商船三井（9104） – Financial Highlights: Fiscal Year 2021 Ended March 31, 2022

Financial Highlights: Fiscal Year 2021 Ended March 31, 2022 1. Consolidated Financial Highlights ( from April 1, 2021 to March 31, 2022 )(All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (1) Operating ResultsRevenues Operating profit (loss) Ordinary profit Profit attributable to owners of parent Net income per share Diluted net income per share Return to shareholders’ equity Rate of ordinary income on assets Operating profit ratio (2) Financial PositionTotal assets Total net assets Shareholders’ equity / Total assets Shareholders’ equity per share * Shareholders’ Equity is defined as follows.FY2021 (¥Million) FY2020 1,269,310 55,005 721,779 708,819 1,970.16 1,960.97 76.5% 30.2% 4.3% 991,426 (5,303) 133,604 90,052 ( ¥ )250.99 250.22 16.5% 6.4% (0.5%) FY2021 2,686,701 1,334,866 47.4% 3,532.32 (¥Million) FY2020 2,095,559 699,150 27.6% ( ¥ )1,610.04 * The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.Accordingly, net income per share and diluted net income per share is calculated on the assumption that the stock split was conductedat the beginning of the previous fiscal year ended March 31, 2021.Shareholders’ Equity = Total Net Assets – ( Share option + Non-controlling interests )* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.Accordingly, Shareholders’ equity per share is calculated on the assumption that the stock split was conducted at the beginning of theprevious fiscal year ended March 31, 2021.2. DividendsQ1 Dividend per share ( ¥ ) Q2 Q3 Year -end Total ― FY2020 ― FY2021 FY2022 (Outlook) ― 15.00 ― 300.00 ― 200.00 ― 135.00 150.00 900.00 1,200.00 350.00 150.00 Total dividends paid (¥Million) 17,943 144,240 Dividend pay-out ratio 19.9% 20.3% 25.2% Dividend ratio to shareholders’ equity 3.3% 15.6% * The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.Accordingly, the dividends per share for the fiscal year ended March 31, 2021 and the fiscal year ended March 31, 2022 represent the actual amount of dividends before the stock split. The dividend per share for the fiscal year ended March 31, 2023 (Outlook) represents the amount with impacts from the stock split taken into consideration. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202213. Forecast for the Fiscal Year Ending March 31, 2023Revenues Operating profit Ordinary profit Profit attributable to owners of parent Net income per share (¥Million)FY2022 1,353,000 46,000 525,000 500,000 ( ¥ )1,389.63 * The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.Accordingly, net income per share in Forecast for the Fiscal Year Ending March 31, 2023 represents the amount with impacts fromthe stock split taken into consideration.(Reference) Non-Consolidated Financial Highlights ( from April 1, 2021 to March 31, 2022 ) (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (1) Operational ResultsRevenues Operating profit (loss) Ordinary profit Net income Net income per share Diluted net income per share (2) Financial PositionTotal assets Total net assets Shareholders’ equity / Total assets Shareholders’ equity per share year ended March 31, 2021.FY2021 (¥Million) FY2020 765,214 33,376 260,240 270,004 750.46 746.96 585,630 (13,267) 23,457 (9,196) ( ¥ )(25.56) ― FY2021 1,231,491 419,739 34.0% 1,161.06 (¥Million) FY2020 1,009,922 194,574 19.1% ( ¥ )538.43 * Net income per share and diluted net income per share is calculated on the assumption that the stock split was conducted at thebeginning of the previous fiscal year ended March 31, 2021.* Shareholders’ equity per share is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202224. Business Performance(1) Analysis of Operating Results Revenue Operating profit Ordinary profit Profit attributable to owners of parent Exchange rate Bunker price* FY2020 From April 1, 2020 to March 31, 2021 FY2021 From April 1, 2021 to March 31, 2022 (¥ Billion) Year-on-year comparison / Variance 991.4 (5.3) 133.6 90.0 1,269.3 55.0 721.7 708.8 ¥105.95/US$¥111.52/US$US$355/MT US$585/MT 277.8 60.3 588.1 618.7 / / / / 28.0% – % 440.2% 687.1% ¥5.57/US$US$230/MT *Average price for all the major fuel gradesWe recorded revenue of ¥1,269.3 billion, an operating profit of ¥55.0 billion, an ordinary profit of ¥721.7 billion and profit attributable to owners of parent of ¥708.8 billion. We recorded ¥657.3 billion of equity in net earnings of affiliated companies in non-operating income, mainly due to considerably improved earnings at OCEAN NETWORK EXPRESS PTE. LTD. (ONE), an equity method affiliate. The amount of equity in net earnings of affiliated companies we recorded which is attributable to ONE is ¥635.7 billion. The following is a summary of business conditions including revenue and ordinary profit/loss per business segment. Upper: Segment Revenue, Lower: Segment Ordinary Profit FY2020 From April 1, 2020 to March 31, 2021 FY2021 From April 1, 2021 to March 31, 2022 Dry Bulk Business Energy and Offshore Business Product Transport Business cccccccccccc Containerships Associated Businesses Others 222.1 (4.2) 287.5 29.7 396.4 102.6 220.5 117.1 98.1 9.4 22.5 2.6 Note: Revenue includes internal sales or transfers among segment(¥ Billion) Year-on-year comparison / Variance 138.7 / 62.4% 47.5 / 15.5 / (9.9) 120.2 560.3 56.7 536.1 9.9 (1.9) 1.7 0.0 / / / / / / / / / -%5.4% (33.3%) 30.3% 545.9% 25.7% 457.7% 10.1% (20.9%) 7.5% 1.9% 360.9 43.2 303.1 19.8 516.6 662.9 277.3 653.2 108.1 7.4 24.2 2.7 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 20223(A) Dry Bulk BusinessIn the dry bulk market, charter rates remained at a high level until early autumn, reflecting tight vessel supplydue to firm demand for the transport