March 31, 2022
Press Release

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Mitsubishi Estate Co., Ltd.
Junichi Yoshida,President and Chief Executive Officer
8802
Motohiro Sato
General Manager
Corporate Communications Department+81-3-3287-5200

Notice of the Revision of the Remuneration System for Corporate Executive Officers
At the Remuneration Committee meeting held today, Mitsubishi Estate Co., Ltd. (hereinafter “theCompany”), has decided on the revision of the remuneration systems for corporate executive officers.
1．Background and Purpose of the Revision of the Remuneration System for Corporate ExecutiveOfficersAt present, the Company offers the following remuneration systems for officers in addition to basic
remuneration: single-year, performance-based remuneration by cash; remuneration by shares withrestriction on transfer; Phantom Stock Plan with the performance metric covering the total
shareholder return over approximately three years. This is for the purpose of providing an incentive
scheme that sustainably improves corporate value, and promotes sharing of values with shareholders.
Since the implementation of current remuneration system, we have been continuously discussed theway to further promote the purpose mentioned above. As a result, we have reached the decision torevise the remuneration system in FY2023* aiming for the followings: To encourage strong
commitment for achieving targets in the long-term management plan by enhancing a linkage between
the remuneration system and the long-term management plan; To further promote sharing of values
with shareholders by increasing the proportion of remuneration accounts for stock and stock price.

*the fiscal year ending March 2023
2．Overview and Purpose of the Revision of the Remuneration System for Corporate Executive Officers① Enhancing a linkage between the performance evaluation for officers and the long-term
management plan
With the objective of increasing commitment for achieving targets in the long-term management
plan, consistency will be ensured between KPI and performance evaluation indicators in the long-termmanagement plan and also evaluation items linked to the long-term management plan are to beadopted.
② Promoting sharing of values with shareholders
With the objectives of further promoting sharing of values with shareholders, new restricted stockcompensation that the payout amount varies depending on performance will be implemented. By doing
so, the proportion of remuneration linked with stock price will increase to 30% of the total (currently25%) and restricted stock period will be changed until the time of resignation as officers (currentlyapproximately 3 years).
③ Changing composition of the remuneration
With the objectives of increasing the incentive of the remuneration system, the proportion of variable
remuneration will be changed to 60% of the total (currently 50%).
※Eligible Officers: Representative Corporate Executive Officers, Senior Executive Officers, ExecutiveOfficers and Group Executive Officers. (No change from the current system)

3．Overview of Revised Variable Remuneration(1) Performance-Based Remuneration by Cash
① Form of remuneration : Cash
② Payout calculation and major evaluation items
The payout amount varies depending on overall business profit, ROA, ROE, EPS, and the target
level of business profit in the divisions for which the individual officers are responsible.
The payout amount will be added an evaluation of qualitative aspects, established during
interviews with the president, including the degree of contribution to performance over themedium to long term, the status of ESG-related initiatives, and progress on each business(domestic, international, and non- asset) in the long-term management plan.

(2) Remuneration by shares with restriction on transfer (fixed and variable portions)① Form of remuneration : shares② Restricted stock period: until the time of resignation as officers③ Payout calculation and major evaluation items in variable portion
The same evaluation indicator as (1) Performance-Based Remuneration by Cash will be used.
(3) Phantom Stock Plan
① Form of remuneration : Cash
② Performance evaluation period: approximately three years③ Payout calculation and major evaluation items
The payout amount will be determined by multiplying each officer’s base amount with the following(i) and (ii):(i) Percentage of net fluctuation in the Company’s common stock price over the performanceevaluation period(ii) Percentage based on the relative ranking, during the performance evaluation period, of theCompany’s total shareholder return among six companies including five peer companies.
(Volatility 0%~100%)※Five peer companies: Nomura Real Estate Holdings, Inc., Tokyu Fudosan Holdings Corporation,

Mitsui Fudosan Co., Ltd., Tokyo Tatemono Co., Ltd., and Sumitomo Realty & Development Co., Ltd.
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