Our Views on
Sustainability
Our Views on Sustainability 

4Organization 

5Assessment of Sustainability Risk 

6Engagement with Stakeholders 

10Participation in International Initiatives
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Our Views on Sustainability
Our Views on Sustainability

Organization

Engagement with Stakeholders

Assessment of Sustainability Risk

Participation in International Initiatives

Our Views on Sustainability
Company Creed

Fairness: Act with fairness and integrity at all times.
Innovation: Pursue creativity with enterprise and initiative.
Harmony: Give and earn the respect of others through cooperation.

In accordance with the spirit of the Company Creed of “Fairness , Innovation , and Harmony ,” the Marubeni Group is proudly committed
to social and economic development and safeguarding the global environment by conducting fair and upright corporate activities.
Our Management Philosophy clearly expresses our views on sustainability. To us, sustainability means proactively engaging inenvironmental and social issues and challenges, delivering solutions through innovation, and living by the Management Philosophy.
Corporate value is composed of financial and non-financial value; non-financial value in particular is steadily growing in importance. With
regard to sustainability, such issues as climate change, the depletion of forestry resources and human rights issues pose grave threats tosocial and environmental sustainability. Adopting and implementing clear medium- and long-term corporate policies regarding theseissues is directly related to increasing non-financial value and corporate value.
Until now, to increase corporate value, each of our businesses has generally created its own innovative business model in anticipation of
the challenges facing society.
From now on, however, we will further fortify our traditionally strong businesses (vertical evolution) and also leverage internal and external
expertise in order to generate better results than would otherwise be possible (horizontal expansion). This is the concept of our Global
crossvalue platform; it will provide solutions for social and environmental problems and guide us in working toward a better tomorrow by
providing a framework for promoting social and economic development and conserving the global environment.

Click here for ESG Content Index

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Organization
Our governance structure allows for adequate Board supervision of important sustainability-related issues.
Specifically, the Sustainability Management Committee, reports to the President, leads on the formulation of strategy, evaluation ofprogress and revision and monitoring of metrics and targets relating to sustainability, including climate change, water management,
pollution prevention, sustainable forestry, biodiversity, circular economy, occupational health and safety, respect for human rights,
contribution to local communities, supply chain management and responsibility to customers. The Committee reports important matters to
the Corporate Management Committee and the Board of Directors once a year as a minimum, which are then deliberated and voted on.
The Sustainability Management Committee is chaired by the CSDO (Chief Sustainable Development Officer) and Outside Officers are alsocounted as members of the committee in an advisory role to support the management and supervision of sustainability-related mattersfrom an independent external perspective.
Starting April 1, 2019, we take the following steps to enhance our sustainability management organization:
・A Chief Sustainable Development Officer serves as the head of the Sustainability Management Committee.
・A Sustainability Management Department is newly established within the Corporate Staff (CS) Group to coordinate sustainability management
among the Business Divisions, the CS Group, and our branches, offices and local subsidiaries.
・A Sustainability Leader in charge of sustainability management is appointed in each Business Division, each department within the CS Group, andat each branch, office and overseas corporate subsidiary. A Sustainability Manager is also appointed in each business department.

Sustainability Management Organization

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Assessment of Sustainability Risk
ESG Risk Research/Analysis
As part of our efforts to strengthen ESG risk management, we have established the following framework for conducting research andanalysis.

Risk Analysis of Existing Businesses
1. ESG Risk Analysis
Marubeni conducted research and analysis of all products and projects handled by the Company for potential ESG risks, throughcollaboration with an external consultant with objective perspectives and methods.
For the risk analysis, we referred to the ESG risk-related data published by international organizations, government organizations,research institutions, NGO organizations, etc., then narrowed down the focus to approximately 30 products and projects that are generally
likely to have potential ESG risks, and carried out detailed risk analysis on them. For more information, please refer to the ESG Risk
Research/Analysis Process below.
2. Sustainability of Consolidated Subsidiaries
In order to ensure sustainable business operations at the Marubeni Group's consolidated subsidiaries around the world, we conducted asustainability survey of our consolidated subsidiaries from the fiscal year ended March 31, 2020 to the fiscal year ended March 31, 2021.
No problems requiring immediate action were identified as a result of this survey. Since then, based on this result, we have continued tomonitor risk factors, including the presence or absence of changes in their business models that could affect their sustainability risk
profile.
Click here for more information on the sustainability surveys for consolidated subsidiaries
3. Researching Supply Chain Risks
Marubeni communicates its Basic Supply Chain Sustainability Policy (hereinafter “Basic Policy”) to its suppliers, and requests theirthorough understanding, as well as cooperation and compliance with the Basic Policy. We conduct due diligence analysis and risk
assessment of all suppliers, new and existing, through questionnaires and on-site surveys. When a case of non-compliance is confirmed,
we provide guidance or review our business with the supplier. By ensuring widespread and thorough understanding of the Basic Policy, we
work to reduce social and environmental risk.

Sustainability Risk Assessment of Development Projects and Financing/Investment
In the fiscal year ended March 31, 2021, Marubeni adopted a “Sustainability Assessment Tool” based on international risk management
standards such as the Global Slavery Index and Corruption Perceptions Index, in order to conduct prior assessments of sustainability risks
involved in new investments and development projects – environmental and social, particularly occupational health and safety, andhuman rights – to inform the decision-making procedure and respond to the needs of society.

