Investor Day 2018

Financial Strategy Review and Outlook Basic Policy Support Mitsui’s growth strategy by ensuring liquidity and maintaining financial soundness

 Ensure long-term stable funding and maintain access to financial capital markets

 Maintain liquidity and mitigate refinancing risk

 Fully utilize loans from government financial agencies, project finance

 Exercise efficient cash management and transaction control (global cash management, in-house banking)

Cash flow focused management; Strengthen financial base

 Introduced cash flow allocation framework from previous medium-term management plan  Mar/2017: Executed hybrid loans (total ¥555bn, recognized equity content 50%)  Mar/2017 onwards: Made steady progress in strengthening financial base amid strong earnings  Mar/2018 year end: Reduced Net DER to 0.78x (lowest ever); Equivalent to 0.66x after adjustment for hybrid loans  Improved major ratings outlook from Negative to Stable  Current outlook for shareholder returns in medium-term plan is ¥400bn+, compared with total shareholder returns during period of previous plan of ¥400bn

(100 million yen) Iron Ore Crude Oil (JCC) (USD) 7,000 180

160 6,000 140 5,000 120

4,000 100

3,000 80 60 2,000 40 1,000 20

0 0 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3e 20/3e

(100 million yen) 7,000 Due within 2 years: Hybrid(1st Call) Short-Term Debt Long-Term Debt 11,400 6,000

5,000

4,000

3,000

2,000

1,000

0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

(100 million yen) (times)

60,000 Shareholder's Equity Net Debt Net DER 1 0.9 50,000 0.8 0.7 40,000 0.6 30,000 0.5 0.4 20,000 0.3 0.2 10,000 0.1 0 0 13/3 14/3 15/3 16/3 17/3 18/3 19/3e 20/3e *Adjusted Net DER by including 50% of subordinated syndicated loan (JPY 555bil) in capital

(100 million yen) (times)

90,000 Non-Current Asset Shareholder's Equity Multiple 2.0 80,000 1.9

70,000 1.8 1.7 60,000 1.6 50,000 1.5 40,000 1.4 30,000 1.3 20,000 1.2 10,000 1.1 0 1.0 13/3 14/3 15/3 16/3 17/3 18/3 19/3e 20/3e

(100 million yen) (%)

50,000 Risk Asset Shareholder's Equity Risk Asset/Equity 80 75 40,000 70 65 30,000 60 55 20,000 50 45 10,000 40 35 0 30 13/3 14/3 15/3 16/3 17/3 18/3 19/3e 20/3e *Adjusted Shareholder’s Equity by including 50% of subordinated syndicated loan (JPY 555bil) in capital

Energy

C o r e A r e a s Machinery & Infrastructure

Chemicals

Raw Material Supply Secure competitive resources and contribute to stable supply Recovery & Value Refinery & Recycling chain Processing Establish trading and investment businesses to fulfill customer & Sales and partner needs Marketing

Pursue balanced business which contributes to sustainable economic growth, while preserving the environment

89.3 ■ Profit (PAT)

■ Core Operatin