#1Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Results of FY2022 and Forecast for FY2023 Presentation Materials May 9, 2023 Mitsubishi Corporation Forward-Looking Statements - This release contains forward-looking statements about Mitsubishi Corporation's future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the Company's assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices. - Accordingly, Mitsubishi Corporation wishes to caution readers that actual results may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negative impact arising from the use of this release. Notes Regarding This Release Consolidated net income in this presentation shows the amount of net income attributable to owners of the Parent, excluding non-controlling interests. Equity shows the amount of equity attributable to owners of the Parent, excluding non-controlling interests, which is a component of total equity. * "FY2021" refers to fiscal 2021 (April 1, 2021 to March 31, 2022). * "FY2022" refers to fiscal 2022 (April 1, 2022 to March 31, 2023). * "FY2023" refers to fiscal 2023 (April 1, 2023 to March 31, 2024). Copyright © 2023 Mitsubishi Corporation#2Mitsubishi Corporation Contents 1 Progress of Midterm Corporate Strategy 2024 2 Detailed Results of FY2022 and Forecast for FY2023 3 Supplementary Information of Consolidated Financial Statements 4 Supplementary Information by Segment Copyright © 2023 Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation 1#3Mitsubishi Corporation 1 Progress of Midterm Corporate Strategy 2024 May 9, 2023 Mitsubishi Corporation 2 Copyright © 2023 Mitsubishi Corporation#4Mitsubishi Corporation Summary of Results of FY2022 and Forecast for FY2023 May 9, 2023 Mitsubishi Corporation Forecast for FY2021 FY2022 Change FY2022 (Announced Feb. 3) Change (Billions of Yen) Forecast for FY2023 Consolidated net income 937.5 1,180.7 +243.2 1,150.0 +30.7 920.0 Dividend per share 150 yen 180 yen +30 yen 180 yen ±0 yen 200 yen Share buybacks 70.0 370.0 +300.0 170.0 +200.0 100.0 (upper limit) Results of FY2022 ✓ Record high earnings for a second consecutive year, surpassing ¥1 trillion for the first time ever. While losses were recorded in Mineral Resources and Automotive & Mobility due to asset revaluation, increased profits in Power Solution and other segments led to earnings ¥30.7 billion higher than the forecast announced in February. ✓ In light of this strong performance and recent cash flows, additional share buybacks of up to ¥200.0 billion have been decided. This is in addition to the total payout of approximately ¥430.0 billion announced in February (comprising of ¥180 dividend per share and ¥170.0 billion in share buybacks). Forecast for FY2023 ✓ Consolidated net income is forecast at ¥920.0 billion, a year-over-year decrease mainly due to market factors, but remains high at over ¥900.0 billion. Reflecting firm profit level and the decrease in the total number of shares due to buybacks, the dividend per share is forecast at ¥200 (up ¥20 year over year). In addition, implementation of share buybacks of up to ¥100.0 billion has been decided. Consolidated net income 1,180.7 Earnings and shareholder returns Earnings independent of market factors*1 Share Buybacks Total Dividends Total Payout Ratio Including Additional returns) 920.0 (Billions of Yen) 730.0 *2 Total share buybacks of up to ¥300.0 billion, to begin May 2023 53% 730.0 200.0*2 Additional returns 36% 170.0 Dividends 259.3 (Dividend per Feb. forecast Approx. ¥430.0 bn. share: ¥180) FY2022 Result Approx. 40% 100.0*2 Dividends Approx.275.0 (Dividend per share: ¥200) FY2023 Forecast *1 Earnings after adjustment based on market price assumptions for the year ending March 2025 made when formulating Midterm Corporate Strategy 2024. Copyright © 2023 Mitsubishi Corporation 3#5Mitsubishi Corporation Cash Flow Allocation of FY2022 May 9, 2023 Mitsubishi Corporation Cash in Cash Flow Underlying operating CF *1 CF from divestments Cash out Investments Adjusted FCF Shareholder returns FY2022 ¥1.3 Trillion (¥1,284.7 bn) ¥0.7 Trillion (\704.4 bn) ¥0.9 Trillion (\881.9 bn) ¥1.1 Trillion (\1,107.2 bn) ¥0.7 Trillion <Released> (\685.6 bn) Post-Returns FCF ¥0.4 Trillion Remarks Underlying operating CF is making solid progress with the growth of consolidated net income. CF from divestments is also making solid progress with the promotion of Asset Replacement Plans including sale of a real estate management company and a part of the Overseas power generating business. Maintain/Expand Earnings Base ¥0.5 Trillion Australian metallurgical coal business (Approx. ¥70.0 bn), etc. EX-related ¥0.3 Trillion *2 DX/Growth-related Investment ¥0.1 Trillion North American real estate business (Approx.¥60.0 bn), etc. Total of Underlying operating cash flows and investing cash flows Per-share dividend: \180; Share buybacks: ¥370.0 bn (including ¥200.0 bn as additional returns); Cash dividends paid to non- controlling interests: ¥56.3 bn. Additional allocation to Investments or Shareholder returns will be decided in accordance with future CF fluctuations. *1 Operating cash flows excluding changes in working capital whilst including repayments of lease liabilities (For details, please refer to P24.) *2 Details of EX-related investment ■ Eneco (European integrated energy business) Quellaveco copper mine North American power business Copyright © 2023 Mitsubishi Corporation Approx. ¥80.0 bn Approx. ¥65.0 bn Approx. ¥60.0 bn Steady investments have been made mainly in Copper and Renewable Energy business. In addition to committed investment plans of approximately ¥0.5 trillion, potential investment plans have also accumulated, and we intend to accelerate our investment in carefully selected projects. 4#6Mitsubishi Corporation Policy for FY2023 Progress of Midterm Corporate Strategy 2024 (Growth Strategy Implementation in FY2022/FY2023) Execute carefully selected projects while keeping investment discipline Energy decarbonization EX • Launch Next-Generation Energy Business Group and accelerate initiatives in fuel ammonia, SAF, etc. . Fulfill our duty of stably supplying LNG, a transition energy source Examples of potential projects Expansion of LNG production in North America • New natural gas project SAF production business Carbon credit business. Bio-ethanol business in Europe etc. Put growth strategies into action and accelerate initiatives to realize the goals of Midterm Corporate Strategy 2024 Key initiatives in FY2022 • • EX Renewable energy Mineral resources that underpin Awarded Hollandse Kust West Site VI offshore electrification Integrated EX/DX initiatives to promote regional revitalization • Advance offshore wind power in/outside Japan and consider green hydrogen development projects, etc. • Promote supplemental power, such as storage battery to cover intermittency of renewable energy Examples of potential projects • Offshore wind power in Europe New green hydrogen production business Renewable energy supply to Japanese companies etc. Operate existing copper mines • Advance development of regional infrastructure • Revitalize regional economies by fostering new industries or industrial agglomeration May 9, 2023 Mitsubishi Corporation Creating Examples of potential projects a new future • Expansion of rolled-out areas of On-demand Bus etc. Develop and provide cross-industry DX capabilities that leverage our business knowledge DX stably and consider development of Offer DX additional copper resources as well capabilities as as lithium and other new resources • Advance battery-related businesses Examples of potential projects New copper mines New lithium project Battery parts production business Reduced iron business etc. wind farm project in the Netherlands (760 MW) Began production at the Quellaveco copper mine in Peru (approx. 300 kt) Enhanced EV related solutions with merger of Mitsubishi Auto Leasing and Mitsubishi HC Capital Auto Lease • Copyright 2023 Mitsubishi Corporation . DX a service Optimization of logistics by DX : - Began rollout of food distribution DX at Mitsubishi Shokuhin distribution centers - Rollout of autonomous mining equipment in our mines Opened large-scale data centers in Chiba, Osaka etc. • Enhancement of core DX- related group companies (Industry One, MC Digital) Examples of potential projects Expansion of personnel in core DX-related group companies and collaboration with other companies etc. Promote DX in existing businesses, including food distribution Explore cross-industry development Examples of potential projects • Promote DX in industrial materials • Transformation of Logistics Business etc. Creating a New Future (Fostering New Industries/Regional Revitalization) Established a land-based salmon farming company (ATLAND Corporation) as a joint venture with Maruha Nichiro in Nyuzen- machi, Toyama Commenced trials of AI-Controlled On-demand Bus Service in 9 areas and roll out of the service in Shiojiri-shi, Nagano Established a new start-up support program, "Kyoto University- Mitsubishi Corporation Startup Catapult", while strengthening industry-academia collaboration with Kyoto University 5#7Mitsubishi Corporation Progress of Midterm Corporate Strategy 2024 (Profit Model of EX-related Strategy) Concept of EX-related Strategy Profit Model May 9, 2023 Mitsubishi Corporation ■Realize future stable incomes/capital gains or high returns during mature stage by investing with foresight Develop to Hold/ Sell Model Renewable Energy etc. Seek stable income during operation phase as well as capital gain by participating from development phase and taking development risks in business such as power plant business. Enhance profitability by optimizing balance of stable income and capital gain in accordance with project characteristic. Development phase CF of Business Stable operation phase Monetization Develop Stable to Hold Income Y1 Y2 Y3 Y4 Y5 Y6 Develop Capital to Sell Gain Risk decreases after stable operation phase Risk of Business Examples <Overseas Power Business (incl. Thermal Power)> Example 1 Investment period: 23 years Investment amount: approx. ¥5bil (incl. reinvestment) Average profit over ¥1bil/year Example 2 Investment period: 5 years Investment amount: approx. \10bil (incl. reinvestment) Capital gain over \15bil Y1 Y2 Y3 Y4 Y5 Y6 Early-stage Investment Model Hydrogen/SAF/ Ammonia, etc. Develop new market and secure supply sources by investing in competitive, promising projects from early-stage. Trading business will serve as a tool to find new market and potential investees. Expand profit level and profitability by utilizing knowledge and insight of the market once the market enters growth stage. Early stage Profitability of Early-stage Low-mid investments Our roll Early stage Market growth stage