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Previously, we had been using an environmental assessment tool
for projects to identify environmental risks but in recent years ESGbased risk management with a broader scope and perspective isbeing called for reflecting the growing expectations and demandsof the stakeholders. Consequently, we have adopted this tool as away of assessing and identifying overarching sustainability risks.
Projects which are deemed to pose risks as a result of these checks
are followed up with further inquiries and this process is repeateduntil all concerns have been dispelled.
Furthermore, when considering investment or loan projects
internally, we quantify and visualize the carbon price as a reference
value, based on the assumed GHG emissions (Scope 1 and Scope 2)of each project. The carbon price used is a theoretical value which iscomprehensively reviewed and calculated in-house using data fromvarious external institutions. For the fiscal year ended March 31,
2023 the annual average price was about €80/t-CO2.
The following table shows the number of assessments of risks
identified through the application of this risk assessment tool toassess new projects in the fiscal year ended March 31, 2023.

Process of Managing Sustainability Risk in Investments and Loans

Number of Sustainability Risk Assessments in the Fiscal Year Ended March 31, 2023 by Risk Type
＜Environmental＞
Noise/
Climate

Water

Air

Soil

Vibration/changepollution

pollution

pollution

Offensive

Chemicals

Water

Biodiversity

resource

Other
Waste

9

6

0

10

0

6

7

Total

issuesodor

19environmental

5

0

62

＜Occupational Health and Safety＞
Machine safety

20

Fires and

Toxic substance

explosions

exposure

11

10

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Infection

1

7

Hazardous
operations

20

Other safety issues

Total

1

63

＜Social＞

Child laborhuman

Working hours

employment

trafficking

16

Negative social
Land issues

Discrimination

contracts

25

impact on local
communities

2

6

work andRespect fordisciplinary

diversity

measures4180

association andthe right tocollective
bargaining

010

Mitigation

Indigenous
peoples andConflictculturalminerals

Privacy

Animal welfare

Responsible
marketingheritage

1

Freedom ofHarassment atWages and

Forced labor and8measures andadministrative

Total

procedures(supply chain)

0

0

0

0

11

101

We also monitor the environmental and social impact of business projects initiated by our consolidated subsidiaries through the annual
Sustainability Information Survey and conduct risk assessments. In addition, we are working to further strengthen the governance of the
Marubeni Group through communication of the Marubeni Group Governance Policy and sharing its aims with Group companies, as well
as strengthening their management by clarifying the roles of the Group companies and Marubeni as shareholder/owner.

ESG Risk Research/Analysis Process
Marubeni shares the Basic Supply Chain Sustainability Policy (hereinafter “Basic Policy”) with the suppliers, and thoroughly requests themto comprehend, as well as cooperate and comply with the Basic Policy. We conduct due diligence analysis and risk assessment throughquestionnaires and on-site surveys, to all suppliers, new and existing. When a non-compliance case is confirmed, we provide guidance orreconsider doing business with the supplier. By ensuring widespread and thorough understanding of the Basic Policy, we work to reducesocial and environmental risk.

1. Preparation for ESG Risk Evaluation
Review and organize all products/projects handled by the Company

2. Conduct ESG Risk Primary Evaluation/Analysis
Step 1: Conduct ESG risk evaluation for all products/projects ⇒ Specify high-risk
products/projects
Step 2: Conduct risk evaluation of high-risk products/projects by ESG issue ⇒Narrow down to the final list of high-risk products/projects

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3. Conduct ESG Risk Secondary Evaluation/Analysis
Step 1: Create risk profiles of the final high-risk products/projects
Step 2: Conduct general ESG country risk analysis for Marubeni’s supplier/project countries

General Environmental/Social Risk Evaluation in Supplier/Project Country (for image only)
Supplier/project country

General ESG country
risk evaluation

Environment

Country A

Country B

Country C

Country D

Country E

Biodiversity

■high

■low

■very high

■high

■low

Water use

■moderate■moderate■moderate

■low

■high

Climate change

■low

■low

■high

■high

■low

Natural disaster/

■high

■low

■moderate

■low

■high

Working hours■moderate■high■moderate

■low

■low

Wages

■low

■low

■low

■low

■high

Forced labor

■low

■low

■high

■low

■low

Child labor

■high

■low

■moderate■low■moderate

Corporate■moderate■high■moderate■very high■moderate

pollution

SocialGovernancegovernance* The levels for each country in the chart are not representations of actual research results.

* The levels/areas are not representations of actual research results.

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9Engagement with Stakeholders
The Marubeni Group conducts business with the support of various stakeholders throughout the world. Marubeni recognizes theimportance of diligently listening to the opinions of stakeholders, and moving forward together, based on an understanding ofstakeholder interests and concerns, as well as the impact of the Company’s activities on society and the environment.
We conduct sustainability-specific interviews with various stakeholders to exchange views on environmental issues, including
environmental management, as well as climate change, biodiversity, human capital, supply chain management, human rights, andoccupational health and safety.
Stakeholders

Customers &Business
Partners

ApproachEngagement methods

Aiming to be a company that enjoys the trust and・Integrated reports, official website
conﬁdence of customers and business partners, we・Responding sincerely based on the Marubeni Corporate Principles
strive to develop and offer products and services thatand Basic Supply Chain Sustainability Policy
are useful to society as well as safe. Furthermore, we・Website inquiry and contact page
constantly strive to improve satisfaction and earn trust・Supply Chain Sustainability Survey

by responding sincerely to feedback from ourcustomers and business partners.

Shareholders& Investors

Local
Community

Marubeni is dedicated to meeting shareholders’・Integrated reports, official website and Shareholders' Reports
expectations. We strive thus to enhance our corporate ・General Meeting of Shareholders
value by responding to changes in the business・Briefings for retail investors
environment and maintaining stable profitability. In
・IR activities
addition, we work to boost corporate value from social
・Response to ESG investment Index survey organizationand environmental perspectives, and also disclose
pertinent information in a fair and timely manner.
We aim to become a valued member of the local
communities where we do business, and to contributeto the creation of robust local districts throughimprovement of living standards, creation of job
opportunities for the local community, including
youths, and offering employment with diversity andinclusion, being aware of gender and disabilities.
Overseas, we respect local laws, cultures and customs,
and strive to operate our businesses in a way that・Social welfare funding by the Marubeni Foundation
・Support through scholarships and donations overseas
・Association with NGOs and NPOs
・Stakeholder dialogues
・Activities implemented through business and industry groups *1
・Receiving company tours
・Cultural contributions through the Marubeni Collection

contributes to local development. Furthermore, we
are ﬁrmly opposed to antisocial forces and groups
that threaten the order and safety of society.

