Financial Results
for the Fiscal Year Ended March 31, 2023
Mitsubishi HC Capital Inc.

May 15, 2023

Legal Disclaimer
 This presentation contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results ofoperations, financial conditions and other overall management of Mitsubishi HC Capital Inc. and/or its group companies.
 These forward-looking statements are inherently subject to a number of risks and uncertainties that could cause the actual results,
performance, achievements, financial position etc. to differ materially from the information expressed or implied by these forward-looking
statements, which is based on assumptions and beliefs in light of information currently available to the management of Mitsubishi HC
Capital Inc. at the time of publication. Accordingly, due to various risks and uncertainties, the statements are not a guarantee of future
performance or developments. We may not be successful in implementing our business strategy, and management may fail to achieve its
targets for a wide range of possible reasons.
 Amounts are rounded down in this presentation, which may cause a fractional error in total amounts. We undertake no obligation to
update or correct any forward-looking statements after the date of this presentation. The information set forth in this presentation is subject
to change without notice.
 This presentation is not intended to solicit, offer, or sell investments in any jurisdiction, and should not be the sole basis for making
investment and other decisions. The reader is cautioned not to place undue reliance on forward-looking statements.
 We assume no liability for any damage resulting from the use.
 This presentation is created in Japanese and translated into English. The Japanese text is the original and the English text is for reference
purposes. If there is any conflict or inconsistency between these two texts, the Japanese text shall prevail.

Definitions of Terms and Figures Used in this Presentation
 MHC: Mitsubishi HC Capital MUL: Mitsubishi UFJ Lease & Finance HC:

Hitachi Capital JSA: Jackson Square Aviation (Aircraft leasing company) ELF: Engine Lease Finance (Aircraft engine leasing company)

 Net Income:Net income (quarterly/annual) attributable to owners of theparent Segment Assets:“Operating assets” + “equity-method investments” +“goodwill” + “investment securities, etc.”

 CAI: CAI International (Marine container leasing company)

 BIL:

Beacon Intermodal Leasing (Marine container leasing company) DAF: Diamond Asset Finance (Share transfer completed in March 2023)

1

IndexI.

Highlights

II.

Financial Results for FYE 3/2023

III. Segment Updates
IV. Financial Forecast for FYE 3/2024
V. Appendix

2

I.

Highlights

3

Highlights
Net income for FYE 3/2023 exceeded the forecast with a record-high 116.2 billion yen.
Annual dividend per share to increase by 2 yen, beyond the forecast.
Net income for FYE 3/2023 increased by 16.8 billion yen (16.9%) YoY to a record-high 116.2 billion yen thanks to the profit
contribution from CAI, a marine container leasing company in the U.S.A. that became our wholly-owned subsidiary in
November 2021, a decrease in credit costs, and the business growth in the Americas in the Global Business segment.
This exceeds the forecast for FYE 3/2023 (net income: 110.0 billion yen) by 6.2 billion yen.

Annual dividend per share is to increase by 2 yen from the forecast (up 5 yen YoY) to 33 yen (payout ratio of 40.8%).

Net income for FYE 3/2024 is forecast to be 120.0 billion yen.
Annual dividend per share is projected to be 37 yen, increase by 4 yen YoY.


Net income for FYE 3/2024 will see a limited YoY increase up to 120.0 billion yen, due to investments aiming to realize
Our 10-year Vision and costs associated with restructuring and redefining existing businesses, in addition to the absenceof a reduction effect in tax expenses recorded in FYE 3/2023, while forecasting the growth of aviation business against the
backdrop of the recovery of passenger demand.



Annual dividend per share is projected to be 37 yen, an increase by 4 yen YoY (payout ratio of 44.3%).

Mid-term management plan (“2025 MTMP”) covering the three-year period from FYE 3/2024 wasformulated.
Financial targets at the final fiscal year of the 2025 MTMP (FYE 3/2026) are net income of 160.0 billion yen,
ROA* of approx. 1.5%, and ROE* of approx. 10%.
(For details, please refer to the release “Medium-term Management Plan for FY2023–FY2025 (“2025 MTMP”)”)* Based on net income4II. Financial Results for FYE 3/2023

5

Financial Results for FYE 3/2023
 Gross profit for FYE 3/2023 increased by 22.6 billion yen, or 6.8% YoY, to 357.3 billion yen, thanks to the profit contribution from CAI, a marine container leasing
company in the U.S.A., and other factors. Net income increased by 16.8 billion yen, or 16.9% YoY to 116.2 billion yen, thanks to a decrease in credit costs and otherfactors, despite the absence of large gains on sales of strategic shareholdings (pre-tax basis: 26.7 billion yen), which were recorded as extraordinary income in
FYE 3/2022.
 Net income for FYE 3/2023 exceeded the forecast (110.0 billion yen) by 6.2 billion yen (5.7%).

(a)

(b)

(c)=(b)-(a)FYE 3/2022

FYE 3/2023

YoY
Change(Billion Yen)(d)(e)=(c)/(a)(f)(g)=(b)-(f)Impact of Fluctuationin Exchange Rates*3

YoY
Change(%)

FYE 3/2023
Forecast

Change

1
2
3
4
5
6

Revenues
Gross Profit
Operating Income
Recurring Income
Net Income
New Transactions Volume1,765.5
334.6
114.0
117.2
99.4
2,507.8

1,896.2
357.3
138.7
146.0
116.2
2,640.6+130.6
+22.6
+24.6
+28.8
+16.8
+132.7

+66.7
+22.4
+9.0
+10.0
+7.8
+219.7+7.4%+6.8%+21.6%+24.6%+16.9%
+5.3%

110.0
-

+6.2
-

7

Total Segment Assets

9,345.3

9,632.9+287.5*5+515.2+3.1%*5

-

-

8
9
10
11
12

Dividend per Share
Payout Ratio
ROA*1
ROE*1
OHR*2

¥28
40.4%
1.0%*6
8.0%*6
54.6%

¥33
40.8%
1.1%*7
8.2%*755.8%+¥5+0.4pt+0.1pt+0.2pt+1.2pt

¥31
40.5%
1.1%
8.2%
54.1%

+¥2
+0.3pt+1.7pt*1 Based on net income*2 SG&A expenses divided by (gross profit + non-operating income/expenses), but
SG&A expenses and non-operating income/expenses do not include credit costs*3 Calculated by difference from FYE 3/2022 in exchange rates when incorporating
the financial statements in overseas subsidiaries (refer to page 31 for applied
exchange rates)*4 Exchange revaluation losses generated in the accounting process in relation toforeign currency-denominated borrowings for multiple deals booked at MHC
under Japanese Operating Leases with Call Option (JOLCO) originated fordomestic corporate investors
Note:As MHC denominates financial statements in JPY, foreign currency-denominated assets
and liabilities for JOLCO are converted into JPY. However, for accounting purposes,
while assets (aircraft) use the exchange rate as of the lease start date, the liabilities(borrowing) use the exchange rate as of the final day of the fiscal period. Therefore,
exchange revaluation losses or gains (weak yen: revaluation losses, strong yen:revaluation gains) may occur<Impact of the exchange rates on net income>The impact of the exchange rates was approx.
+5.7 billion yen including exchange revaluation
losses related to Japanese Operating Lease with
Call Option (JOLCO)*4 (approx. -2.1 billion yen).

