FY2020 Financial Results and 2021 Medium-Term Business Plan Progress

May 10, 2021

I. FY2020 Financial Results III. 2021 MTBP Progress • Financial Results Overview • Energy Transition • Financial Position Overview • New Mobility & Logistics • Cash Flows • Strengthen Profitability • Results by Segment • Social Responsibility and Community  Order Intake & Backlog Engagement  Revenue  Profit from Business Activities • Profit Bridge IV. Summary • COVID-19 Impact • Summary V. Appendix A II. FY2021 Forecast FY2020 Financial Results • Targets and Main Actions • Forecast Overview VI. Appendix B • Forecast by Segment 2021 MTBP Progress

Order intake Revenue  Order intake and revenue 4,168.6 4,041.3 Order intake and revenue were both generally Forecast 3,700.0 according to plan 3,500.0 3,699.9 3,336.3 • Nuclear Power and Defense & Space showed strong performance • Logistics, Thermal & Drive Systems exceeded the forecast due to steady market recovery • Energy Systems and Plants & Infrastructure （billion yen） FY19 FY20 FY19 FY20 Systems saw some push-outs to FY21 caused by COVID-19 Profit from business Profit attributable to activities owners of parent  Profit 87.1 Both profit from business activities and profit attributable to owners of parent finished strong 54.0 exceeding the forecast 50.0 40.6

20.0

FY19 FY20 FY19 FY20

-29.5

(billion yen) (1) (2) (1) - (2) Businesses excl. FY2019 FY2020 YoY SpaceJet SpaceJet (Profit margin) (Profit margin) (Profit margin)

Order intake 4,168.6 3,336.3 -832.3 (-20.0%) - 3,336.3

Revenue 4,041.3 3,699.9 -341.4 (-8.4%) - 3,699.9

Profit from business (-0.7%) -29.5 (1.5%) 54.0 +83.5 - -116.2 (4.6%) 170.3 activities Profit attributable to (2.2%) 87.1 (1.1%) 40.6 -46.5 (-53.4%) -83.2 (3.3%) 123.9 owners of parent

ROE 6.6% 3.1% -3.5pt - -

EBITDA (2.8%) 115.1 (5.2%) 193.3 +78.2 (+68.0%) -115.9 (8.4%) 309.2

Free cash flow 212.9 -277.1 -490.0 - -129.4 -147.7

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 5 Financial Position Overview Assets （billion yen）  Streamlined the balance sheet and improved 4,985.6 financial health (total assets -¥174.9 bn) 5,000 4,810.7 Trade receivables and contract  Executed business portfolio optimizations (incl. assets 4,000 Vestas share acquisition and MHPS change to Inventories wholly owned subsidiary) and asset management 3,000 initiatives （1） Other current assets  Interest-bearing debt (¥905.6 bn) finished under 2,000 Fixed assets forecast (¥950 bn) 1,000 Main causes of increases/decreases: （2） Other non-current assets （1）Recovery of South Africa project indemnification assets 0 (-¥407.8 bn) FY19 FY20 （2）Vestas share transfer associated with Off-Shore Wind Systems business structure transformation (+¥114.7 bn) Liabilities & Equity （3）Increases in borrowings (+¥141.3 bn), corporate bonds (+¥55.0 bn), and commercial paper (+¥111.0 bn) 5,000 （4）Profit attributable to owners of parent (+¥40.6 bn), Trade payables dividends (-¥25.1 bn), valuation differences etc. (+¥132.4 bn) 4,000 Contract liabilities 3,000 （1） Other liabilities FY19 FY20 YoY 2,000 （3） Interest-bearing debt Interest-bearing debt 598.2 905.6 +307.3

1,000 Equity Equity ratio 24.4% 28.4% +4.0pt （4） 0 D/E ratio 0.46 0.63 +0.17 FY19 FY20

（billion yen） FY19 FY20 YoY Trade receivables and contract assets 1,188.0 1,234.1 +46.1 Inventories 726.2 713.4 -12.8 Other current assets 924.2 507.0 -417.2 (Cash and cash equivalents) (281.6) (245.4) (-36.2) Total fixed assets 996.3 978.9 -17.4 Other non-current assets 1,150.8 1,377.1 +226.3 Total assets 4,985.6 4,810.7 -174.9

