production & reserve report - mitsui · australia rio tinto kestrel ... information” of data...

CONTENTS

Mining Activities1 >> Locations and Brief Description

2 >> Business Overview 1. Description of the Iron Ore Mines 2. Production tonnage of Iron Ore 3. Reserve and resource tonnage of Iron Ore

3 >> Supplemental Information

Oil & Gas Producing Activities1 >> Locations and Brief Description

2 >> Business Overview

1. Present activities 2. Proved reserves and production 3. Results of operations 4. Capitalized costs, property acquisition, exploration and development


PRODUCTION & RESERVE REPORTAs of March 31, 2016

MITSUI & CO., LTD.

Collahuasi

Los Bronces, etc.

Caserones

Erdos EJM Manganese Alloy

Yandi

Mt. Goldsworthy

Jimblebar

Iron OreCoalCopper

NickelAluminumFerro-Alloy

Coral Bay

Hyuga

Taganito

Vale

Albras/Alunorte

Robe River

Mt. Newman

Los Pelambres

Drayton

Bengalla

Dawson

German Creek/Lake Lindsay

South Walker Creek/PoitrelMoranbah North

Kestrel

Erdos EPMC

1 2

8 9

10

7

15

12

14

13

16

17

23

24

26

25

113 4

5

6

21

22

19

20

18

Mining Activities

1>> Locations and Brief Description

Major Projects in Mining and Smelting BusinessAs of March 31, 2016

Mining Activities

MITSUI & CO., LTD. Production & Reserve Report 20161

Mining Activities

As of March 31, 2016

Ref Products Description Country Operator Asset or CompanyMitsui’s Subsidiary or Equity Accounted Investee s*1

Ownership % of Asset

or Company

Included in Production and Reserve Information

1 Aluminium Aluminium Smelter Brazil Norsk Hydro Aluminio Brasileiro (“Albras”) Mitsui Aluminium 10.07%

2 Aluminium Alumina Refinery Brazil Norsk Hydro Alumina do Norte do Brasil (“Alunorte”) Mitsui Aluminium 2.82%

3 Coal Metallurgical Australia BHP Billiton South Walker Creek BHP Billiton Mitsui Coal 20%

4 Coal Metallurgical Australia BHP Billiton Poitrel BHP Billiton Mitsui Coal 20%

5 Coal Thermal Australia New Hope Bengalla Mitsui Coal Holdings 10%

6 Coal Metallurgical/Thermal Australia Rio Tinto Kestrel Mitsui Coal Holdings 20%

7 Coal Metallurgical/Thermal Australia Anglo American Dawson Mitsui Coal Holdings 49%

8 Coal Metallurgical Australia Anglo American German Creek Mitsui Coal Holdings 30%

9 Coal Metallurgical Australia Anglo American Lake Lindsay Mitsui Coal Holdings 30%

10 Coal Thermal Australia Anglo American Drayton Mitsui Coal Holdings 3.83%

11 Coal Metallurgical Australia Anglo American Moranbah North Mitsui Coal Holdings 4.75%

12 Copper

Copper Cathode Copper and Molybdenum Concentrate

ChileCompañía Minera Doña Inés de Collahuasi*2

Compañía Minera Doña Inés de Collahuasi*2

Japan Collahuasi Resources 7.428%

13 Copper

Copper Cathode Copper and Molybdenum Concentrate

Chile Anglo American Anglo American Sur(Los Bronces Mine, etc.)

Oriente Copper Netherlands

9.5%*3

14 CopperCopper and Molybdenum Concentrates

Chile Antogafasta Minera Los Pelambres Nippon LP Resources 1.25%

15 Copper

Copper Cathode Copper and Molybdenum Concentrates

Chile Minera Lumina Copper Chile

Caserones Copper and Molybdenum Deposit

Mitsui Bussan Copper Investment 22.63%

16 Ferro-Alloy Silico Manganese China Erdos EJM Manganese Alloy

Erdos EJM Manganese Alloy

Erdos EJM Manganese Alloy 24.5%

17 Ferro-Alloy

Coal Mining, Power Generation, Ferro-silicon, PVC etc.

China Erdos Electrical Power and Metallurgical

Erdos Electrical Power and Metallurgical

Erdos Electrical Power and Metallurgical 25%

18 Iron Ore — Australia Rio Tinto Robe River Iron Associates Mitsui Iron Ore Development 33% √

19 Iron Ore — Australia BHP Billiton Mt. Newman Joint Venture Mitsui-Itochu Iron 7% √

20 Iron Ore — Australia BHP Billiton Yandi Joint Venture Mitsui Iron Ore Development 7% √

21 Iron Ore — Australia BHP Billiton Mt. Goldsworthy Joint Venture

Mitsui Iron Ore Development 7% √

22 Iron Ore — Australia BHP Billiton BHP Iron Ore (Jimblebar) Mitsui-Itochu Iron 7% √

23 Iron Ore*4 — Brazil Vale Various Valepar 5% √

24 Nickel Nickel-Cobalt Mixed Sulfide Philippines Sumitomo Metal

Mining Coral Bay NickelMitsui & Co. Mineral Resources Development (Asia)

18%

25 Nickel Nickel-Cobalt Mixed Sulfide Philippines Sumitomo Metal

Mining Taganito HPAL NickelMitsui & Co. Mineral Resources Development (Asia)

15%

26 Nickel Ferronickel Japan Sumitomo Metal Mining Hyuga Smelting — 15%

*1. Mitsui’s ultimate subsidiary/equity accounted investee, or company that holds asset or company, or representative subsidiary/equity accounted investee listed on “6.Subsidiary/Associated Companies Information” of Data Book issued as a part of quarterly financial result.

*2. Anglo American and Glencore have 44% shareholding each in Compañía Minera Doña Inés de Collahuasi SCM.*3. Figure in brackets shows ownership % in Los Bronces mine, etc.*4. Other businesses except for iron ore (coal, copper, nickel, etc.) held by Mitsui through Valepar is not included in this table.*5. Valepar’s shareholding in Vale is 33.7% and Mitsui’s shareholding in Valepar is 15%. Through Valepar, Mitsui indirectly owns 5% (= 33.7% × 15%) of Vale.

MITSUI & CO., LTD. Production & Reserve Report 2016 2

Mining Activities

2 >> Business Overview

1. Description of the Iron Ore Mines

(1) Joint Venture with Rio Tinto Robe River Iron Associates

i) Entity by which Mitsui Reports Earnings on Financial Results (Figure in brackets show Mitsui’s Ownership Interest of subsidiary)

ii) Entity by which Mitsui Participates in the Mining Activity (Figure in brackets show Mitsui’s Ownership Interest of the Joint Venture)

iii) Area of Mining Operation (Region, State, Country)

Name of Mines*1 LocationType of Mineral Resources*2 Means of Access to the Property Title/Lease Type of Mine Power Source

i) Mitsui Iron Ore Development Pty. Ltd. (100%)ii) Mitsui Iron Ore Development Pty. Ltd. (33%)iii) Pilbara Region, Western Australia, Australia

Mesa J Robe Valley, south of the town of Pannawonica, approximately 200km southwest of Cape Lambert port

Channel Iron Deposit(Pisolite)

Railway and port (owned by Robe River Iron Associates and operated by Pilbara Iron Pty. Ltd.)

Agreements for life of mine with Government of Western Australia

Open pit Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron Pty. Ltd.

Mesa A Approximately 50 km west of Pannawonica


Railway and port (owned by Robe River Iron Associates and operated by Pilbara Iron Pty. Ltd.)



HistoryThe Robe River project which is integrated iron ore mining operation was commissioned and first shipped in 1972. Currently it consists of two mining areas, Pannawonica and West Angelas and the current total production capacity is 70 million tons per annum (mtpa). There are two principal producing mines in Pannawonica area, Mesa J and Mesa A. Mesa J produces Pisolite type iron ore was commissioned in 1992. In December 2007, the joint venture decided to develop Mesa A, which produces Pisolite type iron ore and was commissioned in February 2010. The total capital cost spent was US$901 million (100% basis). With this addition, total production of Pannawonica area will be maintained at 35 mtpa.

West Angelas Approximately 400 km southeast of Cape Lambert port

Marra Mamba Railway and port (owned by Robe River Iron Associates and operated by Pilbara Iron Pty. Ltd.)