Employees

We respect the individual values and life goals of eachand every employee. We also work hard to eliminate
all forms of discrimination and foster an atmospherethat is pleasant for all.

・Employee Awareness surveys
・Compliance Access Point (Marubeni Hotline (formerly, “Door of Courage”))
・Marubeni Group magazine, company intranet
・Dialogue between management and employees
・Discussions with the Marubeni Employee Union
・Trainings*1 In accordance with the view of Japan Business federation (Keidanren) that corporate political donations play an important role as part of thecontribution to society, and its high evaluations on Liberal Democratic Party of Japan in terms of policy making, Marubeni makes political
donation as follows.
Organization to donate: The People’s Political Association (political fund organization of Liberal Democratic Party of Japan)
Political donation: FYE 3/2022: 28 million yen / FYE 3/2023: 28 million yen(The donation in each year is only to The People's Political Association)
We confirm that these donations are not in violation of our anti-corruption provision, “Prohibition on Bribes and Administration of Entertainment
and Gifts”, stipulated in our Compliance Manual.
Additionally, the Group’s consolidated subsidiaries, and overseas branches and offices do not make political contributions, as stipulated by the
Political Funds Control Act in Japan, and thus no such contributions were made in FYE 3/2023.

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Participation in International Initiatives
GeneralClimate Change

Respect for Human Rights

Sustainable Forestry
Supply Chain

Conservation of Biodiversity and Habitats

Responsibility to Customers

GeneralParticipation in the UN Global Compact
Marubeni Group declares its support for the UN Global Compact. The compact was proposed in 1999 by then UN Secretary-General Kofi
Annan, and formally launched in the following year. Participating corporations seek to support and practice 10 principles relating to theareas of human rights, labor, environment, and anti-corruption. Marubeni Group is working to realize the ideals of the UN Global Compact
by supporting these 10 principles.

The UN Global Compact’s 10 Principles
Human Rights

Principle 1:Businesses should support and respect the protection ofinternationally proclaimed human rights; andPrinciple 2:make sure that they are not complicit in human rights
abuses.

Labor

Principle 3:Businesses should uphold the freedom of association andthe effective recognition of the right to collective bargaining;
Principle 4:the elimination of all forms of forced and compulsory labor;
Principle 5:the effective abolition of child labor; andPrinciple 6:the elimination of discrimination in respect of employment
and occupation.

Click here to view the UN
Global Compact web site

Environment

Principle 7:Businesses should support a precautionary approach toenvironmental challenges;
Principle 8:undertake initiatives to promote greater environmental
responsibility; andPrinciple 9:encourage the development and diffusion ofenvironmentally friendly technologies.

Anti-Corruption

Principle 10:Businesses should work against corruption in all its forms,
including extortion and bribery.

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Marubeni Corporation engages in activities as a Corporate Member of the Global Compact Network Japan (GCNJ), the local network of
United Nations Global Compact in Japan.
Working Groups, which are organized by theme, are held mainly by the network members of GCNJ. Marubeni takes part in the following
Working Groups.

Committee of Supply Chain
Committee of Environmental Management
Committee of Human Rights Due Diligence
In FYE 3/2023
Committee of Disaster Risk Reduction
Committee of ESG
Committee of Corporate Reporting

Through the Human Rights Due Diligence Working Group, we study due diligence best practices for preventing human rights violations
and apply these in initiatives for ensuring respect for human rights within the Company and throughout our supply chain.

Sustainable Development Goals (SDGs)
SDGs are shared goals of the international community, with the aim of achieving sustainable development socially, economically andenvironmentally.
In 2015 the UN adopted an agenda of 17 goals, with 169 targets to be achieved by 2030. SDGs are goals shared by governments, theprivate sector and civil society for achieving sustainability and leaving the world a better place for future generations. We have identified
four categories of Environmental and Social Materiality in which the Marubeni Group can make a valuable contribution.

Click here to view the SDG website

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Climate Change
TCFD
Recognizing the importance of climate-related financial disclosures, the Marubeni Groupaffirmed the recommendations of the TCFD*2 in February 2019. We are endeavoring toevaluate risks and opportunities engendered by climate change and to enhance related
disclosure. In addition, we joined TCFD Consortium*3 of Japanese companies that affirm
the recommendations of the TCFD.
*2 The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB).
*3 Click here to view the TCFD Consortium website

Disclosure in line with the Recommendations of the TCFD

Endorsement of ISSB’s Statement “Championing the ISSB’s
climate global baseline”
Marubeni endorsed the following statement on climate-related disclosure standards*4
issued by the International Sustainability Standards Board (ISSB) at the 28th Conferenceof the Parties to the United Nations Framework Convention on Climate Change (COP28).
*4 International Financial Reporting Standards (IFRS) Standard 1 (S1): General Requirements
for Disclosure of Sustainability-related Financial Information and IFRS Standard 2 (S2):Climate-related Disclosures

Statement： “Championing the ISSB’s climate global baseline”
Climate risks are increasingly having a real effect on companies and capital. Therefore ― in response to calls for climate action at COP28― we support the establishment of market infrastructure to enable consistent, comparable climate-related disclosures at a global level.
We are committed to advancing the adoption or use of the ISSB’s Climate Standard as the climate global baseline.
For more details, please see the IFRS website

