Did You Know - Marubeni

Trading in Information — Throughout Marubeni and Across the Globe
Quarterly Newsletter · Summer 2007 · Vol. 92
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COVER STORY
Floating Oasis on the Arabian Peninsula
NATIONAL STAFF
Stepping Forward, Together!
Marubeni America Corporation, New York Office
A WORLD OF MARUBENI
Toyota Ghana Company Ltd.
Marubeni Europe P.L.C. Oslo Office
HOT OFF THE PRESSES
The Latest News and Updates
JAPAN UP CLOSE
An Exhibition of the Marubeni Collection

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shosha No.92 Summer 2007
Floating Oasis on the
Arabian Peninsula
Al Qaser exterior
Countries on shores of the Arabian Peninsula,
such as Saudi Arabia, Qatar and the
United Arab Emirates (UAE), are most
known for their desert landscapes and
economies rooted in oil production. However,
with their recent trend of funneling
economic resources back into social infrastructure
and the tourism industry, this
reputation is rapidly changing.
"Leading a pair of camels through an oasis" photo image courtesy of private source.
Photo images on pages 1 through 4 courtesy of the Government of Dubai, Department of
Tourism & Commerce Marketing.

More Than Just Palm Trees in the Sand
In recent years, the government of the UAE has been taking
the opportunity to re-invest its economic resources for
creating new jobs for its citizens as well as expanding and
modernizing its government infrastructure. In March this
year, His Highness Sheikh Mohammed bin Rashid Al Maktoum,
Prime Minister and Ruler of Dubai, stressed the
importance of a new Federal Government Strategy which
was recently unveiled. The strategy itself calls for the
upgrade of government performance in tandem with
improving the quality services available to the public. Taking
a personal hand in the implementation of this strategy,
the Prime Minister himself has addressed second and third
level ministers participating in seminars to prepare themselves
for future managerial challenges. Sheikh Mohammed
has been quoted as saying, “You should take advantage
of every single minute to improve government
[Cover Story] 3
performance and get rid of red tape” and
has further emphasized that he and his
cabinet would closely follow the implementation
of this strategy.
While the economy of the UAE has
been largely based on oil and gas
resources since 1971, they have always
Leading a pair of camels through an oasis
been investing in the diversification of
their development, looking ahead to the
day when these resources are no longer
available. Beginning with initial investments
in hydrocarbon and petrochemicals,
which still remain important sectors,
they have developed state-of-the-art
manufacturing facilities able to produce
Dubai and Hotel Burj Al Arab
and export a wide range of products, from
pharmaceuticals and jewelry to clothing,
textiles and ceramics. With the availability
of efficient infrastructure and communication
in industrial zones, along with
the UAE’s close proximity to suppliers of
raw materials, further growth and prolonged
economic stability is expected to
Hotel Burj Al Arab interior
continue in these areas.
In addition to manufacturing, the UAE is further stabilizing
and diversifying its economy through development of
its tourism industry, which is one of the fastest growing in
the world. In 2005, an estimated 6.1 million tourists came
to Dubai, and the Abu Dhabi Tourism Authority has established
a target of increasing Abu Dhabi’s annual visitor
numbers to over three million over the next eight years.
And with that in mind, tourism is quickly becoming more
important to Dubai than its income from oil. Quite possibly
often overlooked is the fact that the UAE has all of the natural
ingredients for a great vacation spot like warm shallow
seas, long sandy beaches, first-class shopping malls, an
Dubai International Airport

4 shosha No.92 Summer 2007
Satellite view of the Dubai sea side
Shopping mall in Wafi city
intriguing traditional culture and a safe and welcoming
environment. While the climate is comfortable for most of
the year, in order to further support the tourism industry,
the government has developed resources to lessen the discomfort
of excessive heat through innovative construction
and cooling projects.
Palm Trees in the Sea
As well as government projects to
promote economic diversity and
tourism, private companies are also
investing in the development of the
UAE. Being touted as the Eighth Wonder
of the World, “The Palm Jumeirah
Project”, a project sponsored by
Nakheel Co., LLC in which a five kilometer
long island in the shape of a palm tree, is being constructed
on the Arabian Peninsula. Being made available to
its first guests and residents this year, the new island will
have over 30 of the world’s top hotels, and more than 4,000
luxury residences spread out over 75 kilometers of pristine
beachfront property. But “The Palm Jumeirah Project” is far
from being the only one of its kind in the UAE. “Dubailand”,
a 278 square kilometer amusement park, “International
City” a 300-hectare residential cluster, and “Jumeirah Golf
Estates” a residential golf community with four courses and
luxury residences for over 1,000 families are just a few of
the many projects in various stages of completion and
development.
Tiger in the Palm Trees
When the Prime Minister of the UAE announced the new
Federal Government Strategy for his country this March,
golf legend Tiger Woods announced that he would design
his first golf course to be set for construction in “Dubailand”.
The projected name for this new par-72, 18-hole
championship-quality golf course is “Al Ruwaya” which
means “serenity” in Arabic. The course design will call for
lush landscaping, breath-taking water features and five
tees to suit the beginning golfer as well as the pros. “Al
Ruwaya” will be housed within “Tiger Woods-Dubai”, a luxurious
residential community featuring private homes, a
top of the line clubhouse and a retail community. Construction
of the project is expected to be underway later this
year, with an expected date of completion in 2009.
Creek Golf Club

