[NOTICE: This Notice of Convocation is a translation of a part of the Japanese language original for
convenience purposes only, and in the event of any discrepancy, the Japanese language original shallprevail.](Securities Code: 3636)
December 1, 2021
To Our Shareholders
Mitsubishi Research Institute, Inc.
10-3, Nagatacho 2-Chome, Chiyoda-Ku, Tokyo
Takashi Morisaki
President and Representative Director
NOTICE OF CONVOCATION
OF THE 52ND ANNUAL GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders:
We are pleased to announce the 52nd Annual General Meeting of Shareholders (the “Meeting”) of
Mitsubishi Research Institute, Inc. (the “Company”), which will be held as described below.
To avoid the risk of infection of the novel coronavirus (COVID-19) at this Meeting, you are asked
to refrain from attending the meeting in person and, instead, to exercise your voting rights beforehand
by mail or via the Internet, if at all possible.
Please review the attached Reference Materials for the General Meeting of Shareholders andexercise your voting rights by 5:15 p.m. on Thursday, December 16, 2021, in accordance with theProcedures for the Exercise of Voting Rights via the Internet on page 3.

PARTICULARS
1. Date and Time of the Meeting: Friday, December 17, 2021 at 10:00 a.m.
2. Place of the Meeting:
3. Meeting Agenda:
Matters for Reporting:

Matters for Resolution:
First Item of Business:
Second Item of Business:

4th floor Conference Room at the Head Office of the Company
10-3, Nagatacho 2-Chome, Chiyoda-Ku, Tokyo
The Business Report for the fiscal year ended September 30, 2021 (fromOctober 1, 2020 to September 30, 2021), Consolidated and Non-Consolidated
Financial Statements, and the Results of the Audit of the Consolidated
Financial Statements by the Accounting Auditor and the Audit & Supervisory
Board

Appropriation of Surplus
Election of Eight (8) Directors-1-

4. Exercise of Voting Rights(1) If you exercise voting rights by proxy, please present a document evidencing authority of the proxy
together with the Voting Rights Exercise Form to the receptionist at the Meeting. Please note thatthe proxy must be one shareholder with voting rights as stipulated in the Articles of Incorporationof the Company.
(2) Regarding the exercise of voting rights by mail, if there is no indication of your approval ordisapproval of each item of business, we will deem that you have approved each item.
(3) Please note that if your voting rights were exercised both by mail and via the Internet, the Internet
vote shall take precedence.
(4) In instances where a shareholder exercises their voting rights more than once via the Internet, thevery last vote cast shall take precedence. In instances where a shareholder exercises voting rights
using both a personal computer and a smartphone, the very last vote cast shall take precedence.
[Request to Shareholders]Shareholders attending the Meeting in person are requested to present the enclosed Voting Rights
Exercise Form to the receptionist at the Meeting.
[Announcements]
Regarding Internet Disclosure(1) System to Ensure Appropriate Conduct of Operations and its Operation Status of the Business
Report, Consolidated Statements of Changes in Net Assets and Notes to Consolidated Financial
Statements as well as Non-Consolidated Statements of Changes in Net Assets and Notes to NonConsolidated Financial Statements are posted on the Company’s website. They are therefore notincluded in the attachment, in accordance with laws, regulations and Article 16 of the Company’s
Articles of Incorporation. The Business Report, Consolidated and Non-Consolidated Financial
Statements attached to this Notice constitute part of the documents audited by the Audit &Supervisory Board Members and Accounting Auditor in preparing their respective Audit Reports.
(2) If any modification is required for the Reference Materials for the General Meeting of Shareholders,the Business Report and the Consolidated and Non-Consolidated Financial Statements, the revised
matters will be posted on the Company’s website.
The Company’s website
https://ir.mri.co.jp/ja/stock/meeting.html-2-Procedures for the Exercise of Voting Rights via the Internet
Login by Scanning the QR CodeYou can log in to the voting right exercise website without entering a Login ID and temporary password printed
on the stub attached to the Voting Rights Exercise Form.
1. Scan the QR Code on the stub attached to the Voting Rights Exercise Form (right side).
* QR Code is a registered trademark of DENSO WAVE INCORPORATED.
2. Follow the instructions on the screen to indicate your approval or disapproval.
Login using the QR Code can be done only once.
If you wish to exercise your voting rights again, or exercise your voting rights without using the QR Code,please see “Login by Entering the Login ID and Temporary Password” below.

