Mitsubishi Estate : Integrated Report 2021

Otemachi Park Building, 1-1, Otemachi 1-chome,Chiyoda-ku, Tokyo 100-8133, Japan https://www.mec.co.jp/index_e.html

Cover photograph taken in the reception area of the Mitsubishi Estate Head Office

	This report has been prepared using 100%
This product is made of material from	vegetable ink. Every effort is made to
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Integrated Report

2 0 2 1

Delivering the Value

Needed in

the Coming Era

Printed in Japan

Contents

"A Love for People A Love for the City "

Forever Taking On New Challenges-The Mitsubishi Estate Group

The Spirit of Mitsubishi: Three Principles

"Shoki Hoko"		"Shoji Komei"		"Ritsugyo Boeki"
Corporate Responsibility to Society		Integrity and Fairness		Global Understanding through Business
Strive to enrich society, both materially		Maintain principles of transparency		Expand business,
and spiritually, while contributing		and openness,		based on an all-encompassing
toward the preservation of		conducting business with		global perspective.
the global environment.		integrity and fairness.

The Mission of the Mitsubishi Estate Group

We contribute to society through urban development.

By building attractive, environmentally sound communities where people can live,

work, and relax with contentment, we contribute to the creation of a truly meaningful society.

The Mitsubishi Estate Group Code of Corporate Conduct

In order to carry out the Group's Mission,

we pledge to observe the following Code of Conduct:

1	2	3
We will act with integrity.		We will strive to earn		We will strive to create
	the trust of our clients.		a vibrant workplace.
We will base our conduct on laws		We will approach all objectives from		While aiming at personal growth, we
and ethics and always reflect with		our clients' point of view, providing		will respect the human rights and
humility upon our behavior, valuing		safe and reliable products and		diversity of opinions of others and
our communication with society and		services, and make information		increase our creativity and professionalism,
placing priority in our corporate		available as appropriate.		while displaying our
activities on earning trust through				collective strengths as a team.
fairness and transparency.

For details on the Mitsubishi Estate Group Guidelines for Conduct:

https://www.mec.co.jp/e/company/charter/index.html

(Formulated December 1, 1997; revised on August 1, 2002, January 1, 2006, and April 1, 2018)

2 The Mitsubishi Estate Group's History and Achievements

4 Marunouchi Today

6 Mitsubishi Estate's Strengths

8 Mitsubishi Estate's Value Creation Model

10 President's Message

16 Long-Term Management Plan 2030

1. The Group's Strengths and Growth Strategies
2. Road Map for 2030

20 Overview of Sustainability (ESG) Initiatives

22 Targets and Results of the Key Themes and Major Initiatives Laid Out in Mitsubishi Estate Group 2030 Goals for the SDGs

24 SPECIAL FEATURE 1 Domestic Asset Business:

MARUNOUCHI TERRACE

26 SPECIAL FEATURE 2 International Asset Business: Launching the Warwick Court Renovation Plan

28 SPECIAL FEATURE 3 Non-Asset Business: TELECUBE and NINJA SPACE

30 Message from the Corporate Officer in Charge of Finance & Accounting and Corporate Communications

32 Business Review

1. Business Segments
2. Commercial Property Business 34 Office Building Business
   36 Retail Facility Business / Outlet Mall Business
   37 Logistics Facility Business
   38 Hotel Business

39 Airport Operation Business 40 Residential Business

42 International Business

44 Investment Management Business

1. Architectural Design & Engineering Business and Real Estate Services Business
2. Business Development, Client Relations & Solutions Group
3. Innovation and Business Transformation Group 48 Business Creation Department
   49 DX Promotion Department

50 Sustainability (ESG) Section

1. Sustainability Frameworks
2. Monitoring Frameworks / History of Sustainability Committee Meetings / Methods for Dialogue with Stakeholders

1. 1 Environment
2. TCFD
3. 2 Diversity & Inclusion
4. 3 Innovation / 4 Resilience
5. SASB
6. Corporate Governance
   57 Message from the Chairman of the Board
   58 Directors
   59 Corporate Executive Officers, Executive Officers, and Group Executive Officers
   60 Corporate Governance System
   62 Evaluation of the Effectiveness of the Board of Directors
   63 Shares Held for Strategic Purposes
   64 Remuneration