of steel raw materials, grains, coal and other commodities, and congestion largely attributable to border control measures in response to COVID-19 and typhoons in China. The Capesize market subsequently entered an adjustment phase and was somewhat lackluster from the beginning of the year onwards due to a slowdown in shipments from Brazil during the rainy season. Meanwhile, the Panamax bulker market maintained a firm tone throughout the year due to transport demand for coal in winter and other cargoes such as South American grains, despite the impact of Indonesia’s coal export ban at the beginning of the year and the upheaval caused by the Russia-Ukraine crisis. Under such market conditions, the dry bulk business as a whole posted a significant year-on-year improvement in profit, bolstered by improvement in profitability through more efficient vessel allocation at MOL Drybulk Ltd., which was established in April 2021. (B) Energy and Offshore BusinessIn the very large crude oil carrier (VLCC) market, rates remained sluggish throughout the year, with no tightening of the vessel supply-demand gap amid slow growth in cargo movements due to prolonged coordinated output cuts by OPEC and a lack of progress on the scrapping of obsolete vessels. The product tanker market also continued to face difficult conditions as a result of the decline in export cargo movements, amid a slow recovery in demand as seen for VLCCs. Under these market conditions, while the tanker division as a whole endeavored to stably fulfill long-term contracts and reduce costs, it suffered a decline in profit compared with the previous fiscal year when charter The LNG carrier division generated stable profit mainly through existing long-term charter contracts in addition to profit from the delivery of a new LNG carrier and an LNG-bunkering vessel posting a year-on-year increase in profit. In the offshore business, one unit each was delivered in the FPSO business and in the FSRU business. In addition to the newly delivered units, operations in existing projects were steady and maintained the rates were strong. profit level year on year. (C) Product Transport BusinessIn the containerships business, ONE continued to see robust demand for container cargo movements, especially on Asia-North America and Asia-Europe routes, throughout the year. In addition, supply chain disruptions persisted, particularly in ports and inland transport logistics in North America. As a result, spot freight rates far exceeded levels seen a year earlier. Increased profit in the Terminals & Logistics business reflecting the recovery of handling volume also contributed to segment profit and, as a result, the Containerships business posted substantial year-on-year profit growth. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 20224 Transportation volume of completed cars increased substantially from the previous year when it was affected by the COVID-19 pandemic, thanks to a recovery in global auto sales, significantly improving profitability year on year. While there was some impact of production cuts caused by semiconductor shortages, we have endeavored to minimize the effect by flexible and agile tonnage and route adjustments. The passenger business was sluggish, failing to recover to pre-pandemic levels, with prolonged periods under a state of emergency and quasi-state of emergency throughout the year. The logistics business remained on a recovery path, buoyed by stay-at-home consumption. However, the Ferries and Coastal RoRo Ships business overall saw a year-on-year deterioration in profit, reflecting rising bunker prices. (D) Associated BusinessesIn the real estate business, profit declined slightly year on year, due to a fall in revenues associated with thereconstruction of some buildings held by DAIBIRU CORPORATION, the core company in the Group’s real estate business, but performed steadily in general. The cruise ship business was forced to suspend services for prolonged periods due to the resurgence of COVID-19, resulting in a decline in profit, as was the case in the previous fiscal year. The tugboat business faced different conditions at every company and every port, but overall profit was mostly unchanged year on year. Performance of other associated businesses such as the trading business remained generally balanced, but the Associated Businesses segment, on the whole, reported a year-on-year decline in profit. (E) OthersOther businesses, which are mainly cost centers, including ship operations, ship management, ship chartering,and financing posted an ordinary profit flat year on year. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 20225(2) Outlook for FY2022Revenue Operating profit Ordinary profit Profit attributable to owners of parent Exchange rate All major fuel grade price*1 Bunker price*2 Compliant fuel price*3 FY 2021 FY 2022 Outlook (From April 1, 2021 to (From April 1, 2022 to March 31, 2022) March 31, 2023) (¥ Billion) Year-on-year Comparison / Variance 1,353.0 83.7 / 6.6% 46.0 (9.0) / (16.4%) 525.0 (196.7) / (27.3%) 500.0 (208.8) / (29.5%) ¥120.00/US$¥8.48/US$- US$650/MT US$810/MT – – – 1,269.3 55.0 721.7 708.8 ¥111.52/US$¥585.00/US$- – (Assumption for full year) *1 All major fuel grades average price*2 HSFO (High Sulphur Fuel Oil) average price*3 VLSFO (Very Low Sulphur Fuel Oil) average priceIn the fiscal year ending March 2023, there is a risk that our company’s businesses will be affected by factors such as the risk of an economic downturn caused by increasing global inflation and fluctuations in transportation demand resulting from the Russia-Ukraine situation. In the dry bulk carrier and energy transportation