May 10, 2022

To whom it may concern

Company Name:
Name of Representative:
Code Number:Contact:

Phone:MITSUI-SOKO HOLDINGS Co., Ltd.
Hirobumi Koga, President & CEO
9302 (TSE Prime)
Takeshi Nishimura
Senior Executive Officer,
Strategic Planning Div. General Manager+81-3-6400-8015

Notice of Establishment of New Group Philosophy and Medium-term Management Plan 2022
The MITSUI-SOKO Group has established a new Group Philosophy (Purpose, Vision, and Values) andformulated a new five-year plan, Medium-term Management Plan 2022, with the fiscal year ending March
31, 2023 being the first year and the fiscal year ending March 31, 2027 the final year.
Recently, the environment surrounding society has changed drastically due to the global pandemic of thenovel coronavirus infection, increasingly severe disasters, and a destabilization of the international situation.
The logistics industry is also undergoing a major transition, with rapid changes, such as the advancement ofdigitalization, labor shortages, and the move toward decarbonization.
Under these circumstances, we recognize the need to reconsider our raison d'être as a corporate group inorder to make a further leap and achieve sustainable growth, and we have recently renewed our groupphilosophy and repositioned it as the highest management concept.
In addition, by promoting our newly formulated mid-term management plan under this new groupphilosophy, we will strive to enhance our corporate value in the long term, build a sustainable society, andmeet the expectations of our stakeholders and of society.

11.

Group Philosophy (Purpose, Vision, and Values)
The Group Philosophy is the highest management concept and consists of Purpose (meaning of ourexistence), Vision (what we want to become in the medium- to long-term span), and Values (corporate
values and action guidelines).
The renewed group philosophy reflects our determination for the Group to continue to "solve problems
and create value through logistics" in the future. Based on this group philosophy, we aim to implement
our medium-term management plan and other management strategies to enhance the corporate value of
the Group and achieve sustainable growth for society and our customers.
[Conceptual Diagram of the Group's Philosophy]■ Purpose (meaning of our existence)
Empower society, encourage progress

Our recently enacted Purpose— Empower society, encourage progress —is the role that the Groupshould play and embodies our solid belief in the value we create for society.
Logistics plays an important role as a social infrastructure and is the very foundation of modern
society, supporting economic activities and people's lives. The MITSUI-SOKO Group has been in
the logistics business for over 100 years, connecting countries with countries, industries withindustries, people with people, and all other subjects in support of the evolution of society.
Even in times of rapid change, there is no change in the role played by the Group. By fulfilling thisPurpose, we aim to move the world in a better direction and help to realize a mindful and sustainable
society.

2

■ Vision (what we want to become in the medium- to long-term span)
The co-creative logistics solutions partner. For every day, emergency, and always will beOver our more than 100-year history, the Group has fostered trust with our customers, and as theirlogistics partner, we have supported their growth and walked alongside them. Even at this time when
supply chains and logistics networks are being disrupted by the impact of the pandemic, thecombined strength of the Group is mobilizing to keep our customers' businesses connected with nostop in physical distribution.
As social issues become more complex and the social structure changes drastically, supply chain
management will become increasingly important, and logistics companies will be required to not
only receive and transport goods but also build a sustainable supply chain.
As a link in the evolution of our customers and society at any given time, the Group aims to be alogistics solutions partner that improves our customers' corporate value by co-creating with all
stakeholders, not limited to only within the Group.
■ Values (corporate values and action guidelines)PRIDE- Responsibility and pride in empowering our society -CHALLENGE- Strive to create and execute sustainable proposals for both our customers and society -



GEMBA
- Our frontline: The base of potential, power, and progress -

RESPECT- Embrace diverse ideas, co-create new value -In order to realize our Vision under our Purpose, we have established four Values: PRIDE,CHALLENGE, GEMBA and RESPECT are the values to be treasured by each employee andorganization, and serve as guidelines for action. In accordance with these Values, we will realize a
corporate group in which each and every employee can maximize their potential and create value over the
medium to long term.

3

2.

