June 2, 2020
To All Concerned Parties
Company name Mitsubishi Materials Corporation
Representative Naoki Ono, Chief Executive Officer(Securities code: 5711, First Section, Tokyo StockExchange)
Contact for
Yuji Omura, General Manager,
inquiries
Corporate Communications Dept.
(Tel: +81-3-5252-5206)(Correction) Partial correction to the Appendix of“Announcement of Medium-term Management Strategy”

Since there were some errors in the content of the Appendix “Overview of Medium-Term Management Strategy for
FY2021-2023 With Value Creation Process” attached to the “Announcement of Medium-term Management Strategy”
announced on March 25, 2020, Mitsubishi Materials Corporation (hereinafter “MMC”) will correct them as follows. The
underscore parts indicate the correction. In addition, the revised Appendix is attached hereto.

【Corrections】
1. ROIC of main businesses on page 13 in the Appendix (FY2017-FY2019 average)
Before correction

After correction

Copper & copper alloy 6.4%

Copper & copper alloy 5.9%

Electronic materials

Electronic materials

5.3%

4.5%

Metals Business

19.4%

Metals Business

20.3%

Cement Business

4.8%

Cement Business

4.9%

2. KGI by main business divisions on page 13 in the Appendix (FY2017-FY2019 average)
Before correction
EBITDA

After correction
EBITDA

Copper & copper alloy 15.7 billion yen

Copper & copper alloy 14.4 billion yen

Electronic materials

5.7 billion yen

Electronic materials

5.3 billion yen

Cemented carbide

28.5 billion yen

Cemented carbide

28.2 billion yen

ROA

ROA

Metals Business

7.8%

Metals Business

7.4%

Cement Business

5.4%

Cement Business

5.2%

Environmental recycling
Renewable energy

4.8%

3.3%

Environmental recycling
Renewable energy

3.5%

1.7%

3. “FY2020 forecast” and “Ratio to FY2023 target” of “Sales volume of copper materials for new HV/EV” and “Sales
volume of materials for next-generation vehicles and environmentally friendly products”

Before correction

After correction

Sales volume of copper materials for new HV/EV

Sales volume of copper materials for new HV/EV

FY2020 forecast

FY2020 forecast

396t↓2.5 times or more
FY2023 target

1,000t721t↓1.3 times or more
FY2023 target

1,000t

Before correction

After correction

Sales volume of materials for next-generation vehicles andSales volume of materials for next-generation vehicles andenvironmentally friendly products

environmentally friendly products

FY2020 forecast

FY2020 forecast

3.4 billion yen↓5 times or more
FY2023 target

20.3 billion yen

6.2 billion yen↓3 times or more
FY2023 target

20.3 billion yen

Even after this correction, the Medium-term Management Strategy including the financial plan is as of the time of
disclosure on March 25, 2020, and does not take into account the impact of the global spread of COVID-19. MMC will
carefully examine the Medium-term Management Strategy including the financial plan with the shareholder return policy
based on further changes in the business environment caused by COVID-19 and its impact on the medium- to long-termbusiness outlook. MMC will promptly announce any changes in its content if it is deemed necessary.

Appendix

Overview of Medium-termManagement Strategy for FY2021-2023
With Value Creation Process(From the year ending March 31, 2021 to the year ending March 31, 2023)

March 25, 2020

1

Contents

Review of Current Medium-termManagement Strategy(FY2020 Strategy)
Overview of New Medium-termManagement Strategy(FY2023 Strategy)2Overview
Long-term Management Policy

Corporate Philosophy
ValuesMedium- to Long-term Goals(the company in the future)

Code of Conduct

VisionGroup-wide Policy

SustainableDevelopment
Medium-term Management Strategy

Key Strategies in FY2020 Strategy-3

Results of Major Business Expansion and Progress of
Key Strategic Measures
Segments

Executed key strategic measures

Delayed key strategic measures

AdvancedProductsBusiness))-

Metalworking
SolutionsBusiness)

MetalsBusiness--Groupwide-

Insufficient marketing
activities)

Insufficient gathering ofcustomer information)

Insufficient ability to solve
manufacturing problems onsiteetc.

