Marubeni : Q&A of briefing on Financial Results for FYE 3/2026 has been uploaded.

This material contains forward-looking statements about the future performance, events or management plans of Marubeni Corporation and its Group companies (the Company) based on the available information, certain assumptions and expectations at the point of disclosure, of which many are beyond the Company's control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, economic and financial conditions, factors that may affect the level of demand and financial performances of the major industries and customers we serve, interest rates and currency fluctuations, availability and cost of funding, fluctuations in commodity and materials prices, political turmoil in certain countries and regions, litigation claims, changes in laws, regulations and tax rules, and other factors. Actual results, performances and achievements may differ materially from those described explicitly or implicitly in the relevant forward-looking statements.

The Company has no responsibility for any possible damage arising from the use of information on this material, nor does the Company have any obligation to update these statements, information, future events or otherwise.

This material is an English language translation of the materials originally written in Japanese. In case of discrepancies, the Japanese version is authoritative and universally valid.

<1st questioner>

CEO Omoto: Regarding the outlook for the Food & Agri Business, our guidance assumes that Helena's performance will be largely flat to slightly higher year on year. For the business as a whole, there are both positive and negative factors, but on an aggregate basis, we expect it to be largely flat to slightly higher. On the positive side, soybean planted acreage is progressing smoothly compared to the previous year. Last year, weather issues in May caused a slight downturn, but no weather-related problems are foreseen so far this year. On the negative side, regarding farm income, while fertilizer prices have risen, grain prices remain largely flat. Additionally, concerning U.S. government agricultural subsidies, the first tranche has been distributed, but we are still waiting for the second tranche. Therefore, overall farm profitability may become slightly tighter year on year. Overall, we assume performance will be slightly better than the previous year, driven by the increase in planted acreage.One point I would like to emphasize is that Helena has been growing steadily compared to its competitors, and we intend to further expand its business this year. In addition to Helena, Adubos Real in Brazil expects significant growth this fiscal year, and I personally have high expectations for it. The transfer and adaptation of the Helena model are progressing steadily, and I feel this will grow into a major, highly successful business in the medium to long term. Through both Helena and Adubos Real, we believe it is possible to achieve a certain level of growth in our Food & Agri Business.

Regarding MacroSource, while it is true that the fourth quarter of FY 2025 appears slightly weak, we view this business more as a flow business rather than a position business, and our policy is to increase volume while strictly managing risks. This policy is reflected in the current situation. However, as you know, urea fertilizer prices are currently trending higher than our expectations. Therefore, for the first and second quarters of FY 2026, we expect a certain degree of upside potential for MacroSource exceeding the forecast level.

On the other hand, if this situation continues into the third and fourth quarters, the reverse could also happen. Therefore, we believe it is premature to make a judgment for the full year, and we intend to carefully monitor the situation throughout the year.

CEO Omoto: Regarding your question on whether our outlook for copper is too weak, first, our market assumption is set at $12,000/ton, and this was established bearing in mind that prices will firmly remain above this level. We hope that prices will end the year higher than this, ideally settling above $13,000/ton, but for forecasting purposes, we have set it at $12,000/ton to ensure certainty and be on the safe side.

My answer regarding the profit increase margin for FY 2026 might be somewhat vague, but the mining locations shift slightly every year, which consequently causes slight fluctuations in the cost structure. This is what is affecting the figures.

Currently, expansion work at the copper mine is progressing smoothly, with completion at around 80%. We expect production volume to ramp up over the course of about a year starting around 2027, which we believe will contribute to enhancing our earnings base.

<2nd questioner>

CEO Omoto: First, let me explain what happened in the Wholesale and Retail Power Trading Business and how we intend to recover. The year-on-year decline in profit in the trading business compared with FY 2024 was mainly due to two factors, environmental certificate trading in the UK and natural gas trading in the U.S.. Another reason behind the profit decline, outside of the trading business, was SmartestEnergy Business, UK-based retail business for SMEs, where we took steps to clean up certain deteriorated business flows. On the other hand, SmartestEnergy in the UK has been steadily increasing both volume and gross margin in its corporate retail business, and it is now a solid No. 3 supplier in the UK market. Therefore, as measures to address the FY 2025 challenges, we intend to continue expanding the growing corporate retail business, while further tightening risk management and imposing greater discipline on environmental certificate and natural gas trading. In addition, because we were able to clean up the SMEs retail trading flows in the UK in FY 2025, we expect this business to generate solid profits in FY 2026. When the CEO of SmartestEnergy UK was in Japan last week, we thoroughly reviewed the FY 2026 forecast with him, and we have high

expectations that he will deliver the results.