Medium-Term Management Plan 2022: Be the First-Call Company "Going on the Offensive byDeepening"
In order to realize our Vision— The co-creative logistics solutions partner. For every day,emergency, and always will be —the Group has formulated a new five-year plan, the Medium-termManagement Plan 2022, beginning in the fiscal year ending March 31, 2023 continuing until the fiscal
year ending March 31, 2027.
In our previous Medium-term Management Plan 2017, we positioned the first three years as a reversal
period, focusing on strengthening our business profitability and rebuilding our financial base. In the last
two years of the plan, we primarily worked on the three key areas for sustainable growth: Constructionof Overwhelming Field Capabilities, Establishment of End-to-end Integrated Solution Services, and
ESG Management. As a result, we successfully achieved all of our numerical targets, attained thereversal of our business, and laid the foundation for sustainable growth in the future.
Under the new Medium-term Management Plan 2022, we aim to achieve further growth by deepening
our efforts to date. As the first-call company that can be trusted by our customers, we will go on theoffensive with aggressive investment, focusing on the three pillars of our growth strategy: Top-line
Growth by Mobilizing the Group's Collective Strength, Reinforcement of Operational Competitiveness,
and Building Management Foundations to Support the Deepening.
(1) Growth Strategy
Top-line Growth by Mobilizing the Group's Collective Strength
We will promote a deepening of our integrated solution services, which is our unique businessmodel, expanding our sustainability-oriented business with our competitive abilities to make andexecute proposals, and digging deeper into our inter-industry operations by making the most of theGroup's broad customer base and various logistics features.
Reinforcement of Operational CompetitivenessBy deepening our efforts toward thorough standardization, we will realize our "overwhelming field
capabilities" that combine the power of people with the power of technology. We also aim to secure acompetitive advantage by improving the quality of our operations, and furthermore, to improve
profitability by lowering the cost of operations.
Building Management Foundation to Support the Deepening
We will strengthen our management base in the following four aspects:

DX: Transformation of business models and reform of corporate cultureCo-creation: Creation of mechanisms to generate innovation and the strengthening of allianceswith various platformers

Business Assets: Development of new office buildings and logistics facilities, enhancement of
the asset value of existing facilities, and the improvement of the work environment

ESG: Reinforcement of efforts to realize a decarbonized society, an expansion of investment in
human capital, and the enhancement of governance4(2) Financial Strategy

In the Medium-term Management Plan 2017, we restrained investment and reduced interest-bearing
debt in order to rebuild our financial base. In the Medium-term Management Plan 2022, we aim toachieve both proactive investment and enhanced shareholder returns based on the financial base andprofitability established in the previous medium-term management plan.


Make an investment of 130 billion yen in total.
-

100 billion yen for strategic investment in growth areas, such as DX investment,
investment in new equipment (physical distribution/real estate), and M&A-

30 billion yen for ordinary investment (investment in maintenance/renewal of existing
facilities)Strengthen shareholder returns based on a payout ratio of 30%.

Procure and operate based on the optimal debt-to-equity ratio of 1.



Set a target of return of equity (ROE) of over 12%, aiming to maintain a high level of capitalefficiency.

(3) Numerical Targets (as of March 31, 2027)
Operating revenue

350 billion yen

Operating profit

23 billion yen

Operating cash flow

30 billion yen[The philosophy system and mid-term management plan]End

5

Medium-term Management Plan 2022
“Going on the Offensive by Deepening”
Be the First-Call Company

May 10, 2022

MITSUI-SOKO HOLDINGS Co., Ltd.

Medium-term Management Plan 2022

AGENDABe the First-Call Company

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Ⅱ. Medium-term Management Plan 2022

p. 2

p. 7

1. Overall View of the Plan

p. 8

2. Growth Strategies for Achievement

p. 13(1) Top-line Growth by Mobilizing the Group's Collective Strength

p. 14(2) Reinforcement of Operational Competitivenessp. 19(3) Building Management Foundation to Support the Deepening

p. 21

3. Policy Summary

p. 30

1

Medium-term Management Plan 2022

AGENDABe the First-Call Company

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Ⅱ. Medium-term Management Plan 2022

p. 2

p. 7

1. Overall View of the Plan

p. 8

2. Growth Strategies for Achievement

p. 13(1) Top-line Growth by Mobilizing the Group's Collective Strength

p. 14(2) Reinforcement of Operational Competitivenessp. 19(3) Building Management Foundation to Support the Deepening

p. 21

3. Policy Summary

p. 30

2

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Summary of the Plan

Medium-term Management Plan 2022

Be the First-Call Company[Basic Guidelines for Business Operations】

Medium-term Management Plan 2017: 1. Reinforcement of the fundamental earnings powerof our businesses
From Reversal to Sustainable Growth
2. Rebuilding of our financial base
3. Development of comprehensive solution services
based on customers by strengthening Groupmanagement[Dividend Policy]
Early return to stable dividends through steady accumulation of earnings[Numerical Targets] (FY2022)
Operating profit
Balance of interest-bearing debt

¥10.0 billion¥130.0 billion or less

Net D/E ratio

2.0 times or less

ROE

More than 9.0%3

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Medium-term Management Plan 2022

Be the First-Call Company

Status of Achievement
Results of Final Year
Indicator

Operating profit
Balance of interest-bearing debt
Net D/E ratio
ROE

Target Figures

FY2022 Result¥10.0 billion¥130.0 billion or less
2.0 times or lessMore than 9.0%

¥25.9 billion¥94 billion
0.9 times
20.4%

Increase/Decrease Factors

8.9

25.9

(Billions of yen)

