Investor Presentation
for Merger
Aug 5, 2024
0

The Merger described in this press release involves securities of a Japanese company. The Merger is subject to disclosure requirements of Japan that are different fromthose of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign
accounting standards that may not be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and someor all of their officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court forviolations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court’s judgment.
You should be aware that the issuer may purchase securities otherwise than under the Merger, such as in the open market or through privately negotiated purchases.

1

Executive Summary

Overview of the Merger• Conducted an absorption-type merger with Mitsui Fudosan Logistics Park Inc (MFLP-REIT) as thesurviving company and Advance Logistics Investment Corporation (ADL) as the dissolving
company• Merger of 2 dedicated logistics J-REITs to result in significant expansion of asset size andimprove operational efficiency• Mitsui Fudosan and ITOCHU Group to be dual sponsors through an absorption-type company
split of the asset management company• Aim for further growth through promotion of the growth strategy with acquisition of 3 ADL
pipeline properties

p.3

Effects of the Merger• Post-acquisition asset size to be 576.5 billion yen (11th amongst J-REITs), enhancing liquidity
and presence in J-REIT market• Larger asset size will drive portfolio diversification, further improving stability• Aim to enhance unitholder value through strengthened sponsor support with dual sponsorshipby comprehensive developer and general trading company

p.8

Further growth strategy
as a representative ofdedicated logistics
J-REIT• Continue to acquire property from abundant pipeline backed by the development capabilitiesof two sponsors, promoting external growth strategy• Strengthen internal growth capabilities through leasing activities that capitalize on platforms
and networks of a comprehensive developer and general trading company• Expand investment strategies to target further growth, such as promoting acquisitions in new
asset classes by leveraging improved stability owing to larger asset size

p.15

2

1. Overview of the Merger

×

3

1

Overview of the Merger

Overview and Schedule of the Merger
Overview of the Merger

Schedule of the Merger
MFLP-REIT(Surviving REIT)

Absorption-type Merger
Type of theSurviving REIT：Mitsui Fudosan Logistics Park Inc. (MFLP-REIT)
Merger
Dissolving REIT：Advance Logistics Investment Corporation (ADL)

MFLP-REIT：ADL＝1：1.168
Merger Ratio (before investment unit split, MFLP-REIT：ADL＝1：0.292)(Allocate 1.168 units of MFLP-REIT per 1 unit of ADL)

MFLP-REIT will implement a 1-to-4 split of the investment units inorder to enable the unitholders of ADL to
Investment
continue to hold MFLP REIT’s investment units after the Merger
unit split※Effective date of investment unit split is scheduled on Nov 1,
2024.
Record datefor General MFLP-REIT：Jul 31, 2024
Meetings of ADL：Aug 31, 2024
Unitholders

Execution date of
the Merger agreement

ADL(Dissolving REIT)

Aug 5, 2024

General meeting ofunitholders

Sep 30, 2024

Oct 10, 2024

Delisting-Oct 30, 2024

End of the current
fiscal period

Period ending
Oct. 31, 2024
(3-month settlement)

Effective date ofMerger

Payment of distributions(Payment of cash delivered
due to the Merger)

End of the first fiscal
period after the Merger

Nov 1, 2024

Jan 2025(DPU for the period
ending Oct. 31, 2024)

Jan 2025(Payment of money delivered
due to the Merger)

Period ending Jul. 31, 2024
(9-month settlement)

4

1

Overview of the Merger

Merger Scheme
Before the Merger
Unitholders

Unitholders

After the Merger

Unitholders

Unitholders

Unitholders
Allocate 1.168
units of MFLPREIT per 1 unit of
ADL

Merger surviving corporation
Investment
Corporation

Absorption-type merger

ITOCHU REIT Management Co., Ltd.

Asset
Management

Mitsui Fudosan
Logistics REITManagement Co., Ltd(MFLM)

ITOCHU REIT Management
Co., Ltd(IRM)
Residence J-REIT Division
Private Capital AM Division

Residence J-REIT Division

Residential AssetManagement
Department

Asset Management
Mitsui Fudosan Logistics REIT Management Co., Ltd.
Logistics J-REIT Division
Logistics REIT
Department

Logistics Strategy
Department

Absorptiontype company
split

Logistics J-REIT Division

Sponsors

100%

80%

20%

Mitsui Fudosan Co., Ltd

ITOCHU
Corporation

ITOCHU
Property
Development
Ltd.

77%

Mitsui Fudosan Co., Ltd.

New stock as
consideration

23%

Residential
Investment
Department

Residential
Strategy
Department

Logistics
J-REIT Division

Private Capital
AM Division

Logistics REIT
Department

Private REIT Department(Diversified)Logistics Strategy
Department

Private Fund Department(Diversified)

80%

20%

ITOCHU
Corporation

ITOCHU
Property
Development
Ltd.

5

1

Overview of the Merger

Overview of MFLP-REIT (after the Merger)
MFLP-REIT

ADL

399.7 billion yen(based on acquisition price)139.2 billion yen

Asset size

No. of properties(based on acquisition price)

30 properties

Anticipated acquisitions
10.7 billion yen

MFLP-REIT(after the Merger)
576.5 billion yen

166.0 billion yen(based on anticipated acquisition
price)(based on (anticipated) acquisition price+ expected acceptance price)

16 properties

3 properties

49 properties

4.0% billion yen

4.2％

4.4％

(based on expected acceptanceprice)

4.8% billion yen

Average NOI yield

4.6％(based on acquisition price)(based on expected acceptanceprice)

Average building age

7.1 years

7.5 years

1.6 years

7.1 years

Average occupancy rates

99.8％

93.3％

100％

98.1％

Average lease period/
Average remaining
lease period

9.6 years / 3.9 years

9.5 years / 5.2 years

8.4 years / 7.3 years

9.6 years / 4.3 years

LTV

40.5％

44.2％

LTV-based capacity for
Acquisitions (at 50% LTV)

73.0 billion yen

16.0 billion yen

LT issuer credit rating (JCR)

AA (stable)AA- (stable)

9,313 yen

(Forecasted DPU for theperiod ending Feb. 28, 2025)

DPU (forecast)(Per one MFLP investment
unit before the merger andinvestment unit split basis)(Forecasted DPU for theperiod ending Jan. 31, 2025)

39.9％
LTV management andstable financial operation

AA (stable)(after the Merger prospect)

9,623 yen

(Converted amount considering
merger ratio)

113.0 billion yen

9,912 yen

Continuing to strive forstable management(Forecasted DPU for the period
ending Jan. 31, 2026)(Converted amount per unit before
investment unit split)

6

1

Overview of the Merger

Overview of the Acquisition
IMP Atsugi 2

Box type

Location

Isehara, Kanagawa

Anticipatedacquisition price

4,712 million yen

Anticipatedacquisition date

Nov 1, 2024

Constructed period

June 2022

Total floor space

15,530㎡

Occupancy

100%

NOI Yield

4.2%

IMP Kazo

Box typeKazo, Saitama

Anticipatedacquisition price

3,031 million yen

Anticipatedacquisition date

Nov 1, 2024

Constructed period

September 2022

Total floor space

11,173㎡
100%

NOI Yield

4.4%

Approximately 2.5km from IC

Solar panels

Emergency power generator

Location➢

Located in an industrial area and adjacent to the industrial park zones of Utagawa Sangyo Square and Naruse Daini districts.
Surrounding area has high concentration of manufacturing plants and logistics facilities➢

Superior access to expressways, located 2.5 km from Atsugi Minami Interchange (IC) on the Shin Tomei Expressway, and 3 km
from Atsugi IC on the Tomei Expressway and the Odawara-Atsugi Road. Suitable for wide-area deliveries to Kanagawa and
Shizuoka Prefectures as well as Tokyo➢

Located in Isehara City, with a population of roughly 100,000 as of 2022; sufficient population for securing in a workforce for thefacility

