Investor Presentaiton

Mitsubishi 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

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