#1Investor Presentation November 2013 MITSUI FUDOSAN www.mitsuifudosan.co.jp/english#2Contents 1. About Mitsui Fudosan 1-1 Highlights 1-2 Performance Highlights 1-3 Financial Highlights 2. Long-Term Business Plan Innovation 2017 2-1 Quantitative Targets and Benchmarks 2-2 Investment Plan 2-3 Strengthen Competitiveness 3. Core Businesses: Overview & Strengths 3-1 Leasing 3-1-1 Analysis of Revenue 3-1-2 Premier Assets (Office Buildings) 3-1-3 Premier Assets (Retail Facilities). 3 4 5 7 88 3-3 Management 3-3-1 Mitsui Fudosan's Strengths 3-3-2 Mitsui Fudosan's Strengths (Property Management) 3-3-3 Mitsui Fudosan's Strengths 24 27 28 (Brokerage, Asset Management, etc.) 3-4 Global Business 29 30 4. Summary of Results for the Six Months Ended Sept. 30, 2013 (FY 2013/2Q) 4-1 Consolidated Income Summary (Overall) 32 4-2 Consolidated Segment Revenue & Operating Income 4-3 Consolidated Balance Sheet Summary 33 34 23 12 13 14 5. Forecast for the Year to March 2014 (FY 2013) 5-1 Consolidated Income 36 3-1-4 Mitsui Fudosan's Strengths (Office Buildings) 3-1-5 Pipeline (Office Buildings) 15 16 56 5-2 Financial Position, Property Sales to Individuals (Reference) 37 3-1-6 Mitsui Fudosan's Strengths (Retail Facilities) 17 3-1-7 Pipeline (Retail Facilities) 18 6. Summary of Results Year Ended March 31, 2013 (FY 2012) 6-1 Consolidated Income Summary (Overall) 39 3-2 Property Sales 3-2-1 Mitsui Fudosan's Strengths 3-2-2 Major Projects (Property Sales to Individuals) 22 20 6-2 Consolidated Segment Revenue & Operating Income 6-3 Consolidated Balance Sheets Summary 40 41 21 Appendices (Market Trends) 3-2-3 Mitsui Fudosan's Strengths (Property Sales to Individuals) 3-2-4 Pipeline (Property Sales to Individuals) 3-2-5 Model for Cooperation with Investors 3-2-6 Model for Cooperation with Investors (Logistics facilities) 222 22 Appendix 1 Leasing Business Market Trends (Office Buildings) 43 Appendix 2 Leasing Business Market Trends 23 (Retail Facilities) 45 24 Appendix 3 Property Sales Business Market Trends (Property Sales to Individuals) 46 46 25 Appendix 4 Property Sales Business Market Trends (Property Sales to Investors) 47 Appendix 5 Shareholder Composition 48 Appendix 6 Operating Income by Segment 49 Disclaimer 50 1#31. About Mitsui Fudosan#41. About Mitsui Fudosan 1-1 Highlights Mitsui Fudosan Highlights (For the year ended March 31, 2013) FE Office Buildings Leased Floor Space (incl. managed buildings) 2,861 thousand m Retail Facilities Leased Floor Space (incd. managed buildings) 1,733 thousand m Condominiums No. of Reported Units 4.956 units AUM OREDO 3.19 trillion yen O CONDO P#51. About Mitsui Fudosan 1-2 Performance Highlights (Billions of yen) Operating income Leasing Management Property sales (Left) 250 (Billions of yen) Net income (Right) Long-Term Business Plan 240.0 120.0 110.0 100.0 200 171.5 83.5 163.0 160.0 148.1 80.0 31.0 49.2 150 126.0 23.0 120.5 120.0 67.0 65.0 15.7 60.0 12.4 59.4 16.1 41.5 42.0 60.0 38.8 49.9 29.7 34.3 50.1 32.1 100 104.3 105.0 50 94.1 95.5 95.6 88.9 0 Other* -106 -171 -171 -197 3/2009 3/2010 3/2011 3/2012 -208 3/2013 -180 3/2014 (E) -110 3/2015 (T) 0 3/2018 (G) Depreciation 48.8 50.2 52.9 53.2 59.0 60.0 Cash dividends 22 22 22 22 22 22 per share (Yen) Payout ratio (%) 23.1 32.2 38.7 38.5 32.5 29.7 *Other include Mitsui Home, other segments and nonconsolidated general & administrative expenses. The figures of FY2013 or after reflect the effect of the SPC consolidation. 40.0 20.0 0.0 4#61. About Mitsui Fudosan 1-3 Financial Highlights (Left) Interest-bearing debt Shareholders' equity (Billions of yen) 2,500.0 Debt/Equity ratio (Right) Long-Term Business Plan (Times) 2.00 B/S as of March 31, 2013 1.80 1.80 (Billions of yen) 1.80 1.71 1.62 2,100.0 2,200.0 2,120.2 2,160.0 2,000.0 1,740.0 1,743.4 Due to SPC consolidation 1,500.0 1,181.1 1,078.1 1,019.9 1,000.0 1.60 Real property for sale 1.50 (including advances 915.2 paid for purchases) Interest-bearing debt 2,120.2 1.40 1.20 1.00 Tangible and intangible 2,503.9 fixed assets Other liabilities 1,036.8 0.80 (Rental properties) (2,247.5) 0.60 Net assets 1,233.0 500.0 0.40 Other fixed assets 970.9 0.20 Assets 4,390.0 Debt and Equity 4,390.0 0.0 0.00 3/2011 3/2012 3/2013 3/2014 (E) 3/2015 (T) 3/2018 (G) 5#72. Long-Term Business Plan Innovation 2017#82. Long-Term Business Plan Innovation 2017 2-1 Quantitative Targets and Benchmarks Earnings Targets, Segment Earnings Targets, and Benchmarks FY2012 Actual FY2013 Estimates FY2014 Targets Long-Term Business Plan FY2017 Goals Operating income ¥148.1 billion ¥160 billion ¥163 billion ¥240 billion or higher Net income ¥59.4 billion ¥65 billion ¥67 billion ¥110 billion or higher ROA 3.66% Approx. 3.8% Debt/Equity ratio 1.80 Approx. 1.8 times Approx. 5.5% Approx. 