*5 Change vs. FYE 3/2022*6 Numerator: Net income for FYE 3/2022
Denominator: Average of FYE 3/2022 equity or total assets and FYE 3/2021 equity or total assets(calculated by adding IFRS-based figures of HC to those of MUL in a simplified manner
under J-GAAP as reference figures, then making adjustments upon the integration)*7 Numerator: Net income for FYE 3/2023
Denominator: Average of FYE 3/2022 and FYE 3/2023 equity or of FYE 3/2022 and FYE 3/2023 total
assets6

Increase/Decrease Factors in Net Income
Attributable to Owners of the Parent(Billion Yen)

(2)
+21.5

(1)

(5)
+10.9

+25.9
△18.6
(3)

Net Income
+16.8

△22.9
(4)
116.2

99.4

FYE 3/2022

Business Growth*Credit Costs

OperatingExpenses

Positive Factor(Billion Yen)

Extraordinary
Income/Loss

OthersFYE 3/2023

Negative Factor
Major Factors for Changes in Net Income

FYE 3/2022

FYE 3/2023(1) Business Growth*

335.5

361.5

 Increased YoY thanks to the profit contribution from CAI, which became our wholly-owned subsidiary in
November 2021, and the business growth of subsidiaries in the Americas in the Global Businesssegment, etc.

(2) Credit Costs

35.2

13.7

 Decreased YoY thanks to a reactionary fall in the large credit costs recorded in FYE 3/2022 in the
Customer Solutions segment and a decrease in credit costs for the Aviation, Global Business, etc.

(3) Operating Expenses

183.0

201.7

 Increased YoY due to the consolidation of CAI, an increase in expenses associated with the promotion ofbusiness activities mainly in overseas group companies, etc.

(4) Extraordinary Income/Loss

30.0

7.0

 Decreased YoY due to the absence of the large gains on sales of strategic shareholdings which wererecorded in FYE 3/2022, etc., despite the posting of gains on revaluation of securities at a European
subsidiary in the Global Business segment.

(5) Others

47.8

36.9

 Decrease in taxes, etc.

(Note) Figures shown in (1) through (4) are pre-tax basis. Taxes are included in (5)* Gross profit + Non-operating income/expenses(however, non-operating income/expenses do not include gains on bad debts recovered)7

III. Segment Updates

8Increase/Decrease in Segment Profit and Assets
Segment Profit
2.2(Billion Yen)FYE 3/2022
Total：99.4

32.6

FYE 3/2023
Total：116.2
Customer Solutions

40.8

38.1

29.0

11.6

0.8

5.6

6.2

15.3

1.5
12.3

3.1

12.6

3.7
△0.6

Global Business

Environment, Energy & Infrastructure

Segment Profit
FYE 3/2022 FYE 3/2023

Aviation

Logistics

Real Estate

Mobility

Adjustments

Segment Assets
YoY

FYE 3/2022*1 FYE 3/2023

Changefrom
FYE 3/2022(Billion Yen)
Customer Solutions

32.6

38.1

+5.4

3,337.6

3,227.7-109.9Global Business

40.8

29.0

-11.8

2,316.3

2,644.2+327.9Environment, Energy& Infrastructure

2.2

11.6

+9.3

419.3

433.2

+13.8

Aviation

5.6

6.2

+0.5

1,365.1

1,640.2+275.1

Logistics

0.8

15.3

+14.5

1,026.7

1,092.9+66.1

Real Estate

12.3

12.6

+0.2

712.7

447.2

-265.4

Mobility

3.1

3.7

+0.6

129.4

41.4

-88.0

Adjustments

1.5

-0.6

-2.1

37.9

105.8

+67.9

Total

99.4

116.2

+16.8

9,345.3

9,632.9+287.5Major Factors for Changes in Segment Profit

Increased thanks to the posting of large gains on sales, the absence of large credit costs
recorded in FYE 3/2022, etc.
Decreased due to the absence of gains on sales of strategic shareholdings recorded in
FYE 3/2022, etc., despite the business growth in the Americas.
Increased thanks to increases in profits from overseas renewable energy-related equitymethod investments, a decrease in credit costs, etc.
Increased thanks to a reduction in credit costs and an increase in gains on sales ofowned assets, etc., despite increases in exchange revaluation losses related to
JOLCO*2 and impairment losses.
Increased thanks to the profit contribution from CAI, a marine container leasing
company in the U.S.A. that became our wholly-owned subsidiary in November 2021, etc.
Increased thanks to a decrease in tax expenses associated with share transfer of DAF,
while credit costs and other factors were posted for certain projects in the U.S.A.
Increased thanks to an increase in gains on sales of vehicles for which the leasing term
matured, etc., against a backdrop of the strong used car market in Japan.
-*1 Final figures (figures presented in the Financial Results for the Fiscal Year Ended March 31, 2022 and the Financial Results forthe 1st/2nd/3rd Quarter of Fiscal Year Ending March 31, 2023 are for reference)*2 Exchange revaluation losses generated in the accounting process in relation to foreign currency-denominated borrowings
for multiple deals booked at MHC under Japanese Operating Leases with Call Option (JOLCO) originated for domestic
corporate investors (refer to footnote 4 on page 6 for details)

9Customer Solutions
Major Figures (Billion Yen)

Comments
YoY*1

FYE 3/2022

FYE 3/2023

Gross Profit

116.0

116.5

+0.5

Segment Profit

32.6

38.1

+5.4

New Transactions Volume

958.0

933.2

-24.8

Customer Finance*2

799.6

776.2

-23.3

Vendor Solution

158.4

156.9

-1.4

3,337.6

3,227.7-109.92,817.4

2,721.9

-95.4

520.2

505.8

-14.4

Segment Assets
Customer Finance*2
Vendor Solution*1 Segment assets figures are vs. FYE 3/2022*2 Strategic shareholdings, purchasing and sale of used products, etc. are included

Segment profit increased YoY thanks to the posting oflarge gains on sales related to real estate leasing, nonoperating income for a certain deal (insurance claim
income), the absence of large credit costs recorded in
FYE 3/2022, etc.

Segment assets decreased compared to FYE 3/2022
due to the impact of a decrease in new transactions
volume, etc.