Characteristics

Location

Occupancy

Shin-Tomei Expressway

Tohoku Expressway

IMP Yoshikawa Minami(50％) Box type
Location

Yoshikawa, Saitama

Anticipatedacquisition price

3,019 million yen

Anticipatedacquisition date

Nov 1, 2024

Constructed period

September 2023

Total floor space

17,852㎡

Occupancy

100%

NOI Yield

3.9%➢

Highly adaptable advanced logistics facility. Single floor area is 1,174 tsubo (3,883 sqm). 4 stories above ground with total floorarea of approx. 4,698 tsubo (15,530sqm). Effective ceiling height 5.5m, loading capacity of 1.5t/sqm➢

Can be used as single tenant space but possible to split to accommodate up to a maximum of 2 tenants

Approximately 2.2km from IC

Solar panels

Emergency power generator

Location➢

Located in industrial district Otone Toyonodai Techno Town. High concentration of manufacturing plants and logistics facilities insurrounding area➢

2.2km from Kazo IC on the Tohoku Expressway. Access to the Greater Tokyo area via the Ken-Oh Expressway from the Kuki
Shirakawa Junction on the Tohoku Expressway, which is 9km south of Kazo IC. Suitable for wide-area delivery to Greater Kantoarea, including Kanagawa/Chiba Prefectures and Tokyo➢

Population of Kazo City as of 2022 was 110,000, sufficient for securing a workforce for the facility

Characteristics➢

Single floor area approx. 1,127 tsubo (3,724 sqm). 3 stories above ground with total floor area of 3,380 tsubo (11,173 sqm)➢

BCP measures: Emergency power generating facilities on site. Facility is environmentally friendly with energy-saving features suchas rooftop solar panels

Tokyo Gaikan Expressway

Approximately 6.0km from IC

Solar panels

Emergency power generator

Location➢

Located in industrial district of the Yoshikawa Minami Station East Exit Area Land Readjustment Project. Adjacent to highconcentration of manufacturing plants and logistics facilities in Misato and Nagareyama➢

Located 6km from Gaikan Misato Nishi IC of the Tokyo Gaikan Expressway. Can also be accessed from Joban Expressway’s Misato
Junction and National Route16’s Kashiwa IC. Provides access to not only Greater Tokyo including its 3 prefectures but to the 3
northern prefectures of the Kanto area via the Tokyo Gaikan Expressway➢

Within walking distance of Yoshikawa Minami Station on the JR Musashino Line. Population of the broader surrounding areas of
Misato, Nagareyama, Noda, Koshigaya and Matsufushi is approx. 870,000. Highly promising area for securing a workforce givenhigh need for jobs in the area

Characteristics➢

Tenant needs for cold storage facilities highly sticky; likely to attract long-term, stable tenants➢

BCP measures: Emergency power generating facilities on site. Facility is environmentally friendly with energy-saving features suchas roof-top solar panels

72. Effects of the Merger

×

8

2

Effects of the Merger

Summary
Operating environment

Rise in interest rate, inflation

Performance of J-REIT market deteriorating

Intensifying competition for acquisitions,soaring construction costs

Expanded asset size toelevate market presence• Market presence to improve after the Merger, with asset size rising to 576.5 billion yen. Also boosts investment
unit liquidity, reflecting higher market capitalization• Aiming for sustainable growth as a representative of dedicated logistics J-REIT, through continuous external
growth which enhances unitholder value

Better stability resulting fromadvances in portfolio
diversification• Improved profit stability from further portfolio diversification due to the expansion of number of properties• Top 5 property ratio to decline from MFLP-REIT 34.7%, ADL 72.9% to 30.3%; top 5 tenant ratio to also remain low
level from MFLP-REIT 27.4%, ADL 70.7% to 29.8% after the Merger

Dual sponsorship structurewith comprehensive
developer and general
trading company• Elevate sponsor support with dual sponsorship structure consisting of comprehensive developer Mitsui
Fudosan and general trading company ITOCHU group• Merger to create combined portfolio with 2 advanced logistic facilities' brands, MFLP and IMP; maintain focus
on quality• Aim to elevate unitholder value through external and internal growth. Further strengthen property pipeline
supply capability and leasing capability by leveraging the platforms and networks of both sponsors

92

Effects of the Merger

Enhance presence amongst J-REITs through the Merger(billion yen)
1,500
15,0001,250
12,500

Dedicated logistics J-REIT

Merger to improve liquidity, owing to enhanced presence
amongst J-REITs and higher market capitalization
Achieve MFLP-REIT’s Medium-term asset
size target of 500.0 billion yen

1,000
10,000

MFLP-REIT(after the Merger)

576.5 billion yen

750
7,500

MFLP-REIT

399.7 billion yen

500
5,000

ADL

250
2,500

139.2 billion yen

0
ADL

MFLP
MFLP-REIT

MFLP-REIT
MFLP(after the(合併後)
Merger)10

2Effects of the Merger

External growth track record since listingThrough the Merger, each REIT will achieve significant asset size growth in a weak J-REIT market
Expansion of asset size
MFLP-REIT (after the
Merger): Accelerate growth,
capitalizing on a dual
sponsorship structure

MFLP-REIT：Medium-term asset size target 500.0 billion yen
ADL：Medium-term asset size target 200.0 billion yen(billion yen)
700.0
7,000

6,000
600.0

Aim for continuous external growth
to improve unitholder value

MFLP-REIT
ADL
MFLP-REIT (after the Merger)

Achieve substantial asset size
576.5
growth through the Merger

500.0
5,000

4,000
400.0
342.2
3,000
300.0

282.4

2,000
200.0

1,000
100.0

78.7

103.5

98.2
53.8

399.7

297.6

156.7
75.5

372.4

111.4

126.7

133.2

139.2

58.8

0
2016
2016/8
MFLP-REIT
Listing20172018
2018/9ADL Listing

2019

2020

2021

2022

2023

Beforethe Post-Merger
After the
Pre-Merger
MergerMerger2024/11Merger(year)

112

Effects of the Merger

Progress on portfolio diversification through the Merger and asset acquisition

No. of properties

MFLP-REIT

ADL

Anticipated acquisitions

MFLP-REIT(after the Merger)

30 properties

16 properties

3 properties

49 properties

399.7 billion yen(based on acquisition price)139.2 billion yen

10.7 billion yen

576.5 billion yen(based on acquisition price)

166.0 billion yen(based on anticipatedacquisition price)(based on (anticipated)acquisition price + expected
acceptance price)

Top 5 property
ratio

34.7%

72.9%

-

30.3%

Top 5 tenant
ratio

27.4%

70.7%

-

29.8%

Asset size

Investment ratio
by property type

Regional Ratio

Rampway type
33.9％

Data center 6.8％
Box type
19.6％

Other
3.1％

Box type
51.8％

Rampway type
29.4％

Slope type
39.7％

Slope type
15.7％

Hiroshima area Kyushu area
2.2％
3.9％
Greater
Nagoya area
6.6％
Greater
GreaterTokyo area
Osaka area
57.0％
30.3％

Other
1.2％

BTS 6.8％
Other 6.9％

Investment ratio
by tenant type(based on excepted
acceptance value)

Box type
100％

Other 0.8％ Data center
Rampway type
4.7％
32.1％
Box type
30.4％
Slope type
31.9％

GreaterTokyo area
100％
GreaterTokyo area
98.8％
BTS 3.1％

Multi
34.8％

Multi
55.6％

Kyushu area Other 3.0％
1.5％Greater
Nagoya area
4.5％
Greater
Greater
Osaka area
Tokyo are
20.7％
70.3％
BTS 5.5％
Other 4.8％

Single
100％
Multi
48.4％

Single 30.6％

Single 62.0％

Single 41.3％

122

Effects of the Merger

Will continue to own and operate MFLP and IMP brands after the Merger
Going forward, will continue to own and operate under the respective branding for properties developed by each sponsor
MFLP Properties