I
n recent years, Marubeni has been involved in a number
of infrastructure support projects on the Arabian
Peninsula. For example, in 2005, an international consortium
including Marubeni won the rights to a 23 year large
scale power generation and water project known as Taweelah
B project in Abu Dhabi, UAE. With the purchase of the
existing plant as well as the construction of new facilities,
in terms of production capacity cost, the project itself is one
of the world’s largest independent water and power projects.
Development of power production projects and water
transport systems through cooperation with companies
such as Marubeni has aided the UAE in its goal of further
improving its infrastructure.
Also in 2005, with the aim of further improving Qatar’s
infrastructure, Marubeni signed a contract for the expansion
of the Doha West wastewater treatment plant and its
10 year operation and maintenance with Degremont, a
Did You Know ? Marubeni Construction Projects on the Arabian Peninsula
Artist’s rendition of the Palm Monorail at the Palm Jumeirah
CG image of The Palm Jumeirah
Bird’s eye view of the Taweelah project
[Cover Story] 5
French water treatment engineering company. This
expansion project has increased treatment capacity of
the existing plant to more than double its previous output
of 62,100m 3 /day to 135,000m 3 /day.
Rapid population growth and industrialization have also
led to a need for better and more efficient means of transportation
for citizens. Two years ago, Marubeni entered
into a contract with Nakheel Co., LLC for the passenger
monorail transit project in Dubai, known as the Palm Monorail
at The Palm Jumeirah. Completion of the project will
facilitate rapid transport around the island via a high-tech,
well proven driverless monorail system. To further support
industrial diversification in Abu Dhabi, in 2006, Marubeni
finalized an agreement with the Emirate of Abu Dhabi to
establish a joint venture with General Holding Corporation,
owned in its entirety by the government. This agreement
has resulted in the start of the general trading company
concept in Abu Dhabi in earnest.
Marubeni continues to endeavor to provide the highest
level of quality in its construction projects, simultaneously
improving the surroundings of those projects while maintaining
its position at the cutting edge of technology and
international developments.

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shosha No.92 Summer 2007
Stepping Forward,
Together!
In this edition of “From the Center of the Circle,”
we want to share with you a fresh look at one of
Marubeni’s most dynamic overseas offices, the New York City office of Marubeni America Corporation
(MAC). There is an air of excitement, and a great spirit of cooperation among all the
employees at MAC these days, and it is our pleasure to share with you some of the reasons why.
N
ew York City, also known as “The Big Apple,” or “The
City That Never Sleeps.” New York City’s business,
finance and trading organizations are significant players in
not only the economy of the United States, but the entire
world. New York is also a global center of culture; according
to the City University of New York, as of 2005, 40 languages
were spoken in the city, and 37% of its population was foreign
born. So it is easy to see why a global trading company
like Marubeni would consider its operations there so
important. In the spirit of a song well known by aspiring
karaoke-ists in New York and from all over the globe: “If
Marubeni can make it there, it will make it anywhere.”
Howard Tiegel
Senior Vice President and General Manager
of Human Resources
But just how is MAC “making it” at its New York City office?
To find out, you will have to join all of the employees there
as they take you along with them, “Stepping Forward.”
By the end of fiscal year 2005, MAC, including its headquarters
in New York City and twelve other branches,
offices, satellites and showrooms throughout the US, was
already an organization of almost 230 full-time employees
at the holding company level and annual sales, on a consolidated
basis, of more than 7.5 billion USD. In comparison
with the US operations of other Japanese trading companies,
MAC is particularly strong in the fields of chemicals
(including subsidiaries such as Helena Chemical Company
and Marubeni Specialty Chemicals), leasing (PLM Trailer
Leasing, Advantage Funding, CoActiv Capital Partners),
and commodities (Marubeni Pulp & Paper North America,
Intragrated Resource Holdings).
However, under the Marubeni Group-wide “G” PLAN, at
the beginning of fiscal year 2006 MAC was challenged to
increase its profit after taxes to 55 million USD by the end
of fiscal year 2008. With the achievement of this goal and
other “G” PLAN goals in mind, the Human Resources Team
in New York City, led by Howard Tiegel (SVP and General
Manager of HR) and Koji Kashima (then Senior Director
and Assistant General Manager of HR, and now General
Manager of the Planning Section in the Headquarters HR
Department) moved into action, spearheading a project that
sought to foster a positive working environment, promote
strengthened lines of communication and teamwork
throughout all levels of the MAC organization, and maintain
a high level of employee motivation.
Furthermore, in addition to the HR Team members, MAC
executives from the highest levels of the organization lent
their full support to this new project from the very beginning.
In fact, Mr. Shigemasa Sonobe (at the time, Chief
Operating Officer of MAC and now CEO of Marubeni

