11

Presentation for Business Results Presentation for Business Results Ended March 2012Ended March 2012

May 2012May 2012

MITSUI MATSUSHIMA CO. LTD.MITSUI MATSUSHIMA CO. LTD.

222

ContentsContents

FY2011 Financial ResultsFY2011 Financial Results P.3P.3

FY2012 Consolidated FY2012 Consolidated FinancialFinancial ForecastForecast P.10P.10

Growth StrategyGrowth Strategy P.14P.14

AppendixAppendix P.18P.18

33

FY2011 Financial ResultsFY2011 Financial Results

44

Consolidated Income StatementConsolidated Income StatementHighlights Record highs in Ordinary profit and Net profit Net sales: Increased sales and profit due to higher coal prices than forecast in the Fuel Business. Operating profit: Increased as a rise in the unit price for coal and higher production and sales volumes in the Liddell Coal

Mine despite the declines due to a year-on-year gain in the Australian dollar at the exchange rate for settlement (US$/A$) in the Fuel Business (coal production).

Extraordinary profit: Recorded a ¥2.116 billion gain on the sale of investment securities. Extraordinary loss: Recorded a ¥808 million impairment loss on fixed assets and a ¥601 million valuation loss on

investment securities.

Net profit 3994,8804,480(237)(93)144Corporate taxes-deferred

1,1822,7721,589Income taxes-current

(544)284829Non-operating expenses

4,0246,5772,553Ordinary profit

291571280Non-operating profit

(433)1,7752,208Extraordinary loss

(3,113)2,7565,869Extraordinary profit

1,3447,5596,214Net profit before income taxes

3,1886,2903,102Operating profit

98,06387,658 10,404Net sales

ChangeAmountAmountYr/YrFY 2011FY 2010

(Million yen)

555

[Net sales] [Operating profit]

* “Other” includes Coal mining Technique transfer business, Supermarket, Maritime Transport, Warehousing and Coal unloading businesses, etc. * Net sales represent sales before the elimination of inter-segment transactions.

Consolidated Segment InformationConsolidated Segment Information

FY 2011Yr/Yr

Change

74,082

14,597

98,063

(10,573)

2,833

550

545

3,112

19,163

82,430

Total

Eliminations

Other

Recycling and Ferroalloy

Real estate

Constructionmaterial

Fuel(Coal production)

Fuel(Coal sales)

FY 2010(Million yen)

Business

87,658

(8,450)

2,986

526

516

3,398

2,123

(152)

23

29

(285)

4,566

8,347

10,404

114

4,105

6,290

17

(22)

(594)

33

(123)

6,881

98

Total

Eliminations

Other

Recycling and Ferroally

Real estate

Constructionmaterial

Fuel (Coal production)

Fuel(Coal sales)

Yr/YrChange

FY 2011FY 2010(Million yen)

Business

3,102

31

(43)

(914)

28

(220)

3,188

(14)

2,776

21

319

5

97

(16)

Highlights Fuel Business (coal sales and production): See “Breakdown of Fuel Business (coal sales and production)” on next

slide. Building Material Business: Further operating loss despite signs of a recovery in demand from the

2nd half of the fiscal year. Recycling and Ferroalloy Business: ¥594 million operating loss due to a delayed transition to full-scale

operations in the Ferroalloy Business and difficulties securing a stable supply of raw materials.

666

Breakdown of Fuel Business (Coal Sales and Production)Highlights Coal Sales: Net sales increased due to higher coal prices.

Operating profit decreased due to declines in both sales volume and commissions per ton. Coal Production: Net sales, operating profit increased. A rise in the unit price for coal and increased production and sales

volumes offset declines resulting from a year-on-year gain in the Australian dollar at the exchange rate for settlement (US$/A$) in the Fuel Business (coal production).

