December 14, 2023

For Immediate Release
To whom it may concern

Mitsui & Co., Ltd.

No�ce of Divestment of Upstream Interest in the Kaikias Field in the US Gulf of Mexico andChange to Designated Consolidated Subsidiary (Dissolu�on and Liquida�on)
Mitsui & Co., Ltd. (”Mitsui”, Head Oﬃce: Tokyo, President and CEO: Kenichi Hori) has decided to divest allof its interests owned through MOEX North America LLC (“MOEX NA”), a wholly owned subsidiary of Mitsui,
which currently holds 20% of the interest in the Kaikias ﬁeld in the US Gulf of Mexico, to Shell Oﬀshore Inc.
(“Shell”, wholly owned subsidiary of Shell plc), operator of the Kaikias ﬁeld, as of December 13 (US �me),and has signed an asset purchase and sale agreement (the “Transac�on”). Mitsui has also decided that
MOEX NA shall be dissolved and liquidated accordingly and will no longer be a designated consolidated
subsidiary of Mitsui.
MOEX NA acquired 20% of the interest in the Kaikias ﬁeld in December 2016 and has been con�nuing
produc�on ac�vi�es together with Shell since May 2018. This divestment is to be carried out as part of
Mitsui’s strategy to reconﬁgure its business por�olio.
Mitsui is proac�vely improving its business por�olio to achieve both stable energy supply and climatechange response. We will con�nue to strengthen the compe��veness of our earning base and contributeto enhanced quality of life, and sustainable development of society by further promo�ng upstream energy
business as one of our main business domains.
1．Overview of Kaikias project（1）Loca�on（2）Shareholding Structure（3）Net Reserves

Oﬀshore approx. 100km south-south-east from New Orleans,Louisiana
Shell (operator): 80%
MOEX NA: 20%
approx. 12.7 MMBoe

2．Overview of the buyer（1）NameShell Oﬀshore Inc.

（2）Loca�on

New Orleans, Louisiana, U.S.A.

（3）Descrip�on of businessSubsidiary of Shell plc, an interna�onal energy company（4）Major shareholders andownership ra�oShell plc: 100%（5）Rela�onship between
Mitsui and the said company

Capital rela�onship
Personnel rela�onship
Business rela�onship

None
None
None3．Overview of the Transac�on（1）Seller

MOEX NA（2）BuyerShell（3）Upstream assets

20% of 4 oﬀshore lease blocks in the US Gulf of Mexico（4）Sale price（5）Execu�on date

The price is not disclosed based on an agreement between thepar�es.
December 13, 2023 (US �me)（6）Closing date

December 13, 2023 (US �me)

4．Overview of change to Mitsui’s designated consolidated subsidiary（1）Name

MOEX NA（2）Loca�on

Houston, Texas, U.S.A.

（3）Title and name ofrepresenta�ve（4）Descrip�on of business

Tomohiro Sunada (CEO)（5）Share capital

USD 132,145 thousand (approx. JPY 19,161 million converted at aUSD/JPY rate of 145)
August 5, 2016（6）Date of establishment（7）Major shareholders andownership ra�o（8）Rela�onship between
Mitsui and the said company

Investment and asset management in Kaikias ﬁeld

Mitsui: 100%
Capital rela�onship
Personnel rela�onship

MOEX NA is 100% owned by Mitsui
Mitsui dispatches directors andemployees to MOEX NA
Business rela�onship
Mitsui grants guarantees for MOEX NA’s
contract performance（9）Opera�ng results and ﬁnancial posi�ons of the said company for the last three years
Converted at a USD/JPY rate of 145
Fiscal year endedDecember 2020
December 2021
December 2022
Total assets
USD 346 mil
USD 375mil
USD 451 mil
JPY 50,141 mil
JPY 54,347mil
JPY 65,379 mil
Total shareholder’s equity
USD 291 mil
USD 299 mil
USD 355 mil
JPY 42,232 mil
JPY 43,302 mil
JPY 51,532 mil
Revenue
USD 28 mil
USD 114 mil
USD 149 mil
JPY 3,996 mil
JPY 16,590 mil
JPY 21,578 mil
Opera�ng income
USD (4) mil
USD 33 mil
USD 82 mil
JPY (511) mil
JPY 4,821 mil
JPY 11,920 mil
Net income
USD (4) mil
USD 7 mil
USD 57 mil
JPY (565) mil
JPY 1,070 mil
JPY 8,230 mil

5．Outlook
Mitsui will record a proﬁt through the Transac�on, which has been reﬂected in Mitsui’s forecast for theﬁscal year ending March 2024 announced on October 31, 2023. It is planned that MOEX NA will bedissolved and liquidated a�er comple�ng the required procedures in compliance with local laws following
the comple�on of the Transac�on.
For further informa�on, please contact:
Mitsui & Co., Ltd.
Investor Rela�ons Division Tel:
+81-3-3285-7657
Corporate Communica�ons Division Tel:
+81-80-5912-0321
No�ce:
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui’s
current assump�ons, expecta�ons and beliefs in light of the informa�on currently possessed by it and involve known
and unknown risks, uncertain�es and other factors. Such risks, uncertain�es and other factors may cause Mitsui’s
actual results, ﬁnancial posi�on or cash ﬂows to be materially diﬀerent from any future results, ﬁnancial posi�on orcash ﬂows expressed or implied by these forward-looking statements. These risks, uncertain�es and other factors
referred to above include, but are not limited to, those contained in Mitsui’s latest Annual Securi�es Report andQuarterly Securi�es Report, and Mitsui undertakes no obliga�on to publicly update or revise any forward-looking
statements. This announcement is published in order to publicly announce speciﬁc facts stated above, and does notcons�tute a solicita�on of investments or any similar act inside or outside of Japan, regarding the shares, bonds orother securi�es issued by us.