Introduction
Mitsubishi Corporation (MC) is a global integrated
business enterprise that develops and operates businesses together with its global network of around
1,300 group companies.
MC has eight Business Groups that operate acrossvirtually every industry: Environmental Energy,
Materials

Mitsubishi Corporation

Solution,

MineralResources,

Urban

Development & Infrastructure, Mobility, Food Industry,
Smart-Life Creation and Power Solution. Throughthese eight Business Groups, MC’s current activities
have expanded far beyond its traditional trading operations to include project development, production andmanufacturing operations, working in collaboration
with our trusted partners around the globe.
With an unwavering commitment to conducting
business with integrity and fairness, MC remains fully
dedicated to growing its businesses while contributing to a prosperous society.

2Contents
Mitsubishi Corporation 2024
Introduction2



Corporate Philosophy
Corporate History

4



5



Global Network (Countries and Regions)
Organizational Structure



6
8



Roadmap to a Carbon Neutral Society

9Introduction to Business Groups
Environmental Energy Group Materials Solution Group 
Mineral Resources Group 
Urban Development & Infrastructure Group 
Mobility Group 
Food Industry Group 
Smart-Life Creation Group Power Solution Group 

Sustainability

26



Corporate Governance andInternal Control System
Compliance

10
12
14
16
18
20
22
24

28



29



Crisis Management and 
Business Continuity Management
on a Consolidated Basis30

CSR (Corporate Social Responsibility)

31

Financial Highlights



32



Management/Corporate Data



34
3

Corporate Philosophy – The Three Corporate Principles
The Three Corporate Principles were formulated in 1934 as theaction guidelines of Mitsubishi Trading Company (Mitsubishi Shoji
Kaisha), based on the teachings of Koyata Iwasaki, the fourthpresident of Mitsubishi.
Although Mitsubishi Trading Company ceased to exist as of1947, the principles were adopted as MC’s corporate philosophy,
and this spirit lives on in the actions of today’s management andemployees. The Three Corporate Principles also serve as thecornerstone of the management ethos of the so-called Mitsubishigroup of companies. Active in many business fields and united
by a common history and philosophy, the Mitsubishi companies
continue to grow through a strong spirit of friendly competition
with one another.

Corporate Responsibility
to Society“Shoki Hoko”

Integrity and
Fairness“Shoji Komei”

Global Understanding
Through Business“Ritsugyo Boeki”

Strive to enrich society, both materially and spiritually, while contributing
towards the preservation of the global environment.

Maintain principles of transparency
and openness, conducting businesswith integrity and fairness.

Expand business, based on an allencompassing global perspective.

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

4

Corporate History

Foundation to 1970s

The 2000s

2020s

1954

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

2001

2021

Established “Roadmap to a Carbon Neutral
Society.”

1967

Announced its first management plan.

2022

1968

Made its first large-scale investment bycommitting to a large LNG (liquefied naturalgas) development project in Brunei.

MC announced its new three-year management
plan entitled, “Midterm Corporate Strategy 2024
- Creating MC Shared Value.” This plan sets thegoal of continuously creating significant sharedvalue by enhancing the MC Group’s collective
capabilities to address societal challenges.

1971

Made “Mitsubishi Corporation” its official English
name.

2004

Introduced an aggressive blueprint for growth
titled “MC2003” which involved expanding thecompany’s value chains, strengthening its
profitability, and focusing strategies to create
new businesses.
Unveiled “INNOVATION 2007” which sought toestablish MC as a “New Industry Innovator”
by accelerating the company’s research anddevelopment activities to respond to future
strategic fields.

The 1980s to 1990s

2010s

1986

Drew up a management plan and new policythat shifted the company’s focus from operatingtransactions to profits.

2010

1992

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

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

2016

1998

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

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

2018

Announced “Midterm Corporate Strategy 2021.”

5

Global Network (Countries and Regions)(As of June 1, 2024)

MC has developed a global network to drive its next phase of major growth by continuously
improving its ability to respond to change while also encouraging collaboration through theefficient and effective allocation of roles between the Head Office, MC offices and subsidiaries,
and group companies.
The MC Group operates in a rapidly evolving businessenvironment, both in Japan and around the world,with heightening geopolitical risks and an increasingly
borderless global society and market.
In response to these swift and complex changes,
and in order to accelerate the implementation of its
business management model, MC leverages its global
network in around 90 countries and regions worldwide,
to gather and communicate relevant, real-time businessintelligence. This enhanced global network is used to
identify potential sources of growth and new business
opportunities, as well as to bolster risk management
practices and ultimately support the expansion of the
MC Group.

MC has long contributed to the development ofsocieties and economies by working with its customers
and partners all over the world to develop a wide rangeof businesses that it could not have realized on its own.
These positive relationships are built upon day by day
as irreplaceable assets spanning the past, present andfuture.
In this manner, the MC Group aims to maximize its
corporate value by enhancing its global network and by
fully leveraging its collective abilities, including its solid
relationships with customers and partners around theworld.

North America
New York
SeattleSilicon Valley
Los Angeles
HoustonWashington, D.C.
BostonVancouver
6

TorontoMexico City
Latin America &the Caribbean
Panama City
Quito
Lima
Bogotá
Santiago
CaracasBuenos Aires
São Paulo
Rio de Janeiro
EuropeLondonMadridParis
Brussels
Amsterdam
Düsseldorf

Milan
Oslo
Stockholm
Warsaw
Belgrade
AthensMoscow
Vladivostok
Kyiv
AlmatyIstanbul
AnkaraAshgabatTashkent
Tel Aviv

Nairobi
Addis Ababa

AfricaJohannesburg
Dakar
Casablanca
Abidjan
Lagos

East Asia
Ulaanbaatar
Beijing
Guangzhou
Shenzhen
Wuhan

Middle East
Dubai
Cairo
Amman
RiyadhAl Khobar
Basra
Doha
Abu Dhabi
MuscatKuwaitTehran14 MC Offices and Subsidiaries
326 Group Companies

Latin America& the Caribbean

Location of MC Operations
Japan
SapporoAkita
SendaiChoshi
NagoyaToyamaOsaka
Takamatsu
Hiroshima
Fukuoka
Naha

North America

XiamenQingdao
Shanghai
DalianChengduHong Kong
Taipei
Seoul
Asia
Karachi
LahoreNew Delhi
Mumbai
Kolkata
ChennaiBangalore
Dhaka
YangonNay Pyi Taw
Bangkok
Kuala Lumpur

Singapore
Phnom Penh
Hanoi
Ho Chi Minh City
Jakarta
Bandar Seri Begawan
ManilaOceania
Melbourne
SydneyPerth
Auckland9 MC Offices and Subsidiaries
54 Group Companies

Head Office: Tokyo
Number of MC offices and subsidiaries in Japan: 11
Number of MC offices and subsidiaries overseas: 107* Locations of MC offices and subsidiaries (MC branches, offices, liaison offices, regional subsidiaries, etc.) are marked* “Offices and subsidiaries” is a general term that refers to
MC offices, subsidiaries, annex offices, and project offices

Number of group companies: 1,318(915 consolidated subsidiaries and403 equity-method affiliates)*As of March 31, 2024. Including affiliates for which
subsidiaries implement consolidated accounting procedures,
as well as MC’s regional subsidiaries which implement
consolidated accounting procedures*MC’s regional subsidiaries are included in the number of MC
offices and subsidiaries on the map

Middle East
13 MC Offices and Subsidiaries
4 Group Companies

EuropeEast Asia

22 MC Offices and Subsidiaries
361 Group Companies

16 MC Offices and Subsidiaries
62 Group Companies

Japan
11 MC Offices and Subsidiaries
296 Group Companies

AfricaHead
Office7 MC Offices and Subsidiaries
3 Group Companies

Asia
22 MC Offices and Subsidiaries
152 Group Companies

Oceania
4 MC Offices and Subsidiaries
24 Group Companies

7Organizational Structure
General Meeting of
Shareholders

Audit & Supervisory
Committee

The Board of
Directors(As of July 1, 2024)

President andChief Executive
Officer

Executive
Committee
Business Strategy Committee
Management Strategy Meeting
Global Intelligence Committee

Audit & Supervisory
Committee’s Office

Investment Committee

Corporate Compensation International
Governance
Advisory
Committee
and Nomination
Committee
Committee

Internal
Audit Dept.

Corporate
Administration Dept.
Global Human
Resources Dept.
Global Planning &Coordination Dept.

Environmental Energy
Group

Materials Solution
Group

Mineral ResourcesGroup

Urban Development &Infrastructure Group

Environmental Energy
Group CEO Office

Materials Solution GroupCEO Office

Mineral Resources GroupCEO Office

Mobility Group CEO OfficeEnvironmental Energy
Administration Dept.

Materials Solution GroupInternal Audit Dept.
Materials Solution
Administration Dept.

Mineral Resources
Administration Dept.

Urban Development &Infrastructure GroupCEO OfficeUrban Development& Infrastructure
Administration Dept.

Automotive Business Div.

Carbon & Ceramics Div.

Critical Minerals Div.

Steel Products Div.

Mineral Resources
Trading Div.

Petroleum Solutions Div.
LNG Asia-Pacific Div.
LNG Americas & New
Ventures Div.

Performance Materials
Div.
Business Development
Div.
Global Marketing Div.

Ferrous Raw Materials
Div.

Infrastructure, Ship &Aerospace Div.

Compliance Committee
Sustainability Committee

MobilityGroup
Mobility Administration
Dept.
Isuzu Business Div.
Mobility Service Div.
e-Mobility Solution Div.

Officer for
Emergency Crisis
Management
Headquarters

Disclosure Committee

IT Service Dept.
Corporate
Communications Dept.
Sustainability Dept.
Investor & Shareholder
Relations Dept.

Offices
Business Investment
Management Dept.

Americas

Corporate Accounting
Dept.

Asia & Oceania

Finance Dept.

Europe, Middle East & Africa
Japan

Structured Finance,
M&A Advisory Dept.

Food Industry
Group

Smart-Life Creation
Group

Power Solution
Group

Food Industry GroupCEO Office

Smart-Life Creation GroupCEO Office

Power Solution GroupCEO Office

Food Industry
Administration Dept.

Smart-Life Creation GroupInternal Audit Dept.

Power Solution
Administration Dept.

Global Markets Dept.

Smart-Life Creation
Administration Dept.

International Power Div.

Digital Solutions Div.

Power Business
Development Div.

Food Ingredients Dept.
Food Resources Div.

Industrial Machinery Div.

Marine Products Div.

Retail Div.

Domestic Urban
Development & Digital
Infrastructure Div.

Farm, Dairy & Meat
Produce Div.

Healthcare Div.

Global Urban
Development Div.

Chief
Compliance
Officer

Corporate Staff Section

Corporate
Strategy &Planning Dept.

Legal Dept.

Next-Generation Energy Div.

Human Resources
Development Committee

Utility Retail Div.

Apparel & S.P.A. Div.
Logistics & Food Distribution
Div.
Financial Business Div.

*Organizational Structure of the head office8

Roadmap to a Carbon Neutral Society(Established in October 2021)

There is an urgent need for decarbonization initiatives in response to global climate change. The MC Group will continue to fulfill its responsibility as an active player in industries
including resources and energy by continuing to provide a stable supply of energy, such as natural gas, while working to achieve a carbon neutral society.

POINT

1

POINT

Greenhouse Gas Reduction Targets

Halve by FY2030, Net Zero by 2050
(FY2020 baseline)

By FY2030

2

Approx. 2 trillion yen of EX-related investment

POINT

Integrated EX/DX initiatives to “Create a New Future”

3(Energy Transformation)

Greenhouse Gas Reduction
Targets
Net zero greenhouse gas (GHG) emissions
by 2050, and a new FY2030 target with adetailed reduction plan. Emissions halved by
FY2030 through portfolio replacement driven
predominantly by divestment of thermal power
assets.

Greenhouse Gas Reduction Targets

Halve by FY2030

Greenhouse Gas Reduction Targets

Net Zero by 2050

(FY2020 baseline)

We will utilize every means available, aiming to reduce total emissions to a level consistent with the Paris Agreement, including by
replacing assets and by switching operations to renewable energy
and alternative fuels.

We aim to achieve a Paris-aligned target of net zero by2050 by leveraging our collective capabilities to drive
industrial transformation, as well as by embracing newtechnologies and innovation.