HistoryThe development of West Angelas began in 1998. Mining of ore commenced in March 2002. The West Angelas deposits generally contain Marra Mamba type iron ore with a higher iron content than Robe Valley’s Mesa J and Mesa A mines. Expansion of the West Angelas mine was completed in October 2005. This US$105 million (100% basis) project has expanded the mine’s production capacity to 25 mtpa. Current production capacity is 29 mtpa. The joint venture decided to invest in the development of Deposit B in West Angelas mine. Deposit B started its production at the end of 2014. Upon completion, total production capacity at West Angelas has been expanded from 29 mtpa to 35 mtpa and total capital cost for this development is estimated to be below A$642 million (100% basis).

*1. “Name of Mines” indicates the names of principal producing mines. *2. “Channel Iron Deposit”, “Marra Mamba”, “Brockman” and “Nimingarra” refer to the types of iron ore that are found in the Pilbara region of Western Australia.

Development projects at joint ventures with Rio TintoRobe River Iron Associates uses a dedicated rail system, operated by Pilbara Iron, to transport ore from its mines to the company’s deepwater port facilities at Cape Lambert and Rio Tinto’s Dampier. US$860 million (100% basis) expansion plan to increase port capacity at Cape Lambert from nameplate capacity of 55 mtpa to 80 mtpa was completed in November 2008. In December 2010, expansion plan to increase port capacity at Cape Lambert from nameplate capacity of 86 mtpa to 139 mtpa was approved. While completion of the expansion was scheduled by the end of 2013 and it was expected to invest A$3.78 billion (100% basis), this project has completed in October 2013 with ahead of time and within budget. In September 2012, a further expansion plan to increase port capacity at Cape lambert from nameplate capacity from 139 mtpa to 206 mtpa was approved. The first shipment from incremental capacity has been started from the middle of 2015 and it is expected to invest below A$1.5 billion (Mitsui’s share).


Mining Activities

(2) Joint Venture with BHP Billiton Mt. Newman Joint Venture

i) Entity by which Mitsui Reports Earnings on Financial Results (Figure in brackets show Mitsui’s Ownership Interest of subsidiary)

ii) Entity by which Mitsui Participates in the Mining Activity (Figure in brackets show Mitsui’s Ownership Interest of the Joint Venture) iii) Area of Mining Operation (Region, State, Country)


i) Mitsui-Itochu Iron Pty. Ltd.ii) Mitsui-Itochu Iron Pty. Ltd. (10%) (Mitsui’s share of Mitsui-Itochu Iron Pty. Ltd. is 70%)iii) Pilbara Region, Western Australia, Australia

Mt. Whaleback Near the town of Newman, approximately 400 km south of Port Hedland

Brockman,Marra Mamba

Railway (owned by Mt. Newman Joint Venture), and Nelson Point shipping facilities (owned by Mt. Newman Joint Venture) and Finucane Island shipping facilities (owned by Mt. Goldsworthy Joint Venture) at Port Hedland

Agreement with Western Australia Government, which expires in 2030 with the rights for successive renewals of 21 years

Open pit Mainly sourced from Yarnima power station where the remainder is supplied through supplementary contract with Alinta Dewap Newman power station.

HistoryThe joint venture began production in 1969 at the Mt. Whaleback ore body. Currently, production continues to be mainly sourced from the Mt. Whaleback ore body and is complemented by production from other ore bodies, namely Orebodies 18, 24, 25, 29, 30 and 35 and Jimblebar, which we are involved in through the Wheelarra arrangement with BHP Iron Ore (Jimblebar) Pty. Ltd., Itochu Minerals & Energy Australia Pty. Ltd., and four Chinese steelmakers.

Yandi Joint Venture


i) Mitsui Iron Ore Development Pty. Ltd. (100%)ii) Mitsui Iron Ore Corporation Pty. Ltd. (7%)iii) Pilbara Region, Western Australia, Australia

Yandi Approximately 90 km north of Newman, approximately 300 km south of Port Hedland


Rail spur (owned by Yandi Joint Venture) connected to Newman main line, and Finucane Island shipping facilities and Nelson Point shipping facilities at Port Hedland

Agreement with Western Australia Government, which expires in 2033 with one renewal right to a further 21 years


HistoryDevelopment of the ore body began in 1991, and the project’s first shipment of iron ore was in March 1992. Capacity was progressively expanded from 1994 through 2003, and the production is currently 80 mtpa. Three processing plants and a primary crusher and overland conveyor are used to crush and screen the Yandi ore and deliver it to one of two train loading facilities.


Mining Activities

Mt. Goldsworthy Joint Venture


i) Mitsui Iron Ore Development Pty. Ltd. (100%)ii) Mitsui Iron Ore Corporation Pty. Ltd. (7%)iii) Pilbara Region, Western Australia, Australia

Northern(Yarrie)(Nimingarra)

Approximately 200 km east of Port Hedland

Nimingarra Railway (owned by Mt. Goldsworthy Joint Venture) and Nelson Point shipping facilities at Port Hedland

Agreements with Western Australia Government, which have expiry dates between 2014 and 2028 with rights to successive renewals of 21 years


Mining Area C

120 km northwest of Newman, 40 km southwest of Yandi

Brockman,Marra Mamba

Rail spur (owned by Goldsworthy Joint Venture) connecting to Mining Area C to Newman main line and Finucane Island shipping facilities at Port Hedland

Agreements with Western Australia Government, which have expiry dates between 2014 and 2028 with rights to successive renewals of 21 years


HistoryIn October 2003, the joint venture opened the new Area C mine located 120 km northwest of Newman, which produces Brockman ore and Marra Mamba ore deposits, which are sold under the trademark MAC. Production is currently 59 mtpa. Ore from Mining Area C is transported via a 39 km of railway to the Yandi mine, which then connects to the Newman main line to Port Hedland.

BHP Iron Ore (Jimblebar) Pty. Ltd


i) Mitsui Itochu Iron Pty. Ltd. ii) Mitsui Iron Ore Exploration Pty. Ltd. (7%)iii) Pilbara Region, Western Australia, Australia

Jimblebar Near the town of Newman, approximately 400 km south of Port Hedland

Brockman, Marra Mamba

Rail spur (owned by Mt. Newman, Yandi and Goldsworthy Joint Venture) connecting to Newman main line and Finucane Island shipping facilities at Port Hedland

Agreements with Western Australia Government which has an expiry date of 2030 with rights to successive renewals of 21 years


HistoryIn June 2013, Mitsui acquired 7% interest of BHP Iron Ore (Jimblebar) Pty. Ltd. which is a subsidiary of BHP Billiton developing the Jimblebar Iron Ore mine (hereinafter “Jimblebar”) in Western Australia, as part of their Iron Ore business. The investment amount was approximately US$700 million for Mitsui. Jimblebar is a large prospective deposit located approximately 40km east of Newman in the Pilbara region. The mine was officially opened on April 2014 and through the successful ramp-up, during March quarter it achieved a production rate excess of 35 mtpa.

*1. “Name of Mines” indicates the names of principal producing mines. *2. “Channel Iron Deposit”, “Marra Mamba”, “Brockman” and “Nimingarra” refer to the types of iron ore that are found in the Pilbara region of Western Australia.

Development projects at joint ventures with BHP BillitonIn November 2008, the joint ventures approved Rapid Growth Project 5 (RGP5) with a total capital investment of US$5.6 billion. RGP5 was expected to increase installed capacity by 50 mtpa to 205 mtpa and deliver first production in the second half of 2011. The majority of production growth was to come from the Yandi and Mining Area C operations. RGP5 was to also deliver significant infrastructure upgrades through additional shipping berths at the Port Hedland inner habour (Finucane Island), double tracking of the rail system, additional crushing, screening and stockpiling facilities at Yandi. In January 2010, the joint venture approved US$1.93 billion (Mitsui’s share is US$93 million) of capital expenditure to underpin the further accelerated growth of Western Australia Iron Ore (WAIO) business. This investment represents early expenditure for the Rapid Growth Project 6 (RGP6). RGP6 is expected to increase installed capacity of WAIO assets up to 240 mtpa during 2013. In March 2011, the scope of RGP5 and RGP6 was reviewed and the joint venture approved the capital investment of US$7.4 billion (Mitsui’s share is US$340 million) to deliver integrated operation with capacity in excess of 220 mtpa. The investment included the development of Jimblebar mine, rail links (US$3.3 billion out of US$3.4 billion to be funded by BHP Billiton), two berths, two shiploaders, port blending facilities and rail yards at Port Hedland. Through subsequent debottlenecking it is intended to upgrade the port capacity up to 240 mtpa, which is the total allocation given in the Port Hedland inner harbour.


