Mitsui : Progress of Medium-term Management Plan 2023 and FY Mar/2022 Business Plan

April 30, 2021 at 10:34 am IST

Progress of Medium-term

Management Plan 2023

and FY Mar/2022 Business Plan

～Transform and Grow～

Commitment to a new stage

April 30, 2021 Mitsui & Co., Ltd.

This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented to inform stakeholders of the views of Mitsui's management but should not be relied on solely in making investment and other decisions. You should be aware that a number of known or unknown risks, uncertainties and other factors could lead to outcomes that differ materially from those presented in such forward-looking statements.

A Cautionary Note on Forward-Looking Statements:

These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.

Contents

Overview of FY Mar/2021 Operating Results and FY Mar/2022 Business Plan

FY Mar/2022 Business Plan and Key Initiatives

Details of FY Mar/2021 Operating Results and FY Mar/2022 Business Plan

Supplementary Information and Segment Data

	Overview of FY Mar/2021 Operating
1
Results and FY Mar/2022 Business Plan

Summary of Operating Results

FY Mar/2021 Results

Results driven by strong iron ore business, trading and FVTPL gains. Strengthened resilience against downward pressure through cost reductions, portfolio restructuring etc., and promoted initiatives to leverage COVID-19 as an opportunity

FY Mar/2022 Business Plan

Further strengthen earnings base and implement growth strategy to achieve quantitative targets of the Medium-term Management Plan, while aiming for even greater heights

(Unit: ¥billion)	FY Mar/2020	FY Mar/2021	FY Mar/2021	FY Mar/2022
	forecast	plan
			(Announced Feb. 2021)


Core Operating Cash Flow*1	561.0	658.1	600.0	680.0

Profit for the year*2	391.5	335.5	270.0	460.0

ROE	9.7%	8.0%	－	－


Dividend per share	¥80	¥85	¥80	¥90

FY Mar/2021

Annual dividend of ¥85 per share (¥5 increase)
Total annual shareholder return of approx. ¥210.0 billion
(31% of core operating cash flow)

FY Mar/2022

Raise minimum dividend to ¥90 per share (¥10 increase)
FY Mar/2022 annual dividend of ¥90 per share (¥5 increase compared to FY Mar/2021)
Additional share buyback of maximum ¥50.0 billion (May-Jun 2021)

*1. Cash flow from operating activities (FY Mar/2021: ¥772.7bn) minus cash flow from changes in working capital (FY Mar/2021: ¥56.2bn) minus outflows for repayment of lease liability (FY Mar/2021: ¥58.4bn)

*2. In these presentation materials, "Profit for the year" means Profit for the year attributable to owners of the parent

FY Mar/2021 tasks and progress

Steady advancement of projects amid COVID-19, and stable supply of resources, materials, food, and services essential for daily life
Restructuring competitive portfolio reflecting changes in business environment, and strengthened earnings base

Steady advancement of

projects

Realizing stronger

profitability

Initiatives to resilience

against downward pressure

Qualitative and quantitative contributions from essential businesses, including trading, stable supply of resources and electricity, and hospital business
Steady advancement of projects
- Gas field development in Western Australia, start of production of all Cameron LNG trains in US
- Initiatives to maintain and expand iron ore reserves
- Started new operations in IPP and FPSO businesses
Capturing digital security and "stay at home" demand
Implemented business revaluation, progressed portfolio restructuring
- Implementation of sale of Caserones, Agreement on sale of Moatize, Acquisition of additional interest in Collahuasi
- Shift in E&P business strategy to increase asset value
Reorganized existing business groups
- Consolidated subsidiaries of intermediary distribution, pursuing merger of apparel- related businesses
- Merged ICT related companies
- Reorganized US oil and gas businesses
Implemented structural reforms to strengthen cost competitiveness

Strengthening business management capabilities, Promotion of DX

Introduced ROIC, promoted company-wide measures to improve capital efficiency
Accelerated efforts to improve productivity and build new business models through DX
Sharpened corporate functions and shifted personnel into the front-line

FY Mar/2022 Business Plan and Key Initiatives

FY Mar/2022 Business Plan

The basic policy set forth in the Medium-term Management Plan 2023

remains unchanged,

Continuous "Transform and Grow"

Thoroughly strengthen core businesses,

and build high-quality business clusters through organic collaboration with peripheral businesses

Further strengthen cash generating capability,

and pursue both growth investments and shareholder returns

FY Mar/2022 Quantitative Targets Core Operating Cash Flow

Recovery from COVID-19 and reinforcement of earnings base, boosted by strong commodity prices
Pursue even greater height through achievement of "Transform and Grow"

Core Operating Cash Flow

				680.0		[Reference]	(Unit: ¥billion)
		658.1			650.0

561.0							Medium-term Management

							Plan 2023 target
				290.0		230.0	¥550.0bn
		308.1
243.7							Mineral & Metal
							Resources
								Energy
						130.0		Machinery &
							Infrastructure
		123.2		170.0				Chemicals

206.5						120.0		Iron & Steel Products

		78.7		100.0				Lifestyle

							Innovation and Corporate
						70.0
86.8		62.5					Development
		55.0			10.0	Others, Adjustments and
	19.8	2.0
		5.0	40.0
	2.2			Eliminations
35.8		30.0
55.1	8.7		40.0	10.0
20.5	3.9		30.0
-38.4						FY Mar/2023
FY Mar/2020*		FY Mar/2021		FY Mar/2022
(Results)		(Results)		(Plan)		(Forecast)

* Revised to reflect deduction for repayment of lease liability and restructuring associated with structural reorganization in April 2020

FY Mar/2022 Quantitative Targets Profit for the Year

Substantial increase in profit due to absence of one-time losses and improved profitability of existing businesses, aiming to achieve targets of Medium-term Management Plan ahead of schedule

Profit for the Year									[Reference]
								500.0
						460.0
391.5								200.0


				335.5		260.0

183.3
			179.9					60.0


57.8						50.0			110.0
			27.2

				45.9		80.0
89.4							60.0


22.3				43.5	2.1	40.0

		4.7	12.7		10.0	40.0
			20.0
32.0
	14.6	50.2				40.0
			30.0
-12.6

			-26.0		-30.0			-20.0

(Unit: ¥billion)

Medium-term Management Plan 2023 target ¥400.0bn

Mineral & Metal

Resources

Energy

Machinery &

Infrastructure

Chemicals

Iron & Steel Products

Lifestyle

Innovation and Corporate

10.0 Development

Others, Adjustments and

Eliminations

FY Mar/2020*	FY Mar/2021	FY Mar/2022	FY Mar/2023
(Results)	(Results)	(Plan)	(Forecast)

* Revised to reflect restructuring associated with structural reorganization in April 2020

Transform and Grow Cash Flow Allocation

Cumulative increase in core operating cash flow in three years of the Medium-term Management Plan will provide additional capacity for growth investments and shareholder returns (expansion of management allocation)
¥140 billion*1 already allocated for share buybacks. Plan to allocate ¥40 billion*2 for dividend increase and ¥150 billion for growth investments

Update on cash flow allocation (FY Mar/2021 - FY Mar/2023)

(Unit: ¥billion)	Announced May 2020	Forecast as of April 2021

	Core Operating Cash Flow	1,500.0		2,000.0
Cash-In
Asset Recycling	900.0		650.0 - 750.0


	Post FID investment,
	maintenance CAPEX	1,500.0 - 1,700.0		1,500.0
	Growth investments
Cash-Out	（Strategic Focus/new）
	300.0 - 500.0		750.0 - 850.0

Share buybacks
		Management allocation
	+ additional dividend

	Dividend (minimum)	400.0		400.0 → 440.0

*1. ¥90.0bn implemented during Medium-term Management Plan ＋ ¥50.0bn announced April 30, 2021

*2. Cumulative three-year total of dividends to be paid has been expanded from ¥400.0bn (forecast as of the beginning of the Medium-term Management Plan period) to ¥440.0bn (assuming annual dividend per share is ¥85 for FY Mar/2021 and ¥90 for FY Mar/2022 and beyond)

Allocation

Growth

investments

150.0

buybacks

140.0

Dividend increase 40.0

Shareholder Returns Policy

Reflecting strong cash generation capability, increasing dividend to ¥85 per share for FY Mar/2021 and raising minimum annual dividend for FY Mar/2022 and FY Mar/2023 to ¥90 per share
Additional share buyback of maximum ¥50.0 billion (May-Jun 2021)
Continue to raise the total shareholder returns as a percentage of core operating cash flow

(Unit: ¥billion)	659.7			658.1	680.0

● Core operating cash flow	563.0	561.0
■ Share buybacks
■ Dividend amount						(50.0)
				64.0

				58.0

				25.0


		50.0
						150.0
				145.0
		140.0	140.0

		120.0

Annual dividend per share

Mar/18	Mar/19	Mar/20	Mar/21	Mar/22

¥70	¥80	¥80	¥85	¥90

Total shareholder returns		Increase in comparison with
as a percentage of core	Previous MTMP results: Approx. 28%	previous MTMP
operating cash flow*		(FY Mar/2021: 31％)

* Total shareholder return ÷ core operating cash flow

transformation and growth

Business and portfolio

Key Initiatives Formation of business clusters of scale

Continue to strengthen business management capabilities and thoroughly reinforce strong existing (i.e. core) businesses
Create multiple business clusters of scale, with a strong presence in each business domain
Achieve business and portfolio transformation, and growth by organically linking peripheral businesses and developing them across industries

Establishment of

strong presence in business domains

Core

Businesses

New

Businesses

Formation of business clusters

of scale

Growth and expansion of core businesses and new businesses
Organic collaboration with businesses in peripheral areas
Establishment of new core businesses

Core

Businesses

Strengthening and expansion of business clusters centered on core businesses
Formation of business clusters through organic collaboration of multiple businesses