66 Message from an Outside Director 68 Risk Management

71 Financial Section

1. Japan's Real Estate Market
2. Eleven-YearSummary of Selected Financial Data (Consolidated)

1. Matters Related to Rental Properties
2. Status of Shareholdings
3. Consolidated Balance Sheets

1. Consolidated Statements of Income / Consolidated Statements of Comprehensive Income
2. Consolidated Statements of Changes in Net Assets
3. Consolidated Statements of Changes in Net Assets (Continued)
4. Consolidated Statements of Cash Flows
5. Notes to Consolidated Financial Statements

105 Independent Auditor's Report

112 Corporate Data

1. Principal Mitsubishi Estate Group Companies

1. Corporate History
2. Organization
3. Corporate Information

117 External Evaluations of ESG Performance / About Our Website

A Word about Integrated Report 2021

We adopted this integrated report format starting from FY2019, having published annual reports through to FY2018. With this integrated report, we have expanded coverage of non-financial information, centering on environmental, social, and governance (ESG) topics, compared with prior annual reports. In doing so, we aim to increase readers' awareness of our efforts to raise the corporate value of the Mitsubishi Estate Group from a medium- to long-term perspective. We hope that this report promotes a deeper understanding of the Group among all our stakeholders, including shareholders and investors.

Definition of Term

"FY2021" refers to the Group's fiscal year ended March 31, 2021, and other fiscal years are referred to in a corresponding manner.

Caution Concerning Forward-Looking Statements

This integrated report contains forward-looking statements concerning Mitsubishi Estate Co., Ltd., and its future strategies and earnings outlook, including forecasts, plans, and decisions based on information available at the time of publication. As with any forecast, plan, or decision, forward-looking statements are inherently susceptible to potential risks, uncertainties, and assumptions. The Company's actual results may therefore vary materially from those expressed or implied in its forward-looking statements.

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The Mitsubishi Estate Group's

History and Achievements

Marunouchi Redevelopment

1890

The Mitsubishi Estate Group has overseen the development of the Marunouchi area over the last 120 years, evolving it into Japan's preeminent business center. In the process, we have accumulated unique knowledge and expertise in urban development. Looking ahead, we are expanding our business to a variety of domains by leveraging this knowledge and expertise.

A History of Business Expansion with Marunouchi as a Base

Starting from Scratch

Purchase of Marunouchi land and vision of a major business center

The history of Mitsubishi Estate began when Yanosuke Iwasaki, the first president of Mitsubishi Company, purchased the Marunouchi area, which was an expanse of fields, at the request of the Meiji government based on his belief that the creation of a business center to rival those of the world's leading cities would help realize the modernization of Japan.

1890s-

Expertise and knowledge

Residences	Akasaka Park House

1969 Akasaka Park House sold in lots, Started condominium business

2011 Mitsubishi Estate Residence Co., Ltd., established through the integration of the residential businesses of Mitsubishi Estate Co., Ltd., Mitsubishi Real Estate Services Co., Ltd., and Towa Real Estate Co., Ltd.

Provision of residential properties and services combining the comfort, safety, and other qualities cultivated through our operation and management of office buildings

1271 Avenue of the Americas

First Phase of Development

1950s

gained through other

businesses

International Business

1972 Established Mitsubishi Estate New York Inc.

Dawning of a full-scale business center development

The construction of the area's first modern office building, Mitsubishi Ichigokan, was completed in 1894. Soon after, three-story redbrick office buildings began springing up, resulting in the area becoming known as the "London Block."

1960s-

1986 Established MEC UK Limited

1990 Initiated capital investment in the Rockefeller Group International, Inc. 2008 Established Mitsubishi Estate Asia Pte. Ltd.

