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ContentsMitsubishi Corporation 2019

Introduction　� 　　2Corporate Philosophy / Corporate History

Global Network　� 　�　4

Organizational Structure　� 　�　6

MC Group Corporate Vision　� 　�　7

Midterm Corporate Strategy 2021　� 　�　8

Introduction to Business Groups　� 　　10

Sustainability　� 　　12

Corporate Governance and　� 　　14Internal Control System

Compliance　� 　　15

Financial Highlights　� 　　16

Management / Corporate Data　� 　　18

Mitsubishi Corporation

Mitsubishi Corporation (MC) is a global integrated

business enterprise that develops and operates

businesses with MC’s offices and subsidiaries in 90

countries and regions and approximately 1,400 group

companies around the world.

MC has 10 Business Groups that operate across

virtually every industry. These include natural gas,

industrial materials, petroleum & chemicals, mineral

resources, industrial infrastructure, automotive &

mobility, food industry, consumer industry, power

solution, and urban development. Through its 10

Business Groups, MC’s current activities have

expanded far beyond its traditional trading operations

to include collaborating with partners around the

world and getting actively involved in development,

production, and manufacturing operations in the

frontlines.

MC remains ful ly dedicated to growing i ts

businesses and aims to help enrich society while

adhering to its principle of conducting business with

integrity and fairness.

Introduction

2

The Three Corporate Principles were formulated in 1934, as the action guidelines of Mitsubishi Trading Company (Mitsubishi Shoji Kaisha), based on the teachings of Koyata Iwasaki, the fourth president of Mitsubishi.

Although Mitsubishi Trading Company ceased to exist as of 1947, the principles were adopted as MC’s corporate philosophy, and this spirit lives on in

the actions of today’s management and employees. The Three Corporate Principles also serve as the cornerstone of the management ethos of the so-called Mitsubishi group of companies. Active in many business fields and united by a common history and philosophy, the Mitsubishi companies continue to grow through a strong spirit of friendly competition with one another.

Corporate Philosophy – Three Corporate Principles

Foundation to 1970s

The 1980s to 1990s

The 2000s

2010s

Corporate History

Str ive to enr i ch soc ie ty, bo th materially and spiritually, while contributing towards the preservation of the global environment.

Maintain principles of transparency and openness, conducting business with integrity and fairness.

Expand business, based on an all-encompassing global perspective.

Corporate Responsibility to Society “Shoki Hoko”

Integrity and Fairness

“Shoji Komei”

Global Understanding Through Business

“Ritsugyo Boeki”

(The modern day interpretation of the Three Corporate Principles, as agreed on at the Mitsubishi Kinyokai meeting of the companies that constitute the so-called Mitsubishi group in January 2001.)

1954 New Mitsubishi Shoji was founded and listed on both the Tokyo and Osaka stock exchanges.

1967 Announced its first management plan.

1968 Made its first large-scale investment by committing to a large LNG (liquefied natural gas) development project in Brunei.

1971 Made “Mitsubishi Corporation” its official English name.

1986 Drew up a new management plan and new policy that shifted the company’s focus from operating transactions to profits.

1992 Announced a new management policy to reinvent the company as a “Sound, Global Enterprise.” Began placing greater focus on its consolidated operations and increasing the value of its assets.

1998 Announced “MC2000” which introduced a “Select & Focus” approach to business, strengthened strategic fields, and emphasized customer-oriented policies. The new plan was instrumental in shoring up the company’s foundations and paving the way to a prosperous future.

2001 Introduced an aggressive new blueprint for growth titled “MC2003” which involved expanding the company’s value chains, strengthening its profitability, and focusing strategies to create new businesses.

2004 Unveiled “INNOVATION 2007” which sought to establish MC as a “New Industry Innovator” by accelerating the company’s research and development activities to respond to future strategic fields.

2010 Announced “Midterm Corporate Strategy 2012” which sought to strengthen the company’s management platform based on the diversification of business models.

2016 Released “Midterm Corporate Strategy 2018” with a corporate vision to leverage MC’s ingenuity to create new business models and generate value for societies, thereby developing the highest level of management expertise.

2018 Announced “Midterm Corporate Strategy 2021.”

3

JapanSapporoSendaiNagoyaNiigataToyamaShizuokaOsakaTakamatsuHiroshimaFukuokaNaha

North AmericaNew YorkSeattleSilicon ValleyLos AngelesHoustonWashington, D.C.DallasBostonTucsonVancouverToronto

Mexico CityQuerétaro

Latin America & the CaribbeanPanama CityQuitoLimaSanta CruzBogotáSantiagoCaracasAsunciónBuenos AiresSão PauloRio de JaneiroSantosParanaguaHavana

EuropeLondonMadridParisBrussels

AmsterdamDüsseldorfMilanOsloPragueStockholmWarsawBucharestBelgradeAthensSofiaMoscowVladivostokYuzhno-SakhalinskKievAlmaty

AfricaJohannesburgDakarCasablancaAbidjanAlgiersLagosTunis

MaputoNairobiAddis AbabaDar es Salaam

Middle East & Central AsiaIstanbulAnkaraAshgabatTashkentDubaiCairoTel AvivAmmanRiyadhAl KhobarBasraDohaAbu DhabiMuscatKuwaitTehran

East AsiaUlaanbaatarBeijingGuangzhouShenzhenWuhanXiamenQingdaoShanghaiDalianChengduHong KongTaipei

Asia & OceaniaKarachiIslamabadLahoreNew DelhiMumbaiKolkataChennaiBangaloreColomboDhaka

YangonNay Pyi TawBangkokKuala LumpurSingaporePhnom PenhVientianeHanoiHo Chi Minh CityJakartaSurabayaBandar Seri BegawanManilaMelbourneSydneyPerthMount WaverleyAucklandSeoulKwangyangPohang

Location of MC Operations

North America

18 Offices and Subsidiaries433 Group Companies

Latin America& the Caribbean


The international situation is in a constant state of flux.