Business

Clusters

Core

Businesses

Core

Businesses

Business

Clusters

Business

Clusters


	Steady advancement of projects and profit
Key Initiatives
	contribution/Reinforcement of domestic business

		Medium-term Management Plan 2023

Profit contribution	FY Mar/2021		FY Mar/2022	FY Mar/2023	FY Mar/2024 and beyond
収益貢
					・South Flank		・Australia Waitsia
			・Cameron 3rd Train	・Robe River JV		・Russia Arctic LNG2
					・Additional interest in Collahuasi		・Mozambique Area1
								･Gas-fired power
Existing		＋						(Thailand)
				・FPSO	・ Morocco wind power
		・FPSO(Sepia)
business		・FPSO (Mero, Eni)	・Thailand power distribution and district cooling
	・Gas-fired power
	・Mexico solar power	・Gas-fired power (Thailand, Bahrain)
		(Soma / Japan)
				・Morocco wind power
Profitability

improvement
				・Crop protection,	・High performance	Energy	Market	Healthcare/
				agricultural inputs	monomers
				Solutions	Asia	Nutrition

	●Min. & Metal Resources ●Energy ●Machinery & Infrastructure ●Chemicals	See next page
Reinforcement of domestic business

Industry reorganization, Partnering with local leading companies, Accelerate initiatives by strategic allocation of personnel

FY Mar/2021

■Reorganization and restructuring of existing business groups

・Consolidation of subsidiaries of intermediary distribution (Mitsui & Co. Retail Holdings)

・Merged apparel related business (MIF/Textile segment of Nippon Steel Trading Corporation)

・Reorganization of domestic sugar industry(Merger of Mitsui Sugar and Dai-Nippon Meiji Sugar)

・Establishment of subsidiary consolidating export and import businesses (Mitsui & Co., Retail Trading)

・Reorganization of ICT related subsidiaries (MKI・MBEL) ■Enhancement of collaboration with leading companies in high

performance monomers and cosmetics domains in Japan (Honshu Chemical /Ands)

■Start of EC fulfillment company (RDS) , Foundation of modern media company (Tastemade JV)

FY Mar/2022 and beyond

■Reinforcement of existing business groups and promote continuous reorganization

・ICT: Strengthen core affiliates etc.

■Initiatives in new domains

・Next generation mobility / EV charging infrastructure, EV battery

・Wellness / promote digital business utilizing medical and health data ・Agriculture / Reinforcement of seeds and agriculture infrastructure

businesses

・Energy Solution / Development of smart cities business

Key Initiatives Energy Solutions

Thoroughly reinforce existing businesses, which are one of our strengths, while organically linking peripheral businesses to accelerate initiatives in next-generation fields and lead the energy transition

FY Mar/2021 progress

Progress of LNG development projects

・Russia Arctic2, Mozambique Area1		Existing	Strengthen LNG business domain and
◆ FID of Western Australia gas field	businesses	promote decarbonization initiatives
◆ Investment in hydrogen station

business
Next gen.	Hydrogen and ammonia initiatives
◆ Agreement for carbon-neutral LNG
supply


◆ Shift in E&P business strategy to
increase asset value		Existing	E&P value maximization, CCS/CCUS,
◆ Participation in CCS business (UK)		businesses	geothermal, DX
◆ Achieved CO2-free electricity in
Japan		Next gen.	Carbon solutions initiatives
◆ Decision to expand capacity of

CO2-derived methanol production

Transition we are pursuing

Transition to a

stable and secure

supply of

Participation in next-generation fuel production business (LanzaTech)
Steady progress in power generation projects (stable operation, completion of projects under construction, start of commercial operations, etc.)

	Existing	Trading of petroleum, coal, LNG,
	businesses	and biofuel

	Next gen.	Trading of next-generation fuels,
	electricity and carbon credit


	Existing	Power generation (including
	businesses	distributed RE) and mobility

	Next gen.	EV infrastructure, batteries, VPP

sustainable

energy/electricity

Key Initiatives Healthcare/Nutrition

Realize further growth strategies for existing businesses and accelerate development of foundation for growth through initiatives to broaden target domains from healthcare to wellness and from "patient-centered" to "individual-centered"

FY Mar/2021 progress		FY Mar/2022 action plan

While affected by decline in operation rates at hospital and food

	service businesses etc., recovered through implementation of	•	Realize growth strategies for existing businesses
	various measures	•	Strengthen cross-company initiatives in wellness
•	Made progress on development of growth platform for data		business
	business, etc.	•	Develop healthcare data business platform

Strengthened portfolio management through asset recycling
Growth strategy

Develop largest wellness service platform in Asia by combining our existing business portfolio with advanced digital technologies, through collaboration with governments, medical institutions, pharmaceutical companies, insurers and others

	Outpatient Clinic	Hospital
	Healthcare data	Pharmaceutical
Medical examination
/ diagnosis	Wellness service	companies

	platformcentered on Asia

Home

Wellness data

Prevention, Prognosis care

Exercise / nutrition	Medical expenses
insurance

Key Initiatives Market Asia

Agreed to subscribe ¥100billion* through convertible bonds of CT group, an Indonesian business conglomerate having resilience even under COVID-19
Leverage CT Corp's strong business platform and tackle the "growing and changing Asian consumer market"
Aim to enhance corporate value, create joint businesses, and public offering in future, by collaboration through the appointment of commissioner and director

Overview of CT Corp

Established in 1996, CT Corp is a leading conglomerate in Indonesia that has expanded its business in consumer-related sectors including financial service, retail, media, property, hospitality, entertainment and life-style
In Indonesia, with a growing middle class and demand expected to be driven by millennials and Gen Z, the company's growth strategy is to differentiate its products and services by leveraging consumer data and reciprocal customer transfers within the group
While competitors are struggling with the coronavirus pandemic, CT Corp has proven its resilience by implementing quick and flexible cost controls

Growth strategy for the Asian consumer market

CT Corp's strong business platform

Finance Retail Media Property

Mitsui capabilities

Advanced business

model/introduction of Expansion in Asia Mitsui platformproducts and services

Establish management foundation for a global

business

Establishment of consumer eco-system

Best products and services	Middle class	Diverse needs (data)


Goods and			Systems		Place and space
	services

	Procurement	Analysis/improvement		Design development

* Of this, ¥33.0 billion will be used to convert existing straight bonds (underwritten in 2018)

	Personnel strategy/ Sustainability management;
Key Initiatives
Evolution of ESG

Develop human resources and introduce policies to strengthen individuals and support "Transform and Grow"
Promote ESG initiatives related to climate change and circular economy to enhance corporate value
Continuously strengthen governance to improve the effectiveness of the Board of Directors*

Personnel strategy

Deploy to the right positions on a global group basis

Promoting the activities of diverse professionals

Strengthening diverse

individuals

2021 progress

Expansion of global next-generation leader development program
Introduction of globally shared standards of conduct
Succession management
Reformed HR systems and operations to support the growth of diverse professionals
Introduced employee stock compensation plan

2022 action plan

✓ Promote talent management across global group

✓ Develop succession management

✓ Allocate human resources in line with business

portfolio transformation

✓ Establish new system to encourage young employees

to challenge themselves to grow

✓ Consider establishing new career paths for highly

specialized human resources

✓ Consider new ways of working in line with the "new

normal"

✓ More thorough implementation of Pay for Performance

✓ Implement measures to support enhancement of

business management capabilities

Sustainability management; Evolution of ESG

Climate change

Circular economy

Business and human

rights

Introduced internal carbon pricing system
Promoted projects that contribute to GHG reduction
Identified opportunities and risks for each business unit
Promoted opportunity initiatives
Revised Human Rights Policy and Sustainable Supply Chain Policy
Promoted awareness of Mitsui policies and implemented human rights DD

✓ Promote projects that contribute to GHG reduction,

take measures to improve resilience

✓ Analyze impact of strategic focus

✓ Promote opportunity initiatives

✓ Implement measures to permeate the field

✓ Continue human rights DD

* See pages 43-46 (Corporate Governance) for information on Mitsui's governance structure and its efforts to improve the effectiveness of the Board of Directors

Climate Change

Fulfil responsibilities as a company operating in wide range of businesses across the world with the aim of realizing a sustainable society while ensuring economic viability
Aim to widely contribute toward global reduction of greenhouse gas emissions
Reduce emissions through portfolio restructuring and implement measures to improve the quality of business

Emissions

Net-zero emissions

Reduction

Create an

Halve GHG impacteco-friendly society

2020

2030

2050

Achieving net-zero emissions by 2050

(from publicly released Medium-term Management Plan 2023 materials)

[Reduction] Reduce company emissions by improving portfolio quality of resource and power generation assets

[Transition] In the medium term, promote fuel conversion through LNG and other business to contribute to reducing the environmental burden

Reduction contribution

Opportunity & Transition*

GHG impact = Emissions - Reduction contribution

* For Transition, we only assume reduction contribution attributable to the company in future

[Opportunity] Contribute to reducing emissions by expanding business that leverages the opportunities to address climate change in Energy Solutions and other areas

[2020 GHG impact] Emissions: 36m tons, Reduction contribution: 2m tons, GHG impact: 34m tons

Emissions are Scope 1/2 + Scope 3 (category 15)
Reduction amount is from existing renewable energy business, forestry, and company-owned forests, etc.