Establishment of a robust network through the expertise refined and accumulated in the development of Marunouchi as well as ample financial resources

Utilization of plot ratio transfer and other methods in the redevelopment of Marunouchi

Second Phase of Development

1980s

Hotels	Royal Park Hotel

	An abundance of large-capacity office buildings	in a period of
	rapid economic growth
	As Japan entered an era of high economic growth, there was a sharp increase
	in demand for office space. Through the Marunouchi remodeling plan that
	began in 1959, the area was rebuilt with large-scale office	buildings providing a
	considerable supply of highly integrated office space.
		1995-
Marunouchi Bldg.	Third Phase of Development	2019
	Creating the world's most interaction-inspiring neighborhood

Returning to Marunouchi

Leveraging in

other businesses

1989 Opened the Royal Park Hotel

Acquisition of hotel sites and operation of hotels by leveraging tenant relationships and operation and management expertise we have built up in Marunouchi

Outlet Malls	GOTEMBA PREMIUM OUTLETS®

2000 Opened GOTEMBA PREMIUM OUTLETS®

2009 Converted Chelsea Japan Co., Ltd., into consolidated subsidiary (renamed Mitsubishi Estate•Simon Co., Ltd., in February 2013)

Development of outlet malls boasting the top customer-drawing

Following the announcement of the reconstruction of the former Marunouchi Building in 1995, the Company transformed the Marunouchi area-which had up until then been purely a business district-into a space with a vibrant and bustling atmosphere, based on the concept of creating the world's most interaction-inspiring neighborhood. Aiming to make redevelopment of the area broader and more comprehensive, we expanded that concept to Otemachi and Yurakucho from 2008. By establishing a financial business center and a greater amenity infrastructure, we promoted the strengthening of the international competitiveness of the area. In these ways, we worked to give the area a fresh appeal based on a new sense of values.

Tokiwabashi Tower	2020-
Marunouchi NEXT Stage
	Transforming Marunouchi into an area that continuously creates
	new value
	Positioning urban development from 2020 onward as part of the Marunouchi
	NEXT Stage, we will promote urban development that generates improve-
	ments in people's quality of life and spurs discovery of and solutions to social
	issues through the emergence of innovation and strengthening of our digital
	foundations. Based on the theme of "Marunouchi Re-Design," we will aim to
	establish the "Co-Creation Platform for Innovation through Companies,
	Employees, and Visitors."

Expertise and

knowledge gained

in Marunouchi

power in Japan by leveraging tenant relationships and information networks established through the operation of Marunouchi retail facilities

Start-Up Support	FINOLAB

2007 Established EGG JAPAN, a new business creation support hub, in the Shin-Marunouchi Building

2016 Established FINOLAB, a co-working office specializing in fintech start-ups

Establishment of a new Marunouchi brand as a hub for technology start-ups

Investment Management Business

2001 Japan Real Estate Investment Corporation became the first JREIT in Japan to be listed on the Tokyo Stock Exchange

2015 Acquired the American investment management company TA Realty LLC

2017 Mitsubishi Estate Logistics REIT Investment Corporation was listed on the Tokyo Stock Exchange

Accumulation of expertise through a track record of operating abundant real estate assets

Photo by Kawasumi and Kenji Kobayashi Photo Studio

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MITSUBISHI ESTATE CO., LTD. Integrated Report 2021

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Yurakucho

Marunouchi

Otemachi

N

									Hibiya-bori Moat
	Hibiya
Tokyo Midtown	Chiyoda	Station,						Hibiya Station, Toei Mita Line
Hibiya			Line
	Hibiya
Marine Bldg.					St.
					Marunouchi
						5th
					Police Sta.
						Marunouchi
Toho			Line		Hibiya			Imperial
		Sankei Bldg.			Theater
Twin Tower	Hibiya				DN		Marunouchi
Bldg.				Togyo Kaikan-
			Nippon Broadcasting	Tower 21		Nijubashi Bldg.
		The		System Bldg.
	Station,		Peninsula					Kokusai Bldg.	Marunouchi4thSt.
		Tokyo		Sanshi
Hibiya				Kaikan Bldg.
							Line
			Yurakucho	Marunouchi 7th St.		Marunouchi 6th St.		Station, Yurakucho	Shin-Kokusai
				Shin-	Bldg.
			Denki Bldg.	Yurakucho
				Yurakucho		Shin-Tokyo Bldg.
				Bldg.
				Bldg.	Shin-Nisseki
								Yurakucho	Bldg.
								Daimyo-koji Ave.
			Yurakucho		Yomiuri Kaikan
				BIC Camera

Kokyo (Imperial Palace) Gaien National Garden

			Babasaki-bori Moat
			Hibiya-dori Ave.
		Nijubashimae Station, Chiyoda Line
	Meiji Seimei Kan	St.	Kishimoto	Marunouchi	St.
	3rd	2nd
	Bldg.	Bldg.	Mitsui Bldg.
		Marunouchi			Marunouchi	Mitsubishi
dori-BabasakiAve.	Meiji Yasuda Seimei Bldg.	Marunouchi-	Corp.	dori-GyokoAve.
		Marunouchi
						Yusen Bldg.
						Head Oˆce
			Nakadori Bldg.
	Marunouchi Naka-doriAve.
	Marunouchi Park Bldg.		2-chome Bldg.
	& Mitsubishi Ichigokan
					Marunouchi Bldg.
			Mitsubishi Bldg.