* Coal Sales: March FYE; Coal Production: December FYE

[Net sales] [Operating profit]

2,7596,9794,220

Fuel BusinessTotal

Eliminations

2,7766,8814,105

114 98

FY 2011

(16)

ChangeYr/Yr

FY 2010

Coal production

Coal sales

(Million yen)

10,81991,13880,318

(2,094)(10,456)(8,361)Fuel BusinessTotal

Eliminations

0.151.661.51

0.256.56.75

4,56619,16314,597

74,082 82,430

FY 2011

8,347Change

Yr/YrFY 2010

Sales volume (million tonnes)

Sales volumes (million tonees)

Coal production

Coal sales(Million yen)

¥82.28¥80.54

US$ 1.0201US$ 0.8791

US$ 203.03US$ 141.73

US$ 122.06US$ 92.94

¥79.10¥85.80

¥12,684¥10,975

FY 2011 ResultFY 2010 Result

Coal production(Jan-Dec)

Coal sales(Apr-Mar)

[Major indicators]

Exchange rate ¥/A$ (Average rate during period)

Exchange rate US$/A$ (Average exercise rate)

Average coal price: Semi-soft coking coal

Average coal price: Thermal coal

Exchange rate ¥/US$ (Average exercise rate)

Average coal price of import and sales

777

Consolidated Balance Sheet

(2,844)100.046,178100.049,022Total liabilities and net assets

Tangible fixed assets -1,171Investment securities -1,544(2,984)61.428,36163.931,345Fixed assets,

Deferred assets

Cash and deposits -396Inventories +235, Accounts receivable +315

14038.617,81736.117,677Current assets

Income taxes payable +1,313Accounts payable +357Short-term debt -1,324

(877)18.18,38418.99,262Current liabilities

(2,844)100.046,178100.049,022Total assets

(5,445)41.819,32550.524,770Total liabilities

Long-term debt -3,374Long-term deferred tax liabilities - 658(4,568)23.710,94031.615,508Fixed liabilities

2,601

Change(Million yen)

Net profit +4,880Dividends -554Valuation difference on marketable securities-1,460, Currency exchange adjustments -909

58.226,85349.524,251Total net assets

Major changes

(%)Amount

(Million yen)(%)Amount

(Million yen)

Mar 31, 2012Mar 31, 2011

88

Consolidated Cash FlowsConsolidated Cash Flows

(550)Dividend payments

7,559

Cash flows from operating activities 1,674

1,260

(5,350)

3,408

803

1,344

(1,615)

5,083

(860)

(2,875)Others

(1,664)

5,816(891)(6,708)Changes in fixed assets

Working capital

Income before income taxes 6,214

(3,498)

(3,964)

(2,492)

(2,563)

(919)(5,114)(4,195)Changes in debt and bonds

1,006Cash flows from investment activities

1,400Others

9636,313Changes in investment securities

• Declined on increase in accounts receivable• Declined on payment of income taxes, etc.

• Declined on purchase of machinery and equipment at Mitsui Matsushima Australia

• Increased on the sale of investment securities at Mitsui Matsushima International

• Declined due to deposits made to fixed-term deposits (over 3 months)

(916)

(1)

(2,967)

(2,270)

(697)

309

(5,685)

(21)

8,557

11,524

(2,967)

127

11,524Cash and cash equivalents, end of period

13,794Cash and cash equivalents, beginning of period

(2,270)Change in cash and cash equivalents

(182)Effect of exchange rate change on cash and cash equivalents

(4,768)Cash flows from financial activities

(19)Others

• Declined on repayment of loans and bonds

ChangeFY2011FY2010 Main Factors (FY2011)(Million yen)

3(553)

99

Major Financial Indicators Major Financial Indicators (Consolidated; actual performance for the past 5 years)(Consolidated; actual performance for the past 5 years)

* The above figures are based on the annual securities report.

4.004.003.003.00

105,178 105,178 138,677 138,677Dividend per share (yen)

Total number of shares outstanding (thousand)

4.00

138,677

FY2011FY2008

32.3129.99(11.89)22.51

4,4803,463(1,251)2,367

2,5535,2504,251837

3,1024,8036,4411,182

87,65861,014107,69175,097

FY2007 FY2009 FY2010

Earnings per share (EPS) (yen)

Net profit (million yen)

Ordinary profit (million yen)

Operating profit (million yen)

Net sales (million yen)

35.19

4,880

6,577

6,290

98,063

13.821.62 5.2111.088.57Return on assets (ROA) (%)

174.91145.7185.97131.35

0.650.992.761.67

15,69819,90824,95223,101

49.541.219.725.8

13,813 9,040 20,203 24,251

Book value per share (BPS) (yen)

Debt/equity ratio (times)

Balance of liabilities with interest (incl. bonds) (million yen)

Shareholders’ equity ratio (%)

Total net assets (million yen)

58.2

193.67

0.39

10,583

26,853

1010

FY2012 Consolidated Financial Forecast

1111

Consolidated Financial ForecastConsolidated Financial Forecast

Net Sales estimated at ￥86/0 billion

Domestic sales volume is expected to increase slightly. However, as a negative prospect, coal market price is likely to decline both in Thermal coal and Coking coal affected by increasing Shale Gas production in America and a tendency of excess coal supply for sluggish iron and steel making market.

