三菱商事（8058） – FINANCIAL RESULTS FOR THE NINE MONTHS ENDED DECEMBER 2021

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED DECEMBER 2021 Mitsubishi Corporation 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, JAPAN 100-8086 https://www.mitsubishicorp.com/ % 35.8 Yen 436.77 114.54 － － Yen 435.28 114.27 67.00 71.00 For the nine months ended December 31, 2021 December 31, 2020 Note: (2) Financial position As of December 31, 2021 March 31, 2021 2. Dividends (Record date) Fiscal Year ended March 31, 2021 Fiscal Year ending March 31, 2022 Fiscal Year FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2021 (Based on IFRS) (Consolidated) 1. Consolidated operating results for the nine months ended December 31, 2021 (1) Revenues and income Revenues Profit before tax Profit for the period Comprehensive income For the nine months ended Millions of Yen Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % December 31, 2021 December 31, 2020 12,371,138 906,560 209.1 710,193 248.6 644,768 281.2 825,909 144.9 9,110,536 (20.3) 293,318 (46.9) 203,732 (51.8) 169,146 (54.7) 337,260 12.3 February 3, 2022 Mitsubishi Corporation Note: Figures less than one million yen are rounded. %: change from the same period of the previous year Profit for the period attributable to owners of the Parent Profit for the period attributable to owners of the Parent per share (basic) Profit for the period attributable to owners of the Parent per share (diluted) Profit for the period attributable to owners of the Parent per share (basic) and Profit for the period attributable to owners of the Parent per share (diluted) are calculated based on Profit for the period attributable to owners of the Parent. Total assets Total equity Equity attributable to owners of the Parent Ratio of equity attributable to owners of the Parent to total assets Millions of Yen Millions of Yen Millions of Yen 20,513,140 18,634,971 7,126,431 6,538,390 6,170,211 5,613,647 1Q end 2Q end 3Q end 4Q end Annual Cash dividend per share (Yen) % 30.1 30.1 67.00 71.00 － － 134.00 142.00 ending March 31, 2022 (Forecast) Note: Change from the latest released dividend forecasts: No 3. Consolidated forecasts for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022) Note: %: change from the previous year. Profit attributable to owners of the Parent Profit attributable to owners of the Parent per share For the year ending March 31, 2022 Millions of Yen 820,000 % 375.2 Yen 555.46 Note: Change from the latest released earnings forecasts: Yes 4. Notes (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries causing changes in scope of consolidation): Yes New companies: 6 Diamond Distributed Energy Investments, LLC MC URBAN DEVELOPMENT VIETNAM COMPANY LIMITED MCOP INVESTMENT PTE. LTD. MV2 VIETNAM REAL ESTATE TRADING JOINT STOCK COMPANY MV HOLDING ONE MEMBER LIABILITY LIMITED COMPANY SV REAL ESTATE INVESTMENT DEVELOPMENT BUSINESS JOINT STOCK COMPANY Excluded companies: Diamond Distributed Energy Investments, LLC, MC URBAN DEVELOPMENT VIETNAM COMPANY LIMITED, MCOP INVESTMENT PTE. LTD., MV2 VIETNAM REAL ESTATE TRADING JOINT STOCK COMPANY, MV HOLDING ONE MEMBER LIABILITY LIMITED COMPANY and SV REAL ESTATE INVESTMENT DEVELOPMENT BUSINESS JOINT STOCK COMPANY became a consolidated subsidiary during the period. － (2) Changes in accounting policies and accounting estimates -1- Changes in accounting policies required by IFRS : None -2- Changes in accounting policies other than -1- : None -3- Changes in accounting estimates : None Please refer to page 12, “3. Changes in Accounting Policies and Accounting Estimates.” (3) Number of shares issued (Common stock) -1- Number of shares issued at quarterly-end (including treasury stock) -2- Number of treasury stock at quarterly-end -3- Average number of shares during each of the nine months ended December 31, 2021 and 2020 (December 31, 2021)(December 31, 2021)1,485,723,3519,361,476(March 31, 2021)(March 31, 2021)1,485,723,3519,618,263(December 31, 2021)1,476,231,106(December 31, 2020)1,476,760,847 Disclosure Regarding Quarterly Review Procedures This earnings release is not subject to independent Auditor’s review