Progress of Medium-termManagement Plan 2023
and FY Mar/2023 Business Plan
～Transform and Grow～

Commitment to a new stage

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 ofhistorical 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

May 2, 2022
Mitsui & Co., Ltd.

known or unknown risks, uncertainties and other factors could lead to outcomes that differ materially from thosepresented 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

1

Overview of FY Mar/2022 Operating Resultsand FY Mar/2023 Business Plan

2

FY Mar/2023 Business Plan and Key Initiatives

3

Details of FY Mar/2022 Operating Results andFY Mar/2023 Business Plan

4

Supplementary Information and Segment Data

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

1

1

Overview of FY Mar/2022 Operating
Results and FY Mar/2023 Business Plan

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2

Summary of Operating Results
FY Mar/ 2022 Results
 Core Operating Cash Flow and profit for the period set a historically high record
FY Mar/2023 Business Plan
 Continuous initiatives aiming for “Transform and Grow” as the final year of the Medium-termManagement Plan 2023(MTMP)
 Respond flexibly and pursue further expansion of stable earnings base, under the continuously
changing business environment
 New share buybacks of maximum ¥100.0bn resolved
FY Mar/2022
forecasts(Announced Feb. 2022)

FY Mar/2023
Plan

1,158.7

1,090.0

950.0

335.5

914.7

840.0

800.0

ROE

8.0%

18.0%

－

－

Dividend per share

¥85

¥105

¥105

¥120

(Unit: ¥billion)

FY Mar/2021

FY Mar/2022

Core Operating Cash Flow*1

658.1

Profit for the year*2

FY Mar/2022
 Annual dividend of ¥105 per share (¥20 increase) Total annual shareholder return of approx.
¥340.0bn(30% of Core Operating Cash Flow)FY Mar/2023
 FY Mar/2023 annual dividend of ¥120 per share(¥15 increase compared to FY Mar/2022)
 New share buybacks of maximum ¥100.0bn(May - Sep. 2022)*1. Cash flow from operating activities (FY Mar/2022: ¥806.9bn) minus cash flow from changes in working capital (FY Mar/2022: -¥407.4bn)
minus outflows for repayment of lease liability (FY Mar/2022: ¥55.6bn)*2. In these presentation materials, “Profit for the year” means Profit for the year attributable to owners of the parent
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3

Progress Review of the Second Year of the MTMP
 Strengthened earnings base

Expansion of base profit
 Demonstration of trading functions and expansion of earnings base utilizing ourglobal customer and logistics base Strengthening of competitiveness through structural reform, etc.
 Accumulation of earnings base through steady advancement of projects

Restructuring and business reorganization toward a competitive business portfolio

 Initiatives aimed at stable supply under growing demand and supply
constraints in Mineral & Metal Resources and Energy
 Expansion of LNG supply capacity and its stable supply
 Expansion of ore reserves by developing post-existing deposits, and acquiring mining
areas adjacent to our iron ore operations

 Steady implementation of measures for growth strategy
 Expansion of initiatives in Strategic Focus areas
 Expansion of initiatives aimed at the formation of business clusters leveraging strong
core businesses

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4Strengthened earnings baseInitiatives

Expansion of baseprofitReorganization andrestructuring ofbusiness portfolio

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Expansion of opportunities to demonstrate trading function (LNG, chemicals,
steel products and food) Maintaining and strengthening supply chains using logistics functions
 Expansion of sales channels and diversification of supply sourcesStrengthening of competitiveness through structural reform, etc.
 Intensive costs reduction and improvement in operation for automotive
and construction machinery businesses Strengthening of management base of healthcare business Expanding business cluster of agricultural materials
 Group companies structural reform in Chemicals and Steel Products

Uplifting the level of earnings base through implementation of projects underconstruction (Thai IPP/FPSO)

Reorganization of business portfolio
 Shift from thermal power generation to renewable energy
 Sale of interests in UK Alba oil field and Australian Bass Gas gas field Sale of interest in Coral Bay Nickel, etc.

Business restructuring Merger of Mitsui Bussan I-Fashion Ltd, with textiles business of Nippon
Steel Trading Corporation
 100% subsidiarization of Mitsui Oil Exploration Co., Ltd.
 Subsidiarization of European agrochemical company, Belchim Crop
Protection NV/SA, etc.

5

2

FY Mar/2023 Business Plan and
Key Initiatives

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6

FY Mar/2023 Business Plan

The basic policy set forth in the MTMP 2023 remains unchanged,
Continuous “Transform and Grow”
Unwavering efforts to ensure,
Further expansion of earnings base and implementation of
growth strategy
Further growth of cash generating ability, andAllocating to both growth investments out of accumulated
high-quality pipeline and shareholder returns

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7

FY Mar/2023 Quantitative Targets Core Operating Cash Flow
 Aiming for expansion of cash generating ability through further demonstration of trading
functions and strengthening our competitiveness, among other initiatives
 Expecting normalization in certain commodity markets
Core Operating Cash Flow
(Unit: ¥billion)

1,158.7
950.0
552.8

Mineral & Metal Resources

370.0

658.1

Energy308.1

MTMP 2023 target¥550.0bn

280.2

270.0

Machinery &Infrastructure
Chemicals
Iron & Steel Products

123.2
78.7
62.5
19.8
55.1

144.0
2.0
8.7

FY Mar/2021(Results)
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93.8
35.2
46.6

Lifestyle

130.0
12.4
-6.3

FY Mar/2022(Results)

90.0
40.0
30.0
FY Mar/2023(Plan)

8

10.0
10.0

Innovation & Corporate
Development
Others, Adjustments
and Eliminations

FY Mar/2023 Quantitative Targets Profit for the yearRobust levels of profitability from high-quality portfolio to be sustained, thereby proving
enhanced earnings baseProfit for the year
(Unit: ¥billion)

914.7
800.0

497.6

330.0

Mineral & Metal Resources
Energy

335.5

114.0

179.9

120.8

27.2
45.9
43.5
12.7
50.2
-26.0

68.9
2.1

FY Mar/2021(Results)
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61.5
57.6
-32.6

160.0

Machinery &Infrastructure

MTMP 2023 target¥400.0bn

Iron & Steel Products

160.0
26.9

70.0
50.0
40.0
-30.0

FY Mar/2022(Results)

FY Mar/2023(Plan)
9

Chemicals

Lifestyle20.0

Innovation & Corporate
Development
Others, Adjustments
and Eliminations

Cash Flow Allocation
 Expecting upturn in cash inflow due to an increase in cumulative Core Operating Cash Flowfor the three years of the MTMP
 Completed share buybacks of ¥240.0bn*1 and decided for dividends increase by ¥100.0bn
New share buybacks of maximum ¥100.0bn from May 2022
 Allocation to selected impactful growth investments out of high-quality pipeline andshareholder returns in a flexible manner. Secure multiple options under the volatileenvironment of business conditions and financial markets
Update on cash flow allocation (FY Mar/2021 – FY Mar/2023)(Unit: ¥billion)
Core Operating Cash Flow

Announced April 2021

Forecast as of May 2022

2,000.02,750.0

650.0～750.0

750.0

1,500.0

1,500.0

Cash-In
Asset Recycling
Post FID investment,
maintenance CAPEX

Cash-Out

Growth investments（Strategic Focus/new）

750.0～850.0

Share buybacks＋additional dividendManagement allocation

Dividend (minimum)

440.0

1,500.0

Growthinvestments
400.0～

500.0*2

Sharebuybacks
340.0～*1. Executed ¥240.0bn from April 2020 to March 2022
*2.Cumulative three-year total of dividends has been expanded from ¥400.0bn (lower limit at the time of announcement of the Medium-term ManagementPlan) to ¥500.0bn (assuming annual dividend per share is ¥105 for FY Mar/2022 and ¥120 for FY Mar/2023)

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10

Shareholder Returns Policy
Along with further expansion of cash generating ability,
continuous growth of shareholder returns to be envisioned
 The minimum annual dividend for FY Mar/2023 is ¥120 considering robust cash generating
ability New share buybacks of ¥100.0bn from May 2022
 Flexible shareholder returns to achieve targeted total return based on Core Operating CashFlow
1,158.7(Unit: ¥billion)● Core Operating Cash Flow
■ Share Buybacks

950.0■ Dividend amount

659.7

563.0

658.1

561.0

175.0
58.0

64.0

122.0

139.0

138.0

143.0

170.0

190.0

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

Mar/22

Mar/23 Plan

¥70

¥80

¥80

¥85

¥105

¥120

50.0

Annual dividend
per share
Total shareholder returns
as a percentage of Core
Operating Cash Flow*1

100.0

Current MTMP target: 33%

Previous MTMP results: Approx. 28%*1. Total shareholder return/Core Operating Cash Flow
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11