Trade payables 824.0 763.7 -60.3 Contract liabilities 835.4 731.8 -103.6 Other liabilities 1,437.8 970.1 -467.7 Interest-bearing debt 598.2 905.6 +307.4 Equity 1,290.0 1,439.3 +149.3

(Equity attributable to owners of the parent) (1,218.3) (1,366.3) (+148.0) Total liabilities and equity 4,985.6 4,810.7 -174.9

(billion yen) Operating cash flow Investing cash flow  Free cash flow Improved ¥122.9 bn vs. the forecast (-¥400 bn)

 Operating cash flow Working capital initially increased* but improved vs. the 452.5 forecast due to advances received Free cash flow 212.9 *Causes of working capital increases: • Decreased cash inflows in Commercial Aviation due to lower revenues caused by COVID-19 FY19 FY20 • Increased cash outflows in Energy Systems and Plants & Infrastructure Systems from construction work progress in line - 94.9 with advances received in previous fiscal years

- 239.5  Investing cash flow - 182.2 Despite expenditures related to CRJ acquisition, the Free cash flow decrease in SpaceJet investment and cash flow produced -277.1 by asset sales contributed to curbing total investment cash outflows Forecast -400.0

Plants & Infrastructure  Energy Systems Energy Systems Systems Decrease: Steam Power (billion yen) 1,772.1  Plants & Infrastructure Systems Decrease: Commercial Ships, Engineering 1,299.2  Logistics, Thermal & Drive Systems Decrease: Turbochargers, Material Handling Systems, Car Air-Conditioners 739.9  Aircraft, Defense & Space 575.2 Increase: Defense Aviation, Missile Systems Decrease: Commercial Aviation

FY19 FY20 FY19 FY20 Order backlog 5,420.4 5,146.1 Logistics, Thermal Aircraft, Defense & Drive Systems & Space

985.9 3,432.6 3,228.0 868.0 719.2 626.2

29.3 1,028.6 36.5 988.3

929.1 892.8 FY19 FY20 FY19 FY20 FY19 FY20

Plants & Infrastructure Energy Systems Systems  Energy Systems (billion yen) Increase: GTCC, Nuclear Power 1,590.2 1,546.0 Decrease: Steam Power, Aero Engines

 Plants & Infrastructure Systems 792.9 Decrease: Metals Machinery, Engineering 637.2

 Logistics, Thermal & Drive Systems Decrease: Turbochargers, Material Handling Systems, Car Air-Conditioners FY19 FY20 FY19 FY20

 Aircraft, Defense & Space Logistics, Thermal Aircraft, Defense Increase: Defense Aviation, Missile Systems & Drive Systems & Space Decrease: Commercial Aviation 990.1 860.3 704.9 702.1

FY19 FY20 FY19 FY20

 Energy Systems Plants & Infrastructure Energy Systems Increase: GTCC, Nuclear Power (revenue increase), Systems Off-Shore Wind Systems (MVOW share transfer) (billion yen) Decrease: Steam Power (revenue decrease, 144.3 profitability decrease in construction work), 127.6 Aero Engines (revenue decrease)  Plants & Infrastructure Systems 25.5 -10.2 Decrease: Engineering (revenue decrease)  Logistics, Thermal & Drive Systems FY19 FY20 FY19 FY20 Decrease: Turbochargers, Material Handling Systems, Car Air-Conditioners (revenue decrease)  Aircraft, Defense & Space Increase: Defense Aviation, Missile Systems (revenue increase) Decrease: Commercial Aviation (revenue decrease)

Logistics, Thermal Aircraft, Defense Aircraft, Defense & Space SpaceJet & Drive Systems & Space ＝ (excl. SpaceJet) ＋

54.6 29.3 15.6 21.4

FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20

-94.8 -116.2

-208.7 -263.3

 COVID-19 impact: Recovery seen in Logistics, Thermal & Drive Systems after bottoming out in Q1. Commercial Aviation recovery slowed due to market contraction after a resurgence of COVID-19 beginning in Q3.  Combatting COVID-19 downturn: Improvements from fixed cost reductions and asset management exceeded the initial target of ¥45.0 bn  SpaceJet: Losses (¥116.2 bn) finished slightly less than the forecast (¥120.0 bn)

South Africa Project settlement Revenue decreases in adjustment Commercial Aviation and FY19 -40.0 Logistics, Thermal & Drive Systems MVOW share -90.0 transfer ＋83.1 FY20 Steam power profit Others decrease (incl. asset -45.0 Fixed cost management) Business Profit ＋31.4 Business Profit excl. SpaceJet reductions, etc. excl. SpaceJet ＋30.0 233.8 Forex effects 170.3 -5.0 Revenue decreases in Development Supplementary other businesses SpaceJet costs -28.0 Development information on p13 -116.2 CRJ goodwill costs impairment, etc. SpaceJet -263.3 Asset impairment losses, etc.