Segment Assets of Customer Solutions by Transaction Type(FYE 3/2023)
Others5.9%
Installment/Loans
14.9%
Total
3,227.7
Billion Yen

Leasing
79.2%

10

Global Business
Major Figures*1 (Billion Yen)

Comments
YoY*2

FYE 3/2022

FYE 3/2023

Gross Profit

112.2

121.1

+8.8

Segment Profit

40.8

29.0

-11.8

Europe

15.7

17.6

+1.9

Americas

7.3

10.5

+3.2

China

-1.3

0.0

+1.4

ASEAN

1.1

2.3

+1.1

Others

17.9

-1.6

-19.6

1,109.0

1,300.7+191.6

Europe

635.3

729.7

+94.3

Americas

301.3

393.7

+92.4

China

94.9

65.8

-29.1

ASEAN

77.4

111.4

+33.9

Others---2,316.3

2,644.2+327.9Europe1,157.2

1,310.7+153.4

Americas

718.7

934.8

+216.0

China

221.7

162.1

-59.5

ASEAN

214.3

234.5

+20.2

Others

4.3

2.0

-2.3

New Transactions Volume

Segment Assets

Gross profit increased YoY thanks to the business growth ofsubsidiaries mainly in the Americas.



Segment profit decreased YoY due to the posting of a loss fromrevaluation of strategic shareholdings, the absence of large
gains on sales of strategic shareholdings which were recorded
in FYE 3/2022, etc., despite factors contributing to profit
increase such as a decrease in credit costs and posting ofgains on revaluation of securities at a European subsidiary.



Segment assets increased compared to FYE 3/2022 thanks toan increase in new transactions volume in Europe and theAmericas, the impact of the exchange rates, etc.

Segment Assets of the Global Business*1 by Region(FYE 3/2023)

China
6.1%

Others
0.1%
ASEAN
8.9%

Total
2,644.2
Billion Yen

Europe49.6%

Americas35.3%*1 As the figures are results for the Global Business segment, figures for overseas business in
the Aviation, Logistics, and other segments are not included*2 Segment assets figures are vs. FYE 3/2022

11

Environment, Energy & Infrastructure
Major Figures (Billion Yen)

Comments
FYE 3/2022

FYE 3/2023

YoY*1

Gross Profit

17.6

16.4

-1.1

Segment Profit

2.2

11.6

+9.3

New Transactions Volume

36.4

35.8

-0.6

Segment Assets

419.3

433.2

+13.8

99.5

92.9

-6.6

226.4

224.5

-1.8

90.2

113.2

+23.0

3.2

2.5

-0.6

Finance
Environment and Energy
Business
Infrastructure Business
Others

*1 Segment assets figures are vs. FYE 3/2022

(1) Renewable Capacity
in Operation

FYE 3/2022

FYE 3/2023

Change fromFYE 3/2022

1,216

1,366

+149

Solar Power*4

939

1,020

+80

Domestic*4

923

990

+67

Overseas

16

30

+13

Wind Power

273

340

+66

Domestic

190

193

+3

Overseas

83

147

+63

2

4

+2

Others

Gross profit decreased YoY due to a decrease in electricity
sales revenue from wind power generation business as a resultof wind conditions, and other factors.
Segment profit increased YoY thanks to an increase in profits
from overseas renewable energy-related equity-method
investments, gains on sales of equity interests in certain
infrastructure projects, a decrease in credit costs, and otherfactors.
Segment assets increased compared to FYE 3/2022 thanks tothe closing of large transactions in overseas infrastructurerelated projects, the impact of the exchange rates, etc.

Equity-owned Power Generation Capacity of Renewable Energy
Generation Business (FYE 3/2023)

Equity-owned Power Generation Capacity of Renewable Energy
Generation Business*2*3 (MW)

Total*4

Others0.4%

Wind Power
24.9%*2 Management figures*3 Equity-owned power generation capacity in domestic and overseas renewable energy business. The output
corresponds to the segment assets of environment and energy business and the part of infrastructure business*4 An adjustment corresponding to the equity ownership ratio was made for a certain deal
〈Change in FYE 3/2022〉
Domestic solar power: 934⇒923, Solar power total: 951⇒939, Equity-owned power total: 1,227⇒1,216(2) Including Projects underDevelopment
Others1.8%

Wind Power
29.9%

Total
1,366MW
Solar Power
74.7%

Total
1,629MW
Solar Power
68.3%

12

Aviation
Major Figures (Billion Yen)

Comments
FYE 3/2022

FYE 3/2023

YoY*1

Gross Profit

35.0

33.6

-1.4

Segment Profit

5.6

6.2

+0.5

181.3

195.6

+14.2

1,365.1

1,640.2+275.1

Aircraft Leasing (JSA)

995.1

1,203.6+208.5Engine Leasing (ELF)

299.5

366.5

+66.9

Aircraft Leasing, etc. (MHC)

70.4

70.0

-0.3

New Transactions Volume
Segment Assets

Gross profit decreased YoY due to the absence of gains
on sales of certain receivables from bankrupt debtors
recorded in FYE 3/2022 and an increase in impairment
losses, etc., despite an increase in leasing revenue andgains on sales of owned assets associated with themarket recovery.

Segment profit increased YoY thanks to a decrease incredit costs despite an increase in exchange revaluation
losses on foreign currency-denominated borrowings in
JOLCO*5.

There were no off-leasing aircraft as of the end of March2023 in our aircraft leasing business.

*1 Segment assets figures are vs. FYE 3/2022

Owned Aviation-related Assets*2*3

Owned Aviation-related Assets (FYE 3/2023)

FYE 3/2022
Number of Aircraft (JSA)
Number of Aircraft
Purchased

191
22

FYE 3/2023
199
13

Change fromFYE 3/2022
+8
-9

*4

5

-3

Average Age (JSA)

4.5 years

4.9 years+0.4 years

Average Leasing Term (JSA)

7.3 years

7.1 years-0.2 years

Number of Aircraft Engines
(ELF)

341

347

+6

Management figures
Figures before consolidated adjustments
Vs. FYE 3/2022
Exchange revaluation losses generated in the accounting process in relation to foreign currency-denominatedborrowings for multiple deals booked at MHC under Japanese Operating Leases with Call Option (JOLCO)
originated for domestic corporate investors(refer to the footnote 4 on page 6 for details)*6 Single-aisle aircraft mainly used for domestic and short-distance flights(A320 series by Airbus, B737 series by Boeing, etc.)(2) Aircraft Engine
by Region

Middle East & Others
6.5%

*4

8

Number of Aircraft Sold

(1) Aircraft Assetby Type/Region

Middle East & Others
9.5%

Others
11.6%

Total
199
Aircraft
Narrow Body*⁶
88.4%

Europe25.1%

Total Americas
38.2%
199
Aircraft

Asia/Oceania
30.2%

Europe19.0%

Total
Americas347
45.1%
Engines

Asia/Oceania
26.4%

*2
*3
*4
*5

13

Logistics
Major Figures (Billion Yen)

Comments
FYE 3/2022

FYE 3/2023

YoY*1

Gross Profit

6.9

32.1

+25.2

Segment Profit

0.8

15.3

+14.5

New Transactions Volume

74.6

55.3

-19.2

1,026.7

1,092.9+66.1

Marine Containers

736.5

793.0

+56.5

Railway Freight Cars

223.2

256.8

+33.6

Shipping

66.9

43.0

-23.9

Segment Assets

Segment profit increased YoY thanks to the full-year
profit contribution from CAI, a marine container leasing
company in the U.S.A. that became our wholly-owned
subsidiary in November 2021, the steady performanceof BIL, etc.