7.1
5.8
FY201717.0

4.1

Cost reduction

Top-line expansion

Special factors

FY2022✓ The actual value of operating profit reached ¥17 billion, even excluding special factors caused by the pandemic.
4Medium-term Management Plan 2022

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Be the First-Call Company

Changes in Individual Figures
Operating revenue (Billions of yen)

Operating profit (Billions of yen) / Operating profit margin (%)

33% increase over FY2017
Result

Plan

233.2

225.5

FY2017FY2018

Record profits

301.0
241.9

FY2019241.1

FY2020

FY2022

Balance of interest-bearing debt (Billions of yen) / Net D/E ratio (times)
ResultPlan
Net D/E ratio (Result)
Net D/E ratio (Plan)

168.9
3.6

157.6
3.0

142.5
2.5

FY2018FY2019

5.8

7.0

2.6%

3.0%

FY2017FY20185.0%

4.9%

FY2019107.9

FY2021

17.7

8.6%

7.0%
10.0

FY2020

FY2021

FY2022

Increased
dividends every
fiscal year since

94.0

resumption

130.0

94.0

2.1

FY2020

11.8

Result(interim + year-end)Plan(¥130 billion or less, 2.0 times or less)

127.1

12.0

25.9

Dividend per share (yen)Exceeded target figures

1.4
FY2017

ResultPlan
Operating profit margin (Result)Operating profit margin (Plan)

253.6

FY2021

3 times

30.0

2.0

25.0

0.9

25.0

0.0

12.5

12.5

FY2022FY2017FY2018FY2019FY202025.0

35.0

FY2021

FY20225

Ⅰ. Looking Back on the Medium-term Management Plan 2017

Medium-term Management Plan 2022

Be the First-Call Company

Specific Measures and Summary
Important Measures in the Medium-term Management Plan 2017
Completion of Reversal

Measures for Sustainable Growth

Reinforcement of the Fundamental Earnings Power of Our
Businesses

Construction of Overwhelming Field Capabilities•

Reduced costs by ¥2.1 billion over 3 years from FY2018 via Challenge
20, full-scale cost reduction measures that left no stone unturned.

••

Improved profit margins through thorough income and expenditure
management by project.

••

Operating profit margin FY2017: 2.6% ⇒ FY2022: 8.6%•

Created the Operation Management Division to promote initiatives acrossbusinesses and regions.
Developed standard operating procedures (SOPs) as a basis forstandardization and enhanced the knowledge base.
Established methodology through standardization efforts at model offices.

Establishment of Integrated Solution Service
Rebuilding of Our Financial Base••

Reduced interest-bearing debt by approx. ¥75 billion over 5 years bycurbing nonessential and non-urgent investments and selling inefficient assets
and non-core businesses.
Early resumption of dividends in FY2019 and continued dividend
increases thereafter.

• Strengthened integrated solution sales transcending the boundaries ofgroup companies.

Promotion of ESG Management•••

Strengthening of Group Management• Consolidated customer contact points through the integration of••domestic and international sales functions.
Established new cross-group functional departments.
Streamlined the organization.

Established the ESG Team.
Identified Materiality and established non-financial information KPIs.
Elected to the FTSE Blossom Japan Sector Relative Index constituents (as ofMarch 30, 2022).

Reform of Corporate Culture•••

Reformed personnel system / Changed mindset / Improved employee
engagement.
Promoted personnel exchange at the management level.
Fostered a sense of group unity as One MITSUI-SOKO.

✓ Completed laying the groundwork for a reversal and sustainable growth, and is on the starting line to go on the offensive.

6

Medium-term Management Plan 2022

AGENDABe the First-Call Company

Ⅰ. Looking Back on the Medium-term Management Plan 2017

p. 2

Ⅱ. Medium-term Management Plan 2022

p. 7

1. Overall View of the Plan

p. 8

2. Growth Strategies for Achievement

p. 13(1) Top-line Growth by Mobilizing the Group's Collective Strength

p. 14(2) Reinforcement of Operational Competitivenessp. 19(3) Building Management Foundation to Support the Deepening

p. 21

3. Policy Summary

p. 30

7

Medium-term Management Plan 2022

1. Overall View of the Plan

Be the First-Call Company

Positioning of the Medium-term Management Plan
✓ New plan to further deepen measures for sustainable growth and establish our unique business modelMedium-term Management Plan 2017

Medium-term Management Plan 2022

MOVE2015
Reversal Period

Sustainable Growth Period

Expansion ofbusiness throughM&A and capital
investment

Laying foundation for rebuilding the financialbase and sustainable growth

Main
Measures

Acquisition of
all-round logistics
functions

Reinforcementof eachfunctionthrough leaner
operations

Strengthening of ourability to respond tochange by integrating
functions and changing
our mindset

External
Environment

Externalization oflogistics isunderway

Increase inlogistics costs

Supply chain disruption
due to the pandemic

PolicyGoing on the Offensive by Deepening- Deepening the businessmodel- Reform of corporate
culture- Top-line growth by mobilizing theGroup's collective strength- Reinforcement of operational
competitiveness- Building management foundation
to support the deepening- Growing sustainability
awareness- Increased importance of supply
chain

8

Medium-term Management Plan 2022

1. Overall View of the Plan

Be the First-Call Company

Recognized Environment✓ The social climate, in which supply chains are becoming increasingly important, is a strong tailwind for us.