-10 to -30%  Revenue recovery slowed due to market contraction after a resurgence of COVID-19 Commercial beginning in Q3 despite a slight upturn in Q2. Aviation - -40 -40 Full year totals lower than initial forecast. Aero Structures -45% (Tier 1) -50

1Q 2Q 3Q 4Q (cumulative figures)

 Due to a sluggish market caused by COVID-19, -35 to -55% revenue remained flat in Q3-4 but finished within Commercial the range of the initial forecast Aviation - -50 -45 -45% Aero Engines -55

1Q 2Q 3Q 4Q (cumulative figures)

Engines -15%  Revenue recovered steadily in each quarter -15% and finished generally in line with the initial Logistics, Turbochargers -20 -25 forecast Thermal HVAC & -30 Car A/C  Profit significantly exceeded the initial forecast & Drive as a result of better than plan fixed cost reductions Systems Logistics Systems 1Q 2Q 3Q 4Q FY20 FY20 Initial (cumulative figures) Initial Plan Forecast (w/o COVID (w/ COVID impact) impact)

 Achieved profit forecast • Profit from business activities and profit attributable to owners of parent both exceeded the forecast • Strong profits from GTCC, Nuclear Power, Logistics, Thermal & Drive Systems, and Defense & Space despite both positive and negative nonrecurring items

 Financial position • Streamlined the balance sheet and moved forward with asset optimization • Interest-bearing debt and D/E ratio improved vs. the forecast

 Business portfolio • Optimizing the business portfolio to focus on company strengths (Optimization of Off-Shore Wind Systems, sale of Machine Tools business, acquisition of Naval and Governmental Ships business, and sale of Koyagi Shipyard) • Made mid- to long-term investments in the Energy Transition space, a strategic growth area for MHI Group. This included start-up investment and participation in international development projects.

Regarding forward-looking statements: The forward-looking statements contained in these materials are based on judgments made in accordance with information available at the time of creation and include risks and uncertainties. As such, investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly from these projections due to a number of factors, including but not limited to: economic trends affecting the Company’s business environment, currency exchange rate fluctuations, and stock market trends in Japan. These financial projections should not be construed in any way as a guarantee by the Company. FY2021 Targets

2021 MTBP FY2020 FY2021 FY2023 Revenue ¥3.7 tr ¥3.8 tr ¥4.0 tr Business profit margin 1.5% 4% 7% ROE 3.1% 7% 12% Total assets ¥4.8 tr ¥4.7 tr ¥4.5 tr Interest-bearing debt ¥0.9 tr ¥0.9 tr ¥0.9 tr Equity ¥1.4 tr ¥1.5 tr ¥1.5 tr D/E Ratio 0.6 0.6 0.6 Shareholder equity ratio 28% 30% 33% Dividend per share ¥75 ¥90 ¥160

 Achieve 4% business profit margin FY21 Forecast Revenue ¥3.8 tr

Path to improved profit Business profit margin (2)(3) FY20 4.0%

FY20 Revenue (1) 28.0 150.0 ¥3.7 tr Nonrecurring items SpaceJet cost FY21 minimization Baseline 30.0 Business profit margin MVOW (1) COVID-19 recovery 1.5% share transfer (2) Existing business 92.0 growth, profitability 110.0 improvements, 54.0 -83.0 and restructuring (3) SG&A reductions

FY20 Actual excl. -34.0 45.0 nonrecurring items and SpaceJet Asset Steam Power management loss provisions

SG&A: Selling, General and Administrative Expenses

(billion yen) FY2020 Actual FY2021 Forecast YoY

(profit margin) (profit margin) (profit margin) Order intake 3,336.3 3,600.0 +263.7 (+7.9%) Revenue 3,699.9 3,750.0 +50.1 (+1.4%) Profit from business (1.5%) 54.0 (4.0%) 150.0 +96.0 (+177.4%) activities Profit attributable to (1.1%) 40.6 (2.4%) 90.0 +49.4 (+121.5%) owners of parent