Segment assets increased compared to FYE 3/2022
thanks to the impact of the exchange rates, etc.,
despite the decline in owned fleets as a result of salesof used marine containers.

*1 Segment assets figures are vs. FYE 3/2022

Owned Logistics-related Assets*2

Trend of Marine Container Fleet (TEU 1,000)*5

FYE 3/2022

FYE 3/2023

Change fromFYE 3/2022

Marine Container Fleet(TEU 1,000*3)

3,492

Marine Container Fleet(CEU 1,000*4)

3,701

3,610

-90

Number ofRailway Freight Cars

21,81822,654

+836

3,412

-80

*2 Management figures*3 TEU: Twenty Foot Equivalent Unit (unit equivalent to the capacity of a 20-feet long container)*4 CEU: Cost Equivalent Unit (Conversion unit for various container volumes, calculated on thebasis of 1 CEU = average historical price of a newly built 20-foot dry container)

2,766
1,465

3,203

2,980

1,688

1,611

1,300

1,368

1,515

FYE 3/2019

FYE 3/2020

FYE 3/2021

BIL

CAI

3,492

3,412

FYE 3/2022

FYE 3/2023

BIL+CAI*5 The figures of CAI for FYE 3/2019 through FYE 3/2021 are pre-acquisition figures provided
for reference

14Real Estate
Major Figures (Billion Yen)

Comments
FYE 3/2022

YoY*1

FYE 3/2023

Segment Profit

26.6
12.3

24.9
12.6

-1.6
+0.2

New Transactions Volume

116.2

87.9

-28.2

Segment Assets

712.7
145.7
121.2
24.5
56.8
39.6
17.2

447.2
145.2
120.7
24.5
55.1
37.1
18.0

-265.4
-0.5
-0.5
0.0
-1.7
-2.5
+0.8

193.0

157.1

-35.8

Gross Profit

Securitization (Debt)

Domestic*2
Overseas
Securitization (Equity)

Domestic*2
Overseas
Real Estate Revitalization
Investment
Real Estate Rental
Business
Other Real Estate Finance

85.5

71.9

-13.6

231.4

17.7

-213.6*1 Segment assets figures are vs. FYE 3/2022*2 The amount is booked by the Real Estate Business Department



Gross profit decreased YoY due to the posting of a market
valuation loss on a certain project in the U.S.A.
Segment profit increased YoY thanks to a decrease in tax
expenses associated with the share transfer of DAF, etc., while
credit costs were posted for another project in the U.S.A., inaddition to the above.
Segment assets decreased compared to FYE 3/2022 due tothe impact of the deconsolidation associated with sharetransfer of DAF, etc.

Amount of Equity Contribution for Domestic Securitization/
Real Estate Revitalization Investment*3*4 (FYE 3/2023)(1) By Asset Type
Residence
3.0%

Others
11.0%

Logistics
16.3%

Amount of Equity Contribution for Domestic Securitization/
Real Estate Revitalization Investment*3*4 (Billion Yen)FYE 3/2022

FYE 3/2023

Change fromFYE 3/2022

124.2

109.1

-15.1

Domestic Securitization

33.6

29.4

-4.2

Real Estate Revitalization
Investment

90.5

79.7

-10.8

Total



Office
26.2%

Total
109.1
Billion Yen

Commercial
Facility
18.9%

Hotel
24.6%

(2) By Region
NagoyaMetropolitan
District
9.3%

Others
10.5%

Total
109.1

Osaka Billion Yen
Metropolitan
Tokyo
District
Metropolitan
23.6%
District
56.6%*3 Management figures (total of equity investment in domestic securitization/
real estate revitalization). The figures are not equal to the equity balance of segment assets
because some investees are consolidated subsidiaries and investment and capitalare offset in financial accounting*4 Relevant segment assets for domestic securitization are 39.6 billion yen for FYE 3/2022
and 37.1 billion yen for FYE 3/2023. Those for real estate revitalization investment are
193.0 billion yen for FYE 3/2022 and 157.1 billion yen for FYE 3/2023

15

Mobility
Major Figures (Billion Yen)

Comments
FYE 3/2022

FYE 3/2023

YoY*1

Gross Profit

8.2

9.0

+0.7

Segment Profit

3.1

3.7

+0.6

New Transactions Volume

31.9

31.8

-0.1



Segment profit increased YoY thanks to an increase ingains on sales of vehicles for which leasing term matured
against a backdrop of the strong used car market in Japan,
an increase in profit from equity-method investments, etc.

Segment assets decreased compared to FYE 3/2022 dueto the impact of deconsolidation of Mitsubishi HC Capital
Auto Lease associated with reorganization of groupcompanies.

Business Integration of Mitsubishi HC Capital Auto Lease and
Mitsubishi Auto Leasing
129.4

Segment Assets

41.4

-88.0



On April 1,2023, the merger of Mitsubishi HC Capital Auto
Lease (“CA”) and Mitsubishi Auto Leasing (“MAL”) wascompleted (MAL, which is an equity-method affiliate, is thesurviving company).



As a part of the merger proceedings, CA was changed froma consolidated subsidiary to an equity-method affiliate in
March 2023. The impacts on our financial results are below.

*1 Segment Assets figure is vs. FYE 3/2022

FYE 3/2022

Number of Operational Vehicles*2 (Unit: 1,000)
FYE 3/2022
Number of Operational
Vehicles*3

358

FYE 3/2023

355

Change fromFYE 3/2022-2

Gross Profit
Segment Profit
New Transactions
VolumeSegment Assets

FYE 3/2023

Full-year results of CA were fully incorporated

Results as of the end of
the fiscal year were fully
postedInvestments of MHC in
CA were posted as
equity-method
investments*2 Management figures*3 Including the number of operational vehicles of equity-method affiliates

16IV. Financial Forecast for FYE 3/2024

17

Financial Forecast for FYE 3/2024


Net income for FYE 3/2024 will see a limited YoY increase up to 120.0 billion yen, due to investments aiming to realize Our
10-year Vision and costs associated with restructuring and redefining existing businesses, in addition to the absence of
reduction effect in tax expenses recorded in FYE 3/2023, while forecasting the growth of aviation business against the
backdrop of the recovery of passenger demand.



ROA*1 in FYE 3/2024 is estimated to remain flat YoY and ROE*1 is estimated to be 7.8%, down 0.4pt YoY, due to the impactof the exchange rates.