Europe) even lent the project its name when he stated the
importance of “both national staff and rotating staff each
stepping forward together” to bridge cross-cultural gaps
and make a better environment, all toward achieving the
Company’s aggressive business goals. Thus, the “Step Forward
Project!”
1. Maintain a positive working environment through
mutual understanding
At the core of the “Step Forward Project” was the shared
understanding among all staff that although there may be
inherent differences among MAC employees in communication,
leadership, feedback, and risk management styles,
neither a certain “Japanese” style nor a certain “American”
style is better or worse than the other. Rather, the two are
simply different, and MAC could grow a working environment
of sustained understanding and success founded
upon this “hybrid” culture.
Business English lesson for non-native speakers
To build this shared understanding, MAC implemented
and continues to run Cross-Cultural Training for both Rotational
Staff and National Staff in its New York office (and
plans to expand such training to other branches, offices and
subsidiaries across the US). This full-day training is conducted
by Laura Kriska of Japan Intercultural Consulting, a
New York-based consultant specializing in multi-cultural
communication. The main topics include styles of communication,
differences in team versus individual approaches,
hierarchy and organizational styles, time sensitivity, risk
Scenes from tea ceremony workshop
[From the Center of the Circle] 7
tolerance, and performance management styles. “MAC’s
formal training program is the cornerstone of our cross-cultural
understanding,” says Mr. Tiegel, “and we are very
focused on an ongoing dialogue on cross-cultural issues, in
the spirit of kaizen.”
According to Ms. Kriska, “In ten years of cross cultural
consulting, I’ve never seen a company with a stronger program
for transforming cross-cultural barriers into meaningful
connection points between Japanese and non-Japanese
staff through its commitment to training. MAC has achieved
extraordinary results in building cultural understanding
between Japanese and non-Japanese staff to directly
improve communication and teamwork in the workplace.”
In addition to the formal Cross-Cultural Training, MAC
has also introduced more casual “Lunch & Learn Sessions”
to inform the National Staff about Japanese life and culture
in order, as Mr. Tiegel says, “to take the ‘mystery’ out of the
rotating staff.” In other words, “although the rotating staff
may have been born somewhere else, come from a different
cultural background, and speak a different first language
than Americans, they are ‘regular people’ like the national
staff at MAC. If we can all build relationships on an informal,
casual basis, we can work more effectively together, as
a team.”
Through these informal sessions over the lunch hour, in
which both Rotating Staff and National Staff talk together
and share lectures, workshops and demonstrations under
the guidance of facilitator Laura Jackson, the MAC employees
build teamwork through common learning experiences.
According to Ms. Jackson, “Lunch and Learn is a big hit at
MAC and I have seen an increasingly friendly, relaxed connection
between National and Rotating Staff members.”

Upper left and middle: “Taiko club” debut and the Bonsai tree class Upper right: Demonstration of Japanese fencing
Lower left: Trying on kimono Lower right: Practicing Japanese calligraphy
Some topics recently covered include traveling in Japan
and daily life there, as well as its food, art, music, and entertainment.
Also, guest speakers have presented demonstrations
of kendo (Japanese fencing), shiatsu (massage), sado
(tea ceremony), shodo (calligraphy), kimono (formal attire),
bonsai (miniature tree gardening), and taiko (Japanese drums).
One participant commented that “Lunch and Learn is my
favorite program as it gives me a personal insight and better
understanding of Japan’s diverse culture and all that
wonderful country has to offer in so many areas. There is
something for everyone to learn, enjoy and partake in.”
2. Promote increased communication and teamwork
throughout all levels of the MAC organization
In today’s competitive global economy, proficiency in the
local language is essential for uncovering and then successfully
executing business opportunities in any overseas
market. Additionally, in MAC’s case, improving the level of
English proficiency among its employees also led to
improving internal communication as well. The business
English classes conducted at MAC (as instructed by Ms.
Jackson, a professional English teacher who also works
with United Nations diplomats) are open to any staff mem-
ber who would like to participate, so Rotational Staff have
also been joined by National Staff who do not speak English
as their first language, leading to even further strengthening
of communication among employees.
Also, based on the popularity of the Lunch & Learn
Sessions, MAC offered and continues to offer regularlyscheduled
Japanese language courses for National Staff.
The contents include greetings, useful phrases, basic communication
skills, and even hiragana (script writing). In
the words of Sae Okihara, the course instructor, “The students’
enthusiasm towards learning Japanese language and
its culture have become a big motivation for my teaching.
Their positive attitude about the language barrier and
respect for learning have made me realize that interaction
A scene from Japanese
language class