Login by Entering the Login ID and Temporary Password
The voting right exercise website: https://evote.tr.mufg.jp/
1. Access the voting right exercise website.
2. Enter the Login ID and temporary password printed on the Voting Rights Exercise Form and click “Login.”Enter the Login ID and temporary password.
Click “Login.”
3. Register a new password
Enter the current password, new password and new password (for confirmation).
Click “Send.”
Please be careful not to forget your new password.
4. Follow the instructions on the screen to indicate your approval or disapproval.

1) The website will be unavailable from 2:00 a.m. to 5:00 a.m. everyday. The website may not be available depending on yourInternet environment.
2) Please note that costs for accessing the voting right exercise website shall be borne by shareholders.

Exercise of voting rights is accepted until 5:15 p.m. Thursday, December 16, 2021, but please exercise yourvoting rights as soon as possible.
Inquiries on the Voting Right Exercise Systems
Mitsubishi UFJ Trust and Banking Corporation, Transfer Agent Department (Help Desk)
TEL: Toll-free number (Japan only): 0120-173-027 (Office hours: From 9:00 a.m. to 9:00 p.m.)-3-

REFERENCE MATERIALS FOR
THE GENERAL MEETING OF SHAREHOLDERS
Items of Business and Reference MattersFirst Item of Business:
Appropriation of Surplus
Matters concerning the year-end dividends:
The Company aims to contribute to the advancement of customers and society and promote creation ofvalue, through which to realize its sustainable growth and enhance its corporate value. In returning its
profits to shareholders, the Company holds a basic policy of maintaining stable dividend payments while
comprehensively taking into account the balance between business results and financial soundness to strive
for the increase in dividend levels.
Based on the above policy, the Company plans to pay a year-end dividend of ¥60 per share for the fiscal
year ended September 30, 2021.
Consequently, the annual dividend for the fiscal year will be ¥115 per share, including an interim dividendof ¥55 per share.
(1) Kind of dividend property
Cash(2) Matters concerning allocation and the total amount of dividend property for shareholders
Ordinary shares of the Company: ¥60 per share¥985,419,900 in total(3) Date on which dividends from surplus shall be effective
December 20, 2021

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Second Item of Business: Election of Eight (8) Directors
The terms of office of all eight (8) Directors will expire at the close of this Meeting.
Therefore, you are hereby requested to newly elect eight (8) Directors.
The candidates are as follows.

No.

Name

Positions and Responsibilities at the Company

Years in
office as
Director

1

Takashi Morisaki(66 years old)

President and Representative Director
Officer in Charge of Internal Audit Office

5 years

Reelected

2

Kenji Yabuta(61 years old)

Executive Vice President and Executive Officer

―

Newly
elected1 yearReelected―

Newlyelected3

Hidemoto Mizuhara(63 years old)

Executive Vice President and Representative
Director
Officer in Charge of Business Management(Concurrently) Responsible for West Japan
Marketing and Alliance Division, Future CoCreation Division and Global Business Division

4

Jun Nobe(55 years old)

Executive Officer
General Manager, Corporate Administration Unit

5

Kazuo Tsukuda(78 years old)

Outside Director

11 years

OutsideIndependent
Reelected

6

Mariko Bando(75 years old)

Outside Director

2 years

OutsideIndependent
Reelected

7

Ken Kobayashi(72 years old)――

OutsideIndependent
Newly
elected8

Nobuyuki Hirano(70 years old)――

OutsideNewlyelected

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No.