Mature Stage Mid - high High Copyright © 2023 Mitsubishi Corporation Examples <LNG Business> • Trading Brunei LNG • Malaysia LNG ⚫ Western Australia LNG Market growth stage • Tangguh • Donggi-Senoro • Cameron LNG • Development of Expansion of Provide Profit of Natural Gas Group Over ¥100bil Mature stage • LNG demand/market production/manufacturing stable ROI over 15% Early-stage investment business Canada to supply sources Enhance profitability supply (*ROI of equity method investment) 6#8Mitsubishi Corporation Cash Flow Allocation Under Midterm Corporate Strategy 2024 ➤ Underlying operating CF is making solid progress. May 9, 2023 Mitsubishi Corporation ➤ In order to increase enterprise value, we will allocate Post-Returns FCF to investments and/or additional shareholder returns while maintaining financial discipline. Original (Released May 10, 2022) Cash Out Cash In (Approx. ¥4.5 Trillion over 3 Years) (Approx. ¥4.5 Trillion over 3 Years) Updated Forecast Cash In Cash Out (Approx. ¥4.5~5.5 Trillion over 3 Years) (Approx. ¥4.5~5.5 Trillion over 3 Years) Underlying Operating CF 3.0 Trillion Yen Investments 3.0 Trillion Yen Maintain/Expand Earnings Base Approx. ¥1.0 Trillion EX-related Approx. ¥1.2 Trillion DX/Growth-related Investment Approx. ¥0.8 Trillion CF from Divestments 1.5 Trillion Yen Investment/ Shareholder Returns (Allocated in Accordance with CF Fluctuations) Shareholder Returns More Than 0.7 Trillion Yen Copyright © 2023 Mitsubishi Corporation Underlying Operating CF 3.0-3.5 Trillion Yen CF from Divestments 1.5-2.0 Trillion Yen Investments 3.0 Trillion Yen Maintain/Expand Earnings Base Additional allocation Approx. ¥1.0 Trillion EX-related of up to ¥1.0 Trillion Approx. ¥1.2 Trillion DX/Growth-related Investment Approx. ¥0.8 Trillion Investment/ Shareholder Returns (Allocated in Accordance with CF Fluctuations) Shareholder Returns* More Than 1.5 Trillion Yen Including ¥200.0 bn allocated for shareholder returns in FY2022 Target Total Payout Ratio of Around 30%-40% Target Total Payout Ratio of Around 40% for FY2023 onward Including the Forecast for Cash dividends paid to non-controlling interests: Approx. 0.2 Trillion yen. 7#9Mitsubishi Corporation 850.0 650.0 FY2022 Original Forecast May 9, 2023 Mitsubishi Corporation Forecast for FY2023 Consolidated net income in FY2023 is expected to decrease ¥260.7 billion year over year (¥1,180.7 bn→¥920.0 bn), mainly due to high market prices, especially for resources, in FY2022. Earnings independent of market factors is expected to remain about the same as FY2022, reflecting improvement in profits and losses from LNG sales business and increased production volume at Quellaveco copper mine, while the supply-demand environment, which had been tightening largely due to supply restrictions, is expected to normalize in Automotive & Mobility, Industrial Materials and other segments. 1,180.7 Earnings independent of market factors 730.0 FY2022 Result ✓ Improvement of profit and loss in LNG sales business, increase of production volume at Quellaveco, etc. Resource prices Foreign exchange (240.0) (20.0) ±0 +60.0 Including risk buffer(20.0) (Billions of Yen) 920.0 (60.0) ✓ Gains on asset replacement Impact of a rebound from the tight supply-demand 730.0 is expected to be about the Isame as FY2022 environment in FY2022, in Automotive & Mobility, Industrial Materials, etc. *Earnings after adjustment based on market price assumptions for the year ending March 2025 made when formulating Midterm Corporate Strategy 2024. (adjustment to: foreign exchange and resource prices (metallurgical coal, copper, iron ore, crude oil, gas and LNG)) Copyright © 2023 Mitsubishi Corporation FY2023 Forecast 8#10Mitsubishi Corporation Shareholder Returns May 9, 2023 Mitsubishi Corporation FY2022 Dividend per share of ¥ 180 and ¥170.0 billion in share buybacks will be carried out. Additional returns of up to ¥200.0 billion in share buybacks will be executed, in light of the Company's strong financial performance, financial soundness and cash flows. [Policy for shareholder returns for FY2023 onward ] Target total payout ratio will be around 40%. Additional returns in light of cash flows and other factors will also be considered flexibly. FY2023 【Dividend】 Under the progressive dividend scheme, the dividend per share will be increased to ¥200 (+¥20 YoY). [Share buybacks) Up to ¥100.0 billion of share buybacks will be executed in light of the certainty of achieving FY2023 forecast and market expectations. Shareholder Returns (Billions of Yen) Midterm Corporate Strategy 2021 Midterm Corporate Strategy 2024 Consolidated Net Income 700 Dividend Share buybacks - Consolidated net income (Billions of Yen) 1,200 (Progressive Dividend ) 600 *Share buybacks of up to 1,000 ¥300.0 billion, to begin May 2023 Additional 500 returns ¥200.0 bn 800 Total Payout Ratio excl. additional returns 400 300 200 ¥198.7 bn \132 per share ¥197.8 bn \134 per share FY2019 FY2020 ¥70.0 bn ¥221.5 bn ¥150 per share ¥259.3 bn ¥180 per share 600 36% ¥170.0 bn ¥100.0 bn 400 ¥200 or more Approx. ¥275.0 bn per share ¥200 per share 200 0 FY2021 FY2022 FY2023 FY2024 (Forecast) (Forecast) Consolidated Net Income ¥535.4 bn ¥172.6 bn Total Payout ¥198.7 bn ¥197.8 bn ¥937.5 bn ¥291.5 bn ¥1,180.7 bn ¥920.0 bn ¥629.3 bn Total Payout Ratio 37% 115% 31% (excl. additional returns) 53% (36%) Target total payout ratio of around 40% Copyright © 2023 Mitsubishi Corporation#11Mitsubishi Corporation Management with an Awareness of May 9, 2023 Mitsubishi Corporation Capital Cost and Share Price e • Analysis indicates that if the Company can stably maintain double-digit ROE-one of the quantitative targets of Current Status Midterm Corporate Strategy 2024-then ROE can exceed the cost of equity. and Policy • ROE in the year ended March 2023 was 15.8%, greatly exceeding the cost of equity. Management believes the current share price reflects that expectations for maintaining ROE over the medium to long term have not adequately been met. • The Company has already designated quantitative targets for ROE, sustainable earnings growth and financial soundness in Midterm Corporate Strategy 2024 and adopted business management systems aimed at achieving these targets. By steadily operating these systems, the Company aims to increase corporate value over the medium to long term, as well as enhancing disclosure and dialogue. Business Management Systems under Midterm Corporate Strategy 2024 Quantitative Targets Policies Ongoing Net Income/CF Growth Consolidated Net Income ¥800.0 billion (FY2024) Underlying Operating CF Approx. ¥1 Trillion per Year 1 Group Net Income/CF Aim for ongoing growth of net income and CF through EX/DX strategy and efforts aimed at Creating a New Future. Strengthen monitoring of net income that is independent of market factors in an environment of significant fluctuation in the prices of commodities, especially resources. Expand monitoring of underlying operating CF for each business group. Maintain/Improve Capital Efficiency Double-Digit ROE 2 Group ROE • Monitor the ROE of each business group as an internal management indicator for maintaining and improving capital efficiency. Establish the necessary guidelines tailored to specific businesses' levels of risk and return to stably maintain Company-wide double-digit ROE. Achieve improvements in medium- and long-term yields by securing capital gains and replacing low-yield businesses. 3 Asset Replacement Plans ⚫ List businesses that are candidates for replacement based on ROIC and growth potential and assign replacement targets to business groups ⚫ Business groups will formulate and execute replacement plans Ensuring Financial Soundness Maintain High Single-A Credit Rating Post-Returns Free Cash Flow > 0 (Over Midterm Strategy's 3-Year Period) 4 CF Management System • Use cash generated by the business groups to provide stable shareholder returns and drive business portfolio transformation. • Build a system through which the business groups can independently carry out investment and asset replacement. Copyright 2023 Mitsubishi Corporation 10#12Mitsubishi Corporation (Reference) Progress of Quantitative Targets Quantitative Targets of Midterm Corporate Strategy 2024 Ongoing Net Income/CF Growth Maintain/Improve Capital Efficiency Consolidated net income (FY2024) ¥800.0 Billion Double-Digit ROE Underlying operating cash flows Approx. ¥1 Trillion per Year Forecast for FY2023 (FY2022) I May 9, 2023 Mitsubishi Corporation Ensuring Financial Soundness Maintain High Single-A Credit Rating Post-Returns Free Cash Flow > 0 (Over Midterm Strategy's 3-Year Period) Consolidated ¥920.0 Billion net income (¥1,180.7 Billion) S&P: A (outlook stable) Moody's: A2 (outlook stable) [As of March 31, 2023] Earnings independent of market factors ¥730.0 Billion ¦ (¥730.0 Billion) ROE 11.2% (15.8%) Underlying operating CF Approx. ¥1.1 Trillion ¦ (\1.3 Trillion) Post-Returns Free CF [FY2022] ¥0.4 Trillion Copyright © 2023 Mitsubishi Corporation 11#13Mitsubishi Corporation 2 Detailed Results of FY2022 and Forecast for FY2023 May 9, 2023 Mitsubishi Corporation Copyright © 2023 Mitsubishi Corporation 12#14Mitsubishi Corporation (Details) Year-over-year Net Income by Segment May 9, 2023 Mitsubishi Corporation Consolidated Net Income: FY2021: FY2022: FY21 105.1 FY22 170.6 [+65.5] FY21 36.8 FY22 62.0 [+25.2] Natural Gas Increased earnings in the LNG-related business and the North American shale gas business, despite trading losses in the LNG sales business. 937.5 1,180.7 [YOY +243.2] FY21 106.8 FY22 127.5 [+20.7] 00 000 Industrial Materials FY21 79.3 Increased earnings in the North American plastic building materials business and the Steel business. FY22 63.4 [(15.9)] FY21 40.3 Petroleum & Chemicals Solution FY21 21.0 Deduction of deferred tax liabilities in the Chemical manufacturing business. FY22 45.0 [+4.7] FY22 23.0 [+2.0] Mineral Resources FY21 420.7 FY21 50.5 Increased earnings due to higher FY22 439.3 [+18.6] Australian metallurgical coal prices, despite impairment losses on investment in the Chilean copper business. FY22 61.9 [+11.4] Industrial Infrastructure FY21 17.3 FY21 40.0 Losses at Chiyoda Corporation in the previous year. FY22 31.9 [+14.6] FY22 Copyright 2023 Mitsubishi Corporation (Billions of Yen) Automotive & Mobility Increased earnings in the ASEAN automotive business and Mitsubishi Motors. Food Industry Impairment losses on fixed assets in overseas business. Consumer Industry Increased earnings in the Convenience store business. 123.3 [+83.3] Power Solution Gains on sale of power generating assets and increased earnings in the Overseas power business, despite losses due to facility defects, etc. and decreased earnings in the Domestic power generating business. Urban Development Gains on sale of a real estate management company. 