3	Details of FY Mar/2021 Operating
Results and FY Mar/2022 Business Plan

Core Operating Cash Flow YoY segment comparison

Core operating cash flow: ¥658.1bn (up ¥97.1bn)

(Unit: ¥billion)

658.1

561.0

308.1

243.7

		123.2
206.5
		78.7
86.8		62.5
			2.0
		19.8


35.8	2.2	55.1		8.7


20.5	3.9

-38.4

Main factors

(YoY change)

■ Mineral & Metal Resources ¥308.1bn (+¥64.4bn)

・Increase in sales price of iron ore operations in Australia ・Increase in dividend from Vale

・Decline in sales price of coal operations in Australia

■ Energy ¥123.2bn (-¥83.3bn)

・Decline in oil and gas prices, decrease in LNG dividends

■ Machinery & Infrastructure ¥78.7bn (-¥8.1bn)■ Chemicals ¥62.5bn (+¥26.7bn)

・Strong chemicals trading and agricultural related businesses

■ Iron & Steel Products ¥2.0bn (-¥0.2bn)■ Lifestyle ¥19.8bn (-¥0.7bn)

■ Innovation & Corporate Development ¥55.1bn (+¥51.2bn)

・FVTPL gains

・Strong commodities trading

・Strong performance of ICT's core affiliated companies

■ Others ¥8.7bn (+¥47.1bn)

・Absence of corporate pension contribution included in same period of previous fiscal year

Mar/2020* Mar/2021

* Revised to reflect deduction for repayment of lease liability and restructuring associated with structural reorganization in April 2020

Profit for the Year (PAT) YoY segment comparison

Profit: ¥335.5bn (down ¥56.0bn)

(Unit: ¥billion)

391.5

335.5

183.3

179.9

57.8

			27.2
89.4			45.9

			43.5
22.3		4.7	12.7	2.1



32.0
	50.2


14.6
-12.6			-26.0

Main factors

(YoY change)

■ Mineral & Metal Resources ¥179.9bn (-¥3.4bn)

・Exit and Impairment losses from Moatize coal and Nacala infrastructure, and Caserone copper mine projects

・Decline in sales price of coal operations in Australia

・Increase in sales price of iron ore operations in Australia and dividend from Vale

■ Energy ¥27.2bn (-¥30.6bn)

・Decline in oil and gas prices, decrease in LNG dividends

・Absence of deferred tax asset for Mozambique Area 1 recorded in same period of previous fiscal year

・Recorded deferred tax asset associated with reorganization of US energy subsidiaries

■ Machinery & Infrastructure ¥45.9bn (-¥43.5bn)

・Exit and Impairment losses from Moatize coal and Nacala infrastructure projects ・Losses incurred by the UK passenger transportation business

・Impairment loss at rolling stock leasing businesses

■ Chemicals ¥43.5bn (+¥21.2bn)

・Strong chemicals trading and agricultural related businesses

■ Iron & Steel Products ¥2.1bn (-¥2.6bn)

・Decline in operation rate at factories during first half of the fiscal year

■ Lifestyle ¥12.7bn (-¥19.3bn)

・Decline in dining out and purchasing demand at affiliated companies in food and fashion

・Absence of decline in tax burden associated with sale of shares in Recruit Holdings recorded in same period of previous fiscal year

■ Innovation & Corporate Development ¥50.2bn (+¥35.6bn)

・FVTPL gains

・Strong commodities trading

・Strong performance of ICT's core affiliated companies

■ Others -¥26.0bn(-¥13.4bn)

Mar/2020* Mar/2021

* Revised to reflect restructuring associated with structural reorganization in April 2020	20

Profit for the Year		YoY factor comparison
			Resources-				(Unit: ¥billion)


			related
	Base profit		costs/volume
				Asset recycling
	+61.0	-20.0
391.5			-53.0	Commodity	Valuation

					prices/Forex
					gain/loss
					-34.0
					special factors	335.5
						-10.0

Base profit		Resources-related	Asset recycling	Commodity	Valuation
	costs/volume		prices/Forex	gain/loss

	Main factors *		・Costs	+8.0
	＜Positive factors＞		Min. & Metal	-6.0
	・FVTPL	+37.0	Iron ore	-6.0
	Absence of factors		Coal	-2.0
	from previous Q4	+7.0	Copper, other	+2.0
	Current period	+30.0	Energy	+14.0
	・Iron ore dividend		・Volume
	・Cameron liquefaction	-28.0
	project	+11.7	Min. & Metal	-5.0
	・Chemicals trading		Iron ore	-2.0
	・United Grain	+3.6	Coal	-3.0
			Copper, other	0.0
	＜Negative factors＞		Energy	-23.0
	・LNG dividend decrease

Mar/2020	・Gestamp	-9.1
・LNG trading etc.

・Head office relocation costs

・Gas distribution businesses

* Profit improvement and favorable business environment offset COVID-19 impact

・Absence of factors		・Min. & Metal	+36.0	・Absence of factors	+75.0
from previous Q4	-66.0	Iron ore	+56.0	from previous Q4
・Total current period ＋13.0	Coal	-22.0	・Total current period	-85.0
Power generation		Copper, other	+2.0	Moatize coal/	-73.6
business in N. America			infrastructure
Fashion businesses	+3.0	・Oil, gas	-50.0	MEPIT impairment	-17.5
San-ei Sucrochemical			UK passenger transportation
Caserones copper		・Forex	-20.0	business losses	-11.0
mine	-7.2	(Yen vs. Functional		N. America	+39.0
Etc.		currency	+4.0)	Energy DTA
		(Functional currency vs.	Etc.

revenue currencies -24.0)

Mar/2021

Forex breakdown			Yen vs. Functional	Functional Currency vs.
			Currency	Revenue Currencies
・Min. & Metal Resources :	-16.0	10.0	-26.0
・Energy	:	0.0	-2.0	2.0
・Other	:	-4.0	-4.0	0.0

(Unit: ¥billion)

Evolve financial strategy and portfolio management

Results of cash flow allocation

Core operating cash flow increased, driven by strong iron ore business, trading and FVTPL gains
Asset recycling shrank due to COVID-19 and timing difference. Continue to be selective in

investment and loans, reduce maintenance capex of existing business

		FY Mar/2021	Main projects

	Core Operating Cash Flow	660.0

Cash-			[Machinery & Infrastructure] Sale of North American power generation
		business
In
Asset Recycling*1	145.0	[Chemicals] Sale of San-ei Sucrochemical

			[Mineral & Metal Resources] Sale of Caserones copper mine
			[Lifestyle] Sale of Fuji Pharma

			[Energy] LNG project under development, oil and gas production
			business
			[Corporate/ Innovation & Corporate Development] Integrated block
	Investment and Loans	-445.0	development of Otemachi One Project
	[Mineral & Metal Resources] Iron ore operations in Australia, Coal

Cash-			operations in Australia, additional acquisition of interests in
		Collahuashi*3
Out
		[Machinery & Infrastructure/ Energy] Power generation businesses


	Treasury Stock	-65.0*2
	Acquisition


	Dividend	-145.0

*1. Excludes changes in time deposits

*2. Acquired treasury stock worth ¥40.0bn between April and June 2020, and ¥25.0bn between February and March 2021. Additionally, ¥6.9bn in stock purchases for employee stock-based compensation

*3. Classified as "financial CF" in cash flow statement

Evolve financial strategy and portfolio management

Balance sheet

Mar/2020
Current	Other
liabilities
assets	2.8
4.1
	Long- and
	short-term
	debt*1
	4.9
Non-current	(3.5)
assets
7.7	Shareholder
	equity*2
	total
0.3	3.8

Non-controlling interests

Total assets	11.8
Shareholder equity	3.8
Net DER	0.91x

(Unit: ¥trillion)

Mar/2021
Current	Other
liabilities
assets	3.0

4.2
	Long- and
	short-term
	debt*1
	4.7
Non-current	(3.3)

assets
8.3	Shareholder

	equity*2
	total
0.2	4.6

Non-controlling interests

Total assets	12.5
Shareholder equity	4.6
Net DER	0.72x

Main balances/changes from March 2020

Interest-bearing debt*3 ¥4.4tn (down ¥0.1tn) Net interest-bearing debt*4 ¥3.3tn (down ¥0.2tn)

Shareholder equity*2 ¥4.6tn (up ¥0.8tn)
・ Profit for the year:	＋¥0.3tn

Foreign currency translation adjustments,

financial assets measured at FVTOCI:	＋¥0.6tn
・ Dividend payments, share buyback*5:	-¥0.2tn

*1. Figures in brackets are "Net interest-bearing debt"

*2. In these presentation materials, "Shareholders' equity" means

total equity attributable to owners of the parent

*3. Interest-bearing debt is calculated by excluding lease liability from short-term debt and long-term debt

*4. Net interest-bearing debt is Interest-bearing debt*3 minus cash and cash equivalents, and time deposits

*5. Includes ¥6.9bn in stock purchases for employee stock-based compensation

Impact of COVID-19

The pandemic created downward pressure at the beginning of the fiscal year, but recovery was better than expected in the second half. Amid a changing business environment, trading, resources and power supply, and hospital business made qualitative and quantitative contributions as essential businesses

		Mar/2021 full-year impact and future outlook

Mineral & Metal	◼ Strong Iron ore and copper prices due to Chinese demand and economic recovery. However, coal prices were
	sluggish
Resources
◼	Mining operations largely operating as normal


	◼ Oil demand is recovering due to the spread of vaccines and economic stimulus measures in certain countries,
Energy		but there are concerns about slowdown due to a resurgence of infections
◼	Closely monitor prolonged spread of infections, behavioral changes, and impact of demand trends on real

		economy

Machinery &	◼ Production and sales significantly affected in the first half of the fiscal year, but market recovered in second half
	centered on automotive and construction & industrial machinery
Infrastructure
◼	Footfall has not recovered and some businesses, such as passenger transport, remain sluggish


	◼ While demand and market declined in the first half of the fiscal year, demand recovered in the second half,
Chemicals		mainly in China and North America
◼	When the market changes, Mitsui demonstrated its capabilities in logistics and other areas, and contributed
		toward stable supply
	◼ Demand for agriculture and food-related products remained firm

