 properties 920,000 m² Properties developed/operated by Mitsui Fudosan Anticipated acquisition in 16th FP Leased Completed Leased Completed Construction completion in fiscal 2020 Construction completion in fiscal 2024 Construction completion New in fiscal 2025 75% MFLP Yokohama Daikoku MFLP Kashiwa MFLP Atsugi II MFLP Yachiyo Katsutadai MFLP Hiratsuka III MFLP Hino Anticipated acquisition MFLP Funabashi II in 16th FP Leased Completed Leased Completed MFLP Tachikawa Tachihi Construction completion in fiscal 2020 MFLP Sendai Natori I Construction completion in fiscal 2024 MFLP Iruma I New Construction completion in fiscal 2025 MFLP Amagasaki | Construction completion in fiscal 2026 60% GLP.MFLP MFLP Fukuoka | MFLP Sakai MFLP Hiratsuka II MFLP Shinkiba I MFLP Tosu Ichikawa Shiohama MFLP Funabashi III MFLP Ichikawa Shiohama II MFLP Nagoya Iwakura Construction completion in fiscal 2022 Construction completion New in fiscal 2024 Completed Anticipated acquisition in 16th FP MFLP Yashio MFLP Hiratsuka MFLP Prologis Park Kawagoe MFLP Osaka | SG Realty MFLP Fukuoka Kasuya Acquired in 14th FP Construction completion in fiscal 2016 MFLP Yatomi Kisosaki Construction completed 830,000 m New Construction completion MFLP Funabashi | Construction completion in fiscal 2019 Tokyo Rail Gate EAST Construction completion in fiscal 2022 in fiscal 2023 MFIP Haneda MFLP Kuki MFLP Komaki MFLP Hiroshima I MFLP Osaka Katano MFIP Inzai 50% Construction completion in fiscal 2019 Acquired in 15th FP MFLP OGUD Osaka Torishima Construction completion New in fiscal 2023 MFLP Funabashi Nishiura MFLP Inazawa MFLP Ibaraki MFLP Tomei Ayase MFIP Inzai II Acquired in 15th FP MFLP Atsugi MFLP Tsukuba MFLP Kawaguchi | MFLP Tokorozawa MFLP Yokohama Kohoku Construction completion in fiscal 2019 41.5% MFLP Zama Under construction 80,000 m MFLP⚫LOGIFRONT Tokyo Itabashi MFLP Iruma II New Construction completion in fiscal 2024 New Construction completion in fiscal 2026 MFLP Ebina | MFLP Tsukubamirai MFIP Ebina Construction completion in fiscal 2023 Construction completion in fiscal 2025 Construction completion New in fiscal 2026 MFLP Shinkiba II Construction completion in fiscal 2023 MFLP Ichinomiya Construction completion in fiscal 2025 JIJ MFLP Funabashi Minamikaijin Other Data center 1 property Overseas 4 properties MFLP Kawasaki | MFLP Ebina Minami MFLP Misato 22#24MFLP Mitsui Fudosan Logistics Park Inc. 2-1. External Growth Strategy (Expansion of Asset Size) Emphasis on location 1 Build a high quality portfolio by taking advantage of geographical diversification Greater Tokyo Area Tohoku Expressway Metropolitan Inter-City Expressway (Ken-O Expressway) anticipated acquisitions L-XX Logistics facilities NO. L-XX Anticipated I-XX acquisitions NO. Industrial real estate properties held by MFLP-REIT * Industrial real estate NO. Properties covered by "Right of first look and preferential negotiation rights agreement" Properties developed by Mitsui Fudosan Mitsui Fudosan's strategic area L-5 MFLP Atsugi Kanagawa Prefecture MFLP Atsugi IL-14 Legend Logistics facilities properties held by MFLP-REIT and Kanetsu Expressway Tsurugashima JCT Kawagoe IC MFLP Kuki L-2 Kuki IC Tsukuba Chuo IC Shiraoka Shobu IC Kuki-Shiraoka JCT MFLP Tsukuba L-12 Tsukuba JCT Saitama Prefecture 16 Okegawa Kitamoto IC National Route 16 MFLP Tsukubamirai Joban Expressway MFLP Kashiwa L-7 Kashiwa IC Tokyo Gaikan MFLP Misato MFLP Iruma II L-25 MFLP Tokorozawa Expressway (Gaikan Expressway) Soka IC Gaikan Misato-Nishi IC Misato JCT 1-1 MFIP Inzal L-16 MFLP Prologis Park Kawagoe MFLP/LOGIFRON MFLP Tokyo-Itabashi Yashio L-4 Taiei JCT Misato Minami IC MFLP Iruma I MFLPOL-19 Kosuge Oizumi JCT Kohoku JCT CT MFLP MFLP Tachikawa Tachihi Tokyo MFLP Funabashi Nishiura Wangan Ichikawa IC Funabashi I Central Circular Route L-6 Hachioji IC Chuo JCT (tentative name) Nishi shinjuku JCT Komatsugawa JCT Koya JCT Chidoricho IC MFLP Funabashi III Keiyo Road 1-2 MFIP Inzai I L-20MFLP Yachiyo Katsutadai Higashi-Kanto Expressway Ohashi JCT MFLP Kasai JCT Shinkiba II- MFLP Hachioji JCT Tomei JCT (tentative name) L-10 MFLP Hino Tokyo Rail Gate EAST L-27 Oi JCT MFLP Shinkiba I MFIP Haneda Sagamihara Aikawa IC Tomei Expressway MFLP Kawasaki I Funabashi II MFLP Funabashiminamikaijin MFLP Ichikawa Shiohama II L-1 GLP/MFLP Ichikawa Shiohama Chiba Prefecture MFLP MFLP Ebina I Yokohama Kohoku Third Keihin Road Haneda Airport Tateyama Expressway MFLP Zama MFIP Ena L-24 Wangan Line Daikoku Futo IC Isehara JCT Atsugi IC MFLP Tomei Ayase MFLP Ebina Minami L-22 MFLP Hiratsuka II Ebina Minami JCT L-26 MFLP Hiratsuka Samukawa Kita IC Samukawa Minami IC -11 MFLP Hiratsuka Fujisawa IC Kamariya JCT * For further details, please refer to [Industrial real estate] in the Notes on Matters Stated in this Document on p.52-54 Isehara Oyama Atsug JCT Minami IC Ebina JCT L-3 MFLP Yokohama Daikoku Kisarazu JCT 23#25MFLP Mitsui Fudosan Logistics Park Inc. 2 -1. External Growth Strategy (Expansion of Asset Size) Emphasis on location 2 Build a high quality portfolio by taking advantage of geographical diversification Greater Osaka area Meishin Expressway Hyogo Prefecture Kusatsu JCT Shin-Meishin Expressway MFLP Ibaraki L-18 Takatsuki JCT Ibaraki- Sendaiji IC Suita JCT Ibaraki IC Chugoku Expressway 2nd KEIHAN Road Kyoto Prefecture L-23 MFLP Osaka Katano Kobe JCT Ikeda Line Nishinomiya IC Hanshin Expressway Osaka Prefecture MFLP Amagasaki I MFLP Osaka I L-21 Kinki Expressway 2nd Hanna Road MFLP OGUD Osaka Torishima Sánbo JCT Matsubara JCT MFLP Sakai L-8 Nishi-Meihan Expressway Hanwa Expressway Tohoku area MFLP Sendai-Natori | Greater Nagoya area L-9 MFLP Komaki MFLP Inazawa L-13 SG Realty MFLP Fukuoka Kasuya L-28 Fukuoka Prefecture MFLP L-15 Fukuoka I MELP Tosu Kyushu area Geographically diversified portfolio Investment area Location offering excellent access to transportation nodes Access (distance) to nearest expressway interchange 5 km or more 7.2% Hiroshima area 4.0% Kyushu area 2.3% Greater Nagoya area 6.7% Shuto Expressway Wangan Line 10.6% Tokyo-Gaikan Expressway 7.8% 3 - 5 km 32.3% Greater Osaka area 31.1% Greater Tokyo area and Greater Osaka area National 87.0% Route 16 18.0% Ken-O Expressway 19.4% Greater Tokyo area 55.8% * The pie charts above are calculated based on after anticipated acquisitions price basis (excluding MFIP properties). Less than 5 km 92.8% Less than 1 km 26.0% 1 - 3 km 34.4% MFLP Ichinomiya MFLP Nagoya-Iwakura Aichi Prefecture MFLP Yatomi Kisosaki Hiroshima area Okayama Prefecture Hiroshima Prefecture L-17 MFLP Hiroshima I I Location convenient for commuting workers Access (time) to nearest train station By bus (20-30 minutes) 5.7% Within walking distance (20-25 minutes) 3.6% By bus (20 minutes or less) 54.0% Within walking distance/Within 20 min. by bus 94.3% Within walking distance (20 minutes or less) 36.8% 24#26Logistics Park Inc. 2 -1. External Growth Strategy (Expansion of Asset Size) Emphasis on Quality MFLP Mitsui Fudosan MFLP-REIT concentrates investments in leading-edge logistics facilities. 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 sites [Gross floor area] Approx. at least 10,000 m & Worker Unmanned store Storage space Effective ceiling height At least 5.5 m Column spacing At least 10 m Floor load tolerance At least 1.5 tons/m² MFLP Sakai Cafeteria High performance [Column span] At least 10 m [Effective ceiling height] At least 5.5 m [Floor load tolerance] At least 1.5 tons/m & Tenant Commuter shuttles Disaster prevention Equipped with Seismic isolation Earthquake- resistance Building Damage Assessment System, Installation of seismic isolation Emergency power generator MFLP Sakai etc. Bicycle sharing MFLP Kashiwa Building age*2 Within 1 year 3.5% 1-3 years 12.1% Over 10 years 5.4% MFLP Yachiyo Katsutadai MFLP Yachiyo Katsutadai MFLP Ibaraki MFLP Hiroshima I & Community Childcare facilities Bench that can be converted to emergency cooking grill & Earth Solar panels LED lights MFLP Hino 200 MFLP Kawaguchi I MFLP Yachiyo Katsutadai MFLP Osaka I *1 ✓ Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features. *2 Figures are calculated based on the total gross floor area after anticipated acquisitions, considering the (quasi) co-ownership interests. 