CDP
CDP*5 (an international environmental non-profit organization) analyzes and assesses
the collected information, and makes it available to investors. Marubeni has participatedin the initiative of CDP since 2007. In 2022 Marubeni continued from the previous year
to receive A- grades in the areas of climate change and forest protection by CDP. And theCompany was selected as an A-list company in their water security program.
*5 CDP (an international environmental non-profit organization formerly known as the Carbon Disclosure Project)Founded in the United Kingdom in 2000, CDP has worked with more than 680 investors representing over US$130 trillion in assets to pioneer
environmental disclosure, greenhouse gas emissions reduction, water conservation, and forest protection for companies through capital
markets and corporate procurement activities. In 2022, nearly 20,000 organizations around the world, including more than 18,700 companies
worth half of global market capitalization and over 1,100 cities, states and regions, disclosed environmental information through CDP. CDP has
the world's largest fully TCFD-compliant environmental database, and CDP scores are widely used to drive investment and procurement
decisions to achieve a zero-carbon, sustainable and resilient economy. CDP is a partner in the Investor Agenda and a founding member of the
Net Zero Asset Managers Initiative.

CDP A-List and other published scores can be found at here

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Joining the GX League to Address Climate Change
Marubeni has joined the Green Transformation League (GX League) established by the Ministry of Economy, Trade and Industry.
The GX League includes companies working towards decarbonization as well as government bodies, academia, and the financial sector,
and aims to bring about changes in economic and social systems. As such it will focus on emissions trading (GX-ETS) and the creation ofsustainable markets. Marubeni will contribute to decarbonization and the reduction of Japan’s greenhouse gas emissions by participatingin the GX League’s discussions on the formation of market rules (regarding voluntary credits and carbon offsets, etc.), utilizing our global
expertise and know-how spanning a broad range of sectors, which is one of the strengths of a general trading company.

Plan for achieving the Low-Carbon Society
As a member of the Japan Foreign Trade Council (JFTC), Marubeni agrees with the Low-Carbon Society Plan proposed by Japan Business
Federation (Keidanren), and takes part in the working groups and public meetings on climate change held by Keidanren and JFTC.
Marubeni takes climate change countermeasures in accordance with the policies of Keidanren’s commitment to a Low-Carbon Society. We
have set the goal of reducing the energy use (electricity and gas) at the Tokyo Head Office by 10% or more in FYE 3/2026 relative to FYE
3/2016, by introducing energy-saving facilities etc.

The Global Environment Committee of The Japan Foreign Trade Council (JFTC)
Marubeni takes part in discussions related to environmental initiatives of trading companies, as a member of the Global Environment
Committee of the Japan Foreign Trade Council (JFTC).
At the Committee, we make plans for the Voluntary Action on the Environment (Commitment to a Low Carbon Society and a RecyclingBased Society) for the trading company industry, grasp energy consumption, promote the 3R (reduce, reuse, recycle) activity, andincorporate new energy through our business activities.
Click here to view Energy Conservation, Natural Resource Conservation, and Waste Reduction Activities

Committee on Environment
We participate in the Committee on Environment, an environment- and energy-related committee of the Japan Business Federation(Keidanren) which promotes the mainstreaming of climate change countermeasures, circular economy, biodiversity, and the improvementof environmental regulations and systems, and works towards the realization of environmental policies that are compatible with theeconomy.

Japan Climate Initiative
The Marubeni subsidiary Mibugawa Power Company takes part in the Japan Climate Initiativeand promotes renewable energy projects

with the aim of creating a society that leaves a minimal carbon footprint.

Eco Action 21
Since 2005, Mibugawa Power Company has been participating in Eco Action 21, a program of the Ministry of the Environment. In
registering for certification under this system, the company continues to “establish and operate effective and efficient methods forenvironmental initiatives, set environmental goals, take action, summarize, evaluate, and report results.” In 2015, the Eco Action 21
Central Secretariat presented the company with a letter of appreciation and a commemorative gift in recognition of these efforts. The
company will continue to take positive action to protect the global environment by reducing waste, maintaining water quality, conserving
energy, and resources, and conducting local environmental activities.

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Japan Sustainable Fashion Alliance (JSFA)
We have a full membership of the Japan Sustainable Fashion Alliance (JSFA), a platform for corporate collaboration that aims to jointly findsolutions to sustainable fashion issues. With the goals of achieving “zero fashion loss through proper quantity of production, purchasing
and recycling” and “carbon neutral of the fashion and textile industries in 2050,” we collaborate to identify solutions to the common issues
that arise in the fashion and textile industries, and promote the transition to a sustainable fashion industry. As a company that identifies
Climate Change as one of the categories of Environmental & Social Materiality, we participate within a leading role in the JSFA as a full
member and will contribute to the transition to a sustainable fashion industry through the activities of the alliance.
Click here to view the JSFA website (Japanese only)

ACT FOR SKY
Marubeni is a member of “ACT FOR SKY”, an organization dedicated to the commercialization, dissemination, and expansion ofdomestically produced Sustainable Aviation Fuel (SAF). With the urgent need to reduce CO2 emissions globally in order to tackle global
warming, the aviation industry must accelerate the technological development, production, distribution, and use of SAF. Also, in responseto the growing global demand for SAF, a stable supply of domestically produced SAF is essential in Japan. Marubeni has identified “Climate
Change” as one of four categories of our Environmental and Social Materiality, and through “ACT FOR SKY” we will accelerate thecommercialization, dissemination, and expansion of domestically produced SAF. At the same time, companies, local governments andothers are acting together in cooperation and collaboration to promote the importance of SAF, carbon neutrality, and resource recycling,
and to bring about new behaviors through changing the thinking of citizens and companies.
Click here for the ACT FOR SKY website (Japanese only)

Sustainable Forestry
Forest Management and Forestry Certification at Marubeni Group
The Marubeni Group currently owns forest plantation businesses in the two countries of Indonesia and Australia. Using a controlled cycleof planting, cultivation and management and harvesting focused on eucalyptus hardwoods that mature quickly in 6-10 years, we provide astable and sustainable supply of wood resources for pulp and paper production. Based on the principle of No Deforestation, oursustainable forestry management practices prioritize natural and social capital by not harvesting natural forests. We also undertakeproactive programs jointly with local communities.
Group company
PT. Musi Hutan Persada (MHP)

Location
Indonesia

Australia

WA Plantation Resources Pty., Ltd.

