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Mitsui Fudosan America, Inc.

Mitsui Fudosan America, Inc. Corporate Overview. Meeting the Challenge of Global Real Estate Markets. Table of Contents. Mitsui Fudosan Group Who We Are Profile - Comparison of Major Real Estate Players Financial Highlights Origins of Mitsui Fudosan Notable Achievements

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Mitsui Fudosan America, Inc.

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  1. Mitsui Fudosan America, Inc. Corporate Overview Meeting the Challenge of Global Real Estate Markets

  2. Table of Contents Mitsui Fudosan Group • Who We Are • Profile - Comparison of Major Real Estate Players • Financial Highlights • Origins of Mitsui Fudosan • Notable Achievements • Scope of Operations Global Activities • Global Organization • Principal Activities • Investment Management Mitsui Fudosan America • Mission and Challenge Plan 2008 • Track Record/Projects • Asset Management Expertise • Investment Strategies

  3. Mitsui Fudosan - Who We Are • Japan’s largest comprehensive real estate company. • A company with a history of innovation, adaptation and anticipation that has kept it at the forefront of the real estate industry. • A company focused on creating value for our investors while maintaining our position as a global leader in real estate.

  4. Profile - Comparison of Major Real Estate Players Asset under management (sq. ft.): Office and Retail M i t s u i F u d o s a n M sq. ft. First Japanese-REIT (J-REIT), sponsored by Mitsui Fudosan, and Sumitomo Life Company

  5. Origins of Mitsui Fudosan The history of Mitsui Fudosan goes back to the House of Mitsui (Mitsui-family), the large Japanese merchant house that began as a drapery store in Edo (the old name for Tokyo) opened by Takatoshi Mitsui in 1673. Takatoshi Mitsui traded in dry goods, chiefly Nishijin brocades, which he bought in Kyoto and sold in Edo. His success was due to the boldness with which he introduced new management methods and marketing innovations including: cash payment, fixed pricing, inventory management, selling smaller cuts of cloth, division of labor, money exchange dealing and advertising. The spirit of innovation and adaptability that has been a hallmark of the House of Mitsui for centuries lives today at Mitsui Fudosan.

  6. Mitsui Fudosan Notable Achievements • Sponsorship of Japan’s first REIT (2001) • Development of Japan’s first factory outlet center (1995) • Development of Tokyo Disneyland (1983) • Development of Japan’s first regional shopping mall (1981) • Development of Japan’s first office skyscraper building (1968)

  7. Mitsui Fudosan Scope of Operations • Office buildings • Housing • Retail malls • Outlet centers As Japan’s largest comprehensive real estate company, Mitsui Fudosan develops, markets and manages: • Hotels • Sports & leisure facilities • Mixed-use properties …for our own account and, increasingly, on behalf of third parties.

  8. Mitsui Fudosan Global Organization

  9. Mitsui Fudosan Global ActivitiesOffice BuildingsOver 300 buildings (35,000,000 sq. ft.) under management in Japan, US, and Europe Kasumigaseki Building Tokyo First skyscraper in Japan (1968), 1,700,000 sq. ft. Mitsui Fudosan Headquarters Nihonbashi, Tokyo (1929) Gate City Osaki Tokyo Mixed-use Development (1999), 3,400,000 sq.ft.

  10. Mitsui Fudosan Global ActivitiesOffice Buildings Other Major Office Buildings in Tokyo, NY and London 1251 Avenue of the Americas Midtown, New York (1986), 2,300,000 sq. ft. Shinjuku Mitsui Building Tokyo (1974), 1,900,000 sq. ft. 20 Old Bailey London (1989), 193,000 sq. ft.

  11. Mitsui Fudosan Global ActivitiesRetail Developer and manager of regional shopping malls in more than 30 locations in Japan Tokyo Bay La La Port Funabashi, Chiba (1981), 2,800,000 sq. ft.

