May 1, 2020
For Immediate Release
To whom it may concern
Mitsui & Co., Ltd.

New Medium-Term Management Plan

Mitsui & Co., Ltd. (Head Office: Tokyo, President & CEO: Tatsuo Yasunaga) hereby announce“Medium-term Management Plan 2023 Transform and Grow”.

Attachment: Medium-term Management Plan 2023 Transform and Grow

For further information, please contact:
Mitsui & Co., Ltd.
Investor Relations Division

Tel: +81-3-3285-7657

Corporate Communications Division

Tel: +81-3-3285-7540

Notice:This announcement contains forward-looking statements. These forward-looking statements are basedon Mitsui's current assumptions, expectations and beliefs in light of the information currently possessedby it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties
and other factors may cause Mitsui's actual results, financial position or cash flows to be materiallydifferent from any future results, financial position or cash flows expressed or implied by these forwardlooking statements. These risks, uncertainties and other factors referred to above include, but are notlimited 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 notconstitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares,
bonds or other securities issued by us.

Medium-term Management Plan 2023
Transform and Grow
Commitment to a new stage

A Cautionary Note on Forward-Looking Statements:
This material contains statements (including figures) regarding Mitsui & Co., Ltd. (“Mitsui”)’s corporate strategies, objectives, and views offuture developments that are forward-looking in nature and are not simply reiterations of historical facts. These statements are presented

May 1, 2020
Mitsui & Co., Ltd.

to inform stakeholders of the views of Mitsui’s management but should not be relied on solely in making investment and other decisions.
You should be aware that a number of known or unknown risks, uncertainties and other factors could lead to outcomes that differ
materially from those presented in such 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.

Contents

1

Mitsui’s Goals

2

Medium-term Management Plan 2023
Corporate Strategy

3

Quantitative Targets

4

Shareholder Returns

5

New Mission Vision Values

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1

１

Mitsui’s Goals

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2

Mitsui’s Goals
 To establish a business foundation on the new Mission Vision Values updated this fiscal year,
and also on the Materiality updated last year
 To grow and to support social development by identifying and responding quickly to demand
and the accelerating changes in the environment, including COVID-19
 To have all employees commit themselves to transform and evolve the businesses to a new stage

New Mission Vision Values
Medium-term Management
Plan (2018/3－2020/3)

Medium-term Management
Plan 2023 (2021/3－2023/3)

Driving Value Creation

Transform and Grow

Materiality

Secure sustainablesupply of essential
products

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Enhance qualityof lifeCreate an ecofriendly society

3

Develop talentleading to value
creation

Build anorganization withintegrity

Medium-term Management Plan 2023
 Although a fall in profit is unavoidable given the present turbulent business environment,
aim to quickly return to a growth trajectory by implementing the strategies of the Mediumterm Management Plan 2023: Transform and Grow
 KPIs remain core operating cash flow, profit for the year and ROE. Emphasize per-shareprofitability indicators, keeping in mind shareholder value improvement
 The above outlook assumes a recovery from the impact of COVID-19 from FY Mar/2021 H2Core operating
cash flow

Profit for the year

ROE

¥550bn¥400bn10%(Year to March 2023)(Year to March 2023)¥561.0bn(Year to March 2020)¥391.5bn(Year to March 2020)

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4(Year to March 2023)

9.7%(Year to March 2020)

2

Medium-termManagement Plan 2023
Corporate Strategy

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5

Medium-term Management Plan ended FY Mar/2020:
Achievements
Business Progress Steadily grew profit base in core areas and strengthened non-resource areas, particularly Machinery &Infrastructure and Lifestyle Expanded business base with a focus on Environment and HealthCore areas

Growth areas

Mineral & Metal
Resources Maintained and expanded ironore business base
 Raised quality of coking coalportfolio

Energy Steadily promoted LNG
business Started production in the E&P
business

Machinery &Infrastructure Progressed with new power
generation and D&S
 Expanded FPSO business

Chemicals Participated in European paintmanufacturing business Advanced environmental
businesses

Mobility Accelerated framework for promoting
MaaS(Established and strengthened
foundation for vehicle operating leases)

Healthcare Improved corporate value of IHH
 Optimized portfolio of related businesses

Nutrition &Agriculture Participated in preventative healthcare
business Expanded business base for agricultural
inputs, crop protection and seeds

Retail & Services

 Entered U.S. prepared food business Acquired digital functions andstrengthened customer management

Financial Base, Governance, Personnel, and Innovation Functions
 Advanced cash flow management and tightened investment discipline Launched moon creative lab, strengthened digital infrastructure for remote working
 Strengthened global HR management and launched next-generation leadership program Strengthened governance (expanded diversity and improved effectiveness of the Board)
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6

Medium-term Management Plan ended FY Mar/2020:
Ongoing challenges
Ongoing challenges from Medium-termManagement Plan Driving Value Creation

Spread of COVID-19 and rapidlychanging business environment⃞ Strengthen risk management thoroughly⃞ Further raise profitability of existing businesses⃞ Establish profit pillars in areas where Mitsui's
comprehensive strength can be leveraged⃞ Transform employee mindsets, improveand immediately＋

productivity and reduce costs without compromise⃞ Bring talent into the Mitsui Group and strengthen
training and development framework⃞ Reduce costs and strengthen resistanceto downturns⃞ Respond with agility to the accelerating
digital economy⃞ Manage with a long-term perspective,
such as responding to climate change⃞ Continuously raise ROE and shareholder value