Current of the Times
Growing need for supply chain transformation due to

Our Core Competence

environmental changes and increased awareness of sustainability

upstream to downstream

Industry especially with drastic changes
 Mobility related:Industrial structural reforms due to progress of EV, etc.
 Healthcare related:
Increasing sophistication of medical care and aging population
 B2B2C related (Consumer goods) :Changes in consumer behavior due to expansion of e-commerce andsubscriptions

All-round logistics capabilities and diverse
human resources to handle the supply chain from

Domestic and international network of approximately
400 locations worldwide

Logistics design know-how cultivated throughprovision of 4PL services



Ability to respond to changes that kept customers'
trust in the pandemicCustomers’ supply chain transformation is a major business opportunity to leverage our core competence.



We recognize that industries with drastic environmental changes are areas where we have special strengths.
 Mobility→

 Healthcare → B2B2C

Expertise in handling automotive/electronic components/home appliances
Knowledge of advanced and regenerative medicine, experience and quality in handling healthcare cargo withpermits and licenses→ Experience in technical logistics covering everything from home appliance distribution center management, jointdelivery, last one-mile delivery, installation, and maintenance to repair

9Medium-term Management Plan 2022

1. Overall View of the Plan

Be the First-Call Company

Funding and Fund Allocation✓ Achieve both proactive investment and enhanced shareholder returns based on the financial base andprofitability established in the previous medium-term management plan.

Fund Allocation PolicyAchieve further growth through strategic investments totaling ¥100 billion, including ¥20 billion yen in DX investment.



Aim for flexible shareholder returns linked to business performance, based on a payout ratio of 30%.

Image of Funding and Allocation(5-year cumulative total)Continue to strengthen shareholder returns by increasing dividends in line withprofit growth.

Consider share buybacks as a further measure to return profits to shareholders.



Substantially expand investment in growing areas such as DX and new capital
investment.



Actively consider disciplined strategic M&A and capital alliances to realize
co-creation.



Expand investment in existing facilities from the perspective of increasing asset value andimproving the work environment.



Set optimal D/E ratio at 1.0x and utilize external loans.

Shareholder returns (Payout ratio: 30%)

¥20 billion

OperatingCash Flow¥130
billionBorrowing

Strategic investment ¥100 billion(including DX investment of ¥20 billion)

Normal investment: ¥30 billion¥20 billion
Cash In

Cash Out

Note: Interest-bearing debt includes lease obligations and does not deduct cash and cash
equivalents on hand.

10Medium-term Management Plan 2022

1. Overall View of the Plan

Be the First-Call Company

Numerical Targets✓ Continue high level of profit growth while accelerating business scale expansion by aggressive investment.
(Billions of yen)

MOVE 2015

Medium-term Management Plan 2017 (FY2022)

Medium-termManagement Plan 2022

(FY2017)

ResultActual value

225.5

301.0

260.0

6% growth/year

350.0

Operating Profit

5.8

25.9

17.0

6% growth/year

23.0

Operating Cash
Flow

12.3

23.1

21.0

7% growth/year

30.0

Operating
Revenue

Image of Operating Profit Growth(Billions of yen)

(25.9)(17.7)

8.9(FY2027)(21.0)

23.0

3.0

3.5

5.8

7.0

2017

2018

12.0

11.8

2019

2020

14.2

2021

17.0

2022

18.0

2023
(Forecast)

2027 (FY)
Note: Underlined figures are actual values of operating profit.

11

Medium-term Management Plan 2022

1. Overall View of the Plan

Be the First-Call Company

Increase/Decrease Factors of Operating Profit
Operating Profit by Segment (Billions of yen)

FY2022 Actual

10% growth/year

FY2027

Change (%)

24.5

+9.7
▲3.3
▲0.4
+6.0

Logistics Business

14.8

Real Estate Business

5.8

2.5

Overall Eliminations

▲3.6

▲4.0

Consolidated Total

17.0

6% growth/year

23.0

Main Increase/Decrease Factors of Operating Profit (Billions of yen)
+3.4
+4.6
+4.2
• Lower cost of

17.0

operations•

Increase in handlingvolume of basebusinesses• Optimization of fees
received

23.0

▲2.5

•

Top-line growth by
growth strategies•

Effect of strategic
investments•

Upfront costs
associated withstrategic
investments▲3.6•

Multi-tenanting ofmajor properties, etc.