13#15Mitsubishi Corporation (Details) Forecast for FY2023 by Segment May 9, 2023 Mitsubishi Corporation Consolidated Net Income: FY2022: FY2023 forecast: FY22 170.6 FY23 Forecast 146.0 [(24.6)] FY22 62.0 FY23 Forecast 46.0 [(16.0)] 00 Natural Gas Decreased earnings in the LNG-related business, despite trading losses in the LNG sales business in the previous year. Industrial Materials Decreased earnings in the North American plastic building materials business. 1,180.7 (Billions of Yen) 920.0 [YOY (260.7)] FY22 131.6*2 Automotive & Mobility Decreased earnings in the ASEAN automotive business. FY23 Forecast 110.0 [(21.6)] FY22 63.4 FY23 Forecast 72.0 [+8.6] FY22 29.5*1 Chemicals Solution FY22 18.9 *2 (Name changed from FY2023) FY23 Forecast 25.0 [(4.5)] Deduction of deferred tax liabilities in the Chemical manufacturing business in the FY23 Forecast 29.0 [+10.1] previous year. FY22 Mineral Resources 439.3 FY22 61.9 Decreased earnings due to lower Australian metallurgical coal prices. FY23 Forecast 298.0 [(141.3)] FY23 Forecast 109.0 [+47.1] Food Industry Gains and losses on asset replacements in overseas business. Consumer Industry Increased earnings in the Convenience store business and impairment losses on investment in overseas business in the previous year. Power Solution Increased gains on sale in the Overseas power generating business. FY22 31.9 FY23 Forecast 27.0 [(4.9)] Copyright Industrial Infrastructure FY22 123.3 Urban Development Decreased earnings in the Other energy infrastructure related business. FY23 Forecast 45.0 [(78.3)] Gains on sale of a real estate management company in the previous year. *1 In line with the transfer of some businesses to Next-Generation Energy Business Group (Established on April 1, 2023. Included in "Others" in this material.), FY2022 results for Chemicals Solution have been restated. *2 In line with the transfer of the tire business from Consumer Industry to Automotive and Mobility (As of April 1, 2023), FY2022 results for both segments have been restated. 2023 Mitsubishi Corporation 14#16Mitsubishi Corporation (Details) Market Conditions Foreign Exchange, Commodity Prices and Interest Rates FY2022 Forecast for FY2023 *1 Change May 9, 2023 Mitsubishi Corporation Consolidated net income sensitivities for FY2023 Foreign Exchange (JPY/US$) Crude Oil*3 (Brent) (US$/BBL) Copper (LME) (US$/MT) 8,530 [US$/lb] [387] Metallurgical Coal (FOB Australia) 328 135.50 130.00 (5.50) ¥5.0 billion (JPY/US$)*2 98 83 (Apr-Dec: 83) (15) ¥1.5 billion (US$/BBL)*4 8,378 [380] (152) [(7)] ¥2.9 billion (US$100/MT) *5 [¥6.4 billion (US ¢ 10/lb)] Undisclosed Undisclosed (US$/MT) Iron Ore *6 (FOB Australia) 110 (US$/MT) 101 (Apr-Dec: 96) (9) 0.69 billion (US$/MT) 0.07 0.15 +0.08 *7 JPY Interest (%) TIBOR 3M US$ Interest (%) SOFR (calculated on 3M basis) *1 The annual average is shown for the forecast for the year. 2.19 4.80 +2.61 *7 *2 Increase or decrease in earnings assuming the April to March average of JPY/US$ depreciates or appreciates by ¥1, respectively. Actual results are also affected by such factors as differences from the Company's fiscal year-end and cross rates between other currencies. *3 To account for differences from the Company's fiscal year-end and the timing when crude oil price is actually reflected in LNG sales price, the 12-month average price from six months earlier (e.g. for the year ending March: average price from Oct. to Sep.) and from three months earlier (e.g. for the year ending March: average price from Jan. to Dec.) is utilized. Note that, in light of the impact on the Company's performance, from the fiscal period under review, the indicator utilized has been changed from Dubai to Brent. *4 The impact on actual results is also affected by such factors as foreign currency movements and production/sales volume. Because "Dividend income (after tax)" in the LNG Business is impacted by affiliates' dividend payout ratios and the timing of their dividend resolutions, etc., the direct impact on this item of crude oil price fluctuations is currently limited. Accordingly, from the fiscal period under review, this item has been excluded from the calculation of consolidated net income sensitivities for the full fiscal year. Note that this revision is not due to any change in the Company's oil and gas reserves or its equity-method LNG production capacity. *5 Actual results are also affected by such factors as the grade of mined ore, the status of production/operations and reinvestment plans (capital expenditure). *6 To account for differences from the Company's fiscal year-end, the 12-month average price from three months earlier (e.g. for the year ending March: average price from Jan. to Dec.) is utilized. Actual results are also affected by such factors as the grade of iron ore and the status of production/operations. *7 The negative effect of rising interest rates is mostly offset by an increase in operating and investment profits. However, a rapid rise in interest rates could have a temporary negative effect. Copyright 2023 Mitsubishi Corporation 15#17Mitsubishi Corporation 3 Supplementary Information of Consolidated Financial Statements May 9, 2023 Mitsubishi Corporation Copyright © 2023 Mitsubishi Corporation 16#18Mitsubishi Corporation Breakdown of Consolidated Net Income (FY2022 Results) FY2021 FY2022 May 9, 2023 Mitsubishi Corporation Change Net Income Net Income Net Income One-off Total One-off Total One-off Total (Billions of Yen) excl. One-off excl. One-off excl. One-off Natural Gas 0.1 105.0 105.1 (9.3) 179.9 170.6 (9.4) 74.9 65.5 Industrial Materials (6.3) 43.1 36.8 1.4 60.6 62.0 7.7 17.5 25.2 Petroleum & Chemicals (9.3) 49.6 40.3 2.0 43.0 45.0 11.3 (6.6) 4.7 Solution Mineral Resources 6.0 414.7 420.7 (33.4) 472.7 439.3 (39.4) 58.0 18.6 Industrial Infrastructure (15.3) 32.6 17.3 0.1 31.8 31.9 15.4 (0.8) 14.6 Automotive & Mobility (10.0) 116.8 106.8 (22.7) 150.2 127.5 (12.7) 33.4 20.7 Food Industry (8.7) 88.0 79.3 (7.3) 70.7 63.4 1.4 (17.3) (15.9) Consumer Industry (3.1) 24.1 21.0 (5.7) 28.7 23.0 (2.6) 4.6 2.0 Power Solution (14.2) 64.7 50.5 (0.1) 62.0 61.9 14.1 (2.7) 11.4 Urban Development (8.3) 48.3 40.0 77.5 45.8 123.3 85.8 (2.5) 83.3 Others Total Copyright © 2023 Mitsubishi Corporation 11.0 8.7 19.7 32.8 32.8 (11.0) 24.1 13.1 (58.1) 995.6 937.5 2.5 1,178.2 1,180.7 60.6 182.6 243.2 17#19Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Breakdown of Consolidated Net Income (Forecast for FY2023) FY2022 (Billions of Yen) Natural Gas 170.6 Reclassification FY22 Results (Post-FY23 segment reorganization basis) Forecasts for FY2023 Change 170.6 146.0 (24.6) Industrial Materials 62.0 62.0 46.0 (16.0) *1 Chemicals Solution 45.0 (15.5) 29.5 25.0 (4.5) Mineral Resources 439.3 439.3 298.0 (141.3) Industrial Infrastructure 31.9 31.9 27.0 (4.9) *2 Automotive & Mobility 127.5 4.1 131.6 110.0 (21.6) Food Industry 63.4 63.4 72.0 8.6 *2 Consumer Industry 23.0 (4.1) 18.9 29.0 10.1 Power Solution 61.9 61.9 109.0 47.1 Urban Development *1 Others Total 123.3 32.8 15.5 1,180.7 123.3 45.0 (78.3) 48.3 13.0 (35.3) 1,180.7 920.0 (260.7) *1 In line with the transfer of some businesses to Next-Generation Energy Business Group (Established on April 1, 2023. Included in "Others" in this material.), FY2022 results for Chemicals Solution have been restated. *2 In line with the transfer of the tire business from Consumer Industry to Automotive and Mobility (As of April 1, 2023), FY2022 results for both segments have been restated. Copyright 2023 Mitsubishi Corporation 18#20Mitsubishi Corporation Cash Flows by Segment (FY2022 Results) [Major items of cash flows] May 9, 2023 Mitsubishi Corporation Deemed operating cash flows Deemed investing cash flows (Billions of Yen) Deemed free Sales and Collection New/Sustaining cash flows Net Investments Natural Gas 107.5 121.1 (69.6) 51.5 159.0 Industrial Materials 57.6 26.2 (47.6) (21.4) 36.2 Petroleum & Chemicals 66.1 5.9 (22.4) (16.5) 49.6 Solution Mineral Resources 506.4 43.7 (139.9) (96.2) 410.2 Industrial 73.5 45.5 (77.0) (31.5) 42.0 Infrastructure Automotive & Mobility 159.1 8.9 (38.6) (29.7) 129.4 Food Industry 98.0 36.2 (56.4) (20.2) 77.8 Consumer Industry 96.1 26.5 (71.2) (44.7) 51.4 Power Solution 80.0 116.1 (172.4) (56.3) 23.7 Urban Development (8.3) 235.8 (108.2) 127.6 119.3 Group Total (a) 1,236.0 665.9 (803.3) (137.4) 1,098.6 [Supplementary Information] Underlying operating cash Investing cash flows flows Sales and Collection New/Sustaining Investments Net Adjusted free cash flows Corporate Total (b) 1,284.7 (48.7) 704.4 (38.5) (881.9) (177.5) 1,107.2 78.6 40.1 (8.6) Difference (a-b) * *Includes cash flows from Others, intersegment eliminations, etc. Also includes differences arising from discrepancies between adjustments to segment cash flows and those to corporate cash flows for the items shown below. ⚫ Current portion of securities and time deposits (this item is not included in investing cash flows by segment) Copyright © 2023 Mitsubishi Corporation 19#21Mitsubishi Corporation Major Items by Segment (FY2022) May 9, 2023 Mitsubishi Corporation (Billions of Yen) MAJOR BALANCE SHEET ITEMS [Year End FY2022] Total assets Cash and cash equivalents, Time deposits Petroleum Natural Industrial & Gas Materials Chemicals Solution Mineral Industrial Resources Infrastructure 2,043.0 1,461.7 1,160.7 4,098.1 56.2 16.5 Trade and other receivables (Current and Non-current), Inventories Investments accounted for using the equity method Property, plant, equipment and investment property Intangible assets and goodwill* Right-of-use assets 432.3 969.2 14.0 819.5 51.0 1,558.7 1,329.2 77.5 510.5 Automotive & Mobility 1,915.4 69.5 1,132.4 Food Industry Consumer Power Industry Solution Development Urban Others Total 2,103.0 44.2 3,988.6 2,716.2 1,164.6 379.3 93.1 33.1 742.2 1,002.8 656.1 200.8 172.4 817.9 (1,112.4) 22,152.9 1,652.3 6,912.1 714.8 176.2 166.3 549.9 240.5 366.7 358.3 178.7 452.5 722.0 1.0 3,926.9 313.9 107.9 42.6 995.1 134.7 47.2 316.7 367.6 653.2 7.4 87.7 3,074.0 1.9 11.7 5.0 4.4 96.4 6.7 184.3 528.9 337.4 0.1 30.6 1,207.4 128.1 9.2 6.4 22.8 66.7 1.7 64.5 1,145.1 59.5 3.8 82.5 1,590.3 Other investments 235.5 90.8 83.7 413.3 46.4 117.7 189.9 301.7 34.2 114.3 189.4 1,816.9 Trade and other payables (Current and Non-current) 103.1 358.9 468.5 279.2 261.4 163.4 264.8 1,124.2 426.8 15.9 (37.9) 3,428.3 Natural Gas Mineral Resources Industrial Infrastructure NATURAL GAS / MINERAL RESOURCES/ INDUSTRIAL INFRASTRUCTURE BUSINESS LNG Others MDP Copper Others Commercial Vessels Others Investments accounted for using the equity method Property, plant, equipment and investment property Intangible assets and goodwill 488.0 22.6 226.8 291.3 1.9 0.3 994.6 0.1 388.5 