with others is boundless and cultural barriers are easily
overcome through kindred spirits of humankind.”
3. Increase the motivation of all employees
MAC employees and management also knew that improving
internal communication and motivation requires more
than just shared cultural knowledge or a common language.
After all, achieving good internal communication
can be a difficult task even for a completely domestic company!
At MAC, top management now holds a quarterly “CEO
Communication Meeting” to share the “big picture” of
MAC’s operations, as well as those of Marubeni Corporation
overall, and also to strengthen all employees’ sense of
belonging to the same MAC team. At each meeting, Michio
Kuwahara (President and Chief Executive Officer of MAC)
gives an explanation of the most recent MAC and Marubeni
Corporation results, future targets, merger and acquisition
activities, and other key points. Also, following the explanation,
MAC employees are free to ask any questions to Mr.
Kuwahara about the information presented or any other
issue on their mind.
According to Mr. Kuwahara, “Direct communication
between top management and all staff is a driving force
towards building excellent teamwork and motivating all
participants to maximum performance. At MAC we view
communication as essential, and are striving to keep everyone
informed about how important their work is towards
realizing the overall objectives of Marubeni. In addition, we
are very proud of all of our staff members at MAC, and their
efforts to continuously improve our business and workplace.”
MAC’s efforts to “step forward” have made an impact on
the bottom line, which is a benefit to everyone.
STEPPING FORWARD, TOGETHER!
[From the Center of the Circle] 9
In closing, we would like to share a few comments
from the MAC employees themselves about the “Step
Forward Project.”
Cathya Espinoza (Logistics and Insurance Team) on Cross-
Cultural Training: “These seminars have helped me to communicate
much better with my managers. Now I know better
what they are expecting, and the reasons for their actions.
Also, they now understand much better how we work.”
Kay Wenzel (Administration Team) on Japanese language
classes and Lunch & Learn Sessions: “While making baby
steps at learning Japanese, I have made big leaps in my
appreciation and empathy for my colleagues who conduct
business in their second language. When I struggle to practice
my latest phrase with them, and we can laugh together
at the difficulties of learning a language, suddenly we feel a
new camaraderie. For me, the resonating theme of the
Lunch and Learn series is that all our ancestors — no matter
which ocean they lived near — had amazing resilience and
creativity. Japan’s culture originated thousands of years
ago and developed independently from my own European-
American culture until very, very recently. So I’m fascinated
to learn how ingeniously, and differently, Japan’s culture
found solutions for all the same human needs and
wants that my culture did, too. Sometimes a Japanese solution
I couldn’t have invented in a thousand years is so effective,
it makes me laugh. Finally, I come away inspired by
the examples of how ingenious and resilient we all can be.”
Estelle Bolofsky (Finance Team) on CEO Communication
Meetings: “It is important to me…to be an integral part of
these quarterly-held meetings. I want to stay aware of our
company’s daily progress and solutions, as well as its longterm
plans. The meetings keep the lines of communication
open and give us as employees a sense of awareness, and
they also serve as learning tools for new employees and
increase motivation toward making improvements and
attaining goals.”

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shosha No.92 Summer 2007
Ghana and It’s Leading
Auto Company
Toyota Ghana Company Ltd.
B
efore gaining its independence
on March 6, 1957, Ghana was
known as “the Gold Coast” by the
international community. The earliest
Europeans to arrive in this sub Saharan
African country were the Portuguese
in the 15th century. Upon
their arrival, they found so much gold
between the river Ankobra and the
river Volta that they named it da
Mina, meaning “the Mine”. In 1485,
they built the first castle at Elmina in
the Central Region to enhance their
trading activities in gold and slavery.
In 1872, the Dutch traders who had
occupied areas in the Gold Coast for
over 170 years ceded their forts as
free to the British. The British then
became the only Europeans in the
Gold Coast by 1874, making it a crown
colony, thus giving them total control.
Following this, the British government
established its headquarters in
Cape Coast in the Central Region,
which has now become one of the
great historical sites in Ghana.
Gaining independence from the
British in 1957, the Gold Coast subsequently
changed its name to “Ghana”
in accordance with the findings of Dr.
J. B. Danquah, who established that
most of the tribes of the Gold Coast
were descendants of the famous
ancient Empire of Ghana, which had
flourished between the 9th and 13th
centuries. Ghana’s first President, Dr.
Kwame Nkrumah, endorsing Dr. Danquah’s
findings, adopted the name for
the new nation state.
Since July of 1960, Ghana has been
a full Republic. According to UN
statistics, Ghana currently has a population
of 21.8 million people spread
over an area of 238,533 square kilometers
(92,098 square miles). While
English is the official language, it also
has many indigenous Ghanaian
languages spoken within its borders.
World Bank statistics as of 2006 show
that the citizens of Ghana have a per
capita income of 450USD.
In addition to having an abundance
of natural resources available for
export, Ghana has positioned tourism
to become the country’s leading foreign
exchange earner. This is a very
realistic goal considering the number
of attractive tourist destinations in
Ghana such as numerous forts and
castles dotting the coastline, as well as
the Kakum National Park and Canopy
Walk.
Accra, Ghana’s metropolitan capital,
not only being the seat of government,
is also the home of Toyota
Ghana Company Limited, the current
leading Auto Company in Ghana,
wholly owned by Marubeni.
Since its inception in April 1998,
Toyota Ghana has been continually
growing, and is currently the auto
industry market leader in Ghana.
a b c d e f g
a Akosombo Dam b Toyota Ghana Company c Kente Weaving d Elmina
Castle e Independence Square f Bead Display g Boti Waterfall
From a sales record of 392 vehicles in
the year 2000, Toyota Ghana sold 1,567
vehicles (about a 400% increase) in
2006. The projected sales figure for
this year, 2007, is 2,000 vehicles, an
almost 25% increase from last year’s
sales. As well as having a strong sales
record, they have also won a number
of national awards including the Chartered
Institute of Marketing, Ghana
(CIMG) Award for “Best Motor Firm of
the Year” for the third time in three
consecutive years. In addition to this,
since the inception of the Ashanti Business
Excellence Awards in 2004, Toyota
Ghana has consistently won the
Award for “Motor Firm of the Year”.
With our corporate slogan of “Quality
That Rewards You Everyday”, we
strive to provide nothing but the very
best in customer service to our
clients.
Public Relations Manager
Mrs. Ama Asante
TOYOTA GHANA COMPANY LTD.
Address: Toyota House, Ring Road West Industrial Area, Ghana
Telephone: + 233 21-228813, -245503, -258241, -223122, -221316
Fax: + 233 21-221351 (admin), -222682 (sales)
Established: April 1998
Employees: 225
Business areas: Automotive
Main business products: Sale and service of Toyota vehicles