1.5 times Interest-bearing debt ¥2,120.2 billion ¥2,200 billion ¥2,160 billion Approx. ¥2,100 billion Operating income by segment Long-Term Business Plan FY2012 Actual FY2013 Estimates FY2014 Targets FY2017 Goals Leasing ¥104.3 billion ¥105 billion 95 billion 128 billion Property sales ¥23.0 billion ¥31 billion 39 billion 60 billion Management ¥41.5 billion ¥42 billion 40 billion 52 billion 7#9Overseas Domestic 2. Long-Term Business Plan Innovation 2017 2-2 Investment Plan Investment Plan (Billions of yen) Long-Term Business Plan Innovation 2017 Area and Type FY2012 FY2013 Targets FY2012 2014 FY2015 2017 FY2012 2017 Total Capital expenditures 66.0 130 300-400 400-500 Approx. 800 Real property 389.0 390 1,000-1,100 1,300-1,400 Approx. 2,400 for sale Europe, North 48.0 100 200-300 America & Asia 200-300 Approx. 500 * The investment amounts indicated above are approximate figures and include equity investments. Two-thirds of total investment will be in property sales to individuals, one-third will be in property sales to investors 60% of total overseas investment will be in Europe and N. America, 40% will be in Asia 8#1022. Long-Term Business Plan Innovation 2017 2-3 Strengthen Competitiveness Strengthen the Competitiveness of Our Domestic Business Create neighborhoods Larger, higher quality portfolio in central Tokyo area • Quickly bring planned developments on stream • Promote the Smart City 創っていく。 蘇らせながら、 残しながら、 くが Evolve the housing business Increase units supplied and profitability in property sales to individuals 「日本橋再生計画」 日本橋のあゆみ 街の歴史と日本橋再生計画」 が目指す未来の姿 ° Housing brokerage business: maintain No. 1 position Remodeling business: Become the leading brand for high- value-adding remodeling Evolution of our model for cooperation with investors Add new asset classes, including logistics facilities Expand assets under management (sponsored REITs, private REIT) Develop Global Operations Be more active in Europe, North America and Asia Europe & N. America: Build up a portfolio mainly consisting of offices for lease Asia: Be more active in developing housing, retail facilities & office buildings New condos & detached homes Mitsui Housing Mall Mitsui Housing Mall Central Desk Customer Communication Previously owned condos & detached homes Custom-built Remodeling homes Leased housing Mitsui Mitsui Fudosan Fudosan Residential Mitsui Rehouse Mitsui Home Mitsui Reform Housing Lease Mutual cooperation among group companies 5 Hanover Square (London) Shanghai New Town Development Project 9#113. Core Businesses: Overview & Strengths#123-1. Leasing Business#133-1. Leasing Business 3-1-1 Analysis of Revenue A well-balanced portfolio between office buildings and retail facilities Analysis of Leasing Segment Revenue (FY ended March 2013) Revenue: ¥441.7 bn (Billions of yen) 500 Office buildings ■Retail facilities 450 Retail facilities 148.6 bn 34% Other ¥6.1 bn 1% Overseas office buildings ¥23.8 bn 5% Domestic 400 350 300 250 office buildings 200 234.2 ¥263.0 bn 222.0 215.7 150 60% 100 265.5 286.9 303.0 291.7 283.6 303.4 148.6 50 121.9 125.8 131.5 50 107.3 92.2 68.2 50.9 56.9 0 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 12#143-1. Leasing Business 3-1-2 Premier Assets (Office Buildings) Nihonbashi Mitsui Tower (2005) Tokyo Midtown (2007) Shinjuku Mitsui Building (1974) Kasumigaseki Building (1968) Gran Tokyo North Tower (2007) 1251 Avenue of the Americas Building Nihonbashi 1-Chome Building (1986) (2004) Sumitomo Mitsui Banking Corporation Head Office Building Akasaka Biz Tower (2008) Gate City Ohsaki (1999) 13 (2010)#153-1. Leasing Business 3-1-3 Premier Assets (Retail Facilities) LaLaport TOKYO-BAY (1981) Urban Dock LaLaport TOYOSU (2006) LaLaport YOKOHAMA (2007) LAZONA Kawasaki Plaza (2006) DOLCE GABBANA ROSEBUD ROSEBUD STOCK BCS STOR MITSUI OUTLET PARK Jazz Dream Nagashima (Expanded in 2011) MITSUI OUTLET PARK Kisarazu (2012) LaLagarden Koujun Building (2004) LaLagarden Kawaguchi (2008) 14#163-1. Leasing Business 3-1-4 Mitsui Fudosan's Strengths (Office Buildings) A portfolio concentrated in central Tokyo and relationships with quality tenants (3,000 companies) Office Building Revenue by Area (FY ended March 2013; nonconsolidated) Office Building Lease Contract Duration (As of March 31, 2013) Regions 7% Other metropolitan Tokyo 16% 5 Wards of central Tokyo 77% 5.1 years or more 23% 2.1-5 years 40% 2 years or less 37% Average contract duration: 4.3 years Stable, Long-Term Relationships with Approximately 3,000 Tenant Companies "TORAY' Innovation by Chemistry CHUA CHUGAI PHARMACEUTICAL CO., LTD. YAHOO! JAPAN Roche Roche Group FAST RETAILING Daiwa Securities Group Inc. Bank of America Merrill Lynch RICOH NTT Data SMFG SUMITOMO MITSUI FINANCIAL GROUP HITACHI Inspire the Next astellas Leading Light for Life Designing The Future KDDI FUJIFILM ΑΝΑ LIXIL Link to Good Living 15#17FY Completed 2012 Location Koto-ku, Tokyo Chuo-ku, Tokyo Rentable Floor Space 43,800 m² 15,600 m 2013 Muromachi-Furukawa Mitsui Building* (Area 2-3) Chuo-ku, Tokyo 3-1. Leasing Business 3-1-5 Pipeline (Office Buildings) Using our development capabilities to continuously improve our portfolio Major Newly Opened Projects Project Name (*Jointly owned property) DiverCity Tokyo Office Tower * Nihonbashi Astellas Mitsui Building* Central Tokyo Portfolio Map (Completed in or after FY2012, under development and in planning). (Complete