CementBusinessEnvironment andEnergy
BusinessCause of delay)
Appi

Countermeasures
Strengthen marketing
Promote digitalization
Fortify manufacturing
excellence4Consolidated Performance-P/L-111€)/ )5130111-100-120121120250-

Overview of FY2023 Strategy
123
4
566

Corporate
Philosophy

Value Creation Process
Social issues to besolved and SDGs

Stable supply of
product/material

Advancement anddiversification ofdigital devices

Creation of arecycling-oriented
society

Automation of
production andbusiness processes

Effective measuresagainst disasters
Efficient treatmentof urban waste
Efficient use ofmineral resources
and alternativesubstancesEfficient use ofenergy resources
Development ofrenewable andunutilized energies
CO2 emissions
reduction

VisionWe will become the leading businessgroup committed to creating asustainable society throughmaterials innovation, with use of ourunique and distinctive technologies,
for People, Society and the EarthMateriality

Advancing mobility

Longer lifespans ofpeople andbuildings

For People, Society
and the Earth

Dealing withclimate change

Environment
protection
technologies
Workplacesafety andhygiene

Governance

Developmentof diverse
talents

Our strengths
advantage

Advancedrecycling technology
and business platform

Long-term business goals

Advanced ProductsBusiness

Product

Unique material
development
and manufacturing
technology

Metalworking
Solutions BusinessA team that canunite to resolve
issuesStakeholder
communicationDigitaltransformation

Recycling Product-type Business
MaterialBusiness

Process-type Business
Metals Business
Cement BusinessResources

FY2023 Strategy
Business Strategies
Corporate Strategies

MissionValue
Proposition

Products &Services
High-function
products forautomobiles andelectronics

Long-term strategy

Value chain from raw
materials to productswith a stable supply

Responsibility
in value chain

Social issues andMateriality

Group-wide Policy
Optimization of business portfolio
Comprehensive efforts to increase businesscompetitiveness
Creation of new products and businesses

Environment &Energy Business

Create both social andeconomic values

Convenience &comfort
Safety &security

Processed
products andservices for
productivity
improvement andenvironmental
protection

Conservationof resources
Nonferrous metals
products made with Waste
smelting process
recyclingwith a low
environmental load
Base material for
construction

Greenhousegas reduction

Recycling system

Contribute tobuild aprosperous
society

Contribute tobuild
a recyclingoriented society

Contribute tobuild adecarbonizedsociety

Renewable energy

GovernanceDigital Transformation strategy, Manufacturing excellence strategy, Quality management strategy,
R&D and marketing strategy, and Human resources strategy
Strengthening of corporate governance and group governance2030

OutputOutcome

2050

MissionOverview of FY2023 Strategy
123
456

Mission (Corporate Philosophy System)
Corporate
Philosophy

VisionMissionFor People, Society and the Earth
We will become the leading business group committed to creating a sustainable society
through materials innovation, with use of our unique and distinctive technologies, forPeople, Society and the Earth

Create both social and economic values-Group-wide PolicyLong-termbusiness target--Long-term strategy
FY2023 Medium-term
management strategy

Group-wide Policy-> Manufacturing excellence, quality management, and digital transformation strategies-> R&D and marketing strategy

Optimization of business portfolio
Characteristics of businesses that thecompany should take ownership ofPortfolio matrix
New business--

Building business portfolio“in-Reformation of business structure-in-Advanced Products

Metalworking
Solutions

MetalsLeader in

10Cement-Environment & Energy-StructuralImprovements

Overview of FY2023 Strategy
12345611Financial Goals
FY2020 Forecast FY2023 Target

Change rate

Remarks-

Ordinary income fluctuation
factors-P/L--110€)/ )12121

Sensitivity

12510¢/aFinancial Indicators--Metals
Business
20.3%

FY2017-2019 End of FY2023
Average
Target

FY2017-2019 End of FY2023
Average
TargetCementedcarbide
7.9%

By businessdivision
KGI

Advanced
Products
Business

Copper Electronic&copper materials
4.5%
alloy
5.9%

2016-2018 End of FY2023
Average
Target(End2023

MetalworkingSolutions
Business

Environment& Energy
Business

Environmental
recycling
1.1%

ElectronicCopper materials&copper
Cemented
6.0%
alloycarbide4.0%-13)

