January 21, 2021
For Immediate Release
To Whom It May Concern

Mitsui & Co., Ltd.
Mitsui Entered Into Heads of Agreement for Moatize Coal Mine,Nacala Corridor Rail & Port Infrastructure Projects

Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) and ValeS.A. (“Vale”) have been engaged in the Moatize coal mine project (“Moatize Project”) and the
Nacala Corridor rail & port infrastructure project (“Nacala Project”) (Moatize Project and Nacala
Project collectively referred to as “the Projects”). On January 20, 2021, Mitsui and Vale entered intoa Heads of Agreement(“HoA”) stipulating the main conditions for the transfer of all of Mitsui’s
interest in the Projects and associated loans to Vale, the operator of the Projects, for the sum of
US$1.00 each.
HoA aims to conclude a definitive agreement for the transfer of the interests and the associated loans
once all related parties reach an agreement on detailed terms and conditions and both Mitsui andVale obtain the required internal approvals, and to complete the transfer throughout 2021, following
the fulfillment of conditions precedents, including obtaining the necessary consents and approvals. A
further notice will be issued when the definitve agreement is concluded.
In March 2017, Mitsui acquired, from Vale, a 15% equity interest in a Vale subsidiary that owns a
95% equity interest of the Moatize Project, and a 50% equity interest in another Vale subsidiary thatis implementing the Nacala Project. Since then, Mitsui has worked to develop the Projects andimprove their operations. However, Vale made a decision to divest its coal business to concentrateon its core activities, and in accordance to its ESG agenda. In response, Mitsui decided to sell its
equity stake to Vale in the context of reorganization and restructuring of asset portfolio. Vale willcontinue to operate the Projects after their acquisition of Mitsui’s interest, and will ultimately
consider divestment of their interest to a third party.
Mitsui is currently reviewing the anticipated loss that will result from the transfer. Mitsui will
provide immediate release of any events that require disclosure. Any financial impact related to theProjects was considered in our forecasts for the fiscal year ending March 2021, which were releasedon October 30, 2020.

Overview of the Moatize Coal Mine Project
Purpose of the project
Mining and sales of coal
Ownership portion
The holding company of Vale and Mitsui: 95% (Vale: 85%,Mitsui: 15%)
Empresa Moçambicana de Exploração Mineira (EMEM):
5%Investment and loan
Approx. US$0 (as of September 30, 2020)
Overview of the Nacala Corridor Rail & Port Infrastructure Project
Purpose of the projectTransportation and shipment of coal, general commodities,
and passenger
Ownership portion
The holding company of Vale and Mitsui: Approx. 100%
(Vale: approx. 50%, Mitsui: approx. 50%)Local shareholders: Minor shareholdings
Investment and loanApprox. US$500 million (as of September 30, 2020)

For inquiries on this matter, please contact:
Mitsui & Co., Ltd.
IR Div. TEL: +81-3-3285-7657
Corporate Communications Div. TEL: +81-80-5912-0321

Notice:This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current
assumptions, expectations and beliefs in light of the information currently possessed by it and involve known andunknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actualresults, financial position or cash flows to be materially different from any future results, financial position or cash flows
expressed or implied by these 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. Thisannouncement is published in order to publicly announce specific facts stated above, and does not constitute a solicitationof investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.