12Medium-term Management Plan 2022

2. Growth Strategies for Achievement

Be the First-Call Company

Overall View of Growth Strategies

Medium-term Management Plan 2022
“Going on the Offensive by Deepening”

Top-line Growth by Mobilizing the Group's Collective Strength Enhancement of integrated solution service
 Expansion of sustainability-oriented
business Deep digging in the inter-industry

Reinforcement of Operational Competitiveness Company-wide penetration ofstandardization
 Improvement of operational quality
 Lower cost of operations

Building Management Foundation to Support the Deepening• Transformation of businessmodel• Reform of corporate culture• Creation of mechanism forinnovation• Active partnerships and M&A
with various platformers• Development of new officebuildings and logistics facilities• Increase in asset value ofexisting facilities• Improvement of work
environment

Human [Structural reform, human resource exchange, and engagement improvement]
resources• Reinforcement of efforts torealize a decarbonizedsociety• Expansion of investment in
human capital• Enhancement of governance13

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(1) Top-line Growth by Mobilizing the Group's Collective Strength

Be the First-Call Company

 Enhancement of integrated solution service✓ Deepening our unique business model of Integrated Solution Services

All-round logistics functions
MITSUI-SOKO(MSC)

MITSUI-SOKO EXPRESS(MSE)

MITSUI-SOKO LOGISTICS(MSL)MITSUI-SOKO Supply
Chain Solutions (MSCS)

MITSUI-SOKO TRANSPORT(MST)

Domestic and international
assetsHighly secured airtransportation

Center management

4PL from the manufacturers'
perspectives

Joint delivery(mainly in Western Japan)

Extensive storage know-how

Toyota-level operational quality

Yard operations

Operations management expertise

Materials
Healthcare

Automotive parts

Home appliances
Electronic components

Consumer goods

Last one-mile support

Home appliances
Consumer goods

Solutions & Quality / Field Capabilities

Digital Platform
Our core system

Logistics strategy &planning

Optimization oftransportation route

Logistics data analysis

Inventory optimization

SCM Digital
Platform
Operation

Quality improvement

Other companies'
systems

Build and utilize a digital platform infrastructure that supports the visualization of SCM information, incorporating the quality that has
supported the logistics of Toyota and Sony and logistics design know-how from manufacturers' perspectives into its all-round logistics
functions.

14

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(1) Top-line Growth by Mobilizing the Group's Collective Strength

Be the First-Call Company

 Enhancement of integrated solution service✓ Meet the growing need for supply chain transformation with services that achieve total optimization.
ProcureAreas where our "strengths" canFocus areas: be utilized in particular

Value provided to customers
With a supply chain thatoverviews its entirety, eliminating
the need for individual
optimization by each department
and enabling customers to
expand their business from alogistics standpoint.

Sale

Produce

Mobility[Strengths] Extensive
experience in handling
automotive parts, electronic
devices/components, and home
appliances for Toyota, Sony, andother companies*Target: EV and connected car key components

Transport

Store

Healthcare[Strengths] Knowledge andExpected Effects■ Achieve both inventory compression andreduction of shortage rate by introducing criteriathat allow each department from procurement tosales to make decisions flexibly.
■ Shorten lead time by reducing the size of orderlots without raising procurement costs. Improve
cash flow significantly thanks to shrinking safety
stock.

advanced quality management
systems and operational experiencein the manufacturing andregenerative medicine fields*Target: Regenerative medical products andhigh-molecular pharmaceuticals

B2B2C[Strengths] Experience inoperating distribution centers forhome appliances, joint delivery, andproviding integrated services fromdelivery, installation, andmaintenance to repair*Target: Home improvement centers, furniture
stores, and apparel industry

Focus regions: Japan, China, and Southeast Asia

15

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(1) Top-line Growth by Mobilizing the Group's Collective Strength

Be the First-Call Company

 Expansion of sustainability-oriented business✓ Establish specialized services ahead of the growing demand for sustainability
due to rapid environmental changes (diversification, legalization, and globalization).

Challenges Faced by Companies

Environmental risks

Environmental regulations in both
"software" and "hardware" aspects
CO2 reduction requests from customers
Increasing number of ethical consumers

Labor force risksDisaster risks

Expansion of the e-commerce market, etc.,
leading to a greater variety of products insmaller quantities
Declining working-age population, labor
shortages due to working hour regulations



Loss of or damage to cargo, suspension of shipments andtransportation, and loss of sales opportunities due to earthquakes,
tsunamis, floods, and other disasters

Stagnation of cargo and international transportation due to lockdownDelivery delays and logistics outages due to surging stay-at-homedemandInnovative service that does not stop customers’ businesses by visualizing and addressing the risks that logistics face

SustainaLink
Helping customers achieve supply chain sustainability with SustainaLink
Special Website URL:

https://www.mitsui-soko.com/sustainalink/
QR code for smartphones▶

※ This website will be in Japanese16

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(1) Top-line Growth by Mobilizing the Group's Collective Strength

Be the First-Call Company

 Expansion of sustainability-oriented business✓ Try to expand business by leveraging our core competencies and ability to make proposals and execute them.