business, our company is mainly engaged in medium- to long-term contracts. Therefore, fluctuations in the business cycle and transportation demand are expected to have a relatively small impact on business performance. However, fluctuations in market conditions and cargo movements are expected to have a certain impact on our business performance for some short-term contracts. In the product transportation business including containerships, although the direct impact on cargo movement from the situation in Russia and Ukraine is limited, we anticipate that there will be a phase in which transportation demand will weaken due to the slowdown of the world economy or the impact on parts procurement and logistics. (A) Dry Bulk BusinessThe dry bulk market is expected to remain firm as a whole, supported by solid demand for steel raw materials, especially in China, and demand for the transport of grain. However, the COVID-19 pandemic and border control measures around the world including China associated with this are expected to continue to cause considerable volatility in the dry bulk market. Our forecast also assumes that the dry bulk market will weaken from the second half onwards due to seasonal factors. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 20226(B) Energy and Offshore BusinessOn the very large crude oil carrier (VLCC) market, cargo movements and charter rates are expected torecover, with OPEC expected to cease coordinated output cuts in face of higher demand than supply recently as the world economy rebounds after the latest wave of the pandemic. The product tanker market is expected to mirror the VLLC market’s recovery, with the recovery of demand driven by a resumption of economic activity anticipated. In the LNG carrier division, we will continue securing stable profits but expect profitability to decrease year on year as some long-term contracts had expired. In the offshore business, new projects are scheduled to commence in the FPSO business and the FSRU business. (C) Product Transport BusinessIn the containerships business, the strong cargo movements and the historically high rates seen at present areexpected to soften during the second half of the fiscal year, due to the slowdown of the world economy and the easing of supply chain disruptions to a certain extent. Regarding the car carrier business, the impact of semiconductor shortages, worldwide lockdowns, and the deteriorating Russia-Ukraine crisis on sales and production of completed cars will need to be monitored. We will continue taking the necessary steps to flexibly adjust our services in line with cargo movements. In the business of ferries and coastal RoRo ships, it is expected to remain on a recovery path overall. In the passenger business, travel demand is expected to recover with the relaunch of the Go To Travel campaign. The real estate business is expected to report a decline in rental income as a result of the reconstruction of property owned but will continue to post solid profit due mainly to the rising occupancy rates of overseas (D) Associated Businessesproperties. The cruise ship business and the travel business are expected to see improvement in profitability as the COVID-19 pandemic gradually comes to an end. 5. Financial PositionTotal assets as of March 31, 2022 increased by ¥ 591.1 billion compared to the balance as of the end of the previous fiscal year, to ¥ 2,686.7 billion. This was primarily due to the increase in Investment securities. Total liabilities as of March 31, 2022 decreased by ¥ 44.5 billion compared to the balance as of the end of the previous fiscal year, to ¥ 1,351.8 billion. This was primarily due to the decrease in Long-term bank loans. Total net assets as of March 31, 2022 increased by ¥ 635.7 billion compared to the balance as of the end of the previous fiscal year, to ¥ 1,334.8 billion. This was primarily due to the increase in Retained earnings. As a result, shareholders’ equity ratio increased by 19.9% compared to the ratio as of the end of the previous fiscal year, to 47.4%. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202276. Cash FlowCash and cash equivalents (hereinafter called “cash”) as of the end of FY2021 was ¥ 97.1 billion, an increase of ¥ 13.6 billion compared to the balance as of the end of the previous fiscal year. Cash flows on each activity are asfollows.Net cash provided by operating activities during FY2021 was ¥ 307.6 billion (while net cash provided by FY2020 was ¥ 98.8 billion), mainly due to Dividends from received from associates accounted for using equity method. Net cash used in investing activities during FY2021 was ¥ 107.4 billion (while net cash used in FY2020 was ¥ 54.6 billion), mainly due to Purchase and proceeds from sale of vessels and other non-current assets. Net cash used by financing activities during FY2021 was ¥ 191.7 billion (while net cash provided by FY2020 was ¥ 61.7 billion), mainly due to Proceeds from long-term bank loans.7. Basic Policy on Profit Sharing and DividendsOur key management policies are to enhance corporate value with proactive capital investment and to directlyreturn profits to shareholders through dividends. By utilizing our internal capital reserves, we work to reinforce corporate strength and strive to further raise our per-share corporate value. Therefore, we have paid dividends linked with business performance with a 20% dividend payout ratio as a guideline, and we have addressed the need to increase the ratio as a medium- and long-term management issue. Due to the improvement in corporate value and financial situation, a 25% dividend payout ratio is planned to be paid in FY2022. With