Awareness of Environment and Impact on Business Plan
Assessment of businessenvironment and impact on Mitsui

Mitsui’s response

1. Impact of geopolitical risk

＋ Rise in resource prices－ Limitations and restrictions on resource
supply sources

 Preparation for multiple scenarios in
response to geopolitical risk

2. Impact of supply chain disruption+ Increase opportunities to demonstrate trading
functions± Increase in logistics costs－Shortage of parts and materials such as
semiconductors

 Review of timeline and priorities in a
flexible manner while considering impact
of supply chain disruption on global market

3. Impact of high inflation

 Fulfillment of supply responsiblities andcapturing upsides in market conditions＋ Increase in market price for materials, etc.
－ Market contraction due to economic
recession－ Increase in raw material costs and personnel
expenses－ Increase in interest rates

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12Key Initiatives Strengthening of earnings base

Visualize current status of each of portfolio companies, and monitor progress by regularly plotting eachon a four-quadrant chart as below

Promote and accelerate the development and restructuring of our business portfolios by fine-tuning theresource allocations to achieve our vision
Development/restructuring of business portfolios based on four-quadrants

Growth potential

Achievement of
profitability

Enhancementof growthpotential
throughbusinessclusters/crossindustry
initiatives
EXITS

Creation of resources
for growth Development of lean,efficient structures
suitable for eachbusiness stage
Strengthening ofcompetitiveness /Turnarounds

Profitability

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13

Recovery offunds throughstrategic
recycling

Development ofrobust profit
base/formation ofbusiness clusters

Key Initiatives Strengthening of earnings baseElevation in the level of earnings base in FY Mar/2022, as result of efforts to increase base earnings



Result-oriented efforts to improve the profitability of businesses that are less sensitive to market volatility,
such as trading, automotive and healthcare businessesContinued efforts to further strengthening portfolio with our global network

Belchim、Certis(agrochemical)

Penske group(automotive)
Cameron(LNG)
MMTX(methanol)
Novus(feed additives)

Erdos(ferroalloys)

IHH(healthcare)

14,000Core Operating Cash Flow

12,00010,0008,000

Global Trading
 LNG
 Chemicals
 Steel product Grain

MTMP 2023
Transform and Grow

6,000
4,000
2,000
0

Mar 17

Mar 18Mar 19Mar 20Mar 21Mar 22

Mar 23(Plan)

FY from April to March
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14

Key Initiatives Energy Solutions


Leverage existing core businesses to organically link peripheral businesses, accelerate initiatives in nextgeneration energy and lead energy transition. Accelerate initiatives aiming for halving GHG impact by
2030 and Net-zero emissions by 2050

Strategy and progress in FY Mar/2021-Mar/2022
EnergyImplementation of low-carbon initiatives in LNG business andpromotion of hydrogen/ammonia businesses utilizing existing
platforms
 Promotion of clean ammnonia production businesses- Discussions underway for FEED*1 (US CF Industries, Abu Dhabi
ADNOC)- Start of survey for commercialization utilizing own gas fields/CCS*2（Australia）♦ Supply of carbon-neutral LNG

EnergyPower business

LNG

Accumulation of assets aiming for renewable energy portion
exceeding 30%, establish businesses along with power value chain Participation in Mainstream Participation in large-scale renewable energy project in India
 Establishment of e-dash cloud service for visualization and reductionof CO2 emissions

Ammonia

RenewableEnergy management /Infrastructure
EnergyHydrogenRaw
Materials
EV/FCV

Batteries / Mobility
Establish value chain realizing zero emissions in mobility
 Conclusion of collaboration agreement with France-based Forsee
Power while strengthening capital alliance Investment in US hydrogen station business Investment in NZ green hydrogen station business

Recycling
Infrastructure

Thermal PowerCCUS

Next-genfuel

Forestry

Battery/ Carbon
mobility recycling

Carbon recycle
Decarbonization initiatives at upstream development/
diversification of next-generation fuel businesses Participation in Australian forestry carbon credit business Survey for commercialization of Direct Air Capture technology (UK) Participation in LanzaJet oil-alternative jet fuel
 Increase of methanol production using CO2 with US-based Fairway*1. Front End Engineering Design*2. Carbon dioxide Capture and Storage
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Power
generation
business

15

Key Initiatives Healthcare/NutritionPromoting creation of wellness business cluster along with growth of IHH, data businesses centeredaround IHH and establishment of well-being business cluster that offers services for preventive care,testing and diagnosis
IHH achieved record high earning through strengthening its management base, made progress centeredon DX aimed at establishment of well-being business cluster, and accelerated initiatives in new areas
IHH: Strengthening of management baseand performance growth

Mitsui’s Wellness Business Clusters

 Capturing COVID-related service demand Promotion of DX such as online diagnosis
 Improvement of operations such as establishment ofcentral procurement organization
 Reorganization of non-core businesses and shift ofresources to growing businesses

Hospital andClinic business

Formation ofsizable businessclusters
Establishment ofstrong presence inbusiness domains
Corebusinesses

Well-being
businesses
Hospital andClinicbusinesswell-being
business

New business
Clusters

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Databusiness

Expansion of business aimed at establishment ofwell-being business cluster

 Strengthening of services aimed at corporate personnel(acquisition of Human Associates Holdings)
 Participate in Hendrix, a multi-species animal genetics andtechnology company in the Netherlands, through investment
in fund Asian preventive care business (establishment of
Welltus/Thorne Asia) Enhanced market share in medical imaging (joint venture withNOBORI, a company in the same business) Entry into AI drug discovery business aimed at earlier drug
discovery (establishment of Xeureka)

16Key Initiatives Market Asia

Deepening and accelerating initiatives while targeting the expanding consumer market
Subscribed to convertible bonds of CT Corp with an aggregate of ¥100.0bn*1, dispatched director andsecondees, and continued to leverage CT Corp's strong business foundation to build collaborative
businesses and initiatives that contribute to enhance its corporate value

Contribute to Nation Building

Create a Consumer Ecosystem（Pursue sustainable economic growth）

Entertainment Transportation
Financialservices

FashionTelecommunications

Information

ConsumerFood

Health

Housing Subscribed to CB of CT Corp
 Establish preventive carebusiness: Thorne Asia
 Participation in medical claims
administrator（MiCare）

Power

Logistics

generation

 Participation in renewable energy business (IND: ReNew)
 Investment in biomass supply chain management (IND:PRESPL) Investment in green hydrogen refueling station business in
NZ (Hiringa) Participation in Australian forestry carbon credit business

Growth strategy for the Asian consumer market
CT Corp’s strong business platform

Finance

RetailMedia

Mitsui capabilities
Advanced business
Model,
Introduction of produce andServices

Property

Mitsui platform

Establish management foundation for global business*1. include ¥ 33.0bn from redemption of corporate bonds (underwritten in 2018)

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Expansionin Asia17

Key Initiatives Response to Climate ChangeSteady progress by reconfiguring business portfolio in GHG emission areas and promoting reduction
contribution areas (Opportunity & Transition) aiming for Net-zero emissions by 2050 and to halve
GHG impact by 2030

Roadmap to halving GHG impact in 2030 (announced in December 2021)
Units: million MT - CO2e

(Reference) [GHG impact in FY
Mar/2021]
Emissions:
39 million tons
Reduction contribution : 2 million tons
GHG impact:
37 million tons

[FY Mar/2022 progress]

Emissions: Agreed to sell thermal power generation business
Reduction Contribution: Progress in renewable energy (RE) business, forestry business, CCUS*1, hydrogen/ammnonia, etc.*2*1. Carbon dioxide Capture, Utilization and Storage*2. See page 15 (Energy Solutions) for details

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18

Key Initiatives Human Resources Strategy
 Continuous execution of measures aiming for empowering Human
Resources in the global arena

Development of
Personncompetentelindividuals for theirstrategy
professional growthDiversity & Inclusion

Talent management
to support the right
persons to the rightpositions

Expand the pool of talent with business
management capabilities and expertise for leading
increasingly large and complex businessesAppropriate evaluation of efforts and results of
employees in diverse businesses and stages

Further penetration of D&I aimed atdemonstration of problem-solving ability



Develop an environment in which our diverse
professionals can play dynamic roles in the global
arena



Appropriate allocation of human resources linked tobusiness portfolio strategy

Position matching based on the skills and intentionsof employees

Talent management across global group

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19





Career challenge initiative toempower future generations(junior and mid-level employees)
Expert band initiative(Career paths for highly
specialized human resources)
Pay for Performance

Enhancement of global mobility
Promoting the active participationof employees hired in the regions
and female talents

Bulletin board initiative(a place for autonomous career
design and activities transcendingorganizations)Global HR management