	◼ Although the first half of the year was affected by decline in demand for steel and a decline in operation rate at
Iron & Steel Products		factories, market recovered with the recovery in the economy and steel demand
◼	Uncertainty remains in some businesses and regions, but performance is expected to recover due to recovery in

		demand and strengthening of resistance to downturns

	◼ Although affected by decline in operation rates at hospital and food service businesses etc., it recovered through
		implementation of various measures. Expect further recovery by continuing to strengthen management of
Lifestyle		existing businesses and creating new businesses with an eye to the "new normal"
◼	Logistics profit on grains and other commodities improved and we secured "stay at home" demand. Demand in

		fashion-related and dining out industries will pick up to a certain extent, but we will closely monitor the impact
		of concern about re-spread in infections on decline in demand

Innovation & Corporate	◼ Steady capture of digital security and "stay at home" demand
◼	Steady growth in commodities trading and logistics business
Development
◼	Early recovery of stock market, active IPO market


General	◼ Delays in asset recycling. Drive market research and improve project/deal quality for normalization
◼	Reduced expenses such as for travel and project/deal formulation costs

FY Mar/2022 Business Plan

Core Operating Cash Flow: ¥680.0bn (+¥21.9bn YoY) Strong commodity markets, primarily in energy
Profit for the Year: ¥460.0bn (+¥124.5bn YoY)
Absence of re-valuation factors (Mineral & Metal Resources, Energy, Machinery & Infrastructure), Recovery from COVID-19 and strengthening of earnings base (overall)

Core Operating Cash Flow

658.1680.0

Mineral & Metal Resources

Energy

Profit for the Year

(Unit: ¥billion)

460.0

308.1

290.0

Machinery &

Infrastructure

Chemicals

Iron & Steel Products

335.5	260.0

123.2			170.0

78.7			100.0

62.5		2.0	55.0
19.8			5.0

	30.0

55.1		8.7
			30.0

FY Mar/2021			FY Mar/2022
	Results			Plan

Lifestyle

Innovation and Corporate

Development

Others, Adjustments and Eliminations

179.9
		50.0
27.2		80.0
45.9

43.5	2.1	40.0
12.7		20.0	10.0

50.2
	30.0

-26.0		-30.0
FY Mar/2021		FY Mar/2022
Results		Plan

FY Mar/2022 Action Plan

Strengthen earnings base through steady implementation of the following measures

Mineral & Metal

Resources

Energy

Machinery &

Infrastructure

Chemicals

Continue to maintain and expand the volume of reserve in the iron ore business and strengthen existing operations of the copper mines
Strengthen the recycling business and respond to a low-carbon society
Promote LNG development projects (Arctic 2, Mozambique)
Steady realization of E&P asset value
Accelerate initiatives in the energy solutions domain
Strengthen and expand portfolio and improve quality
Initiatives for B2B and next-generation mobility
Sharpen trading functions and create new businesses in environment, DX, space fields etc.
Promote new initiatives in emission management, circular economy, etc.
Accelerate business development in Asia and Japan in the area of wellness
Strengthen trading functions, bolt-on investments, and steady implementation of previously invested projects

Iron & Steel Products

Lifestyle

Innovation & Corporate

Development

Strengthen Gestamp earnings base
Strengthen comprehensive infrastructure maintenance business
Sharpen trading functions
Create new businesses through collaboration with CT Corp
Strengthen cross-company initiatives in wellness business
Further strengthen existing earnings base as well as core affiliate companies
Create new businesses leveraging DX

Profit for the Year YoY factor comparison

335.5

					Resources-
					related
	Base profit		costs/volume

+20.0 approx.		-32.0


	Base profit				Resources-related
			costs/volume


	・Costs	-19.0
・Lifestyle, Machinery &		Min. & Metal	-10.0
Infrastructure		Iron ore	-6.0
					Coal	-2.0
		Copper, other	-2.0
・Absence of FVTPL gains		Energy	-9.0
from previous Q4 -30.0	・Volume
				-13.0
					Min. & Metal	0.0
					Iron ore	-1.0
					Coal	0.0
					Copper, other	+1.0
					Energy	-13.0

Valuation gain/loss special factors

Commodity

+101.0

prices/Forex

Asset recycling

+43.0

-7.0

Asset recycling

Commodity

Valuation

prices/Forex

gain/loss

・Absence of factors

・Min. & Metal

+23.0

・Absence of factors

from Mar/2021

-13.0

Iron ore

+10.0

from Mar/2021

+85.0

・Mar/2022 total

＋6.0

Coal

+5.0

・Mar/2022 total

+16.0

Copper, other

+8.0

・Oil, gas

+34.0

・Forex

-14.0

(Yen vs. Functional

currency

+6.0)

(Functional currency vs. revenue currencies -20.0)

(Unit: ¥billion)

460.0

Mar/2021

Results

				Mar/2022
				Plan
Forex breakdown			Yen vs. Functional	Functional Currency vs.
			Currency	Revenue Currencies
・Min. & Metal Resources :	-11.0	4.0	-15.0
・Energy	:	-2.0	3.0	-5.0
・Other	:	-1.0	-1.0	0.0

	Supplementary Information and
4
Segment Data

Assumptions and Sensitivities Mar/2021 results and Mar/2022 plan

Impact on profit for the year attributable to owners of the parent	March 2022
	for the Year ending March 31, 2022	Assumption

		Crude oil/JCC	―	61

	Consolidated oil price (*1)	¥2.5bn (US$1/barrel)	59

		U.S. Gas (*2)	¥1.1bn (US$0.1/mmBtu)	2.74

Commodities		Iron ore (*4)	¥2.2bn (US$1/ton)	(*5)

	Coal	Coking	¥0.4bn (US$1/ton)	(*5)
	Thermal	¥0.1bn (US$1/ton)	(*5)


		Copper (*8)	¥0.7bn (US$100/ton)	7,650

		USD	¥2.6bn (¥1/USD)	105.00

Forex (*10)		AUD	¥2.4bn (¥1/AUD)	80.00

		BRL	¥0.2bn (¥1/BRL)	19.00

March 2021

Result

2.13(*3)

128(*6)

119(*7)

69(*7)

6,169(*9)

105.94

76.71

19.46

(*1) As the crude oil price affects our consolidated results with a 0-6 month time lag, the effect of crude oil prices on consolidated results is estimated as the Consolidated

oil price, which reflects this lag. For the year ending March 2022, we have assumed that there is a 4-6 month lag for approx. 35％, a 1-3 month lag for approx. 60%, and no lag for approx. 5%. The above sensitivities show annual impact of changes in consolidated oil price.

(*2) As Mitsui has very limited exposure to U.S. natural gas sold at Henry Hub (HH), the above sensitivities show annual impact of changes in the weighted average sale price.

(*3) U.S. gas figures for the year ended March 2021 are the Henry Hub Natural Gas Futures average daily prompt month closing prices traded on NYMEX during January to December 2020.

(*4) The effect of dividend income from Vale has not been included.

(*5) Iron ore and coal price assumptions are not disclosed.

(*6) Iron ore results figures for the year ended March 2021 are the daily average (reference price) spot indicated price (Fe 62% CFR North China) recorded in several industry trade magazines from April 2020 to March 2021.

(*7) Coal results figures for the year ended March 2021 are the quarterly average prices of representative coal brands in Japan (US$/MT).

(*8) As the copper price affects our consolidated results with a 3-month time lag, the above sensitivities show the annual impact of US$100/ton change in averages of the LME monthly average cash settlement prices for the period March to December 2021.

(*9) Copper results figures for the year ended March 2021 are the averages of the LME monthly average cash settlement prices for the period January to December 2020.

(*10) Impact of currency fluctuations on reported profit for the year of overseas subsidiaries and equity accounted investees denominated in their respective functional currencies and the impact of dividend received from major foreign investees. Depreciation of the yen has the effect of increasing profit for the year through the conversion of profit (denominated in functional currencies) into yen. In the overseas subsidiaries and equity accounted investees where the sales contract is in USD, the impact of currency fluctuations between the USD and the functional currencies (AUD and BRL) and the impact of currency hedging are not included.

Mineral & Metal Resources: Equity share of production

Equity share of production*1	(announced April 2021)
			(Mlt/year)
Iron Ore*2	(Mlt/year)	Coal*2	Copper*2	(Kt/year)
Upper: Thermal coal

Lower: Coking coal

59.7			62	4.2	3.0	3.2	12	14	153	154	154
57.8	58.2	59		10.6				130
9.6	9.0				122

Mar/2019

Mar/2020

Mar/2021

Mar/2022

Mar/2023

Mar/2019 Mar/2020 Mar/2021 Mar/2022 Mar/2023

Mar/2019

Mar/2020

Mar/2021

Mar/2022

Mar/2023

Result

(Est.)

Result

(Est.)

Result

(Est.)

*1.

Impact of COVID-19 has not been factored into some figures

*2.