25.30 MMTCO2e *1
Portfolio Replacement
Divestment of thermal power and other assets

Procurement of Renewable Energy
For mines, production facilities and distribution networks

HalvedImpact of Energy Savings/DX

Industry Transformation

Systems to support energy savings, virtual power plants
Supply chain optimization

New Technologies andInnovations

Fuel Switching, etc.
Hydrogen and ammonia co-firing in thermal power plants

FY2020 (baseline) *2

FY2030 Target

Net Zero *3
2050 Target*1 The above figures represent the Scope 1 and Scope 2 emissions of MC and its consolidated companies, including affiliates, based on the equity share approach (for details, refer tohttps://mitsubishicorp.disclosure.site/en/themes/113#917).
*2 FY2020 is set as the new baseline, as it provides the most accurate affiliate data that was previously unavailable, e.g. Scope 2 market-based method emissions.
The data are currently under detailed examination and may be subject to minor revisions.
*3 Any residual emissions, after reduction efforts have been made, will be neutralized using internationally-accepted offsetting methods including carbon removal.
● Management and disclosure of Scope 3 emissions of particularly large emission categories, including those of affiliated companies’ emissions as described in *1 above, will be considered in tandem with future international debate and frameworks.
● The specific reduction plan and measures for the GHG emissions reduction targets will be adjusted as required in line with progress of technological developments, economic viability and policy/institutional support.

9Natural Gas Development and Production Project (Canada)Montney/Shale Gas Development
Shale Gas Development and Production in Canada

MC, in partnership with Ovintiv, is actively engaged inshale gas development at a premier unconventional
resource play in Montney, an area well recognized forits massive reserves. MC will export the gas produced
at Montney to markets in East Asia, including Japan,
through the LNG Canada project in which MC also
participates, in addition to marketing the gas locally inNorth America.

LNG Canada(Canada)LNG Liquefaction and Marketing Business (USA)

CIMA ENERGY, LP.

Gas Marketing (USA)

Decarbonization-related Venture Investments (UK, USA)AP Ventures/
Breakthrough Energy Catalyst
Investing in One of the World's Leading Venture Capital Firms

Through AP Ventures, a UK-based venture capital firm focusing
on hydrogen, we are identifying direct investment opportunities
in startups that have promising technologies for realizing adecarbonized society. So far, we’ve invested in Hydrogenious (aGerman company with hydrogen storage and transportation
technology), hystar (a Norwegian company with water electrolysis
technology), and Amogy (a US company with ammonia cracking
technology). We are also working on projects through BreakthroughEnergy Catalyst, a US company founded by Bill Gates that isdedicated to accelerating social adaptations of net-zero technologies,
and have committed to investing in projects such as Infinium’sRoadrunner project in the US (an e-SAF production project). Suchinvestments will play a pivotal role as we strive to utilize newtechnologies to further create business opportunities going forward.

Cameron LNG/
e-methane (Synthetic Methane) Development ProjectUS-based Natural Gas Liquefaction and Export/e-methane Development
Project Utilizing the Cameron LNG Terminal

Cameron LNG is a project where natural gas produced in the US is liquefied
and exported. The project, which has a capacity to commercially produce
12 million tons of LNG per annum, a third of which is handled by MC, started
commercial operations in August 2019. In addition, in order to decarbonize
heat demand, MC aims to introduce “e-methane (synthetic methane)*” into
the global energy mix by utilizing Cameron LNG’s existing infrastructure
and is striving to realize export into Japan by 2030.

Garraf Crude Oil Production (Iraq)
Basrah Gas Company

Refining & Sale of Natural Gas (Iraq)

Qalhat LNG (Oman)
Oman LNG(Oman)*Synthetic methane produced from raw materials such as hydrogen and CO2.

Malaysia LNG(Malaysia)

Brunei LNG(Brunei)Diamond Gas International
LNG Marketing (Singapore)

Browse Development (Australia)
North West Shelf (NWS) (Australia)
Wheatstone LNG (Australia)
Ammonia Manufacturing and Marketing Business(USA, Japan, Indonesia, etc.)

Clean Ammonia Project
Clean Ammonia Social Implementation Project

As one approach to achieving a carbon-neutral
society, we are aiming for the social implementationof using ammonia as fuel. Ammonia is attracting
attention as a next-generation fuel source that
does not emit CO2 when burned. Together with ourpartners, we are developing projects around theworld to construct large-scale and stable cleanammonia supply chains.
10Projects under development
Projects under operation

Marketing of Petroleum Products (Japan)

Mitsubishi Corporation Energy Co., Ltd.
Providing a Stable Supply of Petroleum Products

Sakhalin -2 (Russia)

Mitsubishi Corporation Energy (MCE) was establishedon October 1, 2015, with the objective of merging themanagement resources for Japan-based petroleum
product sales. While providing a stable supply of
petroleum products such as gasoline, kerosene, gasoil, fuel oil and asphalt, MCE is also promoting new
DX businesses utilizing its retail networks, including
e-commerce businesses through its subsidiary, Car
Frontier.

LPG Import and Marketing Business (Japan)

Astomos Energy Corporation
One of the World’s Largest LPG Players

MC Group company Mitsubishi Liquefied Petroleum
Gas Co. and Idemitsu Kosan Group company Idemitsu
Gas and Life Co., Ltd. came together to form Astomos
Energy Corporation in 2006. Astomos is among theworld’s largest enterprises specializing in LPG, andhandles approximately 25% of Japan’s LPG demand.
The company is also engaged in power retail and thepromotion of residential fuel cells and high-efficiency
water boilers.

Environmental Energy GroupThe Environmental Energy Group’s mission is to contribute to the realization of a carbonneutral society by promoting the energy transition while simultaneously ensuring stablesupplies of energy.
For more than half a century, MC has been contributing to the stable supply of energy
through our natural-gas-, LNG-, petroleum-, and LPG-related businesses, together withnumerous customers and partners.
Utilizing our business development and marketing capabilities, in addition to the robust
networks and relationships we have developed in the course of our business operations,
we will deliver energy solutions optimized to meet the requirements of each customer
through the timely development and supply of energy products.

Next-Generation Energy Div.

▪New Power Generation Fuels Business Dept. ▪Biofuel & E-fuel Business Dept.
▪Hydrogen Infrastructure Development Dept.
▪Hydrogen Business Development Dept. ▪Carbon Management Dept.
Clean ammonia, SAF, hydrogen, low carbon methanol, low carbon ethanol, next
generation-energy related infrastructure, carbon credits, CCUS, other decarbonization
products and technologies

Petroleum Solutions Div.

▪Refinery Business Dept. ▪LPG & Petroleum Feedstock Business Dept.
Crude oil, gasoline, kerosene, diesel, LPG, naphtha, other petroleum products, woodpellets

LNG Asia-Pacific Div.

▪Brunei Business Dept. ▪Malaysia Business Dept. ▪Indonesia Business Dept.
▪Australia Business Dept. ▪Russia Business Dept.
▪Delivery Operations Management Dept.
Natural gas, liquefied natural gas (LNG)

Hydrogen Transportation and Marketing Business(Singapore, Europe, Japan)

Hydrogen Supply Chain BusinessTangguh LNG(Indonesia)

Developing an International Hydrogen Supply Chain
Using Methylcyclohexane (MCH)

Produced from toluene and hydrogen, MCH is one of
the key technologies that makes the safe and efficient
long-distance transport and storage of hydrogenpossible. MC is accelerating technical and commercial
studies to secure a stable supply of hydrogen to
Singapore, Europe, Japan and other countries where
demand for the resource is expected to increase in thenear future.

LNG Americas & New Ventures ▪Business Development Dept. ▪Global Marketing Dept.
Div.
Natural gas, liquefied natural gas (LNG)

LNG Liquefaction and Marketing Business (Indonesia)

Donggi-Senoro LNG
First All-Asia LNG Project

The Donggi-Senoro (DSLNG) Project is the world’s first LNG project
to be undertaken exclusively by Asian companies, and without the
involvement of major oil and gas companies. Companies fromJapan, Indonesia and South Korea are taking part in the project.
As the largest shareholder, MC assumes the leading role in thisproject, from which production and sales of LNG and associatedcondensate have been underway since 2015.
11

Manufacturing and Sales of Needle Coke (South Korea)

Manufacturing and Sales of Plastics Additives and
PVC Stabilizers (USA)POSCO MC MATERIALS

Amfine Chemical Corporation

Stable Supply of Essential Materials forElectric Arc Furnace

Manufacturing and Sales of Essential Materials for
Automotive Lightening and Material Circulation

Diamond Petrochemicals Canada Corporation (DPCC)
Manufacturing and Sales of Butadiene（Canada）

Manufactures and sells functional materials (plastics
additives) to add various properties such as durability
and flame resistance to plastics. Amfine Chemical
Corporation is a joint venture between MC and ADEKA,
a leading company in this field.

Manufactures and sells needle coke, the raw
material used for graphite electrodes, which
are indispensable for the operation of electric
furnaces (steel product recycling), a market thatis expected to grow in the future. The company
is a joint venture between Mitsubishi Chemical,
MC and POSCO FUTURE M, a subsidiary of South
Korea’s largest steel company, POSCO.

IVICT Europe GmbH

Chemical Trading (Germany)

Manufacturing and Sales of PVC and
Thermoplastic Elastomer Compounds (USA)Riken Americas Corporation
Supplying Composite Materials that are Indispensable
in the Fields of Mobility, Infrastructure, etc.

MC Plastic Trading de Mexico

Sales and Marketing of Industrial Resins and PVC(Mexico)A joint venture between Riken Technos Corporation and
MC. Riken Technos Corporation manufactures and sells
vinyl chloride and elastomer resin compounds in the
United States for various applications in automobiles,
construction, infrastructure, etc.

IVICT (Shanghai) Co., Ltd.
SHARQ

Chemical Trading (China)

Manufacturing of Ethylene Glycol
and Polyethylene(Saudi Arabia)

IVICT (Thailand) Company Limited
Chemical Trading (Thailand)

Caribbean Gas Chemical Limited (CGCL)

Manufacturing of Methanol (Trinidad and Tobago)

Thai Shinkong Industry Corporation Ltd.

Manufacturing of Recycled PET Resins (Thailand)

IVICT Singapore Pte. Ltd.

Chemical Trading (Singapore)

PT Panca Amara Utama (PAU)

Manufacturing of Ammonia (Indonesia)

Manufacturing and Sales of Cement andReady-mix Concrete (USA)

Mitsubishi Cement Corporation/
MCC Development Corporation
Stable Supply of Essential Materials for Construction
and Infrastructure Development

A joint venture between Mitsubishi UBE Cement
Corporation and MC that develops the integrated
manufacturing and sales of cement and ready-mix
concrete in California, US, as well as other regions.
With the aim of reducing CO2 emissions, the company
is also working to introduce CCU technology thatutilizes ready-mix concrete and other materials.

12

Manufacturing and Sales of Silica Sand (Australia)

Cape Flattery Silica Mines Pty., Ltd.
One of the World’s Largest Silica Sand Suppliers

Manufacturing of Methanol (Venezuela)

Metanol de Oriente, METOR, S.A. (METOR)A Business Linking Japan and Venezuela

METOR is a methanol production and sales joint venturewith Venezuela’s state-owned petrochemicals firm
Pequiven, Mitsubishi Gas Chemical and others. Its
second plant began operating in 2010, increasing annual
production capacity to 1.6 million tons. METOR is widely
symbolic of Japan-Venezuela relations.

A wholly owned subsidiary of MC that owns one of theworld’s largest silica sand mines located in Australia.
For over 50 years the company has supplied silica
sand, which is the raw material used for various
products such as flat glass and display glass, to Japanand other Asian countries where demand has grown
remarkably.

Processing, Sales and Marketing of Steel (Japan)

Materials Solution Group

Metal One Corporation
Leading Company in Steel Products Value Chain

Metal One Corporation (Metal One), established in
2003, is a company jointly owned by MC and Nissho
Iwai Corporation (now Sojitz Corporation). With over
140 subsidiaries and affiliated companies around theworld, Metal One has forged a value chain connecting
steel manufacturers and customers by providing
integrated services including distribution, inventory,
processing and manufacturing, as well as sales ofsteel products.