Key Initiatives Fostering "D "s & "I "s for sustainable growth

Initiatives to accelerate growth under geopolitical risks and uncertainty;
Weather storms and ride on next waves“D”s & “I”s as pillars of mindsets“D”s：Diversity / DX / Differentiation / De-carbonization
 Diversity of people and perspective
 Digital transformation, everywhere Differentiated proprietary network, extended globally Diversified and multi-faceted business clusters, transitioning towardDe-carbonized society“I”s：Inclusion / Innovation / Imagination / Initiative Inclusion, in all we do Innovation, all around Imagination, at the edge of uncertainty
 Initiatives, toward value-chain disruptions and new versions ofglobalization

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20

3

Details of FY Mar/2022 Operating
Results and FY Mar/2023 Business Plan

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21

Core Operating Cash Flow YoY segment comparison
 Core Operating Cash Flow：¥1,158.7bn, up ¥500.6bn
Main factors(Unit: ¥billion)■ Mineral & Metal Resources ¥552.8bn (+¥244.7bn)

1,158.7

Increase in sales price of iron ore operations in Australia anddividend from Vale
• Increase in sales price of coal operations in Australia• Increase in dividends from Erdos•■ Energy ¥280.2bn (+¥157.0bn)
•
•

552.8

■ Machinery & Infrastructure ¥144.0bn (+¥65.3bn)
•

658.1

308.1

280.2

Good trading performance
Good performance of methanol business
Good performance of overseas crop protection andagricultural input businesses■ Iron & Steel Products ¥12.4bn (+¥10.4bn)•

Good trading performance■ Lifestyle ¥35.2bn (+¥15.4bn)

123.2

•
•

144.0

78.7
2.0
8.7

93.8
35.2
46.6

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Good performance of grain trading, recovery of fashion business
Good performance of healthcare business■ Innovation & Corporate Development ¥46.6bn (-¥8.5bn)•

12.4

Decrease as result of absence of good performance inprevious FY due to FVTPL gains■ Others -¥6.3bn (-¥15.0bn)-6.3

Mar/2021

Good performance of automotive-related businesses andincrease in dividends from group companies■ Chemicals ¥93.8bn (+¥31.3bn)
•
•
•

62.5
19.8
55.1

Increase in oil and gas prices
Increase in LNG trading earnings•

Mar/2022
22

Expenses, interest, taxes, etc. not allocated to businesssegments

Profit for the year（PAT）

YoY segment comparison

 Profit: ¥914.7bn, up ¥579.2bn

Main factors■ Mineral & Metal Resources ¥497.6bn (+¥317.7bn)(Unit: ¥billion)

•
•
•

914.7

Increase in sales price of iron ore operations in Australia and dividend
from Vale
Increase in sales price of coal operations in Australia
Increase in sales price of copper operations■ Energy ¥114.0bn (+¥86.8bn)•••

Increase in oil and gas prices
Increase in LNG trading earnings
Absence of deferred tax asset associated with reorganization of US
energy subsidiaries recorded in previous fiscal year

■ Machinery & Infrastructure ¥120.8bn (+¥74.9bn)

497.6

•
•

Good performance of automotive business primarily in North America
Absence of impairment of rolling stock leasing businesses recorded inprevious fiscal year

■ Chemicals ¥68.9bn (+¥25.4bn)
•
•
•

335.5

■ Iron & Steel Products ¥26.9bn (+¥24.8bn)

114.0

•
•

120.8

179.9
27.2
45.9
43.5
12.7
50.2

68.9
2.1

Mar/2021

Mar/2022

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•
•

26.9

Valuation gain on fashion business, good performance of grain trading
Good performance of healthcare business, gain on sale and valuation
gain on PHC shares■ Innovation & Corporate Development ¥57.6bn (+¥7.4bn)
•
•

57.6
-32.6

Good performance of Numit due to steady steel market and recovery of
US auto industry
Good trading performance■ Lifestyle ¥61.5bn (+¥48.8bn)

61.5

-26.0

Good performance of trading
Good performance of methanol business
Good performance of overseas crop protection and agricultural input
businesses

Sale of Multi-family Housing Property in US
Gain on sale of land

■ Others -¥32.6bn (-¥6.6bn)•

23

Expenses, interest, taxes, etc. not allocated to business segments

Profit for the year YoY factor comparison(Unit: ¥billion)
Commodity
prices/Forex

Resources-related
costs/volume

Base profit-25.0

Valuation
gain/loss

914.7

＋85.0

＋235.0Asset recycling＋ 3.0+281.0335.5
Resources-related
costs/volume

Base profit

Mar/2021<Positive factors>
・Steady trading(LNG, chemicals, steel
products, etc.)
・Iron ore dividend
・Automotive
・LNG dividend
・Erdos・Numit・IHH
・Gestamp
・Cameron liquefaction
project
・Methanol・Gas distribution

+8.7

+7.0
+6.8
+5.3

<Negative factors>
・FVTPL-5.0
Absence of factors fromprevious FY-30.0
Current period+25.0

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Asset recycling

・Costs
-17.0 ・Absence of factors-13.0
Mineral & Metal Resources -20.0 from previous FY＋16.0
Iron ore-11.0 ・Total current period
＋6.9
Coal
PHC
-7.0
Copper, other
Gain from U.S. MRE
-2.0
+5.1
Energyhousing business+3.0
Falcon power-8.6
・Volumegeneration business-8.0
Mineral & Metal Resources +2.0
Etc.
Iron ore
-1.0
Coal
+1.0
Copper, other+2.0
Energy-10.0

Forex breakdown

Commodity
prices/Forex
・Min. & Metal
Iron ore
Coal
Copper, other+144.0
+62.0
+61.0
+21.0

・ Oil, gas+62.0

・Forex(Yen vs.
Functional
currency(Functional
currency vs.
Revenuecurrencies+29.0

Valuation gain/loss
・Absence of factors
from previous FY
・Total current period
J-Arc
MOECO
MIF

+85.0
0
-20.9
+14.7
+11.3

+44.0)-15.0)

・Mineral & Metal Resources： +19.0bn (Yen vs. Functional Currency +24.0bn,
Functional currency vs. Revenue currencies -5.0bn)
・Energy： -5.0bn (Yen vs. Functional Currency +5.0bn,
Functional currency vs. Revenue currencies -10.0bn)
・Other： +15.0bn (Yen vs. Functional currency +15.0bn,
Functional currency vs. Revenue currencies 0.0bn)

24Mar/2022

Evolution of financial strategy and portfolio management
Results of cash flow allocation
 Steady advancement of projects and allocation to selected investments out of high-quality
pipeline(Unit: ¥billion)
FY
Mar/2021

FY
Mar/2022

Accumulat
ed resultsof MTMP

658.0

1,159.0

1,817.0

Core Operating
Cash Flow
Cash-In
Asset recycling*1

Cash-Out

143.0

257.0

Main projects

-

400.0

[Mineral & Metal Resources] Loan collection in the copper business[Lifestyle/Chemicals] Sale of contract manufacturing business ofMicroBiopharm Japan[Innovation & Corporate Development] Sale of multi-family housing
property by MBK Real Estate in the U.S.

Investment andLoans*1-445.0-511.0-956.0[Energy] LNG project under development, oil and gas production business,
additional acquisition of MOECO shares*4[Lifestyle/Innovation & Corporate Development] Subscription to convertible
bonds issued by the holding company of CT Corp*5[Mineral & Metal Resources] Iron ore and coal operations in Australia[Machinery & Infrastructure/Energy] Power generation business[Chemicals] Belchim, European agrochemical company, Honshu Chemical
Industry, and Air Water America, industrial gas company[Innovation & Corporate Development] Real estate business of Mitsui & Co.
Real Estate Ltd.