Vale production volume is based on published data as of April 19th

Production				FY Mar/2020					FY Mar/2021


		1Q	2Q	3Q	4Q	Total	1Q	2Q	3Q	4Q	Total

Iron ore (Mt)	14.1	14.4	15.1	14.2	57.8	14.0	14.1	15.5	14.6	58.2

Australian iron ore	10.0	10.8	10.3	9.8	40.9	10.7	10.3	10.6	9.9	41.5

Vale*1	4.1	3.6	4.8	4.4	16.9	3.3	3.8	4.9	4.7	16.7

Coal*2（Mt）	3.3	3.4	3.6	3.3	13.6	2.9	3.1	3.1	3.2	12.2

MCH	2.1	2.1	2.1	2.0	8.3	1.8	1.9	1.9	2.0	7.6

BMC*1	0.5	0.6	0.5	0.4	2.0	0.5	0.5	0.5	0.4	1.8

Australian coking coal	2.4	2.3	2.3	2.1	9.1	1.9	1.9	1.9	2.0	7.6
Australian thermal coal	0.2	0.4	0.3	0.3	1.2	0.4	0.5	0.5	0.4	1.8

Moatize*1	0.3	0.3	0.3	0.3	1.2	0.3	0.2	0.2	0.2	0.8

Copper*1, 2（Kt）	36.3	38.0	40.0*3	39.3	153.6	37.7	40.4	38.1*4	37.3	153.5

*1. Vale、BMC、Moatize and copper are results for: Q1 Jan-Mar; Q2 Apr-June; Q3 Jul-Sep; Q4 Oct-Dec

*2. Includes Vale production (5% for FY Mar/2018 Q1 and earlier, 5.5% for Q2 and after, 5.6% for FY Mar/2019 Q4 and after)

*3. May 2020 revision（Q3: 39.6→40.0)

*4. April 2021 revision (Q3: 38.7→38.1)

Mineral & Metal Resources: Main businesses

Product	Name*1	Location	FY Mar/2021	Main partner	Equity ratio*4	Revenue recognition
Equity production


Iron ore	Robe River	Australia	21.4 million tons	Rio Tinto	33.0％	Consolidated
(partially accounted for
						by equity method)
Iron ore	Mt. Newman / Yandi /	Australia	20.1 million tons	BHP	7.0％	Consolidated
(partially accounted for
Goldsworthy / Jimblebar
					by dividend)

Iron ore	Vale	Brazil	16.7 million tons*2	Vale	5.58％	Dividend

Coal	South Walker Creek / Poitrel	Australia	1.8 million tons*2	BHP	20.0%	Equity method

Coal	Kestrel	Australia	1.1 million tons*2	EMR / Adaro	20.0%	Consolidated

Coal	Moranbah North / Grosvenor	Australia	6.5 million ton	Anglo American	Various	Consolidated
/ Capcoal / Dawson

Coal	Moatize / Nacala*5	Mozambique	0.8 million tons*2	Vale	Moatize: approx. 15％	Moatize: Dividend
Nacala: approx. 50％	Nacala: Equity method


Copper	Collahuasi	Chile	69.4 thousand tons*2	Anglo American Glencore	12.0%*６	Equity method

Copper	Anglo American Sur	Chile	35.3 thousand tons*2	Anglo American Codelco	9.5%	Equity method

Copper	Caserones	Chile	28.7 thousand tons*2	JX Nippon Mining & Metals	0.0％*7	Other
	Mitsui Mining & Smelting


Nickel	Coral Bay	Philippines	3.4 thousand tons*3	Sumitomo Metal Mining	18.0%	Equity method

Nickel	Taganito	Philippines	4.6 thousand tons*3	Sumitomo Metal Mining	15.0%	Dividend

*1. Includes JV names, company names, and project names

*2. Jan-Dec 2020 results

*3. Production capacity base

*4. As of end of March 2021

*5. Definitive Agreement concluded

*6. Additional acquisition in Q4 of FY Mar/2021 (0.97%)

*7. Sale completed in Q4 of FY Mar/2021

Energy: Crude oil & gas - Equity share of production & reserves

				(announced April 2021）				(announced October 2020）
		Production12			Reserves13
					(KBoE/day)					(100m barrels)
	252	257	262									12.7
244	245


						222			9.5	8.8
								Gas					Gas

173	185	189	181	173	139		Crude oil	6.6	6.0	9.9		Crude oil





71	67		81	72	83					2.8	2.8
68				2.9

Mar/2018 Mar/2019 Mar/2020 Mar/2021 Mar/2022 Mar/2023	Mar/2018	Mar/2019	Mar/2020
Result	Result	Result	(Est.)	(Est.)	(Est.)		Result	Result		Result

*1. Oil equivalent

Mitsui's equity share of interests of consolidated subsidiaries, affiliates, and non-consolidated interests

*2. Mitsui's share of sales is applied to certain projects

(Est.) assumes that the impact of the novel coronavirus has not been factored into some figures

*3. According to Mitsui's assessment standards

Energy: Main businesses (producing assets only)

(As of end Mar. 2021)

Prod		Shareholder composition/Interest holders	LNG: Production capacity	Accounting
Project name	E&P: Production	Revenue Recognition
uct	*= operator, Blue text= Mitsui participating entity	Period
	(FY Mar/2021 Result）


LNG	Abu Dhabi	*ADNOC(70%), Mitsui(15%), BP(10%), Total(5%)	LNG:5.80 million tons/year	NA	Dividend income

LNG	Qatargas1	*QP(65%), Total(10%), EM(10%), MILNED(7.5%), Marubeni(7.5%)	LNG:9.60 million tons/year	Mar.	Dividend income

LNG	Qatargas３	*QP(68.5%), Conoco Phillips(30%), Mitsui(1.5%)	LNG:7.80 million tons/year	Mar.	Dividend income

LNG	Oman	*MOG(51%), Shell(30%), Mitsui(2.77%), 他	LNG:7.10 million tons/year	NA	Dividend income

LNG	Equatorial Guinea	*Marathon(60%), Sonagas(25%), Mitsui(8.5%), Marubeni(6.5%)	LNG:3.70 million tons/year	NA	Dividend income
LNG	SakhalinⅡ	*Gazprom(50%+1 share), Shell(27.5%-1 share), Mitsui(12.5%), Mitsubishi Corp(10%)	LNG:9.60 million tons/year	Dec.	Dividend income
	North West Shelf	*Woodside, MIMI [Mitsui/Mitsubishi Corp=50:50], Shell, BP, BHP, Chevron(16.7%	LNG:16.90 million tons/year	Dec.
LNG	LPG:0.46 million tons/year	Equity method profit
(NWS）	each)
	Crude oil/condensate:97 thousand BD

		*BP(40.2%), MI Berau[Mitsubishi Corp/INPEX=56:44](16.3%), KG Berau	LNG:7.60 million tons/year	Dec.	Equity method profit
LNG	Tangguh	[JOGMEC/Mitsui/Mitsubishi Corp/INPEX/JX=49.2:20.1:16.5:14.2](8.6%), KG
Crude oil/condensate: 6 thousand BD	/Gross profit
		Wiriagar[Mitsui](1.4%), others

LNG	Cameron	*Sempra(50.2%), Mitsui, Total, [Mitsubishi Corp/NYK](16.6% each)	LNG:12.00 million tons/year	Dec.	Equity method profit
			Gas/crude oil/condensate:		Gross profit
E&P	MOECO/Thai offshore	Chevron, PTTEP, MOECO(17.2%)	Mar.	/Equity method profit
400 thousand BD
				/Dividend income

E&P	MEPME/Block9	*Occidental(50%), OQ(45%), MEPME(5%)	NA	Dec.	Gross profit

E&P	MEPME/Block27	*Occidental(65%), MEPME(35%)	NA	Dec.	Gross profit

E&P	MEPME/Block3&4	*CCED(50%), Tethys(30%), MEPME(20%)	NA	Dec.	Gross profit

E&P	MEPUK/Alba	*Ithaca Energy(23.4%), MEPUK(13.3%), others	Crude oil: 10 thousand BD	Dec.	Gross profit

E&P	MEPIT/Tempa Rossa	*Total(50%), Shell(25%), MEPIT(25%)	NA	Dec.	Gross profit

E&P	MEPAU/Greater Enfield	*Woodside(60%), MEPAU(40%)	NA	Dec.	Gross profit

E&P	MEPAU/Kipper	*EM(32.5%), BHP(32.5%), MEPAU(35%)	NA	Dec.	Gross profit

E&P	MEPAU&AWE/Casino,	*Cooper(50%), AWE(25%), MEPAU(25%)	Gas/condensate: 5 thousand BD	Dec.	Gross profit
Henry, Netherby

E&P	MEPAU/Meridian	*WestSide(51%), MEPAU(49%)	Gas: 7 thousand BD	Dec.	Gross profit

E&P	MOEX North	*Shell(80%), MOEX NA(20%)	NA	Dec.	Gross profit
America/Kaikias

E&P	MEPTX/Eagle Ford	*Mesquite(50%), KNOC(25%), Venado Oil&Gas (12.5%), MEPTX(12.5%)	Gas/condensate/NGL:81 thousand BD	Dec.	Gross profit

E&P	MEPUSA/Marcellus	*Chesapeake(32.17%), ALTA(32.17%), Equinor(15.49%), MEPUSA(15.49%), others	Gas: 2,479mmbtu/day	Dec.	Gross profit

Power generation portfolio

Net generation capacity (Mitsui's share): 11.0GW

(Gross generation capacity: 40GW）

(As of end of March 2021)

Renewable Energy			Merchant
		2%
	15%
	Americas

		27%	Asia,
Coal			Australia
By Energy	By Region	41%	Merchant/
18%
Source		Contracted

	Gas	Europe, Middle
	67%	East, Africa		Contracted
		32%		98%

Breakdown of Valuation gain/loss special factors

(Unit: ¥billion)

