December 23, 2020
For Immediate Release
To Whom It May ConcernMitsui & Co., Ltd.
Final Investment Decision for the Waitsia Gas Project Stage 2 Development
Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Tatsuo Yasunaga),
together with its partner Beach Energy Limited has made a final investment decision subject
to necessary government approvals, as the operator of a gas development project relating tothe Waitsia gas field (“Waitsia”) in the state of Western Australia, called the Waitsia Gas
Project Stage 2 Development (“Stage 2 Development”). Mitsui holds a 50% interest in theWaitsia through AWE Pty Ltd (“AWE”).
In 2018, Mitsui acquired AWE which has an interest in Waitsia, located onshore
approximately 350 km north of Perth, Western Australia. The acquisition was primarily toexpand Mitsui’s competitive oil and gas portfolio in Australia and to gain operatorshipcapabilities.
The Waitsia discovery is one of the largest onshore natural gas fields in Australia. In addition
to the increase of reserves confirmed after Mitsui’s acquisition of AWE, securing access toLNG markets, through the LNG facilities owned by the North West Shelf Joint Venture(“NWS JV”) 1in which Mitsui participates, enabled the Stage 2 development to progress. 2The aim of the Stage 2 Development is to contribute to the stable supply of LNG to meetincreasing global demand as well as to continue supplying domestic gas for use by Western
Australian manufacturers and consumers. It will also contribute to a low-carbon society bypromoting fuel conversion to gas in the medium term.
Through the Stage 2 Development, gas production capacity of 250 TJ/day will be added tothe current Stage 1 capacity of 20 TJ/day. The Stage 2 Development involves the drilling ofadditional wells and the construction of a new gas plant with a gross capital expenditure ofA$768mil (JPY59.3 billion), of which A$384mil (JPY 29.7 billion) net to Mitsui. The

1Mitsui has a 50% equity interest in Japan Australia LNG (MIMI) Pty Ltd, which holds a 16.67% participatinginterest in the NWS JV.
2A Gas Processing Agreement between NWS JV and the Waitsia Joint Venture with a parent company

guarantee made by Mitsui in favor of NWS JV was signed to secure the right to use the LNG plant to liquefyand export Waitsia gas.

1commencement of production from the Stage 2 Development is planned in the 2nd half of2023.
Waitsia creates strategic value by enhancing Mitsui’s function as an operator in the broad
range of energy business. The project utilizes Mitsui’s comprehensive strengths, and takes alead in creating value across the gas supply chain. It also enables Mitsui to develop further
business opportunities by utilizing its accumulated knowledge and expertise in areas such as
gas value chain and carbon management.
The impact of this decision on Mitsui’s profit for the year ending March 2021 is expected tobe minor.

[Participating Interest Holders of Waitsia]

AWE Pty Ltd (operator)
Beach Energy Limited

50%
50%

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 andinvolve 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 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. This announcement is published in order to publicly
announce specific facts stated above, and does not constitute a solicitation of investments or any similar act
inside or outside of Japan, regarding the shares, bonds or other securities issued by us.

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