Recent major geopolitical changes are occurring rapidly

and have an extensive impact, which creates an increasingly

complex business environment.

As we generate significant earnings from our overseas

business activities, we remain committed to strengthening

our ability to respond appropriately to such change. Based

on this approach, it is vital that we support the growth of our

group companies and manage risk by applying real-time

information from the frontline directly to our businesses.

Information is obtained through our global network including

approximately 1,400 group companies in 90 countries and

regions around the world.

We will continue to strengthen our intelligence capability

through the integration of human networks, business

knowledge, and partnerships. Our strong global network

facilitates the discovery and development of new businesses

that will contribute to future growth.

By enhancing the quality of our global network and joining

the dots between specific intelligence and group company

management, we aim to increase the value of the MC Group.

Global NetworkMC has built a network to drive its next phase of major growth by constantly enhancing its ability to respond to change in tandem with fostering collaboration through the efficient and effective roles among MC offices and subsidiaries, group companies and the head office.

(As of January 1, 2019)

4

Head Office

Middle East & Central Asia


Europe


Africa


Asia & Oceania


East Asia


Japan


Head Office: TokyoNumber of offices in Japan: 25(including 14 annex offices)Number of offices and subsidiaries overseas: 177(including 38 project offices)

*Locations of offices and subsidiaries are marked.(excluding project offices and annex offices in Japan)*Refers to heads of MC offices and subsidiaries (excluding project offices and annex offices in Japan and overseas)

*As of December 31, 2018. Including affiliates for which subsidiaries implement consolidated accounting procedures (including MC’s 43 regional and other subsidiaries which implement consolidated accounting procedures)*MC’s 43 regional and other subsidiaries are excluded from the number of group companies listed by region on the map

Number of group companies: 1,454(1,008 consolidated subsidiaries and 446 equity-method affiliates)

5

Organizational Structure (As of April 1, 2019)

Industrial Materials Group CEO Office

Industrial Materials, Petroleum & Chemicals Administration Dept.

Carbon Div.

Steel Business Div.

Performance Materials Div.

Industrial Materials Group

Petroleum & Chemicals Group CEO Office

Industrial Materials, Petroleum & Chemicals Administration Dept.

Petroleum Div.

Petrochemicals Div.

Basic Chemicals Div.

Petroleum & Chemicals Group

Mineral Resources Group CEO Office

Natural Gas & Mineral Resources Administration Dept.

Mineral Resources Investment Div.

Mineral Resources Trading Div.

Mineral ResourcesGroup

Industrial Infrastructure Group CEO Office

Industrial Infrastructure Administration Dept.

Plant Engineering Div.

Industrial Machinery Div.

Ship & Aerospace Div.

Industrial Infrastructure Group

Consumer Industry Group CEO Office

Consumer Industry Administration Dept.

Retail Div.

Apparel & S. P. A. Div.

Healthcare & Food Distribution Div.

Logistics Business Div.

Consumer IndustryGroup

Automotive & Mobility Group CEO Office

Automotive & Mobility Administration Dept.

Automotive Business Div.

Isuzu Business Div.

Automotive & MobilityGroup

Power Solution Group CEO Office

Power Solution Administration Dept.

Environmental Business Div.

New Energy & Power Generation Div.

Power SolutionGroup

Food Industry Group CEO Office

Food Industry Administration Dept.

Food Sciences Div.

Food Resources Div.

Fresh Food Products Div.

Consumer Products Div.

Food IndustryGroup

Urban Development Group CEO Office

Urban Development Administration Dept.

Urban Infrastructure Div.

Urban Development Div.

Asset Finance Div.

Urban DevelopmentGroup

Natural Gas Group CEO Office

Natural Gas & Mineral Resources Administration Dept.

Natural Gas Div. (Asia Pacific)

Natural Gas Div.(Americas, Europe and ME)

Natural GasGroup

Internal Audit Dept.

Corporate Strategy & Planning Dept.

Audit & Supervisory Board Members’

OfficeBusiness Investment Management Dept.

Digital Strategy Dept.

IT Service Dept.

Corporate Communications Dept.

Global Human Resources Dept.

Corporate Sustainability & CSR Dept.

Corporate Administration Dept.

Legal Dept.

Global Strategy and Regional Management Dept.

Regional Market Development Dept.

Global Risk & Insurance Management Dept.

Corporate Accounting Dept.

Finance Dept.

Structured Finance, M&A Advisory Dept.

Investor Relations Dept.

Corporate Staff SectionGovernance,Nomination & Compensation

Committee

President andChief Executive

Officer

Audit & Supervisory

Board Members

General Meeting of Shareholders

Executive Committee

Audit & Supervisory

Board

Board of Directors

International Advisory

Committee

Business Strategy Committee

Management Strategy Meeting

Investment Committee

Human Resources Development Committee

Digital Strategy Committee

Compliance Committee

Sustainability & CSR Committee

Disclosure Committee

Chief Compliance Officer

*Organizational Structure of the head office

6

MC Group Corporate Vision

The MC Group Will Deliver Sustainable Growth by

Fulfilling Societal Needs

The MC Group aims to deliver sustainable growth by adapting to changes in the business

environment and fulfilling societal needs in due consideration of the United Nations'

Sustainable Development Goals (SDGs). To achieve this aim, the MC Group shall rely on

three core strengths, namely its collective capabilities to adopt a holistic view of industry,

its foresight to identify new seeds of growth, and its execution skills to germinate them.