Competitive Advantages of Our Services
Ability to propose and implement solutions to sustainability issues based on our core competence(all-round logistics functions, diverse human resources, domestic and international networks, logistics design know-how, andability to adapt to change)

Response toenvironmental risks

Disclose andreduce CO2/waste

Response to labor
force risks

Establish logistics that
do not rely on
manpower and securenecessary workforce

Response todisaster risks

Step 1
Step 2
Step 3

1) Know

1) Know

Know the current
system and future
trends of CO2/waste

Know the status andfuture trends of thelabor force risks

Know the logistics
risks due todisasters, etc.

2) Visualize

2) Visualize

2) Visualize

Visualize CO2/waste
emissions*

Visualize work,transportation, officemanpower, and manhours

Assume andvisualize logistics
risks such as
disasters3) Improve3) Improve3) Improve

Reduce and offset
Co2/waste emissions

Streamline and automate
work and transportation
to save manpower*Our CO2 emissions calculation method has already been validated by a third-party certification body.

Support forbuilding a robust
logistics system

1) Know

Build a disasterresistant logistics
system17

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(1) Top-line Growth by Mobilizing the Group's Collective Strength

Be the First-Call Company

 Deep digging in the inter-industry✓ Dig deep into inter-industry by fully utilizing the Group's broad customer base and various logistics features.
Image of inter-industry Operations in the Customer’s Supply Chain
Procurement logistics

Production logistics

Sales logistics

Place of shipment

Supplier(Parts supply)

Warehouse(Partswarehouse)

Factory(Production)

Destination

Warehouse(Production
warehouse)

Airport/Seaport (International(Export)transportation)

Airport
Seaport(Import)Warehouse(Inspection
warehouse)

Warehouse(Saleswarehouse)Store

Functional axis

Customer axis

Materials

MSC

Healthcare

MSC

Automotive
parts
Home
appliances

MSE

MSCS

Electronic
components

MSL

MSCS
XXX:

Scope of services already provided

Inter-industry operations = Room for growth18

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(2) Reinforcement of Operational CompetitivenessBe the First-Call Company

Aims and Specific Measures✓ Secure competitive advantage through "overwhelming field capabilities" based on thorough standardization efforts.

Standardization
Establishment of Methodology

Visualize current status by checking work processes and quantifying
man-hours.
Develop standard operating procedures (SOPs) as a basis forstandardization.
Enhance knowledge base to accumulate know-how as anorganization.

Company-wide Penetration
Roll out measures at model offices to other locations.

Standardize in the Group at a high quality level based on
manufacturer standards.

“Overwhelming Field Capabilities”
Improvement of Operational Quality
Accumulate improvement steadily through power of people.



DX of operations using the power of technology.

▶ Realize differentiation from competitors by
combining the two powers.

Lower Cost of Operations
Implement various measures such as integration of bases,
reorganization of functions, and shift of fixed costs to variable costs
by utilizing group-wide standardization.

▶ Improve profitability with effective streamlining
measures.
19

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(2) Reinforcement of Operational CompetitivenessBe the First-Call Company

Steps to be Taken✓ Deepen standardization efforts promoted while incorporating the improvement methods of Toyota, our joint venture partner, andachieve overwhelming field capabilities by combining the power of people with the power of technology.
Medium-termManagement Plan 2017
Reversal
PeriodSustainable Growth Period

Medium-term Management Plan 2022
“Going on the Offensive by Deepening”

Lower cost ofoperations
Standardization
Standardization

DX to improve
operational quality(Company-wide
penetration)(Establishment ofmethodology)
Establish a methodology tovisualize the work process by
setting intensity andmeasuring man-hours.

Expand the scope ofstandardization and build afoundation forimprovement and DX.

Promote differentiation by
combining the power ofpeople with the power oftechnology.

Realize improved
profitability throughimplementation of
streamlining measures.

20

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 DX Strategy Framework✓ Create social value by transforming the business model and corporate culture and evolving into a digital logistics company.

Drastic Changes in the Business Environment

Customers and Society "Digital Enterprise World"

Digitization of SCM information

Visualization of SCM digital information

Transformation of the organizationand corporate culture of the
MITSUI-SOKO Group

Reform of the MITSUI-SOKO Group'sbusiness modelBusiness Transformation (Offensive DX)Provide SCM data andalgorithms.
Provide SCM platforms.
Provide new services throughco-creation.
Respond to ESG.

Improveadded value

Direction of DX

Business Optimization (Defensive DX)Improve existing business.