in or before 2011). Nihonbashi Muromachi 3-Chome Development Project Newly Opened Projects Existing Projects 19,600 m² Muromachi-Chibagin Mitsui Building* OH-1 Project (Otemachi 1-Chome Area 2) Chuo-ku, Tokyo 9,300 m² (Area 1-5) Moorgate Project City, London 12,500 m Nihonbashi Astellas Mitsui Building (Completed in FY2012) 2014 GATE SQUARE (Kashiwanoha Campus Area 148) Sapporo Mitsui JP Building* 1200 17th Street Project * lidabashi Grand Bloom* Mark Lane Project 1: For office/retail building FY Completed Project Name (*Jointly owned property) Chiyoda-ku, Tokyo Kashiwa, Chiba 15,400 m *1 Sapporo, 33,300 m Otemachi St. Hokkaido Washington D.C. ≈2 15,600 m² City, London 65,900 m² 16,000 m² Location Total Floor Space Tokyo St. Nihonbashi St. Muromachi-Furukawa Mitsui Building(Area 2-3) (To be completed in FY2013) Muromachi-Chibagin Mitsui Building(Area1-5) (To be completed in FY2013) Kita-Shinagawa 5-Chome Area 1 Redevelopment Project (To be completed in FY2015)* 1 Angel Court Project Toyosu 2-, 3-Chome Area 2 Project * FY2015 Hibiya Mitsui Building /Sanshin Building Reconstruction Project and after (To be completed in FY2017) Nihonbashi 2-Chome Project(Area C) (To be completed in FY2018)* Nihonbashi Muromachi 3-Chome | Shinagawa- ku, Tokyo City, London Development Project (To be completed in FY2019)* Koto-ku, Tokyo ≈2 27,500 m ≈243,200 m² Hibiya St. Chiyoda-ku, Tokyo ≈185,000 m Chuo-ku, Tokyo Chuo-ku, Tokyo 143,400 m² ≈165,700 m TBD (2) Tokyo OH-1 Project (Otemachi 1-Chome Area 2) Chiyoda-ku, (To be completed in FY2019)* * 2: Site area: approx. 20,800 m² FY completed, rentable floor space and total floor space may change in the future. Some project names are tentative. Hibiya Mitsui Building /Sanshin Building Reconstruction Project Nihonbashi 2-Chome Project (Tentative name) 16#183-1. Leasing Business 3-1-6 Mitsui Fudosan's Strengths (Retail Facilities) Diverse types of facilities and a stable revenue structure Relationships with 2,100 tenant companies Retail Facility Revenue by Category Mitsui Shopping Park (FY ended March 2013)* 1.1. LaLaport Urban Other facilities 5% 6% 8% Ratio of Fixed & Sales-Linked Rent by Category (FY ended March 2013)* 120% Fixed rent Sales-linked rent 100% =8% ≈20% =23% 80% =37% Mitsui Shopping Park 1.1. LaLagarden MITSUI CH OUTLET PARK (Billions of yen) 80 60 60 40 40 20 20 0 3/2008 60% 46% =92% 40% =80% =77% =63% 35% 20% 0% LaLaport Outlet Others *Includes master-leased properties All Facilities *Includes master-leased properties Sales at Mitsui Fudosan Retail Facilities 3/2009 -LaLaPort TOKYO BAY 3/2010 LAZONA Kawasaki 3/2011 LaLaPort TOYOSU 3/2012 LaLaPort YOKOHAMA *Revenue from operations derived from LaLaport Tokyo Bay has declined during the fiscal year ended March 31, 2013 owing to the partial closure of facilities. 3/2013 17#193-1. Leasing Business 3-1-7 Pipeline (Retail Facilities) Expand profit by new development and large-scale renewal projects FY Opened 2012 2013 Major Newly Opened Projects Project Name (*Jointly owned property) DiverCity Tokyo Plaza* MITSUI OUTLET PARK KISARAZU LaLaport Shinmisato ANNEX MITSUI OUTLET PARK SHIGA RYUO (2nd stage) LoveLa2 LaLaport TOKYO-BAY West Area Reconstruction Project COREDO Muromachi2 (Area2-3*) COREDO Muromachi3 (Area1-5*) MITSUI OUTLET PARK SAPPORO KITA-HIROSHIMA (2nd stage) Ikebukuro S Project MITSUI OUTLET PARK KISARAZU Niigata, Niigata Funabashi, Chiba Chuo-ku, Tokyo Chuo-ku, Tokyo Kita-Hiroshima, Hokkaido Large-scale Renewal Projects February-Summer Facility Name No. of Stores Renewed / Total No. of Stores 176/300 81/180 Location Sotre Floor Space Execution Period Koto-ku, Tokyo Kisarazu, Chiba Misato, Saitama 45,300 m² 28,000 m² September- December 2012 LAZONA Kawasaki Plaza 3,300 m² Gamogun, Shiga 10,000 m² October 2012- March 2013 Urban Dock LaLaport TOYOSU ≈2 11,200 m² LaLaport YOKOHAMA 133/279 24,000 m² 2013 13,600 m² March-April 2013 LaLaport KASHIWANOHA 76/160 5,000 m² 7,700 m² Spring 2013 Tokyo Midtown 42/135 Toshima-ku, Tokyo ≈2 4,300 m Kisarazu, Chiba 8,500 m² TBD * 1 Kuala Lumpur, Malaysia 46,300 m² Fujimi, Saitama 80,000 m 2015 Osaka Expoland Site Plan Suita, Osaka 97,000 m 2017 Linkou Enterprise Zone Project (Taiwan, Outlet Project) Linkou District, Taiwan ≈ 45,000 m² Retail Facility Development Project in Nagoya Aichi, Nagoya TBD Oyabe Outlet Project Oyabe, Toyama TBD TBD Retail Facility Development Project in Ebina MITSUI OUTLET PARK Urban Dock LaLaport TOYOSU Ebina, Kanagawa TBD Kisarazu Retail Facility Development Project in Hiratsuka Hiratsuka, Kanagawa TBD 2014 (2nd stage) LaLaport Izumi MITSUI OUTLET PARK KUALA LUMPUR INTERNATIONAL AIRPORT* LaLaport Fujimi Izumi, Osaka *1: Site area: approx. 114,000m FY opened and store floor space may change in the future. Some project names are tentative. 