Simultaneously generating economic value, environmental value

and societal value through our businesses

MC Group

EconomicValue

CollectiveCapabilitiesto adopt a holistic

view across numerousindustries

Foresightto identify new seeds of growth

ExecutionSkills

to achieve growth

The ThreeCorporate Principles

Corporate Responsibility to Society

Integrity and Fairness

Global Understanding Through Business

SocietalValue

EnvironmentalValue

Mission & Corporate Philosophy

● The "Three Corporate Principles" serve as the MC Group's core philosophy and underpin its commitment to fair, responsible, and global business practices.

● By pooling its collective capabilities, the MC Group strives to fulfill societal needs and meet stakeholder expectations by simultaneously generating economic, societal, and environmental value.

Adaptability

● The MC Group prides itself in adapting to our ever-evolving world, anticipating and responding to changes in geopolitical, economic and industrial landscapes, the last two of which are being increasingly driven by innovations in technology.

Consolidated Growth Strategy

● The MC Group includes approximately 1,400 enterprises, and as the MC Group works to raise their consolidated earnings, it remains equally committed to growing their individual corporate value, while simultaneously generating three values.

● By leveraging the diverse expertise found throughout its network of group companies and more than 150 Business Units, MC shall continue to innovate and inspire global industries.

● MC shall optimize its portfolio by dynamically allocating management resources based on its level of engagement in each business. Sizeable growth investments are companywide commitments to develop next-generation earnings drivers.

● The MC Group is dedicated to rearing the highest quality of management professionals, ethically grounded leaders with the foresight to identify new seeds of growth and the execution skills to germinate them.

● Regardless of how our world evolves, there will always be opportunities to deliver goods and services that meet societal needs and improve our quality of life. This recognition is the very foundation of MC's consolidated growth strategy.

7

Outline of Midterm Corporate Strategy 2021

Portfolio Strategies Aimed at Stimulating Further Growth

Our new Midterm Corporate Strategy aims

to realize triple-value growth* through MC’s

business-management model.

It will make MC more adaptable to changing

geopolitical dynamics, the transition to a digital

age and other rapid developments.

The strategy’s four sections are outlined on

the right.

By strengthening our operations in the

Services Sector and downstream businesses,

we will endeavor to stimulate more growth

in what is currently a very stable business

portfolio.

*Simultaneously generating economic value, societal value, and environmental value

Business Portfolio1

Growth Mechanisms2

HR System Reforms3

Financial Targets & Capital Policy4

External Environment

・Changing geopolitical dynamics due to “America-First” agenda in US, China’s “One‐Belt, One-Road” policy, and other factors.

・Strong US & China economies, solid Japan-West relations and growth in emerging economies countered by constant market volatility.

・Growing influence of platform companies and digitization on business models.

Internal Challenges

・Building our envisioned portfolio - one that is adaptable to changes in our operating environment.

・Stimulating triple-value growth* by actively engaging in the management of MC’s business investments.

・Developing highly skilled management professionals.

・Portfolio-Based Decision Making

・Strategy Creation Through Multi-Dimensional Portfolio Analyses

・Value‐Added Cyclical Growth Model & Improved ROE

・Enhancement of New Business Concepts & Digital Strategies

・Continuous Development of Highly Skilled Management Professionals・Redesigned Evaluation and Compensation Systems to Ensure Reciprocal Growth Between Company and Employees

・FY2021 Financial Targets: 900 Billion Yen

・Financial Discipline and Extension of Progressive Dividend Scheme

Meat, Fish &Vegetables

Grains &Food Raw Materials

Mineral Resources Natural Gas

Daily NecessitiesProcessing &

ManufacturingHealthcare

Motor VehiclesMachinery &Equipment

Steel

LNGPower Generation

Petrochemicals

Upstream

Midstream

Dow

nstream

Living Energy &Power Generation

Mobility &Infrastructure

Services (IT, Logistics, Finance, etc.)

Investment Balance (as of end of FY2017) Sectors

CommunicationsData Assets

LogisticsLeasing

RetailMobility Services

Urban DevelopmentDistributed

Power GenerationE-Commerce

Internet Services

Midterm Corporate Strategy 2021 Achieving Growth Through Business Management Model

8

Financial Targets & Capital Policy

Value - Added Cyclical Growth Model & Improved ROE

We will identify Potential Growth Sources

and nurture them into Growth Drivers and

Core Businesses by enhancing their value.

In this new cyclical growth model, even Core

Businesses will be replaced with new Growth

Driver Candidates if MC can no longer add

value to them. This will have the added benefit

of improving MC’s ROE.

By continuously growing MC’s Business-

Related Segments and making it more

competitive in Market-Related Segments,

we will aim for an even higher double-digit

ROE. We will extend the current progressive

dividend scheme, and aim to increase MC’s

dividend payout ratio from 30% to 35% in

the future.