Transform and Grow
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7

Transform and Grow: Six corporate strategies

Transform

Grow⃞ Raise profitability in line withinvested capital and increase ROE⃞ Transform the mindset, behavior
patterns, and work style of each
employee⃞ Strengthen growth areas where Mitsui’s
comprehensive strength is effective⃞ Engage with changing trends such as
digitalization

1. Strengthen business

4. Strategic focus• Energy Solutions• Healthcare / Nutrition• Digital economy & Asia

management capabilities
2. Evolve financial strategy andportfolio management

5. Strengthen profitability of corebusinesses and take onchallenges in new businesses

3. Personnel strategy

6. Sustainability management; Evolution of ESG
Continue to advance sustainability management⃞ Key themes of the 2023 Medium-term Management Plan: Climate change, Circular
economy, and Business and human rights⃞ Strengthen governance: Further improve Board effectiveness

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8

Corporate Strategy 1. Strengthen business management capabilities
 Quickly recover growth trajectory, prioritize the strengthening of business management
capabilities for further growth Respond swiftly to accelerating changes in trends
Specific Measures⃞ Practice capital efficiency-conscious management

Improve business management expertise⃞ Increase ROE

Expand knowledge across organizations⃞ Introduce ROIC and strengthen budget control⃞ Introduce diverse professional talent
Foster and deploy business management

Increase
ROE

talent⃞ Prioritize placements at important subsidiaries
and affiliated companies⃞ Internal development, external recruitment
Focus areas⃞ Prioritize allocation of management resources,
including personnel, in businesses andcompanies where profitability improvement
can be realized

Investment
assetsNet
assetsReturnsNet
assetsReturns

Improve returns while staying conscious ofinvestment assets size
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9

Corporate Strategy 2. Evolve financial strategy and portfolio management
 More flexible and strategic capital allocation
Specific Measures⃞ Pursue flexible and strategic capital allocation to growth investments and additional shareholder returns,
taking a comprehensive view of investment opportunities and the business environment (Management
allocation)⃞ Pay a minimum dividend of ¥80 per share and pursue shareholder returns that reflect improvements incapital efficiency⃞ Maintain and improve financial baseMedium-term Management Plan 2023 Cash Flow Allocation
Cash-In¥900bnAsset recycling
Post FID investment,
maintenance CAPEX

Cash-Out¥1,500bn

Core operating CF

Growth investments(Strategic focus/new)
Share buyback +additional dividend

20%

Resource

approx.

30%

approx.

¥1,500bn-¥1,700bn¥300bn-¥500bn

Management allocation¥400bnDividend (minimum )COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

Management
allocation10

Non-resource

50%

approx.

Corporate Strategy

3. Personnel strategy

Realize next-generation work style that also considers post COVID-19
 Strong commitment to meeting individual targets, acceleration of new working style utilizing DX
 Use the move to the new Head Office to transform employee mindsets and behavior patterns
Deploy diverse professional talent to the right positions on a global group basis
 Leverage the global group network to deploy professional talent to the positions and boost theirperformance Develop and activate business management talent who will strengthen the existing profit base⃞Local Depth for Global Reach,
Global Reach for Local Depth

Diversity & Inclusion⃞

Promote and appoint personnel regardless of where they
were recruited
Develop next-generation leaders on a global basis⃞

Strengthen Global Talent Management⃞

Create frameworks and organizations where diverse personnel
can thrive
Strengthen employee engagement on a global group basis
Provide an innovative working environment where employees
can deliver their best⃞⃞⃞

Strengthen diverse individuals⃞

Inspire and develop personnel who can take onbusiness management
Implement personnel systems and operations that empower
the individual to succeed

New Mission Vision Values
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11

Corporate Strategy

4. Strategic focus

 Mobilize the company as whole to create multifaceted value in the areas in which its
comprehensive strengths can be leveraged
 Respond to structural change and changing trends driven by the spread of COVID-19
 Use digitalization and the power shift to the consumer to evolve business models

1. Energy Solution

2. Healthcare / Nutrition

Natural gas, infrastructure,
renewable energy

Hospitals and theirancillary businesses

LNG development and renewable energy

IHH as central platformbusiness as central platform

Smart energy services
Business that helps mitigate
climate change
Create an
eco-friendly society

Medical data/integrated facility
management
Nutrition, food protein

Secure sustainablesupply of products

Enhancequality of life

3. Market Asia
Promotion of the digital
economy and DX
Consumer platforms
Next-generation mobility
Emerging economies and
Japan

360°

business innovation.

Establish new revenue pillars
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12

Corporate Strategy

4. Strategic focus

 Energy Solution and Healthcare / Nutrition are areas in which Mitsui can use
existing business platforms to create multifaceted value, leveraging past
initiatives including in Environment and HealthResults of previous MTMP

Environment

Sakhalin II

Cameron starts
operations

Mozambique
Area1 FID

RussiaLNG Arctic2 FID

LNG
Start of participation indomestic/international RE IPP(solar, wind, hydroelectric, etc.)