18#203-2. Property Sales Business#213-2. Property Sales Business 3-2-1 Mitsui Fudosan's Strengths Property sales to individuals: Development and sale of condominiums and detached housing to individuals Property sales to investors: Development and sale of income generating properties to institutional investors Property Sales Segment: Operating Income (Billions of yen) Property sales to individuals Propety sales to investors 70 60 60 60 50 26.9 40 40 30 30 28.1 11.8 20 20 7.7 30.8 6.4 5.4 10 1.1 10 20.4 19.2 15.3 11.3 9.7 10.2 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 (E) Property Sales to Individuals (Booked in FY ended March 2013) Park Court Roppongi Hilltop Park Homes Okurayama Property Sales to Investors (Booked in FY ended March 2013) Mita M-SQUARE Shimbashi M-SQUARE 20#223-2. Property Sales Business 3-2-2 Major Projects (Property Sales to Individuals) Park Mansion Mita Hyugazaka (2011) Park City Kashiwanoha (2010) Park City Musashikosugi (2008) Park City Hamadayama (2009~) Park Tower Ueno Ikenohata (2010) Fine Court LaLa City (2009~) Park Luxe Ichigaya (2010) Park Homes Meguro (2010) Park Court Akasaka (2009) 21 24#233-2. Property Sales Business 3-2-3 Mitsui Fudosan's Strengths (Property Sales to Individuals) Operating margin has recovered and inventories decreased Sales and Operating Margin Condominium Units Booked and Year-End Inventories Revenue (Left) Operating Margin (Right) (Units) Unit booked Year-end inventories (Billions of yen) (%) 7,000 400.0 12.0 11.4 350.0 6,000 336.0 5,455 316.3 305.0 300.9 300.0 270.3 250.0 10.0 5,249 5,206 282.6 5,000 4,651 4,956 4,512 257.2 8.0 4,000 6.7 200.0 6.0 3,000 5.7 5.4 150.0 3.8 4.0 4.0 2,000 100.0 3.1 50.0 0.0 FY ended 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 (E) 2.0 826 872 1,000 638 453 380 223 6,450 0.0 0 FY ended 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 3/2014 (E) 22#243-2. Property Sales Business 3-2-4 Pipeline (Property Sales to Individuals) An abundant land bank focusing mainly on redevelopment Sales by Brand & Region (FY ended March 2013) Sales by Brand High-grade condominiums park park MANSION COURT Land Bank (Condominiums) (As of March 31, 2013) Land acquired approximately 21,000 units (incl. redevelopment project in the planning phase) 16% Middle-grade condominiums 48% park park 36% LUXE HOMES Large-scale developments park park Major Large-Scale Projects FY to be Total No. TOWER CITY Reporte d Project Name Location of Units Sold Park Court Chiyoda Fujimi The Tower Chiyoda-ku, Tokyo 430 2014 SKYZ TOWER & GARDEN Koto-ku, Tokyo ≈1,110 Park Tower Shin-Kawasaki Kawasaki, Kanagawa = 660 Sales by Region Sakurajosui Gardens Setagaya-ku, Tokyo ≈2 510 Shinagawa-ku, Park City Osaki The Tower ≈2 570 Tokyo Other regions 2% 2015 Tomihisa Cross Kansai & Chubu 11% 2016 Metropolitan Tokyo 87% CAPITAL GATE PLACE Shibaura Minato-ku GLOBAL BASE PROJECT KACHIDOKI THE TOWER Hamamatsucho 1-chome Redevelopment Kosugicho 2-chome Project (NOC company residence) Kashiwanoha Campus Area 148 Shinjuku-ku, Tokyo Chuo-ku, Tokyo Kawasaki, Kanagawa 1,080 Kashiwa, Chiba ≈ 1,000 ≈2 500 Minato-ku, Tokyo Chuo-ku, Tokyo Minato-ku, Tokyo 880 ≈ 1,300 330 ≈2 670 Project for the area around Kasuga Korakuen Station Bunkyo-ku, Tokyo ≈2 400 2017 Minato 2-chome Redevelopment Project Minato-ku, Tokyo 300 23#253-2. Property Sales Business 3-2-5 Model for Cooperation with Investors Multiple exit strategies and a model for cooperation with investors Sales MITSUI FUDOSAN GROUP to a diverse array of investors Management contracts after sales J-REITs managed by the Mitsui Fudosan Group Inventory of Property for Sales to Investors Total: ¥518.7bn (As of March 31, 2013) NBF Nippon Building Fund AUM: ¥1,055.9 bn (73 properties) Nippon Building Fund, Inc. Nippon Accommodations Fund AUM: ¥258.3 bn (101 properties) Nippon Accommodations Fund, Inc. Frontier Real Estate Investment Corporation Frontier Real Estate Investment Corporation AUM: ¥276.1 bn (29 properties) Private funds structured and managed by the Mitsui Fudosan Group 三井不動産投資顧問株式会社 AUM: ¥1,267 bn Mitsui Fudosan Investment Advisors, Inc. (Structures and manages private funds) 三井不動産プライベートリート投資法人 Office buildings in operation 31% Planned & under development 37% Retail facilities in operation 29% Rental housing properties in 3% operation MPPR Mitsui Fudosan Private REIT, Inc. Institutional investors, corporations, etc. (As of March 31, 2013) 24#26FY Completed 3-2. Property Sales Business 3-2-6 Model for Cooperation with Investors (Logistics facilities) Development of advanced logistics facilities Asset class expansion Major Projects Project Name * (*Jointly owned property) Acquired in 2013 2013 Logistics Park Yokohama 2014 2015 TBD GLP MFLP Ichikawa Shiohama * Mitsui Fudosan Logistics Park Yashio Mitsui Fudosan Logistics Park Sakai Mitsui Fudosan Logistics Park Kuki Mitsui Fudosan Logistics Park Funabashi Nishiura Mitsui Fudosan Logistics Park Atsugi Mitsui Fudosan Logistics Park Hino Mitsui Fudosan Logistics Park Funabashi Location Total Floor Space Yokohama, Kanagawa Ichikawa, Chiba Yashio, Saitama Sakai, Osaka Kuki, Saitama Funabashi, Chiba Aiko-gun, Kanagawa Hino, Tokyo Funabashi, Chiba *1 Site area: Approx. 97,500m *2 Site area: Approx. 