procedures. Forward-looking Statements Earnings forecasts and other forward-looking statements in this release are based on data currently available to management and certain assumptions that management believes are reasonable. The achievement of said forecasts cannot be promised. Actual results may therefore differ materially from these statements for various reasons. For cautionary notes concerning assumptions for earnings forecasts, please refer to “1. (4) Forecasts for the Year Ending March 2022” on page 5. Contents 1. Qualitative Information …………………………………………………………………………2 (1) Results of Operations ……………………………………………………………………………2 (2) Financial Position ………………………………………………………………………………3 (3) Cash Flows ………………………………………………………………………………………3 (4) Forecasts for the Year Ending March 2022 …………………………………………………….5 2. Condensed Consolidated Financial Statements …………………………………………………6 (1) Condensed Consolidated Statement of Financial Position ………………………………………6 (2) Condensed Consolidated Statement of Income …………………………………………………8 (3) Condensed Consolidated Statement of Comprehensive Income ………………………………9 (4) Condensed Consolidated Statement of Changes in Equity ……………………………………10 (5) Condensed Consolidated Statement of Cash Flows ……………………………………………11 3. Changes in Accounting Policies and Accounting Estimates …………………………………12 4. Notes Concerning Going Concern Assumption ………………………………………………12 * Mitsubishi Corporation will hold an earnings conference call for the nine months ended December 2021, inviting institutional investors and analysts to join. The conference material can be accessed live in Japanese from our website (Investor Relations section) at the following URL: https://www.mitsubishicorp.com/jp/ja/ir/index.html Time and date of the earnings conference call: From 17:45 to 18:45 on Thursday, February 3, 2022 (JST) 1 1. Qualitative Information (Profit for the period, as used hereinafter, refers to profit for the period attributable to owners of the Parent.) (1) Results of Operations Revenues was ¥12,371.1 billion, an increase of ¥3,260.6 billion, or 36% year over year. This was mainly due to rising prices and increased transaction volumes owing to improved market conditions. Gross profit was ¥1,467.9 billion, an increase of ¥300.5 billion, or 26% year over year, mainly due to improved market conditions in the Australian metallurgical coal business and Salmon farming business, as well as increased sales prices in the Steel business. Selling, general and administrative expenses remained nearly the same year over year at ¥1,043.9 billion. Gains on investments increased ¥1.9 billion, or 6% year over year, to ¥31.7 billion, mainly due to improved fund-related earnings, despite impairment losses on the sale of an aircraft leasing company. Impairment losses on property, plant and equipment and others remained nearly the same year over year at ¥8.6 billion. Other income (expense)-net increased ¥17.7 billion, or 184% year over year, to an income amount of ¥27.3 billion, mainly due to fluctuations in evaluation profit on biological assets. Finance income increased ¥58.3 billion, or 71% year over year, to ¥140.6 billion, mainly due to increased dividend income from resource-related investments. Finance costs remained nearly the same year over year at ¥34.9 billion. Share of profit of investments accounted for using the equity method increased ¥246.2 billion, or 342% year over year, to ¥318.2 billion, reflecting impairment losses in the previous year and improved profitability at Mitsubishi Motors Corporation as well as increased equity earnings across a wide range of businesses due to improved market conditions. As a result, profit before tax increased ¥613.3 billion, or 209% year over year, to ¥906.6 billion. Accordingly, profit for the period increased ¥475.7 billion, or 281% year over year, to ¥644.8 billion. 