RenewableenergyExpansion of distributed
power and otherinitiatives(U.S., India, etc.)

HealthParticipation in IHH
IHH
listing

Participation in
CLA*1

Became IHH’slargestshareholder

Participation
in DavitaCare

Participationin PHC

Participationin CMHHF*2

Hospitalbusinesses
Hospitalancillarybusiness

Sale of interest in C2C (Canada)
Advance D&S strategy

Sale of CLA

Accelerated
increase of IHH’s
corporate value

Sale of Sogo Hoken Dojinsha as
Medical Holdings
subsidiary*1. Columbia Asia Healthcare*2. CMH Healthcare Fund
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13

MTMP
2023

Corporate Strategy

5.Strengthen profitability of core business;
Pursue new business

Strengthen profitability of core business(Mineral & Metal Resources, Energy, Machinery & Infrastructure, Chemicals) Increase competitiveness, optimize portfolio including recycling, execute bolt-on investments

Iron ore, coking coal, copper,
recycling⃞ Maintain and expand iron ore volumes⃞ Raise quality of coking coal assets⃞ Expand and raise quality of copper⃞ Promote recycling business

EnergyOil, gas, renewable energy, newenergy⃞ Increase oil and gas production volume anddeposits, raise LNG production capacity⃞ Raise competitiveness of existing assets⃞ Increase trading income⃞ Expand renewable and new energy businesses

Machinery &Infrastructure

Power generation, marine energy,gas distribution, automotive,
shipping⃞ Raise quality of asset portfolio⃞ Promote DX/optimize operations⃞ Transform existing business, upgrading trading
functions

Methanol, tank terminal, coating
material, personal care,environmental chemicals, agriscience, wellness⃞ Increase sophistication in trading, enhance
network⃞ Stronger resilience in existing businesses, raise
profitability⃞ Recycle, reuse, commercialization and applicationof environmental focused new materials andtechnologies

Mineral & Metal
Resources

Chemicals

Pursue new business Promote creative mindset and behavior companywide. Accelerate moon creative lab initiatives
 Accelerate defensive and offensive DX initiatives. Aim to create cross-BU businesses
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14

Corporate Strategy

5.Strengthen profitability of core business;
Pursue new business
MTMP 2023

FY Mar/2020

FY Mar/2021

FY Mar/2022

FY Mar/2023
Iron ore・South Flank
・Robe River JV

Raise
profitability ofexisting
business

Oil/gas＋Gas

・Kaikias Ph3
・Greater Enfield・Tempa Rossa
・Cameron Trains 1+2

Gas・Mozambique Area 1・Russia Arctic LNG 2・Cameron 3rd train

Project
・FPSO (Refinance, implement DX)
・IPP (Malaysia, Thailand, Oman,
Morocco)Project

Project

・FPSO (Sepia)
・IPP (Japan/Soma)・FPSO (Mero)・FPSO (Eni)

Crop protection,
agricultural inputs

・Strengthen
Europe/Asia●Mineral & Metal Resources＋●Energy●Machinery & Infrastructure●Chemicals●OtherCOPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

Raise competitiveness by reorganizing andreconstructing existing businesses

15

Project
・FPSO(Buzios, etc)
・IPP (Thailand)

・Taiwanwind
powerCorporate Strategy

6. Sustainability management; Evolution of ESG

 Climate change, Circular economy, and Business and human rights are three major themesin the Medium-term management plan that will impact our business and for which there isheightened public demand Further improve Board effectiveness and continue to strengthen governance *Climate change
Secure sustainable supply of essential products

Stakeholder interestHigh

Enhance quality of life

Business andhuman rights

Create an eco-friendly society

Circular economy

Develop talent leading to value creation
Build an organization with integrity

Low

MediumSignificant

Extremely significant

Impact on Mitsui
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16* For more information on Mitsui & Co.’s governance structure please see p34-37

Corporate Strategy

6. Sustainability management; Evolution of ESG

Climate change Mitsui’s goal to achieve net-zero emissions by 2050
To achieve this, aim to reduce GHG impact by 2030 to half of what it is in 2020
 Conduct a risk evaluation of existing businesses and introduce an internal carbon
pricing system for new investment decisions
 Aim to set a GHG emissions reduction target during the period of the Medium-termManagement Plan 2023

Medium-term Management Plan 2023 Actions

Net-zero emissions
Reduction

Emissions

Create a society
in harmony withthe environment

Halve GHG impact

Reduction
contribution

2020

2050

2030

Opportunity & Transition*
Transition
GHG impact = Emissions – Reduction contribution*Assumes only reduction contribution attributable to the company in the future
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17

Reduction
Reduce company emissions byimproving portfolio quality ofresource and power generation
assetsTransition
In the medium term, promote fuelconversion through LNG and otherbusiness to contribute to reducing
the environmental burden
Opportunity
Contribute to reducing emissions byexpanding business that leverages
the opportunities to address climatechange in Energy Solutions andother areas