Let me also add some comments on the chemical-related business, which struggled somewhat in FY 2025. Although the IR materials describe this as a " lower earnings in petrochemical trading ", the main components are ethylene trading and propylene trading in the U.S.. For ethylene trading, in FY 2025 we combined the chemicals team and the energy team and conducted a major review of the trading activities, resulting in clean up of certain business flows. In the IR materials, this is described as "position optimization", but for FY 2026, in addition to this rebound effect, we expect an improvement when we take into account the current market conditions. We also faced some difficulties in U.S. propylene trading, but partly due to the current situation in the Middle East, both our positions and trading P&L have been improving. Looking at the current situation, we have already locked-in roughly 60% of our positions in the chemical-related business. In FY 2026, we plan to achieve a total recovery of 15.0 billion yen, not only in the Wholesale and Retail Power Trading Business and chemical-related business, but also including other businesses. We intend to address each of the operational issues that emerged in FY 2025 one by one, improve them, and thereby lift overall earnings.

CEO Omoto: As described on page 19 of the IR materials, taking into account the situation in the Middle East, we are conducting risk scenario analysis and examinations across all businesses-not only in energy and chemicals-on what countermeasures we would take in the event that the worst-case scenario were to materialize.

In the first phase, we assume a period of price surge, and we expect this trend to continue in the first quarter of FY 2026. If the current situation persists even after the first quarter, we assume we will enter a second phase of production adjustment, during which we will likely need to work closely with our customers. If the situation remains unchanged for half a year, similar to what we saw at the time of the U.S. tariff measures last fiscal year, we expect to face the third phase, an economic downturn risk, in the second half. In this way, while monitoring these downside risk scenarios, we are thoroughly committed to acting with a forward-looking perspective. Additionally, when we discussed upside and downside factors for FY 2026 with all business divisions the day before, we confirmed that there are no businesses that are being directly hit by the current situation in the Middle East. It is not that there is no impact at all, but there is nothing of a scale that would be worth highlighting here. Rather, in the current first phase, commodity markets such as JKM and chemicals are firm, and LNG trading and

chemical-related business could potentially become upside factors. Our energy team has long been engaged in energy trading, and the key has always been thorough diversification of supply sources. By continuing to diversify and disperse our procurement sources in both naphtha and LNG, we believe we can continue to provide our customers with a stable supply of products even under the current conditions of supply uncertainty and high commodity prices, thereby ensuring our customers' peace of mind while securing a modest margin for ourselves. By maintaining this operating structure, we expect to continue contributing to our earnings base.

In FY 2025, LNG also grew solidly. Our trading volume exceeded 5 million tons per year, which is among the largest levels for short-term LNG traders in Japan. Precisely in times like these, we would like to turn our ability to reliably procure from around the world into a competitive strength for our company in the eyes of our customers.

CEO Omoto: We expect the Wholesale and Retail Power Trading Business and chemical-related business to recover solidly. As for Creekstone, while there will be operational improvements, there is also a certain degree of dependence on market conditions, and we have factored some of that into our assumptions. Although we intend to implement measures to ensure that adjusted net profit recovers by the full

17.0 billion yen in FY 2026, we have also taken into account the possibility that it may not fully recover due to operational and market factors.

<3rd questioner>

CEO Omoto: We assume the sweet spot for the investment amount per deal is around

50.0 billion yen. For deals under 5.0 billion yen, the opportunity costs (such as personnel, due diligence, etc.) are relatively large, so our policy is to focus on mid-sized deals. At the same time, since it is important to firmly increase profits through investments, we are conscious of whether we can generate synergies where 1 plus 1 becomes greater than 2 by leveraging our existing platforms. Looking at our three-year capital allocation, we have allocated 500.0 billion yen to new investments this fiscal year, and we expect sufficient allocation for the next fiscal year as well. Therefore, we will maintain an opportunity-driven stance to positively consider high-quality deals of