Notice Regarding Sanction of Restructuring Plan for the Ambatovy Nickel Project

Sumitomo Corporation hereby announces that the English court has sanctioned the Restructuring Plan (“RP”) for the Ambatovy Nickel Project in Madagascar on November 26, 2024, which had been filed by the Project Companies (*1) on August 28, 2024. With cooperation from all creditors, the procedure for debt restructuring is expected to be completed in early December 2024.

The Project Companies' debt restructuring is one of the components for our broader strategy for continuous improvement regarding this project. As a shareholder for this project, we will continue to assess all options in identifying the best policy moving forward for all related stakeholders, in light of the social importance of this project and our responsibilities, as well as the recent market environment.

We are also reviewing the impact of the sanction of RP on Sumitomo Corporation’s consolidated financial performance and proceeding with business plan revisions for the Project Companies.

(*1): Sumitomo Corporation, through Summit Ambatovy Mineral Resources Investment B.V. (Head Office: Amsterdam Netherlands), its wholly owned subsidiary, has invested in Ambatovy Minerals S.A., a mining company, and Dynatec Madagascar S.A., a refining company, (Head Office: Antananarivo Madagascar) to be referred to together as the “Project Companies,” at a 54.17% share ratio respectively. The Project Companies are jointly controlled entities of Sumitomo Corporation and are accounted for by the equity method.