7-10 years 30.3% Avg. building age 6.2 years 3-7 years 48.6% Properties developed by Mitsui Fudosan*2 94.6% 25#272 -1. External Growth Strategy (Expansion of Asset Size) Emphasis on Balance MFLP Mitsui Fudosan Logistics Park Inc. Securing growth and stability by building a balanced portfolio through acquisition of MFLPS/MFIPS which reflect location characteristics and tenant needs *1 *2 Shipping needs Multi-tenant type Investment ratio: 80% or more Logistics facilities Rampway MFLP Slope MFLP Multi Multi Single Multi Storage needs Single-tenant type Box MFLP Single Single Investment ratio: 20% or less Industrial real estate Data centers, etc. Mainly long-term BTS type MFIP(Mitsui Fudosan Industrial Park) BTS BTS MFLP Yokohama Daikoku GLP.MFLP MFLP Atsugi MFLP Kuki MFLP Kashiwa Ichikawa Shiohama Multi Multi Multi MFLP Funabashi Nishiura Other 1 MFIP Inzai MFIP Inzai II Multi Multi MFLP Hino Multi MFLP Sakai Multi MFLP Komaki MFLP Inazawa MFLP Yashio MFLP Hiratsuka Multi Multi Single Single MFLP Prologis Park Kawagoe MFLP Ibaraki MFLP Atsugi II Single MFLP Hiroshima I Single MFLP Tsukuba Multi MFLP Fukuoka I Other 1 MFLP Kawaguchi I Single MFLP Osaka I Other 1 MFLP Hiratsuka II Single MFLP Tokorozawa Single MFLP Yachiyo Katsutadai MFLP Osaka Katano MFLP Hiratsuka III Single MFLP Shinkiba I Single MFLP Tomei Ayase SG Realty MFLP Fukuoka Kasuya "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. Figures calculated based on an after anticipated acquisition price basis Investment ratio by property type*2 Rampway MFLP 34.7% Data center 7.0% O Investment ratio by tenant type*2 Box MFLP 20.1% Slope MFLP 38.2% BTS 7.0% Other*1 7.1% Multi 57.0% Single 28.9% 26#282 -2. 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 for leasing Occupied by many tenants that have a relationship with Mitsui Fudosan Mitsui Fudosan MFLP Logistics Park Inc. Owner of logistics facility Lease agreement End user Logistics Lease agreement agency agreement Logistics firm End user (3PL operator, etc.) Tenant diversification LOGISTEED Metropolitan Nakano Shokai Other Japan Logistics Systems About Major Specialty store retailer of Private label Apparel 80 Tenants* NTT LOGISCO MARUBENI LOGISTICS Sagawa Global Logistics NIPPON EXPRESS SANGETSU THIRDWAVE ΜΕΙΚΟΝ e-LogiT Bic Camera MISUMI MITSUI SOKO LOGISTICS KDDI KOKUBU SHUTOKEN DAIWA CORPORATION Sun Toshi Tatemono SENKO Group Holdings | Staggering of lease expiration dates (thousand mi) 500 Lease agreements Average lease period* Average remaining lease period 9.3 years 4.4 years Number of tenants shown here is total number of leases; excludes MFIPS. Can directly approach logistics firms and end users regardless of contract type MITSUI FUDOSAN Fully leverage the Mitsui Fudosan Group's broad client network Office building business Retail facility business Strong relationships client network Approx. 3,000 firms client network Approx. 2,400 firms with leading 3PL operators 200 Signed Spoken for Unsigned (132) 0 100 (83) 3 (29) 10 83 186 167 168 160 154 72 449 9 0 13th FP 14th FP (23/1) (23/7) 15th FP (24/1) 16th FP (24/7) 17th FP (25/1) 18th FP (25/7) 19th FP (26/1) 20th FP (26/7) 21st FP (27/1) 22nd FP 23rd FP After (27/7) (28/1) 24th FP *Source: Disclosed financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2023 *The above graph shows figures for leased floor area for MFLP-REIT properties after new acquisitions (excluding MFIPS) based on leases signed as of July 31, 2023. In addition, figures in the graph show unsigned floor area (includes spoken for). Figures in brackets include floor area for signed leases. 27#292 -2. Internal Growth Strategy 2 MFLP Mitsui Fudosan Evolution of solutions-based asset management by Mitsui Fudosan Group MFLP & LOGI Solution We provide a platform that maximizes the use of Mitsui Fudosan's resources and contributes to solving logistics issues for customers and society as a whole. End user/Logistics company Mitsui Fudosan Group General Consulting Company "MF Logistics Solutions" Mitsui Fudosan Management State-of-the-art solution Number of facilities About 60 bases showroom Number of tenants Cutting edge solutions State-of-the-art technology at MFLP Utilization and accumulation of know-how End User Community "Logistics Innovation Community" About 120 companies MFLP ICT Labo 2.0 (inside MFLP Funabashi & GATE) Drone utilization (MFLP LOGIFRONT Tokyo Itabashi) EC specialized distribution center (MFLP Funabashi III) Logistics Park Inc. DX solutions for receiving and dispatching processes Build a network centered on investees and companies exhibiting at ICT Labo Hacobu RFLOCUS Gaussy MFLP ICT LABO 2.0 Showroom enabled for ICT equipment demos Fully automated logistics system on display, using leading-edge ICT technology encompassing the full process from receiving merchandise to dispatch Improving loading efficiency by promoting joint delivery with a focus on EC MFLP EC automated logistics center EC x automated warehouse x sharing Warehouse + Material handling (automated equipment) DX solutions for receiving and dispatching processes DX solutions for receiving and dispatching processes Hacobu (berth reservation system) x MFLP (vehicle number authentication, etc.) x Tenant systems Before entry Entry Cargo handling Exit • Provide specialized automation/labor- saving solutions for tenants and prospective tenants to address labor shortages and other serious challenges for the logistics industry. EC specialized distribution center In-house use Mitsui Shopping Park & mall + WMS (warehouse management system) + Operation Shared use End user A End user B *Slated for future expansion Shipping Tenant company Berth reservation using system Advance reservation At the time of entry license plate verified Directed to designated berth At berth unloading/ loading License plate verification on departure Update outgoing information Linkage between systems Arrangement plan/ Preparation Shipment sorting completion * "MFLP ICT LABO 2.0", "Improving loading efficiency by promoting joint delivery with a focus on EC" and "Carrying in and out DX solution" are not limited to anticipated acquisitions and properties held by MFLP-REIT, but apply to Mitsui Fudosan as a whole. 88 28#30Empty#312 -3. Initiatives for ESG 2 -for Environment Environment Proactively secure green building certifications, conservation efforts Support for various environmental initiatives The Asset Management Company declares its support for the recommendations of the Task Force on Climate-related Financial Disclosures and is a member of the TCFD Consortium. From FY2022, it has also declared its support for the Japan Climate Initiative, and is working to create a framework for disclosing financial information related to climate change. Also became a signatory to the Principles for Financial Action for the 21st Century in March 2023. By acting on the principles, it will undertake its investment management in a responsible manner for the formation of a sustainable society. TCFD TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Consortium JAPAN CLIMATE PFA21 INITIATIVE Principles for Financial Action for the 21st Century Eco-friendly green buildings Proactively securing green building certifications. 96.7%*1 of logistics facilities had green certifications and 69.4%*1 of logistics facilities had ZEB certifications. | 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. Installing roof-top solar panels Annual solar power generation (2022 Actual) 18.9 GWh (12 properties) MFLP Ibaraki * For further details, please refer to [Industrial real estate] in the Notes on Matters Stated in this Document on p.52-54 *1 Calculations based on total floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests. *2 Exclude single tenant property from the denominator of properties owned by MFLP-REIT after anticipated acquisitions. *3 Calculations based on leasable floor area after anticipated acquisitions adjusted to reflect (quasi) co-ownership interests. Monitoring of environmental KPIs MFLP Mitsui Fudosan Logistics Park Inc. Latest performance and progress against environmental KPIs generally on track. Aim to achieve targets by promoting initiatives to reduce environmental impact in the future. CO2 emissions intensity (t-co₂/m) Whole building (Scope1.2.3) 2016 (base year) 2022 0.017 Reduction of 30% by 2030 0.013 (22.9% reduction) Owner-managed portion (Scope1.2) 0.060 Reduction of 100% by 2030 0.025 (58.7% reduction) 0.014 Reduction of 24% by 2030 0.013 (12.2% reduction) Water usage intensity (m/m) 2022 Tenant-managed portion (Scope3) Logistics facilities Waste recycling rate Logistics facilities 2016 (base year) 0.07 Not to increase above base-year level 0.06 (9.8% reduction) Targets 70% or more by 2030 2022 68.0% * Above data excludes data centers (industrial real estate) as a result of NDAs in place with tenants. Industrial real estate is excluded from disclosures. Green Building