3

Quantitative Targets

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18

Quantitative Targets
 Forecasting a year-on-year decline for FY Mar/2021, due to the effects of COVID-19
 Anticipated scenario is for the curtailment of global economic activity in response to the
spread of COVID-19 to continue into the first half of FY Mar/2021 and recover thereafterCore Operating Cash Flow
561.0

400

450.2

Profit for the Year

86.9
35.8
26.9

2020

Non
-resources
areas

149.6

45
30

■Machinery & Infrastructure■Chemicals ■ Other business areas

550■Headquarters & eliminations（¥bn, Years to March)

400

391.5

280

170

241.1

250

60

■Resources & Energy

180
Non-resources
areas

250

Non
-resources
areas

22.3
51.3

135

2021

89.4

2023

2020

MTMP 2023

Non-resources
areas

163.0

120
35
20
25

Non
-resources
areas

80

2021

2023
MTMP 2023& CO., cash
LTD. ALLRIGHTS.
*FY COPYRIGHT
3/20 core© MITSUI
operatingflow
hasRESERVED
been revised
to deduct payment of lease obligations

19

240

Non
-resourcesareas

FY Mar/2021 Action Plan Spread of COVID-19
Situational
overview

 Unprecedented changes in thebusiness environment
 The post-COVID-19 ‘new normal’Ensure the safety of employees and all other stakeholders

Preserve and maintain existing business and minimize
damageFY
Mar/2021
Action Plan

Implement thorough cost reductions and defensive andrecovery measures

Maintain network of customers and partners, create new
businesses making full use of digital technology



Pursue business in line with Materiality (Secure stable supplyof essential products / Enhance quality of life)

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20

4Shareholder Returns

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21

Shareholder returns
 Even amid the COVID-19 crisis, forecasting 400 billion yen in core operating cash flow—the basis for shareholder
returns—for FY Mar/2021
 Implement capital allocation with a focus on improving capital efficiency and pursue medium- and long-term
growth opportunities in response to post-crisis environmental changes. Aim to increase the total shareholder
returns ratio above the level of the previous Medium-term Management Plan.
Dividend:

Set 80 yen per share as minimum dividend amount, factoring in stability and continuity. Planning 80 yen in FY Mar/2021
Aim for a stable dividend-per-share increase by improving core operating cash flow

Share buybacks: Flexible approach, taking into account the business environment and market trends● COCF Results*/Forecast■ Share buyback

660
560

■ Dividend

550

560

400

(¥bn, Years to March)*Core operating cash flow for
FY3/20 and earlier has beenrevised to deduct payment oflease obligations

Annual dividend per share

58

50
122.5

140

140

2018

2019

2020

2021

2022

2023

¥70

¥80

¥80

¥80
(forecast)¥80(min.)¥80(min.)

Total shareholder returns
ratio
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Increase through improvement in COCF
per share

Guideline: 25% of COCF
(Actual: approx. 28%)
Previous MTMP (results)

22

MTMP 2023

5

New Mission Vision Values

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23

COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

24

Supplementary Information

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25

FY Mar/2021 Business Plan

 Core operating cash flow: ¥400.0bn (down ¥161.0bn)
 Profit for the year: ¥180.0bn (down ¥211.5bn)
 Forecasting a year-on-year decline mainly due to the economic slowdown anddrop in commodity prices due to the spread of COVID-19
Core operating cash flow (Unit: ¥billion)
561.0

Profit for the year

(Unit: ¥billion)

Mineral & Metal Resources
EnergyMachinery & Infrastructure

243.7

400.0

Chemicals

391.5

Iron & Steel Products
Lifestyle

160.0

183.3

Others, adjustments & eliminations

206.5

86.9
35.8
20.8
-38.8

Innovation & Corporate Development

2.2
3.9

90.0

57.8

60.0

89.4

45.0

FY Mar/2020
FY Mar/2021(results)(plan)COPYRIGHT© MITSUI & CO., LTD. ALL RIGHTS RESERVED
.

15.0
15.0
15.0

22.3
32.0
14.6
-12.6

26

FY Mar/2020(results)

180.0
120.0

4.7

35.0
20.0
15.0
-20.0

FY Mar/2021(plan)

5.0
5.0

FY Mar/2021 Business Plan YoY factor comparison

391.5

Base profit-91.0 approx.

(Unit: ¥billion)
Resource-related
costs/volume-14.0

Asset recycling

Commodity
prices/Forex-66.0-116.0Base profit＜Positive factors＞
・FVTPL
Absence of factors
from previous year +7.0
＜Negative factors＞
・COVID-19-95.0(non-resources)
・LNG dividend

Resources-related
costs/volume

0.0 ・Absence of factors-3.0
from previous year -66.0-2.0 ・Total current period 0.0-2.0
Astoria, other
+1.0
+3.0

・VolumeMin. & Metal
Iron ore
Coal
Copper, other
Energy

-14.0
-5.0
-5.0
0.0
0.0
-9.0

Valuation gain/loss
Special factors-54.0
・Min. & Metal-39.0
Iron ore-11.0
Coal
Copper, other -4.0

・Absence of factors
from previous year +75.0
0.0
・Total current period-63.0

・Oil, gas

+1.0・Forex(Yen vs.
Functional currency +3.0)(Functional currency vs.
Revenue currencies -2.0)