(billion yen)

FY2016

339.5

100.2

FY2017 FY2018(Estimate)

FY2021

440.3

366.8

193.8

560.2

Double‐Digit ROE

900

392

243

640

Consolidated Net Incom

e

FY2016

80yen

FY2017 FY2018(Estimate)

FY2021

110yen 125yen

ShareholderReturns

FinancialDiscipline

Cash Out

Cash Flowfrom

Operation

Cash In

＋αYen

ProgressiveDividend125yen

Dividend Policy

● Capital Policy● Financial Target

Investment Plan・Invest as necessary regardless of

Business Group performance→ Clean break from “market-follower”

investment practice・Maintain optimal asset balance in

Business Related and Market-Related S e g m e n t s ( a t l e a s t 7 0 % i n Business-Related Segment)

Divestment Plan・Divest to generate

cash flow for new investments・Assign divestment

t a r g e t t o e a c h Business Group

Dividend for net income of 900 billion yen with dividend payout ratio of 35% will be around 200 yen/ share

We will increase MC’s shareholder returns by flexibly buying back the company’s shares in a financially disciplined manner (e.g. paying due consideration to our optimal Investment Leverage Ratio range).

Business‐RelatedSegments

650

Business‐RelatedSegments

650

Market‐RelatedSegments

250

Market‐RelatedSegments

250

New Investmentsfor Growth

New Investmentsfor Growth

Cash Flowfrom

Divestments

Cash Flowfrom

Divestments

Business Value

Time

EnhanceBusiness

Value

Growth trajectory of

operating companies

GrowthDrivers

Core Businesses

Growth Driver Candidates

Improved ROEGenerate su�cient returns as capital gains by enhancing value of businesses.→ Improve capital e�ciency from all

investments, including large scale M&As.

Cost of Capital

Traditional Investment Model(Green Field)

Cost of Capital

Invest

Invest in businesses where MC can generate added value. Build both Potential Growth Sources and Growth Drivers simultaneously.

Replace all businesses (including Core Businesses) where MC can no longer add value with new Growth Driver Candidates.

What makes MC capable of enhancing business value?→ Collective Capabilities:

To enable a holistic view of industry→ Conception Skills:

To identify Potential Growth Sources in the restructuring of industries, M&As, etc.

→ Execution Skills:To grow corporate value by actively managing the businesses

Potential Growth Sources

Potential Growth Sources

Returns(equity-method earnings÷

investment amount）

Returns(equity-method earnings÷

investment amount）

Potential Growth Sources Growth Drivers Core BusinessesOur new growth model will enhance business value through this divestment-to-reinvestment cycle

9

Introduction to Business Groups

Natural Gas Group■ Natural Gas Div.

(Asia Pacific)・Brunei Natural Gas Dept. ・Malaysia Natural Gas Dept. ・Indonesia Natural Gas Dept. ・Australia Natural Gas Dept.

■ Natural Gas Div. (Americas, Europe and ME)

・LNG Operation Dept. ・LNG Global Marketing Dept. ・Canada Natural Gas Dept. ・Americas Natural Gas Dept. ・Middle East/Africa Natural Gas Dept. ・Europe/Russia Natural Gas Dept.

Industrial Materials Group■ Carbon Div. ・Carbon Materials Dept. ・Petroleum Coke Dept.

■ Steel Business Div. ・Metal One Dept.

■ Performance Materials Div. ・Functional Chemicals Dept. ・PVC Dept. ・Housing & Construction Materials Dept.

Mineral Resources Group■ Mineral Resources

Investment Div.・Iron Ore Dept. ・MDP Dept. ・Base Metals Dept. ・Aluminium Dept.

■ Mineral Resources Trading Div.

Petroleum & Chemicals Group

■ Petroleum Div. ・Petroleum Trading Dept. ・Petroleum Products Dept. ・Utility Fuel Dept.

■ Petrochemicals Div. ・Petrochemicals Project Dept. ・Basic Petrochemicals Dept. ・Refinery Chemicals Dept. ・Plastics Dept.

■ Basic Chemicals Div. ・Chlor-Alkali Dept. ・Agriculture Solution Dept. ・Alcohol & C1 Chemicals Dept.

Industrial Infrastructure Group

■ Plant Engineering Div. ・Engineering Business Dept. ・Infrastructure & Industrial Projects Dept.

■ Industrial Machinery Div. ・Building Solutions Dept. ・Industrial Equipment Dept. ・Construction Equipment & Rental Business Dept.

■ Ship & Aerospace Div. ・Ship & Offshore Dept. ・Defense and Aerospace Dept.

10

Automotive & Mobility Group■ Automotive Business Div. ・ASEAN Automotive Dept. ・North Asia Automotive Dept.

・Europe & Russia Automotive Dept. ・Latin America, Middle East & Africa Automotive Dept. ・Automotive Retail & Mobility Service Dept.

■ Isuzu Business Div. ・Isuzu ASEAN Dept. ・Isuzu Oceania, Europe & Americas Dept. ・Isuzu India & Middle East Dept.

Food Industry Group

■ Food Sciences Div. ・Bio- Fine Chemicals Dept. ・Life Science Products Dept.

■ Food Resources Div. ・Food & Beverage Materials Dept. ・Grain, Oilseeds, and Feed Materials Dept.

■ Fresh Food Products Div. ・Marine Products Dept. ・Agricultural Produce & Dairy Products Dept. ・Livestock & Meat Products Dept.

■ Consumer Products Div. ・Global Consumer Products Dept. ・Sweetener, Starch Products & Wheat Flour Dept.

Power Solution Group■ Environmental Business Div. ・Environmental Energy Dept. ・Environment Business, R&D Dept.

■ New Energy & Power Generation Div.

・Power Service Business Dept. ・Power Systems Dept.

Consumer Industry Group

・Tire Dept.

■ Retail Div. ・Food Retail Dept. ・Retail Marketing Dept.

■ Apparel & S.P.A. Div. ・Apparel Dept. ・S.P.A. Manufacturing Dept.

■ Healthcare & Food Distribution Div.

・Food Distribution Dept. ・Paper & Packaging Dept. ・Healthcare Dept.