  12. Mitsui Fudosan Global ActivitiesOutlet Malls Jazz Dream Nagashima Nagashima, Aichi (2002) Yokohama Bayside Marina Outlet Mall Yokohama, Kanagawa (1998) La Fette Tama Osawa, Tokyo (2000)

  13. Mitsui Fudosan Global ActivitiesResidentialDeveloper of 25,492 condominium units and 3,827 single family houses (1998-2002) Park City Shonan Yokosuka, Kanagawa 161 units River City 21 Tokyo 756 units Aoyama Park City Tokyo 314 units

  14. Mitsui Fudosan Global ActivitiesHotels15 Hotels - 3,470 rooms in Japan ; 2 hotels - 754 rooms in the US Halekulani Hotel Oahu, Hawaii (1983), 456 rooms Garden Hotel Nara Nara, Japan (1998), 330 rooms

  15. Mitsui Fudosan Investment Management Shiodome City Center Tokyo (2003), 2,300,000 sq. ft. Tokyo Midtown Project Roppongi, Tokyo 6,092,000 sq. ft. The Government ofSingapore’s 1997 investment (95% of equity) in this Mitsui Fudosan-sponsored development project prompted the entry of new investors into the Japanese real estate market. Mitsui Fudosan directed the site acquisition, project conception and design, planning approvals, construction, and leasing (100% leased upon completion). The firm continues as property manager, leasing agent and asset manager. Currently, Mitsui Fudosan, with 5 institutional partners, is developing this 19 acre site in central Tokyo. The company’s mixed-use development, to be delivered in 2007, will have as its centerpiece a 54-story office tower capped by a 250-room Ritz Carlton Hotel, four additional buildings providing office space, 700-plus condominiums and a unique urban retail environment with direct access to public transportation.

  16. Mission of Mitsui FudosanChallenge Plan 2008 • Mission • Evolve as Japan’s leading real estate solutions and service provider. • Strategies • Customer-focused Management Provide investors, end users, and property owners with integrated solutions to their real estate needs. • Business Model Reform Become a less capital-intensive business by boosting income from property development and fee business. • Efficient Group Management Participate in alliances and mergers and acquisitions where we see opportunities to enhance our business structure and earnings.

  17. Mitsui Fudosan America Track Record/Projects Mitsui Fudosan America

  18. Mitsui Fudosan America Track Record/ProjectsUS Properties 1251 Avenue of the Americas New York Acquired in 1986 505 Montgomery San Francisco Developed in 1988 Figueroa at Wilshire Los Angeles Developed in 1990

  19. Mitsui Fudosan America Track Record/ProjectsUS Properties 461 Fifth Avenue New York Developed in 1988 Halekulani Hotel Honolulu Developed in 1983

  20. Mitsui Fudosan America Asset Management Expertise1251 Avenue of the Americas Mitsui Fudosan America implemented a complete building renovation program, including renovation of all common areas at 1251 Avenue of the Americas in the early 1990’s. Among the accomplishments during this re-positioning period at the property, the Company: • Strategically executed more than 2 million square feet of new leases during the building renovation program. • Completed a Comprehensive Asbestos Abatement Program without disruption to building or tenant operations. • Installed Class E Fire Alarm, Building Management and Security Systems. • Upgraded Elevator Systems and Cabs, Electrical Service and HVAC System. Mitsui Fudosan’s renovation and leasing efforts resulted in a doubling of 1251’s NOI and capitalized value from its 1986 acquisition. The property was also recognized as BOMA’s International Office Building of the Year for 1997/98.

  21. Mitsui Fudosan America Asset Management Expertise461 Fifth Avenue Mitsui Fudosan America’s quality asset management approach to office properties provided benefits at its 461 Fifth Avenue development. Notable achievements during the company’s ownership included: • BOMA New York Operating Building of the Year in 1996. • Consistently higher occupancy and rents than its competitive set. Additionally, faced with a declining leasing market and significant turnover of space in early 2002 due to the departure of the anchor tenant, which had outgrown the building, Mitsui Fudosan America: • Leased 9 floors in a period of 8 months in 2002. • Achieved rents averaging more than $57 per square foot. • Realized an opportunistic sale of its leasehold interest at a sub-7% yield • and a total valuation of $460 per square foot (including fee interest).

  22. Mitsui Fudosan America, Inc. 1251 Avenue of the Americas, Suite 800 New York, NY 10020 Telephone: (212) 403-5600 Fax: (212) 403-5657 www.mitsuifudosan.co.jp/english

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