FY Mar/2020	1Q	2Q	3Q	4Q	Full year
Mineral & Metal Resources
Moatize/Nacala impairment			-17.7		-17.7
Total	0.0	0.0	-17.7	0.0	-17.7
Energy
MEPMOZ/Recorded DTA	13.2				13.2
MEPTX/Eagle Ford impairment				-18.0	-18.0
MEPAU/Greater Enfield impairment				-13.8	-13.8
MEPIT/Tempa Rossa impairment				-12.5	-12.5
MOECO/Kaikias impairment				-3.2	-3.2
Others	1.0	-0.2	0.4	0.1	1.3
Total	14.2	-0.2	0.4	-47.4	-33.0
Machinery & Infrastructure
Drillship comprehensive allowance	-0.9	-0.1		-0.2	-1.2
IPP-related: Market values of power contracts	-0.2	-0.3	-0.7	-0.3	-1.5
Moatize/Nacala impairment			-4.4		-4.4
Overseas railway impairment				-3.7	-3.7
Others	-0.1	0.2	-0.6	-3.0	-3.5
Total	-1.2	-0.2	-5.7	-7.2	-14.3
Chemicals
Others	-1.7	-0.4	6.5	2.2	6.6
Total	-1.7	-0.4	6.5	2.2	6.6
Iron & Steel Products
Others				-0.1	-0.1
Total	0.0	0.0	0.0	-0.1	-0.1
Lifestyle
Accountable impairment			-5.6	-0.8	-6.4
XINGU fixed asset impairment				-9.3	-9.3
Others	0.1	-0.8	-1.0	-0.5	-2.2
Total	0.1	-0.8	-6.6	-10.6	-17.9
Innovation & Corporate Development
Others	-0.9	-1.1	-1.0	-3.4	-6.4
Total	-0.9	-1.1	-1.0	-3.4	-6.4

FY Mar/2021	1Q	2Q	3Q	4Q	Full year
Mineral & Metal Resources
Moatize/Nacala impairment	-4.1	-15.6	-39.1		-58.9
Others		-1.7	-2.9	-0.3	-4.9
Total	-4.1	-17.3	-42.0	-0.3	-63.7
Energy
DTA from U.S. subsidiary reorganization			39.0		39.0
MEPIT/Tempa Rossa impairment			-23.4	5.9	-17.5
MEPAU impairment etc.				-11.5	-11.5
Others	-1.2	-1.0	0.0	-1.3	-3.5
Total	-1.2	-1.0	15.6	-6.9	6.5
Machinery & Infrastructure
IPP-related: MtM of power contracts	-0.4	-0.7	0.7	0.4	0.0
Rolling stock lease business impairment		-4.9	-4.2	0.2	-8.9
Moatize/Nacala impairment	-1.0	-3.9	-9.8		-14.7
UK passenger transportation business losses				-11.0	-11.0
Others		-0.5	-3.1	-3.9	-7.5
Total	-1.4	-10.0	-16.4	-14.3	-42.1
Chemicals
Others	1.9	0.6	6.0	0.8	9.3
Total	1.9	0.6	6.0	0.8	9.3
Iron & Steel Products
Others		0.2	-0.1	0.2	0.3
Total	0.0	0.2	-0.1	0.2	0.3
Lifestyle
IHH ops in India: goodwill impairment	-2.5				-2.5
Fashion business/valuation loss, DTA reversal				-1.4	-1.4
Others	0.8		-0.8	2.7	2.7
Total	-1.7	0.0	-0.8	1.3	-1.2
Innovation & Corporate Development
Reversal of impairment loss on land			4.3		4.3
Reversal of land-holding related tax liabilities			1.9		1.9
Others			-1.2		-1.2
Total	0.0	0.0	5.0	0.0	5.0

Mineral & Metal Resources COCF, PAT above forecast mainly due to strong iron ore prices

Results		FY	FY	Change	Main factors		FY Mar/2021
			Mar/2020	Mar/2021				forecasts


Core operating CF	243.7*1	308.1	+64.4	↑Iron ore in Australia (increase in sales price)		285.0
↑Vale dividend increase
						↓Coal in Australia (decline in sales price)
Profit for the year	183.3	179.9	-3.4
(Valuation gain/loss special			155.0
(-17.7)	(-63.7)	(-46.0)
factors)


	Gross profit	226.0	251.2	+25.2	↑Iron ore in Australia (increase in sales price)
	↓Coal in Australia (decline in sales price)

	Profit (Loss) from equity	59.2	70.4	+11.2	↑Iron ore in Australia (increase in sales price)
	investments	↑Collahuasi copper mine (increase in sales price, increased volume)
	Dividend income	25.2	59.8	+34.6	↑Vale, Iron ore in Australia (increased dividend)
	Selling, general and	-41.6	-72.3	-30.7	↓Impairment loss for Moatize and Nacala projects
	administrative expenses	↓Impairment loss for Caserones project
	Others	-85.5	-129.2	-43.7	↓Impairment loss for Moatize and Nacala projects
	↓Coal and Iron ore in Australia (FOREX)

Total assets	1,921.9	2,566.5	+644.6

Investment CF	(Unit: billion yen)
			■ IN

			■ OUT

				16.8
		6.7
		-56.5		-67.1

FYFY

Mar/2020 Mar/2021

Main investments and recycling

(IN) Sale of Caserones copper mine business (OUT) Iron ore operations in Australia -39.3

Coal operations in Australia -19.6

Results of main affiliated companies

		Company name
Consolidated	Iron ore operations in Australia*2


		Coal operations in Australia*2
		Moatize coal and Nacala infrastructure
		projects
Equity	Oriente Copper Netherlands

method-		Japan Collahuasi Resources


		Inner Mongolia Erdos Electric Power &
		Metallurgical

FY	FY	Change
Mar/2020	Mar/2021


171.5	224.2	+52.7

27.4	-5.8	-33.2

-20.6	-77.9	-57.3
-5.7	-1.5	+4.2
8.9	14.7	+5.8
5.9	7.4	+1.5

Quarterly trends
Core operating CF	■ Q1 ■ Q2
	■ Q3 ■ Q4
	308.1
243.7	102.9

73.5
50.4	108.0

62.1	55.3

57.7	41.9

FY	FY
Mar/2020*1	Mar/2021

Profit for the year ■ Q1	■ Q2
■ Q3	■ Q4

183.3	179.9
47.4
34.0	103.0

52.9	5.6
	39.1
49.0	32.2

FY	FY
Mar/2020	Mar/2021

*1.	Revised to reflect deduction for repayment of lease liability	36
*2.	A portion of profit/loss was accounted for by the equity method

Energy

COCF, PAT above forecast mainly due to strong prices of oil and gas

Results

Change

Main factors

FY Mar/2021

Mar/2020

Mar/2021

forecasts

Core operating CF

*1,2

123.2

-83.3

↓Decline in oil and gas prices, decrease

110.0

dividends from LNG6 projects

206.5

Profit for the year

57.8*2

27.2

-30.6

20.0

(Valuation gain/loss special

(-33.0)

(6.5)

(+39.5)

factors)

Gross profit

141.1

62.9

-78.2

↓Decline in oil and gas prices

↓Decrease in LNG trading revenue

Profit (Loss) from equity

↓Decline in oil and gas prices

45.2

18.8

-26.4

↓Absence of deferred tax asset for MEPMOZ included in FY Mar/2020

investments

↑Increase in profit from start of production of all Cameron LNG trains in US

Dividend income

52.7

25.1

-27.6

↓Decrease in dividends from LNG6 projects

Selling, general and

-44.5

-47.2

-2.7

administrative expenses

↑Recorded deferred tax asset in accordance with reorganization of US

Others

-136.7

-32.4

+104.3

energy subsidiaries

↓Impairment loss for Tempa Rossa oil field project

↑Absence of impairment loss for E&P business in FY Mar/2020

Total assets

2,566.3

0.0

Results of main affiliated companies

Quarterly trends

Investment CF (Unit: billion yen) ■ IN

■ OUT

13.77.4

▲120.8 ▲133.3

FYFY

Mar/2020*2Mar/2021*2

Main investments and recycling

(OUT) LNG projects under development (Area1, Arctic LNG2)

Oil & gas production projects -37.0 Power generation businesses

Company name	FY	FY	Change
Mar/2020	Mar/2021

Core operating CF	■ Q1	■ Q2
	■ Q3	■ Q4

Profit for the year ■ Q1	■ Q2
■ Q3	■ Q4

	Mitsui Oil Exploration*3	22.0	2.7	-19.3

	Mitsui E&P Australia	-14.2	-10.0	+4.2
Consolidated	AWE	-4.5	-1.2	+3.3

Mitsui E&P USA	5.0	1.9	-3.1

MEP Texas Holdings	-17.7	-0.4	+17.3


	Mitsui & Co. Energy Trading Singapore	7.2	7.9	+0.7

Equity	Mitsui E&P Mozambique Area 1	11.2	-0.6	-11.8
Japan Australia LNG (MIMI)*4	-	-	-
method-
Japan Arctic LNG	4.1	-6.0	-10.1

206.5

22.4

67.7

57.7

58.7

123.2

20.5

42.5

23.8

36.4

57.8
31.5
24.2	27.2	0.5
40.4	30.4
3.5
-38.3	-7.2

*1.	Revised to reflect deduction for repayment of lease liability
*2.	Revised to reflect restructuring associated with structural reorganization in April 2020
*3.	A portion of profit/loss was accounted for by the equity method
*4.	Results not disclosed due to confidentiality agreement

FYFY

Mar/2020*1,2Mar/2021

FY	FY
Mar/2020*2	Mar/2021

		COCF met forecasts while PAT fell short mainly due to losses incurred by
	Machinery & Infrastructure
	the UK passenger transportation business

Results		FY	FY	Change	Main factors	FY Mar/2021
			Mar/2020	Mar/2021			forecasts


Core operating CF	*1,2	78.7	-8.1	↓losses incurred by the UK passenger	65.0
transportation business
			86.8
Profit for the year	89.4*2	45.9	-43.5		35.0
(Valuation gain/loss special	(-14.3)	(-42.1)	(-27.8)
factors)


	Gross profit	134.6	107.7	-26.9	↓Decrease in profit for railway, construction & industrial machinery
						businesses and automotive related subsidiaries
	Profit (Loss) from equity	88.4	95.3	+6.9	↑Strong automotive sale in Canada
	investments