60,000m Our strengths Sourcing capabilities ≈131,800 m² ≈2 121,000 m 41,600 m Convenient location in close proximity to major transportation arteries including outer beltways and inner city expressways MFLP Kuki ≈ 133,000 m² ≈2 74,500 m Kuki-Shiraoka JCT 31,000 m Tsurugashima JCT MFLP Yashio ≈ 43,700 m MFLP Hino TBD*1 TBD*2 1 Brokerage network as a comprehensive developer CRE network Leasing capabilities < Office Buildings>> 3,000 tenant companies < Retail Facilities>> 2,100 tenant companies Misato JCT Oizumi JCT Kouya JCT (Tentative name) MFLP Funabashi Nihombashi MFLP Funabashi Nishiura Chiba Station Hachioji JCT Yokohama LP GLP MFLP Ichikawa-Shiohama 20km MFLP Atsugi Ebina JCT Kisarazu JCT 35km 50km Tokyo-Gaikan Expwy Schedule Ken-O Expwy Schedule 25 25#273-3. Management Business#283-3. Management Business 3-3-1 Mitsui Fudosan's Strengths Property Management Management and other consignment business relating to office building, retail facility, housing, and Car Park Leasing operations Brokerage, Asset management, etc.: Brokerage: Brokerage service for individuals (Mitsui Rehouse), etc. Asset management: Asset management services through three REITS and private funds Management Business Operating Income (Billions of yen) 50 45 40 35 25.4 15.1 30 18.5 10.5 10.2 25 8.4 525 20 15 26.4 23.7 10 21.9 20.2 21.2 21.9 5 0 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 Property management Brokerage, Asset management, etc. 42.0 Property management is highly stable Office buildings Retail facilities Housing Car park leasing * 3/2014 (E) Figures for the years ended March 2008 through 2009 are for reference. 27#293-3. Management Business 3-3-2 Mitsui Fudosan's Strengths (Property Management) Stable earnings growth on the back of an increase in consigned properties Car Park Leasing: Track Records Ranking :Revenue of Car Park Leasing (Thousands of units) No. 150 Revenue (Billions of yen) No. 1 Park24 102.5 100 No. 2 Repark of Mitsui 42.2 133 143 60 117 118 121 124 No. 3 50 97 76 59 Meitetsu Kyosho No. 4 Nihon Parking 11.1 P 三井のリパーク 10.9 Source: November 7,2012 Nikkei Marketing Journal No. 5 Nippon Parking Development 8.4 0 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 Property Management (Sales condominiums): Track Records Ranking :Units of Property Mgmt (Sales condominiums) (Thousands of units) No. Units 240 220 No. 1 Daikyo Group 512,695 200 No. 2 Tokyu Community Group 465,328 180 229 No. 3 Nihon Housing Group 387,607 217 222 210 160 196 184 172 140 160 152 120 No. 4 No. 5 Haseko Community Group No. 6 Daiwa House Group 295,002 290,161 Mitsui Fudosan Housing Service Group 228,549 Source: Survey by Mansion Kanri Shimbun As of March 31, 2013 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 Property Management (Leasing condominiums):Track Records Ranking :Condominium units of Property Mgmt consigned by J-REIT 30 20 (Thousands of units) 40 12 50 No. Units No. 1 Mitsui Fudosan Housing Lease Co., Ltd. 7,971 No. 2 Itochu Urban Community Co., Ltd. 7,639 の 38 44 44 46 41 47 47 50 50 No. 3 Daiwa Living Co., Ltd. 3,025 賃貸 34 30 No. 4 Nomura Living Support Co., Ltd. 2,992 いちばんに、住む人のこと。 27 10 No. 5 Tokyu Community Corporation 2,278 Source: Survey by Mitusifudosan 0 Housing Lease Co., Ltd. Notes: Property in Tokyo 23 wards, consigned by residential type J-REIT 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 As of March 31, 2013 28#303-3. Management Business 3-3-3 Mitsui Fudosan's Strengths (Brokerage, Asset Management, Etc.) Stable earnings growth due mainly to an increase in assets under management Assets under Management: Track Record Assets under Management (FY ended March 2013) (Trillions of yen) 3.50 3.19 2.92 3.00 2.70 2.80 2.70 2.80 NBF Nippon Building Fund 2.35 2.50 2.15 1.80 2.00 1.44 1.50 1.00 0.50 0.00 33% Nippon Accommodations Private funds, etc. 36% Fund 8% Originators 15% 8% 3/2004 3/2005 3/2006 3/2007 3/2008 3/2009 3/2010 3/2011 3/2012 3/2013 Frontier Real Estate Investment Corporation The brokerage business achieved its highest transaction volume ever Brokerage market (FY ended March 2012) Number of Stores by Area No.1) Other Nagoya 10% 27年連統 Fee/Revenue Transactions Transaction Volume Number of (Billions of yen) (Unit) (Billions of yen) stores 1 Mitsui Fudosan Realty 66.1 39,384 1,268 267 三井不動産リアルティネットワークは '86年度 ~'12年度の27年連続 No.1. 9% 2 Sumitomo Real Estate Sales 46.8 33,180 859 249 ※新聞報道等による。 Metropolitan 3 Tokyu Livable, Inc. 33.7 16,615 733 126 Kansai Tokyo 4 Nomura Real Estate Holdings, Inc. 19.2 6,494 541 53 三井のリハウス 15% 50 Sumitomo Mitsui Trust Estate 12.3 6,543 349 69 66% Source: 28/5/2013 jyuutaku-sinpo 29#313-4. Global Business Promote business with blue-chip local partner companies Europe and the United States: Build a high-quality portfolio and actively engage in development-type projects Asia: Secure growth through retail facility, housing, and other development Income from Overseas (Billions of yen) 15.0 10.0 12.5 11.6 11.0 5.0 10.6 0.0 3/2010 3/2011 3/2012 3/2013 Breakdown of Overseas Assets by Country Overseas 6% Asia 19% Domestic 94% Europe 17% US 64% Income from overseas-Operating income of subsidiaries outside Japan + Equity in net income/loss of affiliates outside