certification ratio Logistics facilities Portfolio LED lighting adoption ratio Owner-managed portion Targets Maintain 95% Maintain 90% Targets 100% by 2023 After anticipated acquisitions 96.7% 93.4% Tenant-managed portion Green leases adoption ratio Portfolio 100% by 2030 Targets 75% or more by 2025 90% or more by 2030 After anticipated acquisitions 100%*1*2 85.9%*1*2 After anticipated acquisitions 31.4%*3 30#322-3. Initiatives for ESG 3 -for Social Social Ongoing initiatives for our many stakeholders Initiatives for stakeholders MFLP Mitsui Fudosan Logistics Park Inc. Utilizing the know-how of Mitsui Fudosan, the sponsor, the properties owned by MFLP-REIT promote initiatives to offer a healthy, pleasant and safe environment out of consideration for stakeholders such as tenants, facility users, the surrounding environment and local communities. Participating in local community activities By participating in local cleanup activities, the asset management company is actively working to contribute to the local community and raise environmental awareness among employees. Rest area Cafeteria Cooperation with support group for the disabled (Group Happy Smile) Group Happy Smile An organization that plans and provides a place where people with disabilities can sell independently produced products, as well as a place where they can introduce and sell their artwork to society. Catering food truck Art Exhibition Measures to prevent the spread of COVID-19 Emergency power generator MFLP Hand sanitizer 8 6 3 4 Contactless buttons Childcare facilities 00 Disaster response readiness つなみ ひなん 旺 津波避難ビル Tsunami Evacuation Bldg 해피빌딩 * Photos are for illustrative purposes only. Not all MFLP facilities or portfolio assets are necessarily equipped with all of the abovementioned specifications and features. 31#332 -3. Initiatives for ESG 4 - for Governance Governance MFLP Mitsui Fudosan Initiatives for governance: Taking unitholders' interests into consideration Logistics Park Inc. 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 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 Asset management with emphasis placed on relationship of trust with unitholders Asset management fee structure consistent with the interests of unitholders Our aim is to align the interests of the Asset Management Company with those of unitholders. Asset management fee I Asset management fee II Asset management fee III Total assets × 0.1% (maximum) Operating income (before deduction of asset management fees and depreciation) × 5.5% (maximum) Pre-tax earnings (before deduction of asset management fees) × Pre-tax EPU (before deduction of asset management fees) × 0.001% (maximum) Mitsui Fudosan's investment in MFLP-REIT Mitsui Fudosan has a 4.8% stake in MFLP-REIT (as of August 31, 2023). Accepting a certain level of capital investment leads to the alignment of the interests of MFLP-REIT's unitholders and Mitsui Fudosan, and enables the pursuit of greater mutual interests in asset management. Adoption of cumulative investment unit ownership program Ownership of the investment units by employees of the Asset Management Company through the program elevates the motivation of employees to improve the performance of MFLP-REIT, with the aim of enhancing its medium-to long-term unitholder value. Timely and proper information disclosure and ensuring transparency *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 falls below the threshold prescribed in Article 201-2 of the Act on Investment Trusts and Investment Corporations for significance defined therein, the approval of MFLP-REIT's Board of Directors shall be omitted. MFLP-REIT strives to make timely and proper disclosure of information necessary for unitholders to make investment decisions. With regard to disclosure, MFLP-REIT focuses on prompt and transparent information disclosure in a fair and equitable manner, and, in addition to financial information, also discloses non-financial information related to ESG. 32#342 -4. Financial Strategy MFLP Mitsui Fudosan Logistics Park Inc. Stable financial management: Progress in diversifying financial institutions and maturities Interest-bearing debt maturity ladder and lender formation (million yen) 10,000 Commitment line 10,000 million yen ■Long-term (fixed rate) borrowing Long-term (floating rate) borrowing short-term borrowing Unsecured Bonds 8,000 6,000 4,000 2,000 4500 6,600 il... 4,000 3,000 3,600 2,100 3,000 9,400 8,100 8,300 8,500 8,900 8,900 7,500 7,200 7,600 5,900 5,600 5,700 6,200 2,000 4,900 1,700 2,000 0 FP ending FP ending FP ending FP FP FP FP 2024/1 2024/7 2025/1 ending 2025/7 ending ending ending FP ending 2026/1 2026/7 2027/1 2027/7 FP ending 2028/1 FP ending 2028/7 FP ending 2029/1 FP ending 2029/7 FP ending 2030/1 FP ending 2030/7 FP FP ending 2031/1 ending 2031/7 FP ending 2032/1 FP ending 2032/7 FP ending 2033/1 FP ending FP ending 2033/7 2034/1 * Reflects debt maturities after the borrowings on May 31, 2023. Initiatives for ESG Finance Trend in ESG Finance Sustainability Linked Loan MFLP-REIT has developed a Sustainability Linked Loan Framework, a first for a J-REIT and borrowed 10.0 billion yen as a Sustainability Linked Loan from syndicate of 21 banks arranged by Sumitomo Mitsui Banking Corporation in February 2023. the Framework has received a "Second Opinion" by R&I, a third-party organization. End of 12th fiscal period (July 31, 2022) 3.0 billion yen End of 14th fiscal period (July 31, 2023) 24.0 billion yen Going forward, will continue to use ESG financing to promote ESG-friendly asset management Lender Syndicate of 21 banks arranged by Sumitomo Mitsui Banking Corporation 4 - 10 years Amount Borrowing period Sustainability Performance Target (SPT) Incentive 10.0 billion yen Reducing CO2 emissions intensity (Scope 1 and 2) of logistics facilities from 2016 by the following percent 0.02% 0.01% by 2024 by 2027 by 2030 100% reduction in the applicable interest rate for the remaining term 60% 90% =Environmental KPI set by MFLP-REIT upon achievement of SPT* Received opinion from R&I that the SPT is a sufficiently ambitious goal * If the CO2 emission intensity as of the SPT determination year is higher than in 2016, the applicable interest rate for the remaining period will be increased by 0.01% or 0.02%. 33#352 -5. DPU Growth Continue to achieve high DPU growth through external growth Expansion of Asset Size MFLP Mitsui Fudosan Logistics Park Inc. Aim for continuous external growth, focused on high-quality properties covered by "Right of first look and preferential negotiation rights agreement" No. of properties and asset size(bn yen) LTV LTV-based capacity for acquisitions (bn yen) (LTV at 50%) MFLP Hino MFLP Inazawa MFLP Sakai MFLP Komaki 2 other properties MFLP Tsukuba 5 other properties Debt 1st PO Debt 2nd PO 2 other properties 3rd PO MFLP Ibaraki MFLP Kawaguchi | MFIP Inzai II 4th PO Debt MFLP Yachiyo Katsutadai 2 other properties 5th PO MFLP Osaka Katano MFLP Tomei Ayase MFLP Hiratsuka III 1 other property 2 other properties 6th PO Fund procurement 9 75.5 9 75.5 L New investment units and LTV management optimal for size of acquired assets 30 25 27 372.4 389.8 24 342.2 358.7 29.1% 20 282.4 21 297.6 18 205.0 16 156.7 12 98.3 13 103.5 10 78.7 39.4% 38.6% 36.6% 80 80 36.5% 35.9% 97 91 33.6% 95 33.1% 9,151 31.0% 97 8,804 8,781 30.2% 100 109 27.3% 82 8,353 8,401 26.8% 67 71 49 7,816 7,895 L 23.9% 52 24.5% 22.5% 21.6% 42 44 45 7,283 (7,349) 6,977 (7,231) (7,301) (7,071) (7,117) 6,584 6,496 (6,842) (6,902) DPU (yen) ( ) EPU (yen) (6,604) 6,105 5,832 (6,200) 5,563 (5,783) (5,811) (5,905) 5,346 5,198 (5,497) (5,288) (5,142) (4,955) FP ended Jan. 2017 (1st FP) FP ended Jan. 2018 (3rd FP) FP ended Jan. 2019 (5th FP) FP ended Jan. 2020 (7th FP) FP ended Jan. 2021 (9th FP) FP ended FP ended FP ended Jan. 2022 Jan. 2023 (11th FP) (13th FP) Jul. 2023 (14th FP) FP ending Jan. 2024 FP ending Jul. 2024 (15th FP) Forecast (16th FP) Forecast 34#36MEMO MFLP Mitsui Fudosan Logistics Park Inc. 35#373. Market Overview MFLP Mitsui Fudosan Logistics Park Inc.