From the Frosty Fjords
of Norway
Marubeni Europe P.L.C. Oslo Office
W
elcome to Oslo! The Norwegian
capital is a small city in terms
of population, with about 550,000
inhabitants. However, in a country
with only 4.5 million inhabitants, Oslo
is a big city. Roughly 1/3 of the Norwegian
population lives on either side
of the Oslo fjord, and Oslo is a natural
centre of this region. Small in population,
but covering 460 square kilometers,
Oslo is large in area. In fact, the
majority of the city area is found in the
hills and forest lands surrounding the
Norwegian capital.
The city’s location at the apex of the
Oslo fjord with the hills in the background
is the key to the quality of life
that people here enjoy; summer days
along the fjord and winter days skiing
in the hills.
Norway is rich in natural resources,
and thanks to a boost in the prices of
oil and natural gas, the country has enjoyed
a boom which has not been seen
since the 1950’s. Norway now ranks
among the top nations in terms of GNP,
and has the luxury of running a large
government budget surplus each year.
To prepare for the age when the oil and
gas revenues will shrink, the surplus
is invested in a fund for the coming generations.
This fund now ranks among
the largest public funds in the world.
Albeit a relatively small city, Oslo,
the Norwegian capital, has all the key
functions of government located here.
Large cultural institutions such as the
National Theatre, The Opera (a new
Opera house will be inaugurated in
2008), The National Gallery and the
Munch Museum are also all located in
Oslo. 60,000 students contribute to making
Oslo a young city with a vibrant
nightlife. The Munch Museum features
the famous “Scream” painting, and so
is always worth a visit, as is the Vigeland
sculpture park on a fine day. The
Viking Ship Museum features 2 actual
Viking ships that were excavated and
are displayed in their simple elegance.
One consequence of the economic
boom has been sharply rising real estate
prices, and Oslo is (unfortunately) one of
the most expensive cities in the world
in terms of living costs, — a pint of beer
will easily set you back about 10 USD.
[A World Of Marubeni]
Oslo is an ideal starting point to venture
to the west coast to take in the
fjord scenery there, and the number of
tourists coming to the city is increasing
year-by-year, together with ever
more cruise ships making Oslo and
the Norwegian fjords a part of their
summer itinerary.
Marubeni opened the Oslo office in
1971 to link Japanese shipyards with
Norwegian ship-owners. Norway is among
the top seafood exporters in the
world, and Japan is the largest importer,
so it was logical for Marubeni to
enter the seafood trade from Norway.
Items handled include mackerel, herring,
farmed salmon and trout.
I would like to take the opportunity to
send my regards to the Marubeni family
around the world, and thank all for
their support throughout the years.
General Manager
Carsten H. Holtermann
MARUBENI EUROPE P.L.C. OSLO OFFICE
Address: Professor Dahls Gt. 26, N-0260, Oslo, Norway
Telephone: + 47 2255 8111
Fax: + 47 2255 8112
Established: 1971
Employees: 1
Business areas: Agri-Marine Products
Main business products: Seafood
11
a b c d e f
a A Norwegian Street b Cross Country Skiing c Oslo City Hall
d Fjord and Hills e Vigeland Sculpture Park f Fjord Summer Scene
bottom Viking Ship

