Mitsubishi Estate Announces Participation in Melbourne Quarter East Tower Development Project in Australia

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1 PRESS RELEASE November 24, 2017 Mitsubishi Estate Co., Ltd. Mitsubishi Jisho Residence Co., Ltd. Mitsubishi Estate Announces Participation in Melbourne Quarter East Tower Development Project in Australia Mitsubishi Estate Co., Ltd. and Mitsubishi Jisho Residence Co., Ltd. announced that the two companies reached an agreement to participate in the Melbourne Quarter East Tower Development Project (the Project) as of November 24, The Project will be developed in collaboration with Lendlease Ltd., a real estate and infrastructure group in Australia. The Project is a large-scale tower condominium 44 stories above ground with 719 total units in the heart of Melbourne. It is the Mitsubishi Estate Group s first residential business in Australia. [Project Features] Mitsubishi Estate Group s first residential business in Australia The first residential part of the Project is a large complex development with three office buildings and three residential buildings Large-scale residential development business with 44 stories above ground, with 719 total units While the residential population in Melbourne, Australia, is about 4.4 million people, it is growing at a pace of about 100 thousand people annually and there is a rising need for housing. The planned site is located southwest of central Melbourne. It provides easy access to transportation, because it is very close to Southern Cross Station, a major terminal. The Project consists of residential development in one district of the Melbourne Quarter project, a large complex redevelopment project. Construction will start at the end of November 2017, and is scheduled to be completed in The Mitsubishi Estate Group conducts international business in nine countries in Asia and Oceania. Expected completion CG It will actively promote the real estate business overseas utilizing its real estate development know-how and product planning capabilities, which have been cultivated in countries around the world.

2 [Project Outline] Project interests Location 50% for Lendlease, 50% for Mitsubishi Estate Group Melbourne, Victoria, Australia About one minute s walk from Southern Cross Station Building scale Total residential units Room layout 44 stories above ground 719 units 1 bedroom 3 bedrooms Exclusive area Approx. 50 m m 2 Site area Approx. 4,415 m 2 Total floor space Approx. 58,730 m 2 Architect Fender Katsalidis Architects (Melbourne-based design company established in 1996 that mainly conducts business in Oceania.) Construction Lendlease Start End of November 2017 Completion 2020 (Subject to change) [Image of Completed Development] Expected completion CG (entrance) Expected completion CG (courtyard) Expected completion CG (bed room)

3 Expected completion CG (pool and gym) Expected completion CG (spa) [About the Melbourne Quarter Project] The Project is part of the Melbourne Quarter project, a large complex redevelopment project being promoted by Lendlease. The overall plan includes the development of three office buildings and three residential buildings, including commercial facilities (approx. 1,690 total units). Overall construction is expected to be completed in 2026 or thereafter. East Tower project Expected completion appearance CG of the Melbourne Quarter Project

4 [Wide Area Map] Planned site [Medium Area Map] Melbourne Airport Central Melbourne Planned site [Narrow Area Map] Melbourne Quarter planed site Southern Cross Station Planned site of this property

5 [Overview of Partners] Mitsubishi Estate Co., Ltd. Headquarters: Otemachi, Chiyoda-ku, Tokyo, Japan Established: May 1937 Capital: About billion yen Business Activities: A comprehensive real estate developer operating a spectrum of businesses in diverse fields related to real estate, including the development and management of an office building business centered on the Marunouchi district in central Tokyo, a retail property business, a residential business and a hotel business. Number of Employees: 8,642 (consolidated basis as of March 31, 2017) Representative: Junichi Yoshida, President & CEO Mitsubishi Jisho Residence Co., Ltd. Headquarters: Otemachi, Chiyoda-ku, Tokyo, Japan Established: June 1957 Capital: About 15 billion yen Business Activities: Residential business in the Mitsubishi Estate Group. The Company supplies around 4,000 units of condominiums annually. Number of Employees: 1,070 (as of March 31, 2017) Representative: Hidemi Waki, Representative Director & President Lendlease Ltd. (LL) Headquarters: Sydney, Australia Established: 1958 Business Activities: Real estate development, infrastructure development, construction, investment management and so on. Main construction properties include the Opera House in Sydney, Australia, and the National September 11 Memorial Museum in New York, U.S. Representative: Steve McCann, Group Chief Executive Officer and Managing Director