Share Buybacks-64.0*2-175.0*3-239.0-

Dividend-143.0-170.0-313.0-*1. Excludes changes in time deposits*2. Acquired treasury stock worth ¥39.0bn between Apr and Jun 2020, and ¥25.0bn between Feb and Mar 2021. Additionally, ¥6.9bn in stock purchases for employee stock-based compensation*3. Acquired treasury stock worth ¥75.0bn between Apr and Jun 2021, and ¥50.0bn between Aug and Oct 2021, and ¥50.0bn between Dec 2021 and Mar 2022.
*4. Classified as "financial CF" in cash flow statement*5. A subscription of convertible bonds issued by PT CT Corpora, the holding company for CT Corp, for ¥67.0bn (Net amount of ¥100.0bn for subscription of convertible bonds and ¥33.0bn fromredemption of corporate bonds)

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

25

Evolve financial strategy and portfolio management
Balance sheet(Unit: ¥trillion)

Mar/2022
Mar/2021
Current
assets

4.2

Otherliabilities

8.3

4.2

5.7

3.0

Long-and shortterm debt*1

Long-and shortterm debt*1
Non-current
assetsOtherliabilities

Current
assets4.7(3.3)

Shareholder
equity*2
Total

4.9
(3.3)
Non-current
assets

9.2

5.6

4.6
0.2
Non-controlling interests
Total assets¥12.5 trillion
Shareholder equity ¥4.6 trillion
Net DER
0.72x
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

Shareholder
equity*2
Total

0.2
Non-controlling interests
Total assets
Shareholder equity
Net DER

¥14.9 trillion¥5.6 trillion
0.60x

26

Main balances/changes from March 2021
Interest-bearing debt*3 ¥4.5tn（up ¥0.1tn）
Net interest-bearing debt*4 ¥3.3tn (up ¥0.0tn)
Shareholder equity*2 ¥5.6tn (up ¥1.0tn)• Profit for the year：• Foreign currency translation
adjustments, financial assets
measured at FVTOCI：• Dividend payments, share buyback：+0.9tn+0.5tn-0.3tn*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 fromshort-term debt and long-term debt
*4. Net interest-bearing debt is interest-bearing debt*3 minus cash and cash equivalents

FY Mar/2023 Business Plan
 Core Operating Cash Flow: ¥950.0bn (‐¥208.7bn YoY)
 Profit for the Year: ¥800.0bn (‐¥114.7bn YoY)
Expect market conditions for certain commodities to be normalized (Mineral & Metal Resources)
Businesses which are less sensitive to markets, are expected to generate the same levels of cash
inflows as previous FY
Profit for the year

Core Operating Cash Flow

(Unit: ¥billion)

1,158.7
Mineral & Metal
Resources
Energy

950.0
552.8

Machinery &Infrastructure
Chemicals

370.0

914.7
800.0
497.6

330.0

Iron & Steel Products
Lifestyle

280.2

144.0

130.0

93.8

90.0

35.2
46.6

Innovation & Corporate
Development
Others,Adjustments andEliminations

270.0

12.4
-6.3

FY
Mar/2022
Copyright © MITSUI& CO., LTD. ALL RIGHTS RESERVED.
Result

40.0
30.0

FY
Mar/2023
Plan

120.8
68.9

10.0

61.5
57.6
-32.6

10.0

27

160.0

114.0

FY
Mar/2022
Result

160.0
26.9

70.0
50.0
40.0
-30.0

FY
Mar/2023
Plan

20.0

FY Mar/2023 Business Plan YoY factor comparison(Unit: ¥billion)
914.7

Base profit-160.0 approx.

Resources related
costs/volume

Asset recycling

Commodity
prices/Forex

Valuation
gain/loss

+32.0

±0.0

-23.0

＋34.0

Base profit

Resources related
costs/volume

Asset recycling

Commodity
prices/Forex

Valuation
gain/loss<Negative factors>
・Iron ore dividend
・LNG
-12.0
・FVTPL・Costs-14.0
Mineral & Metal
Resources-5.0

・Absence offactors fromprevious FY-16.0・Mar/2023 total ＋50.0

・Min. & Metal -101.0
Iron ore-101.0Coal+2.0
Copper, other -2.0

・Absence offactors fromprevious FY
0.0・Mar/2023 total 0.0

Absence of factors
from previous FY -25.0
Current period+13.0

Iron ore
Coal
Copper, other

Energy

-4.0
＋5.0
-6.0
-9.0

・Oil, gas

EnergyMar/2022
Results

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

+77.0

・Forex+56.0(Yen vs. Functional
currency+45.0)(Functional currency vs.
Revenue currencies+11.0)

・Volume-9.0
Mineral & Metal
Resources
0.0
Iron ore
Coal
Copper, other

800.0

-9.0
11.0
-2.0
-9.0

Forex breakdown

・Mineral & Metal Resources：+23.0bn (Yen vs. Functional Currency +18.0bn,
Functional currency vs. Revenue currencies +5.0bn)
・Energy：+15.0bn (Yen vs. Functional Currency +9.0bn,
Functional currency vs. Revenue currencies ＋6.0bn)
・Other：+18.0bn (Yen vs. Functional currency ＋18.0bn,
Functional currency vs. Revenue currencies 0.0bn)

28

Mar/2023
Plan4

Supplementary Information andSegment Data

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

29

Assumptions and Sensitivities Mar/2022 results and Mar/2023 plan
March 2023
Assumption

March 2022
Result98

77¥2.2bn (US$1/barrel)

88

68

U.S. Gas (*2)

¥1.0bn (US$0.1/mmBtu)

4.89

3.72(*3)

Iron ore (*4)

¥2.2bn (US$1/ton)(*5)

153(*6)

Coking¥0.5bn (US$1/ton)(*5)

272(*7)

Thermal¥0.1bn (US$1/ton)(*5)

110(*7)¥0.7bn (US$100/ton)

9,150

9,315(*9)

USD¥4.6bn (¥1/USD)

120.00113.04AUD¥2.5bn (¥1/AUD)

88.00

83.33

BRL

¥0.3bn (¥1/BRL)

25.00

21.44

Impact on profit for the year attributable to owners of the parent
for the Year ending March 31, 2023

Crude oil/JCC
Consolidated oil price (*1)

Commodities
Coal

Copper (*8)

Forex (*10)―(*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 2023, we have assumed that there is a 4-6 month lag for approx. 35％, a 1-3 month lag for approx. 60%, andno 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 2022 are the Henry Hub Natural Gas Futures average daily prompt month closing prices traded on NYMEX during January to
December 2021(*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 2022 are the daily average (reference price) spot indicated price (Fe 62% CFR North China) recorded in several industry
trade magazines from April 2021 to March 2022(*7) Coal results figures for the year ended March 2022 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 2022(*9) Copper results figures for the year ended March 2022 are the averages of the LME monthly average cash settlement prices for the period January to December 2021(*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 theconversion of profit (denominated in functional currencies) into yen. In the overseas subsidiaries and equity accounted investees where the sales contract is in USD, theimpact of currency fluctuations between the USD and the functional currencies (AUD and BRL) and the impact of currency hedging are not included

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

30

Mineral & Metal Resources: Equity share of production
Equity share of production

Iron ore

57.8 58.2 56.9

FY
FY
Mar/2020 Mar/2021
ResultResult(announced May 2022）

60

FY
FY
Mar/2022 Mar/2023
Result(Est.)

3.0

63

10.6

FY
Mar/2024(Est.)

Production(Mlt/year)
Upper: Thermal coal
Lower: Coking coal

Coal

(Mlt/year)

3.2
9.0

FY
FY
Mar/2020 Mar/2021
ResultResult

3.1

12

153

13

Copper(Kt/year)

128

130

154

8.7

FY
FY
FY
Mar/2022 Mar/2023 Mar/2024
Result(Est.)(Est.)

FY
Mar/2020
ResultFY Mar/2021

123

FY
FY
Mar/2021 Mar/2022
ResultResultFY
FY
Mar/2023 Mar/2024(Est.)(Est.)FY Mar/2022

1Q

2Q

3Q

4Q

Total

1Q

2Q

3Q

4Q

Total

Iron ore (Mt)

14.0

14.1

15.5

14.6

58.2

13.4

14.1

15.7

13.7

56.9

Australian iron ore

10.7

10.3

10.6

9.9

41.5

9.6

9.8

10.5

8.8

38.7

Vale*1

3.3

3.8

4.9

4.7

16.7

3.8

4.3

5.2

4.9

18.2

Coal*2 (Mt)

2.9

3.1

3.1

3.2

12.2

2.8

3.0

3.0

3.0

11.8

MCH

1.8

1.9

1.9

2.0

7.6

1.9

1.9

1.9

1.8

7.6

BMC*1

0.5

0.5

0.5

0.4

1.8

0.4

0.5

0.4

0.5

1.8

Australian coking
coal

1.9

1.9

1.9

2.0

7.6

1.8

2.0

2.0

1.9

7.7

Australian thermal
coal

0.4

0.5

0.5

0.4

1.8

0.5

0.4

0.3

0.5

1.7

Moatize*1

0.3

0.2

0.2

0.2

0.8

0.2

－

－

-

0.2

Copper*1, 2 (Kt)

37.7

40.4

38.1

37.3

153.5

32.2

33.6

30.5

31.6

127.9

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

*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 (5.6% for FY Mar/2019 Q4 and after, 5.7％ for Q2 Mar/2022, 5.9% for FY Mar/2022 Q3 and after)