We estimate the annual dividend per share of 37 yen, up 4 yen YoY (interim dividend:18 yen, year-end dividend: 19 yen) andthe payout ratio of 44.3%.
FYE 3/2023

FYE 3/2024*2*3

YoY Change(%)

1

Net Income Attributable to Owners of the
Parent (Billion Yen)

116.2

120.0

+3.7
(+3.2%)

2

ROA*1

1.1%

1.1%

-

3

ROE*1

8.2%

7.8%

-0.4pt4

Dividend per Share〈Payout Ratio〉¥33〈40.8%〉¥37〈44.3%〉+¥4〈+3.5pt〉*1 Based on net income*2 Forecast as of May 15, 2023
*3 The assumed foreign exchange rates are $1=¥130, £1=¥160

18

Transition of Major FiguresMid-term management plan (“2025 MTMP”) covering the three-year period from FYE 3/2024 was formulated.

Financial targets at the final fiscal year of 2025 MTMP (FYE 3/2026) are net income of 160.0 billion yen, ROA *1 of approx.
1.5%, and ROE*1 of approx. 10%.

Transition of Net Income*2 and ROE*1*2

8.8%

approx.10%

9.1%

8.9%
8.0%

7.3%

8.2%

8.0%

7.8%

ROE*1*2
Net Income*2(Billion Yen)

86.0

95.7

88.1

101.4

87.3

99.4

FYE 3/2017

FYE 3/2018

FYE 3/2019

FYE 3/2020

FYE 3/2021

FYE 3/2022

116.2

120.0

FYE 3/2023

FYE 3/2024(Forecast)

FYE 3/2017 FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023 FYE 3/2024*4

CAGR+11.2%

160.0(Compared to
FYE 3/2023)･･･

FYE 3/2026(Final Fiscal
Year of MTMP)

YoY(Change)

FYE 3/2026(Final Fiscal Yearof MTMP)1

Net Income*2 (Bn Yen)

86.0

95.7

88.1

101.4

87.3

99.4

116.2

120.0

+3.7

160.0

2

ROA*1*2

1.0%

1.1%

1.0%

1.0%

0.9%

1.0%

1.1%

1.1%

-

Approx. 1.5%

3

ROE*1*2

8.8%

9.1%

8.0%

8.9%

7.3%

8.0%

8.2%

7.8%

-0.4ptApprox. 10%

4

Dividend per Share*3

¥13.0

¥18.0

¥23.5

¥25.0

¥25.5

¥28.0

¥33.0

¥37.0

+¥4.0

-

5

Payout Ratio*3

21.8%

25.2%

30.4%

31.5%

41.1%

40.4%

40.8%

44.3%

+3.5ptMore than 40%*1 Based on net income*2 Figures for FYE 3/2017 to FYE 3/2021 are simple sums of MUL’s (net income attributable to owners of the parent under
J-GAAP) and HC’s (net income attributable to owners of the parent under IFRS)*3 MUL’s results from FYE 3/2017 to FYE 3/2021*4 The assumed foreign exchange rates for FYE 3/2024 are $1=¥130, £1=¥160

19

Increase/Decrease in Net Income
Attributable to Owners of the Parent (Forecast)
(1)
+28.0

(Billion Yen)

Net Income
+3.7

0.0
(2)

△11.0

△2.0

(3)

(4)

△11.0
(5)
120.0

116.2

FYE 3/2023(Actual)Business Growth*Credit Costs

OperatingExpenses
Positive Factor

Extraordinary
Income/Loss

OthersFYE 3/2024(Forecast)

Negative Factor

Major Factor for Changes(1) Business Growth* Growth of aviation business against the backdrop of the recovery of passenger demand, etc.

(2) Credit Costs

 Remain flat YoY(3) Operating Expenses

 Increases in investments aiming to realize Our 10-year Vision and in expenses associated with promotion of business activities(4) Extraordinary Income/Loss Decrease YoY due to the posting of expenses and other factors associated with restructuring and redefining existing
businesses, despite one-time gains on the acquisition of the 100% ownership of CenterPoint Development, real estate-related
businesses(5) Others

 Absence of reduction effect in tax expenses posted in FYE 3/2023(Note 1) Figures shown in(1) through (4) are pre-tax basis. Taxes are included in (5)(Note 2) Because of rounding, sum of the figures (1) to (5) do not match the amount of an increase in net income (3.7 billion yen)
* Gross profit + Non-operating income/expenses(however, non-operating income/expenses do not include gains on bad debts recovered)

20

Dividend Forecast for FYE 3/2024
We will return profits to shareholders by distributing dividends and sustainably increase the total amount of dividend payment
through profit growth.
Payout ratio during 2025 MTMP is targeted to be more than 40%. Annual dividend per share for FYE 3/2024 is forecast to be
37 yen, up 4 yen YoY.
Assuming net income of 120.0 billion yen and dividend per share of 37 yen, the payout ratio is estimated to be 44.3%.

Transition of Dividend

57.4%
44.3%
41.1% 40.4% 40.8%

30.4%

31.5%

25.2%
20.7%

PayoutRatio*

17.4% 15.5%

18.9% 19.2% 20.0%

21.8%

16.0%

11.1%
37.0
33.0
Dividend per Share*
（Yen）

4.2

23.5

25.0

25.5

28.0

18.0

4.6

4.8

5.0

6.0

6.5

8.0

9.5

12.3

13.0

FYE 3/2008 FYE 3/2009 FYE 3/2010 FYE 3/2011 FYE 3/2012 FYE 3/2013 FYE 3/2014 FYE 3/2015 FYE 3/2016 FYE 3/2017 FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023 FYE 3/2024(forecast)* MUL’s results from FYE 3/2008 to FYE 3/2021

21

V. Appendix

22

Major PMI Measures Implemented during the Two Years after
the Integration


The tasks for the post-merger integration (PMI) process, which was planned at the beginning of the integration, wascompleted by the end of March 2023 as scheduled.

Management resource synergy of about 5.0 billion yen was generated by FYE 3/2023, and the amount is estimated to be
10.0 billion yen by FYE 3/2024 as initially planned.
Organization/Staff

Group Governance Simplified organization structure in MHC
 Integrated group companies of the same business domain or sector

 Formulated and instilled the consolidated management philosophy

 Distributed management resources by allocating staff members

IT SystemsHR Unified HR management systems (evaluation and salary system,
attendance system, etc.)

 Unified recruitment and education systems

 Completed exit from the former HC system in accordance with TSA* Integrated intranet and workflow systems

Synergy Management resource synergy ： Reduced SG&A expenses and unified overlapping operations
 Sales synergy： Strengthened cross-selling and sales financing through global collaboration
 Investment synergy： Acquired CAI and established a JV with Kasumigaseki Capital* Transition Service Agreement

23

Medium- to Long-term Management Direction(announced in May 2022): Implementing CXAchieve Our 10-year Vision by promoting CX through “SX / DX” and “Business Portfolio Transformation.”
We can achieve “Customer Experience” by implementing “Corporate Transformation.”