regard to shareholder returns for FY2023 onward, we will consider the revision plan of shareholder returns, taking into consideration the progress of our investment plan and the trend in Prime Market of Tokyo Stock Exchange at that time. As for the fiscal year under review, we will distribute dividends of surplus (a year-end dividend) at ¥900.00 per share. The annual dividend will be ¥1,200.00 per share including the interim dividend of ¥300.00 per share. As for dividends of surplus for the next fiscal year, we plan to pay an annual dividend of ¥350.00 per share, comprising an interim dividend of ¥200.00 per share and a year-end dividend of ¥150.00 per share on the assumption that we secure the income described in our outlook for the next fiscal year. * The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.Accordingly, the dividends per share for the fiscal year ended March 31, 2022 represent the actual amount ofdividends before the stock split. The dividend per share for the fiscal year ended March 31, 2023 (Outlook)represents the amount with impacts from the stock split taken into consideration.(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202288. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (1) Consolidated Balance SheetsAs of March 31, 2021 As of March 31, 2022 Assets Current assets Cash and deposits Trade receivables Trade receivables and contract assets Marketable securities Inventories Deferred and prepaid expenses Other current assets Allowance for doubtful accounts Total current assets Fixed assets Tangible fixed assets Vessels Buildings and structures Equipment and others Furniture and fixtures Land Construction in progress Other tangible fixed assets Total tangible fixed assets Intangible fixed assets Investments and other assets Investment securities Long-term loans receivable Long-term prepaid expenses Net defined benefit assets Deferred tax assets Other investments and other assets Allowance for doubtful accounts Total investments and other assets Total fixed assets Total assets (¥Million) 99,878 －125,493 1,000 46,085 21,545 58,748 (1,298) 351,452 632,105 127,954 25,290 5,529 254,594 59,988 5,688 1,111,152 36,624 978,848 110,104 8,562 18,957 1,217 93,343 (23,562) 1,187,472 2,335,249 2,686,701 86,238 86,828 －500 29,615 49,866 74,505 (553) 327,000 625,896 145,171 26,861 5,477 252,794 40,704 2,551 1,099,458 31,364 459,357 83,258 9,926 24,172 2,369 79,184 (20,533) 637,736 1,768,559 2,095,559 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 20229As of March 31, 2021 As of March 31, 2022 Liabilities Current liabilities Trade payables Short-term bonds Short-term bank loans Commercial papers Accrued income taxes Advances received Contract liabilities Provision for bonuses Other current liabilities Total current liabilities Fixed liabilities Bonds Long-term bank loans Lease obligations Deferred tax liabilities Net defined benefit liabilities Provision for directors’ and corporate auditors’ retirement benefits Provision for periodic drydocking Other fixed liabilities Total fixed liabilities Total liabilities Net assets Owners’ equity Common stock Capital surplus Retained earnings Treasury stock Total owners’ equity Accumulated other comprehensive income Unrealized holding gains on available-for-sale securities, net of tax Unrealized gains on hedging derivatives, net of tax Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax Total accumulated other comprehensive income Share option Non-controlling interests Total net assets Total liabilities and net assets 73,019 17,800 166,879 40,000 4,119 31,762 －4,962 79,030 417,574 163,200 623,006 14,059 65,172 9,245 1,645 15,219 87,286 978,834 1,396,409 65,400 45,351 435,589 (6,515) 539,825 29,917 5,150 (4,653) 7,541 37,956 1,347 120,020 699,150 2,095,559 (¥Million) 96,034 23,700 192,170 8,000 8,624 2,188 23,125 9,433 50,726 414,002 189,500 575,101 10,803 74,516 9,355 1,485 15,836 61,233 937,832 1,351,835 65,400 23,090 1,091,250 (2,267) 1,177,474 34,010 27,161 29,232 6,691 97,095 781 59,514 1,334,866 2,686,701 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202210(2) Consolidated Statements of Income (¥Million) FY2020 (Apr. 1, 2020 – Mar. 31, 2021) FY2021 (Apr. 1, 2021 – Mar. 31, 2022) Shipping and other revenues Shipping and other expenses Gross operating income Selling, general and administrative expenses Operating profit (loss) Non-operating income Interest income Dividend income Equity in earnings of affiliated companies Foreign exchange gains Others Total non-operating income Non-operating expenses Interest expenses Others Total non-operating expenses Ordinary profit Extraordinary income Gain on sales of fixed assets Others Total extraordinary income Extraordinary losses Loss on sale of fixed assets Provision of allowance for loss on sale of fixed assets Loss related to business restructuring Loss on building reconstruction Others Total extraordinary losses Income before income taxes and non-controlling interests Income taxes – current Income taxes – deferred Total income taxes Net income Profit attributable to non-controlling interests Profit attributable to owners of parent 991,426 911,055 80,370 85,674 (5,303) 6,036 6,795 132,912 12,412 3,239 161,397 12,518 9,971 22,489 133,604 10,758 6,138 16,897 5,501 6,217 18,480 114 19,873 50,187 100,313 6,810 303 7,114 93,199 3,147 90,052 1,269,310 1,117,405 151,905 96,899 55,005 6,940 8,239 657,375 7,080 3,581 683,217 11,392 5,051 16,443 721,779 13,414 10,377 23,791 649 1,431 2,299 1,389 6,808 12,577 732,993 12,846 5,993 18,839 714,154 5,335 708,819 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202211(3) Consolidated Statements of Comprehensive