31

Mineral & Metal Resources: Main businesses
Product

Name*1

LocationFY Mar/2022
Equity production

Main partners

Equity ratio*4

Revenue
Recognition

Iron ore

Robe River

Australia

18.7 million tons

Rio Tinto

33.0％

Consolidated(partially accounted
for by equity
method)Iron ore

Mt. Newman / Yandi / Goldsworthy /Jimblebar

Australia

20.0 million tons

BHP

7.0％

Consolidated(partially accounted
for by dividend)

Iron ore

Vale

Brazil18.2 million tons*2

Vale

6.04％

Dividend

Coal

South Walker Creek / Poitrel

Australia

1.8 million tons*2

BHP*4

20.0%

Equity method

Coal

KestrelAustralia

1.2 million tons*2

EMR / Adaro

20.0%

Consolidated

Coal

Moranbah North / Grosvenor /Capcoal / Dawson

Australia

6.4 million tons

Anglo American

Various

Consolidated

CopperCollahuasi

Chile75.6 kilotons*2

Anglo American
Glencore

12.0%

Equity method

CopperAnglo American Sur

Chile

35.2 kilotons*2

Anglo American
Codelco9.5%

Equity method

NickelTaganito

Philippines

4.5 kilotons*3

Sumitomo Metal
Mining

15.0%

Dividend*1. Includes JV names, company names, and project names*2. Jan-Dec 2021 results*3. Production capacity base
*4. As of end of March 2022

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

32

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

Production*1*2
252

185

257

189

246

169

243

174

(announced May 2022）

Reserves*1*3(KBoE/day)

214

209

12.7
Gas
Crude oil

153

154

67

68

77

69

61

Mar/2019
ResultMar/2020
ResultMar/2021
ResultMar/2022
ResultMar/2023(Est.)

9.5(announced November 2021）(100m barrels)

12.7
Gas

8.8

6.6

6.0

55

2.9

2.8

Mar/2024(Est.)

Mar/2018
ResultCrude oil
9.9

10.3

2.8

2.4

Mar/2019 Mar/2020
ResultResultMar/2021
Result*1. Oil equivalent
Mitsui’s equity share of interests of consolidated subsidiaries, affiliates, and general investments*2. Mitsui’s share of sales is applied to certain projects*3. According to Mitsui’s assessment standards

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

33

Energy: Main businesses(producing assets only)(As of end of March 2022)
Prod
uct

Project nameShareholder composition/Interest holders*= operator, Blue text= Mitsui participating entity

LNG: Production capacity
E&P: Production (most recent
data)

Accountin
g Period

Revenue
Recognition

LNG

Abu Dhabi*ADNOC(70%), Mitsui(15%), BP(10%), TotalEnergies(5%)

LNG:6.10 million tons/year

NA

Dividend income

LNG

Qatargas1*1*QE(65%), TotalEnergies(10%), EM(10%), MILNED(7.5%), Marubeni(7.5%)

LNG:9.60 million tons/year

Mar.

Dividend income

LNG

Qatargas３*QE(68.5%), ConocoPhillips(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

Dec.

Dividend income

LNG

SakhalinⅡ*Gazprom(50%+1 share), Shell(27.5%-1 share), MSH(12.5%), Mitsubishi Corp(10%)

LNG:11.60 million tons/year

Dec.

Dividend income

LNG

North West Shelf (NWS）

*Woodside, MIMI [Mitsui/Mitsubishi Corp=50:50], Shell, BP, BHP, Chevron(16.7% each)

LNG:16.90 million tons/year
LPG:0.46 million tons/year
Crude oil/condensate:97 thousand
BD

Dec.

Equity method

LNG

Tangguh*BP(40.2%), MI Berau[Mitsubishi Corp/INPEX=56:44](16.3%), KG Berau[JOGMEC/Mitsui/Mitsubishi Corp/INPEX/JX=49.2:20.1:16.5:14.2](8.6%), KG
Wiriagar[Mitsui](1.4%), others

LNG:7.60 million tons/year
Crude oil/condensate: 6 thousand
BD

Dec.

Equity method/Consolidated

LNG

Cameron*Sempra(50.2%), Mitsui, TotalEnergies, [Mitsubishi Corp/NYK](16.6% each)

LNG:12.00 million tons/year

Dec.

Equity method

E&P

MOECO/Thai offshore*Chevron, *PTTEP, MOECO(15.1%)

Gas/crude oil/condensate:330
thousand BD

Mar.

Consolidated /Equity
method /Dividend

E&P

MEPME/Block9*Occidental(50%), OQ(45%), MEPME(5%)

NA

Dec.

Consolidated

E&P

MEPME/Block27*Occidental(65%), MEPME(35%)

NA

Dec.

Consolidated

E&P

MEPME/Block3&4*CCED(50%), Tethys(30%), MEPME(20%)

NA

Dec.

Consolidated

E&P

MEPIT/Tempa Rossa*TotalEnergies(50%), Shell(25%), MEPIT(25%)

NA

Dec.

Consolidated

E&P

MEPAU/Greater Enfield*Woodside(60%), MEPAU(40%)

NA

Dec.

Consolidated

E&P

MEPAU/Kipper*EM(32.5%), BHP(32.5%), MEPAU(35%)

NA

Dec.

Consolidated

E&P

MEPAU&AWE/Casino,
Henry, Netherby*Cooper(50%), AWE(25%), MEPAU(25%)

Gas/condensate: 4 thousand BD

Dec.

Consolidated

E&P

MEPAU/Meridian*WestSide(51%), MEPAU(49%)

Gas: 6 thousand BD

Dec.

Consolidated

E&P

MOEX North
America/Kaikias*Shell(80%), MOEXNA(20%)

NA

Dec.

Consolidated

E&P

MEPTX/Eagle Ford

*Mesquite(50%), KNOC(25%), Venado Oil&Gas (12.5%), MEPTX(12.5%)

Gas/condensate/NGL: 93 thousand
BD

Dec.

Consolidated

E&P

MEPUSA/Marcellus*Chesapeake(32.5%), EQT(32.5%), Equinor(15.5%), MEPUSA(11%), others

Gas: 3,125MMCF/D

Dec.

Consolidated*1. Interest expired at end of 2021
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

34

Financial impact of Russian LNG business Reassessment of discount rate in Russian LNG business due to downgrade of thegovernment credit rating As a result of the reassessment, fair value of investments decreased by ￥80.6bn (othercomprehensive income) and loss of ￥20.9bn was recorded
 Net position of investments, loans and guarantees to Russian LNG business as of March2022 was ￥404.7bn
Balance as of March
2022
Investments andloans￥222.5bn

Guarantees￥182.2bn

Investments,
loans andguarantees*1￥404.7bn

Provision on
guarantees￥-18.1bn

Net position￥386.6bn

Impact in 4Q- Investments• Other comprehensive income（pre-tax）￥-80.6bn（SakhalinⅡ ￥-44.1bn、Arctic LNG2 ￥-36.4bn）- Loans• SG&A￥-4.1bn（loans to J-Arc etc.）- Guarantees• Equity income ￥-4.6bn（loans to Arctic LNG2）• Misc.￥-12.2bn（guarantees to J-Arc etc.）*1. Gross amount before netting provision on guarantees
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

35

Power generation portfolio

Net generation capacity (Mitsui’s share): 11.0GW(Gross generation capacity: 40GW)(As of March 2022)

Merchant
6%

Renewable Energy
15%

Coal
19%

Americas
26%

By
EnergySourceBy
RegionGas
66%

Europe, Middle
East, Africa

41%

Merchant/
Contracted
Contracted
94%

33%

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

Asia,
Australia

36Breakdown of Valuation gain/loss special factors
FY Mar/2021

1Q

2Q

3Q

4Q

Full year

FY Mar/2022

Mineral & Metal Resources(Unit: ¥billion)
1Q

2Q

3Q

4Q

Full year

Mineral & Metal Resources

Moatize/Nacala impairment-4.1

Others
Total

-4.1

-15.6

-39.1

-58.9

Collahuasi restructuring

6.2

-1.7

-2.9

-0.3

-4.9

Others

-0.5

0.8

-1.3

1.0

0.0

-17.3

-42.0

-0.3

-63.7

5.7

0.8

-1.3

1.0

6.2

-20.9

-20.9

14.7

14.7

EnergyDTA from U.S. subsidiaryreorganization
MEPIT/Tempa Rossa
impairment

39.0
-23.4

MEPAU impairment etc.
Others
Total
Machinery & Infrastructure
IPP-related: MtM of power
contracts
Rolling stock lease business
impairment