Nippon Electrode Co., Ltd.

With the materials industry being one of Japan’s core industries, the Materials Solution
Group takes a comprehensive view of its supply chain and promotes the strengthening ofcompetitiveness and reduction/decarbonization of the industry.
Utilizing knowledge and experience in the broad materials industry gained throughtrading and our existing businesses, we will define focus areas, develop and strengthen
our business, build a large-scale business foundation in each area, and aim to create abusiness portfolio that will provide stable profits.

Manufacturing and Sales of Various Carbon Products (Japan)

MUCC Construction Materials Corporation

Sales and Marketing of Construction Materials (Japan)

Frontier Carbon Corporation

Carbon & Ceramics Div.

▪Carbon Materials Dept. ▪Carbon Materials Business Development Dept.
▪Construction Materials Dept. ▪Ceramic Materials Dept.
Cement and ready-mix concrete manufacturing and sales business, silica sandmanufacturing and sales business, carbon materials manufacturing and sales
business

Steel Products Div.

Distribution, inventory, processing, and manufacturing business for steel products
through Metal One Corporation

Performance Materials Div.

⃝Agriculture Solution Office ▪Semiconductor Business Dept.
▪Petrochemicals Business Dept. ▪Basic Chemicals Business Dept.
▪Functional Materials Business Dept.
Manufacturing and sales business based on raw materials in the fields of petrochemicals
and basic chemicals

Business Development Div.

⃝Industrials Materials Business Incubation Office▪Materials Business Transformation Dept. ▪Industrial Materials DX Dept.
▪Ecological Materials Business Dept.
Development and provision of business transformation solutions (DX, EX, MX, recycling,etc.) in the materials industry

Global Marketing Div.

▪Basic Petrochemicals Marketing Dept. ▪Refinery Chemicals Marketing Dept.
▪Alcohol & C1 Chemicals Marketing Dept. ▪Chlor-Alkali Marketing Dept.
▪PVC & Functional Chemicals Dept.
Trading in the fields of petrochemicals and basic chemicals

Manufacturing and Sales of Fullerenes (Japan)

Beyond Materials Corporation

Consulting and Engineering Services Provider for the Materials Industry (Japan)

SPDC Ltd. Sales and Marketing of Ethylene Glycol and Polyethylene (Japan)
Mitsubishi Corporation Plastics Ltd.
Sales and Marketing of Synthetic Raw Materials & Plastics (Japan)

Mitsubishi Shoji Chemical Corp.

Sales and Marketing of Solvents, Paints, Coating Resins, Silicones (Japan)

Mitsubishi Shoji Agri-Service Corporation Sales and Marketing of Fertilizer (Japan)
MC Ferticom Co., Ltd. Manufacturing and Sales of Fertilizers (Japan)

Development, Manufacturing and Sales ofFunctional Materials (Japan)

Toyobo MC Corporation
Manufacturing and Sales of Functional Materials
Contributing to a Sustainable Society

Toyobo MC develops, manufactures, and sells functional
materials (engineering plastics, coating and adhesive
raw materials, etc.) that help to not only promote weight
reduction and electrification in the mobility sector, butalso respond to environmental issues. The company is a
joint venture between MC and Toyobo, a high-performancematerials manufacturer with advanced technology.

13

Metals Futures Trading Business (UK)

Triland Metals Ltd.

Iron Ore Business (Canada)

Long-standing Dealing Member of the LME(London Metal Exchange)

Iron Ore Company of Canada (IOC)One of North America’s Leading Producers ofHigh-Grade Iron Ore

Established in 1971, Triland Metals offers digital
hedging solutions for industrial metals users acrossthe globe, seeking to manage price risk volatility.
The company offers its customers a proprietary
online trading platform alongside a wide range ofrelated services. Its function and customer base arecomplementing and adding value to MC’s mineral
resources trading business.

Iron Ore Company of Canada (IOC) is one of the North
America’s leading producers of iron ore. IOC has
owned and operated its mine, processing plant, pellet
plant, railway and port in its current mining location
since 1962. It has large reserves of high-grade ore
and produces approximately 20 million tonnes ofpellets and concentrates per year.

Turnagain

Nickel Business (Canada)

PAK Lithium

Lithium Business (Canada)

Copper Business (Chile)
Copper Business (Peru)

Anglo American Quellaveco
A World-class New Copper Project

Quellaveco is a large-scale, highly cost-competitive
copper mine located in the southern part of the
Republic of Peru. Construction of the project wascompleted in July 2022, and production has alreadystarted. It produces approx. 300 kilotonnes perannum (CuEq).

Escondida
World’s Largest Copper Mine

Escondida is the largest copper mine in theworld by production. The first shipment ofcopper concentrate from Escondida took placein 1990. Following subsequent expansion
phases, Escondida produces over 1.0 million
tons per annum of copper concentrate andcopper cathode. The size of Escondida’s copper
reserve and its cost competitiveness make it
one of the world's prime mines.

Antamina

Mineral Resources Trading Business (Singapore)

Copper Business (Peru)

Mitsubishi Corporation RtM
International Pte. Ltd. (RtMI)
Global Mineral Resources Trading

Marimaca

Copper Business (Chile)

Iron Ore Business (Chile)

Copper Business (Chile)

Anglo American Sur(Los Bronces, etc.)
A Large-scale Copper Mine with One of theLargest Resources

Anglo American Sur holds a significant portfolioof copper assets in the central part of Chile,
including Los Bronces mine, El Soldado mine,
Chagres smelter and large-scale prospective
exploration properties. It produces approx. 300
kilotonnes per annum (CuEq).
14

Los Pelambres Copper Business (Chile)

Compania Minera del Pacifico (CMP)
Largest High-grade Iron Ore Producer in Chile

CAP S. A. Iron Ore/Steel Conglomerate (Chile)

Compania Minera del Pacifico (CMP) is the largest ironore producer in Chile. CMP has integrated operatingsites consisting of 3 mines, 4 beneficiation plant, 1pellet plant and 3 ports in three districts within twoof Chile’s regions (III and IV), produces approximately
17 million tonnes of high-grade pellet feed and pellets
per annum, and sells them both domestically andinternationally.

MC established Mitsubishi Corporation RtM International
Pte. Ltd. (RtMI) in April 2013 as a global mineral resources
trading hub. Based in Singapore, which is renowned for
its extensive network of commodity players and accessto international trading talent and market intelligence,
RtMI strives to meet diversifying customer needs andcapture demand in growing markets, particularly in Asia.

Ferrous-Raw-Materials-Division-related/
Critical-Minerals-Division-relatedMineral-Resources-Trading-Division-relatedMineral Resources Group
The Mineral Resources Group has grown its business model by addressing evolving
demands from stakeholders and the broader society, as well as changes in thebusiness environment. Today, we have a portfolio of prime assets with world-class costcompetitiveness and quality, such as metallurgical coal and copper.
Metals and minerals, including steel and copper, are crucial in our world today even as
we are faced with key challenges such as identifying opportunities for decarbonization,
electrification, and building circular economies. We will continue to fulfill our mission
by sourcing these resources to the market through trading, resource investments andbusiness development.

Ferrous Raw Materials Div.

⃝Strategic Planning Office ▪MDP Dept. ▪Iron Ore Dept.
Metallurgical coal, iron ore

Critical Minerals Div.

⃝Strategic Planning Office ▪Base Metals Dept. ▪Aluminium Dept.
⃝Battery Minerals Office
Copper, aluminum, lithium, nickel, etc.

Mineral Resources Trading Div. ⃝RtM Office
Coal, iron ore, nickel, chrome, molybdenum, lithium, copper concentrate and metal,
lead concentrate and metal, zinc concentrate and metal, tin metal, primary aluminum,
secondary aluminum, aluminum products, bauxite, precious metals, rare earths, etc.

AurukunBauxite Business(Australia)

Metallurgical Coal Business (Australia)

BMA
One of the Largest Suppliers of Metallurgical Coal
(Coal for Steelmaking) in the World

Mitsubishi Development Pty Ltd (MDP), which develops,
produces, and sells various resources in Australia as aplatform for MC’s metal resources business, engages
in the world’s largest BMA coking coal business with
its partner, BHP. BMA manages five operating minesthat produce high-quality, cost-competitive coking
coal for steelmaking, and also handles the integrated
management of a rail network and port terminal.

15

Industrial Equipment Business (USA)MC Machinery Systems, Inc.
Development of Machine Tools Distribution Businessin the Americas

In the American markets, MC Machinery Systems, Inc.
is engaged in selling machine tools. Main products are
the Electrical Discharge Machine and LASER cutting
machines made by Mitsubishi Electric. It also provides
solutions such as automation systems to meet laborsaving needs, and after-sale service which includes
application technology.

MC Shipping Ltd. London Branch
Ship Trading (UK)New Ulaanbaatar International Airport LLC

Airport Operation (Mongolia)

Calik Enerji Sanayi ve Ticaret A.S.
Infrastructure EPC Business(Turkey)

Cube Highways and Infrastructure Pte. Ltd.

©SBM Offshore

Toll-Road and Highway Operation (India)

FPSO Chartering Business (Brazil)
Owning and Operating FPSO for Ultra-Deepwater Oil Fields

MC participates in the ownership and operation of offshore
facilities (FPSO) for producing, storing, and offloading crude
oil and gas taken from deep-sea oil fields for Petrobras, aBrazilian state-owned oil company.

MC Urban Development Vietnam Company Limited
Real Estate Development (Vietnam)

MITBANA Pte. Ltd. Urban Development Business (Singapore)
MC Shipping Ltd. Singapore Branch

Ship Owning and Operation Management, Cargo Transportation (Singapore)

Real Estate Investment (USA)PT. Berlian Amal Perkasa

DIAMOND REALTY INVESTMENTS,
INC. (DRI)

Construction Solutions Business (Indonesia)

Real Estate Investment Company with Proven
Track Records

Wholly owned by Mitsubishi Corporation,
Diamond Realty Investments is an operatingcompany that is involved in the development oflogistics warehouses, multifamily apartments,and student housing, etc., in the United States,
which serves as the world’s largest real estatemarket. Since the early 1990s, the company
has invested in over 200 projects valued atmore than US$13 billion, in conjunction with
US-based developers.

16

PT. MC Urban Development Indonesia

Real Estate Development (Indonesia)

Urban Development/Real Estate Business (Indonesia)

Jakarta BSD City Development ProjectIndonesia’s First Transit-oriented Smart City Development

Cleanairtech Sudamérica S.A.
Water Business (Chile)

On a development site encompassing more than 100
hectares within BSD City, located on the outskirts of Jakarta,
MC is jointly promoting the development of Indonesia’s firsttransit-oriented smart city with Sinar Mas Land, Indonesia’s
largest real estate developer. Simultaneously, we are
exploring the possibility of introducing urban services
related to city portals, mobility, energy, and healthcare all
throughout BSD City.

PT. Coates Hire Indonesia

Construction Solutions Business (Indonesia)

Ship Owning and Chartering Business
Owning and Operating a Variety of Vessels

MC continues to support the maritime industry by leveraging
its ship owning and chartering business to help not only
decarbonize the shipping industry, but also further develop
global transportation logistics.

Real Estate and Urban Development (Japan)

Mitsubishi Corporation Urban
Development, Inc.
A Real Estate and Urban Developer that is a
Wholly-Owned Subsidiary of MC

Mitsubishi Corporation Urban Development
engages in real estate development, valueenhancement, and facility management ofretail and logistics facilities that leverageland potential. Moreover, it also engages inurban development projects.

Diamond Realty Management Inc.

Private Real Estate Investment Fund Management (Japan)

Marunouchi Infrastructure Inc.

Comprehensive Infrastructure Fund Management Business (Japan)
Yokohama Akarenga, Inc. Retail Property Operation (Japan)

Fukuoka International Airport Co., Ltd. Airport Operation (Japan)
Hokkaido Airports Co., Ltd. Airport Operation (Japan)
Swing Corporation Water Business (Japan)
MC Shipping Ltd.

MC Digital Realty, Inc.

Japan Space Imaging Corporation

A Data Center Operation Joint Venture with
Digital Realty Trust

Chiyoda Corporation Integrated Engineering Company (Japan)
Mitsubishi Corporation Machinery, Inc.