Mining Activities

In November 2011, the joint venture approved the investment of US$822 million (Mitsui’s share is US$ 58 million) for the development of Orebody 24 mine, which will have a capacity of 17 mtpa. The investment included the construction of an ore crushing plant, train loadout facility, rail spur and other associated support facilities. First production was achieved in the December 2012 quarter. In February 2012, the joint venture announced an approval of US$917 million (Mitsui’s share is US$ 64 million) in pre-commitment funding for the construction of a 100 mtpa outer harbour facility associated with its WAIO operations. The project, which was expected to be reviewed for full approval in the fourth quarter of 2012, has an embedded option to expand by a further 100 mtpa. In August 2012, BHP Billiton announced that the most efficient means of expanding production from WAIO beyond its current 240 mtpa inner harbour throughput allocation in Port Hedland has been evaluated and preliminary studies have shown the potential for WAIO to ship substantially more than 240 mtpa from the inner harbour. In the second half of 2012, it was decided to refocus attention on the capital efficient expansion opportunity that exists within the Port Hedland inner harbour and all early works associated with the outer harbour development option were suspended. After the outer harbour development option was suspended, BHP Billiton shifted to the concept of increasing the capacity through debottlenecking the supply chain. BHP Billiton announced growth capacity up to 270 mtpa is expected to be achieved without any further fixed plant investment. Beyond 270 mtpa the Inner Harbour Debottlenecking projects have the potential to increase total capacity to 290 mtpa at a very low capital cost. In April 2015, as the potential of the installed infrastructure continues to exceed expectations, BHP Billiton decided to defer the Inner Harbour Debottlenecking project.

(3) Equity Accounted Investee Vale/Valepar

Mitsui hold a 15% profit share in Valepar S.A., which holds a 33.7% profit share of the common stock and preferred stock of Vale S.A. (“Vale”) as of December 31, 2015. For details of iron ore mines, please see Vale`s website.

2. Production Tonnage of Iron Ore

Production tonnage figures in the table below represent those of marketable products as tonnage after accounting for extraction and beneficiation losses.

In Thousands of Tons

Mitsui’s Fiscal Year Ended March 31,

2016 2015 2014

Joint Venture or Investee and Name of Mines*1

Mitsui’s Subsidiary or Equity Accounted Investee*2 Location

Total Production

Mitsui’s Share

Total Production

Mitsui’s Share

Total Production

Mitsui’s Share

Joint Venture with Rio Tinto

Robe River Iron Associates Mitsui Iron Ore Development Pty. Ltd.

Western Australia

Mesa J and Mesa A 33,288 10,985 33,952 11,204 34,093 11,251

West Angelas 33,555 11,073 30,510 10,068 29,177 9,628

Sub-Total 66,843 22,058 64,462 21,272 63,270 20,879

Joint Venture with BHP Billiton

Mt. Newman Joint Venture Mitsui Itochu Iron Pty. Ltd.

Western Australia 105,441 7,381 95,540 6,688 74,279 5,200

Yandi Joint Venture Mitsui Iron Ore Development Pty. Ltd.

Western Australia 78,238 5,477 80,840 5,659 79,918 5,594

Mt. Goldsworthy Joint Venture Mitsui Iron Ore Development Pty. Ltd.

Western Australia

Northern (Yarrie, Nimingarra) 0 0 0 0 984 69

Mining Area C 55,414 3,879 59,131 4,139 55,331 3,873

BHP Iron Ore Jimblebar Mitsui Itochu Iron Pty. Ltd.

Western Australia 19,048 1,333 15,037 1,053 5,123 359

Sub-Total 258,141 18,070 250,548 17,538 215,635 15,094

Eguity Accounted Investee

Vale S.A. Valepar S.A. Brazil 333,399 16,670 319,215 15,961 299,795 14,990

TOTAL 658,383 56,798 634,225 54,772 578,700 50,963

*1.“Name of Mines” indicates the names of principal producing mines. *2. Entity by which Mitsui reports earnings on financial results.


Mining Activities

3. Reserve and Resource Tonnage of Iron Ore

Reserves and resources of iron ore classified according to operator are presented in the tables below.

Operator: Rio Tinto*1, *2, *3, *4, *5, *6

In Millions of Tons

Year Ended December 31,

2015 2014 2013

Type of Ore Total Reserve Fe Basis (%) Mitsui’s Share Total Reserve Fe Basis (%) Mitsui’s Share Total Reserve Fe Basis (%) Mitsui’s Share

Reserves

Brockman — — — — — — — — —

Brockman Process Ore — — — — — — — — —

Channel Iron Deposit 194 56.8 64 216 56.8 71 260 56.9 86

Marra Mamba 209 61.4 69 185 61.5 61 196 61.5 65

Detrial — — — — — — — — —

Sub-Total 403 — 133 401 — 132 456 — 150

Resources

Brockman 50 61.8 17 46 61.9 15 15 61.3 5

Brockman Process Ore 32 57.0 11 32 57.0 11 15 57.1 5

Marra Mamba 529 61.6 175 579 61.6 191 581 61.6 192

Detrial 100 60.6 33 98 60.6 32 68 60.8 22

Channel Iron Deposit 4,530 56.7 1,495 4,273 56.8 1,410 3,757 57.4 1,240

Sub-Total 5,241 — 1,730 5,028 — 1,659 4,436 — 1,464

TOTAL 5,644 — 1,863 5,429 — 1,792 4,892 — 1,614

*1. Reserves of iron ore are shown as recoverable reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown. *2. Iron ore Reserves tons are reported on a dry weight basis.*3. Reserves and Resources of Robe River Iron Associates indicate reserves and resources as of the end of December 2015, 2014 and 2013. *4. Reserves as disclosed by Rio Tinto consist of proved and probable ore reserves.*5. Resources as disclosed by Rio Tinto consist of measured, indicated and inferred resources, which are stated as additional to the reserves.*6. Mitsui Iron Ore Development Pty. Ltd. is entity by which Mitsui reports earnings on financial results.


Mining Activities

Operator: BHP Billiton*1, *2, *3, *4, *5, *6, *7, *8, *9, *10, *11, *12, *13

Type of Ore

In Millions of Tons

Year Ended June 30,

2015 2014 2013

Total Reserve Fe Basis (%) Mitsui’s Share Total Reserve Fe Basis (%) Mitsui's Share Total Reserve Fe Basis (%) Mitsui's Share

Reserves

Brockman 2,400 62.2 168 2,100 62.2 147 2,000 62.6 140

Brockman Beneficiation 170 61.2 12 170 60.7 12 160 60.6 11

Channel Iron Ore Deposit 740 56.5 52 840 56.5 59 950 56.6 67

Marra Mamba 610 61.2 43 530 61.5 37 500 61.7 35

Nimingarra — — — 30 59.8 2 20 59.9 1

Sub-Total 3,920 — 274 3,670 — 257 3,630 — 254

Resources

Brockman 18,000 59.6 1,260 15,000 59.5 1,050 13,000 59.6 910

Channel Iron Ore Deposit 2,200 55.6 154 2,200 55.8 154 2,400 55.7 168

Marra Mamba 7,000 60.0 490 6,400 59.9 448 5,400 59.9 378

Nimingarra 200 61.1 14 200 61.1 14 190 61 13

Sub-Total 27,400 — 1,918 23,800 — 1,666 20,990 — 1,469

TOTAL 31,320 — 2,192 27,470 — 1,923 24,620 — 1,723

* 1. Ore resource grades listed refer to in situ mass percentage on a dry weight basis. Wet tons are reported for Western Australian Iron Ore (WAIO) deposit, including moisture contents: Brockman (BKM) 3%, Channel Iron Ore Deposit (CID) 8%, Marra Mamba (MM) 4%, Nimingarra (NIM) 3.5%.