FY Mar/2021(plan)FY Mar/2020(results)
Forex breakdown
・Min. & Metal Resources : -2.0
・Energy:+4.0
・Other: -1.0COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

180.0

＋75.0

Commodity
prices/Forex

Asset recycling

・CostsMin. & Metal
Iron ore
Coal
Copper, other
EnergyValuation gain/loss
special factors

27

Yen vs. Functional
Currency

+2.0
+2.0
-1.0

Functional Currency vs.
Revenue Currencies

-4.0
+2.0
0.0

Assumptions and Sensitivities Mar/2020 results and Mar/2021 plan
Effects of price changes on profits for FY Mar/2021(Announced May 2020)
Crude oil/JCC

FY Mar/2021(Assumptions)

FY Mar/2020(Result)

33

67

39

68

―

Consolidated oil¥3.2bn (US$1/barrel)
price (*1)
Commodities

U.S. gas (*2)

¥0.9bn (US$0.1/mmBtu)

Iron ore (*5)

¥2.2bn (US$1/ton)(*6)

Coking¥0.4bn (US$1/ton)(*6)

Thermal¥0.1bn (US$1/ton)(*6)¥0.7bn (US$100/ton)

5,600¥1.3bn (¥1/US$)

108.00Australian$¥1.6bn (¥1/Australian$)

75.00

Brazilian real

¥0.3bn (¥1/Brazilian real)

26.00

Coal

Copper (*9)
US$
Forex (*11)

2.15(*3)

2.53(*4)
95(*7)
169(*8)95(*8)
6,005(*10)
108.9573.81
26.29(*1) As the crude oil price affects our consolidated results with a 0-6 month time lag, the effect of crude oil prices on consolidated results is estimated as the Consolidated
oil price, which reflects this lag. For FY Mar/2021 we have assumed that there is a 4-6 month lag for approx. 30％, a 1-3 month lag for approx. 50%, and no lag for
approx. 20%.
The above sensitivities show annual impact of changes in consolidated oil price for projects linked to oil price.
(*2) As Mitsui has very limited exposure to U.S. natural gas sold at Henry Hub (HH), the above sensitivities show annual impact of changes in the weighted average sale price.
(*3) HH price of US$2.15/mmBtu is assumed for sale prices linked to the HH price.
(*4) U.S. gas figures for FY Mar/2020 are the Henry Hub Natural Gas Futures average daily prompt month closing prices traded on NYMEX during January to December 2019.
(*5) The effect of dividend income from Vale has not been included.
(*6) Iron ore and coal price assumptions are not disclosed.
(*7) Iron ore results figures for FY Mar/2020 are the daily average (reference price) spot indicated price (Fe 62% CFR North China) recorded in several industry
trade magazines from April 2019 to March 2020.
(*8) Coal results figures for FY Mar/2020 are the quarterly average prices of representative coal brands in Japan (US$/MT).
(*9) As the copper price affects our consolidated results with a 3-month time lag, the above sensitivities show the annual impact of US$100/ton change in averages of the LME
monthly average cash settlement prices for the period March to December 2020.
(*10) Copper results figures for FY Mar/2020 are the averages of the LME monthly average cash settlement prices for the period January to December 2019.
(*11) Impact of currency fluctuations on reported profit for the year of overseas subsidiaries denominated in their respective functional currencies.
Depreciation of the yen has the effect of increasing profit for the year through the conversion of profit (denominated in functional currencies) into yen.
In the Metal Resources and Energy business where the sales contract is in US$, the impact of currency fluctuations between the US$ and the functional
currencies (Australian $ and Brazilian Real) and the impact of currency hedging are not included.

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28

Mineral & Metal Resources: Equity share of production
Equity share of production*1
Iron Ore*2

59.7

57.8

59

(announced May 2020)

65

63

4.2
9.6

Mar/2019 Mar/2020 Mar/2021 Mar/2022（Est.）
ResultResult（Est.）(Mt/year)Upper：Thermal coal
Lower：Coking coal

Coal*2(Mt/year)

Mar/2023（Est.）

3.0
10.6

Mar/2019 Mar/2020
ResultResult13

15

Mar/2021 Mar/2022（Est.）（Est.）

17

Copper*2

153

Mar/2023（Est.）

154

Mar/2019 Mar/2020
ResultResult162

Mar/2021（Est.）(Kt/year)

168

162

Mar/2022（Est.）

Mar/2023（Est.）*1. Some projects not yet reflective of effects from COVID-19*2. Based on Vale's announced figures as of 17/Apr

Production

FY Mar/2019

FY Mar/2020

Q1

Q2

Q3

Q4

Total

Q1

Q2

Q3

Q4

Total

Iron ore (Mt)

14.8

15.3

15.8

13.8

59.7

14.1

14.4

15.1

14.2

57.8

Australian iron ore

10.3

10.0

10.0

8.2

38.5

10.0

10.8

10.3

9.8

40.9

Vale*1

4.5

5.3

5.8

5.6

21.2

4.1

3.6

4.8

4.4

16.9

Coal*2（Mt)