2 (2) Financial Position Total assets at December 31, 2021 was ¥20,513.1 billion, an increase of ¥1,878.1 billion, or 10%, from March 31, 2021. Current assets was ¥8,646.0 billion, an increase of ¥1,543.1 billion, or 22%, from March 31, 2021. This was mainly due to an increase in trade and other receivables attributable to rising prices and increased transaction volumes reflecting recovery in demand. Non-current assets was ¥11,867.2 billion, an increase of ¥335.1 billion, or 3%, from March 31, 2021. This was mainly due to an increase in investments accounted for using the equity method attributable to new or additional investments and impact of exchange rate fluctuations. Total liabilities was ¥13,386.7 billion, an increase of ¥1,290.1 billion, or 11%, from March 31, 2021. Current liabilities was ¥6,755.0 billion, an increase of ¥1,384.8 billion, or 26%, from March 31, 2021. This was mainly due to an increase in trade and other payables attributable to rising prices and increased transaction volumes reflecting recovery in demand. Non-current liabilities was ¥6,631.7 billion, a decrease of ¥94.7 billion, or 1%, from March 31, 2021. This was mainly due to a decrease in bonds and borrowings due to the transfer of long-term borrowings to current portion of bond and borrowings falling into within one year maturity. Total equity was ¥7,126.4 billion, an increase of ¥588.0 billion, or 9%, from March 31, 2021. Equity attributable to owners of the Parent was ¥6,170.2 billion, an increase of ¥556.6 billion, or 10%, from March 31, 2021. This was mainly due to an increase in retained earnings accumulated by profit for the period and exchange differences on translating foreign operations resulting from the appreciation of the U.S. dollar, despite a decrease in retained earnings as a result of the payment of dividends. Non-controlling interests increased ¥31.5 billion, or 3%, from March 31, 2021, to ¥956.2 billion. Net interest-bearing liabilities (excluding lease liabilities), which is gross interest-bearing liabilities minus cash and cash equivalents and time deposits, increased ¥5.2 billion, or 0%, from March 31, 2021, to ¥4,183.6 billion. (3) Cash Flows Cash and cash equivalents at December 31, 2021 was ¥1,425.8 billion, an increase of ¥108.0 billion from March 31, 2021. (Operating activities) Net cash provided by operating activities was ¥622.4 billion, mainly due to cash flows from operating transactions and dividend income, despite increases in working capital requirements and the payment of income taxes. (Investing activities) Net cash used in investing activities was ¥180.4 billion. The main uses of cash were payments for the purchase of property, plant and equipment, investments and loans to affiliated companies and acquisitions of businesses, which exceeded inflows from the sales of investments in affiliated companies and other investments. 3 Main items (Segments) included in investing cash flows were as follows. New/Sustaining Investments – Copper business (Mineral Resources) – Australian metallurgical coal business (Mineral Resources) – LNG-related business (Natural Gas) – European integrated energy business (Power Solution) – Convenience store business (Consumer Industry) – North American real estate business (Urban Development) – Asian real estate business (Urban Development) Sales and Collection – North American real estate business (Urban Development) – North American shale gas business (Natural Gas) – Aircraft leasing business (Urban Development) As a result, free cash flows, the sum of operating and investing cash flows, was positive ¥442.0 billion. (Financing activities) Net cash used in financing activities was ¥350.9 billion. The main uses of cash were repayments of lease liabilities and payments of dividends, which exceeded cash provided by financing activities. The dividends were paid in compliance with the shareholder returns policy of progressive dividends in line with sustained profit growth. Regarding financing through debt, the policy is to maintain debts at an appropriate level in light of liquidity and financial soundness. In addition to the aforementioned operating cash flows for financial accounting purpose, in order to present the source of funds for future investments and shareholder returns appropriately, Mitsubishi Corporation defined “Underlying operating cash flows (after repayments of lease liabilities)”, which is operating cash flows excluding changes in working capitals whilst including repayments of lease liabilities which are necessary in the ordinary course of business activities, and “Adjusted free cash flows”, which is the sum of “Underlying operating cash flows (after repayments of lease liabilities)” and investing cash flows. Underlying operating cash flows (after repayments of lease liabilities) was positive ¥848.2 billion. As a result, Adjusted free cash flows was positive ¥667.8 billion. 