161.1 15.9 224.6 0.5 51.1 83.6 4.3 96.4 Right-of-use assets 122.7 Other investments 235.3 5.4 0.2 21.1 1.7 19.0 47.7 1.8 377.8 33.7 46.4 MAJOR INCOME STATEMENT ITEMS Natural [FY2022] Gas Industrial Materials Petroleum & Chemicals Solution Mineral Industrial Resources Infrastructure Automotive & Mobility Food Industry Consumer Power Industry Solution Urban Development Others Total Gross profit SG&A expenses 0.1 (43.5) 175.2 (110.8) 115.2 656.8 (66.4) (73.4) 125.3 (101.8) 225.4 (110.6) 314.2 (220.7) 739.6 (666.8) 170.1 (140.2) 30.0 (31.1) 8.1 (42.2) 2,560.0 (1,607.5) Dividend income 55.8 1.1 7.0 49.1 2.7 6.9 3.5 3.2 1.0 6.6 136.9 Income from investments accounted for using the equity method Net income 233.2 44.0 19.6 19.2 21.4 63.0 32.3 16.2 3.5 47.9 (0.1) 500.2 170.6 62.0 45.0 439.3 31.9 127.5 63.4 23.0 61.9 123.3 32.8 1,180.7 Depreciation, Depletion and Amortization (DD&A) 15.7 15.9 21.6 70.7 46.1 11.4 58.3 252.6 63.8 2.9 24.3 583.3 *More than half is comprised of intangible assets (incl. those subject to depreciation). Goodwill includes amounts attributable to non-controlling interests. Copyright © 2023 Mitsubishi Corporation 20#22Mitsubishi Corporation Major Items by Segment (FY2021) May 9, 2023 Mitsubishi Corporation MAJOR BALANCE SHEET ITEMS [Year End FY2021] Total assets 2,016.0 Cash and cash equivalents, Time deposits 65.0 Trade and other receivables (Current and Non-current), Inventories Investments accounted for using the equity method Property, plant, equipment and investment property Intangible assets and goodwill* Right-of-use assets 384.2 Petroleum Natural Industrial & Gas Materials Chemicals Solution 1,243.0 24.5 877.0 Mineral Industrial Resources Infrastructure 1,355.0 4,554.7 14.4 954.6 54.0 1,902.2 Automotive & Mobility 1,129.9 1,699.3 85.5 28.6 427.0 1,036.4 Food Industry Consumer Power Industry Solution Development Urban Others (Billions of Yen) Total 1,968.6 3,930.3 2,650.1 1,136.2 228.9 21,912.0 38.8 395.3 161.2 34.6 801.5 1,703.4 671.6 991.4 559.9 226.2 (1,141.0) 6,889.5 599.5 162.1 144.0 523.8 199.4 301.4 350.9 184.8 435.1 602.1 (0.2) 3,502.9 248.9 107.3 52.5 1,004.2 123.4 38.8 305.4 345.5 513.6 53.0 85.8 2,878.4 2.2 10.9 3.8 3.4 98.7 10.4 197.5 533.0 331.4 0.4 29.9 1,221.6 124.5 11.7 8.9 24.3 66.1 2.7 58.3 1,088.3 38.4 7.6 89.7 1,520.5 Other investments 364.0 52.3 95.7 413.9 52.6 119.1 Trade and other payables (Current and Non-current) 138.0 371.2 556.1 305.4 204.9 189.9 156.9 227.1 295.8 10.0 121.7 275.9 1,957.9 1,095.7 338.5 58.1 (55.0) 3,429.9 Natural Gas Mineral Resources Industrial Infrastructure NATURAL GAS / MINERAL RESOURCES/ INDUSTRIAL INFRASTRUCTURE BUSINESS LNG Others MDP Copper Others Commercial Vessels Others Investments accounted for using the equity method Property, plant, equipment and investment property Intangible assets and goodwill 391.0 208.5 28.9 220.0 0.8 1,002.9 385.3 137.7 18.3 181.1 1.3 45.3 78.1 2.1 0.1 0.2 3.2 98.7 Right-of-use assets 119.6 4.9 21.9 2.4 16.8 49.3 Other investments 363.8 0.2 1.9 367.8 44.2 52.6 MAJOR INCOME STATEMENT ITEMS Natural [FY2021] Gas Petroleum Industrial & Materials Chemicals Solution Mineral Industrial Resources Infrastructure Automotive & Mobility Food Consumer Power Industry Industry Solution Urban Development Others Total Gross profit 28.5 143.6 105.2 482.5 111.0 179.2 268.8 SG&A expenses (34.0) (99.8) (65.2) (61.2) (88.0) (85.4) (189.5) 681.6 (618.9) 115.6 (106.1) 29.3 (29.0) 5.5 (54.9) 2,150.8 (1,432.0) Dividend income 44.4 2.5 4.6 86.4 3.6 8.0 3.7 4.1 0.1 1.3 2.4 161.1 Income from investments accounted for using the equity method Net income 92.1 35.2 14.2 87.0 2.1 48.2 29.7 13.8 15.0 54.4 2.1 393.8 105.1 36.8 40.3 420.7 17.3 106.8 79.3 21.0 50.5 40.0 19.7 937.5 Depreciation, Depletion and Amortization (DD&A) 11.5 16.3 24.7 60.6 39.4 9.1 52.4 243.8 60.5 3.3 23.4 545.0 *More than half is comprised of intangible assets (incl. those subject to depreciation). Goodwill includes amounts attributable to non-controlling interests. Copyright © 2023 Mitsubishi Corporation 21#23Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Major Index and Performances of Subsidiaries and Affiliates MAJOR INDEX FY2021 FY2022 Change Investment leverage ratio *1 38.0% 27.3% (10.7%) ROE *3 Current ratio 130.2% 136.1% 5.9% ROA *3 ROE & ROA FY2021 FY2022 FY2023 (Forecast) 15.0% 4.6% 15.8% 5.4% 11.2% 4.1% Shareholders' equity ratio *2 31.4% 36.4% 5.0% Equity per share/BPS (yen) *2 4,660 5,649 989 EXCHANGE RATES Total assets (Billion yen) 21,912.0 22,152.9 240.9 Term End Rates Averaged Rates Interest-bearing debt (Gross/excl. lease liabilities) (Billion yen) 5,643.2 4,889.9 (753.3) FY2021 FY2022 FY2021 FY2022 Interest-bearing debt (Net/excl. lease liabilities) (Billion yen). 3,939.7 3,237.6 (702.1) Lease liabilities (Billion yen) 1,592.3 1,667.7 75.4 US$1 AUS$1 EUR1 ¥122.39 ¥92.00 ¥136.70 ¥133.53 ¥89.69 ¥112.39 ¥145.72 ¥83.04 ¥130.56 ¥135.50 ¥92.66 ¥140.97 *1 Investment leverage ratio (%): [PP&E+Investments + Loans + Intangible assets and goodwill]+[Total equity+ Hybrid capital (50% of the Hybrid finance amount) ]- 100% *2 "Equity" refers to the equity attributable to owners of the Parent. *3 Uses profit attributable to owners of the Parent as numerator. Attributable Incomes/Losses of Subsidiaries and Affiliates (Billions of Yen) FY2021 FY2022 Change Profit Entities Loss Entities 1,078.1 1,343.5 265.4 (101.4) (159.3) Total 976.7 1,184.2 (57.9) 207.5 Composition of Profit/Loss Subsidiaries and Affiliates FY2021 FY2022 Change Number* Ratio Number* Profit Entities Loss Entities Total 341 119 460 74.1% 25.9% 100.0% 324 114 Ratio 74.0% 26.0% Number* (17) (5) 438 100.0% (22) *When a subsidiary or an affiliate applies consolidation accounting, it is counted as "one" entity aggregating its own subsidiaries and affiliates. Copyright © 2023 Mitsubishi Corporation Ratio (0.1%) 0.1% 22#24Mitsubishi Corporation Supplementary Information of Consolidated Balance Sheet (Billions of Yen) May 9, 2023 Mitsubishi Corporation ASSETS Accounts with material changes Current assets Trade and other receivables FY2021 FY2022 Change Remarks 9,531.0 9,109.3 (421.7) 4,283.2 4,127.3 Other financial assets 774.8 392.6 (155.9) (382.2) Lower prices and decreased transaction volumes Decreased derivative assets due to market fluctuations and decreased transaction volumes Non-current assets 12,381.0 13,043.6 662.6 Investments accounted for using the equity method 3,502.9 3,926.9 424.0 Greater equity earnings and depreciated JPY Other investments 1,957.9 Trade and other receivables 829.7 Property, plant and equipment 2,784.0 Total assets 21,912.0 1,816.9 1,013.4 2,992.0 22,152.9 (141.0) Lower fair values of natural resources related investments 183.7 Loan to natural resources projects and depreciated JPY 208.0 ... Additional acquisition 240.9 LIABILITIES (Billions of Yen) Accounts with material changes FY2021 FY2022 Change Remarks Current liabilities 7,317.8 6,694.7 Bonds and borrowings 1,603.4 1,395.9 Other financial liabilities 884.1 354.1 Non-current liabilities 6,737.0 6,333.8 (623.1) (207.5) (530.0) (403.2) ... Repayment of borrowings and current portion of long-term borrowings Decreased derivative liabilities due to market fluctuations and decreased transaction volumes Bonds and borrowings 4,039.7 3,494.0 Total liabilities 14,054.8 13,028.5 (545.7) Reclassification to current bonds and borrowings (1,026.3) EQUITY (Billions of Yen) Accounts with material changes FY2021 FY2022 Change Remarks Equity attributable to owners of the Parent 6,880.2 Other investments designated as FVTOCI Cash flow hedges 511.1 (121.3) Exchange differences on translating foreign operations 880.7 8,071.0 405.4 53.0 1,257.1 1,190.8 (105.7) 174.3 376.4 ... Retained earnings 5,204.4 6,049.4 Lower fair values of natural resources related investments Market fluctuations and decreased transaction volumes Depreciated JPY mainly against USD 845.0 Greater net income than dividend payment and cancellation of treasury stock Total equity 7,857.2 9,124.4 1,267.2 Total liabilities and equity 21,912.0 22,152.9 240.9 Copyright © 2023 Mitsubishi Corporation 23#25Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Supplementary Information of Consolidated Income Statement / Cash Flow Statement INCOME STATEMENTS Accounts with material changes Selling, general and administrative expenses Provision for doubtful receivables (Billions of Yen) FY2021 FY2022 Change (1,432.0) (18.2) (1,607.5) (175.5) (37.7) (19.5) Gains (losses) on investments 75.3 197.0 121.7 Gains (losses) on FVTPL 36.9 5.5 (31.4) Gains (losses) on affiliated companies 38.4 191.5 153.1 Impairment losses (28.6) (13.5) 15.1 Gains on sales 67.0 205.0 138.0 Gains (losses) on disposal and sale of PP&E and others 6.7 (0.3) (7.0) Gains on sales 14.4 9.2 (5.2) Losses on retirement and disposal (7.7) (9.5) (1.8) Impairment losses on PP&E and others Other income (expense)-net Finance income Interests received Dividends received Finance costs (Interest expenses) CASH FLOW STATEMENT (64.5) (31.6) 32.9 23.3 (25.4) (48.7) 186.5 203.6 17.1 25.4 66.8 41.4 161.1 136.9 (24.2) (46.7) (115.4) (68.7) (Billions of Yen) Accounts with material changes FY2021 FY2022 Change Remarks Cash flows from operating activities 1,055.8 1,930.1 874.3 Less working capital and increased operating income Underlying operating cash flows (after payments 1,236.5 1,284.7 48.2 Increased net income of lease liabilities) * Cash flows from investing activities (167.6) (177.5) (9.9) ... Purchase of PP&E exceeded inflows from the sale of an investment in a real estate management company Adjusted free cash flows 1,068.9 1,107.2 38.3 Cash flows from financing activities (693.4) (1,766.6) (1,073.2) ... Repayment of short-term debts with cash flows from operating activity and less deployment of long-term debts, in accordance with less working capital Dividends received from equity method affiliates 327.5 344.3 16.8 ... Increased dividends mainly from natural gas business * Operating cash flows excluding changes in working capital calculated as follows, whilst including repayments of lease liabilities. Net income (including non-controlling interests) - DD&A - profits and losses related to investing activities equity in earnings of affiliated companies not recovered through dividends - allowance for bad debt etc. - deferred tax Copyright 2023 Mitsubishi Corporation 24#26Mitsubishi Corporation 4 Supplementary Information by Segment (Financials) May 9, 2023 Mitsubishi Corporation • [Notes for Equity in Earnings of Subsidiaries and Affiliates] Material subsequent events are included when subsidiaries and affiliates have different reporting periods from Parent's (April to March). "Equity Holding” percentage shows the rate attributed to owners of Parent in MC's consolidated income statement. It is not necessarily equivalent to MC's voting rights. Copyright © 2023 Mitsubishi Corporation 25#27Mitsubishi Corporation Summary of Net Income Natural Gas Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) FY2021 FY2022 Change Remarks ■ 1Q ■ 20 ■ 3Q ■4Q 170.6 150.0 55.0 105.1 One-off 0.1 (9.3) Net Income 105.0 179.9 74.9 excl. One-off Total 105.1 170.6 (9.4) Increased earnings in the LNG-related business and the North American shale gas business, despite trading losses in the LNG 65.5 sales business. 