Executive Summary
Our Initiatives for Sustainability
in the fiscal year ended
March 31, 2022
Sustainability for the Marubeni Group4The Long-Term Vision on Climate Change

5Contributions to Measures Addressing Climate Change

6

Initiatives for Coal-fired Power Generation Business

7

Initiatives to Expand the Volume of Carbon Stocks andCreate Negative Emissions in Forestry Business

8Medium-Term Management Strategy GC2024 “Green Strategy”

9Initiatives for Respecting Human Rights

10

Initiatives for Supply Chain Management

11

Human Capital

13

Promotion of the Further Progression of the Marubeni HR Ecosystem

14

Corporate Governance

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Sustainability for the Marubeni Group
Our Company Creed is “Fairness, Innovation and Harmony.” We are proudly committed to being a corporate group that contributes to thedevelopment of the economy and society as well as the conservation of the global environment through fair and upright corporate
activities in accordance with this Company Creed. This is the Management Philosophy of the Marubeni Group. Sustainability is then about
putting this Management Philosophy into practice.
We have identified human capital, management foundation, and corporate governance as the three most important elements forimplementing sustainability as our “Fundamental Materiality.” In addition, we have identified climate change, sustainable forestry, humanrights and co-development with communities, and sustainable and resilient value chains as the four elements of the “Environmental andSocial Materiality” that we must focus on to address environmental and social issues.
We will seek to maximize corporate value by creating environmental and social value based on activities that sincerely address
Environmental and Social Materiality, raising not only financial but also non-financial value, and converting that non-financial value intofinancial value. We will also seek to further enhance the resilience of management by appropriately responding to changes in theenvironment with a focus on sustainability, the foundation of the Marubeni Group's value creation narrative.
Click here to view more details on Our Views on Sustainability
Click here to view more details on Materiality for Marubeni Group

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The Long-Term Vision on Climate Change

We disclosed the Long-Term Vision on Climate Change in March 2021.
Our long-term vision envisages two pillars: first, to achieve net-zero GHG emissions by the Marubeni Group by 2050, we formulated Action
Plans heading towards 2030 to abate our FYE 3/2020 emissions by one-fifth over the total scope covered by our net-zero GHG emissions
goal; second, contribute to the transition to a low-carbon or decarbonized society through business activities. By proceeding with both at
the same time, we aim to generate positive impact on climate change and grow as a corporate group.
“Positive Impact,” the second pillar, identified energy supply, energy demand, and land use as key opportunities for the Company. In ourMedium-Term Management Strategy GC2024, announced in February 2022, we formulated a “Green Strategy” to further embody ourpositive impact. In Green Strategy, we contribute to various social issues, not only climate change, but also bio-diversity, water resources,
circular economy, furthermore, human rights and supply chain, aiming to generate Positive Impact to our society.
Click here to view more details on Climate ChangeMarubeni Corporation
Sustainable Development Report 20225Contributions to Measures Addressing ClimateChange➊ Climate Change-Related Metrics and Targets❷ Disclosure in Line with the Recommendations of the TCFD
Recognizing the importance of climate-related financial disclosure, the Marubeni Group affirmed the TCFD* recommendations in February
2019 and is working to comprehend “opportunities” and “risks” brought by climate change and enhance its information disclosures. Indisclosure in FYE 3/2022, we perform scenario analysis to study 10 businesses that will be relatively more susceptible to the impacts of climatechange and degree of impact on Marubeni Groups (scale of assets/earnings, etc.). We use this process to consider related business conditions,risks and opportunities under baseline and transition scenarios.
* The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB).