#383 -1. Market Overview Market Overview 1 Supply-demand balance and vacancy rate 1/3 Greater Tokyo Area thousand m Forecast 15% MFLP Mitsui Fudosan Logistics Park Inc. : New supply in 2022 and 2023(January-June) : Vacancy rate 0-5% : Vacancy rate 5-10% : New demand in 2022 and 2023(January-June) : Vacancy rate 10%- Population Density* (people/km) 0-5,000. : Population Density* (people/km) 5,000-10,000 : Population Density* (people/km) 10,001~ =100 thousand m : Submarket areas *As of June 30, 2023 4,000 3,500 Tohaku Expressway 12% 3,000 Tohoku/Ken-O Expwy area MFLP Kuki 2,500 Metropolitan Inter-City Expressway (Ken-O Expressway) 9% Kuki IC Tsukuba Chuo IC Shiraoka Shobu IC 2,000 MFLP Tsukubamirai Kuki-Shiraoka JCT 6% Okegawa- Tsukuba JCT MFLP Tsukuba 1,500 Kitamoto IC Saitama Prefecture Kan-Etsu/Ken-O 1,000 National Joban Expwy area 3% Tokyo-Gaikan Route 16 Expressway National Route 16 area 500 Tsurugashima JCT Kanetsu Expwy area MFLR Kashiwa Expressway MELP Tokorozawa Kashiwa IC 0 0% Kawagoe IC 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (year) Tokyo Gaikan MFLP Misato Expressway (Gaikan Expressway) Chiba inland area MFLP Iruma MFLP Prologis Gaikan Misato Nishi IC Narita area Park Kawagoe LOGIFRONT MFLP Iruma 10 Tokyo-Itabashi Soka IC Misato JCT MAFLP Yashio MFIP Inzai Misato Minami IC MFIP Inzai Taiei JCT thousand m 1,500 18% MFUP Tachikawa Tachihi Tokyo Oizumi JCT Hachioji area 1,200 Hachioji IC 12% Chuo Expressway MFLP Hino Nishi shinjuku JCT Central Circular Route Komatsugawa JCT Koya JCT Chidoricho IC Kasai JCT 900 Hachioji IC Tomei JCT (tentative name) 600 6.8% Kanagawa inland area MFLP Atsugi 6% Sagamihara Aikawa C Kanagawa MFLP Ebina I MFIP Ebina Third Keihin Road MFUP Chuo JCT (tentative name) Ohashi JCT MFLP Shinkiba II MFLP Shinkiba I GLP/MFUP Tokyo Rail Gate Oi JCT Ichikawa Shiohama EAST MFLP Funabashiminamikaijin MFIR Haneda Ichikawa Shiohama II Haneda Airport MFLP Kawaguchi MFLP Funabashi Nishiura Wangan Ichikawa IMFLP Funabashi III MFLP Yachiyo Katsutadal Keiyo Road MFLP Funabashi II MFLP Funabashi I Higashi-Kanto Expressway Chiba Prefecture 300 Yokohama Kohoku MFLP Kawasaki I Prefecture 0 Q3 2021 Q4 70 2.0% 0% Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 MFLP Atsugi II Daini Tomei Expressway Atsugi IC Isehara Oyama IC Isehara JCT MFLP Zama MFLP Tomel Ayase Tomei Expressway -MFLP Ebina Minami Ebina JCT Wangan Line Daikoku Futo IC MFLP Yokohama Daikoku Tateyama Expressway New supply New demand MFLP Hiratsuka II Ebina Minami JCT Minami IC Vacancy rate Vacancy rate MFLP Hiratsuka Samukawa- Fujisawa IC Minami IC MFLP Hiratsuka III Kamariya JCT Kisarazu JCT Greater Tokyo Bay area (logistics facilities 1 year old or older) Source: CBRE K.K. (August 2023) * Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m² or more. : Logistics facilities properties held by MFLP-REIT : Industrial real estate properties held by MFLP-REIT : Properties developed by Mitsui Fudosan 37#393 -1. Market Overview Market Overview 1 Supply-demand balance and vacancy rate 2/3 Greater Osaka Area thousand m 2,000 1,500 1,000 500 Forecast 15% 12% 9% 6% MFLP Mitsui Fudosan Logistics Park Inc. : New supply in 2022 and 2023(January-June) : Vacancy rate 0-5% : Vacancy rate 5-10% : New demand in 2022 and 2023(January-June) : Vacancy rate 10%- =100 thousand m : Submarket areas Population Density* (people/km) 0-5,000 Population Density* (people/km) 5,000-10,000 Population Density* (people/km) 10,001~ *As of June 30, 2023 Osaka inland area Other area in Keihan (between Kyoto and Osaka) 3% Shin-Meishin Expressway Ibaraki-Sendaiji IC Kobe JCT 0 990 Takatsuki JCT 0% MFLP Ibaraki 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024, (year) Ibaraki IC Chugoku Expressway Suita JCT 2nd KEIHAN Road MFLP Osaka Katano thousand m 750 Nishinomiya IC 18% Hanshin Expressway MFLP Osaka I MFLP Amagasaki MELP OGUD Osaka Torishima Kinki Expressway 2nd Hanna Road 500 12% Osaka Bay/ Kobe area Sanbo JCT Matsubara JCT MFLP Sakai Hanshin Expressway Wangan Line Nishi-Meihan Expressway 250 6% 2.2% 0.5% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 New supply New demand Vacancy rate Source: CBRE K.K. (August 2023) * Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m² or more. Vacancy rate (logistics facilities 1 year old or older) Osaka Prefecture Hanwa Expressway Logistics facilities properties held by MFLP-REIT Properties developed by Mitsui Fudosan Meishin Expressway 38#403 -1. Market Overview Market Overview 1 Supply-demand balance and vacancy rate 3/3 Greater Nagoya Area thousand m 1,000 MFLP Mitsui Fudosan Logistics Park Inc. New supply Logistics facilities properties held New demand by MFLP-REIT Forecast Kyushu Area Forecast thousand m Vacancy rate : Properties developed by Mitsui Fudosan Chugoku Area thousand m Vacancy rate (logistics facilities 1 year old or older) Mitsui Fudosan's strategic areas *As of June 30, 2023 Forecast 15% 400 15% 200 30% 350 12% 750 300 12% 150 20% 250 9% 500 200 6% 9% 100 6% 150 10% 250 100 3% 50 3% 50 0 0% 0 0% 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024, 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (年) (year) (year) thousand m 500 thousand m 15% 150 thousand m 15% 100 15% 400 300 200 100 5.3% 10% 100 5% 50 3.9% 75 10% 5% 0.8% 0 0% 0 0% 03 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2021 2022 2023 50 25 0.0% 10% 5% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 MFLP Inazawa MFLP Ichinomiya MFLP Komaki MFLP Nagoya-lwakura Aichi Prefecture MFLP Yatomi Kisosaki SG Realty MFLP Fukuoka Kasuya- MFLP Fukuoka I Fukuoka Prefecture MAFLP Tosu Hiroshima Prefecture Okayama Prefecture MFLP Hiroshima I Source: CBRE K.K. (August 2023) * Survey of rental logistics facilities held by real estate investment companies, real estate development companies, etc. with total floor area of 5,000 m² or more. 39#413 -1. Market Overview Market Overview 2 Stock of logistics facilities in Japan* (million m²) 700 Leading-edge Logistics facilities 600 40 years old or older logistics facilities 500 6.1% 44.8% 400 300 Future demand for replacement of aging properties Highly scarce 200 leading-edge 100 logistics facilities 0 Logistics facilities. (As of December 2021) MFLP Mitsui Fudosan Logistics Park Inc. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Estimate for logistics facilities 40 years old or older Share of logistics facilities 40 years old or older Estimate for logistics facilities less than 40 years old Share of leading-edge logistics facilities 50% 40% 30% 20% 10% 0% (year) Leading-edge logistics facilities (left axis) (right axis) less than 40 years old 49.1% * 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). Top left pie chart created by Asset Management Company, based on data the above graph. Long-term data on construction starts of logistics facilities (nationwide) Tenant demand to increase floor space in logistics facilities Survey "Priority/Focus Initiatives for the Next 3 Years (FY2022)" Over 40 years old thousand m² 20,000 15,000 10,000 5,000 0 0% Open new logistics facilities, increase floor area, number of facilities Adopt/upgrade automation equipment/facilities Working environment for employees, improving safety features Enhance transport and delivery network Consolidate/relocate facilities Refurbish existing facilities and equipment ESG initiatives Upgrade omni-channel to reflect ESG issues Assessing situation for now 10% 20% 30% 40% 50% 60% (year) Source: CBRE K.K. (May 2023) Other ■Top priority 2nd priority 3rd priority 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. Source: CBRE K. K. " Tenant Survey on use of Logistic Facilities 2022" (as of June 2022) 40 40#423 -1. Market Overview Market Overview 3 Rising demand on back of growth in e-commerce market scale Expanding e-commerce Market Scale Rise of e-commerce penetration Trend in net shopping expenditures Trend in percentage of households engaged in net shopping -FY2022 MFLP Mitsui Fudosan Logistics Park Inc. e-commerce operators: Increase in leased floor area, share of leased floor area (thousand m) 1,200 Related to mail order sales (%) ■Leased floor area related to mail order sales(thousand m) (%) (hundred million yen) 210,000 -E-commerce ratio(the whole world) E-commerce ratio(USA) 180,000 E-commerce ratio(Japan) Scale of E-commerce market 150,000 120,000 90,000 60,000 22.7 trillion yen (%) (yen) FY2022 26,000 56% 20 FY2019 54% 19.3% 24,000 52% 15 22,000 14.7% 50% 20,000 48% 10 18,000 46% 9.1% 16,000 44% 5 14,000 42% 12,000 40% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 (year) Source: "E-Commerce Market Survey" by the Ministry of Economy, Trade and Industry (Announced on August 31, 2023) FY2019 Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Source: Ministry of Internal Affairs and Communications "Survey of Household Economy" "Monthly expenditures per household utilizing the Internet" nationwide, stratified into districts and urban areas.