	Dividend income	5.1	3.9	-1.2
	Selling, general and	-133.4	-132.9	+0.5
	administrative expenses

	Others	-5.3	-28.1	-22.8	↓Railroad vehicle leasing company impairment

Total assets	2,360.3	2,291.3	-69.0

Investment CF	(Unit: billion yen)
			■ IN

			■ OUT

		73.4
			42.3


				-53.0
		-118.1


		FY	FY
	Mar/2020*2	Mar/2021*2

Main investments and recycling

(IN) Sale of power generation business in North America

Results of main affiliated companies

	Company name	FY	FY	Change
	Mar/2020	Mar/2021


Consolidated	Mitsui & Co. Plant Systems	3.6	2.2	-1.4
Rolling stock leasing businesses*3	2.8	-9.2	-12.0

	Construction & industrial machinery	6.0	7.7	+1.7
	businesses*3
	IPP businesses	27.6	27.7	+0.1

Equity	FPSO/FSO leasing businesses	3.9	7.1	+3.2
Gas distribution companies	11.3	6.8	-4.5

method-	Penske Automotive Group	7.7	9.5	+1.8
Truck leasing and rental businesses	9.0	10.7	+1.7

	Asian motor vehicle businesses	7.2	3.6	-3.6
	VLI	-1.0	0.0	+1.0

*1. Revised to reflect deduction for repayment of lease liability

*2. Revised to reflect restructuring associated with structural reorganization in April 2020

*3. A portion of profit/loss was accounted for by the equity method

Quarterly trends

Core operating CF	■ Q1	■ Q2
	■ Q3	■ Q4

86.8
	78.7
26.9	14.2
22.1	38.2

19.6
	13.4
18.2	12.9

FY	FY
Mar/2020*1,2	Mar/2021

Profit for the year ■ Q1	■ Q2
■ Q3	■ Q4

89.4
28.2
24.2	45.9

	10.7
19.7	11.8
4.9

17.3	18.5
FY	FY
Mar/2020*2	Mar/2021

		Chemicals	COCF, PAT close to almost as forecasted due to strong trading


Results			FY	FY	Change	Main factors	FY Mar/2021
		Mar/2020	Mar/2021	forecasts


Core operating CF		*1	62.5	+26.7	↑Strong chemicals trading and sales of		65.0
	agricultural related businesses
					35.8
Profit for the year		22.3	43.5	+21.2
(Valuation gain/loss special				40.0
	(6.6)	(9.3)	(+2.7)
factors)


		Gross profit		116.8	124.9	+8.1	↑Strong chemicals trading and sales of agricultural related
								businesses
		Profit (Loss) from equity		11.5	11.3	-0.2
		investments

		Dividend income		2.7	3.0	+0.3
		Selling, general and		-101.9	-95.5	+6.4	↑Miscellaneous
		administrative expenses

		Others		-6.8	-0.2	+6.6	↑Recorded insurance proceeds at a business in North America

Total assets		1,217.7	1,345.5	+127.8

Investment CF (Unit: billion yen)

■ IN

■ OUT

28.0

12.8

-29.2-26.8

FYFY

Mar/2020 Mar/2021

Main investments and recycling

(IN) San-ei Sucrochemical sale +13.5

Results of main affiliated companies

Company name	FY	FY	Change
Mar/2020	Mar/2021

	MMTX	1.6	1.7	+0.1
Consolidated
MITSUI & CO. PLASTICS	3.4	3.3	-0.1


	Novus International	-2.2	-3.1	-0.9
	Overseas pesticide businesses	2.7	3.3	+0.6

Equity- method	Japan-Arabia Methanol Co.	1.3	0.7	-0.6

Quarterly trends

Core operating CF	■ Q1	■ Q2
	■ Q3	■ Q4

	62.5
	14.0
35.8
8.5	25.8

14.0	7.0
6.8	15.7
6.5

FY	FY
Mar/2020*1	Mar/2021

Profit for the year ■ Q1	■ Q2
■ Q3	■ Q4

		43.5
		11.1
22.3
5.7		21.7

11.9		4.4
	0.6
4.1	6.3

FY		FY
Mar/2020		Mar/2021

*1. Revised to reflect deduction for repayment of lease liability	39

		Iron & Steel Products	COCF, PAT above forecast due to strong trading


Results		FY		FY	Change	Main factors	FY Mar/2021		Investment CF	(Unit: billion yen)
	Mar/2020		Mar/2021	forecasts
												■ IN

Core operating CF	2.2*1		2.0	-0.2		0.0						■ OUT

Profit for the year	4.7		2.1	-2.6
(Valuation gain/loss special			0.0
(-0.1)		(0.3)	(+0.4)
factors)

		Gross profit	24.6		21.2	-3.4						8.8
		Profit (Loss) from equity												7.1
		13.1		4.3	-8.8	↓Drop in factory operating rate during first half
		investments

		Dividend income	1.9		1.4	-0.5
								-1.3			-1.3

		Selling, general and	-27.2		-22.0	+5.2
		administrative expenses							FY		FY


		Others	-7.7		-2.8	+4.9						Mar/2020	Mar/2021

											Main investments and recycling
Total assets	539.6		566.0	+26.4
				－

Results of main affiliated companies

	Company name	FY	FY	Change
	Mar/2020	Mar/2021


Consol idated	Mitsui & Co. Steel*2	3.8	3.9	+0.1

	NIPPON STEEL TRADING*3	4.5	-	-
Equity
Numit*4	1.4	2.5	+1.1
method-	GRI Renewable Industries	-0.2	1.3	+1.5
	Gestamp companies	2.4	-6.7	-9.1

*1. Revised to reflect deduction for repayment of lease liability

*2. A portion of profit/loss was accounted for by the equity method

*3. Business results undisclosed as the earnings of listed companies not yet announced

*4. Reorganization of investment structure

Quarterly trends

Core operating CF	■ Q1	■ Q2
	■ Q3	■ Q4

		2.0
2.2		2.6
1.0

1.6	0.2	1.6
-0.6		-2.1

		-0.1

FYFY

Mar/2020*1Mar/2021

Profit for the year	■ Q1 ■ Q2
	■ Q3 ■ Q4
	2.1
4.7	4.9
1.2
0.8
1.2	3.0
1.5

	-1.3
	-4.5
FY	FY
Mar/2020	Mar/2021

		COCF, PAT above forecast due to strong trading and mitigation of COVID-19 impact on
	Lifestyle
	hospital business

			FY	FY			FY Mar/2021
Results		Change	Main factors
	Mar/2020	Mar/2021	forecasts

Core operating CF	20.5*1	19.8	-1.0		15.0
Profit for the year	32.0	12.7	-19.3
(Valuation gain/loss special		0.0
(-17.9)	(-1.2)	(+16.7)
factors)


	Gross profit	134.9	133.8	-1.1
	Profit (Loss) from equity				↓Decrease in food, fashion and service-related subsidiaries companies
	35.0	13.4	-21.6
	investments	↓Absence of sale of CLA, Southeast Asian businesses in FY Mar/2020
	Dividend income	4.2	5.6	+1.4
	Selling, general and	-139.3	-129.4	+9.9	↑Less burden on fashion business by making Asian consolidated
	administrative expenses				subsidiary in equity-method affiliate
						↓Absence of less burden of corporate income tax from partial sale of
						holding in Recruit recorded in FY Mar/2020
	Others	-2.8	-10.7	-7.9	↓Absence of sale of shares in Sogo Medical Holdings, etc. in FY
	Mar/2020
						↑Absence of XINGU fixed asset impairment in FY Mar/2020
						↑Absence of impairment loss at Accountable, a healthcare staffing
						business in the US and FVTPL valuation loss in FY Mar/2020
Total assets	1,907.6	2,009.3	+101.7

Investment CF (Unit: billion yen)

■ IN

■ OUT

105.3

21.5

-23.0

-57.6

FYFY

Mar/2020 Mar/2021

Main investments and recycling (IN) Fuji Pharma sale +9.4

Results of main affiliated companies		Quarterly trends

	Company name	FY	FY	Change
	Mar/2020	Mar/2021


Consolid ated	Domestic food & retail	4.4	4.2	-0.2
management businesses

	Fashion businesses	2.4	0.0	-2.4

	Mitsui Sugar*2	1.2	-	-
Equity	WILSEY FOODS	3.9	2.8	-1.1
IHH Healthcare	4.9	1.6	-3.3
method-	PHC Holdings*2	-	-	-

	AIM SERVICES	2.4	0.9	-1.5
	Mit-Salmon Chile	-0.2	-2.8	-2.6

*1. Revised to reflect deduction for repayment of lease liability

Core operating CF	■ Q1	■ Q2
	■ Q3	■ Q4

20.5
	19.8
9.8	8.5

8.4	10.0

7.4	3.6

-5.1	-2.3

FY	FY
Mar/2020*1	Mar/2021

32.0	■ Q1 ■ Q2
Profit for the year
32.0	■ Q3 ■ Q4
13.9	12.7

1.2	13.1
9.3
7.6	11.5

	-5.6
	-6.3
FY	FY

*2. Business results undisclosed as the earnings of listed companies not yet announced, or results not disclosed due to confidentiality agreement

Mar/2020

Mar/2021

	COCF, PAT above forecasts due to FVTPL gains, strong commodities
Innovation & Corporate Development
trading and strong performance of ICT core affiliates

Results		FY	FY	Change	Main factors	FY Mar/2021
			Mar/2020	Mar/2021	forecasts


Core operating CF	3.9	55.1	+51.2	↑Strong FVTPL valuation gain, commodities trading	45.0
and ICT`s core affiliates
*1
Profit for the year	14.6	50.2	+35.6
(Valuation gain/loss special		40.0
(-6.4)	(5.0)	(+11.4)
factors)