■ Logistics Business Div. ・Logistics Business Development Dept. ・Logistics Business Dept.

Urban Development Group

■ Urban Infrastructure Div. ・Water Business Dept. ・Transportation Infrastructure Dept. ・Global Infrastructure Dept.

■ Urban Development Div. ・Urban Development Dept. ・Asia Real Estate Development Dept. ・Real Estate Business Management Dept.

■ Asset Finance Div. ・Merchant Banking Dept. ・Leasing Business Dept. ・Aviation Business Dept.

11

Mitsubishi Corporation (MC) regards its corporate philosophy, the Three

Corporate Principles, as the cornerstone of all of its activities. With this in

mind, MC has laid out the purpose and ideals of its activities in the Corporate

Standards of Conduct, along with upholding the importance of consideration

for the global environment and respect for human rights in the Environmental

Charter and Social Charter. These concepts are guiding MC forward as it pushes

ahead with its business activities.

Midterm Corporate Strategy 2021 also re-emphasizes the need to

simultaneously generate economic, societal, and environmental value in order

to achieve growth for the MC Group through its business management model.

Specifically, MC will strive to create businesses that generate value for

societies by addressing key sustainability issues through its business activities

and contributions to society, thereby ensuring sustainable growth for the

company.

Sustainability

MC recognizes that its response to global sustainability issues will have a significant impact on its

prospects for long-term growth. Therefore, the company has identified “Themes of Key Importance

for MC’s Sustainable Growth” as a management priority and is committed to pursuing sustainable

growth in line with these themes. As part of this, MC is also endeavoring to contribute towards the

achievement of the SDGs*.* The SDGs are a collection of 17 international goals that form the basis of the 2030 Agenda for Sustainable Development which was adopted as a global priority at a UN summit held in September 2015.

The Sustainability & CSR Committee, which is chaired by the Corporate Functional Officer (in charge

of corporate sustainability) and mainly attended by the Executive Vice Presidents, discusses MC’s

basic policies regarding sustainability and CSR in general, among other matters. Moreover, the

Investment Committee reviews and makes decisions on individual loan and investment proposals

from a comprehensive perspective, considering not only economic aspects but also environmental

and social aspects.

MC established a Sustainability Advisory Committee which is comprised of eight external experts

who represent MC’s diverse stakeholder groups including NGOs, international agencies, ESG

investors and academia. The committee actively incorporates external stakeholder perspectives

into systems that utilize MC’s sustainability initiatives.

Key Sustainability Issues (Materiality)

Sustainability & CSR Committee and Investment Committee

The Sustainability Advisory Committee

Promotion Framework

Key Sustainability Issues for MC

Transitioning to a Low-carbon Society

Tackling Evolving Regional Issues

Growing Together with Local Communities

Procuring and Supplying in a Sustainable Manner

Addressing the Needs of Society through Business Innovation

Conserving the Natural Environment

Fostering Our Employees’ Maximum Potential

Economic Value

Societal Value Environmental Value

Simultaneously Generating Three Kinds

of Value

12

In 1973, MC established an office to oversee social and environmental affairs. Since

then, our employees worldwide have participated actively in long-running programs

that contribute to the communities in which we operate. MC’s corporate philanthropy is

comprised of six priority areas: the global environment, public welfare, education, culture

and the arts, international exchange & contributions, and recovery efforts for the Great East

Japan Earthquake. MC established our “DREAM AS ONE.” project in 2014 in order to expand upon our existing efforts in supporting parasports. Through sponsoring sports lessons, hosting sporting events, and conducting educational programs, the project aims to widen the field of parasports while also raising awareness and promoting greater understanding of these activities. MC provides regular courses aimed at training parasports volunteers and actively encourages employees to take part in volunteer activities which support parasports.

Shortly after the Great East Japan Earthquake and Tsunami struck in 2011, MC provided 10 billion yen in recovery support for the affected areas. In 2015, we committed to an additional 3.5 billion yen in support. MC continues to provide support and has dispatched around 4,800 MC Group employee volunteers to the region between April 2011 and December 2018. Through the Mitsubishi Corporation Disaster Relief Foundation, MC is providing scholarships for affected university students, extending recovery support grants to NPOs and other organizations taking part in restoration efforts, and taking steps to revitalize local industry and create jobs. The foundation also has a number of other projects, including a project that helps jointly manage fruit production, processing, and sales in Fukushima Prefecture along with the establishment of the Fukushima Ouse Winery which specializes in producing wines and liqueurs.

Mitsubishi Corporation Disaster Relief Foundation Website: https://mitsubishicorp-foundation.org/en/

Philanthropic Activities

This camp for single mothers and their children provides the

opportunity for participants to experience the great outdoors.

Held since 1974, the camp is run by MC Group staff members

who volunteer as camp counselors.

Friendship Camp for Mothers and Children

Great East Japan Earthquake Restoration Efforts

The MC Art Gate Program was launched in 2008 to help

aspiring young individuals pursue their dreams of becoming

professional artists. MC purchases and then sells young

artists’ artwork through charity auctions, which are open to the

public, and then uses the revenue from these auctions to fund

scholarships for future artists.

Mitsubishi Corporation Art Gate Program

MC began the first experimental project in Malaysia in 1990

with the aim of regenerating tropical forest ecosystems at

an accelerated rate. Since then, the project has expanded to

locations in Brazil and Kenya.

Regeneration of Tropical Forests

Mitsubishi Corporation is an official partner of the

Japanese Para-Sports Association.