1

Name

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]Joined The Mitsubishi Bank, Limited
April 1978
Managing Officer of Mitsubishi UFJ Financial Group, Inc.
April 2008
Managing Executive Officer of The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Managing Executive Officer and Chief Executive Officer,
May 2010
Headquarters for Asia of The Bank of Tokyo-Mitsubishi UFJ,Ltd.
Senior Managing Executive Officer and Chief Executive,
May 2012
Global Markets Unit of The Bank of Tokyo-Mitsubishi UFJ,Ltd.
Senior Managing Director and Chief Executive, Global Markets
Takashi Morisaki
June 2012
Unit of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
July 2012Managing Officer and Group Head, Integrated Global Markets[Date of Birth]
14,200Business Group of Mitsubishi UFJ Financial Group, Inc.
January 1, 1955
May
2014
DeputyPresident
of
The
Bank
of
Tokyo-Mitsubishi
UFJ,
Ltd.
(66 years old)
June 2016
Corporate Advisor of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
[Years in office as
September 2016 Senior Counselor of the Company
Director]
Executive Vice President and Executive Officer of the
5 years at the close October 2016
Companyof the Meeting
December 2016 President and Representative Director of the Company[Attendance at the(incumbent)
Board of Directors[Positions and Responsibilities at the Company]
meetings]
President and Representative Director
100% (10/10)
Officer in Charge of Internal Audit Office[Important Concurrent Positions]
Reelected
Chairman of the Board of Mitsubishi Research Institute DCS Co., Ltd.
Audit & Supervisory Board Member (Outside) of NORITAKE CO., LIMITED[The Reasons for Nomination as Director]
Mr. Takashi Morisaki is once again recommended as a candidate for Director in view of the appropriate performance of his
current duties as President and Representative Director of the Company toward the Company’s sustainable growth andenhancement of its corporate value in the medium- to long-term, based on his abundant business experience at theCompany.

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No.

2

Name

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]
April 1983
Joined The Mitsubishi Bank, Limited
April 2007
General Manager, Public Relations Division of The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Executive Officer and General Manager, Public Relations
June 2009
Division of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Executive Officer and General Manager, Kyoto Branch of The
May 2010
Bank of Tokyo-Mitsubishi UFJ, Ltd.
Executive Officer and General Manager, Corporate Business
May 2012
Planning Division of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Managing Executive Officer and Group Head, Nagoya
May 2013
Kenji Yabuta
Corporate Banking Group of The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Managing Executive Officer and Group Head, Corporate[Date of Birth]
May 2016
Banking Group No.1 of The Bank of Tokyo-Mitsubishi UFJ,
April 27, 1960Ltd.
(61 years old)
Senior Managing Executive Officer and Group Head, Corporate
June 2017
Banking Group No.1 of The Bank of Tokyo-Mitsubishi UFJ,
300
Newly elected
Ltd.
June 2018
Member of the Board of Directors, Deputy President, Officer in
Charge of Supervising Overall Business, and Chief Executive,
Corporate Banking Business Unit of MUFG Bank, Ltd.
Member of the Board of Directors, Deputy President, andJuly 2019
Officer in Charge of Supervising Overall Business(Concurrently)
Chief Executive, Corporate Banking Unit
(Concurrently)
Group Head, Research & Advisory Group of MUFG Bank,
Ltd.
June 2021
Corporate Advisor of MUFG Bank, Ltd.
September 2021 Senior Counselor of the Company
October 2021
Executive Vice President and Executive Officer of the Company(incumbent)[Positions and Responsibilities at the Company]
Executive Vice President and Executive Officer[The Reasons for Nomination as Director]
Mr. Kenji Yabuta is newly recommended as a candidate for Director as he is expected to appropriately perform his duties asa Director of the Company in order to work toward the Company’s sustainable growth and enhancement of the corporate
value in the medium- to long-term by participating in the decision making of the Company’s management, based on his
years of abundant business experience as an executive of financial institutions.

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No.

3

Name

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]Joined Mitsubishi Corporation
April 1981
Unit Manager of Ship Unit, Ship, Aerospace & Transportation
October 2006
Systems Div. of Mitsubishi Corporation
October 2008
Unit Manager of Automotive Business Unit in Charge of theASEAN countries and the southwestern Asian region,
Automotive Business Div. of Mitsubishi Corporation
February 2010
Director and President of P.T. Krama Yudha Tiga Berlian
MotorsApril 2011
Senior Vice President of Mitsubishi Corporation
February 2012
Senior Vice President in Charge of Corporate Strategy &Hidemoto Mizuhara
Planning of Mitsubishi Corporation
April 2013
President of Mitsubishi International Corporation[Date of Birth](Concurrently)
January 4, 1958
EVP of Mitsubishi Corporation (Americas)(63 years old)
April 2016
Executive Vice President, Regional CEO, North America of[Years in office as
Mitsubishi Corporation (Concurrently)
Director]
President of Mitsubishi Corporation (Americas)
1,100
1 year at the close of April 2019
President of Mitsubishi Corporation (Americas)
the Meeting(Concurrently)[Attendance at theGeneral Manager, Corporate Management Support Office
Board of Directors(Americas)
meetings]
April 2020
Corporate Adviser of Mitsubishi Corporation
75% (6/8)
September 2020 Senior Counselor of the Company
October 2020
Executive Vice President and Executive Officer of theReelected
Company
December 2020 Executive Vice President and Representative Director, General
Manager, Corporate Administration Unit of the Company
October 2021
Executive Vice President and Representative Director of theCompany (incumbent)[Positions and Responsibilities at the Company]
Executive Vice President and Representative Director
Officer in Charge of Business Management (Concurrently) Responsible for WestJapan Marketing and Alliance Division, Future Co-Creation Division and Global
Business Division[The Reasons for Nomination as Director]
Mr. Hidemoto Mizuhara is once again recommended as a candidate for Director in view of the appropriate performance of
his current duties as Executive Vice President and Representative Director of the Company toward the Company’ssustainable growth and enhancement of its corporate value in the medium- to long-term, based on his abundant businessexperience at the Company.