Click here to view more details on Disclosure in Line with the Recommendations of the TCFD

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Initiatives for Coal-fired Power GenerationBusiness

In September 2018, Marubeni announced the business policies in relation to coal-fired power generation business. In this document, it
was announced that: (1) the Company would no longer enter into any new coal-fired power business; (2) By 2030, Marubeni will cut its FYE
3/2019 coal-fired power net generation capacity in half.
Following this, in March 2021, the Company announced that the timetable of the halving of net generation capacity would be brought
forward five years, from 2030 to 2025. We are currently on track to do achieve this. After 2025, the policy will remain unchanged as weadvance as far as possible toward achieving approximately 1.3 GW by 2030 and aim for zero capacity by 2050.
Many nations made commitments to reach carbon neutrality in COP26 held in November 2021. In this context, the Company will continue
to consider its management policies regarding coal-fired power generation projects that have already been contracted in order to fulfill its
responsibilities to host countries and other stakeholders. At the same time, the Marubeni Group will accelerate its decarbonization
process by contributing to energy policies of host countries aimed at achieving decarbonization.
While monitoring changes and trends in the market, we intend to aggressively promote these initiatives as we strive to make the greatest
possible contribution to our own GHG abatements and to the decarbonization of the world.

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Initiatives to Expand the Volume of Carbon Stocks
and Create Negative Emissions in Forestry Business❶ Initiatives to expand the volume of carbon stocks in existing forestry resources■ Conclusion of a strategic partnership agreement for an afforestation project in Indonesia, Nippon Paper
Industries Co., Ltd. and our plantation company, PT. Musi Hutan Persada (PT. MHP)In March 2022, Marubeni Corporation and Nippon Paper Industries Co., Ltd. signed a strategic partnership agreement aimed at increasing
forest growing stock through Nippon Paper Industries’ technical guidance to PT. MHP, an Indonesian plantation company wholly owned byMarubeni Corporation.
Under the terms of the agreement, Marubeni will accept technical employees at PT. MHP starting in FYE 3/2023 to provide support andguidance on Nippon Paper Industries' proprietary afforestation technologies, including genetic analysis technology, breeding/propagation
technology, pulp material evaluation technology, and plantation management know-how, in order to improve forest stock per unit area.

Click here to view more details on our initiatives■ Organize the “Marubeni Forest Innovation Business Contest” in Western Australia
Starting in June 2021, we began working with WA Plantation Resources Pty., Ltd. (WAPRES), a subsidiary that operates a forest plantation
business in Australia, to conduct the Marubeni Forest Innovation Business Contest. WAPRES invited the public to submit new ideas forsolving social issues through the use of forest resources based on the companyʼs plantation as a platform. 39 applications from 11
countries were received and one was selected after the selection process. The projects selected for this contest are scheduled to be
demonstrated on site starting in FYE 3/2023.

❷ Consider projects for forest-derived negative emission■ Indonesia/PT. TEL BECCS project
Marubeni signed a memorandum of understanding (MOU) in February 2022 with PT. Pertamina (Persero), an Indonesian state-owned oilcompany, for the joint development of decarbonization projects in Indonesia.
Through this MOU, we will work on the joint development of a wide range of decarbonization projects, including a biomass-derived carbon captureand storage business generated by PT. Tanjungenim Lestari Pulp and Paper (PT. TEL), our pulp manufacturing company in Indonesia, the so-called
Bio-energy with Carbon Capture and Storage, or 'BECCS', project, the creation of carbon credits, and biomass fuel production business.
Click here to view more details on our initiatives■ Consider of forest management and afforestation projects aiming for carbon dioxide sequestration
We have begun to consider forest projects for the purpose of carbon dioxide sequestration, with an eye to expanding the market as a resultof the development and spread of the forest-based carbon credit system, and we plan to explore the use of forest funds in the future.