100.0 20.0 69.2 44.8 50.0 21.8 28.3 FY2022 Forecast for FY2023 18.5 18.1 Change Remarks 0.0 FY2021 FY2022 170.6 146.0 (24.6) Decreased earnings in the LNG-related business, despite trading losses in the LNG sales business in the previous year. FY2021 FY2022 Change Total Assets 2,016.0 2,043.0 27.0 Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Subsidiary/ Affiliate Company Name (Country) Business Description Holding Change FY2021 FY2022 One-off Gains (%) LNG Business Deduction of deferred tax liabilities in the Asian LNG business Refund of branch profit tax in the Asian LNG business. Equity in earnings of subsidiaries and affiliates 53.5 140.4 86.9 Total 4.8 4.8 1.6 1.6 6.4 6.4 Note: The figures exclude interest allocated to Industrial Infrastructure Group (FY2021 3.9 billion yen, FY2022 6.1 billion yen). Dividend income (after tax) One-off Losses 39.2 43.0 3.8 Tax-related gains due to change of an overseas investment structure 1.1 (7.6) (6.5) ■Shale Gas Business Equity in earnings of the Shale gas business 1.7 17 Impairment losses on undeveloped areas in Asian upstream business (3.5) (3.5) 25.8 24.1 Increased DD&A due to adjustment of accounting estimates in the Asian LNG business (3.0) (0.2) (3.2) Deduction of deferred tax liabilities due to application of preferential tax treatment in the LNG sales business - (2.5) (2.5) Total (1.9) (0.2) (13.6) (15.7) Copyright © 2023 Mitsubishi Corporation FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains 3.2 2.0 5.7 10.9 Total of One-off Losses (10.8) (10.8) 26#28Mitsubishi Corporation Summary of Net Income Industrial Materials Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) ■ 1Q ■ 2Q ■ 3Q ■4Q 62.0 60.0 FY2021 FY2022 Change Remarks 10.2 50.0 One-off Net Income excl. One-off (6.3) 36.8 14.5 1.4 7.7 Increased earnings in the North American 40.0 4.9 43.1 60.6 17.5 plastic building materials business and the Steel business. 30.0 18.1 11.1 Total 36.8 62.0 25.2 20.0 11.7 10.0 19.2 FY2022 Forecast for FY2023 9.1 Change Remarks 0.0 FY2021 FY2022 62.0 46.0 (16.0) Decreased earnings in the North American plastic building materials business. FY2021 FY2022 Change Total Assets 1,355.0 1,461.7 106.7 Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Subsidiary/ Affiliate Company Name (Country) Business Description Holding (%) Change FY2021 FY2022 One-off Gains Gains on sale of an affiliate under Metal One 1.4. Subsidiary Cape Flattery Silica Mines Pty, Ltd. (Australia) Manufacture and sales of silica sand 100.00 0.7 0.9 0.2 Total 1.4 1.4 1.4 Subsidiary Subsidiary Metal One Corporation (Japan) Mitsubishi International PolymerTrade Corporation (U.S.A.) Steel products operations 60.00 16.9 24.9 8.0 One-off Losses Sales of PVC, Specialty Chemicals, and Industrial Resins 100.00 0.5 (0.1) (0.6) Total . Copyright © 2023 Mitsubishi Corporation FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains Total of One-off Losses (6.3) (6.3) 27#29Mitsubishi Corporation Petroleum & Chemicals Solution Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income ■ 1Q ■ 2Q ■ 3Q ■4Q 50.0 45.0 FY2021 FY2022 Change Remarks 40.3 40.0 7.6 3.3 One-off (9.3) 2.0 11.3 1.7 Net Income 49.6 43.0 excl. One-off (6.6) Deduction of deferred tax liabilities in the Chemical manufacturing business. 30.0 16.4 13.3 20.0 Total 40.3 45.0 4.7 10.7 10.0 22.4 9.9 Forecast FY2022* Change Remarks 0.0 for FY2023 FY2021 FY2022 29.5 25.0 (4.5) Deduction of deferred tax liabilities in the Chemical manufacturing business in the previous year. FY2021 FY2022 Change Total Assets 1,243.0 1,160.7 (82.3) * Reflecting reclassification due to reorganization Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Subsidiary/ Affiliate Company Name (Country) Business Description Equity Holding (%) Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Change FY2021 FY2022 One-off Gains Deduction of deferred tax liabilities in the Chemical manufacturing business Affiliate Subsidiary Astomos Energy Corporation (Japan) Affiliate (listed) Meiwa Corporation (Japan) Mitsubishi Corporation Energy Co., Ltd. (Japan) Import, trading, domestic distribution and sales of LPG Domestic sales and import-export business of chemical and other products 49.00 9.3 8.0 (1.3) 4.5 0.4 0.2 0.1 5.2 Total 4.5 0.4 0.2 0.1 5.2 33.05 0.8 0.6 (0.2) One-off Losses Domestic sales and trade (export/import) of petroleum products 100.00 6.8 8.9 2.1 Losses related to divestiture of CHUO KAGAKU Subsidiary Mitsubishi Corporation Plastics Ltd. (Japan) Marketing of synthetic raw materials and plastics 100.00 3.1 3.0 (0.1) Total (3.2) (3.2) (3.2) (3.2) Subsidiary silica Mitsubishi Shoji Chemical Corporation (Japan) Marketing of solvents, coating resins, silicones, fumed 100.00 2.8 3.1 0.3 Affiliate SPDC Ltd. (Japan) Investment and petroleum and petrochemicals-related businesses 33.34 3.4 (1.2) (4.6) Overseas chemical trading business 4.3 3.6 (0.7) FY2021 1Q 2Q 3Q 4Q Total Basic chemicals related business companies* (0.4) 10.3 10.7 Total of One-off Gains 1.6 1.2 2.8 Total profits from basic chemicals business (Salt and Methanol). Total of One-off Losses (3.1) (0.1) (8.9) (12.1) Copyright © 2023 Mitsubishi Corporation 28#30Mitsubishi Corporation Mineral Resources Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income ■1Q ■ 2Q ■ 3Q ■4Q 420.7 439.3 FY2021 FY2022 Change Remarks 400.0 54.2 One-off 6.0 (33.4) Net Income 414.7 excl. One-off Total 420.7 472.7 439.3 (39.4) Increased earnings due to higher Australian metallurgical coal prices, despite impairment 58.0 losses on investment in the Chilean copper 18.6 business. 172.7 63.6 300.0 66.7 200.0 105.3 254.8 100.0 76.8 FY2022 Forecast for FY2023 65.9 Change Remarks 0.0 FY2021 FY2022 439.3 298.0 (141.3) Decreased earnings due to lower Australian metallurgical coal prices. FY2021 FY2022 Change Total Assets 4,554.7 4,098.1 (456.6) Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Subsidiary/ Company Name (Country) Business Description Holding Change Affiliate FY2021 FY2022 One-off Gains (%) Gains related to sale of Aluminium smelting business (Mozal) 6.8 (0.3) 6.5 Affiliate IRON ORE COMPANY OF CANADA (Canada) Iron ore mining, processing, and sales 26.18 31.1 25.9 (5.2) Decreased tax burden related to assets sold in prior periods in the Australian metallurgical coal business 3.2 3.2 Subsidiary M.C. INVERSIONES LIMITADA (Chile) [Iron Ore Business] Mineral resources management company in Latin America (the indirect investment ratio in Compania Minera del Pacifico (Chile) 25%, etc.) 100.00 27.1 19.7 (7.4) Total 6.8 2.9 9.7 Subsidiary Mitsubishi Corporation RtM Japan Ltd. (Japan) Mineral resources and metals trading 100.00 7.6 10.8 3.2 One-off Losses Subsidiary MITSUBISHI DEVELOPMENT PTY LTD (Australia) Investment, production, and sales of metallurgical coal and other mineral resources 100.00 270.6 373.2 102.6 Impairment losses on undeveloped areas in the Chilean copper business (AAS) (37.1) (37.1) Copper Business Additional allowance for increased rehabilitation cost of an inactive tailings dam (AAS) (3.8) (3.8) Subsidiary JECO CORPORATION (Japan) Investment company for Escondida copper mine in Chile * 70.00 23.6 12.9 (10.7) Additional allowance for asset retirement obligations in the Aluminium smelting business (BSL) (1.2) (1.2) Affiliate JECO 2 LTD (U.K.) Investment company for Escondida copper mine in Chile* Impairment losses on PP&E related to the aluminum smelting business (BSL) (1.0) (1.0) 50.00 5.6 3.1 (2.5) Total (5.0) (38.1) (43.1) Subsidiary MC COPPER HOLDINGS B.V. (Netherlands) Subsidiary M.C. INVERSIONES LIMITADA (Chile) [Copper Business] MCQ COPPER LTD. (Peru) Subsidiary [Copper Business] Investment company for Los Pelambres copper mine in Chile (MC's shareholding in Los Pelambres through indirect investment: 5%) Mineral resources management company in Latin America (the indirect investment ratio in Anglo American Sur (Chile) 20.4%, etc.) Investment company for Quellaveco copper mine in Peru (MC's shareholding in Quellaveco through indirect investment: 10%) 100.00 5.0 1.1 (3.9) 100.00 20.4 (35.6) (56.0) 100.00 (5.1) 9.6 14.7 In addition to the figures above, Mineral Resources Group also recognizes dividend income from Compañía Minera Antamina (FY2021: 17.8 billion yen, FY2022: 10.8 billion yen). * Mitsubishi Corporation's net interest in Escondida copper mine is 8.25%, through both JECO CORPORATION and JECO 2 LTD. FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains 11.2 0.8 (0.2) 4.5 16.3 Total of One-off Losses (10.3) (10.3) Copyright © 2023 Mitsubishi Corporation 29#31Mitsubishi Corporation Industrial Infrastructure Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income ■ 1Q ■ 2Q ■ 3Q ■ 4Q 45.0 FY2021 31.9 FY2022 Change Remarks 35.0 17.3 6.4 25.0 One-off Net Income (15.3) 0.1 15.4 8.1 32.6 31.8 excl. One-off Total 17.3 31.9 (0.8) 14.6 Losses at Chiyoda Corporation in the previous year. 13.1 15.0 8.0 9.2 5.0 9.4 3.1 (5.0) (8.1) Forecast FY2022 Change Remarks (15.0) for FY2023 FY2021 FY2022 31.9 27.0 (4.9) Decreased earnings in the Other energy infrastructure related business. FY2021 FY2022 Change Total Assets 1,129.9 1,329.2 199.3 Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Subsidiary/ Company Name (Country) Affiliate Subsidiary (listed) Subsidiary Chiyoda Corporation (Japan) *1 Mitsubishi Corporation Technos (Japan). Subsidiary Subsidiary MSK FARM MACHINERY CORPORATION (Japan) Subsidiary Nikken Corporation (Japan) Sales of machine tools and industrial machinery Export, import and domestic trading of plants, Mitsubishi Corporation Machinery, Inc. (Japan) infrastructure, machine parts Other energy infrastructure related business companies Commercial vessels related business companies *2 Gas carriers related business companies *2 Sales of agricultural machinery and construction & maintenance service of dairy farming facilities Rental and sales of construction machinery and other equipment Business Description Holding (%) Change FY2021 FY2022 One-off Gains Gains on sale of commercial vessels Integrated engineering business 33.45 (4.2) 5.1 9.3 Total 1.3. 