Japan Moorgate Project (UK, to be completed in 2014 Spring) Mitsui Outlet Park Kuala Lumpur International Airport Total assets: ¥4,390 billion as of March 31, 2013 (Malaysia, to be opened in the early 2015) Partners Akridge Real Estate at the Highest Grade" (Washington D.C.) STANHOPE (London) HONG LEONG GROUP SINGAPORE (Singapore) 30#324. Summary of Results for the Six Months Ended Sept. 30, 2013 (FY2013/2Q)#334. Summary of Results for the Six Months Ended Sept. 30, 2013 (FY2013/2Q) 4-1 Consolidated Income Summary (Overall) (Billions of yen) Actual/ FY2013/2Q FY2012/1Q Change Full-Year Forecast (as of May 2013) Forecast Revenue from operations 636.1 615.7 20.4 1,530.0 41.6% Operating income 69.2 61.1 8.0 160.0 43.3% Non-operating income/expenses (12.3) (14.0) 1.7 (28.0) Equity in net income of affiliates 0.8 1.0 (0.2) Interest income/expense (14.5) (14.5) (0.0) (31.0) Other 1.3 (0.5) 1.9 Ordinary income 56.8 47.0 9.7 132.0 43.0% Extraordinary gains/losses 10.8 (2.6) 13.4 (20.0) Extraordinary gains 13.1 13.1 Extraordinary losses 2.3 2.6 (0.2) Income taxes 27.6 19.4 8.1 46.0 Minority interests 0.1 (1.8) 2.0 1.0 Net income 39.8 26.8 12.9 65.0 61.3% ♦Extraordinary Gains Gain on Sales of Fixed Assets 13.1 13.1 ♦Extraordinary Losses Loss on Disposal of Fixed Assets 2.3 2.3 32 32#34(Billions of yen) 4. Summary of Results for the Six Months Ended Sept. 30, 2013 (FY2013/2Q) 4-2 Consolidated Segment Revenue & Operating Income FY2013/2Q FY2012/2Q Change Full-Year Forecast (as of May 2013) Actual/ Forecast Revenues from operations 636.1 615.7 20.4 1,530.0 41.6% Leasing 221.9 218.1 3.7 456.0 48.7% Property sales 118.7 124.2 (5.5) 436.0 27.2% Management 150.6 143.4 7.1 309.0 48.8% Mitsui Home 94.3 77.6 16.6 224.0 42.1% Other 50.5 52.2 (1.7) 105.0 48.1% Operating income 69.2 61.1 8.0 160.0 43.3% Leasing 55.4 54.6 0.7 105.0 52.8% Property sales 2.3 6.7 (4.4) 31.0 7.4% Management 24.1 17.8 6.3 42.0 57.6% Mitsui Home (4.4) (7.5) 3.1 2.0 Other 2.0 0.0 2.0 1.0 205.8% Eliminations or corporate (10.3) (10.5) 0.1 (21.0) 33 33#354. Summary of Results for the Six Months Ended Sept. 30, 2013 (FY2013/2Q) Consolidated Balance Sheet Summary 4-3 Sept.30,2013 Mar. 31,2013 Change Sept.30,2013 Mar. 31,2013 (Billions of yen) Change Current assets 1,228.8 1,202.8 25.9 Current liabilities 798.0 652.1 145.9 Cash & time deposits 97.6 102.2 (4.5) Accounts payable - trade 62.1 100.7 (38.5) Real property for sale Short-term debt* 306.3 199.2 107.0 (inluding advances paid for 928.9 915.2 13.7 purchases) Commercial paper* 64.0 27.0 37.0 Equity investments in properties for sale 9.7 10.9 (1.2) Short-term bonds payable* 74.0 40.1 33.8 Other current assets 192.5 174.4 18.1 Other current liabilities 291.5 285.0 6.5 Fixed assets 3,228.0 3,187.2 40.7 Long-term liabilities 2,363.6 2,504.8 (141.1) Tangible & intangible fixed 2,521.4 2,503.9 17.4 Corporate bonds* 295.3 340.0 (44.7) assets Investment securities 497.7 465.8 31.8 Long-term debt* 1,406.7 1,513.6 (106.9) Lease deposits 139.3 148.7 (9.4) Deposits from tenants 343.2 344.9 (1.6) Other fixed assets 69.4 68.6 0.8 Other long-term liabilities 318.3 306.2 12.2 Interest-bearing debt* 2,146.4 2,120.2 26.2 Total net assets 1,295.0 1,233.0 61.9 Total assets 4,456.8 4,390.0 66.7 Total liabilities & net assets 4,456.8 4,390.0 66.7 *Interest-bearing debt: short-term debt + commercial paper + short-term bonds payable + corporate bonds + long-term debt D/E ratio (Times) Equity ratio (%) Sept.30,2012 Mar. 31,2012 Change 1.73 27.9% 1.80 26.9% (0.07) 1.0 pt 34#365. Forecast for the Year to March 2014 (FY 2013)#375. Forecast for the Year to March 2014 (FY 2013) 5-1 Consolidated Income (Billions of yen) 3/2014 Forecasts (FY2013) 3/2013 Actual (FY2012) Change Revenues from operations 1,530.0 1,445.6 84.3 Leasing Property sales 456.0 441.7 14.2 436.0 393.4 42.5 Management 309.0 297.9 11.0 Mitsui Home 224.0 209.0 14.9 Other 105.0 103.5 1.4 Operating income 160.0 148.1 11.8 Leasing 105.0 104.3 0.6 Property sales 31.0 23.0 7.9 Management 42.0 41.5 0.4 Mitsui Home 2.0 0.5 1.4 Other 1.0 (0.0) 1.0 Eliminations or corporate (21.0) (21.2) 0.2 Non-operating income/expenses (28.0) (25.1) (2.8) Interest income/expense (31.0) (29.0) (1.9) Other 3.0 3.9 (0.9) Ordinary income 132.0 123.0 8.9 Extraordinary gains/losses (20.0) (12.1) Net income before income taxes 112.0 110.9 (7.8) 1.0 Income taxes 46.0 50.3 (4.3) Minority interests 1.0 1.1 (0.1) Net income 65.0 59.4 5.5 36#385. Forecast for the Year to March 2014 (FY 2013) 5-2 Financial Position, Property Sales to Individuals (Reference) Financial Position Real property for sale (including Advances paid for purchases) New investments Cost recovery Tangible and intangible assets New investments Depreciation Interest-bearing debt (Billions of yen) 3/2014 Forecasts (FY2013) 3/2013 Actual (FY2012) Change 400.0 386.2 13.7 350.0 323.7 26.2 200.0 72.3 127.6 60.0 59.0 0.9 2,200.0 2,120.2 79.7 (Billions of yen) Property Sales to Individuals (Reference) 3/2014 Forecasts (FY2013) 3/2013 Actual (FY2012) Change Revenue from operations 336.0 282.6 53.3 Condominiums