* 2. A single cut-off value of resource was applied per deposit; however, cut-offs range from 50-55% Fe across the WAIO resource inventory.* 3. WAIO mineral resources and ore reserves are reported on a Pilbara basis by ore type to align with production of the Newman Blend lump product which comprises of BKM, BKM Beneficiated Ore and MM ore

types, in addition to other lump and fines products. This also reflects single logistics chain and associated management system.* 4. WAIO metallurgical recovery was 100% except for BKM Beneficiated Ore, where recovery was 74% (tonnage basis) due to the beneficiation plant processing ore from Whaleback. * 5. Ore reserve grades listed refer to in situ mass percentage on a dry weight basis. WAIO tonnage represent wet tons based on the following moisture contents:

BKM 3%, BKM Beneficiated Ore 3%, CID 8%, MM 4%, NIM 3.5%.* 6. Cut-off grade : WAIO 50-58% Fe for all material types* 7. The operations to support NIM ore type are currently on care and maintenance.* 8. Ore delivered to process plant* 9. WAIO reserves are all located on State Agreement mining leases that guarantee the right to mine. Across WAIO, State Government approvals (including environmental and heritage clearances) are required

before commencing mining operations in a particular area. Included in reserves are select areas where one or more approvals remain outstanding, but where, based on the technical investigations carried out as part of our mine planning process and knowledge and experience of the approvals process, it is expected that such approvals will be obtained as part of the normal course of business and within the time frame required by the current mine schedule.

*10. Reporting of NIM ore type was discontinued due to suspension of mining activities at the Yarrie mine in the Northern Pilbara in February 2014.*11. The increase in ore reserve was due to revised economic assumption used in the mine planning process. The decrease in reserve life was due to an increase in nominated production rate from 233Mt to

264Mt during the period from July 2014 to June 2015.*12. Reserves and resource of BHP Billiton indicate reserves and resources as of the end of June 2015, 2014 and 2013.*13. Mitsui Iron Ore Development Pty. Ltd. and Mitsui Itochu Iron Pty. Ltd are Entity by which Mitsui reports earnings on financial results.

Operator: Vale*

In Millions of Tons

Years Ended December 31

2015 2014 2013

Total Reserve Fe Basis (%) Mitsui’s Share Total Reserve Fe Basis (%) Mitsui’s Share Total Reserve Fe Basis (%) Mitsui’s Share

17,468 53.8 873 18,142 54.0 907 18,063 53.9 903

* Production and Reserves amounts for Samarco are excluded from the figures.

Total iron ore reserves decreased 3.7% from 2014 to 2015, mainly due to depletion by mine production. Previously reported reserves at Urucum and Corumba are no longer economically viable based on expected long-term prices, and accordingly reserves at those facilities are not reported. The reported reserves in the future might be revised, continuing to reassess the effects of changing price expectations.


Mining Activities

Project or Company Country Year CommencedProduction*1 (Millon Tons) Ownership

Robe River JV Australia 1970 66.8[22.1]

33%(Rio Tinto 53%)

Mt. Newman JV Australia 1967

258.1[18.1]

7%(BHP Billiton 85%)

Yandi JV Australia 1990

Mt. Goldsworthy JV Australia 1990

BHP Iron Ore (Jimblebar) Australia 2013

Vale Brazil 2003 333.4*2

[16.7] 5%

*1. Production in the fiscal year ended March 2016: Upper figures show total production (100% basis); lower figures in brackets show Mitsui’s share*2. Iron ore production in calender year 2015, excluding Samarco

Major Investments with Key Partners in Mineral & Metal Resources As of March 31, 2016

Mitsui’s Iron Ore Projects

* Pan Pacific Copper is 66% held by JX Nippon Mining & Metals and 34% by Mitsui Mining & Smelting.


Iron Ore

Coal

• South Walker Creek

• Poitrel (Australia)

• Kestrel JV (Australia)

• Dawson JV• Capricorn JV• Drayton JV• Moranbah

North JV (Australia)

• Mt. Newman JV• Yandi JV• Mt. Goldsworthy JV• BHP Iron Ore

(Jimblebar) (Australia)

Robe River JV (Australia)

BHP Billiton Rio Tinto

Copper Nickel

• Coral Bay • Taganito

(Philippines)• Hyuga

(Japan)

Collahuasi (Chile)

Los Bronces, etc.

(Chile)

Codelco

Caserones*1 (Chile)

Pan Pacific CopperVale Sumitomo

Metal Mining

Mitsui

Anglo American

Mitsui

Glencore Xstrata


Mining Activities

Mitsui’s Investment in Iron Ore As of March 31, 2016

Million TonsMar/2010 (Actual)

Mar/2011 (Actual)

Mar/2012 (Actual)

Mar/2013 (Actual)

Mar/2014 (Actual)

Mar/2015 (Actual)

Mar/2016 (Forecast*1)




BHP Billiton JVs*2 9.1 9.8 11.7 12.5 15.1 17.6 18.1 — — —

Robe River JV 19.7 19.1 19.6 20.2 20.9 21.3 22.1 — — —

Vale*3 11.5 14.9 15.6 15.5 15.0 16.0 16.7 — — —

Total 40.2 43.7 46.9 48.2 50.9 54.9 56.8 58 62 64

*1. Based on our forecast announced in May 2016.*2. Mt. Newman JV, Yandi JV, Mt. Goldsworthy JV and BHP Iron Ore (Jimblebar).*3. 5% equity share of Vale

Mitsui’s Equity Share of Iron Ore Production

*1. On Mitsui’s financial result, earnings of MIOD and MIOC are combined and reported as MIOD.*2. On Mitsui’s financial result, earnings of MII and MIOE are combined and reported as MII.

Million Tons

2019201520102000199019801970Years Ended/Ending March 31

0

10

20

30

40

50

60

70

Forecast

Mitsui’s Equity Share of Iron Ore Shipment

Note. Forecast for the year ending March 31, 2017 onward are based on Mitsui’s production forecast announced in May 2016.

Mt. Newman / Yandi / Mt. Goldsworthy JVs /BHP Iron Ore (Jimblebar)Ultimate interest holdings:BHP Billiton 85% Mitsui 7%Itochu 8%

Robe River Iron Associates (Robe River JV)Ultimate interest holdings:Rio Tinto 53% Mitsui 33%Nippon Steel & Sumitomo Metal (NSSM) 14%

ValeMajor Shareholders:Valepar 33.7%

Mitsui & Co., Ltd.

Mitsui & Co. (Australia) Ltd.

Mitsui & Co. Mineral Resources Development Pty. Ltd. (MMRD)

ItochuBHP BillitonRio Tinto NSSM

Mitsui Iron OreCorporation

Pty. Ltd. (MIOC)

Mitsui-Itochu Iron Pty. Ltd. (MII)

Mitsui & Co. Iron Ore Exploration & Mining

Pty. Ltd. (MIOE)Valepar S.A.

Mt.Newman J/V(Mitsui: 7%)

BHP Iron Ore Jimblebar Pty. Ltd.

(Mitsui: 7%)

Yandi J/V(Mitsui: 7%)

Mt.Goldsworthy J/V(Mitsui: 7%)

Robe River J/V(Mitsui: 33%)

Vale S.A.(Mitsui: 5%)

Mitsui Iron Ore Development

Pty. Ltd. (MIOD)

100%100%

80%

20% 40%

30%

35%8% 8% 8%5%

20%80%

5%

80%

7% 7% 33.7%

15%56% 80%

30%

20% 20%

7%

85%

60%

85% 85% 85%

10%

14% 20%

RRMC

*2*2*1*1

10%

CLIA


World Iron Ore Exports: 1,418 million tons

U.S.A.: 5

Taiwan: 23

Japan: 136China: 933

Korea: 74

Other LatinAmerica

31

SouthAfrica

66

Brazil344

Sweden24

CIS64

India10

EU: 114

Mauritania13

Canada40 15

8

7

6

26

10

517

31

12

25

11180

39

57

33

5

5 4

2

7

11

34

43

9

7

Australia717

76

570

70

4

2

1

2

1

Mining Activities

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Crude Steel Production 851 904 970 1,069 1,148 1,250 1,348 1,343 1,238 1,433 1,537 1,559 1,649 1,661 1,598

Pig Iron Production 578 611 670 724 793 875 946 927 908 1,034 1,089 1,112 1,161 1,181 1,153