IMP Properties

Rampway type

MFLP
Yokohama Daikoku

Rampway type

MFLP Hino

GLP・MFLP
Ichikawa Shiohama

MFLP Ibaraki

MFLP Prologis Park
Kawagoe

MFLP Sakai

Slope type

IMP Noda

Slope type

IMP Kashiwa 2

IMP IchikawaShiohama

Box type

MFLP Atsugi

MFLP Kuki

MFLP Yachiyo
Katsutadai

MFLP Komaki

MFLP Inazawa

MFLP Atsugi II

MFLP Hiroshima I

MFLP Osaka Katano

MFLP Kawaguchi I

MFLP Osaka I

MFLP Tomei Ayase

IMP Atsugi

IMP Kashiwa

IMP Moriya

IMP Misato

IMP Chiba-Kita

IMP Inzai

IMP Moriya 1

IMP Inzai 2New

Box type
IMP Tokyo-Adachi

IMP Miyoshi

IMP Atsugi 2

New

IMP Kazo

New

MFLP Kashiwa

MFLP Funabashi
Nishiura

MFLP Hiratsuka II

MFLP Yashio

MFLP Hiratsuka

MFLP Hiratsuka III
IMP Yoshikawa-Minami（50％）

MFLP Tsukuba

MFLP Fukuoka I

SG Realty MFLP
Fukuoka Kasuya

MFLP
Tokorozawa

MFLP Shinkiba I

132

Effects of the Merger

Strengthen sponsor support through a dual sponsorship structure, consisting of acomprehensive developer and general trading company

Maximize unitholder value
External GrowthInternal Growth

Stable Management

Create a dual sponsorship structure

Strong development
capabilities as acomprehensive developer
Superior land sourcing ability
enabled by CRE strategies

Superior leasing
capability
leveraging Group’s
network
Office building
businessclient network
Approx. 3,000 firms

Cumulative total investment
size as of July 2024
75 properties
Approx. 1,200.0 billion

Retail facility businessclient network
Approx. 2,500 firms
Strong relationships
with leading 3PL
operators

Evolutional solutionsbased
asset management

Group Strengths inReal Estate and Logistics
Business

End user/Logistics company

Site procurement, facility development,
and leasing capabilities for logistics real
Extensive client network
estate cultivated over 19 years sinceof 100,000 companies
2004.

Mitsui Fudosan Group General Consulting Company"MF Logistics Solutions"

Mitsui Fudosan Management End User Community"Logistics Innovation Community"

Cutting edge solutions
State-of-the-art solution showroom
State-of-the-art technology at MFLP-REIT
Utilization and accumulation of know-how
DX solutions for receiving anddispatching processes

Past development andinvestment resultsGroup Strength
as a General Trading Company

Covers wide business

42 properties
domain of upstream toapprox. 1.8 million square meters

Experience
as a logistics operator
Experience in J-REIT andlogistics real estate
operation & management

downstream ofcommercial channelHigh presence in
consumer-related
businesses

ITOCHU relatedcompanies provide
diverse solutions
Construction cost
Construction cost
Environment
Work environment

Timee

Work environment
Tenant leasing

souco

14

3. Further growth strategy as a representativeof dedicated logistics J-REIT

×

15

3

Further growth strategy as a representative of dedicated logistics J-REIT

Summary•

External Growth••Internal Growth

Financial Strategy

•

•
•

•

New Investment
Strategy••••

ESG Initiatives•

Enhance property pipeline supply capability, backed by a dual sponsorship structure consisting of acomprehensive developer and general trading company. Properties covered by the right of first look andpreferential negotiation rights agreement increased to 10 properties, 1.02 million sqm
In future, will continue to make acquisitions from an abundant pipeline backed by the development
capabilities of both sponsors. Merger to further accelerate the growth strategy
Aim to further strengthen internal growth capability through leasing activity which capitalizes on theplatforms and networks of both sponsors
Aim to negotiate rent reversions which reflect market conditions. 45.7% of total leases expire in less than 3
years; 66.4% expire in less than 5 years

After the Merger, LTV to decline to 39.9%; acquisition capacity (at LTV of 50%) to expand to 113.0 billion
yen
Aim to further improve credit rating by promoting stable financial operations

Maximize external growth opportunities, taking into account increasing opportunities to acquire new
asset classes such as data centers, cold storage facilities and research facilities
Consider asset recycling to enhance portfolio stability and improve profitability
Consider redevelopment of existing properties to be implemented by the REIT
Consider expansion of acquisition area with the aim of acquiring highly profitable properties in regional area
Major sustainability initiatives of each REIT to be maintained. After the Merger, will continue to collaborate
with both sponsors in promoting initiatives to address ESG issues
Both sponsors will maintain same boat investments after the Merger: Unit holding ratio after the Merger for
Mitsui Fudosan and ITOCHU Corporation will be 3.59% and 1.22% respectively

16

3

Further growth strategy as a representative of dedicated logistics J-REIT (External Growth)

Dual sponsorship structure to expand pipeline
Properties covered by “Right of first look and preferential negotiation rights agreement” and Preferential Negotiation Rights Properties：10 properties1,020,000㎡

Mitsui Fudosan

ITOCHU Group

Properties covered by the “Right of first look and preferential negotiation rights agreement”

Preferential Negotiation Rights Properties

7 properties Construction completed 900,000㎡
LeasedCompleted

LeasedCompleted

LeasedCompleted

3 properties Construction completed 110,000㎡
LeasedCompleted

75%

MFLP Hino

Construction completion

Completed

60%

MFLP Funabashi II

MFLP Funabashi III

MFLP Ichikawa
Shiohama II

Properties developed/operated by Mitsui Fudosan
in fiscal 2016
MFLP船橋I

LeasedConstruction completionin fiscal 2019
MFIP羽田Construction completionin fiscal 2019
MFLP横浜港北Construction completionin fiscal 2019

Completed

50%

MFLP・OGUD
Osaka Torishima

Construction completionin fiscal 2020

Construction completionin fiscal 2024

51%

41.5%

MFLP Zama

Construction completionin fiscal 2020

LeasedCompletedIMP
Yoshikawaminami

Construction completionin fiscal 2022

Construction completionin fiscal 2025

MFLP Tosu

MFLP Kawasaki I

MFLP Tachikawa
Tachihi

MFLP Tosu

Tokyo Rail Gate
EAST

Construction completionin fiscal 2022

Construction completionin fiscal 2023

Construction completionin fiscal 2023

Construction completionin fiscal 2023

Construction completionin fiscal 2024

Construction completionin fiscal 2024

Construction completionin fiscal 2024

MFLP Ebina I

MFLP Yatomi Kisosaki MFLP Shinkiba II

MFLP Ebina Minami

MFLP Sendai Natori I

MFLP Nagoya
Iwakura

MFLP・LOGIFRONTTokyo Itabashi

Construction completionin fiscal 2024

Construction completionin fiscal 2025

Construction completionin fiscal 2025

Construction completionin fiscal 2025

Construction completionin fiscal 2025

Construction completionin fiscal 2025

Construction completionin fiscal 2026

MFLP Tsukubamirai

MFLP Ichinomiya

MFLP Misato

MFLP Iruma I

MFLP Amagasaki I

MFLP Sendai Natori II MFLP Iruma II

Construction completionin fiscal 2026

Construction completionin fiscal 2026

Construction completionin fiscal 2026

Construction completionin fiscal 2027

Construction completionin fiscal 2027-2028

Other Data center1 property

MFLP Funabashi
Minamikaijin
Overseas
9 properties

MFLP Sugito(tentative name)

Yodogawa-ku
Kashima Logistics
Facility Plan
(tentative name)Completed

IMP Kasugai

IMP Kuwana

Construction completionin fiscal 2025

Project A

Construction completionin fiscal 2026

IMP Neyagawa(tentative name)(tentative name)

Hino DC Project

MFIP Ebina

LeasedITOCHU Group’s owned/developed properties

IMP Tanotsu(tentative name)

MFLP Haneda

Completed

50％

MFLP Yokohama
Shinkoyasu

MFLP Funabashi I

LeasedSagamihara DC
Project

MFLP Kyoto
Hachiman I・II

17

3

Further growth strategy as a representative of dedicated logistics J-REIT (Internal Growth)Strengthen internal growth by leveraging the relationships of bothsponsors in leasing activity
Reinforcement of Internal Growth

Tenant diversification after the Merger

Strengthen internal growth by leveraging the relationships of both sponsors
in leasing activity

LOGISTEED East Japan

Occupied by many tenants that havea relationship with Mitsui Fudosan and ITOCHU Group

Nakano Shokai

Leaseagreement

Approx.

