Correction* on August 16, 2022
* The notation of fiscal year in the script on page 26 has been corrected or unified (underlined and highlighted in red).
(1) At line 13(2) At line 17(3) At line 20

This is Takahiro Yanai, President & CEO of Mitsubishi HC Capital. Thank you for taking
the time out of your busy schedules to attend today’s financial results briefing.
As was done in the previous fiscal year, this briefing will be held online via Webcast.
Thank you for your cooperation.
Today, in reference to the “Financial Results for the Fiscal Year Ended March 31, 2022”
material, a summary of the financial results for FYE3/2022 and updates of theperformance of each segment will be given by Mr. Inoue, Head of the Treasury &Accounting Division, Director, Senior Managing Executive Officer. Afterward, I will givefinancial forecasts for FYE3/2023 and explain the “Medium- to long-term management
direction”.
Before the detailed explanation, I will provide some opening words outlining theoverview of the results. Please look at “Highlights” on page 2 of the material.

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As to the first point, our FYE3/2022 results have exceeded the forecasts by 4.4 billion
yen, with a net income of 99.4 billion yen. Thanks to this, we plan to increase our annual
dividend per share by 2 yen over the initial forecast to 28 yen.
Regarding the second point, our net income forecast for FYE3/2023 is 110.0 billion yenthat is the record-high earnings for us. The dividend per share is estimated to be 31 yen,up 3 yen YOY in line with our expected target for the payout ratio of approx. 40% during
the period of the new Medium-term Management Plan scheduled to start in April 2023.
Then, in the bottom, the third point is about the Medium- to long-term management
direction. Since last autumn, ahead of the formulation of the new Medium-termManagement Plan, we, in particular the management members, have had many
discussion about our “10-year Vision” and the Medium- to long-term management
direction which shows how we achieve our 10-year Vision. I will provide the essence ofthe direction later on.
Now, Mr. Inoue, the floor is yours.

2This is Director Inoue. I extend my gratitude to all of you for taking the time to attend ourfinancial results briefing today.
Now, I would like to provide a summary of “Financial Results in FYE3/2022” and“Segment Updates”.
For the results for FYE3/2021, please note that the Hitachi Capital (“HC”) figures (IFRS
basis) were converted into J-GAAP basis in a simplified manner and added to the
Mitsubishi UFJ Lease & Finance (“MUL”) figures, thus the figures are used as reference
values.
First, please look at page 4.

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I will explain the financial results.
At the top of the table, the column marked “a” is a summated reference value for the twocompanies in FYE3/2021. To the right under “b” colored in orange, we have theFYE3/2022 figures which have been announced today. To the right of that, from columns“c” to “e”, we have the YOY change, exchange rates effects, and the YOY change as apercentage.
First up, Gross Profit on row 2 increased by 38.8 billion yen YOY, or 13.1%, to 334.6
billion yen. This is thanks to the business growth mainly in Europe and the U.S., and theincrease of gains on sale of assets in the Aviation, etc.
Net Income on row 5 increased by 12.2 billion yen YOY, or 14%, to 99.4 billion yen. Thisis thanks to the sale of strategic shareholdings in 1Q in addition to the increased grossprofit, along with other factors, despite increases in credit costs in the infrastructurerelated businesses, Customer Business, and Aviation.
We achieved YOY increases in each income and profit, and the net income isapproaching the level of 101.4 billion yen, which was a simple summation basis of MUL’sand HC’s figures for FYE3/2020 that was just before the COVID-19 pandemic.
New Transactions Volume on row 6 increased by 246.3 billion yen YOY, or 10.9%, to2.5078 trillion yen, thanks to increases in new transactions volume in Europe and the
U.S. mainly in Account Solution.
As for Total Segment Assets on row 7, the increases in new transactions volume andconsolidation of major U.S. marine container leasing company, CAI, into a wholly owned
subsidiary, compounded with exchange rates effects from the trend of a weakening yen,
led to a YOY increase of 740.4 billion yen, or 8.6%, to 9.3453 trillion yen.
Next, please move on to page 5.