Income (¥Million) FY2020 (Apr. 1, 2020 – Mar. 31, 2021) FY2021 (Apr. 1, 2021 – Mar. 31, 2022) Net income Other comprehensive income Unrealized holding gains on available-for-sale securities, net of tax Unrealized gains on hedging derivatives, net of tax Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of associates accounted for using equity method Total other comprehensive income Comprehensive income (Breakdown) Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests 93,199 16,329 (14,799) (10,249) 4,866 (14,015) (17,867) 75,332 69,994 5,337 714,154 4,626 9,102 16,924 (845) 32,989 62,797 776,951 767,958 8,993 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202212(4) Consolidated Statement of Changes in Net assets FY2020 (April 1, 2020 – March 31, 2021) Common stock Capital surplus Treasury stock Total owners’ equity 65,400 45,007 351,636 (6,722) 455,320 Shareholders’ equity Retained earnings Balance at Mar, 2021 65,400 45,351 435,589 (6,515) 83,953 207 Accumulated other comprehensive income Unrealized gains on hedging derivatives, net of tax Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax Unrealized holding gains on available-for-sale securities, net of tax 16,306 Total accumulated other comprehensive income 58,014 Share option Non-controlling interests Total net assets 28,170 10,889 2,648 1,646 126,253 641,235 (5,979) 90,052 (0) (118) 21 (25) 211 (¥Million) 21 (5,979) 90,052 (0) (25) 92 344 – 84,505 539,825 (21) – (5,979) 90,052 (0) (25) 92 344 Balance at Mar, 2020 Changes during period Issuance of new shares – exercise of share acquisition rights Dividends of surplus Profit attributable to owners of parent Change of scope of consolidation Purchase of treasury shares Disposal of treasury shares Purchase of shares of consolidated subsidiaries Net changes of items other than shareholders’ equity Total changes of items during period Balance at Mar, 2020 Changes during period Issuance of new shares – exercise of share acquisition rights Dividends of surplus Profit attributable to owners of parent Change of scope of consolidation Purchase of treasury shares Disposal of treasury shares Purchase of shares of consolidated subsidiaries Net changes of items other than shareholders’ equity Total changes of items during period Balance at Mar, 2021 – 344 344 13,610 (23,019) (15,542) 4,893 (20,058) (277) (6,233) (26,568) 13,610 29,917 (23,019) (15,542) 5,150 (4,653) 4,893 7,541 (20,058) 37,956 (298) (6,233) 57,914 1,347 120,020 699,150 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202213FY2021 (April 1, 2021 – March 31, 2022) Shareholders’ equity Common stock Capital surplus Retained earnings Treasury stock Total owners’ equity 65,400 45,351 435,589 (6,515) 539,825 65,400 45,351 435,939 (6,515) 540,175 (¥Million) 349 657 (52,137) 708,819 (3) (97) 2,321 (22,260) – 349 (52,137) 708,819 (3) (1,366) 657 (97) 3,687 Restated balance 29,917 5,150 (4,653) 7,541 37,956 1,347 120,020 699,500 – (22,260) 655,311 65,400 23,090 1,091,250 4,247 (2,267) 637,298 1,177,474 Accumulated other comprehensive income Unrealized holding gains on available-for-sale securities, net of tax Unrealized gains on hedging derivatives, net of tax Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax Total accumulated other comprehensive income Share option Non-controlling interests Total net assets 29,917 5,150 (4,653) 7,541 37,956 1,347 120,020 699,150 (657) 349 – (52,137) 708,819 (3) (97) 2,321 (22,260) 4,092 22,011 33,885 (850) 59,139 91 (60,505) (1,274) 4,092 22,011 33,885 (850) 59,139 (566) (60,505) 635,366 34,010 27,161 29,232 6,691 97,095 781 59,514 1,334,866 Balance at Mar, 2021 Cumulative effects of changes in accounting policies Restated balance Changes during period Issuance of new shares – exercise of share acquisition rights Dividends of surplus Profit attributable to owners of parent Change of scope of consolidation Purchase of treasury shares Disposal of treasury shares Purchase of shares of consolidated subsidiaries Net changes of items other than shareholders’ equity Total changes of items during period Balance at Mar, 2022 Balance at Mar, 2021 Cumulative effects of changes in accounting policies Changes during period Issuance of new shares – exercise of share acquisition rights Dividends of surplus Profit attributable to owners of parent Change of scope of consolidation Purchase of treasury shares Disposal of treasury shares Purchase of shares of consolidated subsidiaries Net changes of items other than shareholders’ equity Total changes of items during period Balance at Mar, 2022 (22,260) (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202214(5) Consolidated Statements of Cash flows Cash flows from operating activities Income before income taxes and non-controlling interests Depreciation and amortization Provision of allowance for loss on sales of non-current assets Loss related to business restructuring Loss on building reconstruction Equity in losses (earnings) of affiliated companies Various provisions (reversals) Interest and dividend income Interest expense Loss (gain) on sale and retirement of non-current assets Foreign exchange loss (gain), net Decrease (Increase) in trade receivables Decrease (Increase) in trade receivables and contract assets Decrease (Increase) in inventories Increase (Decrease) in trade payables Others, net Sub total Interest and dividend income received Interest expenses paid Income taxes paid Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of investment securities Proceeds from sale and redemption of investment securities Purchase of non-current assets Proceeds from sale of non-current assets Disbursements for long-term loans receivables