Today, Sumitomo Corporation resolved the following organizational changes as of April 1, 2024 at

the Ordinary Meeting of the Board of Directors.

?. Organizational Changes (As of April 1, 2024)

1)	With regard to the Business Group, existing 'Business Units' and 'Energy Innovation Initiative'

and its subordinate 'Divisions' and 'Departments' will be removed and nine 'Groups' will be newly established with 'Strategic Business Units' (SBUs) and 'Units' as its subordinate organizations.

2)	The Corporate Group will be reorganized into six new 'Groups' with some of its functions

transferring to the 'Business Group'.

?.Background and Purpose of the organizational changes Since the introduction of the product division structure, we have developed our businesses and organization based on products and industries. With SHIFT 2023, our medium-term management plan which began in FY2021, we have advanced and deepened our business strategies and created new businesses by taking a global view of the market and reorganizing all of our businesses into Strategic Business Units (SBUs). Through the series of integrating, restructuring, and creating new SBUs during this period, we have shifted our business portfolio into one that is highly profitable and resilient.

This organizational change that we will adopt is going to be an ideal way to further accelerate the

execution of business strategies for our exponential growth .

'Business Units', 'Energy Innovation Initiative' along with its 'Divisions' and 'Departments' will

be removed we will operate our organization based on SBUs.

SBUs will be structured into nine 'Groups' with an aim to strengthen our businesses. The nine

'Groups' will set forth their missions and under the mission of each 'Group', each SBU within the

'Group' will demonstrate its strengths and reinforce cooperation among other SBUs to expand

earnings through executing strategies and resolving social issues. To give some examples, the

'Energy Transformation Business Group' will bring together SBUs with the common theme of

decarbonization and recycling-oriented energy systems, the 'Diverse Urban Development Group',

will build the foundations of local communities and lifestyles through urban development, and all of

these Groups will aim to enhance our corporate value by reshaping from the existing product based

organization to one with a strategic axis and demonstrating our strengths by creating value across

multiple industries.

'Group CEO' will be the representative of each 'Group'. In addition, each 'Group' will establish a

'Group CFO Office' which will incorporate a corporate function to support strategy execution

closer to the frontline. 'Group CFO' will be the representative of the 'Group CFO Office'. The

'Group CEO' and 'Group CFO' will play a central role in improving the quality and speed of

decision-making and streamlining organizational operations to promote autonomous group

management.

For more effective and efficient organizational management, corporate functions will be reorganized

into six 'Groups' and the 'Group Head' will be the representative of each 'Group'.

The functions and roles of the 'Corporate Group' will be reorganized and departments will be

integrated to further enhance its expertise through resource consolidation. In addition, in order to

improve the autonomy of the 'Business Group' through more agile execution of strategies and faster

decision making, some functions currently handled by the 'Corporate Group' will be transferred to

each 'Group CFO Office' within the 'Business Group'.

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