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No.

4

Name

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]
April 1991
Joined the Company
October 2007
General Manager, Advanced Business Center of the Company
October 2010
General Manager, Science and Safety Policy Research Divisionof the Company
October 2014
General Manager, Planning and Administration Office ofEnterprise Management Business Unit of the Company
October 2017
General Manager, Planning and Administration Office ofConsulting Unit of the Company
October 2018
General Manager, Planning and Administration Office ofConsulting Unit and General Manager, Planning and
4,500
Jun Nobe
Administration Office of Think Tank Unit of the Company
October 2019
Deputy General Manager, Corporate Administration Unit of the[Date of Birth]Company
July 31, 1966
December 2019 Executive Officer and Deputy General Manager, Corporate(55 years old)
Administration Unit of the Company
October 2021
Executive Officer and General Manager, Corporate
Newly elected
Administration Unit of the Company (incumbent)[Positions and Responsibilities at the Company]
Executive Officer
General Manager, Corporate Administration Unit
[The Reasons for Nomination as Director]
Mr. Jun Nobe is newly recommended as a candidate for Director as he is expected to appropriately perform his duties asa Director of the Company in order to work toward the Company’s sustainable growth and enhancement of the corporate
value in the medium- to long-term, based on his years of abundant business experience at the Business Unit and the
Corporate Administration Unit of the Company.

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No.

Name

Kazuo Tsukuda

5[Date of Birth]
September 1, 1943
(78 years old)
[Years in office as
Director]
11 years at the closeof the Meeting[Attendance at theBoard of Directors
meetings]
100% (10/10)

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions[Career Summary]
April 1968
Joined Mitsubishi Heavy Industries, Ltd.
June 2003
President and CEO (Member of the Board) of Mitsubishi Heavy
Industries, Ltd.
April 2008
Chairman of the Board of Mitsubishi Heavy Industries, Ltd.
December 2010 Director of the Company (incumbent)
April 2013
Director (Member of the Board) and Senior Advisor of
Mitsubishi Heavy Industries, Ltd.
June 2013
Senior Advisor of Mitsubishi Heavy Industries, Ltd.
June 2019
Executive Corporate Advisor of Mitsubishi Heavy Industries,
Ltd.
June 2021
Honorary Advisor of Mitsubishi Heavy Industries, Ltd.
(incumbent)[Positions and Responsibilities at the Company]
Outside Director[Important Concurrent Positions]
Honorary Advisor of Mitsubishi Heavy Industries, Ltd.
Outside Director (Audit and Supervisory Committee Member) of Yamaguchi
Financial Group, Inc.
Outside Director of FANUC CORPORATION
Outside Director of Internet Initiative Japan Inc.

Number of theCompany’s
Shares Owned

10,700Reelected
OutsideIndependent[The Reasons for Nomination as Outside Director and Outline of Expected Roles]
Mr. Kazuo Tsukuda is once again recommended as a candidate for Outside Director in the expectation that he willcontinue to contribute to the Company’s sustainable growth and to the enhancement of corporate value in the medium- tolong-term and in view of the appropriate performance of his current duties as an Outside Director of the Company,
including supervision of its business execution, based on his years of broad experience as an executive in the
manufacturing business.

- 10 -No.