Collection of long-term loans receivables Others, net Net cash provided by (used in) investing activities FY2020 (Apr.1, 2020 – Mar.31, 2021) FY2021 (Apr.1, 2021 – Mar.31, 2022) 100,313 85,798 6,217 18,480 114 (132,912) (4,937) (12,832) 12,518 (4,977) (13,152) (7,262) － 3,693 4,517 21,959 77,538 43,426 (12,883) (9,183) 98,898 (5,109) 7,765 (104,419) 59,691 (28,992) 19,261 (2,857) (54,660) (¥Million) 732,993 86,399 1,431 2,299 1,389 (657,375) (9,792) (15,180) 11,392 (12,412) (8,369) － (35,955) (16,095) 21,033 (18,260) 83,495 242,193 (11,560) (6,490) 307,637 (75,939) 23,213 (112,337) 52,089 (19,350) 22,295 2,578 (107,450) (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202215 (¥Million) FY2020 (Apr.1, 2020 – Mar.31, 2021) FY2021 (Apr.1, 2021 – Mar.31, 2022) Cash flows from financing activities Net increase (decrease) in short-term bank loans Net increase (decrease) in commercial paper Proceeds from long-term bank loans Repayments of long-term bank loans Proceeds from issuance of bonds Redemption of bonds Purchase of shares of subsidiaries not resulting in change in scope of consolidation Cash dividends paid by the company Cash dividends paid to non-controlling interests Others, net Net cash provided by (used in) financing activities Effect of foreign exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation Cash and cash equivalents at end of period (15,233) 15,000 111,589 (117,270) － (36,766) － (5,969) (8,747) (4,308) (61,705) (142) (17,610) 102,283 (1,236) 83,436 45,265 (32,000) 165,205 (254,696) 50,000 (17,800) (84,725) (51,996) (3,613) (7,422) (191,784) 5,295 13,698 83,436 － 97,135 (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202216 [NOTE] (Changes in Accounting Standards) (Adoption of Accounting Standard for Revenue Recognition) The Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020.), etc. from the beginning of the fiscal year ended March 31, 2022 to recognize revenue at the amount expected to be received in exchange for the promised goods or services when the control of those goods or services is transferred to customers. As a result, the Company has decided to adopt the percentage of voyage-completion method mainly to freight revenue and freight revenue expenses, which were previously accounted under the completed-voyage method. The adoption of “Accounting Standard for Revenue Recognition”, etc. follows the transitional treatment prescribed in the proviso of Paragraph 84 of “Accounting Standard for Revenue Recognition”. The cumulative effect of retroactive adoption of the new accounting policy prior to the beginning of the fiscal year ended March 31, 2022 is added to or subtracted from retained earnings at the beginning of the fiscal year ended March 31, 2022, and the new accounting policy is adopted from the beginning balance. However, the new accounting policy has not been adopted retrospectively to contracts which recognized almost all amounts of revenue in accordance with the previous treatment prior to the beginning of the fiscal year ended March 31, 2022 by adopting the method prescribed in Paragraph 86 of “Accounting Standard for Revenue Recognition”. In addition, by adopting the method prescribed in Paragraph 86 of “Accounting Standard for Revenue Recognition” or (1) above, changes in contracts made prior to the beginning of the fiscal year ended March 31, 2022 are accounted for based on the contract terms after reflecting all changes in contracts, and the cumulative effect is added to or deducted from retained earnings at the beginning of the fiscal year ended March 31, 2022. As a result, Shipping and other revenues increased by ¥20,044 million, Shipping and other expenses increased by ¥10,417 million, Selling, general and administrative expenses increased by ¥9 million, Operating profit increased by ¥9,617 million, and Ordinary profit and Income before income taxes and non-controlling interests each increased by ¥9,597 million in the fiscal year ended March 31, 2022. The balance of retained earnings at the beginning of the fiscal year ended March 31, 2022 increased by ¥349 million. Due to the adoption of “Accounting Standard for Revenue Recognition”, etc., in the consolidated balance sheets of the previous fiscal year, Trade receivables presented in Current assets have been included in Trade receivables contract assets from the fiscal year ended March 31, 2022, and some of Advances received presented as Current liabilities, Unearned revenue included in Other current liabilities, and Long-term unearned revenue in Other fixed liabilities have been included in Contract liabilities. The Company has not reclassified financial statements of the previous fiscal year using the new presentation method in accordance with the transitional treatment prescribed in Paragraph 89 -2 of “Accounting Standard for Revenue Recognition”. (Adoption of Accounting Standard for Fair Value Measurement) The Company has adopted “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019.), etc. from the fiscal year ended March 31, 2022, and in accordance with the transitional treatment prescribed in Paragraph 19 of “Accounting Standard for Fair Value Measurement” and Paragraph 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), the new accounting policy prescribed by “Accounting Standard for Fair Value Measurement”, etc. will be adopted prospectively. There is no impact on the consolidated financial statements. (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202217(6) Segment InformationBusiness segment information:FY2020(Apr.1, 2020 – Mar.31, 2021)Revenues1.Revenues from external customers2.Inter-segment revenuesTotal RevenuesSegment profit (loss)OthersDepreciation