3.1

3.5

3.7

3.5

13.8

3.3

3.4

3.6

3.3

13.6

MCH

2.1

2.1

2.1

2.0

8.3

2.1

2.1

2.1

2.0

8.3

BMC*1

0.5

0.6

0.5

0.5

2.1

0.5

0.6

0.5

0.4

2.0

Australian coking coal

2.0

2.0

2.0

1.9

7.9

2.4

2.3

2.3

2.1

9.1

Australian thermal coal

0.6

0.7

0.6

0.6

2.5

0.2

0.4

0.3

0.3

1.2

Moatize*1

0.3

0.4

0.5

0.4

1.6

0.3

0.3

0.3

0.3

1.2

39.3

153.6

Copper*1, 2（Kt）

36.5

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35.8

38.3

42.4

153.0

36.3

38.0

40.0

*3

*1. Vale, BMC, Moatize and copper are results for: Q1 Jan-Mar; Q2 Apr-June; Q3 Jul-Sep; Q4 Oct-Dec*2. Includes Vale production (5% for FY Mar/2018 Q1 and earlier, 5.5% for Q2 and after, 5.6% for FY Mar/2019 Q4 and after)*3. Revised in May 2020 (Q3:39.6→40.0)29

Mineral & Metal Resources: Main businesses
Product

Name*1

LocationFY Mar/2020
equity production

Main partner

Equity ratio*4

Revenue recognition

Iron ore

Robe River

Australia

21.5 million tons

Rio Tinto

33.00％

Consolidated (partiallyaccounted for by dividend)

Iron ore

Mt. Newman / Yandi /Goldsworthy / Jimblebar

Australia

19.4 million tons

BHP

7.00％

Consolidated (partiallyaccounted for by dividend)

Iron ore

Vale

Brazil16.9 million tons*2

Vale

5.59％

Dividend

Coal

South Walker Creek / Poitrel

Australia

2.0 million tons*2

BHP

20.00%

Equity method

Coal

KestrelAustralia

1.4 million tons*2

EMR / Adaro

20.00%

Consolidated

Coal

Moranbah North /Grosvenor*5 / Capcoal /DawsonAustralia

6.9 million tons

Anglo American

Various

Consolidated

Coal

Moatize / Nacala

Vale

Moatize: approx. 15％
Nacala: approx. 50％

Moatize: Dividend
Nacala: Equity Method

Mozambique 1.2 million tons*2

CopperCollahuasi

Chile62.4 thousand tons*2

Anglo American
Glencore

11.03%

Equity method

CopperAnglo American Sur

Chile

37.0 thousand tons*2

Anglo American
Codelco9.50%

Equity method

Caserones

Chile

33.0 thousand tons*2

JX Nippon Mining & Metals
Mitsui Mining & Smelting

22.63％

Other

NickelCoral Bay

Philippines

3.5 thousand tons*3

Sumitomo Metal Mining

18.00%

Equity method

NickelTaganito

Philippines

4.7 thousand tons*3

Sumitomo Metal Mining

15.00%

Dividend

Copper*1 Includes JV names, company names, and project names*2 Jan-Dec 2019 results*3 Production capacity base
*4 As of end of March 2020
*5 Not included in production volume as due to be acquired in FY Mar/2021

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30

Energy: Crude oil & gas – Equity share of production & reserves

Production*1*2
243.8

259

252.3

(KBoE/day)

280

Reserves*1*3
10.4

221

172.6

185.0

181

71.2

67.3

78

Mar/2018
Result266(announced May 2020)

Mar/2019
Result173

93

Mar/2020
Mar/2021（Est. Result） （Est.）

180
137

100

84

Mar/2022（Est.）

Mar/2023（Est.）

Gas
ガス

7.4

Crude Oil
原油

3.0

Mar/2017
Result

9.5

6.6

2.9

Mar/2018
Result*3. According to Mitsui’s assessment standards

COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

31(100m barrels)

8.8

6.0

2.8

Mar/2019
Result*1. Oil equivalent
Mitsui’s equity share of interests of consolidated subsidiaries, affiliates, and non-consolidated interests*2. Mitsui’s share of sales is applied to certain projects
Some projects not yet reflective of effects from COVID-19(announced Oct 2019)

Gas
ガス
Crude Oil
原油

Energy: Main businesses (producing assets only)
Product

Project nameShareholder composition/Interest holders*= operator, Blue text= Mitsui participating entity

LNG: Production capacity
E&P: Production(FY Mar/2019 Result）

Accounting
Period*FY Mar 2020 result update
scheduled in Q1

Revenuerecognition

LNG

Abu Dhabi*ADNOC (70%), Mitsui (15%), BP (10%), Total (5%)

LNG:5.60 million tons/year

NA

Dividend income

LNG

Qatargas1*QP (65%), Total (10%), EM (10%), MILNED (7.5%), Marubeni (7.5%)

LNG:9.60 million tons/year

Mar.

Dividend income

LNG

Qatargas３*QP (68.5%), Conoco Phillips (30%), Mitsui (1.5%)

LNG:7.80 million tons/year

Mar.