End userOwner of logistics
facility

BIG CAMERA

Lease
agreement

Logistics
firm

Logistics
agencyagreement

KDDI
Kokubu Shutoken

Fully leverage the Mitsui Fudosan Group’s broad client network
Strong relationships
with leading 3PL
operators

Fully capitalize on the broad customer
networks of both sponsors
Utilization of platform of ITOCHU Group, a general trading company

Extensive client network of
100,000 companies

Covers Wide businessdomain of upstream todownstream ofcommercial channel

Marubeni Transport Service

High presence in
consumer-related
businesses

SENKO

Mitsui-Soko Logistics

End userJapan Logistics Systems

Major clothing manufacturing andretail industry
NTT LOGISCO

MisumiCan directly approach logistics firms and end users
regardless of contract type

Retail facility businessclient network
Approx. 2,500 firms

100 firms

3PL company(3PL operator, etc.)

Office building
businessclient network
Approx. 3,000 firms

Major EC company

OthersRakutenSangetsu
Daiwa Corporation
Sun City Building

Sagawa Global Logistics

NIPPON EXPRESS

Staggering of lease expiration dates after the Merger(thousand ㎡)

700

500

608

Lease up for renewal in less than 5 years 66.4%

600

Lease up for renewal in less than 3 years 45.7%

400
300

226

200
100

0

222

186

209

162

98

128

80

41

23
FP
24年
Ending
10月期
2024/10FP
25年
Ending
7月期
2025/7FP
26年
Ending
1月期
2026/1FP
26年
Ending
7月期
2026/7FP
27年
Ending
1月期
2027/1FP
27年
Ending
7月期
2027/7FP
28年
Ending
1月期
2028/1FP
28年
Ending
7月期
2028/7FP
29年
Ending
1月期
2029/1On and after
FP
29年
30年
FP
Ending
7月期 1月期以降
Ending2029/72027/718

3Further growth strategy as a representative of dedicated logistics J-REIT (Financial Strategy)

LTV to decline and acquisition capacity to increase as a result of the Merger
Improvement in long-term issuer rating (JCR)
MFLP-REIT

MFLP-REIT（after merger Prospect）

AA（Stable）

Interest-bearing debt maturity ladder（million yen）■MFLP-REIT borrowing ■ADL borrowing ■MFLP-REIT Unsecured Bonds ■ADL Unsecured Bonds
20,00018,00016,000AA（Stable）

ADL

AA-（Stable）

2,000
3,000

14,0004,000

10,000LTV on total assets to decline and acquisition
capacity to increase
LTV on total assets

1,500

6,000

5,120 3,950

MFLP-REIT (after merger Forecast)

3,000 3,600

1,000
10,100
7,700

44.2%

8,500

7,200

10,9009,400 8,900 8,700

2,00010,000

3,700

5,200
3,000

1,700

FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
FP
Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending Ending
2024/7 2025/1 2025/7 2026/1 2026/7 2027/1 2027/7 2028/1 2028/7 2029/1 2029/7 2030/1 2030/7 2031/1 2031/7 2032/1 2032/7 2033/1 2033/7 2034/1 2034/7 2035/1 2035/7

Unsecured Bonds（billion yen）

The Joyo Bank
The 77 Bank
Daishi Hokusetsu Bank
Sumitomo Life Insurance Company
Mitsui Sumitomo Insurance
Risona Bank
Nippon Life Insurance Company

150
1,500

Development Bank of Japan

LTV-based capacity for Acquisitions (at 50% LTV)
Acquisition capacity to expand

113.0

The Chiba bank
The Yamaguchi bank

73.0

OthersTotal lenders: 29
Total borrowings￥215.6 bn

16.0
ADL

（FP ending Jan. 2025（FP ending Feb. 2025
Forecast）
Forecast）

MFLP-REIT（after the Merger
Forecast）

Sumitomo Mitsui
Banking Corporation

Mizuho Bank

(Includes Investment
Corporation Bonds)
Sumitomo Mitsui TrustBank

SBI Shinsei Bank

50
500

MFLP-REIT

7,500

15,200

2,100

39.9%

ADL（FP ended Feb. 2025 Forecast）

0

2,650

Lender formation

40.5%

100
1,000

3,680

5,900 5,600
2,000

4,500

5,000

11,800
5,000

4,000
0

MFLP-REIT（FP ended Jan. 2025 Forecast）

8,000

8,000

2,000

7,500

5,020

12,000Mizuho Trust & Banking
The
Norinchukin
Bank
ShinkinCentral BankMUFG Bank
The Bank ofFukuoka19

3Further growth strategy as a representative of dedicated logistics J-REIT (New Investment Strategy)

Expanding growth opportunities driven by dual sponsorship structure
After the Merger, aim for further growth as a result of
improved portfolio stability and dual sponsorship structure
Acquisitions in new asset classes
Data center⚫

⚫

Asset recycling
R&D Facility, Manufacturing Plant

Domestic data traffic boosted by
the pandemic. Advances in 5G,
IOT and others are expected todrive further growth⚫

In the new Long-term Vision“& Innovation 2030”, sponsor
Mitsui Fudosan stated its
intention to strengthen the data
center business. Mitsui Fudosan
expects data centers to become
essential infrastructure in future⚫

MFLP-REIT(after the Merger)

Cold storage facilities⚫

MFIP Inzai

Hino DC
Project

MFIP Inzai II

Sagamihara
DC Project

Other Data
center1 property

Mitsui Fudosan positions thecreation of new industries asa key strategy, stepping up
the development of R&D
facilities in major urban
centers and in proximity toacademia/medical
institutions
Properties developed/operatedby Mitsui Fudosan

Properties held by MFLP-REIT

Properties developed/operatedby Mitsui Fudosan

Demand for R&D facilities tosupport innovation throughopen engagement projected
to increase⚫

Rising penetration of Food EC and chilled
shipping to drive demand for cold storage
facilities
Currently, much of Japan's stock of cold
storage facilities is old and owned by SMEs.
If such facilities were scrapped, Japan would
likely face a nationwide shortage of cold
storage facilities

Construction completionin fiscal 2026

MFLP Funabashi
Minamikaijin

Construction completionin fiscal 2026

• Consider asset recycling toenhance portfolio stability andimprove profitability• Realizing unrealized gains tomaintain unitholder returns
and retained earnings: DPU
stability

Enhancing thevalue/redevelopment ofolder properties• Consider redevelopment ofexisting properties to be
implemented by theinvestment corporation• Aim to improve profitability

and asset quality bycapitalizing on unutilized FARs

MFLP Sugito

Properties held by ADL
and anticipated acquisitions
New

Expansion of acquisitionarea• Consider expansion of50％

IMP Atsugi(Building B)

IMPYoshikawaminami

acquisition area with the aimof acquiring highly profitableproperties in regional area20

3Further growth strategy as a representative of dedicated logistics J-REIT (ESG Initiatives)

Continued focus on ESG initiatives
Key sustainability initiatives of each REIT

Environment

Each REIT and their asset management companies Mitsui Fudosan Logistics
REIT Management and ITOCHU REIT Management have each collaborated with
their sponsors on ESG initiatives since their respective IPOs
After the Merger, we are committed to continuing to work with both sponsors
in addressing ESG issues

Initiatives for the stakeholders of both REITs

Leveraging the know-how of sponsors Mitsui Fudosan and the ITOCHU
group, the J-REIT will promote initiatives to ensure a healthy and comfortableworkplace and safe environment out of consideration for its stakeholders:tenants, users of the facilities, the surrounding area and the local community◼ Initiatives forusers of the facilities
Cafeteria