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I will explain the factors for the change in Net Income Attributable to Owners of the
Parent using this waterfall chart.
The leftmost bar represents the 87.1 billion yen, reference value for FYE3/2021.
The rightmost bar is the 99.4 billion yen for FYE3/2022. In the middle are the factors forthe increase and decrease. Please be advised that (1) through (5) are based on figures
before tax, and the final net income is calculated after deducting taxes, etc. shown in (6).
Item (1), Business Growth, shows an increase of 34.2 billion yen YOY. This is thanks to
the growth in European and U.S. subsidiaries in Account Solution and in the marine
container leasing business under the Logistics, as well as factors such as gains on salesin Aviation.
Item (2), Extraordinary Income/Loss, marks an increase of 9.7 billion yen YOY. This isthanks to the posting of sales gains on strategic shareholdings.
Item (3), Credit Costs, resulted in an increase of 9.4 billion yen, this is due to the postingof expenses on payment deferrals by some customers for transactions related to theinfrastructure, which is included in Others, Customer Business, and Aviation.
Item (4), Expenses Related to the Business Integration, has declined 2.1 billion yen YOY.
This is mainly thanks to the absence of due diligence expenses posted in FYE3/2021,
which amounted to 8.2 billion yen, despite the posting of expenses related to the tradename change and to systems and others, totaling 6.1 billion yen.
Item (5), Operating Expenses excluding the expenses related to the business integration,
increased 15.0 billion yen YOY. This is mainly because of the expenses associated withthe promotion of business activities primarily in overseas subsidiaries, and the 1.5 billion
yen posted for the acquisition cost of a U.S. marine container leasing company CAI.
Item (6), Others, increased 9.3 billion yen YOY due mainly to an increase in taxes.
The above has resulted in a net income for FYE3/2022 of 99.4 billion yen, a YOY
increase of 12.2 billion yen.
Next, please turn to page 6.

5This page describes the exposures to Russia and Ukraine.
As we announced on our website on March 17, 2022, the balance of outstanding
receivables held by MHC in Russia is approximately 0.5 billion yen as of the end of April
2022. As the majority of such receivables are covered by trade insurance, we expect thatthe impact on our business is limited.
Furthermore, in the aircraft leasing and the aircraft engine leasing businesses, there are
no receivables held in Russia or Ukraine.
However, four engines, leasing to companies outside these countries, are located in
Russia as of May 13, 2022. We are currently gathering information on this matter fromlessee companies.
Russia’s invasion of Ukraine has been a factor to delay the economic recovery from the
COVID-19 pandemic, and rather than being contained to a local conflict, has had
impacts related to energy supply, financial markets and other matters all over the world.
We will keep a close eye on the situation closely, including for any indirect impacts on
our company.
Next, please turn to page 8.

67This page shows an overview of each segment.
The horizontal bar graph at the top shows the segment profit, for FYE3/2022 and for
FYE3/2021as reference values. The table in the lower half shows the status of segment
profit and segment assets for each segment.
In the subsequent pages, I will provide explanations for each segment.
Please turn to page 9.

8In “Customer Business”, segment profit increased by 7.9 billion yen YOY to 33.4 billion
yen. This is thanks to the sale of strategic shareholdings, which was executed in 1Q
aiming to replace the portfolio in line with our strategy, as well as the business growth of
U.S. sales finance company ENGS, and other factors.
Next, please proceed to page 10.

9In “Account Solution” segment profit increased by 6.9 billion yen YOY to 26.9 billion yen.
This is thanks to the business growth of subsidiaries in Europe and the U.S., and thedecrease of credit costs, among other factors.
Mainly in the Europe and the U.S., new transactions volume increased thanks to theproactive business operations using IT tools in addition to the recovery of economic
activities. Additionally, the global semiconductor shortage has led to a decline in new
vehicle production, thus increasing demand for used vehicle in Europe, so gains haveincreased on sales of vehicles, for which the leasing term matured. Thanks to these andother factors, we have seen positive trends throughout the year.
Next, please proceed to page 11.

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In “Vendor Solution”, new transactions volume increased thanks to the improvement ofinvestment demand among customers in the healthcare sector. Meanwhile the segment
profit decreased by 1.1 billion yen YOY to 3.0 billion yen due to a decline in segment
assets.
In “LIFE”, segment profit increased by 0.6 billion yen YOY to 4.8 billion yen thanks to adecrease in expenses in addition to the sale of logistics facilities.
Next, please proceed to page 12.

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In “Real Estate”, segment profit decreased by 8.8 billion yen YOY to 19.1 billion yen.
There were large gains on sales higher than usual thanks to multiple large sales inlogistics and residential assets, etc. in FYE3/2021. The decrease in segment profit in
FYE3/2022 is mainly due to the reactionary fall in the gains on sales and the absence ofcompensation received in association with a redevelopment project listed in FYE3/2021.
However, we posted large gains on sales of office assets in this 4Q by steadily capturing
revenue opportunities.

