ITOCHU aims to enhance its corporate value by maximizing synergy with Charoen Pokphand Group Company Limited (hereinafter the "CP Group"), Thailand's largest conglomerate, and CITIC Limited (hereinafter "CITIC"), China's largest conglomerate, in a wide range of business areas, primarily in China and other countries in Asia.

In 2014, ITOCHU and the CP Group entered into a mutual capital participation agreement to build a strong relationship. The two companies also entered into a strategic business and capital alliance.
In the following year, 2015, the two companies jointly invested approximately 1.2 trillion yen in CITIC, with each investing half of this amount. This resulted in a strategic business and capital alliance between the three companies.
Our business and capital alliance with CITIC, a key player in China's economic policy, has provided us with access to high-quality information on the direction of the Chinese economy, personal networks, the potential of various projects, etc. Additionally, this alliance has significantly enhanced our credibility in China.
The alliance with CITIC and the CP Group's network of Chinese expatriates, especially in Asia, has provided us with significant advantages in the expansion of our business operations in China and other Asian countries.

Underlying the CP Group and ITOCHU's capital participation in CITIC are their strong connections to China.
The CP Group was the first international business group to invest in China when the country implemented its reform and opening-up policies. The group primarily sells agricultural products, and it is commonly known as the Chia Tai Group.
In 1972, ITOCHU became the first Japanese general trading company to be certified as a "friendly trading company" by China. Since then, among Japanese companies, it has been a leader in pioneering ventures.
Both companies are highly regarded for their significant presences they have established in China, leading to this unusual capital participation in a state-owned enterprise.

The CP Group and ITOCHU have developed a strong relationship through a capital partnership that has continued for more than 10 years, which was their initial time horizon. In April 2025, they dissolved their mutual cross-shareholdings. However, they aim to continue to strengthen their collaboration and increase their synergy by continuing their strategic business alliance.
The strategic and capital alliance between the three companies remains unchanged. The CP Group and ITOCHU continue to jointly invest in CITIC. The three companies will complement each other's functions and promote collaboration over the medium to long term.

• About Charoen Pokphand Group Company Limited
  The CP Group is the largest conglomerate in Thailand and one of the leading conglomerates in Asia. It operates in over 20 countries and regions around the world in various fields, including food, agriculture, logistics, and communications. In China, the CP Group established a dominant presence as the first international business to invest in 1979, when the country started implementing its reform and opening-up policies. In particular, it is a leader in the food, retail, and communications markets. Leveraging its global network and strong business foundation, the CP Group drives the growth of the Asian economy.
• About CITIC Limited
  CITIC is the largest conglomerate in China. It operates in a broad range of fields, including finance, resources, manufacturing, communications, and infrastructure. It plays a central role in the Chinese economy. In particular, in the financial segment, CITIC holds all licenses in banking, securities, trust services, insurance, and consumer finance. CITIC Group offers comprehensive financial services. CITIC is a key player in the reform of state-owned enterprises, and it has a significant presence in global capital markets. As one of Asia's largest corporate groups, it is driving the economic advancement of China.