Dividend income

LNG

Oman

*MOG(51%), Shell(30%), Mitsui (2.77%), others

LNG:7.10 million tons/year

NA

Dividend income

LNG

Equatorial Guinea*Marathon (60%), Sonagas (25%), Mitsui (8.5%), Marubeni (6.5%)

LNG:3.70 million tons/year

NA

Dividend income

LNG

SakhalinⅡ*Gazprom (50%+1 share), Shell (27.5%-1 share), Mitsui (12.5%), Mitsubishi Corp (10%)

LNG:9.60 million tons/year

Dec.

Dividend income

Dec.

Equity method
profit

LNG

North West Shelf(NWS）*Woodside, MIMI [Mitsui/Mitsubishi Corp=50:50], Shell, BP, BHP, Chevron (16.7% each)

LNG:16.90 million tons/year
LPG:0.46 million tons/year
Crude oil/condensate:97
thousand BD

LNG

Tangguh*BP(40.2%), KI Berau[Mitsubishi Corp/INPEX=56:44](16.3%), KG Berau[JOGMEC/Mitsui/Mitsubishi Corp/INPEX/JX=49.2:20.1:16.5:14.2](8.6%), KG
Wiriagar[Mitsui](1.4%), others

LNG:7.60 million tons/year
Crude oil/condensate: 6
thousand B/D

Dec.

Equity method
profit/Gross profit

LNG

Cameron*Sempra (50.2%), Mitsui, Total, [Mitsubishi Corp/NYK] (16.6% each)

LNG:12.00 million tons/year

Dec.

Equity method
profitE&P

MOECO/Thai offshore*Chevron, *PTTEP, MOECO (17.2%)

Gas/crude oil/condensate:
452 thousand B/DMar.

Gross profit/Equity method
profit/Dividend income

E&P

MOEX North
America/Kaikias*Shell (80%), MOEX NA (20%)

NA

Dec.

Gross profit

E&P

MEPME/Block9*Occidental (50%), OOCEP (45%), MEPME (5%)

NA

Dec.

Gross profit

E&P

MEPME/Block27*Occidental (65%), MEPME (35%)

NA

Dec.

Gross profit

E&P

MEPME/Block3&4*CCED (50%), Tethys (30%), MEPME (20%)

NA

Dec.

Gross profit

E&P

MEPUK/Alba*Chevron (23.4%), MEPUK (13.3%), others

Crude oil: 12 thousand B/D

Dec.

Gross profit

E&P

MEPAU/Greater Enfield*Woodside (60%), MEPAU (40%)

NA

Dec.

Gross profit

E&P

MEPAU/Kipper*EM (32.5%), BHP (32.5%), MEPAU (35%)

NA

Dec.

Gross profit

E&P

MEPAU&AWE/Casino,
Henry, Netherby*Cooper (50%), AWE (25%), MEPAU (25%)

Gas/condensate: 9 thousand
B/D

Dec.

Gross profit

E&P

MEPAU/Meridian*WestSide (51%), MEPAU (49%)

Gas: 6 thousand B/D

Dec.

Gross profit

E&P

MEPTX/Eagle Ford

*Sanchez (25%), Blackstone (25%), KNOC (25%), Venado (12.5%), MEPTX (12.5%)

Gas/condensate/NGL:
130 thousand B/D

Dec.

Gross profit

Gas: 343 thousand B/D

Dec.

Gross profit

E&P

MEPUSA/Marcellus*Chesapeake (32.5%), ALTA (32.5%), Equinor (15.5%), MEPUSA (12%), others
COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

32

Machinery & Infrastructure: Power generation portfolio

Net generation capacity (Mitsui’s share): 11.1GW(Gross generation capacity: 40GW)
As of end of March 2020

Merchant
4%

Renewable Energy
14%
Coal
18%

Americas28%

By
EnergySourceBy
RegionGas
68%

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Europe, Middle East
Africa32%

33

Asia, Australia
40%

Merchant/
Contracted
Contracted
96%

Mitsui’s Corporate Governance
Governance structure
Organizational format:
Company with Audit & Supervisory Board
Directors:
14 (of whom 5 are External Directors)
Audit & Supervisory Board Members:
5 (of whom 3 are external Audit & Supervisory Board
members)

Advisory Bodies to the Board of Directors:
1. Governance Committee (Committee chair: Chairmanof the Board of Directors)
2. Nomination Committee (Committee chair: External
Member)
3. Remuneration Committee (Committee chair: External
Member)

General meeting of shareholders
Election / Dismissal

Election / Dismissal

Election / Dismissal

GovernanceCommittee
Independent
Auditors

Reporting

Audit & Supervisory
Board Members / Audit& Supervisory Board

Auditing

Coordination

Accounting
and audits

Coordination

Internal Auditing Division

COPYRIGHT © MITSUI & CO., LTD. ALL RIGHTS RESERVED.