Improve operating profit margin
by reducing cost and SG&A
expenses.

Optimization

Enhance employee productivity.

Labor-savingStrengthen customer experience.

SCM Digital Platform

Create newvalue

Existing services

Streamlining
Automation

Existing operations
21

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 DX "Offensive DX"✓ Offensive DX to develop new services for customers by utilizing SCM information on the platform

Building Platform

API linkage
Collect information in the supply chain
using the scale-free network.

Accumulate the collected data on theplatform after setting the data linkage key.

Analysis, streamlining, and optimization
New Services for Customers (Examples)
Visualization of Inventory at Multiple Locations

Scenario Plan Comparison

Centralized Management of Trade Documents<Cost/Lead time comparison>
Save by projectPossible to checkin real time

Trade documents

Staff

CO2 emissions
Transport cost
Terminal charge

Supplier

At seaFactoryStore
Plan A

Centrally manage inventory in the supply chain on
the platform.

Plan B

Plan C

Lead time

Present and simulate plans when considering a new
business or route change.

Manage trade documents by project so that each staff
member can check them in real time.

22

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 DX "Defensive DX"✓ Defensive DX to aim to accelerate smart logistics support by leveraging the latest digital technologies

Smart Logistics
Digital Warehouse

Digital Forwarding

Digital Port

Digital Transport(Warehousing)(Cargo Handling)(Seaport)(Transportation)

Effects

Automated judgment

Automation and manpowersaving of business processes

Technology

Artificial Intelligence

Robotic Process Automation

Internet of Things

Optical Character Reader

Robot

Attach sensors to objects and use theinformation acquired by the sensors

Optical character recognition function
to convert to character data

Ability of a digital computer

Digitization of
paper movement

Digitization of
goods movement

Digitization<Staffing><Storage location plan>

Image

WMS

AI

Reservation

Unattended
reception

Operation
instruction

Remotecontrol

Monitoring

AI

IoT

Trade documents

Shipper’s system

Create efficient staffing and storage
location plans that do not rely on
experience or intuition.

OCR

Reduce driver waiting time throughberth reservation and automatic
acceptance.

Improve safety and manpower
shortage by utilizing AGVs for cargohandling and transport in warehouses.

Cargo handlingsystemEliminate complexity and reduce
human errors through the digitization of
trade documents.

23

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 DX Promotion Structure✓Complete structure development to further promote DX and speed up the process.

Organizing DX Promotion SystemPromoted the Digital Strategy Team to Digital Strategy Division in the holding company as of April 2022.
 Introduced IT specialist system to strengthen mid-career/new graduate recruitment of DX specialists who play animportant role in DX promotion.

Functions of the Digital Strategy Division

DigitalStrategy
Division

Business Solution FunctionProposes IT solutions in collaboration with thesales division.
Designs operations using IT systems.

DX Promotion FunctionPromote digital strategy and build DX system.
Promote smart logistics,

Strengthening DX Human Resources

DX Specialist (DX Promotion Division)Captures customer issues and needs.
Embodies services, designs systems, and manages projects.

DX Generalist (All Employees)


Improves productivity through the use of IT technology/business systems.

Plans and proposes on creation/expansion of business opportunities
through IT technology.

Completion of DX Certification


Having completed the development of the DX strategy and structure, we were certified by
the Ministry of Economy, Trade and Industry as of April 1, 2022.

24

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 Co-creation✓ Accelerate co-creation efforts internally and externally to originate new business and value.

Promotion of Co-creation
Promote internal co-creation aiming to effectively utilize diverse human resources, our core competence, and create a systemthat generates innovation.

Proactively consider M&A, alliances, and other external co-creation opportunities to meet diversifying customer needs andachieve further growth.

Co-Creation Initiatives

Internal Co-creation
Measures for Human Resources

Renew and penetrate the "Value" in accordance with the revised
corporate philosophy.
Reform the organizational culture through personnel system
reforms and cross-organizational personnel exchanges.

Tool

Revitalize communication and information sharing by expanding thefunctions of the Group Portal website and knowledge sharing
platform.

Consolidate offices and develop spaces for employee interaction.

External Co-creation
Proactively partner with various platforms based on the SCM digital platform and develop new services through these partnerships.

Consider and implement strategic M&A and partnerships to achieve discontinuous value creation.

25

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

 Business Assets✓ Focus on effective use and value enhancement of owned assets andcapital investment with market competitiveness in mind.

Active investment in Business AssetsPromote CRE measures to enhance corporate value by effectively utilizing assets held.
Implement strategic investments in next-generation logistics centers and dedicated facilities
utilizing IoT and robotics.



Scrap and build existing assets and invest in maintenance and renewal, including ESG
compliance.