Forestry certification

Nature of business
Forest plantation

Indonesian Forestry Certification Cooperation*6

business

・Sustainable Forest Management certification

Forest plantation/

FSC®certification*8

woodchips production

・FM (Forest Management) certification

business

・CoC (Chain of Custody, processing/distribution processes)
certification(WAPRES)

Responsible Wood*9
・Sustainable Forest Management certification*6 Indonesian Forestry Certification Cooperation is a forest certification system in Indonesia endorsed and mutually recognized under the PEFC*7.
*7 The Programme for the Endorsement of Forest Certification (PEFC) is an international system for forest certification that is based on a framework
for mutual recognition of national forestry certification schemes. (PEFC/31-32-80)*8 The Forest Stewardship Council® (FSC®) is a non-profit organization that operates an international forest certification scheme with the aim ofpromoting the worldwide adoption of responsible forest management practices. (FSC® C016260)*9 Responsible Wood is an Australian forest certification scheme endorsed and mutually recognized under the PEFC*7.
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Conservation of Biodiversity and Habitats
Participation in the TNFD Forum
TNFD Forum is an organization which shares the vision and mission of Taskforce on Nature-related Financial Disclosures (TNFD)*10, aninternational organization that builds a risk management and disclosure framework related to natural capital and biodiversity. Marubeni
participated in the TNFD Forum in March 2022.
By participating in the TNFD Forum, Marubeni will continue to contribute to the conservation of biodiversity, which is an urgent issue inthe world along with climate change, through supporting the development of TNFD’s framework.
*10 TNFD is an organization to build a risk management and disclosure framework related to natural capital and biodiversity, inspired by the 2019
World Economic Forum (Davos Conference). The mission of TNFD is to develop a disclosure framework for organizations to report, which aims to
support a shift in global financial flows toward nature-positive outcomes.

Click here to view the TNFD Website

Support of the Declaration of Biodiversity by Keidanren
In January 2020, the Company announced its agreement with and support of the Revision to “Declaration of Biodiversity by Keidanren andAction Policy” of October 2018 put out by the Keidanren Committee on Nature Conservation.
Click here to view the Declaration of Biodiversity by Keidanren and Action Policy (Revised Edition)

Marine Eco-Label Japan (MEL) Council
Marubeni is a full member of Marine Eco-Label Japan (MEL) Council, and promotes initiatives of fisheries, aquaculture, and chain ofcustody that considers environment, biodiversity, and sustainable use of fishery resources.
Marubeni will continue to contribute to sustainable fishery that is environmentally and ecologically friendly within our business as well as
in our supply chain.
Click here to view the Marine Eco-Label Japan (MEL) Council

Support for “Sustainable Seafood Week 2023”
With increasing concern that seafood is being depleted from seas around the world, efforts are being made to shift toward sustainable
use of marine resources. The Marine Stewardship Council (MSC) Japan and, Aquaculture Stewardship Council (ASC) Japan held theSustainable Seafood Week (SSW) 2023 to further spread the awareness of sustainable seafood across Japan in October. The annual
campaign started in 2014 and this time was the 10th year.
Sustainable seafood refers to seafood caught in MSC-certified fisheries that are properly managed in consideration of marine resources
and the environment, or seafood raised in ASC-certified aquaculture farms that minimize environmental and social impacts. Marubeni has
been promoting the handling of MSC certified products, which are guaranteed as natural marine products caught with consideration ofmarine resources and the environment, and ASC certified seafood, which are guaranteed as seafood products through environmentallyand socially responsible aquaculture. Marubeni, through our Group company, supports the activities of the Sustainable Seafood Week that
aim to spread the practice of sustainable seafood.
Click here to view the Sustainable Seafood Week 2023 web site (Japanese only)

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Respect for Human Rights
The Industrial Federation for Human Rights, Tokyo
Marubeni participates in the Industrial Federation for Human Rights, Tokyo and continue to raise awareness of human rights of the
Directors, the Executive Officers and the employees by sharing issues and holding dialogues with its member companies.

Supply Chain
Sedex
Cia Iguaçu de Café Solúvel and Marubeni Foods Corporation, Marubeni’s subsidiary companies, take part in the platform of Sedex*11 forcoffee and other beverage raw materials, and collaborates with suppliers on respect for human rights, occupational health and safety,
reduction of environmental impact, and quality assurance in the supply chain.
*11 Sedex: A global ethical trading service provider dedicated to improving working conditions in global supply chains.

EcoVadisMarubeni America Corporation, Marubeni International (Europe) GmbH, a subsidiary company of Marubeni Europe plc, and Group
companies (Marubeni Intex Co., Ltd. and Marubeni Techno Rubber Corporation) are subscribed to EcoVadis*12.
The Marubeni Group will build sustainable supply chains, strengthen risk management, and expand ethical business practices.
*12 EcoVadis: A global cloud-based SaaS platform that provides comprehensive corporate social responsibility (CSR) assessment services.

RSPO
Marubeni Corporation joined RSPO in 2015 to procure certified palm oil sustainably.

