Message from the Executive Director

Since being listed on the Tokyo Stock Exchange on August 2004, Frontier Real Estate Investment Corporation ("FRI") has aimed to secure stable earnings over the medium to long term as a REIT specializing in retail facilities. In March 2008, Mitsui Fudosan Co., Ltd. became the new sponsor of FRI in place of former sponsor, Japan Tobacco (JT).

After the change of sponsors, FRI's asset scale reached 300 billion yen in March 2018 and is continuing to grow steadily through the utilization of Mitsui Fudosan's retail facility development and information collecting capabilities. Furthermore, stable earnings have been secured by leveraging Mitsui Fudosan's expertise in operation and management. As a result, FRI has continued to realize stable distributions since listing.

Going forward, FRI will continue to regard the distribution level as the most important management indicator and will manage assets with the aim to increase investors' value in partnership with our asset management company, Mitsui Fudosan Frontier REIT Management Inc.

We therefore ask for the continued support and guidance of all our unitholders.
Frontier Real Estate Investment Corporation,
Executive Director Takao Iwadou

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