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8Medium-Term Management Strategy GC2024“Green Strategy”
In our Medium-Term Management Strategy, GC2024, which we released in February 2022, we have raised our Green Strategy as one ofour basic policies.
Sustainability initiatives such as decarbonization, the transition to a circular economy, protection of water resources and bio-diversity,
promotion of human rights, and so on, are related to social issues that need to be solved and is an obligation for all companies to fulfill.
By collaborating with customers, partners, and other stakeholders to solve such social challenges, we ultimately aim to enhance ourcorporate value.
We aspire to become the forerunner in green business by “strengthening our green business” and “promoting the greening in all businessdomains.” Firstly, we will focus on “strengthening our green businesses,” including areas such as renewable energy, forestry, agri-input,copper/aluminum, and water infrastructure. We already have solid business foundations and high competitiveness and profitability inthese areas, and we will continue to focus on allocating capital to expand and strengthen our business.
Furthermore, our advantage lies in our ability to leverage our existing business base and network, and by promoting Group-wide crosssectional initiatives, and we aim to create new green businesses in areas such as new energy, decentralized power/battery storage andsupply-demand adjustments, recycling of materials and resources, decarbonization solutions, and eco-friendly food products by utilizing
our advantages.
Click here to view more details on Medium-Term Management Strategy GC2024

Marubeni Corporation
Sustainable Development Report 20229Initiatives for Respecting Human Rights
Human rights and the supply chain constitute categories of our Environmental and Social Materiality, and we will continue to strengthen
this area as we consider it a prerequisite for the promotion of our Green Strategy（See P9.）
Our approach to human rights is putting into practice the three areas of (1) establishment of a human rights policy, (2) human rights due
diligence, and (3) grievance mechanisms.
As part of this approach, from FYE 3/2021 to FYE 3/2022, we notified our basic policy on human rights to approximately 20,000 Tier 1
suppliers in order to inform and alert suppliers and contractors engaged by Marubeni Corporation and our consolidated subsidiaries tothe policy. We intend to take steps to respond to this issue as part of our sustainability efforts in the supply chain.
As for human rights due diligence, we anticipate that the trend toward mandatory human rights due diligence will spread, particularly inEurope, and we are enhancing our responses in anticipation of this trend.
After identifying sectors, commercial stages, and regions with salient human rights risks, we intend to continue strengthening our efforts
to implement risk mitigation measures and actions for redress, as well as to create mechanisms to support these.
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10Initiatives for Supply Chain Management➊ Expanded and deeper focus on supply chain management

From FYE 3/2020 we commenced engagement to reinforce the sustainability in supply chain. In FYE 3/2021 we conducted sustainabilitysurveys of approximately 200 of our consolidated subsidiaries, which are the “starting point” of our supply chain. From FYE 3/2022, weexpand the surveys to Tier 1 (direct) supplier, includes surveys on human rights.

❷ Sustainability Risk in Supply Chain
We have identified 27 risk items across the three categories of environmental, health and safety, and social that are relevant tosustainability in the supply chain. Based on these risk assessment items, we are conducting sustainability surveys of consolidated
subsidiaries and suppliers, as well as conducting risk analysis for new investments.

Click here to view more details on Supply Chain

Marubeni Corporation
Sustainable Development Report 202211➌ Tier 1 Supplier Survey (Consolidated Basis)

We conduct Tier 1 supplier survey (consolidated basis) according to the following three processes in principle.
Step 1: We notified all Tier 1 suppliers, including our consolidated subsidiaries, of the “Basic Supply Chain Sustainability Policy” and“Marubeni Group Basic Policy on Human Rights.” We also identified “critical commodities in supply chain” that have relatively highsustainability-related risks within the supply chain.
Step 2: We will conduct a primary survey of the companies of the selected critical commodities identified in the supply chain, including“confirmation of the implementation of sustainability-related surveys by third-party institutions, etc.” and “confirmation of the acquisitionof sustainability-related certifications, etc.” From the results, we will consider proceeding to the next Step 3, the secondary survey, forthose surveyed companies that could not be confirmed.
Step 3: For the secondary survey, we intend to implement a PDCA cycle that includes risk mapping to identify the location of risks,
implementation of written survey and on-site inspection using methods specific to those risks, analysis and feedback of survey results,and consideration and disclosure of engagement methods.