ROE 3.1% 6.5% +3.4pt - EBITDA (5.2%) 193.3 (7.5%) 280.0 +86.7 (+44.8%)

FCF -277.1 0.0 +277.1 -

Exchange rate assumptions 75 yen 90 yen USD 1.00 = ¥110 EUR 1.00 = ¥130 Dividends Interim: 0 yen Interim: 45 yen Undetermined foreign Final: 75 yen Final: 45 yen currency amounts USD 3.3 bn EUR 0.5 bn

(billion yen)

Order intake Revenue Profit from business activities

FY20 FY21 FY20 FY21 FY20 FY21 YoY YoY YoY Actual Forecast Actual Forecast Actual Forecast

Energy Systems 1,299.2 1,400.0 +100.8 1,546.0 1,600.0 +54.0 127.6 100.0 -27.6

Plants & Infrastructure 575.2 700.0 +124.8 637.2 650.0 +12.8 -10.2 20.0 +30.2 Systems

Logistics, Thermal & 868.0 950.0 +82.0 860.3 950.0 +89.7 15.6 30.0 +14.4 Drive Systems

Aircraft, Defense & Space 626.2 600.0 -26.2 702.1 600.0 -102.1 -94.8 20.0 +114.8

Others -32.4 -50.0 -17.6 -45.7 -50.0 -4.3 15.8 -20.0 -35.8

Total 3,336.3 3,600.0 +263.7 3,699.9 3,750.0 +50.1 54.0 150.0 +96.0

Integrate cutting-edge technology into expertise built up over many years to provide solutions to the worldʼs most pressing issues and provide better lives

2021 MTBP (FY21-23)

Develop growth areas Strengthen profitability

Growth -New business revenue- Profitability 100 billion yen by FY23 Business profit margin 7% 1 trillion yen by FY30 ROE 12%

Dividends Financial stability Total assets turnover 0.9 Record-high dividend per Maintain current level of share interest-bearing debt

2021 MTBP (FY21-23)

Develop growth areas

Growth -New business revenue- 100 billion yen by FY23 1 trillion yen by FY30

Carbon Neutrality 2030 GHG Emissions Target Japan -46% 2050 (vs. 2013 levels) USA -50-52% - (vs. 2005 levels) China -65% 2060 (vs. 2005 levels per unit GDP) EU -55% 2050 (vs. 1990 levels) UK -78% 2050 (vs. 1990 levels by 2035)

Combine MHI Group’s wide-ranging technologies to overcome challenges and help achieve the world’s ambitious decarbonization targets

GHG: Greenhouse Gases

Build an innovative solutions ecosystem to realize a carbon neutral future

Decarbonize existing Build a hydrogen Build a CO₂ infrastructure solutions ecosystem solutions ecosystem

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 27 Decarbonization Solutions Ecosystem Stabilize power supplies and minimize costs to the broader community by effectively utilizing existing infrastructure during the expansion of renewable energy

Renewable Energy Energy Storage  Carbon-free energy  Carbon-free energy  Large fluctuations in  Compensate for power supply power supply (short- and long-term) fluctuations (short-term)

Thermal Power Nuclear Power  Decarbonization  Carbon-free (hydrogen and CO2 energy capture)  Stable power  Compensate for power supply supply fluctuations (long-term)

Validate and begin commercializing carbon-free power generation using hydrogen and ammonia by 2025

2025 2030

30% H2 mixed 100% H2 firing combustion 100% H2 firing validation H Heavy Duty commercialization commercialization ready y d Gas Turbines r 100% H firing o 100% H2 firing 2 g Small and Mid- validation commercialization e Size Gas Turbines n Decarbonize Thermal Power with hydrogen and ammonia technologies in both new Begin commercial installations and retrofits of existing A operation facilities m m Gas Turbines o Gas firing Liquid firing Commercialization of both n validation validation gas and liquid firing ready i a Boilers

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 29 Part of this presentation includes development results from the National Laboratory New Energy and Industrial Technology Development Organization (NEDO) program. Decarbonizing Thermal Power

Completed integration of development processes from R&D to validation and testing on in-house equipment