Iron Ore Production 930 987 1,160 1,250 1,401 1,579 1,707 1,720 1,591 1,882 1,955 1,953 2,011 2,050 2,142

*1. Source: Until 2014, UNCTAD; for 2015, World Steel Association and Woodmac

* Source: Tex Report, UNCTAD

World Iron Ore Trade Flow (CY2014)

World Production

Million Tons

0

400

800

1,200

1,600

2,000

2,400 Iron Ore Production Crude Steel Production Pig Iron Production

Japan China Other Asia

EU North America Rest of World

Unit: million tons


Mining Activities

Iron Ore Production & Export by Country (CY2015)

Iron Ore Trade

* Source: Until 2014, UNCTAD; for 2015, Clarksons

*1. Source: Until 2014, UNCTAD; for 2015, Woodmac (however, Woodmac has always been the source for China-based data)*2. Inland portion included in exports


0

300

600

900

1,200

1,500

719646528544

769 834 891962

1,077 1,133 1,1621,292

1,36035

1,418

581528 657

839775725896

9441,036

1,118 1,163 1,248

1,3601,397

767

3623

127

65

940940

1311317373

1221229494

Million Tons

0

300

600

900

1,200

1,500

Million Tons

20152014201320122011201020092008200720062005200420032002

20152014201320122011201020092008200720062005200420032002

CY

CY

Exports

Imports

China Japan Korea Europe (excluding CIS) Others

Australia Brazil India South Africa Canada Others

0 0

ProductionExport

30 19 21 7 11 3 12 3

35 19 18 6 11 30

12 3

38 20 13 5 9 1300

22

1

6

45 26 6 5 3 212 9

51 24

1

1 16 5 3 21 8

54 25

0

5 4

1

31 5

0 11

1

1

0 0

0

0

10 0

100

Australia

2013 2014 2015

Venezuela

CanadaSweden

CIS

India

South Africa

China

U.S.A.

Brazil

Indonesia

2013

2014

2015

2013

2014

2015

CY CY

Million Tons% Million Tons%

215 220199

80 79 71

2428

1925

2427

1563 66 65 10 4

136

61 67 70

130106

22 213 30 1

425

269

361

579

803

717

609

803

72438 40 37

42 44 45

11 12 8

52 54 46

4 4 78 6Mauritania

15 1313 13 11 11

9

330370

344391

431399

2,011

2,142

2,050

1,292

1,476

1,418

Unit: million tons

ExportsProduction

Australia Brazil China India CIS South Africa Venezuela Mauritania Indonesia Canada U.S.A. Sweden Others

Mining Activities

2011 2012 20162013 20152014

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7

0

50

100

150

200

US$/Ton

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Australian Fine 31.4 27.9 25.3 26.7 28.3 28.6 29.5 26.2 27.4 28.5 27.8 30.3 36.0 61.7 73.4 80.4 144.7 97.0

Australian Lump 38.1 34.8 32.7 35.3 37.1 37.1 38.2 34.3 36.3 37.4 35.6 38.7 45.9 78.8 93.7 102.6 201.7 112.0

Brazilian Pellet 45.6 41 41 46.2 49.3 49 50.3 43.7 46.3 47.1 44.5 48.9 58.2 112 108.7 114.4 213.6 110.4

* Average of representative reference prices

Iron Ore Benchmark Price (Representative Iron Ore Price for Japan: Australian Fine/Lump & Brazilian Pellet)

Iron Ore Spot Price CFR North China (Fine, Fe 62%)

71.5%

71.5%

+92.6%

+5.3%

+86.7%

–48.3%

–44.5%

+96.5%

–3.0%

+19.0%

+19.0%

+9.5%

+9.5%+79.9%

–32.9%

US¢/DMTU

0

50

100

150

200

250 Australian Fine Australian Lump Brazilian Pellet


Mining Activities


Oil & Gas Producing

1>> Locations and Brief Description

Major Upstream Assets in Energy Business As of March 31, 2016

Oil & Gas Producing Activities

Tempa Rossa

Alba Britannia

TunaOman Blocks 3, 4, 9, 27/NOGJV

Qatar LNG

Gulf of Thailand

Wanaea/Cossack

Laverda/CimattiEnfield/Vincent

Tangguh LNGBrowse

LNG

Thai/L10/43, L11/43

Meridian CBM

Sakhalin II

Natural Gas/LNGOil

Casino/Henry/Netherby Thai/Block G4/43

Thai/Blocks B8/32 & 9A

Thai/Blocks 10, 11, 12, 13, 10A, 11A, G4/48

Thai/Block B12/27Thai/Blocks 14A, 15A, 16A

Kupe

Eagle Ford Shale

NWS LNG

Marcellus Shale

25

20

1624

26

17 18

3 4

5

2

6

Mozambique Area1

19

1

10

7

Kipper8

9

21

23

22

12

11

15

14

13


Oil & Gas Producing

As of March 31, 2016

Ref Country Operator Asset ProductMitsui's Subsidiary or Equity Accounted Investee Ownership

Type of Consolidation

Included in Production and Reserve Information

1 Australia Woodside Petroleum North West Shelf LNG/ Condensate

Japan Australia LNG (MIMI) 6.76%–7.90% Equity Method √

2 Australia Woodside Petroleum Wanaea/Cossack Oil Japan Australia LNG (MIMI) 8.33% Equity Method √

3 Australia Woodside Petroleum Enfield Oil Mitsui E&P Australia 40.00% Proportionate Consolidation √

4 Australia Woodside Petroleum Vincent Oil Mitsui E&P Australia 40.00% Proportionate Consolidation √

5 Australia Woodside Petroleum Laverda/Cimatti Oil Mitsui E&P Australia 40.00% Proportionate Consolidation √*1

6 Australia Santos Casino/Henry/Netherby Gas Mitsui E&P Australia 25.00% Proportionate

Consolidation √

7 Australia Westside Meridian CBM Gas Mitsui E&P Australia 49.00% Proportionate Consolidation √

8 Australia ExxonMobil Australia Kipper Gas/Condensate Mitsui E&P Australia 35.00% Proportionate

Consolidation √*2

9 New Zealand Origin Kupe Gas/

Condensate Mitsui E&P Australia 4.00% Proportionate Consolidation √

10 Indonesia BP Tangguh LNG LNG KG Berau/KG Wiriagar 2.30% Equity Method √

11 Thailand Chevron Chevron North(Blocks B8/32, 9A) Oil/Gas Mitsui Oil Exploration*3 Var

(2.79%–6.02%) Equity Method √

12 Thailand Chevron Block G4/43 Oil/Gas Mitsui Oil Exploration 21.25% Proportionate Consolidation √

13 Thailand ChevronChevron South(Blocks 10, 11, 12, 13, 10A, 11A), G4/48

Oil/Gas/Condensate Mitsui Oil Exploration Var

(20%–40%)Proportionate Consolidation √

14 Thailand Chevron Pailin(Block B12/27)

Gas/ Condensate Mitsui Oil Exploration 3.50% Proportionate

Consolidation √

15 Thailand PTT Exploration and Production

Arthit(Blocks 14A, 15A, 16A)

Gas/ Condensate Mitsui Oil Exploration 2.06% Proportionate

Consolidation √

16 Thailand Mitsui Oil Exploration Blocks L10/43, L11/43 Oil Mitsui Oil Exploration 70.00% Proportionate

Consolidation √

17 Oman Occidental Blocks 9, 27 Oil Mitsui E&P Middle East*4 – Proportionate Consolidation √

18 Oman Occidental NOGJV(Block 9, 27) Gas Mitsui E&P Middle East – Proportionate

Consolidation √

19 Oman CCED Blocks 3 & 4 Oil Mitsui E&P Middle East 20.00% Proportionate Consolidation √

20 Qatar Qatargas Operating Company Qatargas 1 Condensate Mitsui Gas Development

Qatar 2.50% Proportionate Consolidation √

21 Russia Sakhalin Energy Investment Company Sakhalin II LNG LNG/Oil Mitsui Sakhalin

Holdings B.V. 12.50% Dividend

22 U.S.A. Anadarko Marcellus Shale Shale Gas Mitsui E&P USA*4 15.49% Proportionate Consolidation √

23 U.S.A. Anadarko Eagle Ford Shale Shale Oil/Gas Mitsui E&P Texas*4 12.50% Proportionate Consolidation √

24 United Kindom

Britannia Operating Limited (Chevron, Conoco Philips)

Britannia Gas/Condensate Mitsui E&P UK*4 8.97% Proportionate

Consolidation √

25 United Kindom Chevron Alba Oil Mitsui E&P UK 13.30% Proportionate

Consolidation √

26 Italy Total Tempa Rossa Oil Mitsui E&P Italia*5 25.00% Proportionate Consolidation √

*1. Reserves for Laverda/Cimatti not included in this report due to timing of FID.*2. Reserves for Kipper gas and condensate field is not included in this report due to post-acquisition transition.*3. Mitsui’s ownership interest in Mitsui Oil Exploration Co., Ltd. (“MOECO”) is 74.3% as of end of March 2014. Production and reserve amounts contained in this report include MOECO’s production and reserve on

a 100% basis.*4. Ownership interests for these companies are Mitsui 60%, MOECO 40%.*5. Mitsui E&P Italia is a wholly owned subsidiary of Mitsui E&P UK.


