http://www.itochu-metals.co.jp/

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TSUGUYOSHI NAKATANI,President & CEO

The world is currently in a place of great pain and anxiety, battling an unseen enemy. I believe the day is approaching when medicine can contain this hidden foe, but this remains in the un-seeable future. Since the middle of January, for over two months now, economic activity of all kinds, as well as the day-to-day activities of individuals, have been curtailed causing unprecedented hardship. We can only hope that relief will be at hand as soon as is humanly possible.

Commerce in general in 2019 was affected by the trade friction between the United States and China, which, together with the slump in Japan’s domestic consumption, made for disappointing results. In the field of investment not everything went according to plan. However, with an eye on the future, some excellent investments were made in the area of non-ferrous products and recycling with the focus on reducing the environmental impact … one of far-reaching significance. Several other initiatives proposed last year are still under consideration. We intend to proceed with them at a steady pace, further solidifying our future prospects. Overall, I consider it a year in which we made yet another step forward.

As for 2020, who knows what lies ahead? The situation in which we find ourselves is changing daily, accompanied by a host of challenging events. However, together with our stakeholders, I believe we can work to keep the damage from this unparalleled state of affairs to a minimum and see our way successfully through. As for the pursuit of long-term goals, our course remains unchanged. We are determined to firmly maintain our traction and move ever forward.

The break in the clouds will come, dawn’s glow will return. With this firmly in mind, let us band together and give it our all.

TSUGUYOSHI NAKATANI, President & CEOITOCHU Metals Corporation

- Let’s Move Forward -

Corporate philosophy

Act with integrity - lead the way to the valuable future

ITOCHU Mission "Sampo-yoshi" - good for the seller, good for the buyer, and good for society

Guideline of Conduct "I am One with Infinite Missions"

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Import

Export

Cross Trade

Materials

Primary products

Primary products

Finished products

Investments Development of New Products

Marketing ConsultancyThe Supply of Logistics Function

ITOCHU Metals Corporation

Domestic

Primary manufactures

Secondarymanufactures

Market

Overseas

Materialmanufactures

Market

ITOCHU Metals Corporation, as a non-ferrous/metal trading company, connects

Japan with the rest of the world by using a variety of products from upstream to

downstream and our network to provide comprehensive solutions.

In addition to domestic sales, trading and market development consisting of exports /

imports / off-shore trade, we are actively engaged in making marketing proposals

that meet the various needs of our customers both in Japan and abroad, providing

logistics functions including supply chain management, development / recycling of

new products of non-ferrous/metals and related materials, and business investment

that includes capital investment in overseas businesses.

Product Line

■ Silicon Metal ■ Copper ■ Aluminum ■ Zinc ■ Titanium■ Master Alloys■ Chromium Metal ■ Aluminum Grain Refiners /

Aluminum Master Alloys

● Non-Ferrous Materials Business■ Aluminum Products / Processed Items ■ Copper / Copper Alloy Products / Processed Items ■ Electrical / Electronic Parts ■ Daikin Refrigeration Unit for Container / Reefer Container / Container Related Equipment

● Product Business■ Ferrous Scrap, Non-Ferrous rich Mixed-Meta

■ Overseas Recycling Operations

■ Iron Powder Mainly for Powdered Metallurgy Automotive Parts

● Metal Recycling Business■ Recycle Service

■ Waste Management Service

■ Reuse Service

■ Reduce Service

● Recycling Business Promotion

Business Model

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Silicon MetalWe provide companies across various industries in Japan and overseas with steady availability of silicon metal which is ultimately used, for instance, as an aluminum alloy additive, in silicon resins and solar devices, and in silicon wafer starting materials for semiconductors.

Major products: Silicon Metal (Metallurgical and chemical usage)

CopperCopper has applications in countless everyday products due to its excellent thermal and electric conductivity. The metal is used in computers, mobile phones and other such electronic devices, components for motor vehicles and electrical wire.

Major products: Copper Cathodes / Copper & copper alloy scraps / Copper ore / Copper slag

AluminumSecondary aluminum alloy ingot is a renewable, energy-efficient product produced from aluminum scrap, using a mere 3% as much energy as that consumed in producing primary aluminum ingot.It is used in a wide variety of familiar products ranging from aluminum cans to motor vehicle components.