4 (4) Forecasts for the Year Ending March 2022 Considering resource prices as well as stronger-than-expected progress in the Salmon farming, Automotive and many other businesses, the forecast for the year ending March 2022 has been revised as follows. Consolidated Forecast for the Year Ending March 2022 (April 1, 2021 to March 31, 2022) (Billions of Yen) Profit attributable to owners of the Parent Previous full-year forecast Revised full-year forecast (November 5, 2021) (A) (B) Change (B-A) Change (%) 740.0 820.0 80.0 11% Note: Earnings forecast and other forward-looking statements in this release are based on data currently available to management and certain assumptions that management believes are reasonable. Therefore, they do not constitute a guarantee that they will be achieved. Actual results may differ materially from these statements for various reasons. 5 2. Condensed Consolidated Financial Statements (1) Condensed Consolidated Statement of Financial Position March 31, 2021 and December 31, 2021 ASSETS Millions of Yen March 31, 2021 December 31, 2021 Current assets Cash and cash equivalents Time deposits Short-term investments Trade and other receivables Other financial assets Inventories Biological assets Advance payments to suppliers Assets classified as held for sale Other current assets Total current assets Non-current assets Other investments Trade and other receivables Other financial assets Property, plant and equipment Investment property Intangible assets and goodwill Right-of-use assets Deferred tax assets Other non-current assets Total non-current assets Investments accounted for using the equity method 1,317,824 148,081 15,201 3,269,390 209,402 1,348,861 74,182 58,027 41,020 620,905 7,102,893 3,290,508 1,816,029 763,124 93,102 2,510,238 95,419 1,248,462 1,469,700 42,233 203,263 1,425,768 152,587 6,069 4,073,325 451,031 1,666,796 89,590 99,119 142,648 539,046 8,645,979 3,480,617 1,779,314 829,476 172,998 2,557,734 94,649 1,210,838 1,505,666 43,866 192,003 Total 11,532,078 18,634,971 11,867,161 20,513,140 6 LIABILITIES AND EQUITY Millions of Yen March 31, 2021 December 31, 2021 1,262,522 2,665,060 235,498 256,657 133,474 53,178 89,268 12,762 661,766 5,370,185 4,381,793 54,893 1,304,703 55,817 129,126 195,997 569,641 34,426 6,726,396 12,096,581 204,447 228,552 (26,750) 457,123 (52,355) 379,917 784,685 4,422,713 5,613,647 924,743 6,538,390 1,599,866 3,412,425 241,995 499,850 181,995 82,383 70,514 80,346 585,644 6,755,018 4,162,099 44,342 1,325,582 144,338 129,881 189,610 596,993 38,846 6,631,691 13,386,709 204,447 226,612 (26,047) 434,602 (94,721) 539,160 879,041 4,886,158 6,170,211 956,220 7,126,431 Total 18,634,971 20,513,140 Provisions Liabilities directly associated with assets classified as held for sale Other current liabilities Current liabilities Bonds and borrowings Trade and other payables Lease liabilities Other financial liabilities Advances from customers Income tax payables Total current liabilities Non-current liabilities Bonds and borrowings Trade and other payables Lease liabilities Other financial liabilities Retirement benefit obligation Provisions Deferred tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities Equity Common stock Additional paid-in capital Treasury stock Other components of equity Other investments designated as FVTOCI Cash flow hedges Exchange differences on translating foreign operations Total other components of equity Retained earnings Equity attributable to owners of the Parent Non-controlling interests Total equity 7 (2) Condensed Consolidated Statement of Income for the nine months ended December 31, 2020 and 2021 Revenues Cost of revenues Gross profit Selling, general and administrative