(as of February 7, 2023) * Amounts and percentages indicate the scale of B to C market in the e-commerce market. the basis for the calculation of the e-commerce ratio is limited to merchandise sales. Mounting demand due to 3PL business and e-commerce market size expansion 3PL Market: Stable Growth (hundred million yen) 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 Net sales 4.2 trillion yen 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Monthly Logistics Business (September 2023) (year) Broader demand for leading-edge logistics facilities Attracting demand from retailers for delivery centers (Convenience Stores/Drug Stores) Conventional Manufacturing Wholesaler 1,000 800 600 400 200 0 90 30 20 10 0 (year) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Japan Logistics Field Institute, Inc. Expansion of the data center market Forecast of operational racks at hyperscale (Units) 120,000 Avg. annual growth rate (2020-2025 years) 20.5% data centers 24 Store Consolidation of scattered logistics bases into a delivery center After consolidation Manufacturing Delivery center 241 90,000 Store 60,000 Integrating Logistics Bases of Manufacturers Conventional Warehouse for Transport parts Transport Assembly plant Warehouse for end products Transport After consolidation Consolidation of separately located warehouses for parts, assembly plants and warehouses for end products into one base MFLP Transport Retail stores /Consumers 30,000 الاس 0 2019 2020 2021 2022 2023 2024 2025 (year) Source: Fuji Chimera Research Institute, Inc. 'Overview of Data Center Business Market Research 2021 (Market section)' (March 2021) * 2019 is prospective data point; all data points for 2020 and beyond are forecasts) 41#434. Appendix MFLP Mitsui Fudosan Logistics Park Inc.#444 Appendix Our portfolio 1/2 (After the anticipated acquisitions) Total (anticipated) acquisition price Adjusted forecast NOI yield Appraisal NOI / Appraisal value 30 properties 389.8 billion yen 4.8% (after depreciation 3.1 %) 4.0 % Adjusted Average building age 6.2 years MFLP Mitsui Fudosan Logistics Park Inc. Occupancy rate 99.8% Category Proper ty no. Property name Location (Anticipated) acquisition price Appraisal forecast (million yen) Value* (million yen) NOI yield Appraisal NOI yield* (%) (%) Appraisal NOI / Appraisal value (%) Gross floor area Total leasable Building Occupanc *1 floor area*2 (m) (m) age (years) y rate (%) GLP/MFLP Ichikawa L-1 Shiohama Ichikawa, Chiba 105,019 15,500 20,000 4.9 4.8 3.7 50,813 9.5 100 (52,509) (50% quasi co-ownership interest) L-2 MFLP Kuki Kuki, Saitama 12,500 15,700 5.7 5.1 4.0 73,153 67,925 9.1 100 MFLP Yokohama Daikoku Yokohama, 100,530 L-3 10,100 11,500 5.3 4.8 4.3 47,939 14.3 100 (50% quasi co-ownership interest) Kanagawa (50,265) L-4 MFLP Yashio Yashio, Saitama 9,650 12,000 5.4 4.9 4.0 40,728 39,692 9.4 100 L-5 MFLP Atsugi Aiko, Kanagawa 7,810 10,400 5.8 5.5 4.1 40,942 40,958 8.4 100 L-6 MFLP Funabashi Nishiura Funabashi, Chiba 6,970 8,500 5.3 5.1 4.2 30,947 31,034 8.5 100 L-7 MFLP Kashiwa Kashiwa, Chiba 6,300 8,130 5.6 5.3 4.1 31,242 31,291 7.7 100 L-8 MFLP Sakai Sakai, Osaka 23,600 28,200 5.4 4.9 4.1 125,127 112,148 8.9 100 L-9 MFLP Komaki Komaki, Aichi 8,260 9,030 4.6 4.6 4.2 40,597 38,806 6.5 100 MFLP Hino 205,200 Logistics facilities L-10 Hino, Tokyo 12,533 14,100 4.7 4.2 3.7 46,801 7.8 100 (25% quasi co-ownership interest) (51,300) Hiratsuka, L-11 MFLP Hiratsuka 7,027 8,410 5.0 4.8 4.0 33,061 33,055 6.7 100 Kanagawa L-12 MFLP Tsukuba Existing building Annex building 37,027 Tsukubamirai, Ibaraki 8,781 11,300 55 37,938 13.1 5.5 5.7 4.5 100 25,457 25,600 5.3 L-13 MFLP Inazawa Inazawa, Aichi 16,200 19,300 4.8 4.9 4.1 72,883 68,922 6.2 100 L-14 MFLP Atsugi II Isehara, Kanagawa 13,100 15,600 4.7 4.5 3.8 48,976 48,032 5.3 100 L-15 MFLP Fukuoka | Kasuya, 5,263 6,360 5.6 5.1 4.2 32,199 32,216 6.8 100 Fukuoka MFLP Prologis Park L-16 Kawagoe Kawagoe, 14,800 17,850 444 117,337 4.4 4.6 3.8 56,723 4.8 Saitama (58,668) 889 94.2 (50% quasi co-ownership interest) L-17 MFLP Hiroshima I Hiroshima, 14,480 16,500 5.3 5.0 4.4 68,427 66,665 3.9 100 Hiroshima 3 43#454 Appendix Our portfolio 2/2 (After the anticipated acquisitions) Adjusted forecast MFLP Mitsui Fudosan Logistics Park Inc. Category Proper ty no. Property name Location (Anticipated) acquisition price Appraisal value Appraisal NOI yield NOI yield (million yen) (million yen) (%) (%) Appraisal NOI / Appraisal Gross floor area*1 value (%) (m) Total leasable floor area*2 (m) Building Occupanc age (years) y rate (%) L-18 MFLP Ibaraki Ibaraki, 58,900 68,900 4.6 4.3 3.7 230,435 208,811 5.9 100 Osaka L-19 MFLP Kawaguchi I Kawaguchi, 18,500 20,600 4.3 4.1 3.7 49,838 48,119 3.8 100 Saitama L-20 MFLP Yachiyo Katsutadai Yachiyo, 18,000 19,100 4.5 4.2 4.0 74,624 69,830 2.9 100 Chiba Osaka, L-21 MFLP Osaka | 13,900 14,700 4.0 4.0 3.8 43,919 43,880 3.0 100 Osaka Hiratsuka, L-22 MFLP Hiratsuka II 12,700 13,700 4.5 4.2 3.9 48,141 46,525 3.8 100 Kanagawa Acquired in 14th FP Katano, L-23 16,500 16,500 MFLP Osaka Katano Osaka 554 5.1 4.9 4.9 68,528 67,264 1.9 100 Logistics facilities Acquired in 15th FP Ayase, 56,764 L-24 MFLP Tomei Ayase 9,610 9,610 3.9 3.8 3.8 27,074 1.0 100 (50% co-ownership interest) Kanagawa (28,382) L-25 Acquired in 15th FP Iruma, 4,090 4,090 4.8 4.7 4.7 21,721 21,725 2.2 100 MFLP Tokorozawa Saitama Anticipated acquisition Hiratsuka, L-26 8,410 8,410 4.1 4.1 4.1 29,474 28,327 0.4 100 MFLP Hiratsuka III Kanagawa Anticipated acquisition Koto, L-27 5,940 6,110 3.6 3.6 3.5 9,584 9,585 0.4 100 MFLP Shinkiba I Tokyo Anticipated acquisition L-28 SG Realty MFLP Kasuya, 3,040 3,040 4.9 4.7 4.7 Fukuoka Kasuya Fukuoka 35,626 (17,813) 18,061 0.8 100 (50% co-ownership interest) 1,897,520 Subtotal or Average 362,464 417,640 4.8 4.6 4.0 1,465,771 6.2 99.8 (1,535,980) Inzai, Not Not J-1 MFIP Inzai 12,220 14,300 5.0 5.0 4.2 40,478 9.4 Industrial Chiba Disclosed Disclosed real estate Inzai, 1-2 MFIP Inzai II 15,150 17,000 4.8 4.8 4.3 27,268 30,906 3.2 100 Chiba Not Not Subtotal or Average 27,370 31,300 4.9 4.9 4.2 67,746 6.9 Disclosed Disclosed Total or Average 389,834 448,940 4.8 4.6 4.0 1,965,267 (1,603,727) Not 6.2 99.8 Disclosed | References: As of end of 14th fiscal period Logistics facilities (Property no. L-1 to L-23) Total or Average subtotal 331,374 386,380 4.9 4.6 4.0 358,744 417,680 4.9 4.7 4.0 (Property no. L-1 to L-23, 1-1,1-2) 1,744,349 (1,429,005) 1,812,096 (1,496,752) 1,360,997 6.6 99.8 Not 6.6 99.8 Disclosed * *1 *2 For further details, please refer to [Our portfolio] in the Notes on Matters Stated in this Document on p.52-54. "Gross floor area" figures in parentheses are the figures after taking into consideration the ownership interest. "Total leasable floor area" figures are the figures after taking into consideration the ownership interest. 44#464 Appendix Appraisal summary for the end of 14th fiscal period 1/2 MFLP Mitsui Fudosan Logistics Park Inc. Change (b)-(a) CR'1 (Unit: million yen) Main factors of change CR *1 Other Acquisition date Acquisition price End of 14th fiscal End of 13th fiscal period* (End of Jan. 2023) (a) End of 14th fiscal period* (End of Jul. 2023) (b) period Appraisal *1 Appraisal *1 CR CR Book value value Appraisal value value GLP/MFLP Ichikawa Shiohama (50%) September 2016 15,500 14,562 19,800 3.7% 20,000 3.6% 200 -0.1 MFLP Kuki August 2016 12,500 11,209 15,400 4.0% 15,700 3.9% 300 -0.1 MFLP Yokohama Daikoku (50%) August 2016 10,100 9,513 11,400 4.1% 11,500 4.1% 100 0.0 MFLP Yashio August 2016 9,650 8,889 12,000 4.0% 12,000 3.8% 0 -0.2 MFLP Atsugi August 2016 7,810 6,997 10,200 4.0% 10,400 3.9% 200 -0.1 MFLP Funabashi Nishiura August 2016 6,970 6,316 8,390 4.1% 8,500 4.0% 110 -0.1 MFLP Kashiwa August 2016 6,300 5,660 8,000 4.1% 8,130 4.0% 130 -0.1 MFLP Sakai August 2016* 23,600 22,410 27,600 4.1% 28,200 4.0% 600 -0.1 MFLP Komaki August 2017* 8,260 7,364 8,980 4.1% 9,030 4.0% 50 -0.1 MFLP Hino (25%) February 2018* 12,533 11,803 13,900 3.8% 14,100 3.7% 200 -0.1 MFLP Hiratsuka March 2018 7,027 6,550 8,230 4.0% 8,410 3.9% 180 -0.1 MFLP Tsukuba December 2018* 8,781 8,136 11,200 4.4% 11,300 4.3% 100 -0.1 MFLP Inazawa February 2019 16,200 14,771 18,900 4.1% 19,300 4.0% 400 -0.1 MFLP Atsugi II February 2019 13,100 12,217 15,300 3.8% 15,600 3.7% 300 -0.1 MFLP Fukuoka | February 2019* 5,263 4,818 6,250 4.2% 6,360 4.1% 110 -0.1 MFLP Prologis Park Kawagoe (50%) February 2020 14,800 14,181 17,450 3.8% 17,850 3.7% 400 -0.1 MFLP Hiroshima I March 2020 14,480 13,746 16,300 4.4% 16,500 4.3% 200 -0.1 OOO O O 45 О O о O#474 Appendix Appraisal summary for the end of 14th fiscal period 2/2 MFLP Mitsui Fudosan Logistics Park Inc. (Unit: million yen) Main factors of change *1 *1 CR CR End of 14th End of 13th