Mitsubishi : Presentation Material

February 3, 2022

Mitsubishi Corporation

Results for the Nine Months Ended December 2021

February 3, 2022

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 caused by the use of this release.

(Notes Regarding These Presentation Materials)

- Consolidated net income in this presentation shows the amount of net income attributable to owners of the Parent, excluding non-controlling interests.

Copyright © 2022 Mitsubishi Corporation

February 3, 2022

Mitsubishi Corporation

Results for the Nine Months Ended December 2021

		Nine months ended	Nine months ended	Fluctuation	Revisedforecast for	Progress
		the year ending
		December 2020	December 2021
	(Billion Yen)		March 2022
	Consolidated	169.1
	644.8	+475.7	820.0	79%
	Net Income
	Business-related sector	127.9	398.7	+270.8	491.2	81%
	Market-related sector*	33.5	247.6	+214.1	347.8	71%

• Market-relatedsector includes North American shale gas and E&P in Natural Gas segment, Mineral Resources business except for trading and business incubation in
  Mineral Resources segment, and Ships (commercial vessels) in Industrial Infrastructure segment.

Year-over-year fluctuation

Earnings increased 475.7 billion yen year-over-year.

• In contrast to the previous period, where the negative impact of COVID-19 had a strong impact on earnings, for the nine months ended December 2021, the business environment improved in a wide range of business areas and resource prices increased, as well.
• Many businesses, such as Automotive, Salmon farming and Steel, as well as both the Mineral Resources and Natural Gas segments, took advantage of this opportunity, leading to a strong result with earnings for the first nine months already exceeding the full-year record high.

		(Billion Yen)
Mineral Resources:	+180.3	644.8

Earnings forecast for the year and shareholder returns

Forecast further revised upward to a record high of 820.0 billion yen.

• Considering resource prices as well as stronger-than-expected progress in the Salmon farming, Automotive and many other businesses, the forecast has been further revised upward by 80.0 billion yen from the forecast released in
  November.
• 7 of the 10 segments forecast record high earnings.*

Additional shareholder returns are being considered and will be decided by the earnings release for the full year ending March 2022.

• Additional shareholder returns, including options such as share repurchases, are being considered together with capital and shareholder return policy in the next midterm corporate strategy and will be announced at the release of the financial results for the full year ending March 2022.

Natural Gas:	+64.6
Other:	+127.4	+441.4
(Salmon farming, Steel businesses)

169.1 +34.3

Nine months	Fluctuation of	Increases in	Nine months
ended December	one-off	operating income	ended December
2020	gains/losses		2021

Copyright © 2022 Mitsubishi Corporation

		(Billion Yen)
 Mineral Resources Earnings Forecast
 Except Mineral	740.0	820.0
Resources

340.0 +16.0 356.0

400.0 +64.0 464.0

ReleasedRevised

Nov. 5

Segments expecting a record high*

■ Mineral Resources:	356.0
■ Natural Gas:	102.0

• Automotive & Mobility: 100.0

■ Food Industry:	79.0
■ Petroleum ＆
Chemicals Solution:	39.0
■ Industrial Materials:	38.0

• Urban Development: 36.0

*Since the year ended Mar. 2019, when disclosure under the present segments started.

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	February 3, 2022
	Mitsubishi Corporation
Year-over-Year Segment Net Income
Consolidated Net Income: Nine months ended December 2020 (FY20 3Q): 169.1	(Billion Yen)
Nine months ended December 2021 (FY21 3Q): 644.8	[YoY +475.7]

FY20	16.6	■ Natural Gas
3Q		Increased dividend income in the
			LNG-related business and increased
FY21	85.1	[+68.5]	earnings in the LNG-related business and
3Q	North American shale gas business.

FY20

3Q

FY21

3Q

(8.7)	■ Automotive & Mobility
	Increased earnings reflecting the one-off
		losses at Mitsubishi Motors in the
85.8	[+94.5]	previous year, as well as increased
earnings from Mitsubishi Motors and the

Asian automotive business.

FY20	1.2
3Q
FY21	31.9 [+30.7]
3Q
FY20	22.4
3Q
FY21	37.0 [+14.6]
3Q
FY20	54.8
3Q

FY21

3Q248.0

[+193.2]

• Industrial Materials

Increased earnings in the

Steel business and the North American plastic building materials business.

• Petroleum & Chemicals Solution

Increased earnings in the LPG-related business and the Petrochemicals business.

• Mineral Resources

Increased market prices in the Australian metallurgical coal business, increased dividend income in the Copper business and increased earnings in the Iron ore business.