GRESB

Green Building
certification ratio
Green Finance
Balance・Ratio

OthersReal Estate Assessment「5 Star」(2nd consecutive year)

Real Estate Assessment「5 Star」(2nd consecutive year)

Disclosure Evaluation「A」(3rd consecutive year)

Disclosure Evaluation「A」(5th consecutive year)

100.0%

94.7%（Logistics Facilities）（Logistics Facilities）

56.6 billion yen/36.1%

22.7 billion yen/38.5%

Endorsement of the
TCFD recommendations

Endorsement of the
TCFD recommendations

Establishment ofenvironmental KPIs・
Monitoring

Establishment ofenvironmental KPIs・
Monitoring

Establishment of
Sustainability
Promotion Structure

Establishment of
Sustainability
Promotion Structure

Introduction of green
leasesSigning the PRIIntroduction of LED
lighting・solar power
panelsIntroduction of LED
lighting・solar power
panelsSocialEmergency power
generator

Emergency stockpile
warehouse◼ Initiatives for local community
Proactively undertaking initiatives to encourage employees to contributeto the community and raise awareness of environmental issues byparticipating in neighborhood clean-up activities around the offices of
the asset management companies

Prioritizing the relation with investors Governance◼ Asset management fee structure consistent with the interests of unitholders
Asset management fee I

Total assets × 0.1% (maximum)

Asset management fee II

Operating income (before deduction of asset
management fees and depreciation) × 5.5% (maximum)

Asset management fee III

Pre-tax earnings (before deduction of asset management fees) ×
Pre-tax EPU (before deduction of asset management fees) × 0.001%(maximum)◼ Both sponsors to maintain same-boat investments
After the Merger, both sponsors will maintain their same boat
investments in the J-REIT. Maintaining a certain level of investment will
ensure that the interests of the unitholders of the J-REIT and bothsponsors are in alignment and that each is focused on sound mutual
profit growth
Unit holding ratio
after the Merger

3.59%

1.22%

21

4. Operating Results Forecast

×

22

4

Operating Results Forecast

DPU Forecast
The DPU for the first fiscal period following the Merger (July 2025) is projected to be 14,516 yen(6-month equivalent 9,624 yen) (converted amount per unit before the Merger and investment unit split)
DPU for the second fiscal period after the Merger (normal period) is projected to be 9,912. Targeting further
upside through external and internal growth

+6.4％
+3.0％
14,516 yen～• Merger-related costs -1,008 yen(6 months equivalent -668 yen)
• Temporary distributions in excess ofearnings +1,176円(6 months equivalent+780 yen)

9,912 yen
9,692 yen

9,214 yen

9,624 yen

9,313 yen

MFLP-REIT

FP endingJul. 2024(Forecast)

9,623 yen

FP endingJan. 2025(Forecast)ADL

FP ending
FP endingAug. 2024
Feb. 2025(Forecast)(Forecast)(Converted amount considering merger ratio)

MFLP-REIT（after the Merger）

MFLP-REIT（after the Merger）

FP endingJul. 2025(9 months)(6 months
equivalent)(Converted amount per unit
before investment unit split)

After FP ending
Jan. 2026（normal period）(Converted amount per unit
before investment unit split)

235. Future Roadmap

×

24

5

Future Roadmap

Aim to further enhance unitholder value based on basic strategy and four roadmaps
even after the Merger
Listed FP・・・Merging FP-2FP

Merging FP-2FP

After Merging FP

Merging FP-1FP・Merging FP
2024/11/1

Asset Size
MFLP-REIT

Merged FP-2FP

Effective date of
the Merger

30 properties

ADL

Listed FP
9 properties

576.5

bn yen(Before and After the Merger)

×

399.7
bn yen16 properties

139.2

7 properties

75.5 bn yen 53.8 bn yen

bn yenAchieve
Medium-term
asset size targetof 500.0 bn yen

LTV
After the Merger

MFLP-REIT

24.5％

40.8％

44.2％

37.0％

70.0 bn yen 16.0 bn yen

Distribution per unit(DPU)
MFLP-REIT

9,692 yen

(Before and After the Merger)

ADL

5,921 yen

Aim forfurther
expansion ofasset size

40～50％

Medium- tolong-term
39.9％
Acquisition capacity to stabilized LTV
increase due to decline
levelof LTV(Forecast)(Before and After the Merger)

ADL

Further growth and portfolio reinforcement

49 properties

9,214 yen

5,198 yen

113.0 bn yen

Fund procurement and LTV management
・Together with asset size expansion, LTV to decline and acquisition capacity to increase as a result of
the Merger
・Conduct flexible fund procurement such as shortening maturity and use of floating debt in linewith scale of acquisitions, rising rate environment
・Secure acquisition capacity while continuing to manage LTV

Sustainable DPU growth

After the Merger(Forecast)

9,624 yen・Aiming for further growth as a representative of dedicated logistics J-REIT through dual sponsor
structure and continuous property acquisition
・Sale of properties, asset recycling and acquisition of new asset classes such as data centers, cold
storage facilities, consider expansion of acquisition area
・Aim to strengthen portfolio through strategic CAPEX which contributes to internal growth

Aim forfurther DPU
growth・Conducting public offerings and reinforcement of shareholder returns through public
offerings and buybacks based on market levels
・Flexible consideration of measures such as raising FFO payout ratio
・Medium- to long-term internal growth through rent increases over the market levelbacked by inflationary environment

Expansion of market cap
Market Cap
MFLP-REIT(Before and After the Merger)

ADL

76.1 bn yen 31.2 bn yen

262.0
bn yen81.1 bn yen

Aim for further
growth of market
cap andinvestment
liquidity

・Inclusion in major indices on back of market cap growth・Attract support of ESG investors through promoting acquisition of highly ESG
evaluated properties and reinforcement of initiatives by asset management company
・Increase in unrealized gains to drive continuous NAV growth25Appendix.

×26

Appendix.
1

Our portfolio

3

Total (anticipated) acquisition price

Average NOI yield

Appraisal NOI / Appraisal value

Average building age

Occupancy rate

49properties 576.5 billion yen

4.4%

4.0%

7.1 years

98.1%

Category

Logistics
facilities

Propertyno.

(Anticipated)
Acquisition Appraisal value
price(million yen)(million yen)

NOI yield(%)

Appraisal
NOI /Appraisalvalue(%)