fiscal period* (End of Jan. 2023) (a) End of 14th fiscal period* (End of Jul. 2023) (b) Acquisition date Acquisition price fiscal period Appraisal *1 Appraisal CR Book value value Change (b)-(a) *1 Appraisal CR value value MFLP Ibaraki October 2020 58,900 56,817 67,900 3.7% 68,900 3.6% 1,000 -0.1 MFLP Kawaguchi I October 2020 18,500 18,079 20,200 3.7% 20,600 3.6% 400 -0.1 MFLP Yachiyo Katsutadai February 2022 18,000 17,733 18,600 4.0% 19,100 3.9% 500 -0.1 MFLP Osaka | February 2022 13,900 13,752 14,200 3.8% 14,700 3.7% 500 -0.1 MFLP Hiratsuka II February 2022 12,700 12,560 13,400 3.9% 13,700 3.8% 300 -0.1 MFLP Osaka Katano February 2023 16,500 16,415 16,500 4.8% 16,500 4.7% 0 -0.1 MFIP Inzai August 2016 12,220 11,362 14,000 4.2% 14,300 4.1% 300 -0.1 MFIP Inzai II March 2021 15,150 14,648 16,700 4.3% 17,000 4.2% 300 -0.1 Total/average 358,744 340,519 410,800 4.0% 417,680 3.9% 6,880 -0.1 | Reference (as of February 1, 2024)* MFLP Tomei Ayase (50%) August 2023 9,610 9,610 9,610 3.7% MFLP Tokorozawa August 2023 4,090 4,090 4,090 4.6% MFLP Hiratsuka III February 2024 8,410 8,410 8,410 4.0% MFLP Shinkiba I February 2024 5,940 5,940 6,110 3.3% SG Realty MFLP Fukuoka Kasuya (50%) February 2024 3,040 3,040 3,040 4.5% Total/average after acquisition of properties acquired in the 16th FP 389,834 371,609 448,940 3.9% O О O O Other о 0 י . 1 I I * Difference Unrealized gain 77,330 million yen For further details, please refer to [Appraisal Summary for the End of 14th Fiscal Period] in the Notes on Matters Stated in this Document on p.52-54. *1 CR = Capitalization rate based on direct capitalization method (NCF basis). the average indicates a weighted average based on the appraisal value. 46 46#484 Appendix Individual property income statement for 14th fiscal period MFLP Mitsui Fudosan Logistics Park Inc. (Unit: million yen) GLP/ MFLP MFLP Ichikawa Kuki Shiohama MFLP MFLP Yoko- MFLP MFLP hama Yashio Atsugi Daikoku Funa- MFLP MFLP MFLP MFLP bashi Kashiwa Sakai Komaki Hino Nishiura MFLP Hiratsuk a MFLP MFLP Tsukuba Inazawa MFLP MFLP Atsugi Fukuoka MFLP Prologis Park MFLP II I MFLP Hiro- shima I MFLP MFLP Yachiyo MFLP Kawa- Ibaraki Katsu- Osaka | | Kawagoe guchi I MFLP MFLP Hira- Osaka tsuka II Katano MFIP Inzai MFIP Inzai II Total tadai Number of days of 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 asset management Lease business 460 448 341 783 364 407 479 1,709 10,819 revenue Operating Other revenue lease from real 39 42 22 business 22 79 33 33 27 27 31 31 125 658 estate revenue leasing Total 499 491 363 863 398 434 511 1,835 11,478 Out- sourcing 39 35 30 30 19 expenses Utilities Not Not Not disclosed disclosed disclosed disclosed 26 36 19 61 Not Not disclosed 56 29 29 26 30 Not Not Not Not disclosed disclosed disclosed disclosed disclosed Not 30 24 24 26 41 98 707 Not Not Not Not Not Not Not disclosed disclosed disclosed disclosed disclosed disclosed disclosed 24 99 549 expenses Repair 17 8 60 31 4 0 3 11 144 Operating expenses expenses from Land rent real estate Property- leasing related 40 42 42 40 40 taxes Other 2 2 1 expenses Total 125 124 99 99 Depreciation 06 63 80 60 111 90 1 63 49 19 1 81 4 ' 4 234 50 206 50 89 68 38 1 104 1 46 59 163 1 3 98 99 99 132 472 87 51 94 183 114 56 107 133 426 93 151 91 86 98 53 53 1,062 150 2,668 272 96 130 2,984 Operating income (loss) from real 293 255 174 197 170 136 127 421 80 80 206 125 157 231 194 68 227 245 936 304 258 185 203 181 210 231 5,825 estate leasing NOI from real estate leasing [Operating income 374 (loss) from real 366 264 260 233 186 177 628 169 294 176 252 414 308 125 334 378 1,363 398 409 277 290 453 306 362 8,810 estate leasing + Depreciation]) * Not disclosed, because consent has not been obtained from the lessee. 47#494 Appendix Statement of income and Balance sheet | Statement of income MFLP Mitsui Fudosan Logistics Park Inc. Item 13th fiscal period (ended Jan. 31, 2023) Actual (Unit: million yen). 14th fiscal period (ended Jul. 31, 2023) Actual Balance sheet Item 13th fiscal period (ended Jan. 31, 2023) Actual (Unit: million yen) 14th fiscal period (ended Jul. 31, 2023) Actual Operating revenue 10,960 Lease business revenue 10,245 Other lease business revenue 714 11,478 10,819 658 Current assets Cash and deposits Cash and deposits in trust 9,741 1,966 7,685 9,312 629 7,328 Operating expenses 6,455 6,874 Consumption taxes receivable 1,143 Expenses related to rent business 5,271 5,652 Other current assets 90 211 Asset management fee 1,067 1,100 Non-current assets 326,695 340,596 Asset custody and administrative Property, plant and equipment 326,670 339,952 37 37 service fees Other non-current assets 25 644 Directors' compensations 6 6 Deferred assets 114 104 Other operating expenses Operating income Non-operating income 72 77 Total assets 336,551 350,013 4,504 4,604 3 2 Current liabilities 14,304 Non-operating expenses 302 344 Operating accounts payable 791 18,767 400 Interest expenses 224 288 Short-term borrowings 4,500 Interest expenses on investment 10 15 Current portion of long-term loans payable 9,600 10,600 corporation bonds Accounts payable 1,257 1,321 Amortization of investment corporation 1 2 bonds Income taxes payable 0 1 Amortization of investment Income consumption taxes payable 789 43 28 unit issuance expenses Advances received 1,851 1,933 Other 21 9 Other current liabilities 14 11 Ordinary income 4,206 4,261 Non-current liabilities 118,015 Profit before income taxes 4,206 4,261 Investment corporation bonds 5,000 127,593 5,000 Income taxes 0 1 Long-term borrowings 106,100 115,100 Profit (Net income) 4,205 4,260 Tenant leasehold and security deposits in trust 6,915 7,493 Unappropriated retained earnings 4,205 4,260 Total liabilities 132,320 146,361 Total unitholders' equity 204,230 203,652 Unitholders' capital 203,299 203,299 Deduction from unitholders' capital -3,274 -3,907 Unitholders' capital, net 200,025 199,391 Surplus 4,205 4,260 Total net assets Total liabilities and net assets 204,230 203,652 336,551 350,013 48#50MFLP Mitsui Fudosan Logistics Park Inc. 4 Appendix External evaluation and certifications DBJ Green Building certification | CASBEE IBELS BELS エネルギー Building-Housing Energy-efficiency Labeling System ZEB BELS DBJ Green Building CASBEE ZEB この建物のエネルギー消費量 76%削減 2021年8月25日交付 国土交通省告示に基づく第三者認証 GLP MFLP Ichikawa Shiohama Property name DBJ Green Building CASBEE (New construction) CASBEE (Real estate) BELS ZEB Rank A* Rank S* ZEB Ready MFLP Prologis Park Kawagoe MFLP Hiroshima I MFLP Kuki Rank A* MFLP Ibaraki MFLP Yokohama Daikoku Rank A* ZEB Ready MFLP Kawaguchi I MFLP Yashio Rank A* MFLP Atsugi Rank A* MFLP Funabashi Nishiura Rank A* MFLP Hiratsuka II MFLP Kashiwa Rank A* MFLP Sakai *1 Rank S* ZEB Ready Acquired in 14th FP MFLP Osaka Katano CASBEE DBJ Green Property name Building * (New construction) CASBEE (Real estate) BELS ZEB Rank A* Rank A* ZEB Ready Rank A* ZEB Ready Rank S* ZEB Ready MFLP Yachiyo Katsutadai MFLP Osaka | Nearly ZEB Rank A* ZEB Ready Rank A* ZEB Ready [ZEBJ Rank A MFLP Komaki Rank A* Acquired in 15th FP MFLP Tomei Ayase Rank A* MFLP Hino MFLP Hiratsuka Rank A* MFLP Inazawa MFLP Atsugi II MFLP Fukuoka | Rank A* Rank A* Rank A* Rank A* For further details, please refer to [Green Building certification] in the Notes on Matters Stated in this Document on p.52-54. *1 In addition to the above green certifications, MFLP Sakai also won the FY2015 Osaka Environmentally Friendly Building Award (Retail and other facilities category). Acquired in 15th FP MFLP Tokorozawa Anticipated acquisition MFLP Hiratsuka III Anticipated acquisition MFLP Shinkiba I Anticipated acquisition SG Realty MFLP Fukuoka Kasuya certifications acquired Total ZEB Ready Rank B+* ZEB Ready [ZEBJ Rank A* Nearly ZEB [ZEBJ Rank A [ZEBJ 10 10 11 15 18 16 49 49#514 Appendix Investment Unit Price Trends/Status of Unitholders (yen) 660,000 - Investment unit price (closing price) -TSE REIT Index (indexed) 560,000 460,000 360,000 IPO issue price: 270,000 yen 260,000 MFLP Mitsui Fudosan Logistics Park Inc. 160,000 2016 2016 2017 8/2 10/31 1/31 2017 4/30 2017 7/31 2017 10/31 2018 1/31 2018 4/30 2018 7/31 2018. 