NOTICE OF 2020 ORDINARY GENERAL MEETING OF SHAREHOLDERS (Note) This is an unofficial translation of the Japanese language original version, and is provided for your convenience only, without any warranty as to its accuracy or as to the completeness of the information. The Japanese original version is the sole official version. If minor amendments are required to matters contained in the Business Report, the financial statements, the Matters for Resolution or other documents, Mitsubishi Corporation will post revisions on its website (https://www.mitsubishicorp.com). CONTENTS Notice of 2020 Ordinary General Meeting of Shareholders ······················································ 1 [Matters for Resolution] Reference Documents 1. To Approve the Proposed Appropriation of Surplus ···················································· 2 2. To Elect 11 Directors ························································································ 3 3. To Elect 3 Audit & Supervisory Board Member ······················································· 21 <Reference>Corporate Framework and Policies ······················································ 29 [Matters for Reporting] Business Report Review of Operations Summary of Operating Results for the Mitsubishi Corporation Group ································ 40 Operating Results and Financial Position ································································· 54 Key Themes for the Mitsubishi Corporation Group ····················································· 56 Efforts toward Achieving Sustainable Growth ···························································· 58 General Information about the Mitsubishi Corporation Group Office Network of the Mitsubishi Corporation Group ··················································· 61 Number of Employees of the Mitsubishi Corporation Group ··········································· 61 Status of Major Subsidiaries and Affiliated Companies ················································· 62 Stock Information ···························································································· 62 Stock Acquisition Rights ···················································································· 62 Principal Shareholders ······················································································· 67 Major Lenders ································································································ 67 Internal Control System (System for Ensuring Proper Business) ······································ 68 Directors and Audit & Supervisory Board Members ···················································· 73 Matters Concerning Outside Directors and Audit & Supervisory Board Members ·················· 75 Directors’and Audit & Supervisory Board Members’ Remuneration ·································· 76 Executive Officers (as of April 1, 2020) ··································································· 78 Matters Concerning Independent Auditors ································································ 79 Consolidated Financial Statements Consolidated Statement of Financial Position ···························································· 80 Consolidated Statement of Income ········································································· 81 Consolidated Statement of Changes in Equity ···························································· 82 Non-consolidated Financial Statements Non-consolidated Balance Sheet ·········································································· 103 Non-consolidated Statement of Income ·································································· 105 Non-consolidated Statement of Changes in Equity ····················································· 106 Audit Reports Independent Auditor’s Report (COPY) ··································································· 118 Independent Auditor’s Report (COPY) ··································································· 121 Audit Report of the Audit & Supervisory Board (COPY) ·············································· 124 Information on Exercising Voting Right ·································································· 127 Procedures for Exercising Voting Right via the Internet ··············································· 128 (Note) “Mitsubishi Corporation Group” in the Business Report represents Mitsubishi Corporation’s “group of enterprises” pursuant to Article 120, Paragraph 2 of the Ordinance for Enforcement of the Companies Act. (Translation) June 4, 2020 Notice of 2020 Ordinary General Meeting of Shareholders Dear Shareholders, This is to notify you that an ordinary general meeting of the shareholders of Mitsubishi Corporation for the fiscal year ended March 31, 2020 will be held as described below. 1. Date and Time: Friday, June 19, 2020 at 10:00 a.m. 2. Place: The Prince Park Tower Tokyo, Convention hall (B2 floor), 8-1, Shibakoen 4-chome, Minato-ku, Tokyo 3. Agenda for the Meeting: [Matters for Reporting] 1. Report on the consolidated statement of financial position and the non-consolidated balance sheet as of March 31, 2020, the consolidated statement of income, the non- consolidated statement of income, and the consolidated and the non-consolidated statement of changes in equity for the fiscal year ended March 31, 2020 (from April 1, 2019 to March 31, 2020) and business report for the same fiscal year. 2. The audit reports of the independent auditors and the Audit & Supervisory Board concerning the consolidated financial statements. [Matters for Resolution] 1. To Approve the Proposed Appropriation of Surplus 2. To Elect 11 Directors 3. To Elect 3 Audit & Supervisory Board Member You can exercise your voting right by mail or via the Internet. If exercising your right by mail, please complete the required procedures and ensure we receive the form no later than 5:30 p.m. on Thursday, June 18, 2020 (Japan Time). Procedures for exercising your voting right via the Internet must also be completed by 5:30 p.m. on Thursday June 18, 2020 (Japan Time). Please refer to the “Information on Exercising Voting Right” on the last two pages of this Notice. If you attend the meeting, please bring the enclosed voting form to the reception desk. You are also requested to bring with you this booklet as relevant documents for the proceedings. * If there are any changes, we will notify you on our website. https://www.mitsubishicorp.com/jp/en/ir/adr/sh_meeting/ Takehiko Kakiuchi Representative Director, President and Chief Executive Officer Mitsubishi Corporation 1 (Translation) Reference Documents Details of Each Proposal 1. To Approve the Proposed Appropriation of Surplus The proposed appropriation of surplus for the fiscal year ended March 31, 2020 is as follows. Under “Midterm Corporate Strategy 2021”, which covers the period from the fiscal year ended March 31, 2020 to the fiscal year ending March 31, 2022, Mitsubishi Corporation continues to increase dividends flexibly in line with sustainable earnings growth based on a progressive dividend scheme. In consideration of consolidated business results and other factors such as progress on share repurchase, the Board of Directors proposes the year-end dividend of ¥68 per common share. As a result, total dividends for the fiscal year ended March 31, 2020, including the interim dividend of ¥64 per common share, will be increased by ¥7 from the previous fiscal year to become ¥132 per common share. 1. Year-end dividends (1) Dividends to be paid Cash (2) Allotment of dividend assets for shareholders and total amount ¥68 per common share of Mitsubishi Corporation Total amount: ¥101118117171716 (3) Effective date of payment of surplus available for dividends June 22, 2020 2. Other retained earnings (1) Increase in retained earnings and amount General reserve: ¥163,000,000,000 (2) Decrease in retained earnings and amount Unappropriated retained earnings: ¥163,000,000,000 2 (Translation) 2. To Elect 11 Directors The term of all 13 Directors will expire at the close of this Ordinary General Meeting of Shareholders. Accordingly, the Board proposes the following 11 candidates for election as Directors, reducing the number of in- house Directors by 2, as detailed on the following pages. Of the 11 candidates, 5 are candidates for Outside Director. All such candidates meet the requirements of independent director, as specified by the Tokyo Stock Exchange, Inc. and other stock exchanges in Japan, as well as Selection Criteria for Outside Directors specified by Mitsubishi Corporation. (See page 27 for the Selection Criteria for Outside Directors.) The composition and size of the Board of Directors and the policy and process for appointing nominated Directors are deliberated at the Governance, Nomination and Compensation Committee with Outside Directors and/or Outside Audit & Supervisory Board Members in the majority , and then decided by the Board of Directors as follows: Composition and Size of the Board of Directors and the Policy and Process for Appointing Nominated Directors Composition and In principle, the Board of Directors is an appropriate size for Size conducting deliberations, with one third or more being made up of Outside Directors. Appointment To ensure decision-making and management oversight are Policy appropriate for Mitsubishi Corporation which is involved in diverse businesses and industries in a wide range of fields, and from the perspective of ensuring diverse standpoints, several Directors are appointed