❹ Establish Policies for Individual Commodities
As part of our supply chain management, we have established policies for individual commodities, for high-risk commodities. In FYE
3/2022, we established new procurement policies for palm oil and beef. We will continue to formulate our procurement policy from time totime for higher risk commodities.

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Human capital is the Group’s greatest asset and the driving force of value creation. In the Medium-Term Management Strategy GC2024,
we will further evolve the “Marubeni HR Ecosystem” set forth in GC2021 with the aim of further strengthening it. The “Marubeni HREcosystem” is a concept that forms the basis of our human capital strategy in order to realize our vision of a global crossvalue platform,
and it represents the direction in which we are striving for change.
The Marubeni Group provides a setting where human capital of high social value with diverse backgrounds can come together, work
actively, and connect with each other beyond the boundaries of the company and the organization, where they can continue to take on
the challenge of creating new value by combining their diverse values and expertise: this is the kind of attractive ecosystem that we hopeto create.
The Talent Management Committee, a human capital strategy committee consisting of the President, CAO, and CSO as key members,
discusses and promotes the human capital strategies to achieve this vision. The Talent Management Committee, which has been in placesince FYE 3/2022, will align management strategy with HR strategy and continue to discuss key priorities such as the optimal humancapital strategy for the Group, and specifically, human capital allocation, leader development, engagement, diversity, and HR system
reform review, in order to promote the management-led changes with a sense of urgency.
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13Promotion of the Further Progression of theMarubeni HR Ecosystem

Click here to view more details on each initiative

Recruiting women
We have set a goal of increasing the ratio of new graduate recruitment for career-track positions to 40-50% by 2024, and already this ratio
is close to 40% for new hires in FYE 3/2023.

A new mission-oriented HR system
It was fully launched in FYE 3/2022. We believe that this system will promote the implementation of organizational strategies and thegrowth of human capital by assigning performance-oriented missions and encouraging employees to take on larger missions.

Employee engagement
The engagement survey conducted in 2021 showed a 10% increase in scores compared to the previous survey conducted in FYE 3/2020
before the COVID-19's pandemic, and we believe this, along with an enhanced working environment, is leading to more employee
satisfaction and motivation.
In this context, we are continually implementing various initiatives to enhance dialogue and communication between management andemployees. In particular, the “Opinion Box” is an initiative in which the President himself sends out video messages on important topics
and directly responds to questions and opinions from employees. We believe that this is extremely meaningful in terms of raising Groupemployees’ understanding of and sense of involvement in important management policies and messages.

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Corporate Governance➊ Composition of Board of Directors

In order to realize medium- to long-term enhancement of corporate value, we are continuously improving and strengthening ourcorporate governance, which lies at the foundation of sustainable management.
As one of the measures to strengthen the Board of Directors, as announced in a press release on January 26, 2022, the composition of theBoard of Directors was changed from 13 Directors, 6 of whom are Outside Directors, to 10 Directors, of whom 6 are Outside Directors, andthis change was submitted to the Company's General Meeting of Shareholders in June 2022. For the first time in any general trading
company's history, the composition of the Board of Directors now has a majority of Outside Directors.
By having a majority of Independent Outside Directors, we hope to further enhance the supervisory function of the Board of Directors,
promote a greater sense of urgency on the executive side, and further strengthen governance by clarifying the functions of the Board ofDirectors and the Corporate Management Committee.
The results of assessment of the Board of Directors effectiveness in FYE 3/2022 and the policy for FYE 3/2023 are shown on the next page.
For details, please refer to “Marubeni’s Corporate Governance Code Initiatives (Supplementary Principles 4.11.3.)”
Click here to view more details on “Marubeni’s Corporate Governance Code Initiatives”

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❷ Evaluation of the Effectiveness of the Board of DirectorsMarubeni Corporation
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❸ Reduction of cross-shareholdings (includes non-listed general investment shares)

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