Technical validation on Mitsubishi Power Takasago Works in-house facilities Demonstration R&D JAC-class (heavy duty H-25 series (mid-size GT) Plant Center GT) demonstration plant validation testing facility

Design Manufacturing Center Facility

Hydrogen production Hydrogen loader test equipment

*Photo of SOFC unit

Increase reliability through validation testing and apply to

commercialization Premix combustor (DLN) Multi-cluster combustor

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 30 Part of this presentation includes development results from the National Laboratory New Energy and Industrial Technology Development Organization (NEDO) program. Nuclear Power Contributions to Carbon Neutrality

 Supporting restart efforts for existing plants, building Specialized Security Facilities (SSF), and completing the nuclear fuel cycle  Develop and commercialize a next-generation light water reactor with the world’s highest level of safety Status of Plant Restarts New Light Water Reactor

１ 2 3

1 2 PWR 3 BWR Fuel Reprocessing 3 4 2 Plant １ 2 3 4 6 7 Restart Planned 3 Construction Permission 2 Obtained 2

3 4 3 4 2 3  Reinforce safety measures and １ 2 increase resilience to natural disasters  Supporting restart efforts for 12 PWRs and working  Introduce new safety concepts to support restart of other plants including BWRs leveraging cutting-edge technology  Working to complete construction of a nuclear fuel reprocessing and MOX processing plant as the lead The world’s safest company MOX: A mixture of plutonium and uranium nuclear reactor © MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 31 Specialized Security Facilities (SSF): Large-scale facilities isolated from the main plant used to safely shut down a reactor in the event of a severe security incident The Path to achieving Carbon Neutrality

Decarbonize existing Build a hydrogen Build a CO₂ infrastructure solutions ecosystem solutions ecosystem

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 32 Build a Hydrogen Solutions Ecosystem  Create a solutions ecosystem covering production, transport, storage, and use  Develop key decarbonization technologies targeting 2025 2020 2025 2030

Gray Hydrogen (derived from fossil fuels)

Blue Hydrogen (derived from fossil fuels and CO capture) Production 2 Turquoise Hydrogen (solid carbon capture)

Green Hydrogen (produced with renewable energy)

Multigas Carrier Transport & Storage Ammonia transport

Heavy Duty GT

100% H2 firing 30% H2 mixed firing 100% H2 firing validation commercialization commercialization

Small and Mid-Size GT 100% H firing validation 100% H /ammonia firing Use 2 2 Heavy Duty Boilers Gas and liquid firing validation Gas and liquid firing commercialization

Hydrogen Reduction Steelmaking Build a pilot plant and run trials

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 33 Part of this presentation includes development results from the National Laboratory New Energy and Industrial Technology Development Organization (NEDO) program. Build a CO2 Solutions Ecosystem  Create a solutions ecosystem covering carbon capture, transport, storage, and conversion/use  Expand carbon capture product lineup by 2023 2020 2025 2030 TM KS-1 CO2 Capture Plant Large volume CO2 capture

TM KS-21 High Performance CO2 Capture Plant Capture High efficiency, large volume CO2 capture

Modular CO2 Capture System Solid Type CO2 Capture System Industrial use CO2 capture technology

CO2 Carrier Transport Large volume CO₂ transport & Storage TM CO2NNEX CCUS Platform (digital platform for CO2 logistics) Seamless connection with value chain visualization

Conversion/ Use Clean Fuel Production

TM KS-1, KS-21: A proprietary amine absorbent jointly developed with Kansai Electric Power CO2NNEX : A digital platform for visualizing CO2 logistics to be jointly developed with IBM Japan © MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 34

CCUS : Carbon dioxide Capture, Utilization and Storage Global Joint Hydrogen/CO2 Business Development

Engaging in projects in leading regions, advancing commercialization efforts

Completed a study on carbon reduction at a World’s largest CO2 recovery pilot test with TCM cement plant in Alberta, Canada Collaboration with Equinor to advance low-carbon technologies

Reached agreement on a Executed a framework hydrogen project in Hamburg, agreement for a CCS Germany project at an LNG plant in Texas, USA BECCS pilot test at Drax Power Station Investing in an advanced clean energy storage project in Utah, USA including supply of a hydrogen-fired JAC GT Participating in the UK Industrial Cluster Participating in green hydrogen and Hydrogen Decarbonization Project ammonia business development in CO2 South Australia