Board ofDirectors
Appointment
and dismissal
surveillance of
selection,
dismissal andconduct of
dutiesAuditing

AdvicePlacing
importantitems on theagenda,reporting on
business
execution

Framework for execution of Business

34

Nomination
Committee
Remuneration
Committee

Mitsui’s Corporate Governance（Following June 19, 2020 shareholders meeting)GovernanceCommittee

Nomination
Committee

Representative Director, Chairman of the Board◎○

Representative Director, President & CEO

○

○

Name
Masami Iijima
Tatsuo Yasunaga

Position at Mitsui

Yukio Takebe

Representative Director, Executive Vice President

Takakazu Uchida

Representative Director, Executive Vice President

Diversity
FemaleNon-Japanese○

Directors
Audit & Supervisory
Board Members

Kenichi Hori

Representative Director, Sr. Executive Managing Officer

Hirotatsu Fujiwara

Representative Director, Sr. Executive Managing Officer

Yoshio Kometani

Representative Director, Sr. Executive Managing Officer

Shinichiro Omachi

Representative Director, Sr. Executive Managing Officer

Miki Yoshikawa

Representative Director, Sr. Executive Managing Officer

Izumi Kobayashi

Director (external)

Jenifer Rogers

Director (external)○

Samuel Walsh

Director (external)○

Takeshi Uchiyamada

Director (external)

Masako Egawa

Director (external)

Makoto Suzuki

Full-time Audit & Supervisory Board member

Kimiro Shiotani

Full-time Audit & Supervisory Board member

Haruka Matsuyama

Audit & Supervisory Board member (external)

Hiroshi Ozu

Audit & Supervisory Board Member (external)

Kimitaka Mori

Audit & Supervisory Board Member (external)

○

○

◎

○

○
○

○

○

○

◎

35

○

○
○

2. The mark ◎ represents chairperson of each committee○○○

Notes 1. Election of 14 Directors are subject to resolution at shareholders meeting

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Remuneration
Committee

Mitsui’s Corporate GovernanceInitiatives related to improvement of Board effectivenessThe effectiveness of the Board of Directors is evaluated every fiscal year to confirm efforts to address
the challenges identified in the previous fiscal year's assessment, identify issues to be addressed for the
next fiscal year, and emphasize PDCA cycles to improve the effectiveness of the Board of Directors.
FY Mar/2020 initiatives to improve effectiveness

Further initiatives

Deepening of information about individual businessprojects
Clarification of relative position of projects in business
unit strategies. Enhancement of materials indicating theposition of large-scale projects throughout the company
and their impact on other businesses, etc.

1

Further improvement of Board meeting
management:• Provision of information on individual
business projects under consideration.
• Provision of progress reports on projects
after their approval by the Board of
Directors.
• Extension of prior briefing time forimportant projects.
• Provision of information on CF, IRR
assumptions at the investment stage for
impaired projects.
• Review of frequency and duration of Board
meetings• Implementation of additional free
discussion sessions without overnight offsites.

2

Further improvement of Board effectivenessin relation to discussion of overall strategies

3

Clarification of roles of advisory committees

Off-site free-discussion (FD)Off-site FD focusing on the themes of Management
Strategy as a Conglomerate and Mitsui Diversity
Management.
Changes to the management of the Board Meetings
Acceleration of Board materials distribution. Use of
written resolutions. Appropriate reporting of content of
discussions by the Corporate Management Committee.
Advisory committees
Regular reporting of activities of each advisorycommittee to the Board of Directors. Reporting ofactivity plans of each advisory committee to Board of
Directors.
Effectiveness evaluation method
Implementation of third-party evaluation in addition toself-evaluation.
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Please follow the link below for more details:
https://www.mitsui.com/jp/en/company/outline/governance/outlook/pdf/e_eoe_202003.pdf

36

Mitsui’s Corporate Governance
Remuneration of Directors(excluding External Directors)

Structure of Remuneration

 The compensation package comprises a fixed basic

Medium- to longterm incentive

Share performancelinked restricted stock

remuneration, performance-related bonus, and shareperformance-linked restricted stock as medium- to

Stock-based compensation

long-term incentives.

(Capped at a total amount of¥500mn/year) Share performance-linked restricted stock: Number ofshares is dependent on growth rate of Mitsui share

Performance-relatedbonus based on
profit for the year
and core operating
cash flow
Purchase of Mitsui shares from
his/her fixed basic remuneration
through Mitsui Executives’
Shareholding Association (alsoapplicable to external members)

Fixed basic
remuneration

price compared to that of the TOPIX index. Transfer

Short-term
incentive

restriction period is 30 years or until retirement.

Performance-related bonus

Directors(Capped at a total amount of¥700mn/year) Performance-related bonus: Total compensation =(Profit for the year x 50% x 0.1%) + (Core operating
cash flow x 50% x 0.1%)
 A certain amount of fixed basic remuneration will beallocated to Mitsui Executives’ Shareholding Association

Purchase of
Mitsui sharesfor monthly purchases of Mitsui shares.
External Directors

Fixed basic remuneration

Audit & Supervisory Board Members(Capped at a total amount of ¥240mn/year)(Capped at a total amount of ¥1bn/year)(Note 1) No retirement compensation is paid

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37

Mitsui & Co. Investor Day 2020
Change of date
FY Mar/2021 marks the beginning of Mitsui’s new
Medium-term management plan, and at this year’s
Investor Day we will take the opportunity to discuss thedetails of the plan.
Due to the spread of COVID-19, the event will berescheduled from its usual date in June toTuesday November 10 th, 2020
Further details will be provided by the IR Division
closer to the date.
Mitsui & Co.
IR Division
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38