Investor Presentaiton

Notes on Matters Stated in this Document MFLP Mitsui Fudosan Logistics Park Inc. *Unless otherwise specified, figures indicated in whole number 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. [Major properties developed/operated by Mitsui Fudosan] Based on materials released by Mitsui Fudosan on May 21, 2018 and November 5, 2019. 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 "32 facilities 480.0 billion yen 2,700,000 m2" 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. [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). [Four Roadmaps to Stable Growth and Trajectory of Growth] / [Steady Implementation of Four Roadmaps] / [Financial Highlights] / [Our Portfolio (After acquisition of properties acquired in the 8th FP)] "LTV" LTV = Balance of interest-bearing debt Total assets "Distribution per unit (DPU)" Includes distribution in excess of earnings. (Number of investment units issued and outstanding: 262,774 units at the end of 5th fiscal period / 379,000 units at the end of 6th and 7th fiscal periods / 441,000 units at the end of 8th and 9th fiscal periods) "Market cap' FP ended July 2019 (End of 6th FP): Closing price of the investment unit as of the end of the FP ended July 2019 (393,500 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended July 2019 (379,000 units) FP ended January 2020 (End of 7th FP): Closing price of the investment unit as of the end of the FP ended January 2020 (525,000 yen) x the number of MFLP-REIT's investment units issued and outstanding as of the end of the FP ended January 2020 (379,000 units) "After the 3rd follow-on offering": Closing price of the investment unit in regular trading as of February 28, 2020 (482,500 yen) x the number of MFLP-REIT's investment units issued and outstanding as of February 28, 2020 (441,000 units) "Total floor area" Figures based on the record on the register, rounding down to the nearest whole number. "Appraisal value" Appraisal value indicates figures corresponding to the quasi co-ownership interest ratio of each property. Appraisal values with January 31, 2020 (end of 7th FP) as the appraisal date are indicated for properties owned as of the end of 7th FP, and those with November 30, 2019 as the appraisal date are indicated for properties acquired in 8th FP. For MFLP Sakai, the total of appraisal value of each quasi co-ownership acquired (the value increased along with owning 100% interest is added for properties acquired in 8th FP (80% quasi co-ownership interest)) is indicated. However, such is not included in the appraisal value as of the end of 7th FP. "Adjusted forecast NOI yield" Annualized after subtracting the fixed asset tax and city planning tax for the properties acquired in 8th FP from the NOI assumed in the earnings forecast for the 8th and 9th 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. "NOI yield" Ratio of net operating income under direct capitalization method stated in real estate appraisal report ("Appraisal NOI") to acquisition price. "Average NOI yield" and subtotal (average) and total (average) for each category indicate the weighted average based on acquisition price. "Appraisal NOI yield" Appraisal NOI as a percentage of appraisal value. "Average appraisal NOI yield" and subtotal (average) and total (average) 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 January 31, 2020. "Average building age" and subtotal (average) and total (average) indicate the weighted average based on the total floor area, considering the quasi co-ownership interest of each property. "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 (logistics facilities only)" The total leased area of top five tenants as a percentage of the total leased area. "Acquisition capacity" Amount of debt that can be additionally financed supposing that LTV is raised to 50%. The amount indicated is rounded to the nearest billion yen. "NAV per unit" End of FP ended July 2019 (End of 6th FP): (Net assets as of the end of FP ended July 2019 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended July 2019) / Number of investment units issued and outstanding (379,000 units) End of FP ended January 2020 (End of 7th FP): (Net assets as of the end of FP ended January 2020 + Unrealized gain on appraisal basis - Total distribution amount) (=NAV as of the end of FP ended January 2020) / Number of investment units issued and outstanding (379,000 units) "After the 3rd follow-on offering" and "After acquisition of properties acquired in the 8th FP": (NAV as of the end of FP ended January 2020 (End of 7th FP) + Unrealized gain on appraisal basis of properties acquired in 8th FP (*) + Total issue amount of the 3rd follow-on offering (29,727,512,000 yen) /Number of MFLP-REIT's investment units issued and outstanding after the 3rd follow-on offering (441,000 units) *Unrealized gain on appraisal basis of properties acquired in 8th FP: (total) Appraisal value of properties acquired in 8th FP - (total) Acquisition price of properties acquired in 8th FP. "Unrealized gain" A period-end book value is indicated for properties held by MFLP-REIT as of the end of 7th FP, and a figure obtained by subtracting the total of acquisition prices from appraisal value is indicated for properties acquired in the 8th FP. "Occupancy rate" Leased area as a percentage of leasable area. Based on concluded agreements as of January 31, 2020. 33 43