The Corporate Management Committee periodically reviews the business vision and strategy defined for each segment in which the Marubeni Group operates. As well as improving existing assets, business investment is a critical part of realizing this vision. In selecting investments that will help to maximize the value of our business portfolio, including corporate acquisitions, and joint ventures with partners with certain strengths, we seek to apply the most suitable investment approach on a case-by-case basis. After the initial investment, we seek to fully utilize Marubeni Group functions to maximize the corporate value of investees. [...] We have created a multilayered decision-making process to help pursue investment returns while controlling risks, while also delegating authority to each Business Group to support faster decision-making. (1) For new investment projects, Business Groups (business divisions/business departments) must first submit detailed project summaries and business plans. (2) In response, the relevant Corporate Staff Group submits opinions on the result of risk analyses from both a quantitative and qualitative perspective. (3) The Investment and Credit Committee*[1] reviews the feasibility and analysis-based risk profile of each project, including any concentrations of risk at the Group level. The major quantitative evaluation criteria used are the IRR, payback period and PATRAC*[2]. (4) The project is then forwarded to the Corporate Management Committee for further scrutiny and approved by the President. Projects exceeding a materiality threshold require deliberation by the Board of Directors. *1. Besides the Chair and Vice Chair, the members of the Investment and Credit Committee include the department heads for Corporate Planning & Strategy, Legal, Corporate Accounting, Finance, and Risk Management. *2. PATRAC (Profit After Tax less Risk Asset Cost): A performance indicator to measure the extent to which returns exceed a minimum risk-adjusted return target.