2019 10/31 1/31 2019 4/30 2019 7/31 2019 10/31 2020 1/31 2020 4/30 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 7/31 10/31 1/31 4/30 7/31 10/31 1/31 4/30 7/31 10/31 2023 1/31 2023 4/30 2023 7/31 * 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 the end of 14th fiscal period (end of July 2023) ■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 7,230 91.6% 27,573 units 4.8% Custody Bank of Japan, Ltd. (trust account) 103,613 units 18.0% Financial institutions 167 2.1% 308,913 units 53.6% the Master Trust Bank of Japan, Ltd. (trust account) 91,467 units 15.9% Other Japanese 209 2.6% 37,636 units 6.5% Mitsui Fudosan Co., Ltd. 28,900 units 5.0% corporations Non-Japanese 265 3.4% 178,179 units 30.9% the Nomura Trust and Banking Co., Ltd. (Investment Trust Account) 26,573 units 4.6% Securities companies 18 0.2% Total 7,889 100.0% 23,699 units 576,000 units 4.1% SMBC Nikko Securities Inc. 16,949 units 2.9% 100.0% Total 267,502 units 46.4% 50#524 Appendix Mitsui Fudosan's Major Development / Operation Track Record * Fiscal year of Total floor Property developed/operated area completion Acquisition by MFLP- REIT Properties defined in "Right of first look and preferential negotiation Fiscal year rights agreement"/Acquisition of completion Property developed/operated Total floor area under exclusive negotiation* MFLP Mitsui Fudosan Logistics Park Inc. Acquisition by MFLP- REIT Properties defined in "Right of first look and preferential negotiation rights agreement"/Acquisition under exclusive negotiation* MFLP Tokorozawa 21,721m MFLP Yokohama Daikoku 100,530m (50%) MFLP Funabashi III 270,321m Fiscal 2021 GLP/MFLP Ichikawa Shiohama 105,019m (50%) MFLP Osaka Katano 68,528m Fiscal 2013 MFIP Inzai 40,478m MFLP Ichikawa Shiohama II 166,099m (60%) MFLP Yashio 40,728m MFLP Tomei Ayase 61,441m (50%) Tokyo Rail Gate EAST 165,272m MFLP Kuki 73,153m MFLP Ebina | 121,909m MFLP Sakai 125,127m Fiscal 2014 Fiscal 2022 MFLP Funabashi Nishiura 30,947m MFLP Atsugi 40,942m MFLP Hino 205,200m (25%) (75%) Fiscal 2015 SG Realty MFLP Fukuoka Kasuya MFLP Shinkiba I MFLP Yatomi Kisosaki MFLP Hiratsuka III 35,626m (50%) 9,584m 86,319m 29,474m MFLP Kashiwa 31,242m MFLP Shinkiba II 27,078m MFLP Funabashi | 197,746m MFLP Zama 134,508m Fiscal 2023 MFLP Fukuoka I 32,199m MFLP OGUD Osaka Torishima 59,350m Fiscal 2016 (41.5%) (50%) MFLP Hiratsuka 33,061m MFLP Ebina Minami Approx. 37,470m MFLP Komaki 40,597m MFLP Sendai Natori | Approx. 44,793m MFLP Nagoya Iwakura Fiscal 2017 MFLP Inazawa MFLP Ibaraki 72,883m Approx. 58,444m Fiscal 2024 MFLP⚫LOGIFRONT Tokyo Itabashi Approx. 256,100m 230,435m MFLP Tsukubamirai Approx. 96,501m MFLP Tsukuba 62,484m MFLP Amagasaki | Approx. 35,932m MFLP Atsugi Il 48,976m MFLP Ichinomiya Approx. 66,043m Fiscal 2018 Fiscal 2025 MFLP Prologis Park Kawagoe 117,337m (50%) MFLP Iruma | Approx. 90,416m MFIP Haneda 80,334m MFLP Misato Approx. 38,826m MFLP Iruma II Approx. 65,158m MFLP Hiroshima I 68,427m Fiscal 2026 MFIP Ebina Approx. 40,040m MFLP Funabashi II 227,003m MFLP Funabashi Minamikaijin Approx. 20,570m Fiscal 2019 MFLP Kawaguchi I 49,838m MFLP Hiratsuka II 48,141m TBD MFLP Yokohama Kohoku 45,512m another data center (1 property) other overseas properties (4 properties) MFLP Kawasaki | 49,801m MFIP Inzai II 27,268m MFLP Tachikawa Tachihi 55,094m Fiscal 2020 MFLP Osaka | 43,919m MFLP Yachiyo Katsutadai 74,624m MFLP Tosu 35,248m *1 "Acquisition by MFLP-REIT" and "Properties defined in "Right of first look and preferential negotiation rights agreement"/Acquisition under exclusive negotiation" indicate the status after the acquisition of "MFLP Hiratsuka III", "MFLP Shinkiba I" and "SG Realty MFLP Fukuoka Kasuya" which are scheduled to be acquired on February 1, 2024. *2 MFLP Yokohama Daikoku is listed under the fiscal year in which the property began its operations. 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. *3 the percentage figures in parentheses is the percentage of (quasi) co-ownership interest in the portfolio asset. 51#5352 62 Notes on Matters Stated in this Document 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. [Highlights]/[Basic Strategy and Four Roadmaps] / [Internal Growth Strategy] / [Our Portfolio] "Distributions per unit (DPU)" MFLP Mitsui Fudosan Logistics Park Inc. Includes distributions 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 / 576,000 units at the end of 12th/13th/14th fiscal periods / 608,000 units at the end of 15th and 16th fiscal periods) "Occupancy rate" Leased area as a percentage of leasable area. Based on concluded agreements as of July 31, 2023 (end of 14th fiscal period). Average occupancy rate during the fiscal period is the simple average of the occupancy rate as of the end of each month during the fiscal period. Based on concluded agreements "Green Building certification" Calculations based on total floor area before considering (quasi) co-ownership interests. "LTV" LTV = Balance of interest-bearing debt Total assets "Acquisition capacity" Amount of debt that can be additionally financed assuming that LTV is raised to 50%. the amount indicated is rounded to the nearest billion yen. "Adjusted forecast NOI yield" Annualized after subtracting the fixed asset tax and city planning tax for the property acquired in the 14th and 15th fiscal period from the NOI assumed in the earnings forecast for the 14th, 15th and 16th 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. "Appraisal NOI / Appraisal value" Ratio of net operating income under direct capitalization method stated in real estate appraisal report ("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. "Building age" Number of years from the date of construction of the main building of a property acquired in the register to July 31, 2023 (end of 14th fiscal period). "Average building age" and subtotal (average) and total (average) indicates the weighted average based on the total floor area, considering the (quasi) co-ownership interest of each property. "Calculation of average lease term" "Average lease term" is calculated using the average of the lease terms stated in concluded lease agreements as of July 31, 2023 weighted by the leasable floor area. With regard to the lease agreements to be included in the calculation, 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. "Calculation of remaining lease contract period" "Average lease term" is calculated using the average of the remaining period in the lease terms after July 31, 2023, based on the concluded lease agreements as of July 31, 2023. With regard to the lease agreements to be included in the calculation, 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. "Top 5 property ratio" The sum of the acquisition prices of the five largest properties as a percentage of the total acquisition price. "Top 5 tenant ratio" The total leased area of top five tenants as a percentage of the total leased area (excluding MFIPS). "Multi-tenant properties/Single-tenant properties/BTS" Multi-tenant properties mean "GLP MFLP Ichikawa Shiohama", "MFLP Kuki", "MFLP Yokohama Daikoku", "MAFLP Yashio", "MALP Sakai", "MALP Komaki", "MFLP Hino", "MFLP Inazawa", "MFLP Atsugi II", "MFLP Prologis Park Kawagoe", "MFLP Hiroshima I", "MFLP Ibaraki", "MFLP Kawaguchi I", "MFLP Yachiyo Katsutadai", MFLP Hiratsuka II". Single-tenant properties mean "MFLP Atsugi", "MFLP Funabashi Nishiura", "MFLP Kashiwa", "MFLP Hiratsuka", MFLP Tsukuba", "MFLP Fukuoka I", and "MFLP Osaka I". BTS mean "MFIP Inzai", "MFIP Inzai II". "NAV per unit" "End of FP ended January 2017 (End of 1st FP)": (Net assets as of the end of FP ended January 2017 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended January 2017) / Number of investment units issued and outstanding (224,000 units) "After acquisition of Anticipated acquisitions": (Forecast NAV as of the end of FP ended January 2024 (End of 15th FP) + Unrealized gain on appraisal basis of property acquired in 16th FP (*) + Total issue amount of 6th public offering (15,363,200,000 yen) / Number of investment units issued and outstanding (608,000 units) **Forecast NAV for FP ending January 2024 (end-15th FP)": Net assets as of the end of FP ended July 2023 + Unrealized gain on 27 acquired properties (including anticipated acquisitions) as of the end of January 2024 after factoring in depreciation. *Unrealized gain on appraisal basis of property acquired in 16th FP: Appraisal value of property acquired in 16th FP - Acquisition price of property acquired in 16th 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. "Market cap" End of FP ended July 2023 (End of 14th FP): Closing price of the investment unit as of the end of the FP ended July 2023 (506,000 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended July 2023 (576,000 units). After 6th follow-on offering (As of August 31, 2023): Closing price of the investment unit as of the end of the FP ended August 2023 (495,500 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended August 2023 (608,000 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. "Appraisal