ISCC (International Sustainability & Carbon Certification)
Marubeni Corporation, Marubeni America Corporation, Marubeni Europe plc, Marubeni ASEAN Pte. Ltd., Marubeni Plax Corporation,
Marubeni Petroleum Co. Ltd. and Marubeni Energy Europe Limited (hereinafter referred to as the seven Marubeni Group companies),
have obtained accreditation from the ISCC regarding promotion of the sustainable production of biomass (fuels, agricultural products,
forest materials, waste and residues, non-living biomass, and recycled carbon materials) in their supply chains, aimed at reducing
greenhouse gas (GHG) emissions, as well as sustainable land use, conserving biodiversity, and progress towards a sustainable society.
The seven Marubeni Group companies commit and declare their compliance with the ISCC requirements in accordance with the latest
ISCC regulations.

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Responsibility to Customers
Principles for Responsible Investment (PRI) Signed by Asset Management Company
Japan REIT Advisors Co., Ltd. (Currently Marubeni REIT Advisors Co., Ltd.) (MRA), a Marubeni Group company in the real estate asset
management business, has been conducting the investment management for United Urban Investment Corporation (UUR). In November
2018, MRA signed the Principles for Responsible Investment (PRI) and became a PRI signatory.
Click here for details on PRI
News Release: Japan REIT Advisors Co., Ltd. Recognized as a Principles for Responsible Investment (PRI) Signatory
As a diversified J-REIT, UUR aims to reduce various risks and secure medium- to long-term stable earnings by making real estate
investments in diverse assets and locations in each regional economic zone with the focus on the Tokyo Metropolitan Area. Aiming for therealization of a society that is sustainable, diverse and inclusive, UUR and MRA have been engaged in real estate investment andmanagement with consideration for ESG. Upon acquisition of real estate properties, MRA will conduct adequate due diligence andcarefully examines not only profitability but also impact on the environment (e.g. asbestos, soil contamination), tenants (e.g. antisocial
forces, labor environment), and surrounding area (e.g. relationship with the relevant community, influence of traffic congestion on
surrounding environment, etc.) before making investment decisions.
One of the metrics to manage climate-related risks and opportunities is the environment certification coverage rate for the portfolio of
UUR. UUR and MRA set a medium-term target of an 80% rate (based on gross floor area) by 2024. As a result of acquiring newenvironmental certifications and continued efforts to re-acquire them for properties for which they would expire, they had reached 77.4%
as of November 30, 2023.
As a result of these initiatives, in the 2023 GRESB Real Estate Assessment, the annual benchmark that assesses sustainability practices in
the real estate sector, UUR received “4 Stars” in GRESB Rating, which is based on GRESB Overall Score and its quintile position relative toglobal participants for the third consecutive year. It also won the “Green Star” designation for the ninth consecutive year by achieving highperformance both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and“Performance Component” that assesses environmental performance and tenant engagement of properties owned.
In the MSCI ESG ratings, UUR received an “AA” rating, the second highest of seven ratings, and has been added to the constituents of MSCIJapan ESG Select Leaders Index.
UUR and MRA will continue to make further efforts to achieve asset management that considers ESG in the future.
Click here to view the United Urban Investment Corporation web site
Click here to view the policies for ESG promotion and initiatives, certification / evaluation
Click here to view the Marubeni REIT Advisors Co., Ltd. web site

Japan Food Additives Association
The Japan Food Additives Association (JAFA) is comprised of companies and organizations that are involved in the production, import, saleand use of food additives in Japan. The association was established in October 1982 as a nation-wide consolidated body with the additionof new members.
JAFA works under the guidance of the Ministry of Health, Labour and Welfare and other related government agencies with the objectivesof providing members with accurate knowledge pertaining to the production, sale, and use of food additives, and promoting consumer
understanding of safety and utility. In addition, JAFA seeks to contribute to the sound development of food-related industries, and tobetter consumer dietary habits and public hygiene.
The Marubeni Group gathers information about the safety and functionality of food additives from JAFA, and conducts its businesses
appropriately, receiving advice on matters such as labeling for food additives and interpretations of the relevant laws.
Japan Food Additives Association

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All Japan Coffee Fair Trade Conference
The All Japan Coffee Fair Trade Conference formulated the Fair Competition Code for Labeling of Regular Coffee and Instant Coffee
Products, designed to aid consumers in the purchase of regular coffee and instant coffee products. The code was recognized by the Japan
Fair Trade Commission on November 13, 1991, and a notification was published in the Kanpo (the official gazette of the Japanese
Government) on November 27, with full enforcement starting from May 28, 1993.
On November 29, 1991, the conference was inaugurated as a discretionary body with membership consisting of coffee-related business
operators who agree with the objectives of the conference. It is dedicated to ensuring the fair labeling of coffee products.
The Marubeni Group receives advice regarding coffee labeling and related matters from the All Japan Coffee Fair Trade Conference.
All Japan Coffee Fair Trade Conference (Japanese only)

Japan Soft Drink Association
The Japan Soft Drink Association is an industry organization that prioritizes shared benefit and public good. The association aims toensure rigorous compliance with laws and regulations among soft drink manufacturers, sellers, and related businesses, and facilitatessmooth coordination of activities between association members and the government. It also promotes, supports, and provides guidanceon corporate social responsibility, encourages healthy consumption of soft drinks, and spreads awareness and knowledge relating to softdrinks.
Through the Japan Soft Drink Association, the Marubeni Group receives advice on matters such as beverage labeling and quality
management.
Japan Soft Drink Association

Society of Soft Drink Technologists, JapanThe Society of Soft Drink Technologists, Japan was launched in 1992 with the objective of providing a forum for soft drink technologists
and researchers to meet and exchange information, while furthering technological innovation and skill development. The society works toprovide technical support so that the soft drink industry can continue to develop in harmony with the public interest.
Through the Society of Soft Drink Technologists, Japan the Marubeni Group receives advice on matters such as beverage labeling andquality management.
Society of Soft Drink Technologists, Japan (Japanese only)