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Next on page 13, the “Environment & Renewable Energy” increased gross profit by 2.8
billion yen to 17.0 billion yen. This is mainly thanks to an increase in gains on asset sales
relating to solar power, and an increase in electricity sales revenue along with the start ofoperation of new power stations.
Segment profit remained the same YOY at 7.0 billion yen. This is mainly because of theabsence of one-time gains that were posted in FY3/2021 from the consolidation ofsubsidiaries through additional investments in solar energy-related SPCs.
Next, please proceed to page 14.

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Regarding “Aviation”, gross profit increased by 7.4 billion yen YOY to 35.0 billion yen.
This is mainly thanks to the increase in gains on sale of owned assets and the gains onsale of certain receivables from bankrupt debtors, despite the increase in expenses inrelation to the modification of terms for certain existing lease contracts and impairment
losses.
Segment profit also increased by 2.9 billion yen YOY to 5.7 billion yen mainly thanks to
the increase in gross profit, despite the increased credit costs and foreign exchange
losses.

Our aircraft leasing business has a highly liquid portfolio centering on young aged andnext-generation narrow body aircraft, and the aircraft off-leasing ratio as of the end of
March 2022 has remained low.

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Next on page 15, regarding “Logistics”, gross profit increased by 2.6 billion yen YOY to
7.7 billion yen. This is thanks to the high operating rate and the gains on sales ofcontainers in the marine container leasing business and the acquisition of U.S. marine
container leasing company CAI (for which about one month of profit and loss wereposted in this fiscal year), despite the posting of one-time expenses in connection withthe reconfiguration of the portfolio in the railway freight car leasing business, meetingchanging demands for railway freight cars in the U.S.
Segment profit increased by 0.8 billion yen YOY to 2.7 billion yen. This is because theincrease of expenses including the 1.5 billion yen for acquiring CAI was offset by theincrease in gross profit and in equity-method investment gains from Mitsubishi Auto
Leasing.
Next, please proceed to page 16.

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In “Mobility”, segment profit increased by 1.1 billion yen YOY to 1.9 billion yen, thanks to
the increase in the gain on sales of vehicles for which the leasing term matured in Japanand overseas, responding to the high demand for used vehicles on a global basis.
In “Others”, gross profit increased by 1.3 billion yen YOY to 15.3 billion yen thanks to theincrease in profits from the healthcare-related fund, etc. However, we posted segment
loss due to the posting of credit costs on payment deferrals by some customers ininfrastructure-related businesses.
Next, please proceed to page 17.

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On this page, the organizational changes enacted on April 1 of this year are shown.
We completed the integration of the Corporate Center organizations prior to thesechanges. The organizational changes at this time integrated business departments withsimilar roles and functions as much as possible in preparation for the new Medium-termManagement Plan scheduled to start in April 2023. We will formulate the new Mediumterm Management Plan based on this structure.
Furthermore, in conjunction with these organizational changes, from 1Q of FYE3/2023,
the reporting segments will also be changed. Please refer to page 18 for details on thesechanges.

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On this page, so that there is a guide to the segment asset and segment profit of eachnew segment for FYE3/2022, we have provided simply calculated figures as reference
values.
Please be advised that as reference values are based on simple calculations, they may
be amended in the future.
This concludes my (Director Inoue) part of the briefing.

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From now, I (President & CEO Yanai) would like to explain our “Financial Forecast for
FYE3/2023” and “Medium- to Long-term Management Direction”.
Before explaining about those topics, I would like to touch on the status of PMI, so
please turn to the page 31.
[Details of page 31]
The left-hand side of the slide, in the first year since the business integration, we
steadily implemented the various measures, such as the development of systeminfrastructures and so on.
The right-hand side of the slide, in FYE3/2023, the second year of the integration, we
will accomplish PMI by promoting various measures, such as unifying the HR
management system, standardizing the governance measures on consolidated basis
and implementing measures to materialize sales synergies.
Please flip back to page 20.

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I will now explain the “Financial Forecast for FYE3/2023”. In the center of the table in thelower half, the “FYE3/2023” row colored in orange is the financial forecast for FYE3/2023.
The left-hand side of the FYE3/2023 row are the financial results for FYE3/2022.
As written at the top, in FYE3/2023 there will be growth in each business andcontributions to consolidated income by CAI, which was made a wholly owned subsidiary
in FYE3/2022. Additionally, credit costs and impairment loss will be decreased. Thus, we
believe that the net income attributable to owners of the parent is estimated to be 110.0
billion yen, up 10.5 billion yen YOY.