value" Appraisal values corresponding to the (quasi) co-ownership interest ratio of each property as the appraisal date are indicated. Appraisal values with July 31, 2023 (End of 14th FP) as the appraisal date are indicated for properties owned as of the end of 14th FP, and those with May 31, 2023 as the appraisal date are indicated for properties acquired in 15th and 16th FP. "Appraisal NOI yield" Ratio of 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. "Total floor area" Figures based on the record on the register, rounding down to the nearest whole number. "Leasable area" The total floor area (rounded down to the nearest whole number) of each asset held by MFLP-REIT that is deemed to be leasable based on the lease agreement or floor plan, etc. for such building as of July 31, 2023 (End of 14th FP). (not include the leased area indicated in the lease agreements concerning shops, vending machines, solar power generation facilities, parking lots, nursery centers and the like)#54MFLP Mitsui Fudosan Logistics Park Inc. Notes on Matters Stated in this Document [Properties defined in "Right of first look and preferential negotiation rights agreement"] "Properties defined in "Right of first look and preferential negotiation rights agreement" refers to properties on the list of right of first look and preferential negotiation properties pertaining to real estate subject to provision of information, presented based on the Right of first look and preferential negotiation rights agreement executed between the Asset Management Company and Mitsui Fudosan upon the Asset Management Company managing MFLP-REIT's assets. "Real estate subject to provision of information" refers to, among real estate, etc. held by Mitsui Fudosan or a real estate fund which accepted investment or monetary contribution of Mitsui Fudosan, those which are judged to have the possibility to be sold to MFLP-REIT at Mitsui Fudosan's discretion. the (number of) subject properties and ratio/total floor area indicate figures after considering co-ownership interest (or quasi co-ownership interest). [Major properties developed/operated by Mitsui Fudosan] Based on materials released by Mitsui Fudosan on November 5, 2019, April 21, 2022 and financial results materials of Mitsui Fudosan for the fiscal year ended March 31, 2023 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. [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 at equivalent up to a maximum of 75% 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. [Earnings Forecast] Until the 15th FP (fiscal period ending January 31, 2024), in the case of concluding a lease contract that reduces the rent for a certain period of time because of free rent or the like, revenue is recognized at the reduced rent for the said certain period and in the case of concluding a lease contract in which the rent fluctuates during the lease period, revenue is recognized at the rent corresponding to each period. From the 16th FP (fiscal period ending July 31, 2024), only when the total amount of rent after February 1, 2024 in the lease contract is fixed, the calculation method will be changed to recognize revenue on a straight-line basis over the contract period after February 1, 2024, including such certain period and fluctuation period. Whether this accounting policy will be changed has not yet been determined. [Industrial real estate] Real estate which is used to provide the framework for industrial activity such as data centers, communications facilities, research facilities, manufacturing plants and supply/treatment facilities. [ZEB certification] ZEB (Net Zero Energy Building) is a building that aims to achieve a zero energy balance through substantial reductions in annual primary energy consumption. this is achieved by saving as much energy as possible via better thermal insulation of the building and highly efficient equipment, coupled with creating energy by photovoltaic power generation (or other energy generating methods), while maintaining a comfortable environment. In the BELS certification system, the certification of the level of ZEB is presented in four stages: "[ZEBJ," "Nearly ZEB," "ZEB Ready," and "ZEB Oriented." "ZEB Ready" is awarded to buildings that achieve primary energy reduction of 50% or higher. [Annual solar power generation] Actual power generated between January and the end of December 2022 at 12 properties with solar power generation facilities and owned by MFLP-REIT as of July 31, 2023 is indicated. the total power generation amount of the entire properties is indicated regardless of ownership ratio held by MFLP-REIT. [About analysis of Japan's logistics facilities stock] (1) The "Analysis of Japan's logistics facilities stock" graph is of estimates by CBRE K.K. based on the Policy Bureau of the Ministry of Land, Infrastructure, Transport and Tourism's "Building Starts" and the Ministry of Internal Affairs and Communications' "Summary Report on Prices, etc. of Fixed Assets." (2) In the "Analysis of Japan's logistics facilities stock" graph, "Leading-edge logistics facilities" is the figure of each year's sum total of the gross floor area of leading-edge logistics facilities (refers to rental logistics facilities that have gross floor area of at least 10,000 m² and, in principle, ceiling height of at least 5.5 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." (5) the overall stock estimate is the sum total of "Estimate for logistics facilities 40 years old or older," "Estimate for logistics facilities less than 40 years old" and "Leading-edge logistics facilities." (6) In the "Analysis of Japan's logistics facilities stock" graph, "Share of leading-edge logistics facilities" is each fiscal year's "Leading-edge logistics facilities" expressed as a percentage of the overall stock estimate (gross floor area basis). (7) In the "Analysis of Japan's logistics facilities stock" graph, "Share of logistics facilities 40 years old or older" is each fiscal year's "Estimate for logistics facilities 40 years old or older" expressed as a percentage of the overall stock estimate (gross floor area basis). (8) "Gross floor area" is compiled based on data on construction starts. In addition, estimates are on the basis of the time of construction completion being that construction is deemed to be completed after one year has elapsed from construction start. Accordingly, gross floor area may not match the floor area on the building confirmation certificate, construction completion drawing or register. 53#55Mitsui Fudosan MFLP Logistics Park Inc. Notes on Matters Stated in this Document [Appraisal Summary for the End of 14th Fiscal Period] For appraisal values for properties where MFLP holds (quasi) co-ownership interests, the appraisal value reflects the ratio of (quasi) co-ownership interest. The acquisition periods of "MFLP Sakai", "MFLP Komaki", "MFLP Hino", "MFLP Tsukuba", "MFLP Fukuoka I" and "MFIP Inzai" are divided into multiple periods, but the initial acquisition dates (Sakai: upon acquisition of 20% quasi co-ownership interest, 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. Book value of "MFLP Tomei Ayase", "MFLP Tokorozawa", "MFLP Hiratsuka III", "MFLP Shinkiba I" and "SG Realty MFLP Fukuoka Kasuya" at the end of 14th fiscal period as of February 1, 2024 indicates acquisition price; and appraisal value and CR at the end of 14th fiscal period indicates appraisal value with May 31, 2023 as the date of value. Unrealized gain is a figure obtained by subtracting the period-end book value from appraisal value. [Green Building certification] With regard to "DBJ Green Building Certification", only the certification for MFLP Atsugi has expired. With regard to "CASBEE New Construction Certification" the certifications for all certified properties except for MFLP Prologis Park Kawagoe have expired. With regard to "CASBEE Real Estate Certification", there are 2 types of certification of comprehensive building environment efficiency: an assessment conducted by either an external body or the relevant local government, a system mainly employed by ordinance designated cities. With the exception of GLP/MFLP Ichikawa Shiohama, all certifications were based on applications for assessments under CASBEE-based systems established by local governments. the certifications for GLP/MFLP Ichikawa Shiohama have expired. Disclaimer 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. 54 54#56MFLP Mitsui Fudosan Logistics Park Inc. MFLP Mitsui Fudosan Logistics Park Inc.