Gloss floor area（㎡）

Total leasable
Occupancy
Building age
floor area
rate
（years）（㎡）（％）

Property nameLocation

Lm-1

GLP・MFLP Ichikawa Shiohama

Ichikawa, Chiba

15,50020,0004.7

3.6

105,019（52,509）50,813

10.5

100

Lm-2

MFLP Kuki

Kuki, Saitama

12,50015,700

5.1

4.1

73,15367,925

10.0

100

Lm-3

MFLP Yokohama Daikoku

Yokohama,
Kanagawa

10,10011,3004.8

4.3

100,530（50,265）

47,939

15.2

100

Lm-4

MFLP Yashio

Yashio, Saitama

9,650

12,0005.0

4.0

40,72839,692

10.3

100

Lm-5

MFLP Atsugi

Aiko, Kanagawa

7,810

10,4005.5

4.1

40,942

40,958

9.3

100

Lm-6

MFLP Funabashi Nishiura

Funabashi, Chiba

6,970

8,550

5.2

4.2

30,94731,034

9.4

100

Lm-7

MFLP Kashiwa

Kashiwa, Chiba

6,300

8,110

5.3

4.1

31,242

31,291

8.6

100

Lm-8

MFLP Sakai

Sakai, Osaka

23,60028,2004.9

4.1

125,127

112,148

9.8

100

Lm-9

MFLP Komaki

Komaki, Aichi

8,260

9,030

4.6

4.2

40,59738,8067.4

100

46,801

8.7

100

Lm-10
Lm-11

（50％ quasi co-ownership interest）（50% quasi co-ownership interest）

MFLP Hino（25% quasi co-ownership interest）

MFLP Hiratsuka

Hiratsuka,
Kanagawa
Tsukubamirai,
Ibaraki

12,533

14,100

4.2

3.7

7,027

8,390

4.8

4.0

33,06133,0557.6

100

37,93825,600

14.0
6.3

100

8,781

11,3005.7

4.5

37,02725,457

Inazawa, Aichi

16,20019,100

4.8

4.1

72,88368,922

7.1

100

MFLP Atsugi II

Isehara, Kanagawa

13,10015,600

4.6

3.8

48,97648,032

6.2

100

MFLP Fukuoka I

Kasuya, Fukuoka

5,263

6,680

5.4

4.3

32,19932,2167.7

100

56,723

5.7

93.9

Lm-12

MFLP Tsukuba

Lm-13

MFLP Inazawa

Lm-14
Lm-15
Lm-16

Hino, Tokyo

205,200（51,300）

Existing building
Annex building

MFLP Prologis Park Kawagoe（50% quasi co-ownership interest）

Lm-17

MFLP Hiroshima I

Lm-18

MFLP Ibaraki

Kawagoe, Saitama

14,80017,850

4.6

3.8

117,337（58,668）

Hiroshima,
Hiroshima

14,48016,8005.0

4.3

68,427

66,6654.8

100

Ibaraki, Osaka

58,90068,9004.3

3.7

230,435

208,811

6.9

100

27

Appendix.

Our Portfolio
Category

Logistics
Facilities

Propertyno.

2

3

Property nameLocation

Kawaguchi,
Saitama

Lm-19

MFLP Kawaguchi I

Lm-20

MFLP Yachiyo Katsutadai

Lm-21

MFLP Osaka I(Anticipated)
Acquisition Appraisal value
price(million yen)(million yen)

NOI yield(%)

Appraisal
NOI /Appraisalvalue(%)

Gloss floor area（㎡）

Total leasable
Occupancy
Building age
floor area
rate
（years）（㎡）（％）

18,50020,600

4.1

3.7

49,838

48,119

4.7

100

Yachiyo, Chiba

18,00019,1004.2

4.0

74,624

69,8303.8

100

Osaka, Osaka

13,90014,7004.0

3.8

43,91943,8804.0

100

12,70013,700

4.2

3.9

48,141

46,525

4.7

100

Lm-22

MFLP Hiratsuka II

Hiratsuka,
Kanagawa

Lm-23

MFLP Osaka Katano

Katano, Osaka

16,50016,4004.9

4.9

68,52867,264

2.8

100

Lm-24

MFLP Tomei Ayase

Ayase, Kanagawa

19,53019,8403.7

3.6

56,764

54,148

1.9

100

Lm-25

MFLP Tokorozawa

Iruma, Saitama

4,090

4,090

4.7

4.7

21,721

21,725

3.1

100

Lm-26

MFLP Hiratsuka III

Hiratsuka,
Kanagawa

8,410

8,450

4.1

4.0

29,47428,327

1.3

100

Lm-27

MFLP Shinkiba I

Koto, Tokyo

5,940

6,110

3.6

3.5

9,584

9,585

1.3

100

18,061

1.8

100

4,120
16,456

11.8
11.8

100
100

Lm-28

SG Realty MFLP Fukuoka Kasuya（50％ co-ownership interest）

Li-1

IMP Atsugi

Li-2
Li-3

Building A

Kasuya, Fukuoka

3,040

3,040

4.8

4.8

35,626（17,813）
3,909
15,387

Atsugi, Kanagawa

6,830

6,830

4.3

4.3

IMP Kashiwa

Kashiwa, Chiba

7,890

7,890

4.2

4.2

31,97631,9999.3

100

IMP Noda

Noda, Chiba

15,70015,7003.9

3.9

62,75061,278

8.4

100

Li-4

IMP Moriya

Tsukuba Mirai
Ibaraki

3,920

3,920

4.3

4.3

18,68018,111

7.3

100

Li-5

IMP Misato

Misato, Saitama

7,630

7,630

4.0

4.0

22,506

22,664

6.9

0

Li-6

IMP Chiba-Kita

Chiba, Chiba

3,260

3,260

4.2

4.2

9,841

10,478

6.6

100

Li-7

IMP Inzai

Inzai, Chiba

33,20033,2004.2

4.2

110,022

110,516

6.3

100

Li-8

IMP Moriya 2

Tsukuba Mirai
Ibaraki

947

947

5.3

5.3

6,779

7,043

29.5

100

Li-9

IMP Kashiwa 2

Kashiwa, Chiba

34,20034,2003.8

3.8

117,435

116,883

5.9

100

Building B

28

Appendix.

Our Portfolio
Category

Logistics
Facility

Propertyno.

3
Location

Property name(Anticipated)
Acquisition Appraisal value
price(million yen)(million yen)

NOI yield(%)

Appraisal
NOI /Appraisalvalue(%)

Gloss floor area（㎡）

Total leasable
Occupancy
Building age
floor area
rate
（years）
（㎡）
（％）

Li-10

IMP Inzai 2

Inzai, Chiba

6,260

6,260

4.3

4.3

26,93827,007

5.3

100

Li-11

IMP Tokyo-Adachi

Adachi, Tokyo

12,10012,1003.7

3.7

27,872

27,828

6.1

51.0

Li-12

IMP Miyoshi

Iruma, Saitama

2,800

2,800

4.1

4.1

10,300

10,320

4.8

100

Li-13

IMP Ichikawa Shiohama

Ichikawa, Chiba

25,00025,0003.6

3.6

57,72454,311

4.9

100

Lo-1

LOGITRES Sano

Sano, Tochigi

1,770

1,770

4.2

4.2

7,144

7,144

1.3

100

Atsugi, Kanagawa

4,712

5,030

4.2

3.9

15,53015,5132.0

100

Kazo, Saitama

3,031

3,220

4.4

4.2

11,173

11,173

1.8

100

9,342

0.8

100

2,055,040

6.9

98.1

Li-14
Li-15

IMP Atsugi 2
IMP Kazo
IMP Yoshikawa Minami

AnticipatedAcquisition
AnticipatedAcquisition

AnticipatedAcquisition

17,852（8,926）2,471,348（2,129,264）

Ichikawa, Saitama

3,019

3,020

3.9

3.9

Subtotal or Average-

544,655

600,817

4.4

4.0

Im-1

MFIP Inzai

Inzai, Chiba

12,22014,3004.9

4.2

40,478Not disclosed

10.3

Not
disclosed

Im-2

MFIP Inzai II

Inzai, Chiba

15,15017,500

4.8

4.1

27,26830,906

4.1

100

Toyama, Toyama

2,590

2,590

4.6

4.6

7,164

7,164

27.2

100

Matsue, Shimane

1,970

1,970

4.8

4.8

6,615

6,615

31.4

100

Subtotal or Average-

31,93036,360

4.8

4.2

81,526

Not disclosed

11.4

Total or Average-

576,585

637,177

4.4

4.0

2,552,874（2,210,790）

Notdisclosed

Not disclosed

7.1

98.1

Li-16

Industrial
real estate

3

Io-3
Io-4

（50％ quasi co-ownership interest）

T&B Maintenance Center
ToyamaT&B Maintenance Center
Matsue29

Appendix.

Goodwill
Negative goodwill is expected to occur as a result of the Merger, but will not be reflected in the figures inpost-Merger performance forecast announced on August 5, 2024
MFLP-REIT(after the Merger)

ADL

B/S at the time of
the Merger (book value)

Assetsaccepted(book value)

Assumedliabilities(book value)
Net assets(book value)

Market valuation B/S
as of the end of Oct. 2024
Assumedliabilities(book value)
Assetsaccepted(Fair value)

Net assets(book value)

Nov. 1, 2024
B/S after the Merger
Liabilities

TBD as of Aug. 5, 2024
Positve
goodwill
Negativegoodwillthe Merger
consideration(MFLP-REIT
Investment
unit)

the Merger
consideration(MFLP-REIT
Investment
unit)

Assetsincludingpositivegoodwill

Net assets
includingnegativegoodwill

Merger consideration lessMerger consideration
than market-value based
more than market-value
on net asset value creates based on net asset value
negative goodwill.
creates positive goodwill.