-1.2

-1.0

-1.2

-1.0

-0.4

Moatize/Nacala impairment
UK passenger transportation
business losses

-1.0

5.9

-17.5

-11.5

-11.5

-1.3

-3.5

-6.9

6.5

-0.7

0.7

0.4

0.0

-4.9

-4.2

0.2

-8.9

-3.9

-9.8

-14.7
-11.0

Others
Total

15.6

39.0

-1.4

-11.0

-0.5

-3.1

-3.9

-7.5

-10.0

-16.4

-14.3

-42.1

Chemicals
Others
Total

1.9

0.6

6.0

0.8

9.3

1.9

0.6

6.0

0.8

9.3

0.2

-0.1

0.2

0.3

0.2

-0.1

0.2

0.3

Iron & Steel Products
Others
Total
Lifestyle
IHH ops in India: goodwill
impairment
Fashion business/valuation loss,
DTA reversal
OthersTotal
Innovation & Corporate
Development
Reversal of impairment loss on
land
Reversal of land-holding related
tax liabilities

0.0

-2.5

-2.5

0.8
-1.7

0.0

-1.4

-0.8

2.7

2.7

-0.8

1.3

-1.2

MOECO M3 impairment

-3.4

4.3

0.0

4.3

1.9

1.9

-1.2

-1.2

5.0

0.0

5.0

37

-3.4

J-Arc related provision etc.
MOECO DTL reversal
Others
Total
Machinery & Infrastructure
IPP-related: MtM of power
contracts

-3.2

-0.7

-0.6

-1.3

-5.8

-3.2

-4.1

-0.6

-7.5

-15.4

-0.4

0.6

-1.6

-0.2

-1.6

FPSO MV20 impairment
Dutch tax system reform,
reversal of DTA (FPSO)
Reversal of provision(UK passenger transportation)
Others

-1.6

-1.6

-1.3

-1.3

4.2

4.2

-0.2

-2.5

-3.9

-0.2

-6.8

Total

-0.6

-1.9

-4.2

-0.4

-7.1

-0.7

3.2

-0.9

1.8

Total

0.0

-0.7

3.2

-0.9

1.8

-0.1

-1.1

-1.2

Total

0.0

0.0

-0.1

-1.1

-1.2

11.3

11.3

Chemicals
OthersIron & Steel Products
OthersLifestyle
Gain on valuation of fashion
businesses
DTA recognition(IHH subsidiary in Turkey)
OthersInnovation & Corporate
Development

2.0

2.0

0.2

-0.1

-0.6

3.2

2.7

Total

0.2

-0.1

1.4

14.5

16.0

-0.1

0.7

-0.7

Total

-1.3

0.0

-0.1

0.7

-0.7

OthersOthersTotal
0.0
Copyright © MITSUI & CO., LTD.
ALL RIGHTS RESERVED.

-1.4

Energy

Total

6.2

-1.3

Mineral & Metal Resources
FY
Mar/2021

Results

FY
Mar/2022

ChangeFY Mar/2022
Previous forecasts

Main factors

Core Operating CF

308.1

552.8

↑Iron ore in Australia (increase in sales price)+244.7 ↑Coal in Australia (increase in sales price)↑Vale, Erdos and copper (increase in dividend)

500.0

Profit for the year
(Valuation gain/loss)

179.9(-63.7)

497.6
(6.2)

+317.7(+69.9)450.0

Gross profit

251.2

392.5

+141.3↑Iron ore in Australia (increase in sales price)↑Coal in Australia (increase in sales price)

Profit (Loss) fromequity investments

70.4

145.3

+74.9

↑Collahuasi copper mine (increase in sales price)↑Erdos (good performance of ferroalloys business)

Dividend income

59.8

124.3

+64.5 ↑Vale, Iron ore in Australia (increase in dividend)

Selling, general andadministrative
expenses

-72.3

-30.2

+42.1

Others-129.2-134.3-5.1

Total assets

2,566.5

3,180.2+613.7Company name
Consolid
ated

Iron ore operations in Australia*1

16.8
-67.1

-63.6

FY
Mar/2021

FY
Mar/2022

Main investments and recycling(IN) Loan collection in the copper business +57.6(OUT) Iron ore operations in Australia -40.9
Coal operations in Australia -21.4

Quarterly trends
FY
Mar/2021

FY
Mar/2022

ChangeCore Operating CF■1Q ■2Q■3Q ■4Q

Profit for the year

552.8

Equity method

224.2

289.6

+65.4

Coal operations in Australia*1

-5.8

51.0

+56.8

Oriente Copper Netherlands

-1.5

12.0

+13.5

Japan Collahuasi Resources

14.7

37.7

+23.0

308.1

Inner Mongolia Erdos Electric Power &Metallurgical

7.4

25.0

+17.6

102.9
108.0
55.3
41.9

38

FY
Mar/2021

126.7
99.9

192.4
179.9
113.2
127.4
FY
Mar/2022■1Q ■2Q■3Q ■4Q
497.6

119.8

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

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

■IN■OUT (Unit: billion yen)

87.5

↑Absence of impairment in Moatize and Nacala project in FY Mar/21↑Absence of impairment in Caserones project in FY Mar/21

Results of main affiliated companies

Investment CF

152.0

103.0
5.6
39.1
32.2
FY
Mar/2021

119.0
FY
Mar/2022

Energy
FY
Mar/2021

Results

FY
Mar/2022

ChangeCore Operating CF

123.2

280.2

+157.0

Profit for the year
(Valuation gain/loss
Special Factors)

27.2
(6.5)

114.0
(-15.4)+86.8(-21.9)Gross profit

62.9

145.4

+82.5

FY Mar/2022
Previous forecasts

Main factors↑Increase in oil and gas prices↑Increase in LNG trading profit

7.4-133.3↑Increase in oil and gas prices↑Increase in LNG trading profit

18.8

32.3

Dividend income

25.1

53.6

+28.5 ↑Increase in LNG dividend

Selling, general andadministrative
expenses

-47.2

-53.1

-5.9
↓Absence of recorded deferred tax asset in accordance with reorganization-31.8
of US Energy subsidiaries in previous FY-64.2

Total assets

2,566.3

2,960.4

FY
Mar/2021+394.1Results of main affiliated companies
Company name29.3

-175.5FY
Mar/2022

Main investments and recycling(OUT) Additional acquisition of MOECO shares -71.6
Oil and gas projects -35.3
LNG project under development (Area1) -34.9
Power generation businesses

Quarterly trends
FY
Mar/2021

FY
Mar/2022

Core Operating CF

ChangeConsolidated
Equity method

Mitsui Oil Exploration*1

2.7

7.6

+4.9

Mitsui E&P Australia

-10.0

3.6

+13.6

AWE

-1.2

0.4

+1.6

Mitsui E&P USA

1.9

19.3

+17.4

MEP Texas Holdings

-0.4

4.8

+5.2

Mitsui & Co. Energy Trading Singapore

7.9

7.2

-0.7

20.5

Mitsui E&P Mozambique Area 1

-0.6

-0.1

+0.5

42.5

Japan Australia LNG (MIMI)*2

-

-

8.9

15.9

+7.0

Japan Arctic LNG

-6.0

-4.8

+1.2

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
*1. A portion of profit/loss was accounted for by the equity method■1Q ■2Q■3Q ■4Q

Profit for the year

280.2

■1Q ■2Q■3Q ■4Q

114.0

127.3

123.2

23.8

-

Mitsui ＆Co. LNG Investment USA*2. Results not disclosed due to confidentiality agreement(Unit: billion yen)

110.0

↑Increase in oil and gas prices+13.5↑Increase in profit from start of production of all Cameron LNG trains in US

-32.4

■IN
■OUT

260.0

Profit (Loss) fromequity investments

OthersInvestment CF

39

85.7
65.8
39.9

36.4

47.2

FY
Mar/2021

FY
Mar/2022

27.2
0.5
30.4
3.5
-7.2
FY
Mar/2021

33.1
-1.2

-3.6
FY
Mar/2022

Machinery & Infrastructure
FY
Mar/2021

Results

FY
Mar/2022

ChangeFY Mar/2022
Previous forecasts

Main factors↑Good performance of automotive related businesses andincrease in dividends from group companies

Core Operating CF

78.7

144.0

+65.3

Profit for the year
(Valuation gain/loss
Special Factors)

45.9(-42.1)

120.8(-7.1)+74.9(+35.0)Gross profit

107.7

142.9

+35.2 ↑Increase in profit at automotive related subsidiaries

Profit (Loss) fromequity investments

95.3

146.0

+50.7 ↑Strong performance in automotive business primarily in North America

Dividend income

3.9

4.1

+0.2

Selling, general andadministrative
expenses-132.9-127.7+5.2

Others

-28.1

-44.5

-16.4

Total assets

2,291.3

2,684.5+393.2

Investment CF■IN■OUT (Unit: billion yen)

140.0
120.0

42.3
-53.0

FY
Mar/2021↓Absence of gains on sale of North American power generation business in FY Mar/21↓Impairment due to sale of power generation business in Mexico