Name

Mariko Bando

6[Date of Birth]
August 17, 1946
(75 years old)
[Years in office as
Director]
2 years at the closeof the Meeting[Attendance at theBoard of Directors
meetings]
100% (10/10)

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions[Career Summary]July 1969
Entered the Prime Minister’s Office
October 1985
Counsellor of Cabinet Secretariat
July 1989
Director of Consumer Statistics Division, Statistics Bureau,
Management and Coordination Agency
July 1994
Director of Gender Equality Bureau, Cabinet Secretariat
April 1995
Vice-Governor of Saitama Prefecture
June 1998
Consul General of Japan in Brisbane, Australia
January 2001
Director General of Gender Equality Bureau, Cabinet Office
October 2003
Director of Showa Women’s University
April 2007
President of Showa Women’s University
April 2014
Chancellor (Rijicho) of Showa Women’s University (incumbent)
July 2016
Chancellor (Socho) of Showa Women’s University (incumbent)
December 2019 Director of the Company (incumbent)[Positions and Responsibilities at the Company]
Outside Director[Important Concurrent Positions]
Chancellor (Rijicho) of Showa Women’s University
Chancellor (Socho) of Showa Women’s University
Outside Director of MS&AD Insurance Group Holdings, Inc.

Number of theCompany’s
Shares Owned

1,000

Reelected
OutsideIndependent[The Reasons for Nomination as Outside Director and Outline of Expected Roles]
Ms. Mariko Bando is once again recommended as a candidate for Outside Director in the expectation that she willcontinue to contribute to the Company’s sustainable growth and to the enhancement of corporate value in the mediumto-long term and in view of the appropriate performance of her current duties as an Outside Director of the Company,
including supervision of its business execution, based on her years of diverse experience gained through administrative
activities and broad knowledge as someone involved in education. Although she has not previously been involved incorporate management through any means other than becoming an Outside Director or Outside Audit & Supervisory
Board Member, based on the above reasons, the Company has judged that she is capable of appropriately performing her
duties as an Outside Director.

- 11 -No.

Name

Ken Kobayashi
7[Date of Birth]
February 14, 1949
(72 years old)
Newly elected
OutsideIndependent

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]July 1971
Joined Mitsubishi Corporation
June 2007
Member of the Board, Executive Vice President, and Group
CEO, Industrial Finance, Logistics & Development Group of
Mitsubishi Corporation
June 2008
Executive Vice President and Group CEO, Industrial Finance,
Logistics & Development Group of Mitsubishi Corporation
April 2010
Senior Executive Vice President and Executive Assistant to
President of Mitsubishi Corporation
June 2010
Member of the Board, President & CEO of Mitsubishi
Corporation
April 2016
Chairman of the Board of Mitsubishi Corporation (incumbent)[Important Concurrent Positions]
Chairman of the Board of Mitsubishi Corporation
Outside Director of NISSIN FOODS HOLDINGS CO., LTD.
Outside Director of Mitsubishi Motors Corporation
Outside Director of Mitsubishi Heavy Industries, Ltd.

[The Reasons for Nomination as Outside Director and Outline of Expected Roles]
Mr. Ken Kobayashi is newly recommended as a candidate for Outside Director as he is expected to appropriately
perform his duties as an Outside Director of the Company, including supervision of its business execution, based on his
years of broad experience as an executive of a global company.

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0

No.

Name

Nobuyuki Hirano

8[Date of Birth]
October 23, 1951
(70 years old)

Career Summary, Positions and Responsibilities at the Company
and Important Concurrent Positions

Number of theCompany’s
Shares Owned[Career Summary]
April 1974
Joined The Mitsubishi Bank, Limited
April 2012
President of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
April 2013
President & CEO of Mitsubishi UFJ Financial Group, Inc.
April 2016
Chairman of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
April 2019
Member of the Board of Directors, Chairman (Corporate
Executive), of Mitsubishi UFJ Financial Group, Inc.
April 2021
Senior Corporate Advisor of MUFG Bank, Ltd. (incumbent)[Important Concurrent Positions]
Senior Corporate Advisor of MUFG Bank, Ltd.
Director of Morgan Stanley
Outside Audit & Supervisory Board Member of Toyota Motor Corporation
Outside Director of Mitsubishi Heavy Industries, Ltd.