1.3 1.3 1.3 100.00 1.2 0.5 (0.7) One-off Losses 100.00 2.4 3.2 0.8 Impairment losses on goodwill in overseas business (1.2) (1.2) 100.00 1.2 22 1.0 (0.2) Total (1.2) (1.2) 100.00 3.6 4.4 0.8 1.4 8.3 6.9 - 6.5 5.8 (0.7) FY2021 1Q 2Q 3Q 4Q Total 3.0 3.3 0.3 Total of One-off Gains 1.8 1.7 3.5 *1 In addition to the figures above, there are consolidation adjustments (FY2021: -2.5 billion yen, FY2022: -1.2 billion yen) to equity in earnings, such as adjustments due to accounting-policy differences and so on. Total of One-off Losses (5.6) (13.2) (18.8) *2 Tax costs of the parent company are included. Copyright © 2023 Mitsubishi Corporation 30#32Mitsubishi Corporation Automotive & Mobility Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income ■ 1Q ■2Q ■ 3Q ■ 4Q 150.0 FY2021 FY2022 Change Remarks 127.5 106.8 8.7 One-off (10.0) (22.7) (12.7) 100.0 21.0 33.3 Net Income 116.8 150.2 33.4 excl. One-off Increased earnings in the ASEAN automotive business and Mitsubishi Motors. 33.8 39.0 Total 106.8 127.5 20.7 50.0 24.7 46.5 FY2022* Forecast for FY2023 27.3 Change Remarks 0.0 FY2021 FY2022 FY2021 FY2022 Change 131.6 110.0 (21.6) Decreased earnings in the ASEAN automotive business. Total Assets 1,699.3 1,915.4 216.1 * Reflecting reclassification due to reorganization Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 Subsidiary/ 1Q 2Q 3Q 4Q Total Company Name (Country) Business Description Affiliate Holding (%) Change FY2021 FY2022 One-off Gains Gains on sale of fixed assets of Mitsubishi Motors Automobile related business companies in Thailand & Indonesia 3.2 3.2 91.3 106.9 15.6 Affiliate (listed) MITSUBISHI MOTORS CORPORATION * Sales and manufacture of automobiles and its parts 20.00 14.8 33.7 18.9 Reversal of impairment losses in overseas business Deferred tax assets related to income forecast revisions at investee 2.9 2.9 1.9 1.9 In addition to the figures above, there are consolidation adjustments (FY2021: -0.6 billion yen, FY2022: -2.1 billion yen) to equity in earnings, such as DD&A on assets measured at fair value at the time of acquisition and so on. Reversal of valuation losses on inventories of Ukrainian distributor 1.8 (0.1) 1.7 Total 1.8 6.0 1.9 9.7 Affiliate (Partial breakdown of Automobile-related business in Thailand & Indonesia) PT.KRAMA YUDHA TIGA BERLIAN MOTORS (Indonesia) One-off Losses Imports and sales of automobiles (MFTBC) 30.00 1.7 2.3 0.6 One-off losses due to sales slump in Chinese business Affiliate PT MITSUBISHI MOTORS KRAMA YUDHA SALES INDONESIA (Indonesia) Losses in Russian business Imports and sales of automobiles (MMC) 40.00 7.7 6.2 (1.5) Tax expenses related to recapitalization in overseas business Subsidiary TRI PETCH ISUZU SALES CO., LTD. (Thailand) Imports and sales of automobiles 88.73 47.7 59.2 11.5 Provisions recorded in overseas business Impairment losses on intangible assets in overseas business Copyright © 2023 Mitsubishi Corporation FY2021 Total of One-off Gains Total of One-off Losses (8.0) (16.3) (24.3) (1.8) (1.0) (2.8) (2.3) (2.3) (1.6) (1.6) (1.4) (0.1) 0.1 (1.4) Total (1.4) (9.9) (21.1) (32.4) 1Q 2Q 3Q 4Q Total 1.3 1.3 (1.0) (10.3) (11.3) 31#33Mitsubishi Corporation Food Industry Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income 1Q ■2Q ■ 3Q ■4Q 79.3 FY2021 FY2022 Change Remarks 8.0 70.0 27.9 One-off Net Income (8.7) (7.3) 1.4 63.4 26.4 50.0 88.0 70.7 (17.3) excl. One-off Impairment losses on fixed assets in overseas business. 30.0 23.7 19.7 Total 79.3 63.4 (15.9) 10.0 19.7 22.4 Forecast (5.1) FY2022 Change Remarks (10.0) for FY2023 FY2021 FY2022 FY2021 FY2022 Change 63.4 72.0 8.6 Gains and losses on asset replacements in overseas business. Total Assets 1,968.6 2,103.0 134.4 Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Subsidiary/ Company Name (Country) Business Description Affiliate Equity Holding (%) Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Change FY2021 FY2022 One-off Gains Subsidiary Agrex, Inc. (U.S.A.) Subsidiary Cermaq Group AS (Norway) Subsidiary Foodlink Corporation (Japan) Grain & oilseeds procurement and sales Farming, processing and sales of salmon Sales of meat and meat products 100.00 0.6 1.2 0.6 100.00 30.8 30.8 Lump-sum royalties in Mitsui DM Sugar One-off gains in overseas business 2.4 2.4 1.4. 1.4 99.42 2.1 1.6 (0.5) Gains on sale of fixed assets of Cermaq 1.2 1.2 Subsidiary Indiana Packers Corporation (U.S.A.) Processing and sales of pork 80.00 5.9 2.2 (3.7) Total 1.2 1.4 2.4 5.0 One-off Losses Subsidiary Affiliate (listed) Itoham Yonekyu Holdings Inc. (Japan) Japan Farm Holdings, Ltd. (Japan) Subsidiary Affiliate (listed) Kadoya Sesame Mills, Inc. (Japan) Affiliate (listed) KFC Holdings Japan Ltd. (Japan) Mitsubishi Corporation Life Sciences Limited (Japan) Affiliate (listed) Mitsui DM Sugar Holdings Co., Ltd. (Japan) Subsidiary (listed) Nihon Shokuhin Kako Co., Ltd. (Japan) Subsidiary (listed) Nitto Fuji Flour Milling Co., Ltd. (Japan) Subsidiary Nosan Corporation (Japan). Manufacturing and sales of meats and processed foods Poultry /Swine breeding, chicken processing Manufacturing and sales of sesame oil and sesame Fast-food restaurant chain (Fried Chicken) Production and sales of food ingredients 40.66 7.6 6.8 (0.8) Impairment losses on PP&E, etc. in overseas business 92.66 2.9 2.3 (0.6) 26.35 0.7 0.6 (0.1) Total (12.3) (12.3) (12.3) (12.3) 35.21 1.6 0.9 (0.7) 100.00 5.4 6.2 0.8 Manufacturing and wholesale of sugar products Manufacturing of corn starch and related processed products 20.00 0.2 2.5 2.3 59.83 0.8 1.5 0.7 FY2021 1Q 2Q 3Q 4Q Total Flour miller 64.85 2.4 2.6 0.2 Total of One-off Gains 1.5 - 1.2 2.7 Manufacturing and marketing of livestock feed 100.00 1.3 0.4 (0.9) Total of One-off Losses (1.1) (5.0) (0.2) (5.1) (11.4) Affiliate (listed) Olam Group Limited (Singapore) * Subsidiary Princes Limited (U.K.) Affiliate Subsidiary TH Foods, Inc. (U.S.A.) Farming, procuring, processing and sales of agriproducts Manufacturing of food products and soft drinks Manufacturing of rice crackers 14.64 9.2 8.8 (0.4) 100.00 2.6 (7.0) (9.6) 50.00 0.4 0.7 0.3 Toyo Reizo Co., Ltd. (Japan) Processing and sales of marine products 95.08 5.0 5.1 0.1 * The company's name as shown above has been changed from OLAM INTERNATIONAL LIMITED to OLAM GROUP LIMITED, a parent company of OLAM INTERNATIONAL LIMITED following the share exchange in FY2021. In addition to the figures above, there are consolidation adjustments (FY2021: -1.1 billion yen, FY2022: -1.1 billion yen) to equity in earnings, such as adjustments due to accounting-policy differences and so on. Copyright © 2023 Mitsubishi Corporation 32#34Mitsubishi Corporation Consumer Industry Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) Summary of Net Income ■10 ■ 2Q ■ 3Q ■4Q 21.0 23.0 30.0 FY2021 FY2022 Change Remarks 10.2 6.6 20.0 One-off Net Income excl. One-off (3.1) (5.7) (2.6) 24.1 28.7 4.6 Increased earnings in the Convenience store business. 8.3 9.7 10.0 9.0 8.8 Total 21.0 23.0 2.0 0.0 (2.1) (6.5) FY2022* Forecast for FY2023 Change Remarks (10.0) FY2021 FY2022 18.9 29.0 Increased earnings in the Convenience store business and 10.1 impairment losses on investment in overseas business in the previous year. * Reflecting reclassification due to reorganization Equity in Earnings of Subsidiaries and Affiliates FY2021 FY2022 Change Total Assets 3,930.3 3,988.6 58.3 One-off Gains/Losses Subsidiary/ Company Name (Country) Business Description Equity Holding Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Change Affiliate Subsidiary FY2021 FY2022 One-off Gains (%) Total (listed) Lawson, Inc. (Japan) *1 Franchise chain of LAWSON convenience stores 50.12 9.0 12.4 3.4 One-off Losses Affiliate (listed) Life Corporation (Japan) Supermarket chain stores 23.05 3.5 3.1 (0.4) Impairment losses on investment in overseas business (2.9) (2.9) Subsidiary Subsidiary MC Healthcare Holdings (Japan) Mitsubishi Corporation Fashion Co., Ltd. (Japan) Hospital management solutions, medication & medical equipment distribution 80.00 2.6 2.1 (0.5) Losses related to the beginning of consolidation of an investee (1.4) (1.4) OEM business for apparel goods 100.00 1.7 2.4 0.7 Impairment losses on investment in domestic business. (1.4) (1.4) Total (2.9) (1.4) (1.4) (5.7) Subsidiary Mitsubishi Corporation LT, Inc. (Japan) Warehousing and general logistics services 100.00 1.9 2.0 0.1 Subsidiary Subsidiary (listed) Mitsubishi Corporation Packaging Ltd. (Japan) Mitsubishi Shokuhin Co., Ltd (Japan) Sales and marketing of packaging products/systems & paper products 100.00 2.5 3.2 0.7 Wholesale and logistics of processed foods, frozen and chilled foods etc. 50.11 7.4 8.6 1.2 Affiliate (listed) Nippon Care Supply Co., Ltd. (Japan) Nursing care equipment rental 40.26 0.7 0.6 (0.1) FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains 1.3 1.3 Affiliate (listed) Toyo Tire Corporation (Japan) *2 Tire business and automotive parts business 20.02 8.3 9.6 1.3 Total of One-off Losses - (4.4) (4.4) *1 In addition to the figures above, there are consolidation adjustments (FY2021: -3.3 billion yen, FY2022: -5.6 billion yen) to equity in earnings, such as adjustments due to accounting-policy differences and so on. *2 In addition to the figures above, there are consolidation adjustments (FY2021: -1.4 billion yen, FY2022: -3.9 billion yen) to equity in earnings, such as adjustments due to accounting-policy differences and so on. Copyright © 2023 Mitsubishi Corporation 33#35Mitsubishi Corporation Summary of Net Income Power Solution Group May 9, 2023 Mitsubishi Corporation ■1Q ■2Q ■ 3Q ■4Q 61.9 (Billions of Yen) FY2021 FY2022 Change Remarks 50.5 55.0 63.5 One-off Net Income (14.2) (0.1) 14.1 Gains on sale of power generating assets and increased earnings in the Overseas power business, despite losses 35.0 46.5 64.7 62.0 excl. One-off (2.7) due to facility defects, etc. and decreased earnings in the 15.0 7.5 Total 50.5 61.9 11.4 Domestic power generating business. 