Association for the Safety of Imported Food, Japan
Companies engaging in the import, production, distribution, or sales of food volunteered to form an association and began activities in
November 1988. They established this association with the aim of doing all they could to improve problems related to securing imported
food safety.
In recognition of its achievements, the association became an incorporated association in September 1992 with the approval of the
Ministry of Health and Welfare (now known as the Ministry of Health, Labour and Welfare). Further, on April 1, 2011, it was authorized as apublic interest corporation and became the Association for the Safety of Imported Food, Japan. It engages in a wide range of activities tohelp food business operators to fulfill their social responsibility to deliver safe, secure imported food.
The Marubeni Group collects information about the safety of imported processed food and fresh food (including information about
residual agricultural chemicals, food additives, and genetic modification) through the Association for the Safety of Imported Food, Japan.
We reflect the contents of the information in checking new business partners and suppliers and in conducting factory audits of suppliers,
thus promoting the safety of imported food.
Association for the Safety of Imported Food, Japan (Japanese only)

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Japan Food Hygiene Association
The Food Sanitation Act was established in 1947 to address hazards resulting from eating and drinking and contribute to improving andpromoting public health. On November 1, 1948, companies engaged in food-related businesses established the Japan Food Hygiene
Association, an incorporated association (currently a public interest incorporated association), for the purpose of cooperating with thegovernment in line with the purpose of the Food Sanitation Act and implementing voluntary sanitation management.
Since its establishment, this association has been engaged in a number of activities for the benefit of the public through its organizations
all over Japan. They include the activities of food hygiene instructors for food business operators, which are aimed at improving foodhygiene and establishing a voluntary management system, food testing and inspection, the promotion of food business operators' mutual
aid system to be used when paying indemnities, the holding of various training sessions, the distribution and dissemination of books onfood hygiene, the provision of information to consumers, and the promotion of international cooperation and research related to foodhygiene.
The Marubeni Group is striving to improve food hygiene and its management systems related to securing the safety of processed food, byreferring to guidelines and the latest information provided by the Japan Food Hygiene Association.
Japan Food Hygiene Association (Japanese only)

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Materiality for
Marubeni GroupThe Idea of Materiality for Marubeni Group
22

Fundamental Materiality 

23

Environmental & Social Materiality

24

Identification and Review Process ofMateriality 

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Materiality for Marubeni GroupThe Idea of Materiality for Marubeni Group

Fundamental Materiality

Identification and Review Process of Materiality

The Idea of Materiality for Marubeni Group

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Environmental & Social Materiality

Fundamental Materiality
The Marubeni Group has identified three categories of Fundamental Materiality for living by our Management Philosophy, building abetter tomorrow, and accomplishing the goal of ensuring sustainable growth for the company.
1. Human Capital with High Social Value
2. Robust Management Foundation
3. Governance for Coexistence with Society

1. Human Capital with High Social Value
We regard human resources as our most valuable asset in meeting environmental and social demand, and proactively providing solutions.
We define “Human Capital with High Social Value” as individuals who are essential not only to the company but also to society. We will
nurture human capital with High Social Value, and thereby bring about innovation and provide solutions.
To us, Human Capital with High Social Value means:
・Individuals who observe laws and act in conformity with accepted international customs, and who also maintain high ethical standards for thegood of society.
・Innovative individuals with the foresight, insight and creativity needed to anticipate social change.
・Individuals with sound judgment and the ability to make correct decisions and act quickly.
・Individuals with the communication skills to truly address the demands of society, with a sense of purpose and responsibility, while also being
attuned to the realities of the marketplace. These attributes are the foundation of decision-making, decisiveness and the ability to execute.

2. Robust Management Foundation
We have identified Robust Management Foundation as the second category of Fundamental Materiality, as we believe it is necessary bothfor maximizing the potential of our human capital and for maximizing corporate value.
We must build a foundation that facilitates the activities of our human capital and establish a truly Robust Management Foundation. If wecannot accomplish this, our human capital will not be able to continue innovating and providing solutions. Enabling our human resources
to use our management foundation to the fullest will ultimately lead to maximizing corporate value.
To us, Robust Management Foundation means:・A fundamentally sound management foundation with a strong brand presence, reputation, sales foundation and network, and financial footing.
・A corporate climate and culture that is capable of producing abundant Human Capital with High Social Value, and can enable that human capital toengage in meaningful work.
・An environment that places importance on the ability to create diverse values and generate quality solutions within a diverse and inclusive
organization.

3. Governance for Coexistence with Society
We will endeavor to increase corporate value based on a Robust Management Foundation in which Human Capital with High Social Valuedevelops innovative ideas and continues providing solutions.
Within that framework, and given social expectations and demands, we believe that strengthening our corporate governance system for
improved coexistence with society is important to all of our stakeholders.
We will deepen our engagement with diverse stakeholders, enhance the effectiveness of the Board of Directors’ oversight function, andbring greater transparency to our management in order to build a governance framework that allows for improved coexistence withsociety and works toward achieving sustainability.

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Environmental & Social Materiality
The Sustainable Development Goals (SDGs) adopted by the United Nations in September 2015 are goals for achieving sustainability andleaving the world a better place for future generations shared by governments, the private sector and civil society. In recognition of this,the Marubeni Group has identified the following categories of Environmental and Social Materiality in which it can truly make a valuable
contribution.
1. Climate Change
2. Sustainable Forestry
3. Human Rights & Co-development with Communities
4. Sustainable & Resilient Value Chains
In addition to the 17 goals and 169 targets of the SDGs, and taking into consideration stakeholders’ expectations and interests as well as
the environmental and social impact of our business, our categories of Environmental and Social Materiality are based on the criteria
described below. Building on initiatives set out through our Fundamental Materiality, we will contribute to achieving the SDGs and work
toward building a better tomorrow.