Oil & Gas Producing

1. Present Activities We hereby summarize our ongoing activities by geographical area. The Americas, Oceania and Asia are the major areas of our activities in terms of both reserves and production.

Oceania We hold a 50% share in Japan Australia LNG (MIMI) Pty. Ltd. (“MIMI”), an associated company, which in turn holds a 16.7% interest in infra-structures and oil reserves and a 15.78% interest in the gas and condensate reserves of the North West Shelf Venture operated by Woodside Petroleum Ltd. The North West Shelf Venture is engaged in production of natural gas, crude oil, LPG and condensate and liquefaction of natural gas in Australia. Production capacity of LNG is some 16.3 million tons per annum (100% basis). The North Rankin Redevelopment project, linking a new gas compression platform (North Rankin B) to the existing North Rankin A plat-form achieved start-up in October 2013. This project will enable the recovery of approximately 5 trillion cubic feet (circa 110MT of LNG equivalent) of low pressure reserves. The redevelopment maximizes the value of the North West Shelf Project by extending the resource life and supporting its safe and stable supply of LNG to the existing and potential buyers. The Greater Western Flank Phase I development was approved by the North West Shelf Project participants in December 2011, to unlock additional Proved plus Probable reserves. The project achieved production start-up in October 2015. And in continuance to the Greater Western Flank Phase I development, Persephone Development Project was launched on November 2014 to unlock undeveloped gas reserves located to the northeast of the North Rankin platform. Production is expected to commence from second half of 2017. Also continuing from the Greater Western Flank Phase I development, final investment decision was made for its Phase II development in December 2015. The development will further unlock undeveloped reserves to support the project’s stable production of LNG from the second half of 2019. In April 2012 MIMI has agreed to participate in Browse LNG Project (planned LNG Production - 12 million tons per annum) promoted by Woodside Petroleum Ltd. through Japan Australia LNG (MIMI Browse) Pty Ltd (“MIMI Browse”), a subsidiary of MIMI. MIMI Browse’s interest in the Browse LNG Project is 14.4%. As a result of the Front End Engineering Design (FEED) studies, the Browse Joint Venture has decided to defer Final Investment Decision until such time when business conditions are more accommodative. Mitsui E&P Australia Pty Limited (MEPAU), our wholly owned subsidiary, has a 40% interest in the Enfield and Vincent oil fields located in the North West offshore Australia as a non-operator. Woodside Energy Ltd. is the operator for both oil fields. MEPAU also has 25% non-oper-ating interests in Casino gas & condensate field and Henry and Netherby gas fields, both of which are located offshore Victoria, as well as 49% non-operating interest in Meridian coal seam gas asset located onshore Queensland. MEPAU is also engaged in exploration activities in Australia and New Zealand. In March 2016, MEPAU acquired 35% working interest in the Kipper gas and condensate field from Santos Ltd. Production of gas, conden-sate and LPG is expected to start late 2016, to be supplied to domestic market. In June 2016, MEPAU and Woodside Energy Ltd. have agreed to jointly develop the Greater Enfield Area, comprising of the discovered but undeveloped Cimatti and Laverda oil fields. The development will involve utilizing the existing FPSO at the Vincent oil field in order to minimize capital expenditure. Production is expected at mid-2019.

AsiaMitsui Oil Exploration Co., Ltd. (“MOECO”) is our approx. 74.3% subsidiary which has several minority interests in oil and gas fields offshore Thailand as a non-operator. Most of the fields are operated by Chevron Corporation and its subsidiaries. MOECO’s interests in offshore producing fields range from 2% to 40% in Blocks 10 through 13, 10A,11A, B12/27, G4/48, G4/43, 14A through 16A, B8/32and 9A. MOECO also has 100% interest in the onshore producing fields, Block L10/43 and L11/43, through its subsidiary Siam Moeco Ltd. In these blocks, natural gas reserves is much more abundant than that of oil and is sold under long-term sales contracts. MOECO is also engaged in exploration activities mainly in South East Asia. We hold a 2.3% non-operating interest in the Tangguh LNG project, production and liquefaction of natural gas in Indonesia, through two associated companies, KG Berau Petroleum Ltd. and KG Wiriagar Petroleum Ltd. Production capacity of LNG is some 7.6 million tons per annum (100% basis). Production was commenced in 2009. The Tangguh LNG project has announced in July 2016 the development of a third liquefaction train, aimed at commencing production in 2020.

2>> Business Overview


Oil & Gas Producing

Middle EastMitsui E&P Middle East B.V., in which Mitsui and MOECO have shares of 60% and 40%, respectively, holds an interest in Block 9 and Block 27 in Oman producing oil fields operated by Occidental of Oman Inc. Mitsui E&P Middle East B.V. also farmed in to a 20% non-operating interest in the Block 3 and Block 4 in Oman operated by Greece’s CC Energy Development in year 2010. In Qatar, we have a 2.5% non-operating interest in production of condensate through Mitsui Gas Development Qatar B.V. which is a 100% subsidiary company.

Americas In February 2010, Mitsui E&P USA LLC, in which Mitsui and MOECO have shares of 60% and 40%, respectively, entered into an agreement with Anadarko Petroleum Corporation to acquire a 15.5% working interest in the Marcellus shale gas project in the state of Pennsylvania in the United States. The partners of this project will be drilling a few thousand wells during a span of over twenty years and the total develop-ment cost of Mitsui E&P USA LLC is estimated to be between US$3 billion and US$4 billion depending on the progress. In June 2011, Mitsui E&P Texas LP, in which Mitsui and MOECO have shares of 60% and 40%, respectively, entered into a definitive agree-ment with SM Energy Company to acquire a 12.5% working interest in Eagle Ford shale oil and gas property in Texas, U.S.A., which is currently under development and production by Anadarko Petroleum Corporation. This project will allow for the drilling of more than one thousand wells, and the total development cost of Mitsui E&P Texas LP is estimated to be US$2.2 billion.

EuropeMitsui E&P UK Limited, in which Mitsui and MOECO have shares of 60% and 40%, respectively, holds an 8.97% working interest in the Britannia gas & condensate production field, as well as a 13.3% working interest in the Alba oil production field. The assets were acquired in December 2012 from BP p.l.c, which exited the fields. Britannia is jointly operated by Chevron and Conoco Phillips, while Alba is solely oper-ated by Chevron. Both fields are located in the UK North Sea and currently in operation. In June 2013, Mitsui E&P Italia S.r.l, which is a 100% subsidiary of Mitsui E&P UK Limited, acquired a 25% working interest in the Italian onshore Tempa Rossa oil field from operator Total S.A. The field is currently under development.

RussiaMitsui has a 12.5% interest in Sakhalin Energy Investment Company Ltd. through Mitsui Sakhalin Holdings B.V., a 100% subsidiary company. Sakhalin Energy is the operator developing the Piltun-Astokhskoye oil field and the Lunskoye gas field off the north-eastern coast of Sakhalin. The project is the first LNG project in Russia and has a geographical advantage to access Japan, Asia and the Pacific market. Produc-tion capacity of LNG is some 9.6 million tons per annum (100% basis). Production commenced in 2009. FEED of a third liquefaction train was started in 2016.