MC Digital Realty plans, develops and operates data
centers through a joint venture between Mitsubishi
Corporation and Digital Realty, a leading global
data center operator. It develops and operates
data centers, which serve an essential role withrespect to corporate activities and people’s daily
lives amid the rapid pace of digital transformationin contemporary society.

Infrastructure EPC Business (Japan)

Diamond Construction Equipment Corporation
Construction Solutions Business (Japan)

Mitsubishi Corporation Technos

Industrial Equipment Business (Japan)

The Urban Development & Infrastructure Group engages in domestic and overseas urban
development/management, real estate development/operations, data centers to support
our digital society, shipping/spacecraft, industrial machinery, and energy infrastructurebusiness, etc. Under the group’s mission of “creating cities, societies and the future” andwhile comprehensively integrating our real estate industry and industrial infrastructureindustry know-how that we have built up over many years, the group seeks to createa vibrant future by taking the lead in addressing social challenges/development andimproving urban value.

Data Center Operation (Japan)

Ship Owning and Operation Management, Ship Trading (Japan)
Sales of Satellite Imagery Data and Services (Japan)

Urban Development &Infrastructure GroupMSK Farm Machinery Corporation

Agricultural Machinery Business (Japan)

Construction Solutions Business (Japan)

Nikken Corporation
Comprehensive Service Provider in the Rental BusinessAs a construction equipment rental services company,
Nikken Corporation aims to be a strategic partner toits customers by providing high quality services thatmeet various needs through its network of more than
250 outlets across Japan and its technological andservicing strengths.

Infrastructure, Ship &Aerospace Div.

⃝Chiyoda Turnaround & Growth Management Office▪Ship & Infrastructure Business Dept. ▪Defense and Aerospace Dept.
Ship business, FPSO* business, defense/aerospace business, Chiyoda Corporation,etc.
*Floating Production, Storage & Offloading System

Industrial Machinery Div.

⃝Industrial Solution Development Office ▪Infrastructure Projects Dept.
▪Building Solutions Dept. ▪Construction Solutions Dept.
Construction solutions including construction machinery rental services; infrastructure
EPC (engineering, procurement, construction) including electricity, petroleum, naturalgas, chemicals, steel manufacturing, airports, and railway systems; distribution ofvarious production equipment for factories such as machine tools, etc. and large
agricultural machinery for farms; facility management involving operations andmanagement of facilities and equipment for office buildings, etc.

Domestic Urban Development & ▪Domestic Urban Development Dept. ▪Transportation & Water Infrastructure Dept.
▪Digital Infrastructure Dept.
Digital Infrastructure Div.
Real estate development and management as well as urban development andmanagement in Japan; data center development and management in Japan andoverseas; and transportation and water infrastructure operations
Global Urban Development Div. ⃝Global Business Development Office ▪Global Urban Development Dept.
▪Asia Urban Development Dept.
Urban development and urban operations primarily in Asia; real estate development
and management primarily in North America and Asia

17

Business in Thailand
Automobile Sales in Thai Market and Global Exports BusinessWe began importing and selling Isuzu Motors vehicles
in Thailand in 1957. In 1974, we established Tri Petch
Isuzu Sales (TIS) as a distributor to handle the overallsales of Isuzu Motors vehicles within Thailand. Exportsof Isuzu vehicles produced in Thailand started in 2003,
and today we export to over 100 countries worldwide.
As a distributor, TIS forms the core of wide-ranging
operations, including sales, automobile financing andafter-sales services, and has built Isuzu into a leading
brand in the commercial vehicle market.

MMC Rus LLC.

Distribution of Automobiles (Russia)

JSC MC Bank Rus

Automobile Finance (Russia)

Isuzu Benelux N.V.

Astara Mobility, S.A. (Spain)

Distribution of Automobiles(Belgium/Germany)

MMC Ukraine LLC.

Distribution of Automobiles/Mobility Service Provider

Distribution of Automobiles(Ukraine)

Astara Mobility, S.A. is a tech-enabled mobility company(headquartered in Spain) that delivers flexible andsustainable mobility solutions, including automobile
distribution, subscription and car-sharing services,
through integrated, innovative technologies and longstanding relationships with 39 vehicle brands in 19
countries*. The company was established in 1979 andMC has invested in it since 2020.

Tire Business (Thailand)

Bridgestone Sales (Thailand)Co., Ltd.
Bridgestone Sales (Thailand) Co., Ltd. sells
tires and contributes to the enhancementof the Bridgestone brand in Thailand.

*Figures as of March 31, 2024

Isuzu Motors De Mexico S. de R.L.

Assembly & Distribution of Automobiles(Mexico)Hongling Financial
Leasing Co., Ltd.

Automobile Finance (China)

Business in India
Automobile Production & Sales in India, andExports Business to Surrounding Countries &Middle Eastern Countries

In 2012, we established Isuzu Motors India (IMI), andbegan sales of Isuzu pickup trucks and SUVs in India.
In 2016, IMI commenced production at its factory inthe state of Andhra Pradesh in southern India, andwe are now proceeding with full-scale businessdevelopment. In recent years, IMI has also been
exporting Isuzu pickup trucks produced in India tosurrounding countries such as Nepal and Bhutan,
and even Middle Eastern countries.

TVS Automobile Solutions Private Limited
Automobile After-sales (India)

Mitsubishi Motors Malaysia Sdn. Bhd.
Distribution of Automobiles (Malaysia)

Isuzu Malaysia Sdn. Bhd.

Distribution of Automobiles (Malaysia)

Assembly & Saleof Automobiles(Vietnam)

PT. Suku Cadang Oto Sejahtera(Brand Name: Tokoparts)

Multi-brand Automotive Spare Parts
E-commerce and Distribution(Indonesia)

Business in Indonesia
Developing Automotive Business Value Chain

In 1970, PT. Krama Yudha Tiga Berlian Motors (KTB) wasestablished in Indonesia as the general agent for sales andimports of Mitsubishi Motors and Mitsubishi Fuso products,
and has been developing the automotive business for aroundhalf a century. In April 2017, KTB business was restructured
and divided by brands, so as to establish a stable value chain
in terms of production, sales, automobile finance, after-sales
services, and used vehicle sales, centered on PT. Mitsubishi
Motors Krama Yudha Sales Indonesia (MMKSI) and KTB,
which handle Mitsubishi Motors products and Mitsubishi Fuso
products respectively.
18

Mitsubishi Motors
Vietnam Co., Ltd.

ALTNA Co., Ltd. (Japan)
Battery Value Chain Business

ALTNA Co., Ltd. was established in July 2024 as a joint venture with
Honda Motor Co., Ltd., and is striving to create new businesses, suchas battery leasing, battery repurposing, and smart charging, in lightof anticipated growth in the electric vehicle (EV) market with themove towards a decarbonized future society.

Mobility Group

On-demand Bus Business (Japan)
On-demand Bus Operation & Solution Service forOn-demand Bus

Next Mobility Co., Ltd. was established in 2019 as a joint venturewith Nishi-Nippon Railroad Co., Ltd. The company operates its AIcontrolled on-demand bus service “Knowroute” while providing
local public transportation solutions for transportation operatorsand municipalities throughout Japan. In 2019, Spare Technology
Solutions Inc. was established as a joint venture with Spare Labs
Inc. in Canada. The company helps implement on-demand bus
systems in a wide range of fields including public transportation.
Through these two companies, we strive to resolve mobilityrelated issues for transportation operators and local communities.

Mitsubishi Motors Corporation

Sales & Manufacturing of Automobiles & Components (Japan)

A-Drive Inc. Providing One-stop Autonomous Driving Related Services (Japan)
EVNION, Inc. One-Stop EV Services Platform Business (Japan)
Toyo Tire Corporation Tire & Automotive Components Business (Japan)
Isuzu Philippines Corporation

Assembly & Distribution of Automobiles (Philippines)

The Mobility Group has developed a global value chain spanning the production, sales,
distribution, financing and after-sales services of passenger and commercial vehicles,with a focus on the ASEAN region.
In addition, by combining Mobility, Energy and Data (DX), we are also promoting mobility
service businesses to meet diverse customer needs and solve social challenges.
We will contribute to the realization of an affluent and comfortable society by providing
mobility services to support the optimal movement of passengers and cargo, seizing
opportunities around the shifts towards digitization and CASE (Connected, Autonomous,
Shared/Service and Electric), and by strengthening our businesses anchored on longdeveloped functions and extensive local networks.
Furthermore, we aim to assist in the creation of a decarbonized, sustainable, and energyefficient society through the proliferation of electric vehicles and storage batteries.

Business in Vietnam
Developing Automobile Production & Sales

In 1994, Mitsubishi Motors Vietnam (MMV), initially founded by
Mitsubishi Corporation, Mitsubishi Motors Corporation, and otherlocal partners, was established as one of the first four authorized
automotive manufacturers in the country. For more than a quarter ofa century, MMV has developed its automobile production and sales
business, and in the past the company used to handle Mitsubishi
Fuso Truck & Bus Corporation products. MMV centralized its
resources to Mitsubishi Motors business in 2014 and has welcomed
additional capital from both Mitsubishi Corporation and Mitsubishi
Motors Corporation in 2016. Now, Vietnam stands as one of thecore markets for the Mitsubishi brand. In recent years, supported
by economic and motorization growth, MMV expands its sales andprofits while increasing locally assembled models.

Business in Australia
Distribution of Automobiles

Isuzu UTE Australia (IUA) was established in 2008, selling Isuzu
pickup trucks (D-MAX) and SUVs (MU-X) in Australia. Since its
establishment, IUA has steadily expanded sales and secured astrong market presence in the Australian automotive market.
IUA will strive to further enhance the Isuzu brand while working
to accelerate the business by implementing customer-oriented
marketing activities tailored to local markets.

Automotive Business Div.

▪Indonesia Automotive Dept. ▪ASEAN & South West Asia Automotive Dept.
▪Eurasia & America Automotive Dept.
Overseas local production and sales business/Overseas automobile finance, aftersales service and other related businesses/Automobile exports (finished vehicles,
assembly and spare parts)

Isuzu Business Div.

▪Isuzu ASEAN Dept. ▪Isuzu Oceania, Europe & Americas Dept.
▪Isuzu India, Middle East & Africa Dept.
Overseas local production and sales business/Overseas automobile finance, aftersales service and other related businesses/Automobile exports (finished vehicles,
assembly and spare parts)

Mobility Service Div.

e-Mobility Solution Div.

▪Next Generation Mobility Business Development Dept.
▪Mobility Retail Business Dept. ▪Tire Dept.
Regional transportation DX Business (on-demand bus, self-driving vehicles, etc.)/
Brand-free downstream business (aftersales, used cars, etc.)/Manufacturing andsales of tires (wholesale and retail), intermediary and domestic trade of tires▪EV Supply Chain Business Dept. ▪Energy Storage & Management Dept.
▪Solutions Development Dept.
EV fleet management and auto leasing business/Battery value chain business/Battery energy storage and energy management business19

Pork & Processed Pork Products (USA)

Salmon Farming Business (Norway)

Indiana Packers

Cermaq Group AS

A Leading US Pork & Processed Products Manufacturer

Supplies Safe & Secure Farmed Salmon
Worldwide

Located in the Midwest, in the state of Indiana, Indiana
Packers Corporation is a company that slaughters hogs andprocesses pork. The company produces pork and baconusing the latest equipment under strict sanitary control andsells the products mainly to the US and Japanese markets.

Food Science (USA)TH Foods Inc.

Rice Crackers (USA)Agrex Inc.

Grains & Oilseeds (USA)

Sesaco Corporation
Sesame (USA)

Mitsubishi International Food Ingredients, Inc.

Cermaq is a leading salmon farming,
processing and sales company, which
produces salmon in Norway, Chile andCanada for a total production quantityof around 200 thousand metric tons
per year. Cermaq became a subsidiaryof MC in 2014 and supplies sustainablesafe and secure farmed salmon to
consumers around the world.

Leading Distributor of Various Ingredients for Food, Nutrition,
Pharmaceutical and Cosmetic Applications in North America

Servicing more than 10,000 companies in the USA and Canada,
Mitsubishi International Food Ingredients (MIFI) contributes to thestable supply of food from activities such as the procurement,
manufacturing, and distribution of ingredients. Our mission is towork with each customer and provide more value in their productformulation, and help our customers deliver more flavorful andhealthy options. Through our subsidiary Carolina Ingredients, wemanufacture custom-formulated seasoning blends to match ourcustomers’ specific needs. In addition, the rebranded division of ourFine Chemicals Department, provides next-generation innovative
ingredients to the fast-growing biotech industry, including
pharmaceutical and cosmetic companies.