Estimated; Operating profit at ￥3 billion, Ordinary profit at ￥ 3 billion, Net profit at ￥2 billion

Although Liddell Coal Mine operates favourably of its production, recent trends in foreign exchange rates ( weak US$ and strong A$) could be a negative factor for revenue adding to the declining coal price.

(Additionally, the MRRT (Minerals Resource Rent Tax) will take effect on July 1, 2012 under revisions to Australia’s tax laws. At present, the tax is not expected to affect our FY2012 forecasts.)

30

20

30

860

FY2012 Forecast(100 million yen)

Operating profit

Net profit

Ordinary profit

Net sales

62

48

65

980

11

8

11

420

19

12

19

440

FY2011 Result(100 million

yen) 1st half 2nd half

Change

(32)

(28)

(35)

(120)

121212

[Net sales] [Operating profit]

Consolidated FInancial Forecast by SegmentConsolidated FInancial Forecast by SegmentHighlights Fuel Business (Coal sales):

Decrease in revenues are expected due to unfavourable coal market prices despite the increase in domestic sales volume of coal.

Fuel Business (Coal production):Decrease in revenues and profit are anticipated affected by lower coal prices and stronger Australian dollar at the

exchange rate for settlement ( US$/A$ ).

FY 2012Forecast

Yr/Yr Change

824

191

860

(90)

26

3

6

30

155

730

Total

Elliminations

Other

Recycling andFerroalloy

Real estate

Buildingmaterial

Fuel (Coal production)

Fuel(Coal sales)

FY 2011 Result(100 million yen)

Business

980

(105)

28

5

5

31

(120)

15

(2)

(2)

1

(1)

(36)

(94) 0

68

30

0

(1)

0

0

31

0

Total

Elliminations

Other

Recycling andFerroalloy

Real estate

Buildingmaterial

Fuel (Coal production)

Fuel(Coal sales)

Yr/Yr Change

FY 2012 Forecast

FY 2011 Result(100 million yen)

Business

62

0

(5)

0

(1)

(37)

0

4

0

1

0

(32)

* “Other” includes Coal mining Technique transfer business, Supermarket, Maritime Transport, Warehousing and Coal unloading businesses, etc. * Net sales represent sales before the elimination of inter-segment transactions.

1313

(121)790911

9(95)(104)

Fuel Business Total

Eliminations

10 k tonnes1.671.66

0.46.96.5

(36)155191

824 730

FY 2012 Forecast

(94)

Change

Yr/YrFY 2011 Result

Sales volume (million tonnes)

Sales volume (million tonnes)

Coal production

Coal sales

(100 million yen)

(37)3168

Fuel Businesstotal

Eliminations

(37)3168

0 0

FY 2012 Forecast

0

Change

Yr/YrFY 2011Result

Coal production

Coal sales

(100 million yen)

[Net sales] [Operating profit]

Breakdown of Fuel Business (Coal Sales and Production)

Approx. ¥30 million profit gain per ¥1 decline

A$/¥

Approx. ¥70 million profit gain per A$0.01 decline

US$/A$

Impact of foreign exchange rates on net profit

¥80.00¥82.28

US$1.050US$1.0201

US$154.00US$203.03

US$114.00US$122.06

¥79.10

¥10,500¥12,684

FY 2012 ForecastFY 2011 Result

Coal production(Jan – Dec)

Coal sales(Apr – Mar)

[Major indicators]

Exchange rate ¥/A$ (Average rate during period)

Exchange rate US$/A$ (Average exercise rate)

Average coal price Semi-soft coking coal

Average coal price Thermal coal

Exchange rate ¥/US$ (Average exercise rate)