The net income of 110.0 billion yen will, as shown on the graph in the lower half of page21, along with two periods of consecutive growth, achieve our record-high level,surpassing the net income in a simple sum of the former companies before the COVID19 pandemic.
Now, please go back to page 20 and look at ROA on row 2 and ROE on row 3 of thetable.
Through increasing profits by asset allocation focused on profitability and replacing lowprofitability assets, ROA is forecast to increase by 0.1 points YOY to 1.1% and ROE is
forecast to increase by 0.2 points YOY to 8.2%.
Furthermore, regarding OHR on row 4, by steady business growth, in spite of anincrease of expenses associated with the promotion of business activities, we estimate it
to improve by 0.5 points YOY down to 54.1%.
Please look at the dividend per share on row 5 of the table. We estimate a dividend pershare for FYE3/2023 of 31 yen, up 3 yen YOY.
For details of the dividend, I will explain it a little more later on page 23.
Please look at page 22.

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The factors for increases and decreases versus FYE3/2022 to reach the net income
forecast of 110.0 billion yen are shown in this waterfall chart.
Firstly, please look at the orange sections, which are “positive factors” in income.
Regarding Item (1), Business Growth, there will be a YOY increase of approx. 43.0
billion yen. This is thanks to the growth of businesses and the consolidation of CAI, theU.S. marine container leasing company that became our wholly owned subsidiary in
FYE3/2022.
Regarding Item (2), Credit Costs, we predict a positive profit effect of approx. 16.0 billion
yen YOY. This is thanks to a decline in credit costs in Aviation and the absence of credit
costs in infrastructure-related businesses, etc. that were posted in FYE3/2022.
Next, let’s move onto the blue sections, which are “negative factor”.
For Item (3), Operating Expenses, we forecast an increase of approx. 24.0 billion yen
YOY due to the consolidation of CAI and the promotion of business activities primarily inoverseas subsidiaries, among other factors.
For Item (4), Extraordinary Income/Loss, we forecast a YOY loss of approx. 28.0 billion
yen due to the absence of large profits on the sale of strategic shareholdings posted in
FYE3/2022, among other factors.
Item (5), Others, shows taxes, etc.
In light of the above, our net income forecast for FYE3/2023 is 110.0 billion yen, an
increase of 10.5 billion yen over YOY.
Additionally, the assumed exchange rates for the forecast for FYE3/2023 are 120 yen to
1 US dollar, 158 yen to 1 British pound, and 134 yen to 1 Euro.
Please look at page 23.

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I will now explain the Dividend Forecast for FYE3/2023.
We will return profits to shareholders by distributing dividends. We have set the dividend
forecast for FYE3/2023 in line with the expected target for the payout ratio of around
40% during the period of the Medium-term Management Plan scheduled to start in April
2023, which I will explain later. Accordingly, the FYE3/2023 annual dividend forecast is
an increase of 3 yen YOY to 31 yen per share.
Assuming a net income of 110.0 billion yen and a dividend of 31 yen per share, thepayout ratio would be 40.5%.
This concludes my explanation for the “Financial Forecast for FY3/2023”.

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Next on page 24, I would like to explain the “Medium- to Long-term Management
Direction”. Before detailed explanation of that, I will show an overview of the
management direction.
We will formulate and pursue a management plan to realize Our Mission, which is our“long-term vision”.
To pursue it, we set our 10-year Vision as a milestone to achieve in the next 10 years. It
shall serve as a “compass” to navigate ourselves to achieve Our Mission over the courseof the three Medium-term Management Plans starting from April 2023 with the first
Medium-term Management Plan.
The Medium- to long-term management direction shows how we must transform torealize our 10-year Vision.
Then, please look at page 25.

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The Basic Management Policy comprises three parts, Our Mission, Our Vision, and theAction Principles.
Our Mission is our long-term goal, Our Vision is the objectives to achieve our long-term
goal, and the Action Principles is the values and mindset to be held and the actions to betaken by each and every employee.
Our Mission and Our Vision were revealed in our financial results briefing in May 2021.
This time around, we have also formulated the Action Principles through company-wide
discussions.
The Action Principles comprise six principles shown in the bottom of page 25:“challenge”, “digital”, “communication”, “diversity”, “sustainability”, and “integrity”. These
are the principles of which all MHC group employees, including those overseas, will haveawareness, and are expressed in a simple and easy-to-understand manner.
Next, please look at page 26.