Africa Mitsui E&P Mozambique Area 1 Limited, which is a subsidiary of Mitsui, holds a 20% working interest in Mozambique’s Rovuma Offshore Area 1 Block. After the discovery of abundant natural gas resources, the project has completed FEED for a potential LNG development, and other works are in progress toward Final Investment Decision.

In addition, Mitsui is engaged in exploration activities globally, including Myanmar and Brazil.


Oil & Gas Producing

2. Proved Reserves and Production*

Oil: MMBBL, Gas: MMBOE

As of end March 2014 Production Other movements As of end March 2015 Production Other movements As of end March 2016

Oil Gas Total Oil Gas Oil Gas Oil Gas Total Oil Gas Oil Gas Oil Gas Total

Proved Reserves Oceania 31 83 115 (7) (12) 3 16 27 87 115 (8) (12) 8 (3) 27 73 101 Asia 26 87 112 (9) (25) 7 22 24 83 108 (9) (26) 5 15 20 73 92 Middle East 20 6 26 (7) (1) 9 (1) 22 4 26 (8) (1) 3 (2) 18 2 20 Europe 51 4 56 (1) (1) 1 (0) 51 3 55 (1) (1) (8) 0 43 2 45 North America 43 147 189 (5) (19) 9 39 47 167 214 (6) (17) 0 37 41 187 228 Others — — — — — — — — — — — — — — — — —Total 171 327 498 (29) (58) 30 76 172 345 517 (32) (56) 8 48 149 337 486 Proved Developed Reserves Oceania 27 66 93 (7) (12) 3 14 23 68 92 (8) (12) 8 (0) 24 56 80 Asia 15 57 72 (9) (25) 10 23 16 55 71 (9) (26) 9 26 15 55 70 Middle East 14 5 19 (7) (1) 10 (1) 16 3 20 (8) (1) 7 (1) 15 1 17 Europe 3 4 7 (1) (1) 1 0 3 3 6 (1) (1) (0) 0 2 2 4 North America 17 84 101 (5) (19) 15 44 27 109 136 (6) (17) 4 6 25 98 123 Others — — — — — — — — — — — — — — — — —Total 76 216 292 (29) (58) 37 80 85 238 323 (32) (56) 27 30 81 212 293 Proved Undeveloped Reserves Oceania 4 18 22 0 1 4 19 23 (0) (2) 4 17 21 Asia 11 29 40 (2) (1) 9 28 37 (4) (10) 5 18 23 Middle East 6 1 6 (0) 1 6 1 7 (3) (1) 2 1 3 Europe 49 1 49 0 (1) 49 (0) 49 (8) 0 41 0 41 North America 25 63 88 (5) (4) 20 58 78 (4) 31 16 90 106 Others — — — — — — — — — — — — —Total 95 111 205 (8) (4) 87 107 194 (19) 18 68 125 193

* The “Proved reserves and production” table describes proved oil and gas reserves for the years ended March 31, 2014, 2015 and 2016, and movements in reserves between these years. Reserves and production include those attributable to non-controlling interests. Total figures may not strictly match simple sums due to fractional numbers. Proved gas reserves are restricted to those volumes that are related to firm sales commitments.

3. Results of Operations*

Million Yen, Oil: Yen per bbl, Gas: Yen per boe

Oceania Asia Middle East Europe North America Others Total

End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016 End Mar 2015 End Mar 2016

Revenue Total revenue 183,241 116,993 186,273 156,073 103,335 70,827 16,371 9,458 77,887 43,975 — — 567,108 397,326 Per barrel oil 11,643 5,896 9,174 5,648 11,366 6,696 10,467 6,920 6,675 3,697 — — 10,329 5,634 Per barrel gas 7,713 5,811 4,461 4,291 1,084 1,245 5,692 5,427 2,334 1,340 — — 4,476 3,710 Costs Production cost 45,818 37,570 32,502 42,400 14,039 16,393 6,723 6,441 24,808 24,292 — — 123,891 127,095 Per barrel oil & Gas 2,414 1,943 951 1,203 1,886 1,961 3,756 3,588 1,020 1,069 — — 1,429 1,453 Depreciation cost 33,057 32,164 54,696 55,974 31,476 28,011 9,296 6,318 38,780 30,920 — — 167,305 153,387 Per barrel oil & Gas 1,742 1,663 1,601 1,588 4,228 3,350 5,194 3,519 1,595 1,361 — — 1,930 1,754 Exploration cost 7,676 6,199 399 3,435 6,200 881 0 20 7,405 3,097 24,159 11,421 45,838 25,052 Total costs 86,550 75,933 87,597 101,809 51,716 45,284 16,020 12,778 7,405 58,309 24,159 11,421 337,034 305,534 Income tax expense 36,950 (3,916) 49,359 22,750 25,104 18,308 (11,807) (3,268) 2,647 (5,504) — — 102,253 28,369 Results Total 59,741 44,977 49,317 31,514 26,515 7,235 12,158 (51) 4,247 (8,830) (24,159) (11,421) 127,820 63,423 Per barrel oil & Gas 3,148 2,326 1,444 894 3,562 865 6,793 (29) 175 (389) — — 1,475 725

* The “Results of operations” table shows the results of operations from oil and gas producing activities. Income taxes are based on statutory tax rates. Interest income and expense are excluded from the results reported. Write-downs are also not included.

4. Capitalized Costs, Property Acquisition, Exploration and Development*

Million Yen



Gross capitalized properties 759,064 661,734 711,312 767,089 232,639 86,106 214,866 203,932 319,709 273,684 34,431 36,387 2,272,020 2,028,932 Depreciation 435,430 433,425 442,327 514,418 165,451 58,053 20,692 24,200 112,321 129,106 — — 1,176,221 1,159,201 Net capitalized costs 323,634 228,310 217,717 252,671 67,188 28,053 194,174 179,732 207,388 144,578 34,431 36,387 1,044,532 869,731 Acquisition of properties Proved — 45,758 — — — — — — — — — — — 45,758 Unproved — (0) — 1,036 — — — — 250 260 — — 250 1,296 Exploration 9,266 2,808 5,433 3,872 3,815 781 1,335 1,353 7,569 2,908 23,617 15,451 51,036 27,174 Development 13,619 19,853 61,193 60,307 33,418 31,679 12,844 12,107 61,909 17,971 — — 182,984 141,916

* The “Capitalized costs, property acquisition, exploration and development” table provides historical cost information pertaining to costs incurred for property acquisitions, exploration and development; and capitalized costs.“Gross capitalized properties” includes capitalized asset retirement costs. Costs incurred for property acquisition, exploration and development include those whether capitalized or expensed, and capitalized asset retirement costs.


Oil & Gas Producing

2. Proved Reserves and Production*

Oil: MMBBL, Gas: MMBOE

As of end March 2014 Production Other movements As of end March 2015 Production Other movements As of end March 2016

Oil Gas Total Oil Gas Oil Gas Oil Gas Total Oil Gas Oil Gas Oil Gas Total

Proved Reserves Oceania 31 83 115 (7) (12) 3 16 27 87 115 (8) (12) 8 (3) 27 73 101 Asia 26 87 112 (9) (25) 7 22 24 83 108 (9) (26) 5 15 20 73 92 Middle East 20 6 26 (7) (1) 9 (1) 22 4 26 (8) (1) 3 (2) 18 2 20 Europe 51 4 56 (1) (1) 1 (0) 51 3 55 (1) (1) (8) 0 43 2 45 North America 43 147 189 (5) (19) 9 39 47 167 214 (6) (17) 0 37 41 187 228 Others — — — — — — — — — — — — — — — — —Total 171 327 498 (29) (58) 30 76 172 345 517 (32) (56) 8 48 149 337 486 Proved Developed Reserves Oceania 27 66 93 (7) (12) 3 14 23 68 92 (8) (12) 8 (0) 24 56 80 Asia 15 57 72 (9) (25) 10 23 16 55 71 (9) (26) 9 26 15 55 70 Middle East 14 5 19 (7) (1) 10 (1) 16 3 20 (8) (1) 7 (1) 15 1 17 Europe 3 4 7 (1) (1) 1 0 3 3 6 (1) (1) (0) 0 2 2 4 North America 17 84 101 (5) (19) 15 44 27 109 136 (6) (17) 4 6 25 98 123 Others — — — — — — — — — — — — — — — — —Total 76 216 292 (29) (58) 37 80 85 238 323 (32) (56) 27 30 81 212 293 Proved Undeveloped Reserves Oceania 4 18 22 0 1 4 19 23 (0) (2) 4 17 21 Asia 11 29 40 (2) (1) 9 28 37 (4) (10) 5 18 23 Middle East 6 1 6 (0) 1 6 1 7 (3) (1) 2 1 3 Europe 49 1 49 0 (1) 49 (0) 49 (8) 0 41 0 41 North America 25 63 88 (5) (4) 20 58 78 (4) 31 16 90 106 Others — — — — — — — — — — — — —Total 95 111 205 (8) (4) 87 107 194 (19) 18 68 125 193

* The “Proved reserves and production” table describes proved oil and gas reserves for the years ended March 31, 2014, 2015 and 2016, and movements in reserves between these years. Reserves and production include those attributable to non-controlling interests. Total figures may not strictly match simple sums due to fractional numbers. Proved gas reserves are restricted to those volumes that are related to firm sales commitments.