0

Newly elected
Outside[The Reasons for Nomination as Outside Director and Outline of Expected Roles]
Mr. Nobuyuki Hirano is newly recommended as a candidate for Outside Director as he is expected to appropriately
perform his duties as an Outside Director of the Company, including supervision of its business execution, based on his
years of broad experience as an executive of financial institutions.
[Supplementary Matters Concerning Independence]
Mr. Nobuyuki Hirano meets the Company’s “Independence Evaluation Standards,” but because he served until April
2021 and June 2021 as Executive Chairman and Director, respectively, of Mitsubishi UFJ Financial Group, Inc., which
has a material business relationship with Mitsubishi Research Institute DCS Co., Ltd., the Company’s subsidiary, theCompany intends to wait until one year has elapsed since Mr. Hirano resigned from the above-mentioned roles before
designating him as an Independent Director as provided for by Tokyo Stock Exchange, Inc. and notifying the Exchange
to that effect.

(Notes)1. There are no special interests between any of the candidates for Director and the Company.
2. The four (4) candidates for Director, Mr. Kazuo Tsukuda, Ms. Mariko Bando, Mr. Ken Kobayashi and Mr.
Nobuyuki Hirano are candidates for Outside Director. The Company has designated Mr. Kazuo Tsukuda andMs. Mariko Bando as Independent Directors provided for by Tokyo Stock Exchange, Inc. and has notified
the Exchange to that effect. The Company intends to newly designate Mr. Ken Kobayashi as an Independent
Director and notify the Exchange to that effect.
3. The Company has entered into liability limitation agreements with Mr. Kazuo Tsukuda and Ms. Mariko
Bando, whereby, in accordance with the provisions of Article 427, paragraph (1) of the Companies Act, their
liability for damages stipulated in Article 423, paragraph (1) of the said Act is limited to the amount asprescribed by the relevant laws and regulations, insofar as they execute their duties bona fide without grossnegligence. If they are elected, such agreements shall be continued. Moreover, if Messrs. Ken Kobayashi
and Nobuyuki Hirano are elected, the Company intends to enter into an agreement to the same effect withthem.
4. The Company has entered into a directors and officers liability insurance policy with an insurance company,as provided for in Article 430-3, paragraph (1) of the Companies Act. An overview of this policy can befound on page 45 for the business report (in Japanese only). If each of the candidates for Director is elected,
they will continue to be included in the policy as an insured. Furthermore, the Company plans to renew thepolicy with the same terms during their terms of office of each of the candidates for Director.
5. Since assuming office as Director at the 51st Annual General Meeting of Shareholders held on December
18, 2020, Mr. Hidemoto Mizuhara did not attend two of the eight meetings of the Board of Directors held
during the fiscal year ended September 30, 2021 in order to receive medical treatment for an injury.
6. Mitsubishi Motors Corporation, at which Mr. Ken Kobayashi serves as Outside Director, received from the- 13 -

Consumer Affairs Agency an administrative order and an order to pay a penalty in January and July 2017,
due to improper conduct related to fuel consumption testing of Mitsubishi Motors Corporation vehicles thatcame to light in 2016, and for violations of the Act against Unjustifiable Premiums and Misleading
Representations in relation to representations in the catalogs, etc. for said vehicles. Furthermore, in May
2018 it emerged that certain technical intern trainees from overseas at Mitsubishi Motors Corporation’s
Okazaki Plant were not being trained in accordance with a technical intern training plan for which approval
had been received from the Organization for Technical Intern Training. In January 2019, approval for
Mitsubishi Motors Corporation’s technical intern training plan was canceled in accordance with the Act on
Proper Technical Intern Training and Protection of Technical Intern Trainees, and the company received an
improvement order. Mr. Kobayashi was unaware of these facts, but had routinely emphasized at meetings ofthe Board of Directors and at other times the importance of adhering to laws and regulations. Moreover, after
these facts came to light he discharged his responsibilities by giving instructions for a thorough investigation
into the matters, and for the implementation of measures to prevent a recurrence.
7. In February 2019, MUFG Bank, Ltd., at which Mr. Nobuyuki Hirano served as a Member of the Board of
Directors, entered into an agreement with the U.S. Office of the Comptroller of the Currency (OCC) to take
improvement measures after receiving indication from the OCC that there were deficiencies in relation to
the state of its internal control, etc. concerning anti-money laundering measures based on the Bank Secrecy
Act. In addition, the aforementioned agreement did not pertain to any identification of the bank’s
involvement in individual transactions that violated laws, including violations of U.S. economic sanctions
and controls, and no instances arose that required payment of civil penalties or other fines.

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