Results of main affiliated companies

47.3
-64.2
FY
Mar/2022

Main investments and recycling(OUT) Power generation business

Quarterly trends

Consolidated
Equity method

Company name

FY
Mar/2021

FY
Mar/2022

Mitsui & Co. Plant Systems

2.2

3.0

+0.8

Rolling stock leasing and rental
businesses

-9.2

1.8

+11.0

Construction & industrial machinery
businesses*1

7.7

11.5

+3.8

IPP businesses

23.2

18.6

-4.6

FPSO/FSO leasing businesses

7.1

5.6

-1.5

Gas distribution companies

6.8

8.5

+1.7

Penske Automotive Group

9.5

22.8

+13.3

MBK USA Commercial Vehicles

10.7

28.6

+17.9

Asian motor vehicle businesses

3.6

6.5

+2.9

0.0

-3.0

-3.0

VLI © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
Copyright*1. A portion of profit/loss was accounted for by the equity method

ChangeCore Operating CF■1Q ■2Q■3Q ■4Q

Profit for the year

■1Q ■2Q■3Q ■4Q

144.0
120.8

30.8

28.6
78.7

36.1
39.3

14.2
38.2
13.4

39.1

38.0

12.9
FY
Mar/202140

FY
Mar/2022

45.9
10.7
11.8
4.9
18.5

23.7

FY
Mar/2021

FY
Mar/2022

29.2

Chemicals
FY
Mar/2021

Results

FY
Mar/2022

ChangeCore Operating CF

62.5

93.8

+31.3

Profit for the year
(Valuation gain/loss
Special Factors)

43.5
(9.3)

68.9
(1.8)

+25.4
(-7.5)FY Mar/2022
Previous forecasts

Main factors↑Steady chemicals trading, methanol andagriculture related businesses

Gross profit

124.9

183.0

↑New consolidation of Belchim+58.1 ↑Good performance of chemicals trading, methanol buiness↑Recovery of Novus

Profit (Loss) fromequity investments

11.3

20.7

+9.4 ↑Good performance of methanol business

Dividend income

3.0

3.3

+0.3

Selling, general andadministrative
expenses-95.5-112.8-17.3 ↓New consolidation of Belchim

Others

-0.2

-25.3

-25.1

Total assets

1,345.5

1,692.9+347.4Company name■IN
■OUT (Unit: billion yen)

90.0
64.0

28.0

-26.8

FY
Mar/2021

Net effect of insurance claim at a business in North America recorded
in previous period and in current period

Results of main affiliated companies

Investment CF

21.5

-41.7

FY
Mar/2022

Main investments and recycling(IN) Sale of contract manufacturing business ofMicroBiopharm Japan Co., Ltd.
(OUT) Participation in investment in Belchim
Increase in interest in Honshu Chemical Industry
Subscription of preference shares of Air Water America

Quarterly trends
FY
Mar/2021

FY
Mar/2022

ChangeCore Operating CF■1Q ■2Q■3Q ■4Q

Profit for the year

■1Q ■2Q■3Q ■4Q
68.9

Consolidated
Equitymethod

MMTX

1.7

6.1

+4.4

MITSUI & CO. PLASTICS

3.3

4.3

+1.0

Novus International

-3.1

0.4

+3.5

Overseas pesticide businesses*1

3.8

5.2

+1.4

62.5

Agricultural inputs business in Latin
America

0.8

2.7

+1.9

14.0

28.4

11.1

24.0

Japan-Arabia Methanol Co.

0.7

3.1

+2.4

LABIX

0.1

1.4

+1.3

25.8

19.0

21.7

11.7

MVM Resources International

-0.1

1.3

+1.4

24.5

4.4
6.3

15.9

FY
Mar/2022

FY
Mar/2021

FY
Mar/2022

93.8
21.9

7.0
15.7

*1. A portion of profit/loss was accounted for by the equity method
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

17.3

41

FY
Mar/2021

43.5

Iron & Steel Products
FY
Mar/2021

Results

FY
Mar/2022

ChangeFY Mar/2022
Previous forecasts

Main factors↑Good trading following favorable steel market
conditions

Core Operating CF

2.0

12.4

+10.4

Profit for the year
(Valuation gain/loss
Special Factors)

2.1
(0.3)

26.9
(-1.2)+24.8(-1.5)

21.2

35.5+14.3 ・MBS (good trading)

26.0↑Numit (recovery of US automotive production, steady steel market+21.7 conditions)↑Gestamp (cost reduction effect）

Gross profit
Profit (Loss) fromequity investments

4.3

Dividend income

1.4

1.7

+0.3

Selling, general andadministrative
expenses

-22.0

-23.6

-1.6

Others

-2.8

-12.7

-9.9

Total assets

566.0

691.6

+125.6■IN■OUT (Unit: billion yen)

15.0
28.0

7.1
2.0
-1.3

-1.5

FY
Mar/2021

FY
Mar/2022

Main investments and recycling－

Results of main affiliated companies
Company name

Investment CF

Quarterly trends
FY Mar/2021 FY Mar/2022

Core Operating CF

ChangeConsoli
dated
Equity method

Mitsui & Co. Steel*1

3.9

8.9

+5.0

NIPPON STEEL TRADING*2

2.8

-

-

Numit

2.5

11.2

+8.7

Gestamp companies

-6.7

-1.1

+5.6

Profit for the year

■1Q ■2Q■3Q ■4Q
26.9
5.6

9.1

12.4
3.2

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

2.0*2. Business results undisclosed as the earnings of listed companies not yet announced

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

■1Q ■2Q■3Q ■4Q

2.6
1.6
-2.1
-0.1

42

FY
Mar/2021

3.8

2.1

1.6

4.9

3.8

3.0
-1.3

5.5
6.7

-4.5
FY
Mar/2022

FY
Mar/2021

FY
Mar/2022

Lifestyle
FY
Mar/2021

Results

FY
Mar/2022

ChangeFY Mar/2022
Previous forecasts

Main factors↑Good performance of grain trading, recovery offashion business, good performance of UHS

Core Operating CF

19.8

35.2

+15.4

Profit for the year
(Valuation gain/loss
Special Factors)

12.7(-1.2)

61.5(16.0)+48.8(+17.2)Gross profit

133.8

143.0

+9.2 ↑Good performance of grain trading, good performance of UHS↑Good performance of IHH, Steady salmon farming, processing and sales+27.7 ↑Increase in profit of WILSEY FOODS (higher soybean oil prices andrecovery in demand for food service)

Profit (Loss) fromequity investments

13.4

41.1

Dividend income

5.6

5.6

0.0

Selling, general andadministrative
expenses-129.4-130.7-1.3

Others

-10.7

2.5

+13.2

Total assets

2,009.3

2,428.6+419.3

21.5↑Gain on valuation of fair value associated with integration of fashion
business and Mitsui Bussan I-Fashion

24.0

-23.0
-48.3

FY
Mar/2021

FY
Mar/2022

Main investments and recycling(IN) Sale of contract manufacturing business ofMicroBiopharm Japan Co., Ltd.
(OUT) Subscription to convertible bonds issued
by the holding company of CT Corp

Quarterly trends
FY
Mar/2021

FY
Mar/2022

Core Operating CF

ChangeConsoli
dated
Equity method

Domestic food & retail management businesses

4.2

2.7

-1.5

Fashion businesses*1

0.0

2.5

＋2.5

Mitsui DM Sugar Holdings*2

0.6

-

-

WILSEY FOODS

2.8

5.6

＋2.8

IHH Healthcare Berhad

1.6

14.4

＋12.8

AIM SERVICES

0.9

1.7

＋0.8

Mit-Salmon Chile

-2.8

1.2

＋4.0

■1Q ■2Q■3Q ■4Q

Profit for the year

■1Q ■2Q■3Q ■4Q
61.5
18.7

35.2
1.7
19.8

11.4

8.5

5.5

10.0

16.6

3.6
-2.3

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

12.7

21.9

13.1

7.0

11.5

13.9

-5.6

*2. The result of Mitsui Sugar Co., Ltd. Has been shown for the year ended Mar/2021
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

■IN■OUT (Unit: billion yen)

33.0
53.0

Results of main affiliated companies
Company name

Investment CF

-6.3

43

FY
Mar/2021

FY
Mar/2022

FY
Mar/2021

FY
Mar/2022

Innovation & Corporate Development
FY
Mar/2021

Results

FY
Mar/2022

ChangeFY Mar/2022
Previous forecasts

Main factors↓Absence of good performance in previous FY
due to FVTPL gains

Core Operating CF

55.1

46.6

-8.5

Profit for the year
(Valuation gain/loss
Special Factors)

50.2
(5.0)

57.6
(-0.7)+7.4(-5.7)

Gross profit

107.0

97.7

-9.3 ↓Absence of good performance in previous FY due to FVTPL gains

Profit (Loss) fromequity investments

13.9

19.7

+5.8

Dividend income

3.8

2.8

-1.0

Selling, general andadministrative
expenses

-63.7

-67.8

-4.1

Others

-10.8

5.2

+16.0

Total assets

1,191.8

1,729.0+537.2

FY
Mar/2022

Core Operating CF

ChangeConsolidated
Equitymethod

5.1

5.0

-0.1

Mitsui Bussan Secure Directions, Inc.