Shenyang Huamei Food Co., Ltd.
Chicken (China)

Agrex (Beijing) Co., Ltd.

Grains & Oilseeds (China)

Oriental Coffee Alliance Sdn. Bhd. Coffee
Indo Nissin Foods Instant Noodles (India)
Asia Modified Starch Co., Ltd. Tapioca Starch (Thailand)Nissin Foods Thailand Instant Noodles (Thailand)
Dia Merchandise Co., Ltd. Wholesale of Food Products (Thailand)
Asian Best Chicken Co., Ltd. Chicken (Thailand)

Kewpie Vietnam
Co., Ltd.

Kewpie Malaysia Sdn. Bhd. Condiments (Malaysia)

Agrex Asia Pte Ltd.

Dan Kaffe Malaysia Sdn. Bhd. Coffee (Malaysia)
Yamazaki Indonesia Baked Products (Indonesia)
Ichi Tan Indonesia Beverages (Indonesia)
Kewpie Indonesia Condiments (Indonesia)
Nissin Foods Indonesia Instant Noodles (Indonesia)
Emina Cheese Indonesia Processed Cheese (Indonesia)
Agricultural Materials, Grains & Oilseeds (Brazil)

Agrex do Brasil
A Brazilian Office that Procures Grains

Based in Brazil, one of the world’s leading producers
of foodstuffs, Agrex do Brasil is involved in the
procurement and sales of grains such as soybeans andcorn, as well as sales of agricultural inputs (including
fertilizer, chemicals, and seeds) and grain production.
After taking part in its management in 2012, MC wholly
subsidized this company in 2019.
Agrex do Brasil contributes to the stable procurement
and supply of grains in the northern and centralwestern parts of Brazil, a country whose importance asa supplier of foodstuffs is expected to grow even further.
20(Philippines)

Food Materials Business (Singapore)

Olam Group Limited
A Global Leader in the Food and Agri-business

Olam Group operates in over 60 countries around the world and holds a world-classmarket share in various categories such as coffee, cocoa, grains and edible nuts.
It has built an integrated supply chain that includes farming, trading, raw material
processing, product manufacturing and a global sourcing network of an estimatedfive million farmers. Olam sells raw materials and products to more than 20,000
client companies and has established a business model that puts sustainability at theheart of its operations as it strives to resolve environmental and societal challenges
by working together with farmers around the world. MC concluded a businessalliance agreement with Olam in 2015 and established MC Agri Alliance as a joint
venture company for selling food ingredients in Japan.

Condiments (Vietnam)

Grains & Oilseeds(Singapore)Food Science (Japan)

Mitsubishi Corporation Life Sciences Limited

Food Industry Group

Healthy, Safe, Secure & Delicious

Mitsubishi Corporation Life Sciences is a food ingredients
manufacturer that promotes food and health. The company
helps develop an assortment of foods and meals by leveraging
the strengths of life science technologies, and is constantly
working towards making a positive contribution to the creationof a healthy and fun food culture, one that puts a smile on thefaces of consumers around the world.

Mitsui DM sugar Holdings Co., LTD. Sugar Manufacturing (Japan)
Nitto Fuji Flour Milling Co., Ltd. Flour Milling (Japan)
Nihon Shokuhin Kako Co., Ltd. Starches & Sweeteners (Japan)
The Mitsuhashi Inc. Rice (Japan)
Toyo Reizo Co., Ltd. Marine Products (Japan)
Foodlink Corporation Meat & Processed Meat Products (Japan)
Itoham Yonekyu Holdings Inc. Meat & Processed Meat Products (Japan)
Japan Farm Holdings Inc. Livestock, Meat & Processed Meat Products (Japan)
Salad Club, Inc. Packaged Salad (Japan)
MC Produce Co., Ltd. Fruits & Vegetables (Japan)
WaterCell Inc. Agricultural Support Information Service (Japan)
Nosan Corporation Livestock Feed (Japan)
MC Agri Alliance Ltd. Coffee, Cocoa, Sesame, Spices, Edible Nuts, Edible Oils (Japan)
MRS Corporation Ultra Low Temperature Carrier Vessels Operator (Japan)
MARUICHI CO., LTD. Wholesale of Food Products (Japan)
Dairy Products Solutions Co., Ltd. Cheese (Japan)
ATLAND Corporation Land-based Salmon Farming (Japan)
Sunny Maize Co., Ltd. Corn Grits (Japan)
Seto Futo Co., Ltd. Grain Silos (Japan)
Kadoya Sesame Mills Inc. Sesame Oil & Edible Sesame Seeds (Japan)

The Food Industry Group is engaged in businesses related to food, including food resources,
fresh foods, consumer products, and food ingredients.
Our mission is to produce sustainable food resources, establish stable supply systems,
and provide food that contributes to good taste and well-being, on global scale. Moreover
we solve various social issues throughout the food supply chain in order to enrich people’s
lives and maximize our business value at the same time.
Along with sustainability management, with a view to effectively utilize cutting-edge
technology and innovation, we will respond to both quantitative expansion and qualitative
improvement of food worldwide and continually take on the challenge of creating thefuture of food.

Global Markets Dept.

Food manufacturing and sales in foreign countries

Food Ingredients Dept.

Food ingredients and formulas (food science products), health ingredients and products (health science products), cosmetic raw materials, etc.

Food Resources Div.

▪Grain, Oilseeds and Feed Materials Dept. ▪Sugar & Wheat Flour Dept.
▪Global Consumer Products Dept.
Corn, wheat, soybeans, rapeseeds, feed materials, flour, sugar, starches, sweeteners,
instant noodles, coffee, cocoa, sesame seeds, edible nuts, oils and fats, etc.

Marine Products Div.

▪Marine Products Dept.
Seafood (tuna, salmon, trout, shrimp, etc.), processed seafood products (canned tuna,
pet food, etc.), and other marine products

Farm, Dairy & Meat Produce
Div.

▪Livestock & Meat Products Dept. ▪Agricultural Produce & Dairy Products Dept.
Chicken, pork, beef, processed meat products, cheese, dairy products, rice, fresh
produce, etc.

Riverina (Australia) Pty., Ltd.

Livestock Feed, Grains & Oilseeds (Australia)

21

Manufacturer of Apparel &Lifestyle/Fashion Accessories (Japan)

Mitsubishi Corporation Fashion Co., Ltd.
Fabless Manufacturer in the Field of Lifestyle

Mitsubishi Corporation Fashion strives to create a naturaland sustainable society that is not only conscious about
issues such as overproduction and mass disposal, butalso delivers high-quality clothing and daily necessities
to consumers around the globe by providing services thatutilize sophisticated supply chains and digital technologies
for all aspects of our lifestyles, ranging from clothing
to fashion accessories, household goods, furniture andfootwear.
Food Products Distribution Business (Japan)

Mitsubishi Shokuhin Co., Ltd.
Top Share of Japan’s Food Products Distribution Business

One Rock Capital Partners

Mitsubishi Shokuhin’s core business is the wholesale ofprocessed, frozen and chilled foods, alcoholic beverages,
confectionaries and global products. This one-stop shop forJapan’s retailers and restaurateurs is revolutionizing foods
distribution, enriching food culture and supporting diverse
lifestyles.

Private Equity Business (USA)Geodesic Capital

Private Equity Business(USA)

iVision Shanghai Co., Ltd.

New Century Insurance Co., Ltd.
Reinsurance(Bermuda)

IT Consulting, Business Solution/System Development, Maintenance & Operation Business (China)
Tredia China Co., Ltd. Manufacturer of Apparel (China)
Mitsubishi Corporation LT (Shanghai) Co., Ltd. Contract Logistics (China)
Life Gear Dongguan Co., Ltd. Manufacturer of Footwear (China)
Mitsubishi Corporation LT Taiwan Co., Ltd. Contract Logistics (Taiwan)

CONG TY TNHH
Deccan Fine Chemicals (India) Pvt. Ltd. Agrochemicals (India)
UNIQLO VIET NAM
UNIQLO (Thailand) Company Co., Ltd. Retailer of Apparel (Thailand)
Retailer of Apparel
MCW Logistics Solutions (Thailand) Co., Ltd. Inland Transportation for Automobiles (Thailand)(Vietnam)
MC Logistics India Pvt. Ltd. Contract Logistics (India)
Mitsubishi Corporation LT (Thailand) Co., Ltd. Contract Logistics (Thailand)
AIGF Advisors Pte. Ltd. Private Equity Business (Singapore)

PT. Fast Retailing Indonesia Retailer of Apparel (Indonesia)
PT. MCLOGI ARK INDONESIA Contract Logistics (Indonesia)

Digital Transformation Strategy Planning, Application& Digital Platform Development Using Cutting-Edge
Technology such as AI and Data Science (Japan)

MC Digital, Inc.
Solving Problems with Cutting-Edge Technology

MC Digital, a 100% MC-owned subsidiary, is an AI/data-science
company and its mission is to “update business models byleveraging technology.” Utilizing cutting-edge technologies suchas generative AI, we aim to make a substantial impact on global
industrial transformation across the wide range of industries
that MC operates in. MC Digital is actively engaged in developing
new business and deepening collaboration with global innovation
ecosystems, as well as academic and government institutions.
Through these activities, we will continue to provide an extensive
range of solutions to the world and make our contribution tosociety.
22

Convenience Store Business (Japan)

Lawson, Inc.
Convenience Store Evolution Driven by
Community and Customer Needs

By promising to deliver outstanding good taste andkindness to everyone and their local communities,
Lawson aspires to become a convenience store
that puts a smile on its customers’ faces and allows
everyone to feel at ease. Lawson strives to quickly
grasp the challenges faced by society and theincreasingly diversifying needs of consumers to
swiftly drive innovation and enhance its products
and services.

Life Corporation Supermarkets (Japan)
Loyalty Marketing, Inc. Coalition Loyalty Program (Japan)
Transaction Media Networks Inc. Electronic Payment Services (Japan)
Nippon Delica Service Co., Ltd.

Production & Sale of Rice Balls, Bento & Prepared Food (Japan)

Hospital Management Solutions,
Medication & Medical Equipment (Japan)

Smart-Life Creation GroupMC Healthcare Holdings Ltd.
Serving as a Partner in Hospital Management
to Support the Frontlines of Healthcare

There are many challenges faced by the Japanese
healthcare sector, such as the country’s aging society
and the associated increase in medical spending. MC
Healthcare’s main business activities include solutions
for the management/procurement of medical supplies
and medication, group purchasing services and medical
equipment bulk procurement/maintenance services.
Through its activities, MC Healthcare helps to streamline
daily hospital operations so that frontline healthcare
workers can spend more time providing care for
their patients. The company also imports and sells
advanced medical devices through MC Medical.

Life Gear Corporation Manufacturer of Footwear (Japan)
Mitsubishi Corporation Packaging Ltd. Various Packaging and Container Products (Japan)
Nippon Care Supply Co., Ltd. Rental and Wholesale of Long-Term Care Equipment (Japan)
Whitehealthcare Inc. Health Insurance Association Management Support Services (Japan)
Kanro Inc. Manufacture and Sale of Confections and Food (Japan)
Mitsubishi Corporation LT Inc. (MCLOGI) Contract Logistics Business (Japan)
Gaussy, Inc. Warehouse Robots, Warehouse Sharing Services (Japan)
PeptiGrowth Inc.

The Smart-Life Creation (S.L.C.) Group is committed to creating a prosperous society anda “smart-life” in the form of improved lifestyles for consumers by launching a variety of B2C
businesses that address social issues and consumer needs in each region and country,
and organically linking them with B2B businesses such as finance, digital, and logistics.

Retail Div.

▪Retail Network Dept. ▪Alliance Development Dept.
Retail business, point-based loyalty programs, payment-related services, datadriven marketing, etc.

Apparel & S.P.A. Div.

▪Lifestyle Business Dept. ▪Apparel Business Dept.
Clothing, fashion accessories and household goods, footwear, marketing services,
retail business, etc.

Healthcare Div.

Logistics & Food Distribution
Div.