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* The notation of fiscal year has been corrected or unified on August 16, 2022.
(1) At line 13 (Original) FYE3/2023⇒ (Corrected) FYE3/2024(2) At line 17 (Original) FYE3/2025⇒ (Corrected) FYE3/2026(3) At line 20 (Original) FY2023 to FY2025 ⇒ (Unified the notation) FYE3/2024 to FYE3/2026

I will explain our 10-year Vision here.
As shown inside the pinked markup balloon on the center left of the slide, our 10-year
Vision is set as “Together we innovate, challenge and explore the frontiers of the future”
through company-wide discussions.
The meanings behind this vision are; “To achieve Our Mission, continue to be an‘innovator (who ventures into unexplored fields and creates innovation)’ who challenges
the frontiers of the future without being bound by precedents”, and “Anticipate thechanges in society and the business environment including changes in global industrial
structures, accelerating digitalization and increasing importance of sustainability, andcontinue addressing social issues that can be solved only by MHC through approaches
such as SX (sustainability transformation) and DX (digital transformation) with customers
and partners”.
With the new Medium-term Management Plan starting in FYE3/2024, or in April 2023,
set as phase one, ‘hop’, followed by the Management Plans in phase two, ‘step’, andphase three, ‘jump’, we will achieve our 10-year Vision by implementing Medium-termManagement Plans in three phases.
As the expected target for FYE3/2026 which is the final fiscal year for the Medium-termManagement Plan for the ‘hop’ phase, we set ROA of approx. 1.5%, and ROE of approx.
10%. For the expected target of payout ratio over the new Medium-term Management
Plan period from FYE3/2024 to FYE3/2026, we expect approx. 40%.
From page 27, I will explain the Medium- to long-term management direction.

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We have formulated the Medium- to long-term management direction which is shown inthe middle of the slide, considering the external environment including megatrends on
the left-hand side of the slide.
The Medium- to long-term management direction shows how we want to be recognizedby each stakeholder and how we must transform to realize Our Mission and our 10-year
Vision.
In particular, we will promote CX by organically combining “SX: Sustainability
Transformation / DX: Digital Transformation” through efforts for materiality, utilization ofdigital technology, and so on, and a “business portfolio transformation” for achieving the
optimum portfolio. Thus, we will realize our 10-year Vision.
The CX I mentioned has two meanings: “Corporate Transformation” and “Customer
Experience”. We will achieve “Customer Experience” by implementing “Corporate
Transformation”.
Please look at page 28.

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SX / DX is explained on the left side, and the business portfolio transformation is
explained on the right side.
In terms of SX, we will achieve “coexistence and co-prosperity with environmental andsocial values” and “sustainable growth” through efforts for materiality and solidmanagement base.
In terms of DX, we will achieve “creation and qualitative improvement of customer value”
by utilizing data and digital technology and making strategic investments.

In terms of “business portfolio transformation”, we will carry out the three initiatives: (I)“Developing” new businesses, (II) Shift existing businesses to high value-added services,and (III) Enhance profitability and efficiency of existing businesses.
We will increase returns by maintaining and enhancing the customer base of existing
businesses, shifting to high-value added services, and improving customer experience,in addition to developing new businesses and domains and acquire new revenue
sources by utilizing stable cash flows and the wide-ranging customer base of existing
businesses.
We will also enhance profitability and efficiency of existing businesses that create stable
cash flows.

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Next on page 29, for your reference, we identified six material issues as the priority
themes that the MHC Group should address in order for sustainable growth, andreleased them on December 22, 2021. We will materialize the business strategy andvarious measures to solve these material issues going forward.
This concludes my(President & CEO Yanai) part of the briefing.
The second year for Mitsubishi HC Capital has begun. This fiscal year is very importantfor us since we have to accomplish PMI, will seek to achieve the record-high income andwill formulate the new Medium-term Management Plan which is scheduled to start innext April in line with the Medium- to long-term management direction.
Mitsubishi HC Capital will strive to meet the expectations of stakeholders. We truly
appreciate your continuous support. Thank you very much.

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The left-hand side of the slide, in the first year since the business integration, we
steadily implemented the various measures, such as the development of systeminfrastructures and so on.
The right-hand side of the slide, in FYE3/2023, the second year of the integration, we
will accomplish PMI by promoting various measures, such as unifying the HR
management system, standardizing the governance measures on consolidated basis
and implementing measures to materialize sales synergies.
Please flip back to page 20.

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