Positive goodwill

Negative goodwill

Treatment on
B/S

Posted as intangible assets

Portion not allocated to distribution in the first fiscal
period after the Merger will be posted as RTA (Reserve
for Temporary difference Adjustments) in net as net
assets within the range necessary for satisfying conduit
requirements (more than 90% dividend distribution)

Treatment on
P/L

Amortized in equal amounts over a period of within 20
years as operating expenses (planned)

Posted as extraordinary income in the first fiscal period
after the Merger

30Appendix.

Organization of the investment corporation (after the Merger)
MFLP-REIT
Custodian Transfer Agent
General Administrator(Institutional)

General Administrator(Accounting)Accounting
serviceentrusiting
agreement

Reiwa Accounting
Holdings Co., Ltd.

General Administrator(Tax affairs)
Reiwakaikeisha
Tax Corporation

General Meeting of Unitholders

Sumitomo Mitsui
Trust Bank, Limited

Board of Directors

Asset custody agreement
Transfer agency service agreement
General administrative service
Agency agreement

Tax affairs
entrusting
agreement

General Administrator(Investment corporation bonds)

Executive Director: Hiroshi Asai
Supervisory Director: Izuru Goto

Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui
Trust Bank, Limited
MUFG Bank, Ltd.

Supervisory Director: Eiko Osawa
Independent Auditor

Fiscal agency
agreement

KPMG AZSA LLC
Trademark licensing agreement

Trademark licensing agreement
Logistics management agreement
Agreements for entrustment of control and coordination services
Property management agreement

Asset managementagreement

Specified Related Corporation
Mitsui Fudosan Co.,Ltd.

Related Corporation ofAsset Management Company
ITOCHU REIT Management
Co., Ltd.

Asset Management Company
Right of first look and preferential negotiation agreement
Trademark licensing agreement
Advisory contracts regarding real estate

Mitsui Fudosan Logistics REITManagement Co., Ltd.
Right of first look and preferential
negotiation agreement

Sponsor(Related Corporation ofAsset Management Company)

ITOCHU Corporation
ITOCHU Property
Development, Ltd.

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Notes on Matters Stated in this Document【Overall】
・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.
・Figures regarding the assets and financial status after the Merger are calculated by reflecting the acquisition of assets (IMP Atsugi 2, IMP Kazo, IMP Yoshikawa Minami (50% quasi-co-ownership interest)) and the related borrowings
carried out in conjunction with the Merger.
【P.2】
・"Asset size" of "MFLP-REIT", "ADL", "Acquisition anticipated properties" are the sum of acquisition prices (including anticipated acquisitions). For "MFLP-REIT (after the Merger)","Asset size" is calculated by replacing the acquisition
prices of the 16 properties already owned by ADL with the expected acceptance price of MFLP-REIT for the Merger: Appraisal value as of February 29, 2024 (provided, as of September 1, 2023 for LOGITRES Sano, and as of May 1,
2024 for T&B Maintenance Center Matsue and T&B Maintenance Center Toyama). The same shall apply on all pages hereafter.
・The ranking among J-REITs is based on data published by each J-REIT as of July 1, 2024 (reflecting acquisitions and sales of assets announced at that time).
【P.4】
・MFLP are planning to change the fiscal period for MFLP-REIT that begins August 1, 2024 to a 3-month period ending on the last day of October, and the following fiscal period to a 9-month period from November 1, 2024 to thelast day of July 2025, subject to the approval for the amendments to the Articles of Incorporation to be obtained at the general meeting of unitholders and on the condition that the Merger takes. Subsequent fiscal periods will run
from February 1 to the last day of July and from August 1 to the last day of January of the following year.
【P.6】
・Expected acceptance price is the MFLP’s expected acceptance price for the Merger for the 16 properties already owned by ADL: Appraisal value as of February 29, 2024 (provided, as of September 1, 2023 for LOGITRES Sano, and asof May 1, 2024 for T&B Maintenance Center Matsue and T&B Maintenance Center Toyama). The same shall apply on all pages hereafter.
・“Average NOI yield” is the weighted average of “Appraisal NOI yield” by acquisition price (if based on acquisition price) or expected acceptance price (if based on expected acceptance price). “Appraisal NOI yield” is the ratio of net
operating income under direct capitalization method stated in real estate appraisal report (“Appraisal NOI”) to acquisition price (if based on acquisition price) or expected acceptance price (if based on expected acceptance price).
・"Average Building Age" is the weighted average of the number of years from the date of construction of the main building of each property in the register to July 1, 2024, based on total floor area, taking into consideration quasi
co-ownership interests of each property.
・“Average Occupancy Rate” or “Occupancy Rate” is the ratio of the leased area to the leasable area based on the lease agreement concluded as of July 1, 2024. "Leasable area" is 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 1, 2024.
(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)・"Average Lease Period" indicates stated lease periods on in-force leases as of July 1, 2024, weighted by leased area. When a re-contracted lease agreement which starts on the day immediately following the expiration date of theprevious 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-contracted lease agreement and used in the calculation of theaverage as such.
・"Average Remaining Lease Period" indicates the remaining lease period on lease agreements after July 1, 2024 on in-force leases as of July 1, 2024, weighted by leased area. When a re-contracted lease agreement is concluded withthe same lessee, the lease period is deemed to continue to the expiration date of the re-contracted lease agreement and used in the calculation of the average as such.
・"Total Asset LTV" or "LTV" indicates figures calculated by dividing the balance of interest-bearing debt by total assets. For "MFLP-REIT", the forecast figures for the fiscal period ending January 2025, which is a prerequisite for the
performance forecast in the financial results report announced on March 14, 2024 is listed. For "ADL", the forecast figures for the fiscal period ending February 2025, which is a prerequisite for the performance forecast in the financial
results report announced on April 17, 2024, taking the acquisition of T&B Maintenance Center Matsue and T&B Maintenance Center Matsue Toyama into account is listed. The same shall apply on all pages hereafter.
・"Acquisition Capacity“ is the amount of debt that can be additionally financed assuming LTV is raised to 50%. The amount indicated has been rounded to the nearest 100 million yen. The same shall apply hereafter.
・DPU (Forecast)" for "MFLP-REIT" is the forecast for the fiscal period ending January 2025 in the financial results report announced on March 14, 2024, for "ADL" is the converted amount from the forecast for the fiscal period ending
February 2025 in the financial results report announced on April 17, 2024 considering the Merger ratio (Amount dividing the forecast DPU by the Merger ratio of 0.292 (before taking into account the investment unit split) in order toindicate the forecast DPU on the assumption that the value per unit of ADL is the same as the value per unit of MFLP-REIT, calculated based on the merger ratio), for "MFLP-REIT (after the Merger)" is the projected figure for earnings
after the Merger (converted amount assuming no investment unit split, which is the amount obtained by multiplying the forecast DPU after the investment unit split by four times) .
【P.7】
・As "Total floor area", figures based on the record on the register, rounding down to the nearest whole number are listed. "Total floor area" is the sum of total floor area of main properties and attached properties. If there are several
main properties, "Total floor area" is the sum of each main properties "total floor area". The same shall apply hereafter.
【P.9】
・"Top 5 Property Ratio" indicates the percentage of the combined (anticipated) acquisition prices for the top 5 properties relative to total (anticipated) acquisition price. "Top 5 Tenant Ratio" indicates the percentage of leased area
for the top 5 tenants relative to total leased area (excluding industrial real estate). The same shall apply on all pages hereafter.
・Brand name MFLP is an acronym of Mitsui Fudosan Logistics Park, which is applied to advanced logistics facilities developed by Mitsui Fudosan that meet predetermined criteria for specifications and also achieve Mitsui Fudosan
quality. However, it also includes some exceptional cases, where MFLP is applied to advanced logistics facilities that match the same criteria in specifications on properties that have been developed by third-parties other than Mitsui
Fudosan and also achieve Mitsui Fudosan quality.
・Brand name IMP is an acronym of I Missions Park, which refers to the brand name of logistics facility developed and operated by ITOCHU Group that meets the predetermined criteria for specifications.
【P.10】
・The graph shows asset size for all J-REITs. The data is as of July 1, 2024 and includes planned acquisitions and disposals publicly disclosed as of this date.
【P.11】
・The asset size of MFLP-REIT and ADL from 2016 to 2023 is the total acquisition price as of the end of each year.