9.3 14.4 (5.0) (2.0) (23.5) FY2022 Forecast for FY2023 Change Remarks (25.0) FY2021 FY2022 FY2021 FY2022 Change 61.9 109.0 47.1 Increased gains on sale in the Overseas power generating business. Total Assets 2,650.1 2,716.2 66.1 Equity in Earnings of Subsidiaries and Affiliates Subsidiary/ Affiliate Company Name (Country) One-off Gains/Losses Business Description Equity Holding (%) Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Change FY2021 FY2022 One-off Gains Gains on valuation from partial sale of U.K. retail business 23.9 23.9 80.00 20.0 32.1 12.1 100.00 1.7 5.5 3.8 Gains on sale of Overseas water business Reversal of provisions for retroactive adjustment to power sales prices in Middle Eastern power generation business (DGA) 5.7 5.7 1.4 1.4 100.00 6.9 9.4 2.5 Total 5.7 25.3 31.0 Subsidiary N.V. Eneco (Netherlands) *1 Subsidiary Subsidiary Subsidiary Subsidiary Diamond Generating Asia, Limited (Hong Kong) *2*3 DIAMOND GENERATING CORPORATION (U.S.A.) DIAMOND GENERATING EUROPE LIMITED (U.K.) DIAMOND TRANSMISSION CORPORATION LIMITED (U.K.) *4 Subsidiary Electric Power Business Electric Power Business Electric Power Business Electric Power Business Power Transmission Business Mitsubishi Corporation Energy Solutions Ltd. (Japan) Electric Power Business 100.00 28.8 29.2 0.4 One-off Losses Losses due to facility defects in the Domestic power generation business (8.3) (15.0) (23.3) 100.00 (1.4) 2.1 3.5 Impairment losses on goodwill and intangible assets under Eneco (3.7) (3.7) 100.00 15.6 (15.4) (31.0) Retroactive adjustment of accounting estimates of Eneco for the previous fiscal year (1.7) (0.8) (2.5) Impairment losses on Asian power generating assets (1.6) (1.6) Total (1.7) (9.1) (20.3) (31.1) *1 In addition to the figures above, there are consolidation adjustments (FY2021: -2.0 billion yen, FY2022: -5.3 billion yen) to equity in earnings, such as DD&A on assets measured at fair value at the time of acquisition of Eneco Group and so on. Net equity in earnings after the consolidated adjustment includes impacts due to UK/Netherland tax reform. (FY2021: UK -0.7 billion yen / Netherland -1.2 billion yen) *2 The corresponding figure is the total of 12 companies, including companies which are administrated by Diamond Generating Asia, Limited. *3 Tax costs of the parent company are included. *4 The figures above includes impacts due to the UK tax reform. (FY2021: -0.8 billion yen) Copyright © 2023 Mitsubishi Corporation FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains 3.6 2.3 5.9 Total of One-off Losses (1.6) (5.6) (12.9) (20.1) 34#36Mitsubishi Corporation Summary of Net Income Urban Development Group May 9, 2023 Mitsubishi Corporation (Billions of Yen) 1Q ■ 20 ■ 3Q 4Q 123.3 FY2021 FY2022 Change Remarks 7.01. 10.0 90.0 One-off Net Income excl. One-off (8.3) 77.5 85.8 48.3 45.8 Total 40.0 123.3 (2.5) 83.3 Gains on sale of a real estate management company. 40.0 104.6 40.0 9.7 14.7 21.7 Forecast FY2022 Change Remarks (10.0) (6.1) for FY2023 FY2021 FY2022 123.3 45.0 (78.3) Gains on sale of a real estate management company in the previous year. FY2021 FY2022 Change Total Assets 1,136.2 1,164.6 28.4 Equity in Earnings of Subsidiaries and Affiliates One-off Gains/Losses Equity Equity in Earnings FY2022 1Q 2Q 3Q 4Q Total Subsidiary/ Affiliate Company Name (Country) Business Description Holding (%) Change FY2021 FY2022 One-off Gains Gains on sale of a real estate management company (MC-UBSR) 84.1 Subsidiary Diamond Realty Investments, Inc. (U.S.A.) Real estate investment 100.00 20.8 12.5 (8.3) Subsidiary Subsidiary Affiliate Subsidiary Diamond Realty Management Inc. (Japan) MC Aviation Partners Inc. (Japan) Mitsubishi Auto Leasing Corporation (Japan) Mitsubishi Corporation Urban Development, Inc. (Japan) Real estate asset management and investment advisory Total 84.1 84.1 84.1 100.00 1.4. 2.5 1.1 One-off Losses Aircraft leasing and management services Auto leases, installment sales and other financial services 100.00 (13.4) 1.8 15.2 Valuation losses on real estate in overseas business 50.00 2.3 2.9 0.6 Impairment losses on assets in the North American real estate business Valuation losses on real estate in the Indonesian real Development & operating of commercial properties 100.00 estate business 5.2 13.3 8.1 (2.9) (1.6) (4.5) (1.1) (1.1) (1.0) (1.0) Total (2.9) (3.7) (6.6) Affiliate (listed) Mitsubishi HC Capital Inc. (Japan) *1 Leasing, installment sales and other financing 18.00 16.6 19.7 3.1 ASEAN urban development related business companies in total 1.0 4.1 3.1 Fund related business companies in total *2 17.3 2.9 (14.4) *1 Equity in Earnings is based on the results of Mitsubishi UFJ Lease & Finance Company Ltd (January to March) plus the results of Mitsubishi HC Capital Inc. (April to December) in FY2021 results. FY2021 1Q 2Q 3Q 4Q Total Total of One-off Gains 7.7 *2 Tax costs of the parent company are included. (0.2) 0.1 (0.1) 7.5 Total of One-off Losses (15.4) (1.6) 1.2 (15.8) Copyright © 2023 Mitsubishi Corporation 35#37Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation 4 Supplementary Information by Segment (Operational Data) Copyright © 2023 Mitsubishi Corporation 36#38Mitsubishi Corporation Global Energy Resources Business Natural Gas Group Iraq Production (Crude oil) Mitsubishi Corporation's Reserves of Oil and Gas *1 (As of Dec 31, 2022) BGC Qalhat LNG Oman LNG Canada Shale Gas Development Project Sakhalin 2 Project LNG Canada Browse LNG North West Shelf LNG Wheatstone LNG Brunei LNG Donggi-Senoro LNG Malaysia LNG Cameron LNG Tangguh LNG Growth Outlook of LNG Equity Capacity *2 Unit: MTPA (Million Ton Per Annum) May 9, 2023 Mitsubishi Corporation 14.29 MTPA+a 0.208 Under Construction + New Project + Expansion 2.10 MTPA LNG Canada*4 11.81 MTPA 1.613 billion barrels 0.38 MTPA Tangguh 1.405 Natural Gas Crude Oil/Condensate Copyright 2023 Mitsubishi Corporation *3 As of May 2023 After the launch of the projects under construction. *1 Oil equivalent, including non-consolidated subsidiaries and affiliates. A part of reserves are based on MC's in-house methodology. *2 Based on each project's production capacities. *3 MC's offtake volume based on the tolling agreement with Cameron LNG. *4 MC's offtake volume for LNG Canada. 37#39Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Involvement in LNG Projects Natural Gas Group <Existing Projects in Production> *1 Business Segment: A Investment in exploration & development (upstream), B Investment in liquefaction plant, C Marketing and/or import agent, D Shipping Project Beginning Annual Production of Capacity (Million Ton) Production Total MC's share Buyer Seller Shareholding MC's Participa- tion Business Contribu- tion *1 Brunei 1972 7.2 1.8 25% Mainly Asia, with a focus on the Far East. Brunei LNG Brunei Gov. (50%), Shell (25%), MC (25%) 1969 ABCD Malaysia I 1983 8.4 0.42 5% Tokyo Gas, Saibu Gas, etc. (Satu) Malaysia II 1995 9.6 0.96 (Dua) North West 1989 16.9 1.41 Shelf 2005 Oman 2000 7.1 0.20 Qalhat 3.3 0.13 4% Tohoku Elec., Tokyo Gas, Shizuoka Gas, 10% Sendai City Gas Authority, ENEOS Holdings, etc. JERA, Tokyo Gas, Shizuoka Gas, Toho Gas, 8.33% Kansai Elec., Osaka Gas, Kyushu Elec., Guangdong Dapeng LNG, etc. 2.77% Osaka Gas, Korea Gas, Itochu Corp., bp, etc. Osaka Gas, Mitsui & Co., Union Fenosa Gas, etc. Malaysia LNG PETRONAS (90%), Sarawak Gov. (5%), MC (5%) 1978 ABCD PETRONAS (80%), Sarawak Gov. (10%), MC (10%) 1992 ABCD Woodside (33.3%) NWS JV Shell, bp, Chevron, MIMI [MC/Mitsui & Co. 1985 AB CID =50:50], 16.7% respectively Oman Gov. (51%), Shell (30%), Oman LNG 1993 A TotalEnergies (5.54%), MC (2.77%), etc. Qalhat LNG Oman Gov. (46.8%), Oman LNG (36.8%), Naturgy (7.4%), Osaka Gas (3%), MC (3%), etc. 2006 ABC D Oil: 2008 Russia (year-round 9.6 0.96 Sakhalin 2 production), LNG: 2009 JERA, Tokyo Gas, Kyushu Elec., Toho Gas, 10% Hiroshima Gas, Tohoku Elec., Saibu Gas, Osaka Gas, Korea Gas, etc. Gazprom (50%), Sakhalin Energy LLC Sakhalin Energy LLC (27.5%), Mitsui & Co. (12.5%), MC (10%) 1994* (*PSA execution) ABIC D Indonesia Tangguh 2009 7.6 0.75 9.92% Tohoku Elec., Kansai Elec., SK E&S, POSCO, Fujian LNG, Sempra, PLN, etc. Tangguh JV Bp (40.2%), MI Berau [MC/INPEX=56:44] (16.3%), KG Berau [MIBJ (MC/INPEX=56:44) 16.5%, Mitsui & Co. 20.1%, JX Nippon Oil &Gas Exploration 14.2%, JOGMEC 49.2%] (8.6%), etc. (*) 2001 ABCD Indonesia Donggi 2015 2.0 0.9 44.9% JERA, Korea Gas, Kyushu Elec., etc. - Senoro Wheatstone 2017 8.9 0.28 3.17% Chevron, KUFPEC, Woodside, Kyushu Elec., PEW, etc. PT.Donggi- Senoro LNG Equity Lifting Model Sulawesi LNG Development Limited [MC/Korea Gas 75:25] (59.9%), 2007 ABCD PT Pertamina Hulu Energi (29%), PT Medco LNG Indonesia (11.1%) Cameron 2019 12.0 4.0 *3 33.3% *2 Tolling Chevron (64.136%), KUFPEC (13.4%), Woodside (13%), Kyushu Elec. (1.464%), PEW (8%; of which MC holds 39.7%) 2012 ABCD MC, Mitsui & Co., TotalEnergies (Toller) *3 Model *2 Sempra (50.2%), Japan LNG Investment [MC/NYK 70:30] (16.6%), Mitsui & Co. (16.6%), Total Energies (16.6%) 2012 ABCD Total 92.6 11.81 <Projects under Construction> *2 LNG is procured and sold by each company according to either the ratio of interest (Equity Lifting Model)/or equity in the liquefaction contract (Tolling Model) respectively. *3 MC's offtake volume based on the tolling agreement with Cameron LNG. Indonesia Tangguh 2023 3.8 0.38 9.92% PLN, Kansai Elec. Tangguh JV Same as (*) 2001 A B CD (Expansion) LNG Canada Mid 2020's 14.0 2.1 *4 15% *4 Shell, PETRONAS, PetroChina, MC, Korea Gas Equity Lifting Shell (40%), PETRONAS (25%), PetroChina (15%), Diamond LNG Canada Partnership 2010 AIB CID Model *2 (MC, etc 15%), Korea Gas (5%) Total 17.8 2.48 *4 MC's offtake volume. Copyright © 2023 Mitsubishi Corporation 38#40Mitsubishi Corporation May 9, 2023 Global Mineral Resources Business Mineral Resources Group Metallurgical Coal Copper Iron Ore Bauxite ■ Aluminum O Operating Asset Exploration/ F/S / Under Development Mitsubishi Corporation Aurukun (Australia) BMA (Australia) Boyne (Australia) "O IOC (Iron Ore Company of Canada) (Canada) Antamina (Peru) Escondida (Chile) Quellaveco (Peru) Los Pelambres (Chile) Anglo American Sur (Los Bronces, etc.) (Chile). CMP (Compañía Minera del Pacífico) (Chile) Product Metallurgical Coal Project Country BMA Australia Annual Production Capacity *1 Metallurgical Coal, etc., 57 mil. mt *2 Escondida Chile Los Pelambres Chile Anglo American Sur Chile Copper Antamina Peru Copper 1,200 kt Copper 410 kt Copper 311 kt *3 Copper 418 kt, Zinc 337 kt *2 CAP (Chile) Main Partners MC's Share BHP 50.00% BHP, Rio Tinto 8.25% Luksic Group (AMSA) 5.00% Anglo American 20.4% BHP, Glencore, Teck 10.00% Quellaveco Peru Production started from 2022. (Planned Annual Production: 300 kt of copper over its first 10 years of operation) Anglo American 40.00% *1 Production capacity shows 100% volume of the project. *2 Annual production capacity is not disclosed. FY2022 annual production volume is shown above as a reference. *3 Annual production capacity is not disclosed. CY2022 annual production volume is shown above as a reference. Copyright 2023 Mitsubishi Corporation 39#41Mitsubishi Corporation (mil. mt) 40.0 Metallurgical Coal Business Mineral Resources Group BMA Annual Production and Sales Volume (50% Basis) Jan-Mar • May 9, 2023 Mitsubishi Corporation BMA production in Jan-Mar 2023 decreased by 13% to 6.9 mil. mt on a year on year basis. ⚫ The decrease was due to the impact of significant wet weather, partially offset by continued improvement in underlying truck productivity as well as reduced COVID-19 related labour constraints. ■Apr-Jun Jul-Sep Oct-Dec 31.7 31.2 30.2 29.5 28.7 28.1 30.0 7.7 7.9 7.9 7.6 6.9 6.1 20.0 7.5 7.4 6.3 6.0 7.0 7.0 7.4 7.2 6.7 6.7 6.7 6.4 10.0 9.1 8.7 9.3 9.2 8.2 8.6 US$/A$ Period 0.0 Production Sales FY2020 Production Sales FY2021 Production Sales Average Rate FY2020 1Q-4Q 0.7186 FY2021 1Q-4Q 0.7392 FY2022 1Q 1-2Q 1-3Q 1-4Q 0.7150 0.6991 0.6849 0.6849 FY2022 AUS/USD Average Exchange Rate (*) * Due to rounding, the quarterly figures do not necessarily add up to the total annual figures. Source: Mitsubishi UFJ Research and Consulting *The above exchange rates differ from the effective rates applied to MDP's transactions. Price Trend of Hard Coking Coal (US$/t) CFR China FOB US FOB Australia 800 700 600 500 400 300 200 100 0 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Source: S & P Global Platts, O 2022 by S & P Global Inc. Platts, Argus Media Limited Copyright 2023 Mitsubishi Corporation Although the FOB Australia price spiked above US$600/t in March 2021, the seasonal slump in steel materials demand had brought down the price to slightly below US$490/t by the beginning of FY2022 (April 1, 2022-). After the price fell further to near US$190/t in August due to lower demand, various supply issues in Australia and Canada that started in September caused the price to recover to near US$310/t by November. The gradual lift of China's restrictions on Australian coal imports in early 2023 helped to bring the price up further to US$390/t by mid-February. In mid-March 2023, the Australian Bureau of Meteorology announced the end of La Niña. Favorable weather conditions led to the improvement in the operations of major metallurgical coal mines, resulting in the softening of supply/demand balance and market sentiment. Such factors have led the prices to drop to around US$250/t as of end of April. 