Participating in advanced projects in North America

Build a hydrogen solutions ecosystem by connecting hydrogen users with production, storage, and transport Invest in technology development Off-takers and form strategic partnerships

Production Storage Transport Power Generation Transportation Industry

Production Storage & Transport Use

Active projects

Advanced Clean Energy Storage: Intermountain Power Agency: Won order for Developing a 1,000 MW energy storage facility 840 MW hydrogen-fired JAC-class GT

Entergy: Executed a Joint Development Agreement for hydrogen production, storage, and use

Build hydrogen and CO2 solutions business scale in addition to decarbonizing existing infrastructure Social Impact Strategy Business Volume (Y-axis) Leverage MHI strengths Carbon-free fuels Form strategic partnerships Capture and use remaining Technical validation to CO emissions Hydrogen/CO2 2 commercialization

(Ammonia) Develop ammonia-fired Decrease social burden by Steam boilers utilizing existing assets Decrease in new installations Innovate in maintenance Power Transition to ammonia firing

(Ammonia/Hydrogen) Develop and validate Stable peaking power hydrogen- and ammonia- source GTCC fired gas turbines Transition to ammonia/hydrogen firing

Restart existing plants and Nuclear Proceed with plant restarts Carbon-free base load construct SSFs Ready for possible new installations power source Develop a next-generation Power light water reactor 2021 2030 © MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 37 Strengthening MHI Group: Integration of Mitsubishi Power

Mitsubishi Power to be integrated into MHI (Oct 2021)

Contribute to the achievement of Carbon Neutrality as a total energy solutions Nuclear company Power

Hydrogen/ CO2 Ammonia Capture Fuel Thermal Power Thermal Power Decarbonization Decarbonization

Strengthen MHI Group to build hydrogen and CO2 solutions ecosystems • Dynamically integrate MHI and Mitsubishi Power resources • Rapidly advance decarbonization of the existing Thermal Power

business in parallel with hydrogen and CO2 solutions ecosystems efforts

Transform the Thermal Power business structure to focus on decarbonization • Steam Power will take the following actions in the transition to decarbonization  Transform into an advanced maintenance and service business  Optimize production and increase competitiveness of steam turbines • Consolidate functions from planning to execution in each business line, allowing streamlined organizations to improve operational flexibility

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. New Mobility & Logistics: Strengthening Solutions Business Provide integrated, autonomous, intelligent machinery systems while shifting from component sales business

O&M Understand PoC Customer Needs

Creative collaboration Traditional Component with customers Development

Digital Twin High-fidelity modeling of Platform machinery systems Solutions Integration Planning

Diversified machinery product lineup

Future solutions business is the way forward PoC: Proof of Concept © MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 41 New Mobility & Logistics: Launching Logistics Solutions Developing comprehensive logistics solutions

 Automated logistics solutions Known customer pain points (Business volume: ¥50 bn by FY26)  Volatility  Harsh working environments  Cold Chain solutions  Safety/quality assurance (Business volume: ¥100 bn by FY26)

Developing PoCs with industry Seamless integration leaders in beverages and refrigerated Automated & Intelligent Technology Package warehousing Digital Remote Human- Env. Energy Machine Twin Control Collaboration Control Mgmt.

Standardized Platform Analyze customer needs Concept demonstration

Automated & Intelligent Technology Solutions AGF (Sigma SynX) Automated AGV Chiller Warehouse

Expand the solutions business to cover all product areas

Cold Chain Automated Logistics (environmental controls Lifestyle and quality assurance) (efficient and flexible)

Solutions Hydropower Business Thermal Power Wind Electric Grid Operator Power Nuclear Solar Power Power Regional Mobility Energy Grid (stress-free transportation) (Clean energy for all) Energy Mobility

2021 MTBP (FY21-23)

Strengthen profitability

Profitability Business profit margin 7% ROE 12%

Strengthen profitability to achieve FY2023 targets Business Profit (billion yen) (2)+(3)

(1) 28 150 Business profit 30 (2)＋(3) margin 7% 92 (1) Business profit margin 4%

FY2021 FY2021 FY2023 Baseline* Forecast Target (1) COVID-19 recovery (2) Existing business growth, profitability improvements, and restructuring *As defined on page 17 (3) SG&A reductions

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 46 (1) COVID-19 Recovery  Aero Engines and Logistics, Thermal & Drive Systems are recovering steadily and expected to return to pre-COVID levels by 2023  Aero Structures business will take time to recover; manufacturing process optimizations to continue