Palace Hotel

Otemon Tower•

NIKKEI Bldg.

Tokyo

MITSUI & CO. Building

Palace

ENEOS Bldg.

Bldg.

Otemachi

JA Bldg.

Park Bldg.

SMBC

Ote Center Bldg.

Otemachi One Tower

Keidanren

Nippon Life

Wadakura-bori

Head Oˆce

Kaikan

Marunouchi

Bldg.

Moat

Garden Tower

Otemachi Station, ToeiMita Line

Otemachi

Station,

Chiyoda

Line

SMBC East Tower

KDDI

OTEMACHI

St.

Otemachi Bldg.

FINANCIAL CITY

Tokyo

Ginkokaikan

Yomiuri

e

Kaijo

1st

GRAND CUBE

d

Shimbun

a

Nichido

Otemachi First Square

n

Marunouchi

Oˆce Bldg.

e

Bldg.

m

(Annex)

o

r

Mizuho Marunouchi

HOSHINOYA Tokyo

P

e

Marunouchi Terrace

Line

d

Tower

i

Otemachi

s

Ave.

r

-dori

e

v

Bldg.

Hanzomon

Otemachi

Naka

i

R

Marunouchi Naka-doriAve.

Otemachi Naka-dori Ave.

i

Uchikanda

h

c

a

1-Chome Project

OTEMACHI FINANCIAL CITY

m

The Industry Club

e

Station,

t

(Planned completion in 2025)

North Tower

O

Shin-Marunouchi

of Japan and

Marunouchi

Tokyo

South Tower

Mitsubishi UFJ

Sankei

Bldg.

Eiraku Bldg.

Otemachi

Bldg.

Trust and

Otemachi Tower

Banking Bldg.

Tokyo Station, Marunouchi Line

Otemachi

Station,

Marunouchi

Line

NTT Communications

Otemachi Bldg.

Marunouchi Center Bldg.

Line

Otemachi Nomura Bldg.

Chiyoda Ward

Sports Center

Yurakucho	Station	TokyoInternational Forum
Center Building
(Yurakucho Marion)

Yurakucho Ekimae Bldg.
(ITOCiA)
(Owned by a
Mitsubishi Estate	Tokyo Kotsu
consolidated subsidiary)
	Kaikan Bldg.
	(Owned by a
	Mitsubishi Estate
	consolidated
	subsidiary)

Infos

Yurakucho Sumitomo Fudosan

Marunouchi Bldg.

MUFG Bank

Head Oˆce

JP TOWER

Keiyo Line	Tokyo Bldg.
Tokyo Station, JR

Marunouchi

South ExitMarunouchi

Central Exit

	Nihon Seimei		Tozai			Otemachi PLACE
	Marunouchi Bldg.
				WEST TOWER
			Station,			NTT Communications
		Shin-Marunouchi			Otemachi Bldg. (Annex)
Marunouchi	Marunouchi Oazo	Center Bldg.	Otemachi		Urbannet
			Otemachi Bldg.
North Exit
	Marunouchi	Marunouchi	Shin-Otemachi
	Hotel	Kitaguchi Bldg.		Bldg.
						Otemachi PLACE
				NTT	NTT Data	EAST TOWER
				Otemachi Bldg.
				Marunouchi
				Bldg.

Tokyo Station

Pacific Century Place

Marunouchi Bldg.