Financial Business Div.

Growth Factor Alternative Peptide for Regenerative Medicine
and Cell Therapy (Japan)

Digital Solutions Div.

Marunouchi Innovation Partners Co., Ltd.
Private Equity Business (Japan)

Double Bridge Infrastructure Inc. Private Infrastructure Fund (Japan)
Mitsubishi HC Capital Inc.
Leasing, Installment Sales, Other Financing (Japan)
Mitsubishi Auto Leasing Corporation Auto Leasing (Japan)

Private Equity Business (Japan)

Industry One, Inc.

A Private Equity Fund Management Firm
Targeting Mid- to Large-cap Companies in JapanDX Consulting & DX Platform/Solution Business (Japan)

Chubu Electric Power Miraiz Connect, Inc.
General Lifestyle Services Provider (Japan)

MC Data Plus, Inc.

Cloud System Services for the Construction Industry,Businesses Utilizing Big Data, etc. (Japan)

HomeServe Japan Corporation▪Healthcare Dept. ▪Bio-Fine Chemicals Dept.
Medical equipment/materials, nursing care business, pharmaceutical/agrochemical
raw materials & intermediates, solutions for medical institutions, etc.
▪Logistics Business Development Dept. ▪Food Distribution Dept.
Global contract logistics services, reinsurance business, food distribution (processed
foods, chilled foods, confectionary, liquor), various packaging and container products,
digital advertising sales promotion▪Merchant Banking Dept. ▪Leasing Business Dept. ▪Digital Finance Dept.
Private equity business, leasing business and digital financial business▪Digital Business Development Dept. ▪Digital Solutions Dept.
▪Community Service Development Dept.
Develop solutions and services that help to solve business and management-related
challenges that industries and companies are facing, and to provide them as aplatform

Marunouchi Capital Inc.
Marunouchi Capital is a private equity investment
management firm funded 100% by Mitsubishi Corporation(MC), pursuing buy-out investments targeting mid/large-cap companies mainly in Japan. Marunouchi
Capital supports growth by leveraging MC Group’s
extensive industrial expertise and network.

Home Repair Services (Japan)

23

N.V. Eneco (Netherlands)
Developing Integrated Energy Businesses
in Europe

Eneco - mainly focusing on markets in the
Netherlands, Belgium and Germany - isdeveloping its renewable power generation
business as well as its electricity/gas
trading, electricity/gas retail, and district
heating supply businesses.

Diamond Generating Corporation (DGC) (USA)Developing Power Businesses in the Americas

DGC manages MC’s power businesses in the Americas. Its
operations include power generation, distributed power
generation (Nexamp Inc.) and energy trading (Boston
Energy Trading and Marketing LLC).

Boston Energy Trading and Marketing LLC
Energy Trading & Marketing Business (USA)Nexamp, Inc.

Diamond Generating Asia, Limited (DGA)

Distributed Solar Power Business (USA)Diamond Transmission Corporation Limited (DTC)

Power Transmission Business (UK)
Bboxx Limited Distributed Power Supply Business (UK)OVO Group Limited Electricity and Gas Retail Business (UK)●●

(Hong Kong)
Developing Power Businesses in Asia,
Oceania, and the Middle East

DGA functions as MC’s power generation platformin Southeast Asia, Oceania and the Middle East—
regions where energy demand continues to grow.
The company is working to expand its operations
throughout the region to meet such demand.
Furthermore, DGA Energy Solutions Australia wasestablished in Melbourne, Australia in 2023 and isengaged in development of next-generation energy
projects.

ElectroRoute Holdings Limited (Ireland)
Energy Trading and Service Business in Europe and Japan

ElectroRoute is engaged in spot, futures, international, andother forms of energy trading in the matured European
energy market. The company is a comprehensive service
provider offering energy-trade support to power producers,
end consumers, and retailers. It has also expanded its
business activities to Japan, a region where energy market
deregulation progresses, through the establishment ofElectroRoute Japan K.K.

Umm Al Houl Power Company (Qatar)Commencement of Gas-Fired Power Generation &Desalination Project in Qatar

The gas-fired power generation and desalination
project in Qatar began commercial operation in
2018, and providing electricity and water for 25
years. This project will help MC provide Qatar
with a stable supply of electricity and water.

24

● Affiliated company

Power Solution Group

Mitsubishi Corporation
Energy Solutions Ltd. (Japan)
Developing Power Generation Business in Japan

Mitsubishi Corporation Energy Solutions Ltd. is responsible
for formulating business strategies, providing corporate
functions, and centrally managing human resources andfunds for its group companies, including subsidiaries suchas Mitsubishi Corporation Offshore Wind Ltd. and Mitsubishi
Corporation Clean Energy Ltd., ensuring the optimal operationof domestic power generation businesses.
Mitsubishi Corporation Clean Energy Ltd.
Renewable Energy Business, etc. (Japan)

Mitsubishi Corporation Offshore Wind Ltd.
Offshore Wind Power Generation Business (Japan)●●

MC Retail Energy Co., Ltd. (Machi-Ene) Power Retail Business (Japan)

Power Solution Group consists - International Power Div., Utility Retail Div., Power Business
Development Div., and Domestic Power Business Office. Our group is responsible for
producing (generating) renewable energy, adjusting electricity that fluctuates by the weather(supply-demand adjustment), and delivering adjusted electricity along with high value-added
services. We are engaged in a variety of initiatives to meet customer demands through thesebusinesses in the value chain.
Our aim is to contribute to the society’s sustainability and realization of decarbonization
through renewable energy business that significantly contributes to decarbonization, power
trading business in particular spot and futures trading in the power market for supplydemand management to compensate for the intermittency of renewable energy, and thedevelopment of green hydrogen business which is expected to be the next-generationenergy resource enabling decarbonization of the non-electrified areas, our counterparties
who benefits from our value added services.

International Power Div.

⃝Strategy & Planning Office ▪Americas Power Business Dept.
▪Europe Power Business Dept.
Overseas power generation business, power & gas trading business, distributed
power supply business, retail business, district heating supply business, hydrogenbusiness

Utility Retail Div.

⃝Strategy & Planning Office ▪Power Service Dept. ▪Power Trading Dept.
Power trading business, power retail business

Power Business Development ⃝Strategy & Planning Office ▪Asia & Oceania Power Business Dept.
▪Power Transmission Business Dept.
Div.
International power generation business, international and domestic powertransmission business, next-generation energy business
Domestic Power Business Office Domestic power generation business

25

Materiality

Sustainability

MC identified a set of Key Sustainability Issues in 2016 asreviewed the Key Sustainability Issues when we formulated

mileposts for proactively realizing “triple-value growth”

Midterm Corporate Strategy 2024 in order to further raisethrough the simultaneous generation of economic, societal

our corporate value over the medium- to long-term. In orderand environmental value. While responding to the requests ofto continuously create MC Shared Value, which is the goal

all stakeholders, MC has worked to address various societalof Midterm Corporate Strategy 2024, we have redefinedissues through its business activities and has contributed“Materiality” as a set of crucial societal issues that we will

towards the sustainable development of society as well assolve through our business activities, and have establishedvalue creation.

“Action Plans,” which serve as medium-term plans related toBased on the Three Corporate Principles, which haveSince the Key Sustainability Issues were identified, theserved as MC’s core philosophy since its inception, MC

societal issues that should be solved have changed along

has pursued the simultaneous generation of economic,

the relevant material issues for each business and initiativeof each Division and Business Group.

with the external environment. In light of those changes, we

societal and environmental value. While responding to therequests of all stakeholders, MC has worked to address

Issuesvarious societal issues through its business activities andsociety as well as value creation.
Midterm Corporate Strategy 2024 further introduces
the concept of “Creating MC Shared Value,” which builds
upon the vision of continuing to grow as a company byaddressing the challenges facing society and industry.
By continuously creating MC Shared Value, MC seeks toachieve sustainable growth together with society.

Realizing a Carbon Neutral Society and Striving toEnrich Society Both Materially and Spiritually

has contributed towards the sustainable development of

Overview

Striving to Serve as a
Platform for Generating
Triple-Value Growth*Contributing to
Decarbonized Societies

Contribute to the realization of decarbonized societies by striving to reduce greenhouse gas (GHG) emissions,while providing products and services that support decarbonization during the transition period.

Conserving and Effectively
Utilizing Natural Capital

Recognizing the Earth itself to be our most important stakeholder, strive to maintain biodiversity and conserve
natural capital, and work to create circular economies while reducing our environmental footprint.

Promoting Stable,
Sustainable Societies
and Lifestyles

Promote sustainable societies and lifestyles of the future through businesses in a diverse range of countries
and industries, while fulfilling our responsibility to provide a stable supply of resources, raw materials,
products, services, etc., in line with the needs of countries and customers.

Utilizing Innovation to
Address Societal Needs

Create businesses that help to address societal needs while working to spur major industry reforms that aresupported by business innovation.

Addressing Regional
Issues and Growing Together
with Local Communities

Strive to contribute to the development of economies and societies by addressing issues facing countries andregions, while seeking to grow together and collaborate with diverse stakeholders, regions and communities.

Respecting Human Rights
in Our Business Operations

Respect the human rights of all stakeholders involved in promoting our diverse operations worldwide, andpursue solutions for value chain-related issues, while considering the local conditions in each country.

Fostering Vibrant Workplaces
That Maximize the Potentialof a Diverse Workforce

Recognizing that our human resources are the great assets of our businesses, foster a diverse and versatile talentpool that drives efforts to generate triple-value growth throughout our organization, and also seek to develop an
organization where diverse human resources share common values and grow together while furthering theirconnections and inspiring one another to excel.

Realizing a Highly
Transparent and Flexible
Organization

While swiftly responding to changes in the business environment, strive to realize effective governance on a
global, consolidated basis and maintain/strengthen a sound organization that is transparent and flexible.
*Triple-value growth: the simultaneous generation of economic value, societal value, and environmental value

26

Initiatives for Realizing a Carbon Neutral Society
At MC, we believe that while climate change poses significant business risks,
it also presents us with new business opportunities for innovation, disruption
and growth. Accordingly, MC has set “Contributing to Decarbonized Societies”
as one of its material issues as we strive to achieve sustainable growth.

Mechanisms for Simultaneously Decarbonizing and Reinforcing Our Portfolio

In shifting to a decarbonized society, it is necessary to formulate specificpolicies that take into account the actual conditions (energy and power mix,
geographical conditions and constraints, stage of economic development,

MC Climate Taxonomy

population, etc.) that differ from country to country and region to region, and to
steadily implement them one by one. Through our global network of offices andMC Group companies, we work with a wide range of stakeholders around theClassify businesses that face significant
climate-related transition risks/opportunities
as either “Green” or “Transform.”world each day in developing our business. We utilize this network to accurately
Green

…

In October 2021, MC formulated its Roadmap to a Carbon Neutral Society

we have formulated a number of goals and action plans in order to fulfill our

Transform

Natural Gas

change, we have introduced mechanisms for simultaneously decarbonizing
and reinforcing our portfolio while also classifying each of our businesses

Food Logistics
Urban Development…

to a Carbon Neutral Society,” as sustainability policies to address climate

White(Other)Investment Planning in Accordancewith GHG Reduction Plans
Adopt a new process of confirming short- andmid-term GHG reduction plans when formulating
investment plans.

…

carbon neutral society. In order to achieve the GHG reduction targets (halve
by FY2030 (FY2020 baseline), net zero by 2050) outlined in our “Roadmap●●

Metallurgical Coal

responsibility to provide a stable supply of energy while striving to achieve a

Transform Discussion
Monitor the effects of transition risks on businesses at
the management level every year, targeting thoseclassified as Transform businesses, which are selectedbased on criteria such as the amount of Category 11*
emissions, which account for the majority of MC`s
Scope 3 emissions.

Green Hydrogenin which we declared our goal of achieving net zero GHG emissions by 2050.

1.5℃ Scenario Analysis
Conduct an analysis of transition risks andopportunities based on 1.5℃ scenario.

Renewable Energy

internal and external know-how.