Major products: aluminum scrap / Aluminum base metal / Secondary Aluminum Ingot

ZincGalvanizing is used with numerous steel products because it offers cathodic protection that acts to slow the corrosion.Main applications: Uses include automotive steel sheet, construction materials and infrastructure, as well as wrought copper and copper alloy products, die castings and zinc oxide.

Major products: Special high-grade zinc, zinc alloy, PW zinc, recycled zinc, zinc dross

Non-Ferrous Materials BusinessWe deal with a wide range of raw materials including base metals such as aluminum, copper and zinc; rare metals such as nickel, titanium and chromium; and metals such as silicon, manganese and master alloys.We trade not only with companies in Japan, but throughout the world and we act as sales representative for overseas manufacturers of non-ferrous materials / feed materials.

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TitaniumTitanium has almost all the characteristics required of a metal such as lightweightness, high specific strength, high corrosion resistance and a luxury appearance. With these characteristics, titanium is used widely for special applications such as the development of aeronautical materials to the manufacture of many items in our daily life.Our business involves raw materials in all fields relating to titanium mill products, super alloy, iron and steel, and other additive applications.We also handle the entire recycling process from raw materials to intermediate products, including consignment arrangements for the melting and rolling of scrap generated in the course of fabrication.

Major products: Mill products / Titanium slab / Titanium sponge / Titanium scraps, Ferro titanium

Master AlloysIn this area of business, we handle master alloy lumps and powders used mainly in manufacturing titanium alloy.

Major products: Master alloys for alloy production (titanium, super alloys, electronics industry products, etc.), manufactured by Reading Alloys Inc. (US)

Chromium MetalA major chromium metal application involves its use in heat resistant-alloys (super alloys) for major components such as aircraft engines, turbine blades for power generators, and motor vehicle turbocharger units. It is also used as a raw material for non-ferrous alloys and welding consumables.

Major products: Chromium metal manufactured by AMG Superalloys UK Limited (UK) and its affiliates

Aluminum Grain Refiners / Aluminum Master AlloysAluminum master alloys and grain refiners enhance the strength of the metal and give it a finer grain structure. They are used in manufacturing products such as aluminum cans, aluminum sash and aluminum foil.

Major products: Titanium boron aluminum rod, titanium-aluminum master alloys, zirconium-aluminum master alloys, and various types of aluminum tablet manufactured by AMG Aluminum UK Limited (UK)

Non-Ferrous Materials Business

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AluminumProducts /Processed ItemsMany industries rely on aluminum for applications that include aluminum cans for beverages, automotive bodies and heat exchangers, marine vessels, aircraft, building and construction materials, and photovoltaic equipment.We remain committed to selling manufactured and fabricated aluminum products to customers in Japan and abroad, amid an environment where aluminum has been gaining increasing attention as a highly-recyclable and environmentally-sustainable material.

Major products: Aluminum products, products processed at low pressure, (sheet, section, extruded products, tubular bars) /Aluminum foil, foil material / Automotive heat exchange materials, parts / Forged items / Transportation equipment / Other: dies (for plastic injection, metal presses), etc.

Copper /Copper Alloy Products /Processed ItemsCopper is widely used in electrical components and motors, wiring, circuit boards and other applications, given its superb electrical and thermal conductivity and excellent processability.Most notably, we sell copper piping for indoor air conditioning units to customers in Japan and overseas.

Major products: Copper and copper alloy rolled, extruded products (sheet, section, foil, tube, bar, wire) /Copper and copper alloy processed items

Product BusinessOur main focus is on non-ferrous processed items and we work to provide comprehensive solutions in a variety of products, using our network to link domestic and overseas operations. In Japan and abroad, we are actively engaged in marketing proposals designed to meet the needs of a wide variety of customers; and the provision of optimal and efficient logistics in line with the commodities. We are also proactively involved in new product development for non-ferrous metals and associated materials; and we also invest in businesses, including equity participation in operations overseas.