CX(Corporate Transformation / Customer Experience)

SX (Sustainability Transformation) /DX (Digital Transformation)

Business Portfolio Transformation
I

S
X

Achieve “co-existence and co-prosperity withenvironmental and social values” and“sustainable growth” through efforts formateriality and solid management base.
II

D
X

Achieve “creation and qualitative improvementof customer value” by utilizing data and digitaltechnologies and making strategic investments.

“Developing” new businesses
 Develop new businesses and domains andcreate new revenue sources by utilizing stable
cash flows and the wide-ranging customer
base of existing businesses.

Shift existing business to high value-added
services Shift to high value-added services bymaintaining and expanding the customer baseof existing businesses and increase returns byimproving customer experience.

Enhance profitability and efficiency of existing
III businesses Enhance profitability and efficiency of existing
businesses that create stable cash flows.

24

CX

Major Initiatives to Promote CX (From April 2022)
An Initiative Related to Renewable Energy

SX*1

SX*1

Business
portfoliotransformation

DX*2

Initiatives toward Decarbonization

SX*1

Business portfoliotransformation

 Announced the acquisition of partial stake of distributed solar power generation project in
Massachusetts, U.S.A. (May 2022)

 Started examinations together with Wastebox and Zeroboard toward the commercializationof the CO2 visualization management service that will contribute to GX (April 2022)

 Constructed a new solar power plant next to the Akita Tembinno Wind Farm completed in
September 2015 in Akita City, Akita Prefecture, and began operation as a solar and windhybrid power station (July 2022)

 Mitsubishi HC Capital Energy and Japan Exchange Group concluded a memorandum of
understanding for a joint study in the field of solar power generation (October 2022)
 Contribution to the decarbonization of the Japanese aviation industry by establishing ahydrogen value chain under a collaboration with U.S company Universal Hydrogen (UH2)and Sojitz (March 2023)©Zeroboard. Inc

Akita Tembinno Wind Farm / Akita Tembinno solar hybrid power plant

Zeroboard’s dashboard (example)

Completed Logistics Facilities with Less Environmental Impact

SX*1

 Completed the construction of CPD Nagoya Minato in Nagoya City, a multi-tenant
logistics facility focusing on reducing environmental impact (May 2022)
 Completed the construction of CPD Nishiyodogawa in Nishiyodogawa Ward, Osaka City,a logistics facility focusing on reducing environmental impact (September 2022)

UH2’s hydrogen fuel cell-powered aircraft

Development of New Businesses by Promoting DX

DX*2

Business Portfolio
Transformation

 Acquired a stake in a newly established subsidiary of Mitsubishi Corporation. The
subsidiary undertakes warehouse DX operations developed by Mitsubishi Corporation(July 2022)
 Closed a capital tie-up agreement with Connected Robotics, which is engaged in researchand development of robot services for the food industry (December 2022)

Business Portfolio Transformation in Real Estate Segment

Business portfoliotransformation

 Aiming to concentrate resources on focused businesses in the real estate segment and to
improve profitability in the segment, we transferred shares of Diamond Asset Finance,
which mainly operates residential real estate-related financing (share transfer completed
in March 2023)

CPD Nagoya Minato

CPD Nishiyodogawa

 Acquired a 100% stake in Center Point Development, a group company engaging in thedevelopment of logistics facilities and asset management business specializing in logistics
facilities (April 2023)*1 Sustainability Transformation*2 Digital Transformation

25

Segment Profit (by Quarter)FY

FYE 3/2022(Billion Yen)
1 Customer Solutions

2
3
4
5
6
7
8
9

1Q

2Q

3Q

4Q

FYE 3/2023
1Q

2Q

3Q

4Q

QoQ

YoY

8.3

10.0

10.3

3.9

11.2

9.3

8.1

9.3

+1.1

+5.3

Global Business
Environment, Energy& Infrastructure
Aviation

24.2

5.1

6.5

4.8

10.2

13.3

3.3

2.0

-1.2

-2.7

0.8

0.2

-2.3

3.5

1.9

3.5

2.8

3.3

+0.4

-0.1

-2.4

6.6

-1.8

3.3

-0.9

-1.8

2.8

6.1

+3.3

+2.7

Logistics

0.0

0.8

-1.2

1.1

4.6

4.5

3.1

3.0

0.0

+1.8

Real Estate

1.1

2.7

2.3

6.0

2.6

2.8

2.2

4.8

+2.5

-1.2

Mobility

0.9

0.9

0.9

0.2

1.3

1.0

0.9

0.4

-0.4

+0.2

Adjustments

0.0

0.6

0.5

0.4

0.8

-1.6

-0.8

1.0

+1.8

+0.6

Total Segment Profit

33.1

27.3

15.2

23.6

32.0

31.1

22.7

30.3

+7.5

+6.6

Notes (Pre-tax Basis)(Billion Yen)

1

Customer Solutions

FYE 3/2022
3Q: Gains on sales of owned assets: approx. JPY2.0Bn (+)
4Q: Large credit costs: approx. JPY4.0Bn (-)
1Q: Gains on sales of strategic shareholdings: JPY26.7Bn (+)

2

FYE 3/2023
1Q: Large gains on sales related to real estate leasing: approx. JPY2.0Bn (+)
Non-operating income in a certain deal (insurance claim income): approx. JPY1.0Bn (+)
2Q: Gains on revaluations of the securities held by a European subsidiary as they were excluded from the scope of applicationof the equity method: approx. JPY7.0Bn (+)
3Q: Losses on revaluation of strategic shareholdings: approx. JPY2.0Bn (-)
One-time IT-related expenses in Europe: approx. JPY1.0Bn (-)
Transient operating expenses in China: approx. JPY1.0Bn (-)

Global Business

4Q: One-time expenses arising from legal compliance in Europe: approx. JPY3.0Bn (-)
Increase in tax expenses in line with the corporate tax increase in Europe (UK) *2: approx. JPY2.0Bn (-)

3

4

Environment, Energy &Infrastructure

Aviation

2Q: Market valuation losses in the infrastructure business: approx. JPY2.0Bn (-)

1Q: Increases in profit from equity-method investment in a wind power generation project in Europe: approx. JPY1.0Bn (+)

3Q: Credit costs relating to the infrastructure business: approx. JPY4.0Bn (-)

2Q: Sales of equity interest in certain projects in the infrastructure business: approx. JPY2.0Bn (+)

4Q: Gains on sales of owned assets: approx. JPY3.0Bn (+)

4Q: Gains on sales of owned assets: approx. JPY3.0Bn (+)

1Q: Expenses related to modification of terms for certain existing contracts: approx.
JPY2.0Bn (-)
Exchange revaluation losses in JOLCO*1: approx. JPY2.0Bn (-)

1Q: Exchange revaluation losses in JOLCO*1: approx. JPY3.5Bn (-)

2Q: Gains on revaluation of certain receivables from bankrupt debtors: approx.
JPY7.0Bn (+)

3Q: Exchange revaluation losses in JOLCO*1: approx. JPY1.0Bn (-)

