Mitsui Fudosan America, Inc.Corporate Overview

Meeting the Challenge of Global Real Estate Markets

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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

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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.

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Profile - Comparison of Major Real Estate Players

Asset under management (sq. ft.): Office and Retail

M sq. ft.

First Japanese-REIT (J-REIT), sponsored by Mitsui Fudosan, and Sumitomo Life Company

3.26

12.98

14.01

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31.86

34.69

43.5

0 10 20 30 40 50Nippon Office Building Fund Mori BuildingSumitomo Real Estate CarrAmericaMitsubishi Estates Mitsui FudosanBoston Properties

M i t s u i F u d o s a n

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Origins of Mitsui FudosanThe 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.

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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)

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Mitsui Fudosan Scope of Operations

Office buildings

Housing

Retail malls

Outlet centers

Hotels

Sports & leisure facilities

Mixed-use properties

As Japan’s largest comprehensive real estate company,

Mitsui Fudosan develops, markets and manages:

…for our own account and, increasingly, on behalf of third parties.

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Mitsui Fudosan Global Organization

Mitsui Fudosan HQTokyo

Mitsui Fudosan AmericaNew York

Mitsui Fudosan FranceParis

Mitsui Fudosan UKLondon

Mitsui Fudosan AsiaSingapore

T.I. D.SingaporeJ.V. with

Singapore Capital

Halekulani Corporation

Honolulu

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Mitsui Fudosan Global ActivitiesOffice Buildings

Over 300 buildings (35,000,000 sq. ft.) under management in Japan, US, and Europe

Mitsui Fudosan HeadquartersNihonbashi, Tokyo

(1929)

Gate City OsakiTokyo

Mixed-use Development(1999), 3,400,000 sq.ft.

Kasumigaseki BuildingTokyo

First skyscraper in Japan(1968), 1,700,000 sq. ft.

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Mitsui Fudosan Global ActivitiesOffice Buildings

Other Major Office Buildings in Tokyo, NY and London

Shinjuku Mitsui BuildingTokyo

(1974), 1,900,000 sq. ft.

20 Old BaileyLondon

(1989), 193,000 sq. ft.

1251 Avenue of the Americas Midtown, New York

(1986), 2,300,000 sq. ft.

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Mitsui Fudosan Global ActivitiesRetail

Developer and manager of regional shopping malls in more than 30 locations in Japan

Tokyo Bay La La PortFunabashi, Chiba

(1981), 2,800,000 sq. ft.

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Mitsui Fudosan Global ActivitiesOutlet Malls

Yokohama Bayside Marina Outlet MallYokohama, Kanagawa

(1998)

La Fette TamaOsawa, Tokyo

(2000)

Jazz Dream NagashimaNagashima, Aichi

(2002)

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Mitsui Fudosan Global ActivitiesResidential

Developer of 25,492 condominium units and 3,827 single family houses (1998-2002)

River City 21Tokyo

756 units

Aoyama Park CityTokyo

314 units

Park City ShonanYokosuka, Kanagawa

161 units

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Mitsui Fudosan Global ActivitiesHotels

15 Hotels - 3,470 rooms in Japan ; 2 hotels - 754 rooms in the US

Halekulani HotelOahu, Hawaii

(1983), 456 rooms

Garden Hotel NaraNara, Japan

(1998), 330 rooms

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Mitsui Fudosan Investment Management

The Government of Singapore’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.

Shiodome City CenterTokyo

(2003), 2,300,000 sq. ft.

Tokyo Midtown ProjectRoppongi, Tokyo6,092,000 sq. ft.

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.

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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.

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Mitsui Fudosan America Track Record/Projects

1251 Avenue of the Americas, New York, NY

Office Building, Acquired in 1986

2,300,000 sq. ft

Halekulani Hotel, Waikiki, HI

5-Diamond Hotel, Developed in 1983

456 rooms

Waikiki Parc Hotel, Waikiki, HI

Hotel, Developed in 1987

298 rooms

461 Fifth Avenue, New York, NY

Office Building, Developed in 1988

202,000 sq. ft.

Sold in 2003

Bedminster One, Bedminster, NJ

Office Building, Acquired in 1987

163,000 sq. ft.

Sold in 1999

Clock Tower Project, San Francisco, CA

Loft Housing Project, Developed in 1992

209,000 sq. ft.

Sold in 1994

505 Montgomery, San Francisco, CA

Office Building, Developed in 1988

333,000 sq. ft.

Sold in 1999

The Crossings At Oak Brook, Oak Brook, IL

Office Complex, Acquired in 1993

300,000 sq. ft.

Sold in 1997

Landmark Building, Canoga Park, CA

Office Building, Purchased in 1986

52,000 sq. ft.

Sold in 1989

2700 Ygnacio Valley Road

Office Building, Acquired in 1985

100,000 sq. ft.

Sold in 1996

The Demonet Building, Washington, DC.

Office Building, Acquired in 1987

96,000 sq. ft.

Sold in 1998

Oak Ridge Business Center, Vista, CA

Business Park, Developed in 1984

563 acre project

Sold in 2000

Amfac Center, Honolulu, HI

Office Building, Acquired in 1988

473,000 sq. ft.

Sold in 2001

Figueroa at Wilshire (Sanwa Bank Plaza), Los Angeles, CA

Office Building, Developed in 1990

950,000 sq. ft.

Sold in 1999

Palomar Airport Business Park, Carlsbad, CA

Office Park, Developed in 1974

350 acre project

Sold in 1990

AT&T Center, Los Angeles, CA

Office Building, Acquired in 1979

700,000 sq. ft.

Sold in 1999

Rancho Palos Verdes Project, Pallos Verdes, CA

Housing Project, Developed in 1988

60 acre, 126 unit project

Sold in 1994

Mitsui Fudosan (France), S.A. Mitsui Fudosan (UK)

Etoile Tilsitt, 7 rue de Tilsitt, Paris

Office Building, Acquired in 1979

Renovated and converted in 1984

36,000 sq. ft.

Sold in 2001

20 Old Bailey, London

Office Building, Acquired in 1989

193,000 sq. ft.

Currently own 50% interest

St. James Square Building

Office Building, Acquired in 1983

97,000 sq. ft.

Sold in 1999

Mitsui Fudosan America

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Mitsui Fudosan America Track Record/ProjectsUS Properties

Figueroa at WilshireLos Angeles

Developed in 1990

505 MontgomerySan Francisco

Developed in 1988

1251 Avenue of the AmericasNew York

Acquired in 1986

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Mitsui Fudosan America Track Record/ProjectsUS Properties

461 Fifth AvenueNew York

Developed in 1988

Halekulani HotelHonolulu

Developed in 1983

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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.

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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).

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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