3. Results of Operations*

Million Yen, Oil: Yen per bbl, Gas: Yen per boe



Revenue Total revenue 183,241 116,993 186,273 156,073 103,335 70,827 16,371 9,458 77,887 43,975 — — 567,108 397,326 Per barrel oil 11,643 5,896 9,174 5,648 11,366 6,696 10,467 6,920 6,675 3,697 — — 10,329 5,634 Per barrel gas 7,713 5,811 4,461 4,291 1,084 1,245 5,692 5,427 2,334 1,340 — — 4,476 3,710 Costs Production cost 45,818 37,570 32,502 42,400 14,039 16,393 6,723 6,441 24,808 24,292 — — 123,891 127,095 Per barrel oil & Gas 2,414 1,943 951 1,203 1,886 1,961 3,756 3,588 1,020 1,069 — — 1,429 1,453 Depreciation cost 33,057 32,164 54,696 55,974 31,476 28,011 9,296 6,318 38,780 30,920 — — 167,305 153,387 Per barrel oil & Gas 1,742 1,663 1,601 1,588 4,228 3,350 5,194 3,519 1,595 1,361 — — 1,930 1,754 Exploration cost 7,676 6,199 399 3,435 6,200 881 0 20 7,405 3,097 24,159 11,421 45,838 25,052 Total costs 86,550 75,933 87,597 101,809 51,716 45,284 16,020 12,778 7,405 58,309 24,159 11,421 337,034 305,534 Income tax expense 36,950 (3,916) 49,359 22,750 25,104 18,308 (11,807) (3,268) 2,647 (5,504) — — 102,253 28,369 Results Total 59,741 44,977 49,317 31,514 26,515 7,235 12,158 (51) 4,247 (8,830) (24,159) (11,421) 127,820 63,423 Per barrel oil & Gas 3,148 2,326 1,444 894 3,562 865 6,793 (29) 175 (389) — — 1,475 725

* The “Results of operations” table shows the results of operations from oil and gas producing activities. Income taxes are based on statutory tax rates. Interest income and expense are excluded from the results reported. Write-downs are also not included.

4. Capitalized Costs, Property Acquisition, Exploration and Development*

Million Yen



Gross capitalized properties 759,064 661,734 711,312 767,089 232,639 86,106 214,866 203,932 319,709 273,684 34,431 36,387 2,272,020 2,028,932 Depreciation 435,430 433,425 442,327 514,418 165,451 58,053 20,692 24,200 112,321 129,106 — — 1,176,221 1,159,201 Net capitalized costs 323,634 228,310 217,717 252,671 67,188 28,053 194,174 179,732 207,388 144,578 34,431 36,387 1,044,532 869,731 Acquisition of properties Proved — 45,758 — — — — — — — — — — — 45,758 Unproved — (0) — 1,036 — — — — 250 260 — — 250 1,296 Exploration 9,266 2,808 5,433 3,872 3,815 781 1,335 1,353 7,569 2,908 23,617 15,451 51,036 27,174 Development 13,619 19,853 61,193 60,307 33,418 31,679 12,844 12,107 61,909 17,971 — — 182,984 141,916

* The “Capitalized costs, property acquisition, exploration and development” table provides historical cost information pertaining to costs incurred for property acquisitions, exploration and development; and capitalized costs.“Gross capitalized properties” includes capitalized asset retirement costs. Costs incurred for property acquisition, exploration and development include those whether capitalized or expensed, and capitalized asset retirement costs.


Oil & Gas Producing

Major Upstream Assets (Natural Gas/LNG/Oil) As of March 31, 2016

Exploration Development Production

Bid Seismic Processing Drilling Valuation FEED FID Development Production

NaturalGas/LNGProject

Australia: 18 permits (MEPAU)New Zealand: 7 blocks (MEPAU)Thailand: Block L10/43, G7/50

(MOECO)Vietnam: Blocks B&48/95, 52/97*1

(MOECO)Cambodia: Block A (MOECO)Indonesia: Tuna, West Papua I/III

(MOECO)Myanmar: M3, AD-9, AD-11, MD-5,

EP-2, PSC-G, MOGE-3 (MOECO)

Brazil: BAR-M215/217/252/254Norway: PL642 (MOGN)United Kingdom: 22/19e, 22/19c

U.S.A.: Marcellus Shale (MEPUSA)*2 Eagle Ford Shale (MEPTX)*2

Cameron LNG (subsidiary that participated in the planning of the liquefaction business) (MITUSA)

Australia: Kipper, Meridian CSG (MEPAU)*2, Browse LNG (JAL-MIMI)

Mozambique: Area 1*1 (MEPMOZ)

Russia: Sakhalin II LNG (Sakhalin Energy)Australia: NWS LNG (JAL-MIMI), Casino/Henry/Netherby,

Meridian CSG (MEPAU)New Zealand: Kupe (MEPAU)Thailand: Blocks 10.11.12.13.10A.11A.G4/48, Block

B12/27, Blocks 14A.15A.16A, Blocks B8/32 & 9A, Block G4/43, G8/50 (MOECO)

Indonesia: Tangguh LNG (KG Berau/KG Wiriagar)U.S.A.: Marcellus Shale (MEPUSA)

Eagle Ford Shale (MEPTX)Qatar: Qatargas 1 LNG (MILNED)

Qatargas 3 LNG (MBK)Oman: NOGJV (MEPME), Oman LNG (MBK)Abu Dhabi: Abu Dhabi LNG (MBK)Equatorial Guinea: Equatorial Guinea LNG (MBK)United Kingdom: Britannia (MEPUK)

OilProject

U.S.A.: Eagle Ford Shale (MEPTX)*2

Australia: Laverda/Cimatti*1

Italy: Tempa Rossa (MEPIT)

Russia: Sakhalin II (Sakhalin Energy)Australia: Wanaea/Cossack (JAL-MIMI), Enfield/

Vincent (MEPAU)Thailand: Blocks 10.11.12.13.10A.11A.G4/48,

Blocks 8/32 & 9A, Block G4/43, L11/43 (MOECO)

Oman: Blocks 3, 4, 9, 27 (MEPME)U.S.A.: Eagle Ford Shale (MEPTX)United Kingdom: Alba, Britannia (MEPUK)

*1. Proved undeveloped*2. Partly in production

3>> Supplemental Information


Oil & Gas Producing

US$/BBL

0

30

60

90

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150

201620152009 2010 2011 2012 20142013

Mitsui’s Gas/Oil & Condensate Production As of May, 2016

WTI Dubai JCC


Thousand BBL/day Mar/2009 Mar/2010 Mar/2011 Mar/2012 Mar/2013 Mar/2014 Mar/2015 Mar/2016 Mar/2017

(Forecast)Mar/2018 (Forecast)

Mar/2019 (Forecast)

Natural Gas/LNG 67.2 103.4 131.1 140.3 169.5 166.7 171.3 168.0 171.0 185.0 181.0

Oil & Condensate 88.9 85.0 81.2 74.2 82.5 76.2 83.0 90.1 72.0 71.0 75.0

Total 156.1 188.4 212.3 214.5 252.0 249.2 254.3 258.1 243.0 256.0 256.0

* This table shows our equity production, which is sum of the equity production of all the investees regardless of whether they are consolidated or not.

Thousand BBL/Day

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Printed in Japan

MITSUI & CO., LTD.

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