40#42Mitsubishi Corporation Copper Business Mineral Resources Group Equity Share Production Volume May 9, 2023 Mitsubishi Corporation (Due to rounding, the quarterly figures do not necessarily add up to the total annual figures.) (kt) Jan-Mar Apr-Jun Jul-Sep Oct-Dec CY2020 Total 227 CY2021 Total 218 95 76 24 23 22 38 18 24 12 18 19 24 16 Escondida Antamina LOS Pelambres AAS N 22222 82 85 75 21 20 45 S 19 20 21 45 19 12 11 20 16 11 19 24 11 11 12 21 18 19 51121 LOS Pelambres AAS Escondida LME Copper Price (Monthly Average) (US$/t) 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 2020 2021 2022 2023 (CY) Copyright © 2023 Mitsubishi Corporation CY2022 Total 248 CY2023 Total 70 64 * Quellaveco commissioned in July 2022 20 41 14 21 24 14 15 33 15 Los Pelambres AAS Quellaveco* cow 13 3 21 24 9 13 Escondida Antamina Los Pelambres AAS Quellaveco* Note • Anglo American Sur (AAS) Production from Los Bronces decreased by 19% in Jan-Mar 2023 on a year-on-year basis due to lower grades, plant maintenance, and higher ore hardness, partially offset by higher copper recovery. Production from El Soldado increased by 5% in Jan-March 2023 on a year-on-year basis, driven by higher grades. Quellaveco Mine Copper production in Jan-Mar 2023 was 60 kt (100% basis). ③ Escondida Mine Production from Escondida in Jan-Mar 2023 increased by 11.1% on a year-on-year basis to 252 kt, mainly due to higher throughput. 41#43Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Global Automobile Business (MMC-MFTBC-Related) Automotive & Mobility Group MCEB Automobile Finance Germany 12,692.2K Units MMC 29.0K Units (1.1%) MCBR Automobile Finance MMCR Distribution Russia 1532.8K Units *3 MMC 2.7K Units (0.5%) GMMC/ GMMSC (Changsha) Production/Distribution HLL (Shanghai) SAME (Shenyang) Automobile Finance Engine production China *1A *1B 122,857.8K Units MMC 28.1K Units (0.1%) (As of March 31, 2023) Country/Region 1 Overall Demand 2 Vehicle sales of MC's partner car maker (share) From Apr. 2022 to Mar. 2023 Production/ Distribution Distribution Automobile Production finance Retail/ After-sales service Others MMCU Distribution Ukraine 139.9 Units MMC 1.3K Units (3.3%) MMM Distribution/ Contract assembly Malaysia 1750.8K Units MMV Production/ Distribution Vietnam 1363.3K Units MMC 38.0K Units (10.5%) Trend of overall demand in Indonesia Overall Demand (Mil Units) -MMC Share 1.20 1.11 1.12 1.04 1.06 1.05 30.0% 1.00 0.92 1.00 0.80 0.60 12.5% 9.4% 7.3% 0.40 6.1% 0.20 HHHHH 25.0% 20.0% 10.7% 0.54 10.1% 12.4% 15.0% 8.6% 10.0% 5.0% 0.00 0.0% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Copyright © 2023 Mitsubishi Corporation KTB MMKSI MMC 24.3K Units (3.2%) Distribution/ Distribution Contract production (MFTBC) (MMC) KRM PMJ Production Dealer (MFTBC) MKM Engine/Press components production DSF Automobile finance MMKI Production/Export (MMC) BSI IT system Indonesia 11,046.3K Units MMC 90.3K Units (8.6%) *2A MFTBC 40.1K Units (3.8%) *2B *1A Factory shipments *1B Excludes imported cars from FY2019 *2A Passenger Car + Light Commercial Vehicle Segment Share: 9.5% *2B Commercial Vehicle Segment Share: 41.0% *3 Excludes German brands from Jan. to Mar. '23 (Share is calculated based on the same demand) 42#44Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Global Automobile Business (Isuzu-Related) Automotive & Mobility Group LCV: Light Commercial Vehicle IBX Germany, Austria, Poland, Czech Republic, Slovakia, Benelux Distribution Belgium LCV 1*3 21.8K Units*4 IMI Production/ Distribution/export India LCV 1*3 219.9K Units (Incl. India 2.3K) IMSB Distribution Malaysia LCV 1231.1K Units*2 29.3K Units CV 115.1K Units*2 27.1K Units IUA Distribution Australia LCV 1326.3K Units 236.9K Units (11%) CV: Commercial Vehicle IPC Production/ Distribution Philippines LCV 1173.9K Units 26.3K Units (4%) CV IMEX Production/ Distribution Mexico CV (As of March 31, 2023) Isuzu vehicle sales Overall Demand 2 CV and LCV sales of MC's partner car maker (share) From Apr. 2022 to Mar. 2023 Distribution Export/Sales Production Production/ 135.9K Units 211.4K Units (32%) 19.5K Units*1 24.5K Units (Incl. CL4-7: 2.5K Units, 26%) Distribution Automobile finance Retail/ After-sales service Others IMIT Export/Sales TIS Distribution Automobile finance Thailand (export) IAS Dealer Export LCVs CBU 121.9K Units KD 58.1K Units *3 TPIS Automobile insurance CBU: Complete Build Up KD Knock Down Parts TIL AUTEC After-sales service, Bus maintenance, Chevrolet dealer TPIT Software development, maintenance & management administration Thailand (Domestic) After-sales service Driver dispatch LCV 1434K Units 2187K Units (43%) CV 132K Units 16K Units (50%) IMCT Production TISCO PTB Trend of overall demand in Thailand 1.20 1.10 Overall Demand (Mil Units) 1.07 30.0% -Isuzu Share 24.3% 24.1% 24.4% 25.0% 18.5% 18.6% 18.2% 1.00. -16.7% 0.94 20.0% 17.6% 0.90 0.90 15.0% 0.83 0.78 0.80 0.78 0.79 0.80 10.0% 0.70 5.0% 0.60 0.0% Copyright © 2023 Mitsubishi Corporation FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 *1 Class 4-7 (GVW6.4t~15t) *2 Cumulative sum from Apr. '22 to Feb. '23 *3 Omitted, since doing export business *4 Including sales of ISD, reflecting the acquisition of ISD at the end of Jan. '23. 43#45Mitsubishi Corporation Europe 1,360,000 Salmon Farming Business Food Industry Group May 9, 2023 Mitsubishi Corporation Consumption (Market Size) Year: CY2021 Scale: MT (GWE basis*) Fish Species: Atlantic Salmon, Coho, Trout, Chinook salmon Source: Based on Kontali Salmon World 2022 Cermaq Sales Volume (by region) Year: FY2022 Scale: MT (GWE basis*) Distribution *GWE: Gutted Weight Equivalent (NOK/kg) 140 130 120 110 100 90 80 70 60 50 40 Jan Cermaq Norway 82,300 Russia 142,000 European Market / Fish Pool Index Other Asia 377,400 Japan 287,600 Cermaq Canada 10,600 North America 767,000 South America 219,000 U.S. Market / Urner Barry Index Cermaq Chile 92,700 (USD/lbs) 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 44 Copyright © 2023 Mitsubishi Corporation#46Mitsubishi Corporation May 9, 2023 Electric Power Business Power Solution Group Eneco (Netherlands) An integrated energy company mainly active in the Mitsubishi Corporation Americas Netherlands, Belgium and Germany Japan Diamond Transmission Corporation (DTC UK) Development and Operation of Transmission Line Business in Europe Diamond Generating Europe Mitsubishi Corporation Energy Solutions (MCES) Development and Operation of Power Generation Business in Japan 1,090 MW Incl.350MW 2,280 MW Europe (DGE UK) 616 km Development and Operation of Electric Power Business in Europe Incl. 1,520MW Asia, Oceania and Middle East Total Generation Capacity (Net Equity Base) (MW) Capacity of Renewable Energy included above (MW) Transmission Length (km) 1,480 MW Incl. 210MW Diamond Generating Corporation (DGC USA) Development and Operation of Electric Power Business in North America 2,900 MW Incl. Diamond Generating Asia (DGA Hong Kong) Development and Operation of Power Generation Business in Asia, Oceania and Middle East Diamond Generating Corporation Mexico (Mexico) Development and Operation of Power Generation Business in Mexico 610 MW Nexamp (USA) Distributed Solar Generation Business in North America Generation Capacity (Net Equity Base) (As of March 31, 2023) Generation Assets (Net Equity Base) (As of March 31, 2023) (MW) 1,280 MW 9,030 MW 8,080 8,230 7,880 7,750 7,750 MW 6,220 4,860 5,100 4,590 4,880 Incl. 2,690 Incl. 3,670 MW MW FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Copyright © 2023 Mitsubishi Corporation Existing Assets Under Construcrtion Total 45#47Mitsubishi Corporation May 9, 2023 Mitsubishi Corporation Urban Development & Real Estate Business Urban Development Group Vietnam [Development] Large-Scale Urban Development, Condominiums [Development] Multifamily, Student Housing, Industrial Properties, Medical Offices, Senior Living North America [Asset Management] Real Estate Equity/Debt Fund Europe 【Asset Management] Real Estate Debt Fund China [Development) Condominiums India [Development] Condominiums Indonesia [Development] Large-Scale Urban Development, Condominiums, Landed Homes Philippines [Development] Condominiums, Landed Homes, Offices Japan [Development] Industrial Properties, Retail Properties, Hotels, Condominiums, Data Centers, Large-Scale Urban Development 【Asset Management] Private Real Estate Fund, Private REITS 【Operation] Data Centers, Retail Properties, Airports Photo by JAPC MCUD LOGISTICS Urban Development & Real Estate Business In addition to stable growth of conventional real estate projects, we will focus on large-scale, mixed-use, area-based urban development projects Large-Scale Urban Development Real Estate Development Data Center Business in Japan Data Center business is expanding by 40% CAGR due to strong demand accelerating from rapid digitalization. We will continue developing and operating data centers meeting the global standards of our clients. Kanto Region Kansai Region (Index: FY2020=100) 250 200 150 100 50 0 2020 2021 Copyright 2023 Mitsubishi Corporation 200+ MW (IT capacity) 169 MW 133 MW 112 MW 74MW 74MW 54 MW 53MW 29 MW 95MW 59MW 59MW 2022 2025 mid to long term 2017 2019 2021 2023 2024 mid to long term 46