12
shosha No.92 Summer 2007
Wood chip biomass power plant in Whitefield, NH
Crossing the
Bosphorus Straits
Marubeni Tokyo, with Marubeni
Corporation Istanbul Main Branch,
formed an international consortium
with the French company Alstom,
and a Turkish company, Dogus,
which has led them to enter into an
official contract worth over 815 million
euros for Phase-2 of the trans-
Front row, from left: Mr.Gemba, Director of Project at
Marubeni Tokyo; Mr.Gallocchio, Director of Alstom
Transport; Mr.Talu, Chairman of Dogus Construction,
Mr. Arslan, General Director of DLH Back row, from the
left: Mr. Hoshino, General Manager of Marubeni Istanbul
Branch; Mr. Sahin, Under Secretary of the Ministry of
Transport; Mr. Hamza, Deputy Director of DLH
Environmentally Friendly
Biomass Power Plant in the
US
In January, 2007, Marubeni purchased
a 16 MW (megawatt) wood
chip biomass power plant located in
Whitefield, NH from Whitefield Power
& Light Company. The acquisition was
completed through Marubeni Sustainable
Energy, Inc. which is a 100% subsidiary
of Marubeni. By accomplishing
this, the electric generating capacity
of wood chip biomass power plants
owned by Marubeni has increased to
approximately 34 MW. The Whitefield
power plant has one of the most advanced
emission control systems,
known as a “Regenerative Selective
Catalytic Reduction” (RSCR) unit,
which reduces nitrogen oxide emis-
Bosphorus rail link project, known
as “Marmaray.” The Marmaray Project
serves as a measure to help mitigate
the chronic traffic congestion
in the city of Istanbul by constructing
an undersea tunnel in the
Bosphorus Strait, with Phase-2
focusing on the construction of new
railway lines as well as the renovation
of existing ones. By winning the
bid for this contract, Marubeni will
play an active role through vital construction
projects such as expanding
the current above-ground track
routes along a 63 kilometer (39 mile)
segment, renovating electrification,
signals and IT equipment, as well as
constructing railway stations and
rail yards. In this project, Marubeni
aims to help alleviate Istanbul’s
growing traffic congestion through
establishing railway lines.
The Bosphorus Strait
sions by more than 70% annually. The
plant utilizes organic materials such
as wood waste and forest residue,
using renewable energy resources
which are environmentally friendly.
Marubeni already owns and operates
an 18 MW wood chip biomass power
plant located in Fairhaven, CA.
Marubeni believes its experience and
expertise in biomass power generation
will enable it to carry out operations
with high efficiency. Marubeni
aims to increase its renewable energy
portfolio and expand energy supply
business with distributed generation
facilities to more than 120 MW in
North America by 2010.

Hot strip mill at JSW Steel’s plant
Assistance with Economy
and Trading in the Tangshan
Caofeidian Industrial Zone
In China, Marubeni has entered into
a comprehensive trade and economic
cooperation agreement with Hebei
Province’s Tangshan Caofeidian Industrial
Zone. The Chinese government,
in a five-year plan spanning
from 2006 to 2010, has placed a focus
on energy saving and maintaining a
healthy environment as a priority.
With this in mind, the newly constructed
310 square kilometer (193 sq
mile) Tangshan Caofeidian Industrial
Zone is positioned as a model for
China’s first economic circulation system,
as well as a hub port for handling
natural resources and power stations.
Some examples of this concept in
action are, waste heat produced by
industry being utilized by corpora-
tions, and slag leftover from iron mills
being re-used for making cement.
Under this agreement, Marubeni will
provide consulting and advice for the
development of a cyclical-type economy
to further improve on the systems
already in place.
[Hot Off The Presses — The Latest News and Updates]
Steel Supply Contract
Awarded in India
Marubeni Corporation (Marubeni),
in cooperation with Mitsubishi-Hitachi
Metals Machinery, Inc., was awarded
a contract worth approximately
16 billion yen in January by JSW Steel
Limited (JSW), a private Indian company.
During Phase-1 of this contract,
a hot mill supplying 3.5 million tons of
steel annually will be established,
with the option to increase capacity to
5 million tons under Phase-2. At the
moment, JSW Steel has an annual production
capacity of 3.8 million tons of
crude steel, but in order to deal with
the rapid increase in steel demand, it
is implementing an expansion plan to
Front row, from left: Mamoru Sekiyama, Corporate Executive Vice President of
Marubeni; Boxun Xue, Administrative Committee of Caofeidian Industrial Zone
Back row, fourth from the left Shuangjian Fu, Vice Governor, Hebei Provincial
People’s Government
13
From the left: Naoki Tsuda, Chairman and Managing
Director of Marubeni India Private Ltd.; Arun Mubayi,
President of JSW Steel; Sajjan Jindal, Vice-Chairman &
Managing Director of JSW Steel; Naoaki Izumi of
Marubeni; Takafumi Sakishima, Marubeni COO of
Plant, Ship & Infrastructure Projects Division; Akira
Odoi, General Manager of Marubeni India Private Ltd.
increase annual production to up to
6.8 million tons of crude steel by
2008. With competition from European
suppliers, the contract was given
to Marubeni as a result of JSW’s consideration
of Marubeni’s ability to
coordinate. There are a number of
mega steel projects planned in India,
and Marubeni, with the success of
receiving this sizable order, will continue
to develop projects in the Indian
market.