Renewableenergy2.7%

MetalsBusiness
10.5%

Metals Business
Cement Business-Cement
Business
4.9%

30-

7.0%

CementBusiness
6.0%

Environmental
recycling

4.0%

Renewableenergy4.0%

Resource Allocation (Investment Policy, Shareholder Return Policy,Strategic Holdings)
Investment
PolicyMake investments using cash flows from operations, and proceeds from business restructuring and asset sales
If there are other attractive large-scale investment projects for growth, investments will be made proactively as long as a net D/E ratioof 1.0 times or less is maintained

Cash inCash out

280
60
340

190
170

170

22

Shareholder
return Policy-360
4640630,

360

21190

8415-

MMC intends to pay stable dividends despite fluctuating business results, and pay out an annual dividend of 80 yen per share.

However, if the consolidated payout ratio becomes less than 25%, MMC will temporarily increase the dividend or conduct sharebuybacks.

FY2021-2023

80

Strategicholdings

14

Unless required for strategic objectives, MMC will not acquire or hold shares other than purely for investment purposes
Expected reduction in FY2020: 12%

Overview of FY2023 Strategy
12345615

Long-term Business Goals Long-term Strategy and ESG/SDGs
ESG/SDGs

Long-term businessgoals
AdvancedProducts
Business

Global First Supplier

Metalworking
Solutions
Business

Top 3 supplier in strategic
markets

MetalsBusiness

Leader in environmentallyfriendly mining & smelting
business

Long-term strategy

EEnvironmentESSSociety

MissionContribute to build aprosperous society

Contribute to build a
recycling-orientedsociety

Contribute to build adecarbonized society

2---Expand

CO2-Cement
Business

Leader in the domestic andinternational cement
industry with advanced
environmental technologies

CO2CO2Environment
and energy
Business

Driving force of resourcerecycling systems
Leading company ingeothermal development

16

Business Strategy for Solving Social Issues
MissionContribute to build
a prosperous society

Contribute to builda decarbonized society

Contribute to build
a recycling-oriented society

CO2Social issues

FY2024-2031
---

CO2
2

FY2021-2023(FY2023 Strategy)
2---Appi2--,

Contribution Goals for a Sustainable Society
Sales volume of coppermaterials for new
HV/EV

Sales volume of materials fornext-generation vehicles andenvironmentally friendly
products

1.3 times or more

1,000t3 times or more

Up 25

20.3 billion yen

35%

E-Scrap processing
capacity

Waste and by-products
processing volumein cement production

Up 25

Up 13

200,000t
Annual total power
generated by renewableenergyUp 30
421GWh550GWhRatio of recycled tungsten
as raw material in
cemented carbide tools

Annual processing volumeof home appliance recycling

Up 35

4.5 million tons

4

3.5 million units-Advanced Products Business-1Long-termbusiness goals

Global First SupplierLong-term Strategy--Projected Achievements
at the End of FY2023

Specific Measures of the FY2023 Strategy--

Advanced Products Business-2
Large-scale investment in core business (copper & copper alloy)Keymeasures Collaboration among global footprint (incl. manufacturing, selling and developing bases)
Expand copper alloysales

Key strategies
for copper &copper alloy
business

Execute large-scale
investments
Accelerate global &downstream business
Enhance marketing &technical development
function-Acting promptly to market needs(Next-generation vehicles, AI/IoT, environmental load reduction, etc.)
20Metalworking Solutions Business-1
Long-termbusiness goals

Top 3 supplier in strategic markets

Long-term Strategy-Specific Measures of the FY2023 Strategy

21

Projected Achievement
at the End of FY2023

Metalworking Solutions Business-2
Keymeasures

Expansion of the utilization of new technologies and services that can solve
customer issues
Enhancement of the global supply system and functions

Expansion in strategic market
Reinforce marketing functions focused ontarget customers
Expand manufacturing and sales capability
through M&A or other measuresUse digital technologies for technicalassessments and simulations
Expand advanced metal powder businessfor the battery market

Strategic investment in markets with high growth potential

Build a competitive global business foundation

Develop a global recycling system of theused cemented carbide tools
Use digital technologies to achieve highquality and efficient manufacturing
processes

22

Optimize global logistics and supply chain in
response to market fluctuations
Establish manufacturing BCP to maintainstable supplies
Encourage global collaboration of technicalcenter functions