As an active player in a variety of industries, including resources and energy,●●●●

grasp individual issues and needs as we aim to realize a decarbonized society
through the process of realizing solutions through businesses that connect

Mechanisms Guiding Efforts●●

Evaluation of New Investment
Using Assumptions Under
Decarbonization Scenario
Refer to profit margin indexes (internal carbon
pricing, etc.) using key assumptions under
decarbonization scenario.

according to climate change-related transition risks/opportunities. In addition
to the “Scenario Analysis,” which MC has been conducting for several years, MC* Scope 3 Category 11: GHG emissions from the use of sold products

has newly introduced the mechanisms of “Transform Discussions,” “Investment
Planning in Accordance with GHG Reduction Plans” and “Evaluation of New
Investments Using Assumptions Under a Decarbonization Scenario,” andhas established an appropriate governance and risk management system toensure that MC’s businesses are aligned with a 2050 net zero scenario in termsof both individual projects and company-wide business strategy.

Roadmap to a Carbon Neutral Society
Click here for details

27

Corporate Governance andInternal Control System
With the Three Corporate Principles for a corporate philosophy, MC strives
to continuously increase corporate value through corporate activities rooted
in the principles of fairness and integrity. MC believes that by helping to enrichsociety, both materially and spiritually, it will also meet the expectations of allits stakeholders. In order to achieve these goals, MC recognizes the continuous
strengthening of corporate governance as a fundamental management policy since
it is the foundation for ensuring sound, transparent, and efficient management.
Under MC’s basic policy on corporate governance, MC has adopted a Company
with an Audit & Supervisory Committee to achieve a) separation of oversightand execution in management, b) oversight of management based on sufficientdeliberation by the Board of Directors, and c) timely and decisive decision-making
which has ability to respond to changes by delegating partial decision-making
authority for the execution of important operations to the President and CEO andother Executive Directors (collectively the “Executive Directors”).
Under this corporate governance system, the Executive Directors, who havebeen designated by the Board of Directors, formulate management strategies
and business plans, etc., and subsequently the Board of Directors deliberates anddetermines them. The Executive Directors periodically reports on the progressesof these strategies and plans to the Board of Directors, and the Board of Directors
monitors that progresses to continuously increase corporate value.
MC established internal rules and regulations for such matters as codesof conduct for officers and employees; company-wide lateral management
systems; and measures for prevention, correction, and improvement; and internal
whistleblower systems. After informing all parties, MC rigorously reflects therules and regulations in operations and realizes its compliance system. MC alsoestablished appropriate internal control systems, checks the operating status ofthese systems on an annual basis, and endeavors to continuously improve andstrengthen them.
MC has formulated the Mitsubishi Corporation Principles of Corporate Governanceto define the basic views and policies of corporate governance, as well as concrete
policies and initiatives based on them.

General Meeting of Shareholders
Appointment/Dismissal
Determination of
Remuneration Parameters
RequestBoard of Directors’
Advisory Bodies

8 In-house Directors
7 Independent Directors

Corporate Governance andNomination Committee

Advise3 In-house Members
7 Independent Members

Oversight

Appointment of
Executive
Officers
Propose/ReportCompensation Committee
1 In-house Members
3 Independent Members

Appointment/Dismissal
Determination of
Remuneration Parameters

Audit & Supervisory Committee*
2 Full-time Audit &Supervisory Committee Members
3 Independent Audit &Supervisory Committee Members

Delegating partial
decison-making
authority for the
execution ofimportant operations

Report(management decision-making body)President and CEO

6 Overseas Members
4 Domestic Members

Independent
Auditors

Audit & Supervisory
Committee’s Office

Accounting
Audit

Cooperation among
Audit & Supervisory Committee/
Internal Audit Dept./
Independent Auditors

Executive Committee

International Advisory
Committee

ReportAppointment/
Dismissal

AssistAudit

Executive Structure
DirectReportInternal Audit Dept.

Corporate Staff Section
Executive Organization (Business Groups, etc.)* It is composed of Directors who are Audit & Supervisory Committee Members.

Corporate Governance and Nomination Committee

Compensation Committee

Member Composition (As of June 21, 2024)

Member Composition (As of June 21, 2024)▪Independent Members (7):▪Independent Members (3):▪In-house Members (3):Shunichi Miyanaga (Independent Director) Takehiko Kakiuchi* (Chairman of the Board)
Sakie Akiyama (Independent Director)
Katsuya Nakanishi (Director, President and CEO)Mari Sagiya (Independent Director)
Mitsumasa Icho
(Director, Full-time Audit & Supervisory Committee Member)Mari Kogiso (Independent Director)*Committee Chair
Tsuneyoshi Tatsuoka(Independent Director, Audit & Supervisory Committee Member)

Rieko Sato (Independent Director, Audit & Supervisory Committee Member)
Takeshi Nakao (Independent Director, Audit & Supervisory Committee Member)

Sakie Akiyama* (Independent Director)
Mari Kogiso (Independent Director)
Tsuneyoshi Tatsuoka(Independent Director, Audit & Supervisory Committee Member)▪In-house Members (1):Takehiko Kakiuchi (Chairman of the Board)*Committee Chair

International Advisory Committee
Member Composition (As of June 21, 2024)▪Overseas Members (6) (Nationality):▪Domestic Members (4):Mr. Jaime Augusto Zobel de Ayala

Takehiko Kakiuchi* (Chairman of the Board)
Katsuya Nakanishi (Director, President and CEO)
Kotaro Tsukamoto (Director, Senior Executive Vice President)
Tsuneyoshi Tatsuoka(Chairman, Ayala Corporation (The Philippines))

Professor Joseph S. Nye(Harvard University Distinguished Service Professor (United States of America))

Mr. Niall FitzGerald, KBE(Former Chairman, Unilever (Ireland))

Mr. Natarajan Chandrasekaran
Sir Rod Eddington(Former CEO, British Airways (Australia))

28

Audit,
Oversight/
Report

The Board of Directors(Chairman, Tata Sons (India))

Scan the QR code to view the Mitsubishi Corporation
Principles of Corporate Governance

ReportAuthority toState Opinions

Ambassador Bilahari Kausikan(Former Permanent Secretary, Ministry of Foreign Affairs Singapore (Singapore))(Independent Director, Audit & Supervisory Committee Member)*Committee Chair

Compliance
MC has established various internal regulations based on the Three Corporate
President and CEOof Conduct and the Code of Conduct. When engaging in business, officers
and employees are obligated to make compliance their top priority. MC also

Reports

Appoints

Compliance Committee

AuditsChief Compliance Officer

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

All company officers and employees are required to take e-learning courses,
which include case studies on the Code of Conduct. They must also sign anagreement stating that they understand and will adhere to the rules at all times.
These protocols are now being implemented at MC’s subsidiaries and affiliates
the MC Group include holding Compliance Discussions to encourage personnel

Reports

on a global basis, as well. Additional steps that have been taken throughout

Appoints

will ensure ongoing learning and development, not only by employees andofficers at MC, but by those at MC’s subsidiaries and affiliates as well. MC’sChief Compliance Officer shall now not only serve as the chairperson of theCompliance Committee, but also as the chairperson of the Security Trade
Control Committee and the Trade Procedures Control Committee.
MC’s actions are all based on this spirit of compliance; it remains an essential

Internal Whistleblower System
Compliance Mail Box and Helpline
Internal Audit Dept. Compliance Mail Box and Helpline
Outside Legal Counsel Compliance Mail Box and Helpline

Directs

Reports andConsults
Reports

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

Reports and Consults
Reports

Employees
Reports and Consults

distributing Compliance Case Study Booklets to employees. These measures

Administration Office: Legal Dept.
Compliance Administration Office

Reports

Section/Group Compliance
OfficerGroup CEOto discuss compliance issues in each workplace by using case studies (i.e.
possible violations in view of the office’s operations) and seminars, as well as

Chairperson: Chief Compliance Officer

Reports
andConsults

Subsidiaries and Affiliated Companies

Compliance Officer

Immediate Manager
Reports andConsults

MC Group Outside Legal Counsel
Compliance Mail Box and Helpline

Directs

Employees

Reports andConsults

Reports

Global Whistleblowing System “LUKS”

operations.

Audit & Supervisory
Committee Member

introduced the post of Compliance Officer and appointed one to each Business(Notify of any breach, or potential breach, of relevant antitrust law and anti-bribery law by MC or MC’s subsidiaries)

Mitsubishi Corporation

Principles, MC’s guiding philosophy. These include the Corporate Standards(Target: Registered MC Domestic Subsidiaries)

Reports

factor in raising consolidated corporate value and we remain committed tocontinuously upgrading and reinforcing our compliance initiatives.

29

Crisis Management andBusiness Continuity
Management on
a Consolidated Basis

Mitsubishi Corporation
Emergency Crisis Management Headquarters(Emergency Crisis Management Officer: Executive Vice President Yoshiyuki Nojima)
Instruct
measuresReportGroup Crisis Management Office(Group Crisis Management Officer:
Business Group CEO)(Overseas) Regional andNational Crisis Management Offices(Japan) Domestic Crisis
Management Office(Regional/National Crisis Management Officer:
Regional CEO andOverseas Office General Manager)(Japan) Domestic Branch General Manager

MC has built up a structure for securing the lives and safety of employees andtheir families as we respond on a consolidated basis to all crises that impact
our profit and business continuity by linking together each Business Groupand Regional National Crisis Management Office under the management andMC Group Companies (Subsidiaries and Affiliates in Japan and Overseas)supervision of the Emergency Crisis Management Officer.
Based on MC’s “all-hazard approach,” this structure anticipates all kindsof risks, such as major natural disasters, acts of terrorism, riots, emerging
infectious diseases, supply chain disruptions, legal transgressions, and cyber

All-Hazard Approach on a Consolidated Basis

incidents, and carries out on a consolidated basis response measures underusual conditions and in the event that a crisis does occur. In particular, in theevent of a serious incident impacting the lives and safety of our employees, aswell as the continuity of critical business operations, we will respond under thecompany-wide direction of the Emergency Crisis Management Officer.
In FY2018, MC adopted “Business Continuity Management (BCM)” for its corebusiness companies (selected from among MC Group companies) to establish

Action under usual
conditions(prevention andpreparation)
Action in case of
emergency

Domestic crises

Overseas crises(Natural and otherdisasters)(Terrorism, riots)

Emerging
infectious
diseases

Emergency Crisis Management Headquarters(Office: Corporate Administration Department,
Security & Crisis Management Office)

Other crises(Cyber terrorism, information leakage,
violation of laws, defective products,
environmental pollution, supply chain disruption, etc.)

Cooperation

Organizations in Charge(Related Corporate Staff
Departments andBusiness Groups)

and strengthen our consolidated framework designed to equip us with thebusiness continuity capabilities needed to respond appropriately to major crisis

Serious incidents

Consolidated Business Continuity Management (BCM)

situations.
BCM refers to comprehensive management activities based on an all-hazard
risk and impact analysis that takes into account the business characteristics(business type and location) of the operating company, which include theformulation of initial response and BCP, establishment of a structure, andimplementation of an ongoing PDCA cycle through education and training.

30

Note: While companywide action to deal with serious incidents shall be taken under the direction of the Emergency Crisis Management Officers, compliance-related incidents
shall be dealt with under the direction of the Chief Compliance Officers.

CSR(Corporate Social Responsibility)
MC conducts CSR initiatives in line with three overarchingthemes: “Realizing an Inclusive Society,” “Empowering
the Next Generation” and “Conserving the Environment.”
In addition, MC provides support for regions affected

1. Realizing an Inclusive Society

2. Empowering the Next Generation

MC aims to help realize a society where everyone can play anactive role. We are continuing our activities to contribute toward
a world where everyone can respect each other and coexist
regardless of background, physical condition or way of life.

MC will actively support education, research and capacity
development in order to contribute to the growth and selfreliance of the next generation who will be responsible fortomorrow’s society.

Main Activities

Main Activities● Friendship Camp for Parents and Children (1974-)● MC Overseas Study Scholarship for High School Students (2019-)●	Museum and Art Gallery Program for People with

Impairments (2005-)● DREAM AS ONE. (2014-)● Support for Economically Disadvantaged Children (2020-), etc.

