Mitsubishi : Notice Concerning the Opinion of the Company’s Board of Directors on Shareholder Proposals

(Translation of report filed with the Tokyo Stock Exchange on May 10, 2022)

May 10th, 2022

Notice Concerning the Opinion of the Company's Board of Directors on Shareholder Proposals

Mitsubishi Corporation (the "Company" or "MC") has received a document from three shareholders stating that the shareholders intend to make proposals at the 2022 Ordinary General Meeting of Shareholders to be held on June 24, 2022 (the "Shareholder Proposals" or the "Shareholder Proposal") requesting that the Company add provisions to the Articles of Incorporation which provides that the Company shall (1) adopt and disclose short-term and mid-term greenhouse gas emissions reduction targets aligned with the goals of the Paris Agreement, (2) disclose how the company evaluates the consistency of each new material capital expenditure with its net zero greenhouse gas emissions by 2050 commitment (for more detail, please see the Annex).

The Company hereby announces that it resolved in its Board of Directors' meeting held today that it opposes the Shareholder Proposals, for the following reasons:

1. The Shareholder ProposalsPlease see the Annex hereto.
2. Opinion of the Board of Directors

1. Proposal 1: Partial amendment to the Articles of Incorporation (adoption and disclosure of short-term and mid-term greenhouse gas emission reduction targets aligned with the goals of the Paris Agreement)

The Board of Directors opposes this proposal.

Based on the Three Corporate Principles, which have served as MC's corporate philosophy since its founding, MC regards "Contributing to Decarbonized Societies" as a key management issue. Accordingly, in October 2021, MC published its Roadmap to a Carbon Neutral Society (the "Roadmap"), in which it disclosed medium- and long-termtargets for reducing greenhouse gas ("GHG") emissions, namely, to halve emissions by the fiscal year ending March 31, 2031 (fiscal year ended March 31, 2021 baseline) and to achieve net-zeroemissions by 2050. We are steadily advancing efforts in our businesses toward the achievement of these targets. The recently announced Midterm Corporate Strategy 2024

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also lays out a range of measures toward achieving international objectives, such as those of the Sustainable Development Goals (SDGs) and the Paris Agreement, while fulfilling our mandate to meet the demand for energy.

The Articles of Incorporation serve as a set of fundamental rules concerning the basic structure and operation of the Company. Stipulating in the Articles of Incorporation specific, individual business execution matters, such as the adoption and disclosure of GHG emissions reduction targets, would create a significant impediment to the swift and flexible formulation and adjustment of business execution and policy in response to changes in the operating environment, and could damage the Company's corporate value. As such, doing so would be inappropriate.

Furthermore, as described below, given that the Company is already advancing initiatives to reduce GHG emissions, there is no need to include the changes put forth in the Shareholder Proposal in the Articles of Incorporation.

GHG Emissions Reduction Targets (Scope 1 and Scope 2)

• In the Roadmap, MC has formulated and disclosed medium- and long-term GHG emissions reduction targets aligned with the Paris Agreement: to halve emissions by the fiscal year ending March 31, 2031 (fiscal year ended March 31, 2021 baseline) and to achieve net-zero emissions by 2050.
• MC's target for the fiscal year ending March 31, 2031 is backed by calculations made based on its planned emissions reduction efforts. To ensure that we meet this target, rather than setting short-term targets, we believe it will be crucial to develop and improve our GHG emissions management processes, monitor progress in emissions reduction and disclose such efforts. Based on this approach, in Midterm Corporate
  Strategy 2024, we established and announced new specific and effective processes for confirming short- and medium-term GHG reduction plans when formulating investment plans. Furthermore, we will continue to appropriately disclose annual GHG emissions each year, as before, to inform stakeholders of our progress in reducing emissions toward the target for the fiscal year ending March 31, 2031.

GHG Emissions Reduction Targets (Scope 3)

• MC's reduction targets include a portion of the Scope 1 and Scope 2 emissions of its affiliates on an equity share basis, corresponding to Scope 3 Category 15 (Investments) emissions. As such, MC has formulated and disclosed reduction targets for part of its Scope 3 emissions.
• In addition, we recognize the importance of appropriately disclosing emissions in Category 11 (Use of Sold Products), which account for the majority of MC's Scope 3

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emissions. Looking towards such disclosure, we believe emissions should be calculated in manner that accurately reflects the actual circumstances of our business. The MC Group handles a wide variety of products through its diversified business activities across a vast range of industries. However, standard international rules to calculate Scope 3 emissions are still being developed, so emissions calculation methods will need to be carefully considered. As such, we will continue to diligently consider such disclosure in light of international discussions on the matter going forward.

• Furthermore, under Midterm Corporate Strategy 2024, as a way of managing Scope 3 emissions, MC has announced that it will classify businesses based on criteria such as the amount of Scope 3 Category 11 emissions as "Transform" businesses (e.g. the natural gas business). While receiving advice from external experts via the Sustainability Advisory Committee, we will create a framework in which the impact on the policies of "Transform" businesses based on a 1.5°C scenario, consistent with net zero by 2050, is monitored at the management level every year.

As such, the Company opposes this Shareholder Proposal.