3Q: An impairment loss on owned aircraft: approx. JPY3.0Bn (-)
4Q: Gains on sales of owned assets: approx. JPY3.0Bn (+)

5

Logistics

3Q: Expenses for the reconfiguration of railway freight car portfolio: approx.
JPY2.0Bn (-)

Real Estate

4Q: Gains on sales of owned assets: approx. JPY5.0Bn (+),
Expenses associated with bankruptcy of a certain customer: approx. JPY2.0Bn (-)
Exchange revaluation gains in JOLCO*1: approx. JPY2.0Bn (+); An impairment loss on owned aircraft: approx. JPY1.0Bn (-)
1Q: Gains on sales of owned assets: approx. JPY1.0Bn (+)
3Q: Impairment losses on the replacement of railway freight car portfolio: approx. JPY2.0Bn (-)

4Q: Expenses for the reconfiguration of railway freight car portfolio: approx.
JPY3.0Bn (-)
2Q: Gains on sales of owned assets: approx. JPY2.0Bn (+)

6

2Q: An impairment loss on owned aircraft: approx. JPY4.0Bn (-)
Exchange revaluation losses in JOLCO*1: approx. JPY3.0Bn (-)

3Q: Gains on sales of owned assets: approx. JPY2.0Bn (+)
4Q: Gains on sales of owned assets: approx. JPY9.0Bn (+)

1Q: Gains on sales of owned assets: approx. JPY4.0Bn (+); Large credit costs: approx. JPY2.0Bn (-)
2Q: Gains on sales of owned assets: approx. JPY3.0Bn (+)
3Q: Gains on sales of owned assets: approx. JPY2.0Bn (+) Impact of the transfer of DAF shares*2： approx. JPY2.0Bn (+)
4Q: Gains on sales of owned assets: approx. JPY5.0Bn (+); Market valuation losses on a certain project： approx. JPY2.0Bn (-)*1 Exchange revaluation losses generated in the accounting process in relation to foreign currency-denominatedborrowings for multiple deals booked at MHC under Japanese Operating Leases with Call Option (JOLCO)
originated for domestic corporate investors (refer to footnote 4 on page 6 for details)*2 Based on figures after tax

26

New Transactions Volume by Segment(Billion Yen)FYE 3/2022

FYE 3/2023

YoY Change

YoY Change (%)

958.0

933.2

-24.8

-2.6%

1,109.0

1,300.7+191.6+17.3%

1

Customer Solutions

2

Global Business

3

Environment, Energy &Infrastructure

36.4

35.8

-0.6

-1.8%

4

Aviation

181.3

195.6

+14.2

+7.8%

5

Logistics

74.6

55.3

-19.2

-25.8%

6

Real Estate

116.2

87.9

-28.2

-24.3%

7

Mobility

31.9

31.8

-0.1

-0.5%

8

Total New Transactions
Volume2,507.8

2,640.6+132.7+5.3%

27

Credit Costs by Segment(Billion Yen)FYE 3/2022

FYE 3/2023

YoY Change

1

Customer Solutions

7.1

-0.2

-7.4

2

Global Business

12.4

6.8

-5.6

3

Environment, Energy &Infrastructure

5.7

1.8

-3.9

4

Aviation

9.7

3.0

-6.7

5

Logistics

-0.1

0.0

0.0

6

Real Estate

0.5

2.2

+1.7

7

Mobility

0.0

0.0

0.0

8

Adjustments

-0.3

0.0

+0.3

9

Total Credit Costs

35.2

13.7

-21.5

28

Financial Performance: Profit & Loss Statement
FYE 3/2021*

FYE 3/2022

FYE 3/2023(Million Yen)
1

Revenues

2

Cost of Revenues

3

Cost of Funds

4

Gross Profit

5

SG&A Expenses

6

Personnel Expenses

7

Non-personnel Expenses

8

Allowance

9

Operating Income

10

Recurring Income

11

Extraordinary Income

12

Extraordinary Loss13

Net Income Attributable to
Owners of the Parent

1,713,891
1,418,066
92,392295,825
197,774
91,011
79,162
27,59998,051
105,419
20,591
299
87,166-

1,765,559+3.0%
1,430,898+0.9%
77,493-16.1%
334,661+13.1%
220,569+11.5%
99,286+9.1%
83,806+5.9%
37,477+35.8%
114,092+16.4%
117,239+11.2%
30,399+47.6%
388+29.8%
99,401+14.0%

1,896,231+7.4%
1,538,904+7.5%
136,656+76.3%
357,327+6.8%
218,600-0.9%
112,007+12.8%
89,735+7.1%
16,858-55.0%
138,727+21.6%
146,076+24.6%
11,350-62.7%
4,262+998.4%116,241+16.9%(Note) Percentage figures (%) in the lower column are YoY* Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis)converted into J-GAAP basis in a simplified manner, and are presented as reference values

29Financial Performance: Balance Sheet, etc.
(Million Yen)
1

Cash and Cash Equivalents

2

Total Equity

3

Total Assets

4

Segment Assets

5

Operating Assets

6

Equity-Method Investments

7

Goodwill, Investment
Securities, etc.

8

Impaired Assets

9

Allowance

10

Net Balance of Impaired Assets

11

Equity Ratio

12

ROE*2

13

ROA*2

FYE 3/2021*1(end-Mar. 2021)
603,3211,250,216
9,730,027
8,604,876
8,259,624
140,291
204,960
95,54358,06637,47612.5%-

FYE 3/2022(end-Mar. 2022)
540,942-10.3%
1,333,467+6.7%
10,328,872+6.2%
9,345,376+8.6%
9,058,273+9.7%
142,469+1.6%
144,633-29.4%
108,188+13.2%
76,791+32.2%
31,397-16.2%
12.7%+0.2pt8.0%
1.0%-

FYE 3/2023(end-Mar. 2023)
589,688+9.0%
1,551,029+16.3%
10,726,196+3.8%
9,632,966+3.1%
9,311,185+2.8%
163,109+14.5%
158,670+9.7%
99,912-7.6%
68,806-10.4%
31,106-0.9%
14.3%+1.6pt8.2%+0.2pt1.1%+0.1pt(Note) Percentage figures (%) in the lower column are vs. end of the previous fiscal year
*1 Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis)converted into J-GAAP basis in a simplified manner, and are presented as reference values*2 Based on net income

30

Financial Performance: Balance Sheet, etc. (Cont’d)(Million Yen)
14

FYE 3/2021*1(end-Mar. 2021)

Total Funding

15

Indirect Funding

16

Direct Funding

17

CP

18

Securitization

19

Corporate Bonds

20

Direct Funding Ratio

21

Long-Term Funding Ratio*2

22Foreign Currency Funding Ratio

FYE 3/2022(end-Mar. 2022)

FYE 3/2023(end-Mar. 2023)