●	JEES·Mitsubishi Corporation Science Technology Student

Scholarship (2021-), etc.

by natural disasters, including recovery efforts for theGreat East Japan Earthquake. Our employees continue toactively participate in long-running programs that focus
on contributing to the communities in which we operate
on a global basis.
MC’s commitment to contributing to building prosperous,

Friendship Camp for Parents andChildrenDREAM AS ONE.
(support for parasports)

MC Overseas Study Scholarship forHigh School Students

JEES·Mitsubishi Corporation Science
Technology Student Scholarshipsustainable societies in the places where we operate
worldwide is deeply embedded in our corporate culture
based on our corporate philosophy, the Three Corporate
Principles. MC established an office to oversee social andenvironmental affairs in 1973 in recognition that, as good
corporate citizens, companies should actively pursue
initiatives to contribute to society, and that the expense of
those activities should be borne as part of the social cost of
doing business before reaping any profits. Since then, MC has
created and promoted numerous self-driven CSR initiatives
with the aim of bettering our global society.

3. Conserving the Environment

Support for Natural Disasters

MC is committed to environmental conservation efforts in orderto pass on our irreplaceable Earth to future generations and torealize a prosperous society where people live in harmony withnature.

As a member of the communities in which we live and work, MC
provides emergency support in the event of natural disasters
and contributes to the recovery of the affected areas according
to their specific needs.

Main Activities

Main Activities●	Natural Climate Solutions (2022-)●	Great East Japan Earthquake Relief and Recovery Support

Year Forest” (2009-)● Global Coral Reef Conservation Project (2005-), etc.

● Donations for Emergency Disaster Relief

Natural Climate Solutions
Rangeland Restoration Project

Volunteer Activities●	Forest Conservation Project “Mitsubishi Corporation Thousand

Activities (2011-)● Employee Volunteer Activities in Disaster-Stricken Areas

For more information on MC’s CSR initiatives,
please visit our website.
Forest Conservation Project “Mitsubishi
Corporation Thousand Year Forest”

Fukushima Winery Project(Great East Japan Earthquake relief andrecovery support)

31

Financial Highlights
Mitsubishi Corporation and Subsidiaries(Billions of Yen)

2022.32023.3(Billions of Yen)

2024.3

Revenues And Income [IFRS]

2022.32023.32024.3Financial Position [IFRS]Revenues

17,264.8

21,572.0

19,567.6

Total assets

21,912.0

22,147.5

23,459.6

Gross profit

2,150.8

2,560.0

2,359.7

Equity attributable to ownersof the Parent

6,880.2

8,065.6

9,043.9

Net income attributable to owners of
the Parent

937.5

1,180.7

964.0

Equity per share attributable to ownersof the Parent (yen)1,553.23

1,881.69

2,206.97

Net income attributable to owners of
the Parent per share (diluted) (yen)208.58268.56222.37

ROE (%)

15.0

15.8

11.3

ROA (%)

4.6

5.4

4.2

Operating cash flows

1,055.8

1,930.1

1,347.4

Investing cash flows(167.6)(177.5)(205.8)

Free cash flows

888.2

1,752.6

1,141.6

Dividends
Dividend per share (for the year, yen)

50

60

70

Total Payout Ratio(excl. additional returns) (%)

31

36

40

Cash Flows

Segment Information (Year Ended March 31, 2024) [IFRS]Natural Gas Group

Industrial Materials Group

Chemicals Solution Group

Mineral Resources GroupNet income

219.5 billion

64.4 billion

9.5 billion

295.5 billion

42.7 billion

Total assets

2,256.0 billion

1,428.0 billion

675.6 billion

4,379.2 billion

1,455.1 billion

606

9,645

1,623

882

8,860

No. of employees

Automotive & Mobility Group

Food Industry Group

Consumer Industry GroupPower Solution GroupUrban Development GroupNet income

141.4 billion

14.9 billion

49.3 billion

92.0 billion

41.5 billion

Total assets

1,976.0 billion

2,206.1 billion

4,036.2 billion

2,754.5 billion

1,222.0 billion

6,380

23,226

19,261

5,357

438

No. of employees*Net income denotes net income attributable to owners of the Parent.
*On January 1, 2024, the Company conducted a three-for-one stock split of its common shares, so the related indicators have been corrected and restated in the post-split figures.

32

Industrial Infrastructure GroupRevenues

Gross Profit

Net Income and ROE(¥ billion)(¥ billion)
3,000.0(¥ billion)
1,200.0

Net Income Per Share (Diluted)

Net Income
25,000.0

21,572.0
20,000.0

19,567.6

2,560.02,500.0

2,150.8

17,264.8

ROE

964.0

937.5

15.0

600.0

1,500.0

15.8

10,000.0
1,000.0

400.0

500.0

200.0

23.3

24.3

22.3

Total assets

21,912.0

22,147.5

23.3

22.3

Dividend per share

Equity23,459.6

250.0020.0

200.0015.0

150.0010.0

100.00

5.0

50.00

23.3

24.3

22.3

(%)

80

80.00

Operating cash flows(¥ billion)
2,000.0

60.00

60

1,500.0

1,000.0
12,000.0
8,000.0

40.00

6,880.2

8,065.6

9,043.9

40

36

31

1,347.4
1,055.8

23.3

24.3

20.00

20

0

0

22.3

1,141.6500.0

0(167.6)

22.3

Free cash flows

888.2

40

4,000.00Investing cash flows

1,752.6

50.00

16,000.0

24.3

1,930.1

70.00
60.00

23.3

Cash Flows

Total payout ratio（dividend, ¥）20,000.0

222.3700

24.3

Dividend Per Share and Total Payout Ratio(excl. additional returns)

Total Assets and Equity(¥ billion)
24,000.0

11.3

0

0

22.3

25.0

208.58800.0

2,000.00(¥)
300.00268.561,000.0

2,359.7

15,000.0

5,000.0

30.0(%)

1,180.7

23.3

24.3

(177.5)(205.8)

23.3

24.3

-500.022.3*Net Income denotes net income attributable to owners of the Parent.
*On January 1, 2024, the Company conducted a three-for-one stock split of its common shares, so the related indicators have been corrected and restated in the post-split figures.

33

Management(As of June 21, 2024)

Directors (excluding Directors who are Audit & Supervisory Committee Members)

Takehiko Kakiuchi

Katsuya Nakanishi

Kotaro Tsukamoto

Yutaka Kashiwagi

Yuzo Nouchi

Yoshiyuki Nojima

Chairman of the Board

Representative Director,
President and CEO

Representative Director,
Senior Executive Vice President

Representative Director,
Executive Vice President

Representative Director,
Executive Vice President

Representative Director,
Executive Vice President

Shunichi Miyanaga*

Sakie Akiyama*

Mari Sagiya*

Mari Kogiso*

Independent Director

Independent Director

Independent Director

Independent Director

Directors who are Audit & Supervisory Committee Members

34

Mitsumasa Icho

Akira Murakoshi

Tsuneyoshi Tatsuoka*

Rieko Sato*

Takeshi Nakao*

Director, Full-time Audit &Supervisory Committee Member

Director, Full-time Audit &Supervisory Committee Member

Independent Director, Audit &Supervisory Committee Member

Independent Director, Audit &Supervisory Committee Member

Independent Director, Audit &Supervisory Committee Member* Independent Director represents “outside
director” as provided for in Article 2-15 of
the Companies Act.
Independent Directors have been registeredas “Independent Directors” with the Tokyo
Stock Exchange, Inc.

Corporate Data
Company Name
Mitsubishi Corporation

Executive Officers
President andChief Executive Officer

Katsuya Nakanishi*
Senior Executive Vice
President

Yoshiyuki Nojima*

Corporate Functional Officer,
Corporate Administration, Legal(Concurrently) General Manager,
Corporate Administration Dept.
(Concurrently) Officer for
Emergency Crisis Management
Headquarters

Shota Kondo
Kotaro Tsukamoto*

Senior Assistant to the President &CEO(Concurrently) Chief Compliance
OfficerGroup CEO, Smart-Life Creation
Group

Hideyuki Hori

Group CEO, Food Industry Group

Yuji Okafuji
Executive Vice Presidents

Yutaka Kashiwagi*Group CEO, Power Solution Group

Senior Vice Presidents

Kiyotaka Kikuchi

CRO, Europe, Middle East & Africa(Concurrently) Managing
Director, Mitsubishi Corporation
International (Europe) Plc.
(Concurrently) General Manager,
London Branch

Takuya Kuga

Akihiko Takada

Group CEO, Urban Development &Infrastructure GroupKyoya Kondo

Shigeru Wakabayashi

Sadahiko HanejiGroup CEO, Mobility Group

Yuzo Nouchi*

Corporate Functional Officer, CFO

Masaru Saito

Group CEO, Environmental EnergyGroup

Tetsuo Kawate

Kazuaki Yamana

General Manager, Business
Investment Management Dept.

Kenji Kobayashi

Corporate Functional Officer, CSEO

Juro Baba

Seconded to Toyobo MC
Corporation (Executive Vicepresident & Representative
Director, COO)

Ken Yamaguchi

Seconded to Mitsubishi ShokuhinCo., Ltd. (Managing Executive
Officer)

Satoshi Sato

Corporate Functional Officer,
Human Resources, Global Planning& Coordination, IT

CRO, Asia & Oceania(Concurrently) General Manager,
Singapore Branch

Tetsuya Shinohara

General Manager, Global Planning& Coordination Dept.

Toshiaki Maekawa

Division COO, Automotive BusinessDiv.

Takuya Hirakuri

Division COO, Digital Solutions Div.

Akihiro Kurosawa

General Manager, Legal Dept.

Kazuo Ito

Division COO, Logistics &Food Distribution Div.

Yoshihiro Shimazu

General Manager, Corporate
Accounting Dept.

Shuji Kobayashi

General Manager, Food Industry
Group CEO Office

Keisuke Kitamura

Seconded to Metal One Corporation(President & CEO, Director)

Ko Imamura

Akifumi Suzuki

Takuji Konzo

Group CEO, Mineral Resources
Group(Concurrently) Division COO,
Ferrous Raw Materials Div.

Tetsu Funayama

SVP, Business Development for
Japan(Concurrently) General Manager,
Kansai BranchPresident, Mitsubishi Corporation
China Co., Ltd.
(Concurrently) General Manager,
Beijing Branch, Mitsubishi
Corporation China Co., Ltd. [Work
Location: Beijing]

Takahiro Zaizen

General Manager, Internal Audit
Dept.

Division COO, Steel Products Div.

Satoshi Koyama

Hiroshi Nishino

Takehiro Fujimura

Koji Ohno

Division COO, Carbon & Ceramics
Div.

President, Mitsubishi International
Corporation(Concurrently) EVP, Mitsubishi
Corporation (Americas)(Concurrently) General Manager,
Houston Branch, Mitsubishi
Corporation (Americas)(Concurrently) General Manager,
Houston Branch, Mitsubishi
International Corporation [Work
Location: Houston]Kazuyoshi Kawakami

Division COO, Isuzu Business Div.

President, Mitsubishi Corporation
do Brasil, S.A.

Satoshi Hamada

Division COO, Industrial Machinery
Div.

CRO, Americas(Concurrently) President,
Mitsubishi Corporation (Americas)

Group CEO, Materials SolutionGroup(As of March 31, 2024)

Seconded to Diamond Gas
International Pte. Ltd. (CEO)General Manager, Finance Dept.

General Manager, Jakarta
Representative Office

Date Established
July 1, 1954 (Date Registered: April 1, 1950)
Capital¥204,446,667,326
Shares Of Common Stock Issued
4,179,018,153
Listed On The Following Stock Exchanges
Tokyo
Head Office
Mitsubishi Shoji Building
3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8086, Japan**Registered Office of our company
Marunouchi Park Building
6-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8086, Japan

Naotaka Honda

Number Of Employees
Parent company: 5,421
Parent company and all of its consolidated subsidiaries: 80,037

Yoshiyuki Watanabe* The number of employees does not include individuals seconded to other companies
and includes individuals seconded from other companies.

General Manager, IT Service Dept.

Division COO, Business
Development Div.

Shinya Naka

General Manager, Environmental
Energy Group CEO Office

Kenichiro Tauchi

Seconded to Mitsubishi
Development Pty Ltd (Managing
Director & CEO)

Nobukazu Tanaka

General Manager, Mobility GroupCEO OfficeTomonori Hirata

Division COO, Power Business
Development Div.

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

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

MC Library

Reiko Kashiwabara

General Manager, Global Human
Resources Dept.

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

* Represents Directors

https://www.mitsubishicorp.com/jp/en/mclibrary35