1. Proposal 2: Partial amendment to the Articles of Incorporation (disclosure of how the company evaluates the consistency of each new material capital expenditure with its net zero greenhouse gas emissions by 2050 commitment)

The Board of Directors opposes this proposal.

Based on the Three Corporate Principles, which have served as MC's corporate philosophy since its founding, MC regards "Contributing to Decarbonized Societies" as a key management issue. Accordingly, in October 2021, MC published its Roadmap to a Carbon Neutral Society, in which it disclosed medium- and long-termtargets for reducing greenhouse gas emissions, namely, to halve emissions by the fiscal year ending March 31, 2031 (fiscal year ended March 31, 2021 baseline) and to achieve net-zeroemissions by 2050. We are steadily advancing efforts in our businesses toward the achievement of these targets. The recently announced Midterm Corporate Strategy 2024 also lays out a range of measures toward achieving international objectives, such as those of the Sustainable Development Goals (SDGs) and the Paris Agreement, while fulfilling our mandate to meet the demand for energy.

The Articles of Incorporation serve as a set of fundamental rules concerning the basic structure and operation of the Company. Stipulating in the Articles of Incorporation specific, individual business execution matters, such as the disclosure of investment plans, the assumptions underlying them and other important information that forms the basis of

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management decisions, would create a significant impediment to the swift and flexible formulation and adjustment of business execution and policy in response to changes in the operating environment, and could damage the Company's corporate value. As such, doing so would be inappropriate.

Furthermore, in terms of specific initiatives, under Midterm Corporate Strategy 2024, MC will implement new mechanisms and measures including those listed below, and has in place a governance and risk management framework to confirm that the Company's businesses are aligned with a net zero by 2050 scenario in terms of both individual projects as well as Company-wide business strategy. As such, there is no need to include the changes put forth in the Shareholder Proposal in the Articles of Incorporation.

• MC has identified "Green" businesses (e.g. the renewable energy and the green hydrogen businesses), which present significant transition opportunities,* and "Transform" businesses (e.g. the natural gas business), which present significant transition risks* based on criteria such as the amount of Scope 3 Category 11 emissions. In screening individual loan and investment proposals for businesses categorized as "Green" or "Transform," MC will apply key assumptions of a 1.5°C scenario consistent with net zero by 2050, such as internal carbon pricing (ICP).
• We will monitor the impact of a 1.5°C scenario on the policies of "Transform" businesses at the management level on an annual basis, while receiving advice from external experts via the Sustainability Advisory Committee.
• Furthermore, we will invest approximately 2 trillion yen in Energy Transformation (EX)-related initiatives by the fiscal year ending March 31, 2031 (of which, approximately 1.2 trillion yen will be invested in the three fiscal years ending March 31, 2025) to decarbonize our portfolio.

In addition to the above initiatives, since the fiscal year ended March 31, 2019, MC has conducted analyses of transition risks and opportunities in line with the TCFD** recommendations to objectively evaluate the resilience of its businesses to major changes in the business environment that could arise from the transition to a low/zero carbon society.

As such, the Company opposes this Shareholder Proposal.

• Risks/opportunities the Company may face if climate action progresses and the world transitions to limit global average temperature increases within 2°C or 1.5°C above pre-industrial levels.
• Task Force on Climate-Related Financial Disclosures. This task force established by the Financial Stability Board (FSB) proposes items that companies should disclose to markets.

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3. Specific Initiatives to Address Climate Change

The Three Corporate Principles, which have served as MC's corporate philosophy since its founding, exhort us to strive to enrich society, both materially and spiritually, while contributing towards the preservation of the global environment. Based on this philosophy, MC regards "Contributing to Decarbonized Societies" as a key management issue and is advancing the following measures to address climate change, which heavily impacts the planet and its ecosystems as well as people and corporate activities.

1. Greenhouse Gas (GHG) Emissions Reduction Targets

*1 The above figures represent the Scope 1 and Scope 2 emissions of MC and its consolidated companies, including affiliates, based on the equity share approach (for details, refer to our Sustainability Website).

*2 FY2020 is set as the new baseline, as it provides the most accurate affiliate data that was previously unavailable, e.g. Scope 2 market- based method emissions. The data are currently under detailed examination and may be subject to minor revisions.

*3 Any residual emissions, after reduction efforts have been made, will be neutralized using internationally-accepted offsetting methods including carbon removal.

In October 2021, MC announced in its Roadmap to a Carbon Neutral Society that it will aim to halve the Scope 1 and Scope 2 emissions of MC and its consolidated companies, based on the equity share approach, by the fiscal year ending March 31, 2031 (fiscal year ended March 31, 2021 baseline) and to achieve net zero emissions by 2050. The equity share portions of affiliates' Scope 1 and Scope 2 emissions, which correspond to Scope 3 Category 15 (Investment), are included in the above targets.

1. Energy Transformation (EX)

While fulfilling our responsibility as a reliable supplier of energy, we will pursue EX globally by doubling our renewable power capacity by the fiscal year ending March 31, 2031 (fiscal year ended March 31, 2020 baseline) and creating next-generation energy supply chains. Specifically, by the fiscal year ending March 31, 2031, we will invest a total of approximately 2 trillion yen in EX-related fields related to renewables/electrification and energy, as shown

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