Blind marathon runner and MC staff member Yuichi Takahashi (left)

Fukushima Ouse Winery products made from fruits produced in Fukushima Prefecture (wines, ciders, and liqueurs)

13

▪In-house members (3):

Ken Kobayashi* (Chairman of the Board)

Takehiko Kakiuchi (Member of the Board, President & CEO)

Shuma Uchino (Senior Audit & Supervisory Board Member)

*Committee Chairperson

*Committee Chairperson

▪In-house members (3):

Ken Kobayashi* (Chairman of the Board)

Takehiko Kakiuchi (Member of the Board, President & CEO)

Kanji Nishiura (Member of the Board, Executive Vice President)

▪Outside members (8):

Professor Joseph S Nye(Harvard University Distinguished Service Professor and Sultan of Oman Professor (U.S.A.))

Ratan N Tata (Chairman, Tata Trusts (India))

George Yeo (Chairman of Kerry Logistics Network (Singapore))

Jaime Augusto Zobel de AyalaⅡ(Chairman and CEO, Ayala Corporation (the Philippines))

Niall FitzGerald KBE (Former CEO & Chairman, Unilever (Ireland))

Ambassador Richard Armitage (Former Deputy Secretary of State (U.S.A.))

Akitaka Saiki (Outside Director)

Tsuneyoshi Tatsuoka (Outside Director)

Member Composition (as of April 1, 2019)

Governance, Nomination and Compensation Committee

International Advisory Committee

MC has made strengthening corporate governance on an ongoing basis

an important management concern as the foundation for ensuring sound,

transparent and efficient management. MC, based on the Audit & Supervisory

Board Member System, is thus working to put in place a corporate governance

system that is even more effective. This includes strengthening management

supervision through such measures as appointing Outside Directors and

Outside Audit & Supervisory Board Members (five Outside Directors and three

Outside Audit & Supervisory Board Members) who satisfy the conditions for

Independent Directors or Independent Audit & Supervisory Board Members,

and establishing advisory bodies to the Board of Directors where the majority

of members are Outside Directors and Outside Audit & Supervisory Board

Members as well as other experts from outside the company (Governance,

Nomination and Compensation Committee and International Advisory

Committee). At the same time, MC uses the executive officer system for prompt

and efficient decision-making and business execution.

MC’s efforts to improve and strengthen our internal control system are

ongoing in order to increase corporate value through proper and efficient

business operations in conformity with the law and our Articles of Incorporation.

The internal control system covers: compliance, financial reporting, internal

auditing and monitoring, management and storage of information, risk

management, efficient business execution, ensuring proper business in group

management, and Audit & Supervisory Board Members.

Corporate Governance and Internal Control System

Appointment/DismissalDetermination of Remuneration Parameters

Appointment and Supervision of

Executive O�cers

Proposal for discussion of important managerial matters, and report on execution of operations

Request

Advice

Report

Audit Accounting Audit

Audit/Report

Appointment/DismissalDetermination of Remuneration Parameters

Appointment/Dismissal

Audit & Supervisory Board Members

(Audit & Supervisory Board)

General Meeting of Shareholders

Executive Structure

Board of Directors Independent Auditors

Governance, Nomination and Compensation Committee

International Advisory Committee

8 In-house Directors5 Outside Directors

2 Full-time Audit & Supervisory Board Members3 Outside Audit & Supervisory Board Members

Member Composition (as of April 1, 2019)

▪Outside members (5):

Akihiko Nishiyama (Outside Director)

Toshiko Oka (Outside Director)

Akitaka Saiki (Outside Director)

Tsuneyoshi Tatsuoka (Outside Director)

Tadashi Kunihiro (Outside Audit & Supervisory Board Member)

14

MC has established various internal regulations based on the Three Corporate

Principles, MC’s guiding philosophy. These include the Corporate Standards

of Conduct and Code of Conduct. When engaging in business, officers and

employees are obligated to make compliance their top priority. MC also

introduced the post of Compliance Officer and appointed one to each Business

Group. These officers are responsible for ensuring compliance in daily business

operations.

As of the fiscal year ended March 2010, all company officers and employees

have been required to take e-learning courses, which include case studies on

the Code of Conduct. Following these courses, they must sign an agreement

stating that they understand and will adhere to the rules at all times. These

protocols have since been introduced at MC’s subsidiaries and affiliates.

Additional steps that have been taken throughout the MC Group include holding

Compliance Discussions to encourage personnel to discuss compliance issues

in each work place by using case studies (i.e. possible violations in view of the

office’s operations) and seminars, and distributing Compliance Case Study

Booklets to employees. These measures will ensure ongoing learning and

development, not only by employees and officers at MC, but by those at MC’s

subsidiaries and affiliates as well. More recently, MC released the “Mitsubishi

Corporation Anti-Corruption Guideline” with the aim of further improving our

efforts to prevent corruption, and launched the New Global Whistleblowing

System (“LUKS”), which makes it easier for employees of MC and its subsidiaries

to report compliance issues related to antitrust law and anti-bribery law.

MC’s actions are all based on this spirit of compliance; it remains an essential

factor in raising consolidated corporate value and we remain committed to

continuously upgrading and reinforcing our compliance initiatives.

ReportDirective

Report and ConsultationDirective

Report

Report and ConsultationDirective

Mitsubishi Corporation

Subsidiaries and Affiliated Companies

Appointment

Report

Directive

Report and

Consultation

(Target: Registered MC Domestic Subsidiaries)

Appointment

Chief Compliance Officer

President and CEO

Group CEO

Internal Whistleblower System

Compliance Mail Box and Helpline

Internal Audit Dept. Compliance Mail Box and Helpline

Outside Legal Counsel Compliance Mail Box and Helpline

Group Compliance Officer

Compliance Committee

Chairperson: Chief Compliance O�cer

Administration O�ce: Legal Dept. Compliance Administration O�ce

Organization Heads (BU, Division, Department, Branch, etc.)

