News Release
JA Mitsui Leasing Makes Mitsui Rail Capital, MRC, a North American Railcar Leasing Company,
into Consolidated Subsidiary.
Tokyo, January 26, 2023 – JA Mitsui Leasing Ltd. (headquarters: Chuo-ku, Tokyo; Keito Shimbu, President& CEO; hereinafter “JAML”) announces that it has decided to reorganize Mitsui Rail Capital, LLC(Hereinafter “MRC”), a joint venture with Mitsui & Co., Ltd. (herein after “Mitsui”), into a consolidated
subsidiary as detailed below.
1. Background and Purpose of the Reorganization into Consolidated Subsidiary
The rail transportation industry in North America is an essential part of the freight logistics infrastructure
supporting the North American economy. Freight shipments by rail are highly competitive for mid to long
distance bulk transportation while truck freight transportation is more competitive on short to mid distancefreight transportation. However, total North American freight volumes, including both truck and rail areexpected to continue to grow steadily in the future. Furthermore, in recent years, rail freight transportation’senvironmental benefits are receiving more attention and encouraging additional growth compared to theother freight transportation modes such as truck. Robust demand from the volume increases in rail freightshipments will positively affect the North American railcar leasing business.
Since JAML entered into a joint venture operation with Mitsui in the MRC business in 2015, MRC has
built a diversified freight railcar portfolio that supports a broad range of industries including energy, foodproducts, manufacturing, construction and others. MRC’s customer focus and dedicated service are wellrecognized in the railcar leasing market and provide a competitive advantage that gives them a strong
position in the North American market.
The railcar operating leasing business fits well with JAML’s mid-term management plan and directly
addresses our goals of “Global business expansion in North America” and, “transforming our businessmodel in more specialized fields“. In addition, the environmental-friendly footprint of rail freight transportationfits well with JAML’s sustainable development goals. JAML’s well established knowledge and skills in a
broad range of financial services, including the operating lease business, will support MRC’s next stage ofgrowth. Based on these strategic benefits, JAML & Mitsui have mutually agreed to consolidate MRC into
JAML. JAML MRC Holdings, JAML’s consolidated subsidiary, will acquire all of Mitsui’s interest in MRC tomake MRC a consolidated subsidiary of JAML.
JAML will make additional investments in capital and human resources to support the MRC business,
expand its fleet size, and further improve its railcar portfolio so they can continue their growth in the North
American railcar leasing market.

News Release
2. Company Overview - Mitsui Rail Capital, LLC
Company Name

Mitsui Rail Capital, LLC (a limited liability company registered inthe state of Delaware, U.S.A.)

Office Location

Chicago, Illinois, U.S.A.

Established1996

President

Kevin CookBusiness

Freight railcar operating leasing business in North America

Fleet size

Approx. 9,000 cars

URL

https://www.mrc-rail.com/

Contact Information:
PR & IR Department, Corporate Management Division, JA Mitsui Leasing, Ltd.
Phone： +81-3-6775-3002, E-Mail：JAMLDG1114@jamitsuilease.co.jp