NEWS RELEASE. R&I Upgrades to AA-/a-1+, Stable: Mitsui Fudosan Co., Ltd.

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1 R&I Upgrades to AA-/a-1+, Stable: Mitsui Fudosan Co., Ltd. Jun 13, 2018 Rating and Investment Information, Inc. (R&I) has announced the following: ISSUER: RATIONALE: Mitsui Fudosan Co., Ltd. Issuer Rating: AA-, Previously A+ Rating Outlook: Stable Commercial Paper: a-1+, Previously a-1 Mitsui Fudosan Co., Ltd. is a comprehensive real estate company with the strongest business development capability in the industry. For the leasing business, the company owns a large number of competitive office buildings. It also has an excellent capability to manage retail facilities and an extensive track record in property development projects. The earnings base for the business is thus robust. The management business can be evaluated as another stable source of earnings. In the property sales business, the earnings base for property sales to individuals is strong, backed by the business management capability that allows for minimizing the impact of market fluctuations. Property sales to investors also play a part in the extensive business development activities, with risks kept in check. Mitsui Fudosan is involved in several large-scale development projects in central Tokyo, which are proceeding as planned. Many of these projects are scheduled to be completed by FY2019 (the year ending March 2020), starting with the opening of "Tokyo Midtown Hibiya" at the end of March Based on the steady progress of leasing, R&I has judged that the earnings base for the leasing business was expanded further. Accordingly, R&I has upgraded the Issuer Rating to AA-. Debt is on the rise because of upfront investments in large-scale development projects at home and abroad. It will likely take time before the balance between debt and cash flow meets the level required for the AA rating category. Meanwhile, the company has an adequate debt-equity structure for the rating, and its buffer against asset value downside risk is sufficient if unrealized gains on rental properties are taken into account. Although large investments will continue, steady profit accumulation can be expected, and management has a strong commitment to maintaining a certain level of financial discipline. A deterioration in the financial balance is therefore unlikely. The primary rating methodologies applied to this rating are provided at "R&I's Basic Methodology for Corporate Credit Ratings" and "Real Estate". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. R&I RATINGS: ISSUER: Mitsui Fudosan Co., Ltd. (Sec. Code: 8801) Issuer Rating RATING OUTLOOK: Stable

2 Shelf Registration (Bonds) ISSUE AMOUNT (mn): JPY 200,000 ISSUE PERIOD: From Apr 01, 2017 to Mar 31, 2019 RATING: AA-, Previously A+ (Preliminary) Unsec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Jun 03, 2009 Mar 20, 2019 JPY 10,000 Unsec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) Jul 24, 2009 Jun 20, 2019 JPY 10,000 Unsec. Str. Bonds No.36 Issue Date Maturity Date Issue Amount (mn) Sep 10, 2009 Sep 10, 2019 JPY 10,000 Unsec. Str. Bonds No.37 Issue Date Maturity Date Issue Amount (mn) Mar 05, 2010 Dec 20, 2019 JPY 10,000 Unsec. Str. Bonds No.38 Issue Date Maturity Date Issue Amount (mn) Apr 22, 2010 Mar 19, 2020 JPY 10,000 Unsec. Str. Bonds No.39 Issue Date Maturity Date Issue Amount (mn) Jul 23, 2010 Jun 19, 2020 JPY 10,000 Unsec. Str. Bonds No.40 Issue Date Maturity Date Issue Amount (mn) Sep 03, 2010 Jun 19, 2020 JPY 10,000 Unsec. Str. Bonds No.41 Issue Date Maturity Date Issue Amount (mn) Jan 28, 2011 Dec 18, 2020 JPY 10,000

3 Unsec. Str. Bonds No.42 Issue Date Maturity Date Issue Amount (mn) Mar 18, 2011 Dec 20, 2030 JPY 10,000 Unsec. Str. Bonds No.43 Issue Date Maturity Date Issue Amount (mn) Jun 21, 2011 Jun 18, 2021 JPY 10,000 Unsec. Str. Bonds No.44 Issue Date Maturity Date Issue Amount (mn) Sep 06, 2011 Sep 06, 2021 JPY 10,000 Unsec. Str. Bonds No.45 Issue Date Maturity Date Issue Amount (mn) May 24, 2012 May 24, 2022 JPY 10,000 Unsec. Str. Bonds No.46 Issue Date Maturity Date Issue Amount (mn) Aug 30, 2012 Aug 30, 2022 JPY 10,000 Unsec. Str. Bonds No.47 Issue Date Maturity Date Issue Amount (mn) Mar 15, 2013 Dec 20, 2032 JPY 10,000 Unsec. Str. Bonds No.48 Issue Date Maturity Date Issue Amount (mn) Aug 02, 2013 Aug 02, 2033 JPY 10,000 Unsec. Str. Bonds No.49 Issue Date Maturity Date Issue Amount (mn) Mar 18, 2016 Mar 16, 2046 JPY 10,000 Unsec. Str. Bonds No.50 Issue Date Maturity Date Issue Amount (mn) Apr 27, 2016 Apr 27, 2046 JPY 10,000

4 Unsec. Str. Bonds No.51 Issue Date Maturity Date Issue Amount (mn) Dec 06, 2016 Dec 06, 2019 JPY 10,000 Unsec. Str. Bonds No.52 Issue Date Maturity Date Issue Amount (mn) Dec 06, 2016 Dec 05, 2036 JPY 7,000 Unsec. Str. Bonds No.53 Issue Date Maturity Date Issue Amount (mn) Dec 06, 2016 Dec 06, 2056 JPY 6,000 Unsec. Str. Bonds No.54 Issue Date Maturity Date Issue Amount (mn) Feb 24, 2017 Apr 07, 2020 JPY 25,000 Unsec. Str. Bonds No.55 Issue Date Maturity Date Issue Amount (mn) Feb 24, 2017 Feb 24, 2037 JPY 10,000 Unsec. Str. Bonds No.56 Issue Date Maturity Date Issue Amount (mn) Aug 28, 2017 Aug 28, 2024 JPY 10,000 Unsec. Str. Bonds No.57 Issue Date Maturity Date Issue Amount (mn) Aug 28, 2017 Aug 27, 2027 JPY 10,000 Unsec. Str. Bonds No.58 Issue Date Maturity Date Issue Amount (mn) Feb 26, 2018 Feb 24, 2023 JPY 10,000 Unsec. Str. Bonds No.59 Issue Date Maturity Date Issue Amount (mn) Feb 26, 2018 Feb 26, 2025 JPY 10,000

5 Unsec. Str. Bonds No.60 Issue Date Maturity Date Issue Amount (mn) May 07, 2018 May 02, 2028 JPY 10,000 Commercial Paper ISSUE LIMIT (mn): JPY 400,000 SUPPORT: Unsecured RATING: a-1+, Previously a-1 A preliminary rating is assigned when a provisional credit rating is needed for an individual obligation on which final terms have not been determined. A credit rating finally assigned may differ from the preliminary rating depending on, among others, the details of the actual contract of the individual obligation.