Compliance OfficerImmediate Manager

Employees

Report and Consultation

Report and Consultation

MC Group Outside Legal CounselCompliance Mail Box and HelplineR

epor

t and

Con

sult

atio

n

Report (Web / Telephone)

Report

Global W

histleblowing S

ystem “LU

KS

”

(Notify of any breach (or potential breach) of relevant antitrust law

and anti-bribery law by M

C or MC’s subsidiaries)

Report

Audit

Employees

Au

dit

& S

up

ervi

sory

Boa

rd M

emb

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epor

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Compliance

15

Revenues And Income [IFRS]

Revenues ¥6,925.6 ¥6,425.8 ¥7,567.4

Gross profit 1,098.9 1,328.6 1,886.6

Net income (Net loss) attributable to owners of the Parent ▲ 149.4 440.3 560.2

Net income (Net loss) attributable to owners of the Parent per share (diluted) (yen) ▲ 93.68 277.16 352.44

ROE (%) ▲ 2.9 9.3 10.9

ROA (%) ▲ 0.9 2.9 3.5

Financial Position [IFRS]

Total assets 14,916.3 15,753.6 16,037.0

Equity attributable to owners of the Parent 4,592.5 4,917.2 5,332.4

Equity per share attributable to owners of the Parent (yen) 2,898.23 3,101.43 3,362.34

Cash�Flows

Operating cash flows 700.1 583.0 742.5

Investing cash flows ▲ 503.9 ▲ 179.6 ▲ 317.6

Free cash flows 196.2 403.4 424.9Dividends

Dividend per share (for the year, yen) 50 80 110

Payout ratio (%) − 29 31

2018.3 2018.32017.3 2017.32016.3 2016.3

Summary Of Segment Information (Year Ended March 31, 2018) [IFRS]

*Income from equity method investment denotes Income from investments accounted for using the equity method.*Net income denotes net income attributable to owners of the Parent.

The organizational structure of MC’s Business Groups was renewed from FY2019. For details, please see page 6 and pages 10-11.

Global Environmental & Infrastructure Business Group

Industrial Finance, Logistics & Development Group Energy Business Group Metals Group Machinery Group Chemicals Group Living Essentials Group

Revenues 85.7 billion 101.4 billion 1,239.4 billion 1,021.7 billion 876.5 billion 1,359.6 billion 2,876.4 billion

Gross profit 38.1 billion 49.9 billion 55.7 billion 452.8 billion 195.6 billion 116.2 billion 971.8 billion

Income from equity method investment 37.3 billion 28.3 billion 44.1 billion 33.5 billion 28.8 billion 16.2 billion 23.6 billion

Net income 44.6 billion 44.2 billion 20.3 billion 261.0 billion 85.2 billion 30.6 billion 74.7 billion

Total assets 1,045.6 billion 814.8 billion 2,074.1 billion 3,777.3 billion 1,921.1 billion 993.7 billion 4,599.8 billion

No. of employees 1,716 1,482 1,774 11,474 10,180 6,869 40,512

Mitsubishi Corporation and Subsidiaries

Billions of YenFinancial Highlights

16

Revenues Gross Profit Net Income (Net loss) and ROE Net Income (Net loss) Per Share(Diluted)

Cash FlowsDividend Per Share and Payout RatioTotal Assets and Equity

20,000.0

16,000.0

12,000.0

8,000.0

4,000.0

0

(¥ billion)

600.0

500.0

400.0

300.0

200.0

100.0

0

-100.0

-200.0

18.0

15.0

12.0

9.0

6.0

3.0

0

-3.0

-6.0

(¥ billion)

8,000.0

6,000.0

4,000.0

2,000.0

0

(¥ billion)

2,000.0

1,500.0

1,000.0

500.0

0

(¥ billion)

400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0

-50.00

-100.00

(¥)

(¥ billion)（dividend, ¥）（％）

(%)

Dividend per share Payout ratio

50.00

29

80.00

110.00

31

Total assets Equity

16.3 17.3 16.3 17.3 18.3 16.3 17.3 16.3 17.3 18.3

16.3 17.3 16.3 17.3 18.3

▲149.4

▲2.9

440.3

9.3 10.9

Net Income (Net loss) ROE

700.1

196.2

403.4

▲503.9

583.0

▲179.6

Operating cash flows Investing cash flows

16.3 17.3 18.3

Free cash flows

−600.0

−400.0

−200.0

0

200.0

400.0

600.0

800.0

6,925.66,425.8

1,098.9

1,328.6

1,886.6

277.16

352.44

14,916.3

4,592.5

15,753.6

4,917.2

18.3

7,567.4

18.3

560.2

▲93.68

18.3

16,037.0

5,332.4

742.5

424.9

▲317.6

110.00

100.00

90.00

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0

38

36

34

32

30

28

26

24

22

20

18

*Net income (Net loss) denotes net income (net loss) attributable to owners of the Parent.*Equity denotes equity attributable to owners of the Parent.

17

Kanji Nishiura*

Hideaki Omiya**Chairman of the Board, Mitsubishi Heavy Industries, Ltd.

Tadashi Kunihiro*Attorney at T. Kunihiro & CO., Attorneys-at-Law

Akihiko Nishiyama**Professor, Ritsumeikan University

Ken KobayashiChairman of the Board

Shuma UchinoSenior Audit & Supervisory Board Member

Hiroshi Kizaki

Takehiko Kakiuchi*

Akitaka Saiki**

Yasuko Takayama*

Kazuyuki Masu* Iwao Toide Akira Murakoshi Masakazu Sakakida*

Toshiko Oka**CEO, Oka & Company Ltd.