Detached Housing Operating margin (%) 283.0 236.1 46.8 53.0 46.4 6.5 5.7% 5.4% 0.3pt (Units) Reported number of units 7,400 5,751 1,649 Condominiums Detached Housing 6,450 4,956 1,494 950 795 155 37#396. Summary of Results for the Year Ended March 31, 2013 (FY 2012)#40(Billions of yen) 6. Summary of Results for the Year Ended March 31, 2013 (FY 2012) 6-1 Consolidated Income Summary (Overall) Full-Year 3/2013 3/2012 Actual/ Change Forecast (FY2012) (FY2011) Forecast (as of May 2012) Revenue from operations 1,445.6 1,338.1 107.5 1,460.0 99.0% Operating income 148.1 126.0 22.1 135.0 109.8% Non-operating income/expenses (25.1) (23.5) (1.5) (26.0) Equity in net income of affiliates 2.8 3.7 (0.8) Interest income/expense (29.0) (26.5) (2.5) (32.0) Other 1.0 (0.7) 1.8 Ordinary income Extraordinary gains/losses 123.0 102.5 20.5 109.0 112.9% (12.1) (8.0) (4.1) (10.0) Extraordinary gains 8.6 8.6 Extraordinary losses 20.7 8.0 12.7 Income taxes 50.3 43.7 6.5 Minority interests 1.1 0.5 0.5 43.0 1.0 Net income 59.4 50.1 9.3 55.0 108.1% ♦Extraordinary Gains Gain on Sales of Investment Securities 3.4 Gain on Sales of Fixed Assets 2.8 Gain on Sales of Shares of Affiliated Companies 2.3 8.6 ◆ Extraordinary Losses Loss on Sales of Fixed Asset 8.8 Impairment Loss 7.7 Loss on Disposal of Fixed Assets 4.2 20.7 39 39#41(Billions of yen) Full-Year 6. Summary of Results for the Year Ended March 31, 2013 (FY 2012) 6-2 Consolidated Segment Revenue & Operating Income 3/2013 (FY2012) 3/2012 (FY2011) Change Forecast Revenues from operations 1,445.6 1,338.1 107.5 (as of May 2012) 1,460.0 Leasing 441.7 420.5 21.1 434.0 Property sales 393.4 321.3 72.1 405.0 Management 297.9 286.6 11.2 294.0 Mitsui Home 209.0 207.5 1.4 216.0 Other 103.5 102.0 1.4 111.0 Operating income 148.1 126.0 22.1 135.0 Leasing 104.3 95.6 8.6 98.0 Property sales 23.0 15.7 7.3 22.0 Management 41.5 34.3 7.2 33.0 Mitsui Home 0.5 4.1 (3.6) 4.8 Other (0.0) (0.8) 0.7 0.0 Eliminations or corporate (21.2) (23.1) 1.8 (22.8) 40 40#426. Summary of Results for the Year Ended March 31, 2013 (FY 2012) 6-3 Consolidated Balance Sheets Summary Total Assets: ¥4.39 trillion Real Property for Sale 915.2 (including Advances Paid for Purchases) Other 15.4 Current assets Cash and time deposit Real property for sale 1,202.8 Liabilities 102.2 Interest-bearing debt (Billions of yen) 3,156.9 2,120.2 915.2 (Non-recourse debt) (236.1) Other current assets 2% 185.3 Mitsui Fudosan 269.1 Mitsui Fudosan Residential Fixed assets 29% Tangible and intangible fixed assets 3,187.2 2,503.9 Interest-Bearing Debt/Long- Short Borrowing Ratio (Contract base excl. non- recourse debt) 1 year and shorter 3% 393.8 43% Deposits from tenants 344.9 SPC Total 236.7 26% over 1 year (Rental properties) (2,247.5) 97% Other liabilities 691.8 Rental properties 2,247.5 Other 41.9 2% Planned & 543.5 Investment securities 148.7 Other fixed assets 534.4 Net assets (Shareholders' equity) 1,233.0 (1,181.1) under development 24% Office buildings in operation Capital investment Depreciation 72.3 59.0 Retail facilities in operation 241.7 1,420.2 63% ◆Rental properties ( Billions of yen) 11% At March 31, 2013 (FY2012 Year-end) At March 31, 2012 (FY2011 Year-end) Difference Market value Book value Unrealized gain 3,168.0 2,247.5 920.4 2,860.0 307.9 2,049.6 197.8 810.4 110.0 Interest-Bearing Debt/Direct Finance Ratio (Contract base excl. non-recourse debt) SBs 17.5% Bank borrowings, CP 82.5% 41#43Appendices (Market Trends)#4410.00 Appendix 1 Leasing Business Market Trends (Office Buildings) Office Vacancy Rate (%) -Mitsui fudosan (Tokyo Metro; non-consolidated) 8.00 Central Tokyo 5 Wards(Source: Miki Shoji) 6.00 8.57% (03/6,8) 4.00 5.8% (03/9) 2.00 2.49% (07/11) 0.9% 0.9% (06/6) (07/6) 9.43% 8.56% (12/6) (13/3) 9.04% (12/3) 7.90% (13/9) 4.5% 4.4% 3.8% (13/9) (12/3) (13/3) 0.00 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 13/9 Source: Miki Shoji Co., Ltd. Trends of Supply Volume of Large-Scale Office Buildings within Tokyo's 23 Wards (Million m³) 2.5 Uncompleted (other 20 wards) 2.16 Uncompleted (central 3 wards) Past supply volume Completed Forecast supply volume after FY2013 2 (annual average) 1.05 million m²/year (total floor space) 1.75 (annual average) 0.93 million m²/year 1.54 (total floor space) 1.5 1.25 1.28 1.21 1.19 1 0:91 0.72 0.77 1.17 0.86 0.85 0.65 1.14 0.91 0.16 0.39. 0.47 0.58 0.72 0.2 0.5 0.36 0.04 0.54 0.75 0.75 0.81 0.52 0 99 00 00 01 02 03 04 05 06 07 08 80 09 10 11 12 13 14 15 16 17 Source: Mori Building Co., Ltd. (As of October, 2013) (Calendar years) 43#45Appendix 1 Leasing Business Market Trends (Office Buildings) (Million m²) Net Absorption Trend ( 5 wards of Central Tokyo) 1.5 1.0 0.5 0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Calendar years) (1-9) -0.5 -1.0 Office Building Market Trend (Average Rent and Vacancy Rate) (Yen/Tsubo) Average rent Vacancy rate 25,000 20,000 15,000 10,000 5,000 Source: Sanko Estate Co., Ltd. (%) 10 98765432 1 0 0 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 13/11 12/3 13/3 13/9 Source: Miki Shoji Co., Ltd. 44#46Appendix 2 Leasing Business Market Trends (Retail Facilities) Year-on-Year Change in Sales by Category 2.0% 0.3% 0.3% 0.0% 0.0% -0.5% -1.6% -0.7% -0.2% -2.0% -1.7% -0.7% -1.5% -2.8% -2.8% -1.4% -4.0% -2.6% -3.2% -2.7% -3.5% -6.0% 0.5% 0.3% -2.0% -1.9% -1.3% -2.6% -2.0% -4.3% -4.3% -3.1% -6.8% 480- -8.0% -10.0% General shopping centers Department stores Chain stores -10.1% Source: Japan Department Stores Association, Japan Council of Shopping Centers, Japan Chain Stores Association -12.