and amortization Amortization of goodwillInterest incomeInterest expensesReportable SegmentProduct Transport BusinessContainershipsCar Carries,Ferries andCoastalRoRo shipsDry BulkBusinessEnergyandOffshoreBusiness(￥Million)AssociatedBusinessesSub TotalOthers*1TotalAdjust-ment*2Consoli-dated222,053278,865219,453175,72278,942975,03816,388991,426－ 991,4261228,7241,13016319,18329,3226,18935,512(35,512)－222,175(4,275)287,58929,764220,583117,113175,885(14,468)98,126 1,004,360137,5849,45022,5772,6611,026,938140,246(35,512)(6,641)991,426133,60410,27935,38111,50217,4359,61584,21484,6291,16885,798146861766,301176－8,236(2,199)1766,0361,29413,04414,358(1,840)12,518415－1,9351,313－8831,872304,7567,932－5101,318－6462788Equity in earnings (losses) of affiliates(2,983)15,553120,042212132,912－ 132,912－ 132,912* 1. “Others” primarily consists of business segments that are not included in reportable segments, such as the ship operationsbusiness, the ship management business, the ship chartering business and the financing business.* 2. (1) Adjustment in Segment profit (loss) of \ -6,641 million include the following:\ -10,869 million of corporate profit which is not allocated to segments, \ 5,007 million of adjustment formanagement accounting and \ -779 million of inter-segment transaction elimination. (2) Adjustment in Depreciation and amortization of \ 1,168 million include the following: \ 1,168 million of depreciation of assets which are not allocated to segments. (3) Adjustment in Interest income of \ -2,199 million include the following: transaction elimination. (4) Adjustment in Interest expenses of \ -1,840 million include the following: \ 4,763 million of interest expenses which are not allocated to segments, \ -3,463 million of adjustment formanagement accounting and \ -3,140 million of inter-segment transaction elimination.* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202218FY2021(Apr.1, 2021 – Mar.31, 2022)Revenues1.Revenues from external customers2.Inter-segment revenuesTotal RevenuesSegment profit (loss)OthersDepreciation and amortization Amortization of goodwillInterest incomeInterest expensesReportable SegmentProduct Transport BusinessContainershipsCar Carries,Ferries andCoastalRoRo shipsDry BulkBusinessEnergyandOffshoreBusiness(￥Million)AssociatedBusinessesSub TotalOthers*1TotalAdjust-ment*2Consoli-dated360,742294,006276,229239,12483,487 1,253,59015,7201,269,310－ 1,269,3101719,1591,11722824,61635,2928,57243,865(43,865)－360,91343,275303,16519,838277,346653,227239,3529,771108,103 1,288,882733,5847,47324,2932,7141,313,175736,299(43,865)(14,519)1,269,310721,77910,80835,12213,31116,0689,29384,60485,2441,15586,399639－192882256,822225－1,3158,138(1,197)2256,9401,32611,29269911,991(559)11,392335,6816,716－1581,182－8441,5823,481－50484421Equity in earnings (losses) of affiliates16,579636,704188657,375－ 657,375－ 657,375* 1. “Others” primarily consists of business segments that are not included in reportable segments, such as the ship operationsbusiness, the ship management business, the ship chartering business and the financing business.* 2. (1) Adjustment in Segment profit (loss) of \ -14,519 million include the following:\ -21,765 million of corporate profit which is not allocated to segments, \ 5,712 million of adjustment formanagement accounting and \ 1,533 million of inter-segment transaction elimination. (2) Adjustment in Depreciation and amortization of \ 1,155 million include the following: \ 1,155 million of depreciation of assets which are not allocated to segments. (3) Adjustment in Interest income of \ -1,197 million include the following:\ 711 million of interest income which is not allocated to segments and \ -1,909 million of inter-segment transaction elimination. (4) Adjustment in Interest expenses of \ -599 million include the following: \ 4,379 million of interest expenses which are not allocated to segments, \ -3,049 million of adjustment formanagement accounting and \ -1,929 million of inter-segment transaction elimination.* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.* 4. Notes to changes in repotable segments etc. As stated in (Changes in Accounting Standards), We have adopted “Accounting Standard for Revenue Recognition ” (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the fiscal year ended March 31, 2022 and changed the accounting method for revenue recognition. Due to this change, compared with the previous method, Revenues in the Dry Bulk Business increased by \ 11,962 million, Segment profit (loss) increased by \ 5,983 million, Revenues in the Energy and Offshore Business increased by \ 3,605 million, Segment profit (loss) increased by \ 1,463 million, Revenues in the Container ships Business decreased by \ 433 million, Segment profit (loss) decreased by \ 192 million, Revenues in the Car Carries, Ferries and Coastal RoRo ships Businesses increased by \ 5,364 million, Segment profit (loss) increased by \ 2,296 million, Revenues in Associated Businesses decreased by \ 454 million, Segment profit (loss) decreased by \ 46 million, Revenues in Others Business didn’t change, and Segment profit (loss) increased by \ 93 million. In addition, from the fiscal year ended March 31, 2022 , the name of Energy Transport Business has been changed to Energy and Offshore Business. As a result of this change, the name of Energy Transport Business of the previous fiscal year has been changed as well. This change has no impact on segment information.[REFERENCE PURPOSE ONLY]Please note that this document has been translated from the Japanese original for reference purposes only andthe financial statements contained is unaudited.In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shallprevail.