expenses Gains (losses) on investments Gains (losses) on disposal and sale of property, plant and equipment and others Impairment losses on property, plant and equipment, intangible assets, goodwill and others Other income (expense)-net Share of profit (loss) of investments accounted for using the equity method Finance income Finance costs Profit (loss) before tax Income taxes Profit (loss) for the period Profit (loss) for the period attributable to: Owners of the Parent Non-controlling interests Basic Diluted Profit (loss) for the period attributable to Owners of the Parent per share (in Yen) Millions of Yen Nine months ended December 31, 2020 9,110,536 Nine months ended December 31, 2021 12,371,138 (7,943,095) (10,903,211) 1,167,441 (1,029,805) 1,467,927 (1,043,869) 29,789 3,633 (6,414) 9,617 82,263 (35,216) 72,010 293,318 (89,586) 203,732 169,146 34,586 203,732 114.54 114.27 31,721 8,305 (8,649) 27,318 140,568 (34,946) 318,185 906,560 (196,367) 710,193 644,768 65,425 710,193 436.77 435.28 8 (3) Condensed Consolidated Statement of Comprehensive Income for the nine months ended December 31, 2020 and 2021 Profit (loss) for the period Other comprehensive income (loss), net of tax Items that will not be reclassified to profit or loss for the period: Gains (losses) on other investments designated as FVTOCI Remeasurement of defined benefit pension plans Share of other comprehensive income (loss) of investments accounted for using the equity method Items that may be reclassified to profit or loss for the period: Cash flow hedges Exchange differences on translating foreign operations Share of other comprehensive income (loss) of investments accounted for using the equity method Total Total Total other comprehensive income (loss) Total comprehensive income (loss) Comprehensive income (loss) attributable to: Owners of the Parent Non-controlling interests Millions of Yen Nine months ended December 31, 2020 203,732 Nine months ended December 31, 2021 710,193 71,349 (244) (3,495) 67,610 (14,573) 120,729 (40,238) 65,918 133,528 337,260 305,451 31,809 337,260 (302) 54 (4,051) (4,299) (61,362) 111,473 69,904 120,015 115,716 825,909 761,718 64,191 825,909 9 (4) Condensed Consolidated Statement of Changes in Equity for the nine months ended December 31, 2020 and 2021 Millions of Yen Nine months ended December 31, 2020 Nine months ended December 31, 2021 229,051 226,612 204,447 204,447 228,153 1,631 (751) 18 (294,580) 1,175 (19,780) 285,962 (27,223) 415,186 136,305 (22,106) 529,385 169,146 (199,853) (332) (285,962) 22,106 4,379,258 5,314,918 989,535 (35,168) (5,206) 34,586 (2,777) 980,970 6,295,888 305,451 31,809 337,260 204,447 204,447 228,552 1,889 (308) (3,521) (26,750) 711 (8) － (26,047) 784,685 116,950 (22,594) 879,041 644,768 (203,737) (180) － 22,594 4,886,158 6,170,211 924,743 (46,513) 13,799 65,425 (1,234) 956,220 7,126,431 761,718 64,191 825,909 4,674,153 4,422,713 Common stock: Balance at the beginning of the period Balance at the end of the period Additional paid-in capital: Balance at the beginning of the period Compensation costs related to share-based payment Sales of treasury stock upon exercise of share-based payment Equity transactions with non-controlling interests and others Balance at the end of the period Treasury stock: Balance at the beginning of the period Sales of treasury stock upon exercise of share-based payment Purchases and sales-net Cancellation Balance at the end of the period Other components of equity: Balance at the beginning of the period Transfer to retained earnings Balance at the end of the period Retained earnings: Balance at the beginning of the period Other comprehensive income (loss) attributable to owners of the Parent Profit (loss) for the period attributable to owners of the Parent Cash dividends paid to owners of the Parent Sales of treasury stock upon exercise of share-based payment Cancellation of treasury stock Transfer from other components of equity Balance at the end of the period Equity attributable to owners of the Parent Non-controlling interests: Balance at the beginning of the period Cash dividends paid to non-controlling interests Equity