GranTokyo

South Tower

Marunouchi Today

Marunouchi by the Numbers

		Sapia Tower		TOKYO TORCH (Tokyo Tokiwabashi Project)
					Asahi Life		Bldg. For Sewage
					Insurance		JFE Shoji
				Ave.	Otemachi		Bureau (Bldg. D)
					Bldg.
				Bldg.		(Planned completion
		Marunouchi		dori	(Owned by a		in End of Mar. 2022)
		Central Bldg.	special-purpose
				-	company under	Nippon Bldg.
				Eitai
				management of
					Mitsubishi Estate)			■ Completion before 2002
								■ Completion after 2002
GranTokyo	Marunouchi	Marunouchi					■ Completion after 2009
North Tower	Trust Tower Main	Trust Tower North
								■ Completion after 2020
	Tekko Bldg.		Tokiwabashi Tower		■ Completion after 2020 (Planned)

m 900

1,900 m

Number of Companies Listed on the First Section of the Tokyo Stock Exchange*1

117*2

Consolidated Net Sales of the 115 Companies in the Marunouchi Area

Equivalent to around 8.85%

Fortune Global Top 500 Companies

Companies

Marunouchi 21

Number of Major Corporate Headquarters and Offices in Comparison with Other Main Tokyo City Areas

Companies

13

Marunouchi

67

33

Comparison of Area Sizes Source: Mitsubishi Estate Co., Ltd.

TOPIC

Contracted Area and Tenant Composition in the Marunouchi Area (Mitsubishi Estate Only)

City of London	Domestic		Others 14.2%				Finance
Professional			Others		22.9%
			Finance
		Firms		21.3%
			22.2%
		4.4%
	292 ha	Information	March 2000		Information	March 2021
	Shibuya	6.3%
			Manufacturing

of GDP in Japan	Approx. ¥122 trillion*2

Number of Office Workers

Approx. 280,000*2

London

15

Shibuya	5
2

6

Hong Kong Central	86 ha	Trading	6.2%	20.0%
	10.4%	Trading
	181 ha	Manufacturing	10.4%	Professional
			Firms
New York Midtown	Nihonbashi	42.5%		19.2%

Number of Buildings (Including Buildings under Construction)

101*2/Approx.4,300*2

Building Floor Space

(Including Floor Space of Buildings under Construction)

Approx. 860 hectares*2

Railway Lines Servicing the Area

28 lines,13 stations*2

Shibuya

Nihonbashi 3

Toranomon

Shinagawa 2

Nihonbashi 16 8

1

Toranomon 13 6

Shinagawa

1

Top 50 company headquarters in terms of market capitalization

Overseas financial company offices

Top 100 law firm headquarters and offices

	76 ha
178 ha
Tokyo Marunouchi	Toranomon
120 ha	58 ha
Singapore Downtown Core
	Shinagawa

As of the end of March 2021, the contracted area in the Marunouchi area (Mitsubishi Estate only) has increased about 1.8 times compared with the end of March 2000. In terms of tenant composition, the ratio of professional firms has been rising.

Concentration of Professional Firms

As of May 2021, all of the four major law firms in Japan and three of the four leading audit companies have their offices in Marunouchi.

Law firms: Anderson Mori & Tomotsune, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, and Mori Hamada & Matsumoto

(Stations with the same name on different lines are counted in number of lines)

Source: Fortune Global Top 500, 2020, and Mitsubishi Estate Co., Ltd.

As of March 2021, Source: Mitsubishi Estate Co., Ltd.

75 ha

49 ha

Audit companies: KPMG AZSA LLC, Deloitte Tohmatsu LLC, and Pricewaterhouse Coopers Aarata LLC

	*1	Number of listed companies on the First and Second sections of the Tokyo Stock Exchange with head offices in the Otemachi, Marunouchi, and Yurakucho areas
	*2	Otemachi-Marunouchi-Yurakucho (OMY) District Redevelopment Project Council, "The Council for Area Development and Management of Otemachi, Marunouchi, and Yurakucho 2021"
	*3	As of March 2021, Source: Mitsubishi Estate Co., Ltd.
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Mitsubishi Estate's	The Mitsubishi Estate Group possesses unique strengths, which together
form a distinctive driving force obtained through urban development over
Strengths
provision of new value that only we can provide.
	many years. Leveraging these strengths, we will continue to create
	attractive urban environments that enrich people's lives through the

Our Long-Term View on Urban Development and

Forward-Looking DNA

Mitsubishi Estate possesses urban development expertise based on a long-termview-one that evolved Marunouchi into a major business center over a period of 120 years-and a DNA for providing value that is constantly ahead of the times, as exemplified by its development of Japan's first outlet shopping mall and its early entry into the real estate investment trust (REIT) market.