1. Climate Change
Climate change, which is responsible for phenomena such as global warming, changes in the natural environment and more frequent
natural disasters, is a global issue with a broad impact on social and environmental sustainability.
Marubeni has business operations throughout the world, and views climate change as a serious risk. However, we also believe that itpresents business opportunities.
We see contribution to climate change mitigation and adaptation as a category of Environmental and Social Materiality. We contribute toclimate change countermeasures mainly through the following policies:
・Coal-fired Power Generation and Renewable Energy Generation Businesses
The Marubeni Group has 12GW net power generation capacity (as of March 31, 2019) and is a leading independent electric power
operator. We announced our “Policy on Coal-Fired Power Generation and Renewable Energy Generation Businesses” on September 18,
2018 as part of our proactive climate change countermeasures.
・We view climate change-related transfer risk as a business opportunity, and we aim to increase our “Green Revenue” of 700 billion yen in
FY2017 to 1.3 trillion yen by 2023.
Green revenue, a part of our business contribution to climate change countermeasures, includes the following.
・Sales of products certified as contributing to sustainable forestry, fisheries, etc.
・Sales from businesses (real estate, etc.) contributing to lessening environmental impact
・Sales from businesses dealing in power generation from renewable energy sources
・Sales from businesses contributing to propagating EV (electric vehicles)
・Sales from businesses (recycling-related, etc.) contributing to waste reduction
・Sales from businesses (water business, etc.) contributing to efficient use of resources

・The Marubeni Group recognizes the importance of climate-related financial disclosures. As new measures to counter climate change, in
addition to affirming the recommendations of the TCFD*1, we will endeavor to better understand the financial impact of both the risks
and opportunities brought about by climate change, and also engage in improved climate-related financial disclosure.
*1 TCFD (Task Force on Climate-related Financial Disclosures): Established by the Financial Stability Board (FSB).

Climate Change
Disclosure in Line with the Recommendations of the TCFD

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2. Sustainable Forestry
Forests are a precious resource and enrich life on Earth in many ways. The Marubeni Group currently holds around 130,000 hectares oftree plantations across the world (total gross project area is around 300,000 hectares). These forests are run according to management
methods for sustainable forestry.
To build a better tomorrow, we have adopted a Forest Management Policy and a Procurement Policy (for Wood-derived Products) toconserve and sustainably use valuable forest resources. By operating our businesses in accordance with these policies, we will promotesustainable forest management and contribute to forest conservation.
Sustainable Forestry

3. Human Rights & Co-development with Communities
Due to the globalization of economic activity, serious abuses of human rights against workers and local residents are taking place in
relevant countries and regions. Many of these abuses can be remedied or improved by taking human rights into consideration in businessactivities, and there are growing expectations that businesses should play a role in remedying human rights abuses.
The Marubeni Group does business in 131 locations domestically and internationally*2 and employs more than 40,000 people*3 of manydifferent nationalities and ethnicities. We are active in a wide range of businesses and conduct global, multi-faceted activities.
To create a better tomorrow, we take a sincere approach to dealing with human rights issues facing the international community. As partof our initiatives, we have included the three basic principles of the United Nations’ Guiding Principles on Business and Human Rights: 1)
respect for human rights, 2) due diligence on human rights, and 3) redress in our Basic Policy on Human Rights.
*2 As of March 31, 2023
*3 Number of employees of the Group: 45,995 as of March 31, 2023

Respect for Human Rights

4. Sustainable & Resilient Value Chains
The Marubeni Group deals with thousands of suppliers in conducting transactions and operating a wide range of businesses on a global
scale. We believe that we make important contributions to sustainability through environmental conservation and sustainable social
development initiatives throughout our supply chain. To build a better tomorrow, we have identified Sustainable and Resilient Value
Chains and working together with our business partners as an essential category of Environmental and Social Materiality. In addition to
managing the supply chain, we will also involve buyers of our products and enhance the strength and competitiveness of our entire value
chain, which includes not only the Marubeni Group but also our business partners.
As part of our sustainability initiatives, together with stakeholders, we, including our business partners, adopted our Basic Supply Chain
CSR Policy in 2008 to manage our supply chain. Subsequently, to advance understanding of and cooperation with the spirit of this Policy,
we sent the Policy to suppliers, conducted surveys, and dispatched personnel to suppliers’ manufacturing or production sites to conduct
direct on-site inspections. Since we believe that value chain management is important, we will continue taking initiatives toward bothsuppliers and buyers of our products to resolve issues in this area.
In addition, we have revised our Basic Supply Chain CSR Policy, adopting a new Basic Supply Chain Sustainability Policy*4 to place more
importance on climate change countermeasures and respect for human rights.
*4 From FYE 3/2021 to FYE 3/2023, we noticed a total of approximately 23,000 Tier 1 suppliers in the Group of the Basic Supply Chain Sustainability
Policy and the Marubeni Group Basic Policy on Human Rights.

Supply Chain

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Identification and Review Process of Materiality
We believe that the material issues for sustainability must be constantly reviewed as the society and environment surrounding thecompany continue to change. Specifically, we perform regular reviews through dialogs with stakeholders and confirmations of the
expectations from society, as well as constantly analyzing the impact on our Group.
・Extract existing/potential environmental and social issues
・Dialogue and engage with stakeholders and external advisers, confirm expectations from society
・Identify material issues for sustainability (materiality) for the Marubeni Group, based on the following criteria:— Importance to stakeholders— Impact and scope of our business activities on the environment and society— Impact on our earnings
・Reflect in operational goals/targets, implement and review periodically

The Sustainability Management Committee under the supervision of the President reports to the Board of Directors at least once a year
on the important matters that it deliberates. These periodic reviews form the basis for the supervision of sustainability-related matters bydirectors.

Identification and Review Process

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