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Notes on Matters Stated in this Document【P.12】
・“Investment ratio by property type", “Regional Ratio", “Investment ratio by tenant type“ for "MFLP-REIT", "ADL", and “Anticipated acquisitions" are stated based on (anticipated) acquisition prices (for "Regional ratio," excluding
industrial real estate). Regarding “MFLP-REIT (after the Merger)”, those are calculated based on the (anticipated) acquisition prices , replacing the acquisition prices of the 16 properties already owned by ADL with the expected
acceptance price of MFLP-REIT for the Merger.
【P.13】
・The list only includes “MFLP” and “IMP” held after the Merger and does not include logistics facility other than “MFLP” and “IMP” or industrial real estate.
【P.14】
・"Cumulative investment scale" includes properties under development or in planning as of July, 2024 and the associated investment amount (planned investment amount). The properties in planning include targets and plans for
Mitsui Fudosan as of the relevant date, which may be subject to change or cancellation in future.
【P.16】
・The ratio of lease contracts scheduled for renewal is calculated based on the leased area of properties held after the Merger (excluding industrial real estate) based on lease contracts concluded as of July 1, 2024.
【P.17】
・With regard to "Properties Developed/Operated by Mitsui Fudosan" and "ITOCHU Group’s owned/developed properties" as of the date of this document, the each investment corporations has not been granted preferential
negotiation rights and there is no guarantee that MFLP-REIT will secure the opportunity to consider such properties after the Merger. In addition, there is no guarantee that MFLP-REIT will be able to acquire any of these properties
after the Merger.
【P.18】
・For “Tenant diversification after the Merger” and “Staggering of lease expiration dates after the Merger”, the calculation is based on the leased area of properties held after the Merger (excluding industrial real estate) based on thelease agreement concluded as of July 1, 2024. Note that for the fiscal period ending October 2024 is a three-month period from August 1, 2024 to the end of October 2024, and the fiscal period ending July 2024 is a nine-month
period from November 1, 2024 to the end of July 2025.
【P.19】
・For “Interest-bearing debt maturity ladder” and "Lender formation", the sum of the amount of interest-bearing debt raised by MFLP-REIT and ADL as of July 1, 2024 are listed【P.21】
・"GRESB" is an annual assessment to benchmark ESG performance for the real estate sector, created in 2009 and led by major pension fund groups in Europe, in alignment with the United Nation's Principles for Responsible
Investment
・"Green Building Certification Ratio" is calculated based on floor area of properties owned by each investment corporation before adjusting for quasi co-ownership interests of each property. "Green Building Certification" typicallyrefers to Environmental Certifications based on environmental standards set out by third-party assessment organizations, established to support environmentally-friendly real estate.
・“Green Finance Balance・Ratio" is the total amount of green loans, sustainability-linked loans, green bonds, and sustainability bonds procured by MFLP-REIT and ADL as of July 1, 2024 and the ratio to the amount of interest-bearing
debt【P.23】
・With regard to the projected DPU for ADL for the fiscal periods ending August 2024 and February 2025, the figures shown here are the projected DPU amounts divided by the Merger ratio of 0.292 (before considering investment
unit split), hypothetically assuming that ADL's value per unit was the same as MFLP-REIT's value per unit based on the merger ratio. In addition, it is based on the assumptions for the earnings forecast in the financial results reportannounced on April 17, 2024. The same shall apply on all pages hereafter.
・MFLP are planning to change the fiscal period for MFLP-REIT that begins August 1, 2024 to a 3-month period ending on the last day of October, and the following fiscal period to a 9-month period from November 1, 2024 to thelast day of July 2025, subject to the approval for the amendments to the Articles of Incorporation to be obtained at the general meeting of unitholders and on the condition that the Merger takes. Subsequent fiscal periods will run
from February 1 to the last day of July and from August 1 to the last day of January of the following year.
・With regard to the Projected DPU, the figures shown here are the projected DPU amounts that is converted assuming no investment unit split (amount obtained by multiplying the projected DPU after the investment unit split byfour times).
【P.25】
・For LTV of MFLP-REIT, the forecast figures as of the end of the fiscal period ending July 2024, which is a prerequisite for the performance forecast in the financial results announced on March 14, 2024 is listed.
・For LTV of ADL, the forecast figures for the fiscal period ending August 2024, which is a prerequisite for the performance forecast in the financial results report announced on April 17, 2024, taking the acquisition of T&B
Maintenance Center Matsue and T&B Maintenance Center Matsue Toyama into account is listed
・For market capitalization of the listed fiscal period, figures calculated using closing price as of end of listed fiscal period multiplied by number of investment units issued as of the end of listed fiscal period are listed. For market
capitalization of merged fiscal period-2 fiscal period, figures calculated using closing price as of July 1, 2024 multiplied by number of investment units issued as of July 1, 2024 are listed.
【P.27】・As "Appraisal value", estimated value based on the following price point are listed.
Property no. Lm-1～23, 25, Im-1～2…January 31, 2024
Property no. Lm-24,26～28…November 30, 2023
Property no. Li-1～13…February 29, 2024
Property no. Lo-1…September 1, 2023
Property no. Li-14～16…July 1, 2024
Property no. Io-3～4…May 1, 2024
・"Appraisal NOI/Appraisal Value" is 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.

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Disclaimer
This presentation is provided solely for informational purposes with regard to the absorption-type merger between Mitsui Fudosan Logistics Park Inc. as the surviving investment
corporation and Advance Logistics Investment Corporation as the dissolving investment corporation. It is not intended as an offering to sell, or a solicitation or inducement to trade
in a specific investment instrument. All investment decisions must be made independently and at the investors’ own risk.
Investment in real estate investment securities entail the risk of incurring a loss as a result of a decline in transaction prices related to the prices of real estate owned, changes in
profitability, deterioration in the financial condition of the issuer, changes in the market or other factors. Investors must rely on their own independent judgement in making
investments decisions at their own risk.
This presentation should not be interpreted as constituting disclosure documents or asset management reports as defined and required by the Financial Instrument Exchange Act or
the Act on Investment Trusts and Investment Corporations.
With regard to the information provided in this presentation, although MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd., ADL and ITOCHU Corporation havemade every effort to provide correct information as of the date of preparation, its accuracy, adequacy or completeness are not guaranteed.
With the exception of statements pertaining to facts in the past or present, the information provided in this presentation represents forward-looking statements derived frominformation available as of the preparation date of the presentation (or the date if otherwise specified in this presentation), based on certain assumptions and qualifications.
The forward-looking statements are based on applicable laws and regulations, market environment, interest rate environment, business practice and other factors as of the
preparation date of this presentation, and do not consider or reflect changes in circumstances which occur after the preparation date.
Actual results, performance, financial circumstances and other factors can differ materially from those anticipated in the forward-looking statements, regardless of whether theforward-looking statements are clearly identified as such, due to uncertainties of existing risks or unknown risks or other factors. The forward-looking statements pertaining toearnings, business projections, etc., contained in this presentation are not a guarantee of future earnings, business projections, etc.
The content of this document is subject to change or repeal without prior notice. MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd., ADL and ITOCHU Corporation
do not undertake any obligation to update or publicly disclose the content of this presentation (including forward-looking statements).
Duplication or reproduction of any content contained this presentation without the prior consent of MFLP-REIT and Mitsui Fudosan Logistics REIT Management Co., Ltd., ADL and
ITOCHU Corporation is strictly prohibited.

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