Average coal price of import and sales

* Coal Sales: March FYE; Coal Production: December FYE

1414

Growth StrategyGrowth Strategy

1515

Trend in Demand for Coal ResourcesTrend in Demand for Coal Resources

Global coal consumption outlook

Source: EIA, International Energy Outlook 2011

China’s growth to slowdown, but developing countries seen leading to mid- to long-term expansion in demand

Securing quality resources and energy sources is important

(Million tons)

(Year)

2,406

3,6924,037 4,278

4,8235,328

5,683430

575620

680

765

866

976

230

210

230220

210

200

190

1,241

1,1361,066

1,126

1,216

1,261

1,326

640

580575

560

540

525

520

415

425425

410

400

405

425

0

2,000

4,000

6,000

8,000

10,000

12,000

2005 2010 2015 2020 2025 2030 2035

Central and South America

Africa

Middle East

Russia / Eastern Europe

Western Europe

North America

Asia (other)

Australia / New Zealand

South Korea

Japan

India

China

Total

10,461Total

9,741

Total

8,990Total

8,235Total

7,870Total

7,474

Total

6,119

1616

Growth StrategyGrowth Strategy

Increase profitability by securing mining rights for new coal mines

Stabilize and diversify profitability developing new business

Realize projects of developing new coal mine making full use of our three strengths: Technical skills in Mining, Planning and propose capabilities and Sales ability to quality customers

Develop new businesses in non-coal fields

1717

Growth StrategyGrowth Strategy

Exploration operations in Queensland, Australia

Square Resources Holdings(Australia)

Coal resource exploration expertise in Australia/New Zealand

Square Exploration Pty. Ltd. (Joint investment company)

Joint exploration business involving MMI Coal Tech Co., Ltd.

Locate promising sources efficiently and economically from the initial stages of exploration

Mitsui Matsushima

Technical mining skills gained through operating domestic coal mines

Planning and proposal capabilities

Sales activities to quality customers

1818

AppendixAppendix

1919

Development of Overseas Resources and Energy BusinessesDevelopment of Overseas Resources and Energy Businesses

As of Apr. 1, 2012

Xstrata Coal Canada Resources Ltd.(exclusive marketing rights in Japan)

Rossin Coal Mine Coking coal/PCI (F/S stage; resources: 240 Mt)

Cline Mining Corp. (exclusive marketing rights in Japan)

New Elk Coal Mine Coking coal (initial production stages)Reserves: 388.5 Mt

IndonesiaIndonesia

CanadaCanada

USUS

AustraliaAustralia

Walter Energy Inc. (shares owned/exclusive marketing rights in Japan)

Apr-Dec 2011Brule Coal Mine Production volume: 1.08 Mt

Wolverine Coal Mine Production volume: 1.10 Mt

Willow Creek Coal Mine Production volume: 570,000 t*Results for the Jan-Mar 2011 period, before the merger with the former Western Coal,have not been made public.

PT Anugerah Bara Kaltim

ABK Coal Mine (exclusive marketing rights in Japan)

Thermal coal; production volume: 6.0 Mt (CY11)

Tiger Energy Trading Pte. Ltd.(Exclusive marketing rights to certain customers in Japan)

JMB Coal Mine Thermal coal; production volume 9.1 Mt (CY11)

Sebuku Coal Mine Thermal coal; production volume2.0 Mt (CY11)

Liddell Joint Venture(32.5% ownership/exclusive marketing rights in Japan)

Lidell Coal Mine Coking coal: 25%; Thermal coal 75%

Production capacity: 7.5 Mt (CY11)

In brackets : Mitsui Matsushima’s business condition

2020

Coal Business Organizational ChartCoal Business Organizational ChartAs of April 1, 2012

Capital investment (ratio)Return of profitsFlow of coal sales

Consolidated subsidiary of Mitsui Matsushima Co., Ltd.

Interest

32.5%

Customers

Mitsui Matsushima Australia Pty, Ltd. (MMA)

Mitsui Matsushima Co., Ltd. (MM)

Mitsui Matsushima International Pty, Ltd. (MMI)

100%Dividend

Profit

Dividend 100%

Liddell Joint Venture (Liddell Coal Mine operation)

Xstrata PLC 67.5%, MMA 32.5%

Liddell Coal Mine (Australia)

Tiger Energy Trading Pte. Ltd. (Singapore)

JMB Coal Mine (Indonesia)

Sebuku Coal Mine (Indonesia)

Walter Energy Inc. (US) (Western Coal Corp.)