Ikuo Nishikawa*

Mitsumasa Icho

Tsuneyoshi Tatsuoka**

Members of the Board

Audit & Supervisory Board Members

* Indicates a Representative Director.** Indicates an Outside Director as provided

for in Article 2-15 of the Companies Act.

* Indicates an Outside Audit & Supervisory Board Member as provided for in Article 2-16 of the Companies Act.

Management (As of April 1, 2019)

18

Mitsubishi Corporation Website

MC Library

For more details about Mitsubishi Corporation’s business, CSR and environmental activities, investor relations and career information, please visit our website.

This page contains additional resources, including our corporate profile video, an outline of our history, an overview of our social contribution activities and examples of company ads.

https://www.mitsubishicorp.com/jp/en/mclibrary

https://www.mitsubishicorp.com/global

Corporate Data (As of March 31, 2018)

Company NameMitsubishi Corporation

Date EstablishedJuly 1, 1954 (Date Registered: April 1, 1950)

Capital¥204,446,667,326

Shares Of Common Stock Issued1,590,076,851

Listed On The Following Stock ExchangesTokyo, Nagoya

Head OfficeMitsubishi Shoji Building3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8086, Japan**Registered Office of our companyMarunouchi Park Building6-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8086, Japan

Number Of EmployeesParent company: 6,129Parent company and all of its consolidated subsidiaries: 77,476

President and Chief Executive Officer

Takehiko Kakiuchi *

Executive Vice Presidents

Kanji Nishiura*Corporate Functional Officer, Global Strategy

Hidemoto MizuharaPresident, Mitsubishi Corporation (Americas) (Concurrently) General Manager, Corporate Management Support Office (Americas)

Kazuyuki Masu*Corporate Functional Officer, CFO

Takeshi HagiwaraGroup CEO, Petroleum & Chemicals Group

Shinya YoshidaCorporate Functional Officer, Regional Strategy for Japan (Concurrently) General Manager, Kansai Branch

Yutaka KyoyaGroup CEO, Consumer Industry Group

Iwao Toide*Group CEO, Automotive & Mobility Group

Akira Murakoshi*Corporate Functional Officer, Corporate Communications, Human Resources

Masakazu Sakakida*Corporate Functional Officer, Corporate Sustainability & CSR, Corporate Administration, Legal(Concurrently) Chief Compliance Officer, Officer for Emergency Crisis Management Headquarters (Japan & Overseas / New Infectious Diseases, Compliance),Person Responsible for Security Trade Control, Person Responsible for Trade Procedures Control

Mitsumasa Icho*Group CEO, Urban Development Group

Norikazu TanakaGroup CEO, Mineral Resources Group

Hidenori TakaokaCorporate Functional Officer, Business Investment Management, CDO

Kotaro TsukamotoGroup CEO, Industrial Materials Group

Katsuya NakanishiGroup CEO, Power Solution Group

Jun NishizawaGroup CEO, Natural Gas Group

Norio SaigusaGroup CEO, Food Industry Group

Aiichiro MatsunagaGroup CEO, Industrial Infrastructure Group

Senior Vice Presidents

Takajiro IshikawaSeconded to Mitsubishi Heavy Industries, Ltd. (Seconded to Mitsubishi Heavy Industries America, Inc. (Senior Executive Vice President))

Yasuteru HiraiPresident, Mitsubishi Corporation China Co., Ltd. (Concurrently) General Manager, Beijing Branch, Mitsubishi Corporation China Co., Ltd.

Tsunehiko YanagiharaEVP, Mitsubishi Corporation (Americas) [Work location: Silicon Valley]

Nodoka YamasakiDivision COO, Healthcare & Food Distribution Div.

Tatsuo NakamuraDivision COO, Automotive Business Div.

Osamu TakeuchiDivision COO, Petrochemicals Div.

Kazunori NishioDivision COO, Retail Div.

Koji KishimotoDivision COO, Food Sciences Div.

Eisuke ShiozakiDivision COO, Carbon Div.

Yoshinori KatayamaGeneral Manager, Global Strategy and Regional Management Dept.

Yoshifumi HachiyaGeneral Manager, Business Investment Management Dept.

Hisashi IshimakiGeneral Manager, Automotive & Mobility Group CEO Office

Takuya KugaDivision COO, Urban Infrastructure Div.

Yasumasa KashiwagiDivision COO, Fresh Food Products Div.

Hiroki HabaDivision COO, Petroleum Div.

Yutaka KashiwagiGeneral Manager, Power Solution Group CEO Office

Keiichi ShiobaraSeconded to Mitsubishi Corporation RtM International Pte. Ltd. (Chairman & CEO)(Concurrently) Division COO, Mineral Resources Trading Div.

Takeshi ArakawaDivision COO, Consumer Products Div.

Shigeru WakabayashiDivision COO, Isuzu Business Div.

Koichi SeriDivision COO, Mineral Resources Investment Div. (Concurrently) General Manager, MDP Dept.

Yasuhiro KawakamiSeconded to Cermaq Group AS (Chair of the Board)

Kenji OtaGeneral Manager, Natural Gas Group CEO Office

Yuzo NouchiGeneral Manager, Corporate Accounting Dept.

Masaru SaitoDivision COO, Natural Gas Div. (Asia Pacific)

Koji OtaDivision COO, Plant Engineering Div.

Executive Officers

* Represents Members of the Board

19

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