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Aluminum Sheet for Heat SinksWe import and sell aluminum sheet to metal substrate manufacturers in Japan who use it to produce highly-effective metallic heat sinks for LED lighting and automotive equipment.

Materials for Solar ModulesWe sell materials such as external backing sheet used by solar modules to customers worldwide.

Printed Board Materials and ProductsWe supply the Japanese market as well as North America, China and Europe with antenna circuits for RFID (radio frequency identification) tags used in Suica cards and other such electronics.

Major products: Processed aluminum items, copper foils, aluminum foils, aluminum sheet for heat sinks, materials for solar modules, print board materials and print board products

Copper and Aluminum FoilsCopper and aluminum foils have become essential to modern industry, with applications that include use as current collectors for lithium-ion batteries which are installed in everything from smartphones to electric vehicles. We are able to provide solutions from a variety of sources in Japan and overseas.

Processed Aluminum ItemsWe sell processed aluminum items that are designed to meet customer needs mainly with respect to housing for information technology equipment and automotive frame materials. These products are made through fabrication processes entailing extrusion, pressing and other operations, from high-strength, lightweight aluminum featuring high processability.

Daikin Refrigeration Unit for Container / Reefer Container / Container Related EquipmentIn this business segment, we mainly engage in global sales of shipping container refrigeration units manufactured by Daikin Industries.These products now boast one-fifth of the market share for global refrigerated containers, serving over 220 shipping firms, leasing companies, food manufacturers and other companies worldwide, with total aggregate sales exceeding 200,000 units.Moreover, we conduct business from an extensive network of sales-office locations that include Tokyo, Rotterdam, Denmark, New York, San Francisco, Russia, Uruguay, Taipei, Shanghai, Seoul, Shingapore and Indnesia.

Major products: Refrigerators for marine containers

Product Business

Electrical / Electronic Parts

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Overseas Recycling OperationsIn recent years the recycling industry has expanded to become global in scale, and sorting has to take place according to the location. Our company, together with a Hong Kong enterprise, has been actively researching Chinese recycle market. We aim to be a crucial company for the flow of recycled materials globally, with a presence in the three main locations of North America, Asia and Japan.Major products: Ferrous and Non-ferrous Scrap

Iron Powder Mainly for Powdered Metallurgy Automotive PartsWe are pursuing new sources of demand through initiatives entailing domestic and overseas trade of iron powder which were produced from Molten Steel atomized by high pressured water through Rolling Mills of Blast Furnace Steel Producers.Major products: Iron powder for industr ial use

Ferrous Scrap, Non-Ferrous rich Mixed-MetalThere are two kinds of ferrous scrap: the factory scrap that comes from manufacturing plants and the waste scrap that comes from demolished buildings and the like. And within ferrous scrap there are various grades; so we play a role in supplying raw ferrous scrap based on the needs of various iron and steel manufacturers both within and outside of Japan. Non-ferrous mixed metal is what is left in the process by which ferrous scrap is separated out. By exploring various needs, we turn what was unwanted material into material for which there is a demand.

Major products: Ferrous Scrap, Non-Ferrous rich Mixed-Metal

Metal Recycling BusinessThe history of our metal recycling business stretches back over 50 years. We have conducted our activities as a pioneer in the trading company-owned ferrous scrap recycling business.For the past 25 years our company has operated the ITOCHU TETSUGENKAI (Ferrous Scrap Association) comprising recycling companies across Japan and which forms the core of the Itochu Group’s recycling network. Furthermore, by moving into the expanding Chinese and south-east Asian market, we have come to play a pivotal role in the handling of scrap metal globally.

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Recycling Business Promotion In 2000, Japan enacted Basic Act on Establishing a Sound Material-Cycle Society. The idea of 3R was introduced and given the following priority ranking: 1) Reduce 2) Reuse 3) Recycle. The law aims to promote the formation of a society in which the burden on the environment is reduced.The law also stipulates that each company (disposing enterprise) must take responsibility for the proper disposal of waste materials (Waste Management).In order to actualize the principles in the law mentioned above, we have developed a variety of services.