14
shosha No.92 Summer 2007
Marubeni Establishes an
Alliance with Aeon and
Daiei
Marubeni formed a capital business
alliance with Aeon Co. Ltd (Aeon) and
The Daiei, Inc. (Daiei), two major Japanese
retailers. All parties involved
reached an agreement that Aeon could
assist Daiei in regaining its performance
and business profits, based on
the shared business philosophy that
customers always come first. While
many retailers in Japan face a number
of challenges due to significant changes
around them, the collaboration
between Marubeni, Aeon and Daiei is
expected to create a new trend in
Japan’s retail industry. This agreement
between the Aeon group and the
Daiei group is also expected to create
an alliance of retailers whose turnovers
will exceed a six trillion yen
profit. Under this plan, Marubeni will
make a wide variety of business recommendations
and provide a wide
range of services as an all — around
trading house that maintains a strong
relationship with both Aeon and
Daiei.
At a press conference, from left to right: Mr. Motoya
Okada, President of Aeon; Mr. Nobuo Katsumata,
President and CEO of Marubeni; and Mr. Toru Nishimi,
President of Daiei
Developing Uranium Mine
Projects with the Republic
of Kazakhstan
Marubeni Corporation, in cooperation
with The Tokyo Electric Power
Company, Inc. (TEPCO), and Chubu
Electric Power Co., Inc., has decided to
participate in new uranium mine
development and production projects
promoted by Kazatomprom, a stateowned
nuclear fuel enterprise located
in the Republic of Kazakhstan. Tohoku
Electric Power Co., Inc. also has
decided to participate in the project,
and is planning to purchase a partial
indirect ownership interest in the project
from Marubeni. The project itself
will encompass the development of
the Kharassan uranium mine in
southern Kazakhstan. Test production
is expected to begin in 2007, with
a projected full annual production of
approximately 5,000 MTU (metric
tons of uranium) by around 2014, and
continued production until around
2050. With Kazakhstan holding the
world’s second largest uranium reserve,
the total potential uranium production
from these projects could possibly
be over 160,000 MTU. Earlier in
2006, former Prime Minister Koizumi
and Kazakhstan President Nazarba-
One of the project’s housing facilities in Kazakhstan
under construction at a uranium mining site
yev issued a statement together praising
the “successful materialization of
significant projects in the area of exploration,
development and production
of uranium resources”. This statement
acted as a catalyst for Marubeni
to play an active role in the project.
The Japanese government and the Kazakhstan
government expect to confirm
their relationship for this project
during the mission led by the Ministry
of Economy, Trade and Industry held
at the end of April this year.
From the right: Moukhtar E. Dzhakishev, President of
National Atomic Company Kazatomprom JSC; Mr.
Nobuo Katsumata, President, CEO and Member of the
Board of Marubeni Corporation; Mr. Toshio Mita,
President and Director of Chubu Electric Power Co.,
Inc.; Mr. Hiroaki Takahashi, Representative Director &
President of Tohoku Electric Power Co., Inc.; and Mr.
Tsunehisa Katsumata, President of The Tokyo Electric
Power Company, Incorporated

Paintings and Costumes — Works of Beauty
S
View of the exhibition at the Museum of Kyoto
An Exhibition of
the Marubeni Collection
by Tsutomu Sugiura, Art Curator Marubeni Corporation
ome 200 works of art, paintings and costumes, owned
by Marubeni Corporation were exhibited under the
title “Masterpieces from the Marubeni Collection — Beauty
of Pictures and Costumes” at the Kyoto Museum from April
13 to May 27, 2007. The exhibition featured works of art
such as La Bella Simonetta (a portrait of Simonetta Vespucci)
by Botticelli, and material from what is said to be a
kosode worn 400 years ago by a mistress of Toyotomi Hideyoshi
known as “Yodogimi”.
Marubeni has an extensive collection of artwork, with a
variety of fine arts and folk crafts, as well as dyed and woven
textiles. The Marubeni Collection itself can be divided into
two broad categories. The first would be a collection of
about 400 dyed and woven pieces of apparel and other textiles,
representative of various eras since the 16th century.
The other would be an extensive collection of about 600
paintings from Japan and the West.
In the textile category, the formation of a historical costume
collection began with the purchase of a Noh costume
at an auction in 1929. The main purpose of collecting excellent
examples of textile art such as Noh costumes (worn for
performing Noh drama) and kosode (a robe that evolved
into the kimono) was to contribute
to the progressive
development of designs for
textile products handled by
Marubeni. In addition to this,
these textile artifacts have
been preserved in order to
pass on to future generations
some remarkable examples
of the technical aspects of
Japanese textile design. The
company continued to collect textile art as opportunities
arose, and today the Marubeni collection of costumes has
become one of the leading collections in Japan.
The kosode costume reproduced here is an excellent
piece produced during the mid-18th century. The upper
half of this beautiful multi-colored kosode is set in a lovely
red and displays motifs of fans, snow crystals and pine-bark
inspired diamonds arranged in white. Depicted within
Multi-colored kosode featuring motifs from the Tale of Genji
[Japan Up Close] 15
these motifs are scenes from the Tale of Genji, written by
the famous female author Murasaki Shikibu a thousand
years ago. Themes taken from titles of certain chapters
from that epic novel — Hahakigi, Utsusemi, Wakamurasaki,
Suetsumuhana and Momijinoga — are embroidered
in silk and metallic threads. On the lower half, an
elaborate beach landscape representing a scene from
Akashi, another chapter from the same novel, is dyed in the
Yuzen style, creating a fine contrast with the upper section.
This identification is based on the depictions of sailing
boats, a hut built from rushes on the beach and a building
visible in the mountains.
The paintings within the holdings of the Marubeni Collection
also have accumulated gradually over the course of
many years. The collection derived considerable impetus
from the activities of our costume design research group