Business Revenue (vs. FY2019) Forecast and Key Activities

Commercial  Continued short-term stagnation with Aviation - -30% recovery after FY24 -45% Aero Structures -55%  Continue fixed cost reductions and (Tier 1) process optimizations to stop declining profits

±0%  Short-haul flight recovery on track Commercial -30%  Organizational changes in anticipation of Aviation - -45% COVID-19 recovery and return to growth Aero Engines

+20% -5%  Recovery to pre-COVID levels in FY21 Logistics, HVAC & -15% Thermal & Car A/C followed by new growth Engines Drive Turbochargers  Maintain a streamlined organization Systems while growing the business Logistics Systems

FY2019 FY2020 FY2021 FY2023

 Executed the following transactions to optimize the business portfolio in FY2020  Portfolio optimization to continue in FY2021 and beyond to strengthen profitability

Wind Maximize synergies through a wide- Acquisition of 2.5% Power ranging partnership with Vestas Systems stake in Vestas

Naval & Further strengthen the Defense Acquisition from Governmental Equipment business across air, land, Mitsui E&S Ships and sea Shipbuilding

Machine Agreed to sale expecting synergies Divestment to Tools with Nidec Group businesses Nidec Group

Agreed to sale after concluding that Koyagi Divestment to Oshima Shipbuilding is better able to Shipyard utilize the facility Oshima Shipbuilding

Implementing headcount adjustments in response to rapid market contraction

Inter- national  Reduced headcount by approx. 3,000 (Sep 2019 – Mar 2021)

 1,500+ headcount adjustment achieved as of March 2021 Japan  Planning to reallocate a further 1,500 personnel, mainly in Thermal Power, shifting resources to growth areas

Thermal Power Commercial Aviation Commercial Ships

-５% -20%

△-40%40% △-50%50% -15% -25%

2020/3 2021/3 2024/3 2020/3 2021/3 2022/3 2020/3 2021/3 2022/3

FY2020: Reduced SG&A by 52.1 billion yen (9%) vs. FY2019 levels FY2021: Further reductions planned through integration of Mitsubishi Power and asset management

Total SG&A ¥583.9 bn -20％ ¥531.4 bn SpaceJet reductions FY2020 Fixed & variable cost reductions Mitsubishi Power integration (corporate function efficiencies) Reductions from asset FY2021 management • Saiwaimachi Factory sale SpaceJet • Iwatsuka Factory sale • Koyagi Shipyard sale FY2019 FY2020 FY2021 FY2023

Addressing humanity’s problems through business

Fostering innovation through creative collaboration Opened Yokohama Hardtech Hub to support startups

MHI Sports Challenge Contributing to society with company-led sports activities while promoting the MHI Group brand

 Incubating hardtech startups and facilitating efforts to innovate  Opened in Oct 2020 at Honmoku Plant. 7 startups are active in the space. (Now accepting applications)

Large, open space for prototyping and testing 7 Tenant Startups (as of April 2021)  Total floor space: 20,000 m2  Fully equipped with power supply, compressed air, cranes, A/C, and WiFi Digitally integrated construction of Design, testing, & manufacture of wooden structures equipment for use in space NICHIETSU Vibration test services Development of automated injection mold exchange

Materials development using computational Development and implementation of science and machine learning battery control systems

Development of coating materials for semiconductor manufacturing equipment parts YHH Creative Collaboration Events Raising creative collaboration awareness  First YHH Creative Collaboration Event “The Reality of Manufacturing in the Space Sector and the Value of Creative Collaboration”  Planning the next event

MHI promotes giving back to society, social responsibility, employee engagement, and brand recognition through our corporate sports activities

Kids Soccer MHI Marathon Team Urawa Red Diamonds Mitsubishi Dynaboars Ladies (soccer) (rugby)

 Surpassed profit forecasts in FY2020  Accelerating Energy Transition initiatives as decarbonization efforts take off around the globe  Integrate Mitsubishi Power into MHI and drive forward as a total energy solutions company  Expand into new areas while shifting from component sales to solutions in the New Mobility & Logistics space  Further increase profitability in FY2021, and gain a foothold for achieving FY2023 targets

(billion yen)