	Evolution of Marunouchi		Establishment of Outlet Malls		Early Entrance into the
into a Major Business Center			as Part of Japanese Culture		REIT market
	Beginning of			Opening of GOTEMBA PREMIUM	Establishment of Japan Real Estate
	Development in 1890			OUTLETS® in 2000	Asset Management Co., Ltd., in 2000

2021	2021	2021
Number of Companies Listed on the	Number of Outlet Malls Operated	Building of a Global Platform
First Section of the Tokyo Stock	9	through Execution of M&A and Other
Exchange	Activities
117
Number of Office Workers in
Marunouchi
Approx. 280,000
Please see pages 4 and 5 for details.	Please see page 36 for details.	Please see page 44 for details.

Abundant Real Estate Asset	Please see pages 34 to 49 for details.
Touchpoints

Mitsubishi Estate owns about 30 office buildings in the Marunouchi area alone. In addition, we have taken part in the development of a wide spectrum of real estate assets, from office buildings to residential properties, retail facilities, hotels, and logistics facilities. Based on the experience we have acquired through these activities, we will uncover latent social issues and create solutions to address them.

Relationships	Please see pages 34 to 49 for details.

Among the key strengths of the Company are its abundant customer contact points and relationships of trust that it has accumulated through a host of real estate developments and operations, in addition to its partnerships with subcontractors and business partners. The Mitsubishi Estate Group intends to make new history through the cultivation of various relationships that uncover latent needs and lead to the development of solutions thereto.

Customer Contact Points
Number of Office Workers in Marunouchi	Number of Members Eligible to Join the Residence Club
Approx. 280,000	Approx. 600,000 households
Number of Patrons of Group-Affiliated Retail Facilities,	Number of Tenants (Nationwide, All Purposes)
Hotels, and Airports	Approx. 3,300 companies
Approx. 200 million per year

Human Resources Who Have	Please see page 54 for details.
Adopted Our DNA

The power of our human resources-our most important management resource-underpins our ongoing creation of value. The Group possesses an array of outstanding human resources, all of whom are able to create "something" from "nothing" and have adopted its founding DNA. In addition, we are cultivating and strengthening our diverse human resources through the establishment of an environment conducive to stimulating creativity and the taking on of challenges.

Productivity per Employee-A Compact, Elite Group Honed by a Challenging Corporate Culture

(Reference) Productivity per Employee

	FY2021		FY2021			FY2021
(Millions of yen)		(People)		(Millions of yen)
		Profit		Revenue			Profit
		Number of		Operating	attributable to
Revenue from	Operating	attributable	from
employees		income per	owners of
operations	income	to owners of	operations
(Consolidated)		employee	parent per
		parent	per employee
				employee
1,207,594	224,394	135,655	9,982	120.9		22.4	13.5

Establishment of a Leading-Edge	Please see pages 57 to 67 for details.
Corporate Governance System

We are working to establish a leading-edge corporate governance system that contributes to improving our overall effectiveness and enhancing corporate value over the long term. We are also responding to social needs through measures that include transitioning to a "Company with Nominating Committee, etc.," and ensuring outside directors account for approximately one-half of the Board of Directors.

Number of Office Buildings under Management	Retail Facilities
	197	24 (including 9 Outlet Malls)
Rental Apartment Buildings		Logistics Facilities (Total Number of Developed Facilities)
(Owned or under Development)	67	15
Number of Condominiums Sold a Year	Number of Rooms in Hotels under Operation
	3,476	4,020
Number of Condominiums under Management	Number of Airports Operated by Airport Operation Business
	350,682	10

A Total of 15 Directors, of Whom 7 Are Outside Directors

Transition to a "Company with Nominating Committee, etc."

An Executive Compensation Plan Aiming to Align Shareholders' and Executives' Interests

Implementation of Third-Party

Evaluations in Determining the

Effectiveness of the Board of Directors

Non-executive,		Inside directors who are
independent,		concurrently serving as
outside directors		corporate executive
7		officers
Board Composition	5
		Inside directors who are
		not corporate executive
		officers

3

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MITSUBISHI ESTATE CO., LTD. Integrated Report 2021

Note: All figures are correct as of FY2021 or as of March 31, 2021.

MITSUBISHI ESTATE CO., LTD. Integrated Report 2021

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