#1Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. MITSUI & CO. LNG Business Strategy Energy Business Unit II Motoyasu Nozaki#2LNG Business Environment 360° business innovation. Energy demand increasing along with economic and population growth "Dual Challenge" MORE energy CLEANER energy Addressed through LNG and its comparatively low environmental impact Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. N MITSUI & CO.#3Basic Strategies 360° business innovation. Resource Development Supply Global Markets Reinforce our competitive asset portfolio Maximize value Develop new of existing assets pipeline projects Expand and optimize our LNG sales/supply portfolio Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. Sakhalin Energy 3 MARVEL EAGLE PANAMA MITSUI & CO.#4Existing LNG Assets LNG Gas Upstream Qatargas I Qatargas III Abu Dhabi LNG Oman LNG Equatorial Guinea LNG "Image supplied by the North West Shelf Project" Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. Sakhalin Energy Sakhalin II Tangguh Meridian CSG North West Shelf 360° business innovation. Marcellus Shale Cameron LNG Train1 4 MITSUI & CO.#5360° business innovation. LNG Assets under Development Annual Production Capacity Cameron LNG Train 2 and Train 3 Anadarko Petroleum Corporation Mozambique Area 1 Sakhalin Energy Sakhalin II expansion "Image supplied by the North West Shelf Project Browse gas field Mozambique Area 1 8m tons Establishing new LNG production facilities 12m tons 9m tons Natural gas resource development, establishing new LNG production facility Browse gas field Natural gas resource development, backfilling North West Shelf LNG Sakhalin II expansion · Expansion of existing liquefaction facility *At peak production 4.8m tons *m = million tons per year 5 Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. 食 MITSUI & CO.#6Mozambique Area 1 Development History Final investment decision to be made (2019 Area 1 Consortium OFFSHORE AREA 1 Development plan approved by government 2018 Golfinho/Atum AQUIFER Marine concession agreement concluded with government 2017 Orca LNG Facility Site Prosperidade Tubarão Tubarão Tigre MOZAMBIQUE 10 MLES 16 KM ☐ Area 1 Block Natural Gas Field Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. 2010 360° business innovation. Ownership Anadarko ONGC/Oil India Bharat Mitsui E&P ENH OPTTEP 8.5% 10% 26.5% 2014 Environmental assessment approved by Mozambique government 15% Special LNG law enacted 20% 20% Huge gas field discovered 2008 Acquired interest in Area 1 exploration block 60 MITSUI & CO.#7Mozambique Area 1 One of the world's largest natural gas reserves (75 trillion cubic feet) Located in East Africa, a new supply source Strategic location provides access to markets in the Far East, Asia, Europe, Central and South America, and others Strong support from the Mozambique government Annual production capacity of 12 million tons (total two trains) Annual sales volume LNG sales destination (million tons) Tokyo Gas & Centrica 2.6 Shell 2.0 JERA & CPC 1.6 CNOOC 1.5 Total of over EdF 1.2 11m tons Bharat 1.0 Pertamina 1.0 Tohoku Electric Power 0.28 Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. 360° business innovation. 7 MITSUI & CO.#8360° business innovation. Mitsui's Equity Share of Annual Production Capacity (10,000 tons) 1200 1000 Total of over 10m tons Mozambique Area 1 ▼ Building long-term trust with a variety of stakeholders including buyers, operators, host governments, etc. 800 Cameron 600 Qatargas III Sakhalin II/Tangguh Equatorial Guinea 400 Oman Qatargas I NWS 200 Abu Dhabi 0 1970 1980 1990 2000 2010 2020 2030 *For descriptive purposes, current production volumes have been used for all projects Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. 8 食 MITSUI & CO. 丼 MITSUI & CO.#9360° business innovation. Expand and optimize our LNG sales/supply portfolio Mitsui currently handling three million tons per year; total seven million once Cameron reaches full production Ability to monetize LNG by ourselves is key to developing the LNG business going forward Marketing functions being expanded in four locations – Tokyo, Singapore, London, and Houston London Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. Tokyo Singapore 6 Houston MITSUI & CO.#10360° business innovation. Cameron LNG Development History Production start at Train 1 2019 Ownership Sempra Energy Mitsui & Co. Mitsubishi Corp./Nippon Yusen JV □ TOTAL Annual production capacity of 12 million tons (total three trains) Annual volume of LNG handled by Mitsui of four million tons Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. 16.6% 2014 Conclusion of EPC contract for liquefaction 16.6% 50.2% plant Final investment decision made 16.6% 2012 Start of joint study (Sempra, Mitsui & Co., Mitsubishi Corp., ENGIE (at that time)) 10 MITSUI & CO.#11Quantitative Forecast 360° business innovation. Unit: billion 219.1 200- 95.7 220 130- 120- 90- 140 140 96.3 84.5 100 Mar/19 Actual Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED. Mar/25 Forecast 11 Mar/30 Forecast Profit after tax (energy segment) Core operating cash flow (energy segment) Profit after tax (LNG-related business) Core operating cash flow (LNG-related business) MITSUI & CO.#12360° business innovation. MITSUI & CO.