Metals Business-1
Long-termbusiness goalsLeader in environmentally-friendly mining & smelting
business

Long-term Strategy
Stable supply and recycling of nonferrous metal materials, predominantly
copperand E-

Specific Measures of the FY2023 Strategy

Projected Achievement
at the End of FY2023

CO223

Metals Business-2
Keymeasures Stable procurement of raw materials and optimization of smelting process
Stable supply of materials

Promotion of recycling

Response to climate change-----

Improve the ratio of stable raw-material procurement--24---

Cement Business-1
Long-termbusiness goals

Leader in the domestic and international cement industry
with advanced environmental technologies

Long-term Strategy

Specific Measures of the FY2023 Strategy

CO25-

Projected Achievement
at the End of FY2023

Cement Business-2
Keymeasures Reorganization of domestic business and development of new overseas bases

Domestic

Overseas

226

Environment and Energy Business-1
Long-termbusiness goals(Environmental recycling) Driving force of resource-recycling systems(Renewable energy) Leading company in geothermal development

Long-term Strategy

Specific Measures of the FY2023 StrategyAppi

Projected Achievement
at the End of FY2023

Environment and Energy Business-2
KeymeasuresEnhanced competitiveness and expansion of environmental recycling businesses
Completion of Komatagawa new hydroelectric power plant, construction of Appi
geothermal power plant, and survey of new geothermal sites

Environmental recycling initiatives

Renewable energy
initiatives-Food waste
Biogasification

Home appliance recycling

Car recycling

Incineration fly
ash recycling

Mega solar

Hydropower

Geothermal(Appi(Overview of FY2023 Strategy
123456

R&D and Marketing Strategy
MissionContribute to builda decarbonized society

Carbon recycler fordecarbonization

Mega Trends

Contribute to build a prosperous society
Supplier oflightweight/composite/advanced materials

Creator ofIoT social infrastructure

Contribute to build
a recycling-oriented society
No.1 recycler ofurban-mine resources

CO25G-FY2021-2023(FY2023 Strategy)

Key targets
IoT

Nextgeneration
vehiclesAI

Infrastructure/mass
production technology
CO230

Integratedfunctions

R&D and Marketing
Strategy

Clean energy
Decarbonization

Advancementof recycling
technologies

Material
composite

Electronics

Automobile

EnergyEnvironment

Urban mines

Key targets- -Manufacturing Excellence Strategy/Quality Management
Strategy/Digital Transformation Strategy

Manufacturing excellence
strategy
Raise manufacturing
capability to the next level

andQuality management strategy
Proactive quality management

High accuracy
monitoring system

to ensure that non-conforming
products are not produced

Digital Transformation(DX) strategy
DX Management
OfficeElucidation ofcorrelation between
cause and result with
AI/IoT(1) Business added-value(2) Business operations competitiveness (3) Management speed
CDOCDODXDigital Transformation

Business added-value
Operational competitivenessManagement speed

31

Optimization of
product/process designand equipment
maintenance planOverview of FY2023 Strategy12345632Strengthening Corporate Governance-Continuous improvement of the functions of the Board of Directors

Formulation of basic corporate governance policy (effective April 1, 2020)
CEO appointment and dismissal, planning and execution of successor
development plan

Review of executive remuneration system-

Enhancement of governance of subsidiaries

33

Strengthening Group GovernanceParent company

Governance whosestrength varies foreach in-housecompany, businesslocations and Groupcompany

Appropriate operation
through PDCA
mechanism

Targeting organization andcorporate culture-

Directly controlled factory

Maintaining ofinteractivecommunication-34-Group company

Cultivate a corporate
culture that promotes
active communication

Human Resources Strategy and Change of Organizations

TalentHR
StrategyOrganizational
cultureImprovementof social value

Change of organizations

Business Divisions

35

1. Promotion of Environmental and Energy Business Division to in-house Company:
2. Separation of Aluminum Division from Advanced Products Company:

Corporate Division
1. Establishment of Marketing Department:
2. Establishment of Corporate Communications Department:

Company-wide organization
1. Establishment of Digital Transformation Management Office:
2. Establishment of Sustainable Management Office:Forward-Looking Statements

36