Mitsubishi Chemical Holdings Corporation hereby announces the adjustment of the conversion price for its Zero Coupon Convertible Bonds due 2022 and Zero Coupon Convertible Bonds due 2024 (collectively, the 'Bonds'), issued on March 30, 2017.

Adjustment to Conversion Price Name of Issue Conversion Price prior to the Adjustment Conversion Price after the Adjustment The Zero Coupon Convertible Bonds due 2022 JPY1,232.5 JPY1,212.4 The Zero Coupon Convertible Bonds due 2024 JPY1,215.1 JPY1,195.2

Effective Date of the New Conversion Price Effective as of April 1, 2020 (Japan time)

Reason for the Adjustment

At a meeting held on May 26, 2020, the Board of Directors approved a year-end dividend of JPY12 per share for the fiscal year ended March 31, 2020. Accordingly, the annual dividend for the fiscal year ended March 31, 2020 was to be JPY32 per share, requiring the adjustment of the conversion price of the Bonds in accordance with the terms and conditions. As a result, the conversion price was retrospectively adjusted as provided above.

Contact:

Osamu Shimizu

Tel: [+81] (0)3-6748-7120

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