7,633,836
4,193,928
3,439,908
643,812584,565
2,211,530-

8,066,082+5.7%
4,515,103+7.7%3,550,978+3.2%
682,593+6.0%
604,493+3.4%
2,263,891+2.4%

8,236,106+2.1%
4,846,586+7.3%
3,389,520-4.5%
559,485-18.0%
604,3020.0%
2,225,731
-1.7%

45.1%
81.5%
43.1%
-

44.0%
-1.1pt81.1%-0.4pt49.4%+6.3pt41.2%-2.8pt82.5%+1.4pt56.3%+6.9pt(Note) Percentage figures (%) in the lower column are vs. end of the previous fiscal year
*1 Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis) converted into J-GAAP basis in a simplified manner, and are presented as reference values*2 Definition of calculation was changed (Before: the denominator included corporate bonds and long-term borrowings with repayment (redemption) periods of over one year. After: corporate bonds
and long-term borrowings to be repaid (redeemed) within one year are added to corporate bonds and long-term borrowings to be repaid (redeemed) beyond one year and beyond)Exchange Rate Applied to Financial Results of Major Overseas Subsidiaries*3
Major Overseas Subsidiaries withFY Ending in December
FYE 3/2022

FYE 3/2023

Major Overseas Subsidiaries with FY Ending in MarchFYE 3/2022

FYE 3/2023

23

Exchange Rate Applied to PL$1＝JPY109.80$1＝JPY131.43£1＝JPY153.56$1＝JPY112.38£1＝JPY163.15$1＝JPY135.47

24

Exchange Rate Applied to BS$1＝JPY115.02$1＝JPY132.70£1＝JPY160.89$1＝JPY122.39£1＝JPY165.56$1＝JPY133.53*3 Major overseas subsidiaries with⇒ Average exchange rates during Jan. through Dec. applied to PL
FY ending in December
FYE 3/2022 BS: exchange rate as of end-Dec. 2021 is applied
FYE 3/2023 BS: exchange rate as of end-Dec. 2022 is applied
Major overseas subsidiaries with⇒ Average exchange rates during Apr. through Mar. applied to PL
FY ending in MarchFYE 3/2022 BS: exchange rate as of end-Mar. 2022 is applied
FYE 3/2023 BS: exchange rate as of end-Mar. 2023 is applied31

Major Companies (1)-Leasing, etc.

Mitsubishi HC Business Lease

Consolidated

Sales Finance

DFL Lease

Consolidated

Leasing, etc.

Shutoken Leasing

Consolidated

Leasing, etc.

DRS

Consolidated

Rental and leasing, etc.

Sekisui Leasing

Consolidated

Leasing, etc.

Customer
Solutions

Mitsubishi HC Capital Property

Consolidated

Real estate leasing

Mitsubishi HC Capital Community

Consolidated

Real estate leasing, Real estatedevelopment and management

Consolidated

Medical equipment andreal estate leasing

Healthcare Management Partners

Consolidated

Management of fund to support
management specializing in the
medical and long-term care fields

U-MACHINE

Consolidated

Purchase and sale of used goods

MHC Reuse Services

Consolidated

Purchase and sale of used goods

Mitsubishi HC Capital UK

Consolidated

Leasing and financial business

MHC Mobility [Germany] *Consolidated

Auto leasing and rental

GlobalBusiness

EuropeJapan Medical Lease

MHC Mobility [Netherlands] *Consolidated

Auto leasing

MHC Mobility [Poland] *Consolidated

Auto leasing

Americas

Mitsubishi HC Capital/
Domestic Business Branches

Segment

China Region

Main Business

Major Companies

GlobalBusiness

ASEAN

Consolidated/
Equity-method

Segment

Major Companies

Consolidated/
Equity-method

Main Business

Mitsubishi HC Capital
America

Consolidated

Leasing and financial business

Mitsubishi HC Capital
Canada Leasing

Consolidated

Leasing and financial business

Mitsubishi HC Capital
Leasing (Beijing)

Consolidated

Leasing, etc.

Mitsubishi HC Capital(Shanghai)

Consolidated

Leasing, etc.

Mitsubishi HC Capital(Hong Kong)

Consolidated

Leasing, etc.

Mitsubishi HC Capital Asia
Pacific

Consolidated

Leasing, etc.

Mitsubishi HC Capital(Singapore)

Consolidated

Leasing, etc.

Mitsubishi HC Capital and
Finance Indonesia

Consolidated

Leasing, etc.

Arthaasia FinanceConsolidated

Leasing and financial businessBangkok Mitsubishi HC
CapitalConsolidated

Leasing, etc.

Mitsubishi HC Capital(Thailand)

Consolidated

Leasing, etc.

Mitsubishi HC Capital
Malaysia

Consolidated

Leasing, etc.

(Note) Company names are as of May 15, 2023
* Office location32

Major Companies (2)Consolidated/
Equity-method

Main Business

Mitsubishi HC Capital/
Environment & Energy Business
Department-

Investment in environment andenergy-related companies

Mitsubishi HC Capital/
Environment & Energy Sales
Department-

Environment-related andrenewable energy business-

Renewable energy andinfrastructure business

Consolidated

Operation and asset
management of renewableenergy business

Segment

Major Companies

Environment, Mitsubishi HC Capital/
Energy &Infrastructure Business
Infrastructure Department

Mitsubishi HC Capital Energy

HSE

Mitsubishi HC Capital/
Aviation Business Department

Aviation

Logistics

Jackson Square Aviation <JSA>

Consolidated-

Consolidated

Segment

Major Companies

Consolidated/
Equity-method

Main Business

Mitsubishi HC Capital/
Real Estate Business Department-

Real estate securitization finance

Mitsubishi HC Capital Realty

Consolidated

Real estate revitalization
investment

Mitsubishi HC Capital Realty
Advisors

Consolidated

Asset management services

Consolidated

Real estate rental

Mitsubishi HC Capital Realty(U.S.A.)

Consolidated

Overseas (North America)
securitization financeCenter Point Development

Consolidated

Asset management services forlogistics real estate

Logi Flag Development

Equity-method

Asset management services forlogistics real estate-

Investment in mobility-relatedcompanies

Takari Kokoh Sejahtera

Consolidated

Auto leasing

Mitsubishi Auto Leasing

Equity-method

Auto leasing

Real Estate Miyuki Building

Wind power generation businessJapanese Operating Lease withcall option, etc.

Aircraft leasing

Engine Lease Finance <ELF>

Consolidated

Aircraft engine leasing, part-out

Mitsubishi HC Capital/
Logistics Business Department-

Ship finance

CAI International <CAI>

Consolidated

Marine container leasing

PNW Railcars

Consolidated

Railway Freight car leasing

Mitsubishi HC Capital/
Mobility Business Department

Mobility(Note) Company names are as of May 15, 2023 and words inside of “< >” denote abbreviations of companies

33

Inquiries

Corporate Communications Department
I

Inquiries
TEL： +81 3-6865-3002

II

Websitehttps://www.mitsubishi-hc-capital.com/english/

34