transactions with non-controlling interests and others Profit (loss) for the period attributable to non-controlling interests Other comprehensive income (loss) attributable to non-controlling interests Balance at the end of the period Total equity Comprehensive income (loss) attributable to: Owners of the Parent Non-controlling interests Total comprehensive income (loss) 10 (5) Condensed Consolidated Statement of Cash Flows for the nine months ended December 31, 2020 and 2021 Operating activities: Profit (loss) for the period Adjustments to reconcile profit (loss) for the period to net cash provided by (used in) operating activities: Depreciation and amortization (Gains) losses on investments (Gains) losses on property, plant and equipment and others Finance (income) -net of finance costs Share of (profit) loss of investments accounted for using the equity method Income taxes Millions of Yen Nine months ended December 31, 2020 203,732 Nine months ended December 31, 2021 710,193 392,910 (29,789) 2,781 (47,047) (72,010) 89,586 4,658 (45,854) 159,929 60,893 188,081 60,969 (50,252) (70,652) 847,935 (300,893) 32,842 (187,963) 82,785 3,139 15,760 (28,825) 92,245 (54,410) 42,805 (12,395) 126,508 667,490 (636,149) (210,855) (199,853) (35,168) (12,852) 5,037 (19,787) (315,629) 8,628 226,024 404,935 (31,721) 344 (105,622) (318,185) 196,367 (643,659) (214,896) 478,072 (120,251) 366,885 59,128 (47,536) (111,703) 622,351 (295,493) 20,692 (117,931) 177,200 (38,159) 12,033 (18,790) 101,318 (59,386) 41,982 (3,818) 76,088 709,047 (681,742) (208,595) (203,737) (46,513) (16,226) 20,822 (9) (350,865) 16,810 107,944 Changes in trade receivables Changes in inventories Changes in trade payables Other-net Dividends received Interest received Interest paid Income taxes paid Investing activities: Net cash provided by (used in) operating activities Payments for property, plant and equipment and others Proceeds from disposal of property, plant and equipment and others Purchases of investments accounted for using the equity method Proceeds from disposal of investments accounted for using the equity method Acquisitions of businesses-net of cash acquired Proceeds from disposal of businesses-net of cash divested Purchases of other investments Proceeds from disposal of other investments Increase in loans receivable Collection of loans receivable Net (increase) decrease in time deposits Financing activities: Net increase (decrease) in short-term debts Proceeds from long-term debts Repayments of long-term debts Repayments of lease liabilities Dividends paid to owners of the Parent Dividends paid to non-controlling interests Net cash provided by (used in) investing activities (314,910) (180,352) Payments for acquisition of subsidiary’s interests from the non-controlling interests Proceeds from disposal of subsidiary’s interests to the non-controlling interests Net (increase) decrease in treasury stock Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 11 1,322,812 1,548,836 1,317,824 1,425,768 3. Changes in Accounting Policies and Accounting Estimates The significant accounting policies applied to the condensed consolidated financial statements for the nine months ended December 2021 are identical to the accounting policies applied to the consolidated financial statements for the previous fiscal year. In addition, even though the Company stated in the Financial Section of Integrated Report 2021 (Notes to Consolidated Financial Statements 4. NEW STANDARDS AND INTERPRETATIONS NOT YET APPLIED) that IAS1(Revised), which clarifies the requirements related to the classification of liabilities as current or non-current, would be applied from the reporting period ended June 2021, the reporting period of its application has been changed to the fiscal year ending March 2023 or later (Undecided) since the standard is expected to be further revised. 