Waste Management ServiceThrough the unique electronic manifesto system (industrial waste management system) which we have developed, we provide a comprehensive unitarily managed service across the country, while providing unrenewable waste traceability and transparency.

Reduce ServiceWith the aim of controlling the emergence of waste materials to begin with, we provide a regular maintenance service for appliances, interiors and exteriors, and external elements to stores, including franchises, across a wide area. In addition to breakage and repair occurrence control, we also have in place an emergency response structure for when breakages occur. In the future, with the cooperation of manufacturers, we aim to connect our service to the development of products which have a lower burden on the environment.

Recycle Service We have organized a network of the nation’ s recycling businesses, and we separate, extract and process renewable resources from waste materials discharged by a range of industries. We return these to industry as recycled materials (resources)

Reuse ServiceWe provide a B to B reuse service which involves establishing cleaning and maintenance systems for various kinds of equipment, machinery and appliances.

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Officer List April 1, 2020

President & CEO Tsuguyoshi Nakatani

Director & Managing Executive Officer Toshihiro Dohi

Director Jun Inomata

Director Mitsuaki Tanaka

Executive Statutory Auditor Kazuo Osawa

Executive Statutory Auditor Yuta Itano

Executive Statutory Auditor Yosuke Oi

Executive Officer Hideo Nagashima

Executive Officer Yoshikazu Ohashi

Executive Officer Masayoshi Shiratori

Executive Officer Toshimichi Nagaoka

Executive Officer Naoyuki Kato

Executive Officer Yukio Hiraishi

Executive Officer Seiya Kamanoi

Company Profile April 1, 2020

Name ITOCHU Metals Corporation

Incorporated July 1,1996

President & CEO TSUGUYOSHI NAKATANI

Head Office ITOCHU Building

5-1 Kita-Aoyama 2-chome,

Minato-ku,Tokyo,107-8573

Tel : 81-3-3497-7137

Fax : 81-3-3497-8180

Capital 700,000,000 yen

Shareholders ITOCHU Corporation (100%)

Main Bank Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation.

Sumitomo Mitsui Trust Bank, Limited

Main overseas business

・ Tri-Arrows Aluminum Inc. (Aluminum can stock business in North America)

・ Lao Sil icon Co.,Ltd. (Sil icon Metal business in Laos)

Itochu Group Global Network- related to our businesses -

Network

● Osaka Branch Northgate Building 1-3,

Umeda 3-chome, Kita-ku, Osaka, 530-0001

Tel : 81-6-7638-4105 Fax : 81-6-7638-4083

● Niigata Branch Niigata Teiseki Building 1-3-1,

Higashi-Odori, Chuo-ku, Niigata, 950-0087

Tel : 81-25-247-2155 Fax : 81-25-247-9517

● Kyushu Branch Nihonseimei Hakataekimae Building 3-2-1,

Hakataekimae, Hakata-ku, Fukuoka, 812-0011

Tel : 81-92-471-3767 Fax : 81-92-471-3740

● New York Branch c/o ITOCHU International Inc.

1251 Avenue of the Americas, 51st floor, New York, NY 10020

Tel : 212-818-8159 Fax : 212-818-8506

● Nagoya Representative Office Nagoya ITOCHU Building 5-11,

Nishiki 1-chome, Naka-ku, Nagoya, 460-0003

Tel : 81-52-203-2375 Fax : 81-52-203-2306

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Organizational Chart April 1, 2020

President & CEO

Tokyo H.Q

Osaka Branch

Niigata Branch

Kyushu Branch

New York Branch

NagoyaRepresentative Office

Audit & Internal Control Section

Group I

Group II

Global Refrigeration Group

Tokyo Metals Recycle Group

Metal Materials Group

Facility Management Group

Industrial Waste Management Group

Vending Machine Group

Management Group

Finance & Accounting Group

Legal & Credit Group

Human Resources & General Affairs Group

Corporate Planning Group

CSR - Compliance Promotion Team

Osaka Non-Ferrous Group

Osaka Metals Recycle Group

Osaka Facility Management Group

Products &Components

Division

Recycle BusinessPromotionDivision

Metal MaterialsDivision

Finance & AccountingDivision

Legal & Credit Division

Corporate Planning &Administration Division

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Idealactions

Ethical actions(Corporate philosophy)