FY20	32.3
3Q
FY21	71.3 [+39.0]
3Q
FY20	14.9
3Q
FY21	27.5 [+12.6]
3Q

FY20 (0.4)

3Q

FY21

3Q 4.0 [+4.4]

• Food Industry

Improved earnings in the Salmon farming business.

• Consumer Industry

Increased earnings in the Convenience store business and the Tire-related business.

• Power Solution

Improved earnings in the Overseas power business.

FY20	17.4
3Q
FY21	25.4 [+8.0]
3Q

• Industrial Infrastructure

Increased gains on sales of vessels in the Commercial vessels business and increased earnings reflecting the one-off losses in the previous year.

FY20	10.9
3Q
FY21	30.3 [+19.4]
3Q

• Urban Development

Increased fund evaluation profit and disposal gains of assets in the Real estate development business, despite

impairment losses on the sale of an

aircraft leasing company.

Copyright © 2022 Mitsubishi Corporation

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February 3, 2022

Mitsubishi Corporation

Cash Flows

Nine months ended	Nine months ended
December 2020	December 2021

	Operating
847.9	cash flows 848.2
	622.4
446.9
		Investing
	cash flows
	Underlying	(180.4)
	operating
(314.9)	cash flows
	(after repayments
	of lease liabilities)*1

＜Adjusted free cash flows*2＞

+132.0+667.8

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Breakdown of cash flows

(Billion Yen)

		Underlying	Investing cash flows
		operating	Adjusted free
		cash flows	New/Sustaining	Sales and
		Net	cash flows
		(after repayments
		Investments	Collection
		of lease liabilities)
	Year ended	672.1	(1,051.4)	550.7	(500.7)	171.4
Ref.	March 2020
Year ended
	625.2	(803.4)	446.1	(357.3)	267.9
	March 2021
Nine months	848.2			(180.4)	667.8
ended December	(533.5)	353.1
	2021

Main items included in Investing CF for the nine months ended December 2021

New/Sustaining Investments	Sales and Collection
・Copper business (Mineral Resources)
・Australian metallurgical coal business
(Mineral Resources)	・North American real estate business
・LNG-related business (Natural Gas)
(Urban Development)
・European integrated energy business
・North American shale gas business (Natural Gas)
(Power Solution)
・Aircraft leasing business (Urban Development)
・Convenience store business (Consumer Industry)
・North American real estate business
(Urban Development)
・Asian real estate business (Urban Development)

*1 Underlying operating cash flows (after repayments of lease liabilities)

Operating cash flows excluding changes in working capitals

(=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) whilst including repayments of lease liabilities

*2 Adjusted free cash flows

Total of Underlying operating cash flows (after repayments of lease liabilities) and Investing cash flows	3

February 3, 2022

Mitsubishi Corporation

Segment Forecasts for the Year Ending March 2022

Consolidated Net Income: Forecast released on November 5:	740.0	(Billion Yen)
Revised forecast:	820.0	[+80.0]

Rlsd. on 11/5

92.0	■ Natural Gas
Increased earnings and transaction profits
	in the LNG-related business.

Rlsd.	88.0	■ Automotive & Mobility
on 11/5	Increased earnings in the Asian
		automotive business.

Revised

Rlsd. on 11/5

Revised

Rlsd. on 11/5

102.0

[+10.0]

33.0

38.0 [+5.0]

34.0

• Industrial Materials

Increased earnings in the North American plastic building materials business.

• Petroleum & Chemicals Solution

Revised	100.0
	[+12.0]

Rlsd.		60.0	■ Food Industry
on 11/5		Increased earnings in the
			Salmon farming business.
Revised		79.0 [+19.0]
Rlsd.	19.0		■ Consumer Industry
on 11/5		-

Revised

Rlsd. on 11/5

Revised

Rlsd. on 11/5

Revised

	Increased transaction profits in the
39.0[+5.0]	Petrochemicals business.

• Mineral Resources

340.0 Increased dividend income in the Copper

business and earnings in the Iron ore

356.0 business, despite a decrease in transaction volumes offsetting increased market prices in

[+16.0] the Australian metallurgical coal business.

20.0	■ Industrial Infrastructure
Increased earnings in the Commercial vessels
	business.

27.0 [+7.0]

Revised	19.0 [-]
Rlsd.	43.0	■ Power Solution
on 11/5	-
Revised	43.0 [-]
Rlsd.	36.0	■ Urban Development
on 11/5	-
Revised	36.0 [-]

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