4. Notes Concerning Going Concern Assumption None 12 February 3, 2022Mitsubishi CorporationResults for the Nine Months Ended December 2021February 3, 2022Mitsubishi 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 CorporationFebruary 3, 2022Mitsubishi CorporationResults for the Nine Months Ended December 2021(Billion Yen)ConsolidatedNet IncomeBusiness-related sectorMarket-related sector*Nine months endedDecember 2020Nine months endedDecember 2021FluctuationRevised forecast forthe year endingMarch 2022Progress169.1644.8+475.7820.0127.933.5398.7247.6+270.8+214.1491.2347.879%81%71%* Market-related sector 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 fluctuationEarnings 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)644.8Mineral Resources:Automotive & Mobility:Natural Gas:Other:+180.3+69.1+64.6+127.4(Salmon farming, Steel businesses)169.1+34.3 +441.4 Nine monthsFluctuation ofIncreases inNine monthsended Decemberone-offoperating incomeended December2020gains/losses2021Copyright © 2022 Mitsubishi CorporationEarnings forecast for the year and shareholder returnsForecast 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.Earnings ForecastSegments expecting a record high* Mineral Resources Except Mineral Resources(Billion Yen)820.0 740.0 340.0 +16.0356.0 356.0■ Mineral Resources:102.0■ Natural Gas:■ Automotive & Mobility: 100.0■ Food Industry:79.0■ Petroleum ＆Chemicals Solution:■ Industrial Materials:■ Urban Development:*Since the year ended Mar. 2019, when disclosure under the present segments started.39.038.036.0400.0 +64.0464.0 ReleasedNov. 5Revised1February 3, 2022Mitsubishi CorporationYear-over-Year Segment Net IncomeConsolidated 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]16.6 ■ Natural GasFY203Q(8.7)■ Automotive & Mobility85.1 [+68.5]85.8 [+94.5]Increased dividend income in the LNG-related business and increased earnings in the LNG-related business and North American shale gas business.Increased earnings reflecting the one-off losses at Mitsubishi Motors in the previous year, as well as increased earnings from Mitsubishi Motors and the Asian automotive business.FY203Q1.2 ■ Industrial MaterialsIncreased earnings in the Steel business and the North American plastic building materials business.31.9 [+30.7]71.3 [+39.0]32.3 ■ Food IndustryImproved earnings in the Salmon farming business.22.4 ■ Petroleum & ChemicalsSolution37.0 [+14.6]Increased earnings in the LPG-related business and the Petrochemicals business.27.5 [+12.6]14.9 ■ Consumer IndustryIncreased earnings in the Convenience store business and the Tire-related business.54.8 ■ Mineral ResourcesFY203Q(0.4)Increased market prices in the Australianmetallurgical coal business, increased dividend income in the Copper business and increased earnings in the Iron ore business.■ Power SolutionImproved earnings in the Overseas power business.248.0 [+193.2]17.4 25.4 [+8.0]Copyright © 2022 Mitsubishi CorporationIncreased gains on sales of vessels in the Commercial vessels business and increased earnings reflecting the one-off losses in the previous year.4.0 [+4.4]10.9 30.3 [+19.4]■ Industrial Infrastructure■ Urban DevelopmentIncreased 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.2FY203QFY213QFY213QFY203QFY213QFY203QFY213QFY203QFY213QFY213QFY203QFY213QFY203QFY213QFY213QFY203QFY213QNine months ended December 2020Nine months ended December 2021Breakdown of cash flows(Billion Yen)Cash FlowsFebruary 3, 2022Mitsubishi CorporationUnderlyingoperatingcash flows(after repaymentsof lease liabilities)Investing cash flowsNew/SustainingInvestmentsSales andCollectionNet672.1(1,051.4)550.7(500.7)625.2(803.4)446.1(357.3)Adjusted freecash flows171.4267.9848.2(533.5)353.1(180.4)667.8Ref.Year endedMarch 2020Year endedMarch 2021Nine monthsended December2021Main items included in Investing CF for the nine months ended December 2021New/Sustaining InvestmentsSales and Collection847.9 446.9 Operatingcash flows848.2 622.4 (314.9)Investingcash flows(180.4)Underlyingoperatingcash flows(after repayments of lease liabilities)*1・Copper business (Mineral Resources)・Australian metallurgical coal business (Mineral Resources)・LNG-related business (Natural Gas)・European integrated energy business (Power Solution)・Convenience store business (Consumer Industry)・North American real estate business (Urban Development)・Asian real estate business (Urban Development)・North American real estate business (Urban Development)・North