	Gross profit	60.1	107.0	+46.9	↑Strong FVTPL valuation gain, commodities trading and ICT`s core
						affiliates
	Profit (Loss) from equity	17.0	13.9	-3.1
	investments


	Dividend income	3.3	3.8	+0.5
	Selling, general and	-64.5	-63.7	+0.8
	administrative expenses

	Others	-1.3	-10.8	-9.5	↓Absence of sale of Singapore property business, etc. in FY Mar/2020
	↑Gains on reversals of impairment losses on land

Total assets	1,198.3	1,191.8	-6.5

Investment CF	(Unit: billion yen)
				■ IN

				■ OUT

		49.8

				12.5
		-49.7
					-79.8


		FY		FY
		Mar/2020	Mar/2021

Main investments and recycling

(OUT) Integrated block development of Otemachi One Project -37.8

Results of main affiliated companies

	Company name	FY	FY	Change
	Mar/2020	Mar/2021


	MITSUI KNOWLEDGE INDUSTRY	4.2	5.1	+0.9
Consolidated	Mitsui & Co. Global Logistics, Ltd.	2.9	2.4	-0.5
Mitsui Bussan Commodities	2.0	4.8	+2.8
	Mitsui & Co. Asset Management	1.9	1.8	-0.1
	Holdings

	Mitsui ＆ Co. Real Estate	1.5	2.3	+0.8
	Overseas Real Estate Businesses	4.6	0.5	-4.1

Equity	QVC Japan	5.4	6.4	+1.0

	3.9	1.7	-2.2
method-	JA Mitsui Leasing
SABRE INVESTMENTS*2	-	-	-

Quarterly trends
Core operating CF	■ Q1 ■ Q2
	■ Q3 ■ Q4
	55.1
	15.0
	9.2
	18.2
3.9
4.8	12.7
4.8
-3.6
-2.1
FY	FY
Mar/2020*1	Mar/2021

Profit for the year	■ Q1 ■ Q2
	■ Q3 ■ Q4
	50.2
	12.8
	13.4
14.6	13.5

8.6
4.4	10.5
2.1
-0.5
FY	FY
Mar/2020	Mar/2021

*1.	Revised to reflect deduction for repayment of lease liability	42
*2.	Results not disclosed due to confidentiality agreement

Mitsui's Corporate Governance

Governance structure

Organizational format:	Advisory Bodies to the Board of Directors:
Company with Audit & Supervisory Board	1. Governance Committee (Committee chair: Chairman
Directors:	of the Board of Directors)
2. Nomination Committee (Committee chair: External
14 (of whom 5 are External Directors)
Member)
Audit & Supervisory Board Members:
3. Remuneration Committee (Committee chair: External
5 (of whom 3 are external Audit & Supervisory Board
Member)
members)

General meeting of shareholders

Election / Dismissal

Governance

Committee

Reporting

Auditing

Advice

Independent

Audit &

Board of

Nomination

Auditors

Supervisory Board

Directors

Committee

Coordination

Appointment

Placing

Remuneration

Committee

and dismissal

important

of Managing

items on the

Accounting

Auditing

Officers,

agenda,

Coordination

supervision of

reporting on

and audits

execution of

business

execution

Internal Auditing Division

Framework for execution of Business

Mitsui's Corporate Governance

（Following June 18, 2021 General Meeting of Shareholders)

Directors

Board	& Audit
Members	Supervisory

Name	Position at Mitsui	Governance	Nomination	Remuneration	Female	Foreign
Committee	Committee	Committee	nationality


Tatsuo Yasunaga	Representative Director, Chairman of the Board	◎	〇

Kenichi Hori	Representative Director, President & CEO	〇	〇

Takakazu Uchida	Representative Director, Executive Vice President			〇

Hirotatsu Fujiwara	Representative Director, Executive Vice President

Shinichiro Omachi	Representative Director, Executive Vice President	〇

Yoshio Kometani	Representative Director, Sr. Executive Managing Officer

Miki Yoshikawa	Representative Director, Sr. Executive Managing Officer

Motoaki Uno	Representative Director, Sr. Executive Managing Officer

Yoshiaki Takemasu	Representative Director, Executive Managing Officer			〇

Izumi Kobayashi	Director (external, independent)		◎	〇	〇

Jenifer Rogers	Director (external, independent)	〇			〇	〇

Samuel Walsh	Director (external, independent)	〇				〇

Takeshi Uchiyamada	Director (external, independent)		〇

Masako Egawa	Director (external, independent)	〇		〇	〇

Makoto Suzuki	Full-time Audit & Supervisory Board member

Kimiro Shiotani	Full-time Audit & Supervisory Board member

Haruka Matsuyama	Audit & Supervisory Board member	〇			〇
(external, independent)


Hiroshi Ozu	Audit & Supervisory Board member		〇
(external, independent)


Kimitaka Mori	Audit & Supervisory Board member			◎
(external, independent)


Notes: 1. The election of the 14 directors and Audit & Supervisory Board member Kimitaka Mori will be discussed at the general meeting of shareholders

2. The ◎ mark indicates the chairperson of the relevant committee

Mitsui's Corporate Governance

Initiatives related to improvement of Board effectiveness

The effectiveness of the Board of Directors is evaluated every year in order to check actions on issues identified in the previous fiscal year and identify issues to be tackled in the next fiscal year. The process emphasizes the maintenance of a PDCA cycle for the improvement of effectiveness of the Board of Directors.

FY Mar/2021 initiatives to improve effectiveness

Further improvement in the operations of Board meetings

Extension of time for pre-briefings on important matters
Implementation of two free discussion sessions
Enhancement of Board meeting materials, including information about CF/IRR trends relating to projects affected by impairment losses
Enhancement of progress reports on projects approved by the Board of Directors

Further improvement of the effectiveness of the Board of Directors in relation to discussions about overall strategies

Implementation of two free discussion sessions focusing on the themes of sustainable revenue growth strategy considering ESG and Mitsui & Co.'s Materiality as well as DX strategy (first session) and the Mitsui Engagement Survey (second session)

Clarification of the expected roles of the advisory committees

Revisions to the Mitsui & Co., Ltd. Corporate Governance and Internal Control Principles to classify the functions of the Governance Committee, Nomination Committee, and Remuneration Committee and establish roles and expectations for each of these committees

Steps toward further

improvement of effectiveness

Ongoing consideration of the optimal overall number of directors, the ratio of external to internal members, the number of internal directors, and organizational design

We will continue to discuss and consider the optimal overall number of directors, the ratio of external to internal members, the number of internal directors, and organizational design, with reference to trends in other companies. These matters will be discussed primarily by the Governance Committee.

For details, please refer to the below link to our company website.

https://www.mitsui.com/jp/en/company/outline/governance/outlook/pdf/e_eoe_202103.pdf

Mitsui's Corporate Governance

Structure of Remuneration

Remuneration of Directors

(excluding External Directors)

◼ The compensation package comprises a fixed basic

Share performance- linked restricted stock

Performance-related bonus based on profit for the year and core operating cash flow

Purchase of Mitsui shares from his/her fixed basic remuneration

through Mitsui Executives'

Shareholding Association (also applicable to external members)

Fixed basic remuneration

Medium- to long-

term incentive

Stock-based compensation

(Capped at a total amount of ¥500mn/year)

Short-term

incentive

Performance-related bonus

(Capped at a total amount of ¥700mn/year)

Purchase of

Mitsui shares

Fixed basic remuneration

(Capped at a total amount of ¥1bn/year)

	remuneration, performance-related bonuses based
	on KPIs, and share performance-linked restricted
	stock as medium- to long-term incentives.
	◼ Share performance-linked restricted stock: Number
	of shares is dependent on growth rate of Mitsui
	share price compared to that of the TOPIX index.
	Transfer restriction period is 30 years or until
	retirement.
	◼ Performance-related bonus: Total compensation =
Directors

	(Profit for the year x 50% x 0.1%) + (Core operating

	cash flow x 50% x 0.1%)
	◼ A certain amount of fixed basic remuneration will be
	allocated to Mitsui Executives' Shareholding
	Association for monthly purchases of Mitsui shares.

External Directors

Audit & Supervisory Board Members (Capped at a total amount of ¥240mn/year)

Note 1: No retirement compensation is paid

Mitsui & Co. Investor Day 2021

Date: Tuesday June 8, 2021

13:30hrs to 16:20hrs

Live online will be broadcasted.

TIME	PROGRAM	SPEAKERS
13:30-14:30	Opening Remarks, Management Policy	CEO, CFO

	Business strategy 1: Mineral & Metal	COO, Mineral & Metal Resources
14:30-15:20	Resources	Business Unit
Business strategy 2: Energy	COO, Energy Business Unit I
	COO, Energy Solutions Business
		Unit
15:20-15:30	Break

	Business strategy 3: Market Asia	COO, Asia Pacific Business Unit
15:30-16:20
Business strategy 4: Healthcare /	COO, Wellness Business Unit

	Nutrition


16:20	Ends

The above schedule is subject to change.

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Mitsui & Co. Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 05:03:12 UTC.

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Quarterly earnings - Rate of surprise

Sector Diversified Industrial Goods Wholesale

	1st Jan change	Capi.
MITSUI & CO., LTD.	+48.72%	74.87B
ITOCHU CORPORATION	+25.89%	66.07B
ADANI ENTERPRISES LIMITED	-1.75%	37.79B
SUMITOMO CORPORATION	+37.94%	32.66B
MARUBENI CORPORATION	+37.13%	31.5B
TOYOTA TSUSHO CORPORATION	+17.80%	21.95B
SAMSUNG C&T CORPORATION	+15.83%	17.74B
BUNZL PLC	-0.19%	13.34B
AZELIS GROUP NV	-0.54%	5.83B
SOJITZ CORPORATION	+32.53%	5.83B