16
shosha No.92 Summer 2007
Painting entitled La Bella Simonetta by Sandro Botticelli,
the fifteenth-century Italian Renaissance master
operating in the 1920s and 30s
and other activities including exhibitions
known as Biten held in
Kyoto. These circumstances brought
Marubeni into close contact with
the many prominent artists of
Osaka and Kyoto, in the Kansai region
— the birthplace of Marubeni
Corporation. In this way we could
acquire some of their works. Our
holdings also include works donated
by trading partners on various
occasions. The collection of works
by Japanese artists includes those by Takeji Fujishima,
Saburosuke Okada, Ryuzaburo Umehara and Matazo
Kayama. They were the mainstream of modern painters
since the Meiji period that adopted Western styles.
But, the company came by its overseas paintings through
quite a different way. In 1969, Marubeni mounted an exhibition
of European masterpieces in conjunction with the British
QUESTIONNAIRE
What do you think? Please let us
know how we are doing by filling
out a short questionnaire online at
http://www.liaison-kikaku.co.jp/
shosha92/form.html by the end
of September 2007. Five lucky
contributors will receive a gift.
YOUR FEEDBACK
Your feedback is always welcome
and appreciated. Please let us
know what topics you would like
us to write about in future issues
by sending an email to
shosha@liaison-kikaku.co.jp.
An Exhibition of the Marubeni Collection
Paintings and Costumes –
Works of Beauty
Fair. It was at that time that we imported
from Britain works by Botticelli,
Gainsborough, Corot, Renoir and others.
We subsequently transferred our
emphasis to the School of Paris, acquiring
works by such artists as de Vlaminck,
Dufy, Kisling and Utrillo. Thus,
the body of our company’s collection
of paintings was firmly in place by 1979,
but we discontinued our involvement
in the art business shortly thereafter.
Most notable among the foreign
paintings in our collection are Wooded
Landscape with Peasant Courting a
Milkmaid by Thomas Gainsborough;
Le Kiosque de Ville-d’Avray by Camille
Corot, Les Oliviers de l’Estaque
by Auguste Renoir, La Seine à Chatou
by Maurice de Vlaminck, Bateaux au
Havre by Raoul Dufy; Mimosas by Kisling;
Vase Bleu, Soucis Oranges (Oxeyes
in a Blue Vase) by Odilon Redon;
and Waldlichtung (Forest Clearing)
by Emil Nolde.
However, the most valuable work is
La Bella Simonetta by Sandro Botticelli,
the fifteenth-century Italian Ren-
aissance master, which is reproduced on this page. Simonetta
Vespucci, the model for this painting was known as one
of the most beautiful ladies of her time, having been nominated
as “The Queen of Beauty” in 1475 at La Giostra (an
equestrian tournament). Before passing away of pneumonic
disease at the age
of 22 or 23 in 1476, she
enchanted many poets and
painters like Angelo Poliziano,
Botticelli and Piero di
Cosimo. She is said to be the
model for other masterpieces
by Botticelli such as The
Spring (Primavera) and The
Birth of Venus.
[Japan Up Close]
Reproduction in whole or in part without
written permission is prohibited. The material
contained herein has been reviewed by
Marubeni Corporation, but the opinions
expressed in the cover story and “Japan Up Close”
sections do not necessarily represent those of
Marubeni Corporation. Please direct your
questions, comments, and suggestions regarding
Shosha to shosha@liaison-kikaku.co.jp. Learn
more about Marubeni Corporation at the company
website, www.marubeni.com.
Publisher: Marubeni Corporation
Corporate Communications Dept.,
Tokyo Head Office, C.P.O. Box 595
Tokyo 100-8088, Japan.
Editorial and Design: Liaison Planning Inc.
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© 2007 Marubeni Corporation.
All rights reserved.
Printed in Japan
La Bella Simonetta on display at the Museum of Kyoto