American shale gas business (Natural Gas)・Aircraft leasing business (Urban Development)＜Adjusted free cash flows*2＞+132.0+667.8*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 Copyright © 2022 Mitsubishi CorporationTotal of Underlying operating cash flows (after repayments of lease liabilities) and Investing cash flows 3February 3, 2022Mitsubishi CorporationRlsd. on 11/5RevisedRlsd. on 11/5RevisedSegment Forecasts for the Year Ending March 2022Consolidated Net Income:Forecast released on November 5:Revised forecast:740.0820.0[+80.0](Billion Yen)92.0 ■ Natural GasIncreased earnings and transaction profits in the LNG-related business.■ Automotive & MobilityIncreased earnings in the Asian automotive business.102.0 [+10.0]Rlsd. on 11/533.0 Revised38.0 [+5.0]■ Industrial MaterialsIncreased earnings in the North American plastic building materials business.60.0 ■ Food IndustryIncreased earnings in the Salmon farming business.79.0 [+19.0]88.0 100.0 [+12.0]Rlsd. on 11/5RevisedRlsd. on 11/5RevisedRlsd. on 11/534.0 Revised39.0 [+5.0]■ Petroleum & ChemicalsSolutionIncreased transaction profits in the Petrochemicals business.Rlsd. on 11/519.0 Revised19.0 [-]■ Consumer Industry■ Mineral Resources340.0Rlsd. on 11/543.0 ■ Power SolutionIncreased dividend income in the Copper business and earnings in the Iron ore business, despite a decrease in transaction volumes offsetting increased market prices in the Australian metallurgical coal business. 356.0[+16.0]■ Industrial InfrastructureIncreased earnings in the Commercial vessels business.Revised43.0 [-]Rlsd. on 11/536.0 Revised36.0 [-]Rlsd. on 11/520.0 Revised27.0 [+7.0]Copyright © 2022 Mitsubishi Corporation■ Urban Development4—February 3, 2022Mitsubishi CorporationForeign Exchange, Commodity Prices and Interest Rates(Reference) Market ConditionsForecast for the year endingMarch 2022(Released Nov. 5)Forecast for the year endingMarch 2022*(Revised)FluctuationNine monthsendedDecember2021Consolidated Net Income Sensitivitiesfor the year ending March 2022[For crude oil and copper price, preliminary sensitivities at this time are shown for reference, since there is a possibility of significant revision due to changes in production levels, etc.]109.91111.61+1.70（Jan-Mar:113.00）111.14Depreciation/appreciation of 1 yen per US$1 has a 3.5 billionyen positive/negative impact on full-year earnings.6060±0579,017[409]9,502[431]（Jan-Mar:[417]）+485[+22]9,587[435]0.090.07(0.02)0.060.170.16(0.01)0.15increases/reduces full-yearA US$1 rise/decline per barrelearnings by 2.5 billion yen.To better account for the differences in fiscal year-ends ofconsolidated companies and the timing when crude oil price isactually reflected in LNG sales price, the average price for thepreceding six-month period (e.g. For the year ending March:average price from Oct. to Sep.) is utilized.In addition to changes in crude oil price, other factors couldalso affect crude oil-related earnings, such as dividend policy,foreign currency movements, and production/sales volume.Therefore, the impact on earnings cannot be determined bythe crude oil price alone.A US$100 rise/decline per MT increases/reduces full-yearearnings by 1.3 billion yen (A US¢10 rise/decline per lbincreases/reduces full-year earnings by 2.8 billion yen).In addition to changes in copper price, other variables affectearnings from copper mines, such as the grade of mined ore,the status of production operations, and reinvestment plans(capital expenditure). Therefore,the impact on earningscannot be determined by the copper price alone.The effect of rising interest rates is mostly offset by anincrease in operating and investment profits. However, a rapidrise in interest rates could have a temporary negative effect.ForeignExchange(YEN/US$)Crude Oil Price (Dubai)(US$/BBL)Copper Price(US$/MT)[US￠/lb]YEN InterestTIBOR 3M(%)US$ InterestLIBOR 3M（％）* The annual average is shown for the forecast for the year. Revised from the forecast released on Nov. 5 based on market price updates.(However, crude oil price figures are the actual results, as the price for the preceding six-month period is utilized.) Copyright © 2022 Mitsubishi Corporation5