Wolverine Coal Mine (Canada)

Brule Coal Mine (Canada)

Willow Creek Coal Mine (Canada)

Cline Mining Corp. (Canada)

New Elk Coal Mine (US) Initial production stages

ABK Coal Mine (Indonesia)

2121

Liddell Coal Mine (Australia): 1Liddell Coal Mine (Australia): 1Operation: JV between Mitsui Matsushima Australia Pty Ltd.(32.5%) and Xstrata PLC

(67.5%) JORC Resource: 670 million tonnes (Measured: 94 Mt; Indicated: 204 Mt; Inferred: 370 Mt)

(Open-cut: 423 Mt [reserves: 69 Mt]; Underground 245 Mt)Productivity: 13,180 tonnes (cleaned coal)/person/year (2011 actual)

(Entire NSW, Australia productivity: 10,320 tonnes/person/year (open cut; 2009-10))Production Capacity: 7.50 million tonnes/year(Maximum capacity for the coal preparation plant)

Liddell Coal MineLiddell Coal Mine

Port

Mitsui Matsushima International Pty. Ltd.Mitsui Matsushima Australia Pty. Ltd.

World’s largest coal port

Good location: About 107 km to the port

AustraliaAustralia

CanberraSydney

Queensland

Northern

Territory

South

Australia

Western

Australia

Victoria

New South WalesNew South WalesNewcastle

2222

0

200

400

600

800

2008 actual 2009 actual 2010 actual 2011 actual 2012 plan

Liddell Coal Mine (Australia): 2Liddell Coal Mine (Australia): 2

Liddell Coal Mine Production (raw coal): Results andPlanAs of Dec. 31, 2011

New coal preparation plant completed

Owner operation started740

447507

556

682

Liddell (total)

Mitsui Matsushima portion

(Ten thousand tonnes)

(Year)

CY2011

Coal production (actual):6.82 million tonnes (planned: 6.70 Mt)

Liddell Coal Mine

Record high production

23230

200

400

600

800

FY 2009 FY 2010 FY 2011 FY 2012

FY 2009 FY 2010 FY 2011 FY 2012

Coal Import and Sales Trends (By type of coal)Coal Import and Sales Trends (By type of coal)

Sales by type of coal

Sales volume by type of coal

469

690 (planned)650

Thermal coal

Coking coal

Thermal coal

Coking coal

73.0 (estimated)

42.3

74.182.4

675

Billion yen

Ten thousand tonnes

100

80

60

40

20

0

2424

Electricity19%

Cement10%

Iron andSteel65%

General industry6%

Electricity22%

Cement7%

Iron andSteel65%

General industry6%

Iron and Steel68%

Electricity22%

Cement4%

General industry6%

Iron and Steel71%

Electricity20%

Cement3%

General industry6%

Iron and Steel73%

Electricity18%

Cement3%

General industry6%

Electricity28%

Cement6%

Iron and Steel63%

Generalindustry

3%

Coal Imports and Sales by Customer IndustryCoal Imports and Sales by Customer Industry

Coal sales by customer industry

FY2012 (¥73.0 billon) estimated

Coal sales volume by customer industry

Electricity24%

Cement5%

Iron andSteel61%

General industry10%

Electricity33%

Cement7%

Iron andSteel55%

General industry5%

FY2012 (6.90 Mt)

planned

FY2011 (6.50 Mt)FY2010 (6.75 Mt)FY2009 (4.69 Mt)

FY2009 (¥42.3 billion) FY2011 (¥82.4 billion)FY2010 (¥74.1 billion)

2525

IR Inquiries:

TEL +81-92-771-2171 General Affairs Dept.

This document is exempt from audit procedures based on the Financial Instruments and Exchange Act. At the time of disclosure of this document, the Company has not completed audit procedures for financial statements based on the Financial Instruments and Exchange Act.These materials contain forward-looking statements that are in no way guarantees of future performance. Future performance is affected by risks and uncertainties. Future performance may vary due to changing assumptions and conditions in the business environment. These materials should not be relied on as the sole source of information, and should be used with discretion. Mitsui Matsushima Co., Ltd. is in no way responsible for any damages caused as a result of relying on or using these materials.