Compliance with company rules,regulations, laws, rules

Activities which contribute to the societyContribute to "green purchasing"

Do not tell lies,do not commit wrongdoings

Nurturing of human resources

"Must" comply with the laws

Compliance in a narrow sense = (basic CSR)

CSR and compliance

Privacy Policy

ISO 14001 certificationRecently, with economic globalization, our dependency on information technology and the change in consumer awareness, there is a growing awareness of the importance of re-examining corporate social responsibility (CSR) from a wider perspective, and there is an international discussion taking place about how to handle the issue of CSR.ITOCHU group's basic view of CSR is that in order to fulfill our responsibility as a good corporate citizen, our company as a member of society should respond to requests from various shareholders around us, and by actively maintaining good communication with the shareholders, we should create and realize a management vision and specific actions that will bring about benefits to the society. Hence, by gaining the support and trust of the shareholders, we will contribute to further progress and development.

Our company, based on this view, will pay attention to the global environment as well as the compliance issue that we have been discussing with you and our relationship with various shareholders for prosperous coexistence and harmonious relations with public sector and the community, thus making our company truly trusted by people.

Specifically,1. Comply with laws, company rules, and social norms.

2. Enhance employee skills and nurture employees who are the assets of the company and the society.

3. By paying attention to the global environment, actively promote "green purchasing" by customers, and propose and provide systems that can help customers.

4. By utilizing our unique metal recycling network, actively promote re-use of metal resources.

With the above as the starting point of CSR, we will thus implement activities that can contribute to the sustainable progress of the society in the future.

ITOCHU Metals CorporationTsuguyoshi Nakatani

ITOCHU Metals Corporation hereby recognizes the importance of personal information and considers it a social responsibility to protect such personal information. We shall comply with all laws and in-house company rules pertaining to personal information and ensure that any information our company handles is acquired, used and administered in a proper manner.

Acquisition of Personal Information.Any personal information acquired shall be done so by appropriate methods and within the required limits.

Use of Personal InformationThe purpose behind the use of personal information shall be clarified and it shall only be used within the limits of such purpose; it shall not be used for any other purpose without prior consent. Moreover, it shall not be disclosed or provided to third parties without grounds for justification.

ITOCHU Metals Corporation became an ISO 14001 certified company, and as a member of the ITOCHU Corporation group, we are actively involved in environmental management.

ITOCHU Metals Corporation's environmental policy

I. Basic philosophyGlobal environmental problems such as global warming are issues that affect all of human life.As a company doing business on a global scale, ITOCHU Metals Corporation is considering global environmental problems as one of the most important items of management policy.We will help solve social issues though our main business, grounded in the "sampo yoshi" spirit.

II. Guideline for actionITOCHU Metals Corporation, with the basic philosophy stated above, and by making continuous improvement to the environmental management system, has established a guideline of action for environmental conservation activities as below.

1. Prevention of environmental contaminationIn promoting all business activities, pay attention to the protection of the natural ecosystem, regional environment and global environment to prevent environmental contamination before it occurs.

2. Compliance with laws and regulationsComply with laws and regulations related to environmental conservation both inside and outside Japan, and other agreed rules of our company.

3. Promotion of environmental conservation activitiesPromote "energy and resource conservation" and "reduction of waste and promotion of recycling". Contribute to the formation of a recyclable society, and make efforts for development and supply of products and services contributing to environmental conservation.

4. Harmonious coexistence with societyAs a good corporate citizen, try to contribute widely to the society and the prosperity of the next generation. Cooperate with local government for environmental education to support studies in the field of global environmental conservation.

5. Promotion of educational activitiesTo enhance employees' awareness of environmental conservation, promote educational activities directed to employees of ITOCHU Metals Corporation.

Standard of behavior

Relationship between CSR and compliance

Proper Administration of Personal InformationAppropriate administration measures shall be taken to ensure that personal information is not leaked or discharged.

OtherITOCHU Metals Corporation may make revisions, including changes to its in-house regulations, in line with any legal and regulatory revisions and other such requirements.