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (Calendar years) Mitsui Fudosan: Year-on-Year Change in Sales by Type of Retail Facility 15.0% 10.0% Lalaport (existing facilities) + Outlet Parks (existing facilities) 5.0% 0.0% -5.0% -10.0% 2009/1Q 2009/2Q 2009/3Q 2009/4Q 2010/1Q 2010/2Q 2010/3Q 2010/4Q 2011/1Q 2011/2Q 2011/3Q 2011/4Q 2012/1Q 2012/2Q 2012/3Q 2012/4Q 2013/1Q 2013/2Q (09/4-6) (09/7-9) (09/10-12) (10/1-3) (10/4-6) (10/7-9) (10/10-12) (11/1-3) (11/4-6) (11/7-9) (11/10-12) (12/1-3) (12/4-6) (12/7-9) (12/10-12) (13/1-3) (13/4-6) (13/7-9) 45#47Appendix 3 Property Sales Business Market Trends (Property Sales to Individuals) Metropolitan Tokyo Condominium Market: Initial Month Contract & Unsold Inventory (Thousand of units) Inventories(Left) 12 Initial month contract rate(Right) 83.5% (%) 100 10 82.8% (10/3) 79.7% (13/9) (11/3) 79.2% (12/3) 82.1% 90 (13/3) 8 80 6 70 60 4 2 50 0 40 05/1 05/7 06/1 06/7 07/1 07/7 08/1 08/7 09/1 09/7 10/1 10/7 11/1 11/7 12/1 12/7 13/1 13/7 13/9 Source: Real Estate Economic Institute Co., Ltd. (Thousand of units) 100 90 84 46.4 (10.6%) Metropolitan Tokyo Condominium Market: New Units Launched and Average Price per Unit New units launched (Left) -Average unit price metro Tokyo (Right) (Millions of yen) (Figures in blacket indicate OY change) 50.0 80 74 47.7 47.1 70 61 (2.8%) 60 45.3 (-5.0%) (4.0%) 45.7 (-2.9%) 50 41.0 40 42.0 (2.2%) 45 45 45.4 (-0.8%) 46 44 40.0 36 (0.0%) 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 30.0 2012 (Calendar years) Source: Real Estate Economic Institute Co., Ltd. 46#48Appendix 4 Property Sales Business Market Trends (Property Sales to Investors) Acquisition of Assets by J-REITs & Tokyo Stock Exchange J-REIT Index (Billions of yen) 799.9 800 Acquisition of assets by J-REIT (Left) TSE REIT Index (excl. dividends) (Right) 700 600 500 Jan.-Dec. 2011 ≈ 715bn Jan.-Dec.2012 ≈790bn 400 300 200 82.6 100 52.1 228.9 140.4 101.7 73.3 80.3 288.9 :229.4 203.3 201.3 205.9 174.0 118.9 3.5 2009 2009 2009 2009 2010 2010 2010 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1,800 1,600 1,400 1,200 545.5 Jan. Sep.2013..... 1,000 1.59T 250.5 800 600 400 200 2010 2011 4Q 1Q 2011 2011 2011 2012 2012 2012 2012 2013 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2013 2Q Source: The Association for Real Estate Securitization Cap Rates Trend (Results of the Real Estate Investor Survey, A Class Buildings in Tokyo's Marunouchi and Otemachi Districts) 5.0%) 4.3 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.0 4.0 3.8 3.8 4.0 3.5 3.5 3.5 3.5 3.0 2.0 4/2005 10/2005 4/2006 10/2006 4/2007 10/2007 4/2008 10/2008 4/2009 10/2009 4/2010 10/2010 10/2012 4/2013 Source: Results of Real Estate Investor Survey, Japan Real Estate Institute 4/2011 10/2011 4/2012 47#49Appendix 5 Shareholder Composition Shareholder Composition as of March 31 ■Individuals ■Financial Institutions ■Foreign Other companies, etc. 2013 5.8 35.9 47.9 10.4 2012 6.0 36.5 47.5 10.0 2011 6.1 35.6 48.3 10.0 2010 6.2 34.5 49.4 9.9 2009 6.3 37.0 47.3 9.4 2008 6.3 33.8 50.3 9.6 2007 6.4 36.7 47.8 8.8 2006 7.5 39.1 45.1 8.3 2005 9.3 45.7 37.6 7.5 2004 9.9 47.8 34.4 7.9 2003 10.9 52.9 29.1 7.1 2002 10.7 51.6 28.9 8.9 2001 10.9 49.0 30.2 9.9 2000 13.4 46.7 27.8 12.2 1999 11.5 52.2 25.1 11.3 1998 10.7 51.1 26.3 11.9 1997 11.9 48.8 25.6 13.7 1996 12.3 47.6 25.3 14.8 1995 13.5 50.1 19.8 16.6 1994 14.0 49.4 19.3 17.3 1993 14.7 48.3 19.1 17.9 1992 14.7 47.0 20.0 18.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 48#50Appendix 6 Operating Income by Segment Financial accounting segments FY2012 actual Leasing Innovation 2017 segments FY2012 actual 104.3 Holding Holding 2001 and Subleasing prior 2002 and after Property Sales 23.0 Management 41.5 (Billions of yen) 98.8 Trading 23.0 Management 47.7 Mitsui Home 0.5 Other (0.0) Other (21.4) Eliminations (21.2) Total 148.1 Total 148.1 49#51Disclaimer This presentation contains forward-looking statements that are based on information available and our judgment when we issued the presentation, and are subject to risks and uncertainties. Actual results may differ from our forecasts depending on factors including changes in economic conditions, market trends and operating conditions. Although we exercised due care in preparing this presentation, we assume no obligation to update, revise or correct the statements and do not warrant their usefulness, suitability for a specific purpose, functionality or reliability. This presentation is not intended to solicit investment. Investment decisions should be based solely on the judgments of the investor. 50 50