1.0

1.2

+0.2

World Hi-Vision Channel, Inc.

1.0

1.0

0.0

Mitsui & Co. Global Logistics, Ltd.

2.4

3.2

+0.8

Mitsui Bussan Commodities

4.8

4.9

+0.1

Mitsui & Co. Asset Management
Holdings

1.8

1.6

-0.2

Mitsui ＆ Co. Real Estate

2.3

2.0

-0.3

Overseas Real Estate Businesses

0.5

3.5

+3.0

QVC Japan

6.4

7.3

+0.9

JA Mitsui Leasing

1.7

4.1

+2.4

-

-

-

*1

*1. Results not disclosed due to confidentiality agreement

FY
Mar/2021↑Sale of Multi-family Housing Property in US↑Gain on sale of land

MITSUI KNOWLEDGE INDUSTRYSABRE©INVESTMENTS
Copyright
MITSUI & CO., LTD. ALL RIGHTS RESERVED.

37.7
12.5

-79.8

■1Q ■2Q■3Q ■4Q

9.2
8.5

44

■1Q ■2Q■3Q ■4Q

57.6
46.6
11.5

18.2

FY
Mar/2022

Profit for the year

55.1
15.0

-91.6

Main investments and recycling(IN) Sale of multi-family housing property in the U.S. +21.9(OUT) Subscription to convertible bonds issued by theholding company of CT Corp
Mitsui ＆ Co. Real Estate's business -13.0
Funds for construction of MBK Real Estate rental housing -12.3

Quarterly trends
FY
Mar/2021■IN■OUT (Unit: billion yen)

41.0
51.0

Results of main affiliated companies
Company name

Investment CF

14.5

12.7

12.1

FY
Mar/2021

FY
Mar/2022

50.2

15.4

12.8
11.4
13.4

13.5

20.4

10.5

10.4

FY
Mar/2021

FY
Mar/2022

Mitsui’s Corporate Governance
Organizational Design: Company with Audit & Supervisory Board
Advisory Bodies to the Board of Directors:
Governance Committee, Nomination Committee, Remuneration Committee(Following June 22, 2022 General Meeting of Shareholders)

Name
Tatsuo Yasunaga
Kenichi Hori
Yoshio Kometani
Motoaki Uno
Yoshiaki Takemasu
Directors ()

14

Kazumasa Nakai
Tetsuya Shigeta
Makoto Sato
Toru Matsui
Izumi Kobayashi
Jenifer Rogers
Samuel Walsh
Takeshi Uchiyamada
Masako Egawa

Audit & Supervisory
Board members ( )5Makoto Suzuki
Kimiro Shiotani
Hiroshi Ozu
Kimitaka Mori
Yuko Tamai

Position at Mitsui
Representative Director,
Chairman of the Board
Representative Director,
President & CEO
Representative Director,
Executive Vice President
Representative Director,
Sr. Executive Managing Officer
Representative Director,
Sr. Executive Managing Officer
Representative Director,
Executive Managing Officer
Representative Director,
Executive Managing Officer
Representative Director,
Executive Managing Officer
Representative Director,
Executive Managing Officer
Director(external, independent)
Director(external, independent)
Director(external, independent)
Director(external, independent)
Director(external, independent)
Full-time Audit & Supervisory
Board member
Full-time Audit & Supervisory
Board member
Audit & Supervisory Board member(external, independent)
Audit & Supervisory Board member(external, independent)
Audit & Supervisory Board member(external, independent)

GovernanceCommittee

Nomination
Committee

◎

○

○

○

Remuneration
Committee

FemaleForeignnationality

○

○
○

◎

○

○

○
○

○

○
○

○
○

○

○

○

◎
○

○

*1. The election of the 14 directors and Audit & Supervisory Board member Yuko Tamai will be discussed at the general meeting of shareholders*2. The ◎ mark indicates the chairperson of the relevant committee*3. “Independent” indicates that the person satisfies the standards for determining independence set by the Tokyo Stock Exchange and Mitsui
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

45

Mitsui’s Corporate GovernanceInitiatives related to improvement of Board effectivenessThe 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 themaintenance of PDCA cycle for improving effectiveness of the Board of Directors

FY Mar/2022 initiatives to improve effectivenessOngoing consideration of the optimal overall numberof directors, the ratio of external to internal directors,
the number of internal directors, and organizational
design• Along with discussion on the executive structure
and organizational design at the GovernanceCommittee, the surveys evaluating effectiveness,external members’ meeting, the corporate management
committee and the Board of Directors confirm thefollowing content
Compositionof the Boardof Directors
Deliberation
at the Boardof Directors
Status ofoperation of
the Board of
Directors

Steps toward further
improvement of effectiveness① Continuous consideration of high-level analysis
on substantive effectiveness relating to thenumber of directors and the roles & ratio ofinternal directors, based on the existing
business executive structure and governancesystem• Analyze the pros and cons in relation to the number of
directors, the roles and ratio of internal directors, andperiodically discuss these at the Governance Committee,
etc.

The diverse expertise and experience of internaland external members function appropriately② Continue with initiatives to improve theoperation of the Board of Directors

In addition to enhancement of companywide businessstrategy, etc. expansion and deepening of themes
related to sustainability and internal control themes suchas cybersecurity
Careful discussion on agenda items. Improvement of
the number of items for deliberation and securing
time for deliberation through use of written
resolutions• Continue to improve agenda selection and operation to
enable the Board of Directors to focus more on
deliberations on important matters• Continue to enhance the provision of information toexternal members

Implementation of free discussion sessions for Directors and Audit & Supervisory Board members
Conducted discussion on “Priority of Issues and Actions that Mitsui Should Tackle in the Medium to Long Term to
Increase Corporate Value (1st session)” and “How Global Operation Should be(2nd session)” as macroscopic
themes required for future management strategy
For details, please refer to the below link to our company website
https://www.mitsui.com/jp/en/company/outline/governance/status/pdf/e_eoe_202203.pdf
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

46

Mitsui’s Corporate Governance
Structure of Remuneration (FY Mar/2022)

Share performancelinked restricted stock

Performance-relatedbonus 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 (alsoapplicable to external members)

Fixed basic remuneration

Medium-to long-term incentive

Remuneration of Directors(excluding External Directors)

Stock-based compensation(Capped at a total amount of ¥500mn/year) The compensation package comprises a fixed basic
remuneration, performance-related bonuses based
on KPIs, and share performance-linked restricted
stock as medium- to long-term incentives

Short-term incentive

Performance-related bonus

Share performance-linked restricted stock: Numberof shares is dependent on growth rate of Mitsuishare price compared to that of the TOPIX index.
Transfer restriction period is 30 years or until
retirement

Performance-related bonus: Total compensation =(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 beallocated to Mitsui Executives’ Shareholding
Association for monthly purchases of Mitsui shares(Capped at a total amount of ¥700mn/year)

Directors
Purchase of
Mitsui shares

External
Directors

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

Audit & Supervisory Board Members(Capped at a total amount of¥240mn/year)*1: No retirement compensation is paid

Overview of the change in the remuneration system for Directors (excluding External Directors) from the fiscal year ending
March 2023 (conditional upon approval in the General Meeting of Shareholders to be held on June 22, 2022)Cap on performance-related bonus (based on consolidated profit for the period and Core Operating Cash Flow) increased from ¥700 million to ¥1.5 billion(no change in the formula for calculating total compensation)

Establishment of new performance-related compensation (based on ROE and ESG during initial evaluation period) Restricted stock provided in exchange, capped at ¥300 million



Revision of share performance-linked restricted stock, Abolished share performance linked remuneration, granting fixed number of shares (no change to cap)Established new guidelines on holding the company’s shares

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IR Event Schedule

Investor Day
Schedule: Afternoon of Friday, December 2, 2022
Venue: Otemachi Mitsui Hall (Live online will be broadcasted)* Last year’s Investor Day and ESG Day will be integrated and held as an Investor Day

Business Briefing
Schedule: Thursday, June 16, 2022
Venue: Otemachi Mitsui Hall (Live online will be broadcasted)
to start at 15:00 and end at 16:00* While the planned agenda is Healthcare/Nutrition, details will be informed in due course
The above schedule is subject to change

Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

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