Invest in New Logistics Facilities in Competitive Areas for Top-line GrowthA new warehouse to cope with expansion of handling volume in the mobility/healthcare-related market expected to grow steadilyA next-generation logistics center that achieves compatibility for both e-commerce and brick-and-mortar stores, including the introduction of
the latest technology

Active Investment in Existing AssetsExtensively consider investment in real estate for rent and logistics facilities, including replacement of asset portfolio.

Real Estate for Rent

Effective use of assets held in accordance with location
Construction to enhance value, including reduction ofenvironmental impact
Renewal work to reform the profit structure

Logistics Facilities & OfficesAddressing aging logistics facilities to achieve sustainablelogistics
Developing a safe and comfortable work environment26

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the DeepeningBe the First-Call Company

SG✓ For E (Environment), strongly promote reductions in our CO2 emissions
while providing services to reduce CO2 emissions of customers.

Our measures taken so far

CO2 Emission Trends (t-CO2)
64,574

Endorsement of TCFD

Establishment of the medium- to long-term targets forCO2 emissions (compared to FY2013)

56,883By FY2031: 50% reduction (-32,287 tons)

32,287

Switchover of air conditioning and lighting equipment inwarehouses
Expanded use of in-house solar power generation systems
and renewable energy sources

By FY2051: Net zero achieved

Further acceleration of existing initiatives

Introduction of ZEV trucks as technological innovation
progresses



Utilization of carbon offsets

0
FY2014Baseyear

FY2017FY2018FY2019FY2020

FY2021

FY2031FY2051

Reducedby 50%

Net
zero

Note:
Scope of coverage: Holding company and core
operating companies

27

2. Growth Strategies for Achievement

Medium-term Management Plan 2022

(3) Building Management Foundation to Support the Deepening

Be the First-Call Company

E G✓ For S (Social), actively invest resources to strengthen human capital, the most important management foundation.

Measures to Strengthen Human Capital
Personnel System
ReformEstablish a human resource system that takes advantage of the diversity,
expertise, and fluidity of human resources and work styles.

Creating Job
Satisfaction

Understand organizational issues and promote mutual understanding
through dialogue between the company and its employees.

Improvement ofWork Environment

Pursuit of employee safety and work comfort through investment in both
hardware and software.

Improvement of Employee Engagement


Set KPI items and target values that lead to employee engagement as follows, and thoroughly manage progress.

•

Rate of paid leave taken

70 %

•

Ratio of female managers

15 %

•

No. of occupational accidents•

Health checkup take-up rate

100 %

•

Male childcare leave acquisition rate

30 %

•

Absentee rate

0

Better thanprevious fiscal year’s level28

2. Growth Strategies for Achievement(3) Building Management Foundation to Support the Deepening

Medium-term Management Plan 2022

Be the First-Call Company

 ES✓ For G (Governance), establish structures, systems, and indicators to enhance corporate value over medium to long term.
Sustainability Promotion System

Board of Directors



The Sustainability Committee is established under the Board of Directors to ensure strong governance.



The Committee is chaired by the President and consists mainly of representatives of each operatingcompany that plays a central role in business activities.



The Committee thoroughly examines sustainability strategies and policies, and manages theimplementation of initiatives.

Subcommittee

A cross-group subcommittee for each field is established with the holding company's responsible department incharge of each field.

A cross-group task force inaccordance with each initiative

They develop a roadmap to achieve target KPIs, plan and implement specific measures, and collaborate withcompanies in the Group.

Supervise

ReportSustainability Committee
Chairperson: President
Members: Representatives of each
operating company, etc.

Management with Capital Efficiency in Mind

Focus on ROE

Aim to maintain the high level of capital efficiency achieved in the previous medium-term
management plan by setting the target ROE at over 12%.

Stock-based
Compensation Plan

Introduce stock compensation as part of the executive compensation system to increase
corporate value over the medium to long term.
29Medium-term Management Plan 2022

3. Policy Summary

Be the First-Call Company

Medium-term Management Plan 2022

“Going on the Offensive by Deepening”✓ Top-line Growth by Mobilizing the Group's Collective Strength✓ Reinforcement of Operational Competitiveness

GrowthStrategies ✓ Building Management Foundation to Support the Deepening＜ DX, Co-creation, Business Assets, and ESG＞

✓ Investments in a total of ¥130 billion-

Strategic investments such as DX investment / new capital investment (logistics & real estate) /investment in growing areas such as M&A: ¥100 billion
Normal investment (maintaining existing facilities / renewal investment): ¥30 billion

Financial
Strategies ✓ Strengthening shareholder returns based on a payout ratio of 30%✓ Procurement and operation based on the optimal D/E ratio of 1.0✓ Setting a target of ROE of over 12%, aiming to maintain a high level ofcapital efficiency
Numerical Targets (FY2027)
Operating Revenue
Operating Profit
Operating Cash Flow

¥350 billion¥23 billion¥30 billion
30

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