(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202219(Material Subsequent Events) (Stock Split) The Company resolved at a meeting of its Board of Directors held on February 28, 2022 to implement a stock split and conducted the split effective April 1, 2022. 1. Purpose of the stock split The purpose is to expand the investor base by reducing the Company’s stock price per investment unit. 2. Outline of the stock split (1) Method of the stock split Each share of common stock owned by shareholders listed or recorded in the closing register of shareholders on the record date of March 31, 2022 will be split into 3 shares per share. (2) Number of shares to be increased by the stock split 1. Total number of issued shares before the stock split: 2. Number of shares to be increased by the stock split: 3. Total number of issued shares following the stock split: 4. Total number of authorized shares following the stock split: (3) Schedule of the stock split 1. Public notice of record date: March 15, 2022 March 31, 2022 2. Record date: April 1, 2022 3. Effective date: 120,628,611 shares 241,257,222 shares 361,885,833 shares 946,200,000 shares (Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202220[ Supplement ]1. Review of Quarterly ResultsQ1Apr-Jun, 2021Q2Q3Jul-Sep, 2021 Oct-Dec, 2021Q4Jan-Mar, 2022Revenues[￥ Millions]288,874Operating profit (loss)Ordinary profit (loss)Income (Loss) before income taxesProfit (Loss) attributable to owners of parentNet income (loss)* per share[￥]8,042104,268106,423104,147290.07308,21312,350167,575173,650170,701474.79331,41322,020215,848219,919212,339589.73340,81012,593234,088233,001221,632614.82Total AssetsTotal Net Assets[￥ Millions]2,217,9262,415,8562,556,3622,686,701827,605997,3571,185,3671,334,866*Profit (Loss) attributable to owners of parentNote: The Company split its common stock on the basis of three (3) shares per share effective April 1, 2022.Accordingly, net income per share is calculated on the assumption that the split of shares was conducted at thebeginning of the previous fiscal year ended March 31, 2021.Q1Apr-Jun, 2020Q2Q3Jul-Sep, 2020 Oct-Dec, 2020Q4Jan-Mar, 2021Revenues[￥ Millions]251,471233,215246,998259,742Operating profit (loss)Ordinary profit (loss)Income (Loss) before income taxesProfit (Loss) attributable to owners of parentNet income (loss)* per share[￥](5,126)7,3589,2435,49115.3190425,37427,33624,76069.013,14040,25235,89934,15895.21(4,221)60,62027,83525,64371.47Total AssetsTotal Net Assets[￥ Millions]2,036,4512,053,3932,056,3062,095,559614,648632,667656,153699,150*Profit (Loss) attributable to owners of parentNote: The Company split its common stock on the basis of three (3) shares per share effective April 1, 2022.Accordingly, net income per share is calculated on the assumption that the split of shares was conducted at thebeginning of the previous fiscal year ended March 31, 2021.(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202221(￥ Millions)1,597　 △ 996 　600　 (￥ Millions)Increase / Decrease△ 22,614 　32,200　 △ 32,000 　△ 3,882 　△ 26,296 　4944-93952144822698721875739-1,6141,64917,10033,7063650,84253,00462,902　 23,496　 86,399　 767,271　 213,200　 8,000　 12,226　 1712-2939724132301,258848-2,1062,893477411211172. Depreciation and AmortizationFY2020FY2021Increase / Decrease3. Interest-bearing DebtAs of Mar.31, 2021As of Mar.31, 2022VesselsOthersTotalBank loansBondsCommercial paperOthersTotal61,305　 24,493　 85,798　 789,885　 181,000　 40,000　 16,108　 1,026,994　 1,000,697　 4. Fleet Capacity (MOL and consolidated subsidiaries)Dry bulkersTankersLNG carriers*1Car carriersContainershipsNo.of ships1,000MTNo.of ships1,000MTNo.of ships1,000MTNo.of ships1,000MTNo.of ships1,000MT(No. of ships and deadweight ton)1631-47601,2903,408-4,6985,608OwnedCharteredOthersAs of Mar.31, 2022As of Mar.31, 2021434,67427624,126-319312-28,80028,759Ferries &Coastal RoRo shipsOwnedCharteredOthersAs of Mar.31, 2022As of Mar.31, 2021105-15155431-8585719011621698,8994,4803513,41313,8891–114–44Passenger shipsOthers*2TotalNo.of ships1,000MTNo.of ships1,000MTNo.of ships1,000MTNo.of ships1,000MT*1 Including offshore project ships and offshore gas project ships*2 Including coastal ships (excluding coastal RoRo ships)5. Exchange RatesAverage ratesTerm-end ratesFY2020¥105.95¥110.71FY2021¥111.52¥122.39Change¥5.57[5.3%]JPY Depreciated¥11.68[10.6%]JPY DepreciatedRemark:”Average rates” are average of monthly corporate rates in each term, while “term-end rates” are TTM rates on the last day of each term.As of Dec.31, 2020As of Dec. 31, 2021ChangeTerm-end rates¥103.50¥115.02¥11.52[11.1%]JPY Depreciated6. Average Bunker PricesFY2020FY2021Increase / DecreasePurchase PricesUS$355/MTUS$585/MTUS$230/MT(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 2022227．Market Information(1) Dry Bulker Market (Baltic Dry Index) (Index: January 1985 = 1,000)Source : Clarkson ResearchMonthly Average202020212022Jan7011,6581,761Feb4611,5001,8356012,0182,464MarAprMay4892,965Jun1,1462,932Jul1,6333,188Aug1,5163,720Sep1,4114,288Oct1,6314,820Nov1,1802,780Dec1,2442,8326642,475Average1,0562,9312,020(2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day)Source : Clarkson ResearchMonthly Average202020212022JanFebAprMarMay71,787 21,404 160,557 177,606 59,755 45,336 26,974 17,463 16,0918,2211,9521,639-1,128 -5,587-1,229-6,88692 -1,8004,2434,131AugSepJun-26JulOct12,1986,201Nov8,2775,259Dec18,0464,024Average52,9582,726-4,534(3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000)Source : Clarkson ResearchNote: CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia.(Unaudited translation of “Kessan Tanshin”, provided for reference only)April 28, 202223