Order intake Revenue Profit from business activities

FY19 FY20 YoY FY19 FY20 YoY FY19 FY20 YoY

Energy Systems 1,772.1 1,299.2 -472.9 1,590.2 1,546.0 -44.2 144.3 127.6 -16.7

Plants & Infrastructure 739.9 575.2 -164.7 792.9 637.2 -155.7 25.5 -10.2 -35.7 Systems

Logistics, Thermal & 985.9 868.0 -117.9 990.1 860.3 -129.8 29.3 15.6 -13.7 Drive Systems

Aircraft, Defense & Space 719.2 626.2 -93.0 704.9 702.1 -2.8 -208.7 -94.8 +113.9

Others -48.5 -32.4 +16.1 -36.9 -45.7 -8.8 -20.0 15.8 +35.8

Total 4,168.6 3,336.3 -832.3 4,041.3 3,699.9 -341.4 -29.5 54.0 +83.5

18,000 Total assets Working capital Total assets turnover ratio Working capital Total assets 16,000 CCC Total assets turnover ratio excluding nonrecurring items (billion yen) 70,000 (billion yen) 1.00 回転 CCC excluding nonrecurring items 0.93 14,000 65,000 0.90 0.88 0.90 0.95 回転 97 102 12,000 60,000 0.90 回転 0.82 0.83 0.84 74 55,000 0.85 回転 10,000 45 50,000 0.80 回転 76 42 8,000 72 28 24 45,000 0.80 0.75 回転 0.78 6,000 40,000 0.76 0.70 回転 43 40 45 0.73 0.75 0.76 27 35,000 0.71 0.65 回転 931.3 25 4,000 891.9

30,000 667.6 0.60 回転 537.3 2,000 452.0 25,000 5,500.7 5,483.3 5,487.6 5,248.7 5,142.7 4,985.6 4,810.7 0.55 回転 345.0 254.7

20,000 0.50 回転 0 (FY) 2015 2016 2017 2017 2018 2019 2020 2015 2016 2017 2017 2018 2019 2020 JGAAP IFRS JGAAP IFRS

Working capital = Trade receivables (incl. Contract assets) + Inventories – Trade payables – Contract Total asset turnover ratio = Revenue / Total assets (average of beginning and end of period) liabilities (Advance received) CCC calculated based on segment working capital (including Advance received) and Revenue 25,000 1.1 Property, plant & PPE Interest-bearing debt PPE turnover ratio Interest-bearing debt Net debt D/E ratio0.9 equipment 20,000 (billion yen) (billion yen) PPE turnover ratio excluding nonrecurring items

0.63 0.7 5.37 5.25 6.00 15,000 0.53 14,000 4.91 5.05 4.80 0.48 0.46 4.31 4.37 5.00 0.44 12,000 0.5 0.38 0.38 5.24 5.12 10,000 4.00 10,000 4.56 4.78 4.71 1,052.1 0.3 8,000 4.10 4.07 925.5 905.6 3.00 813.1 813.1 6,000 5,000 665.1 2.00 598.2 0.1 4,000 987.4 935.0 867.8 741.6 677.5 660.2 773.1 784.8 792.9 779.6 499.7 513.9 1.00 381.9 316.6 2,000

0 -0.1 0 0.00 2015 2016 2017 2017 2018 2019 2020 2015 2016 2017 2017 2018 2019 2020 JGAAP IFRS JGAAP IFRS

(billion yen; all figures cumulative totals) ［ 2019FY2019年度］［ 2020FY2020年度］ 1,772.1 (Order intake for major businesses) Order intake 1,299.2 1,104.1 FY2019 FY2020 899.9 GTCC 744.6 552.2 665.4 552.3 Steam Power 446.4 246.2 231.5 317.1 Nuclear Power 308.0 236.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

(Revenue for major businesses) 1,590.2 1,546.0 Revenue FY2019 FY2020 1,075.3 1,041.4 GTCC 478.8 538.2 707.9 662.5 Steam Power 579.1 502.5 343.2 314.0 Nuclear Power 256.7 292.6

Profit margin • Items with significant P/L impact: Profit from business  Gain on MVOW share transfer (+¥83.1 bn) 144.3 activities 127.6  Push-out of Thermal Power after-sales service 105.6 work due to COVID-19 and Steam Power loss 9.1% 78.4 8.2% provisions (total -¥45.0 bn) 37.2 • Strong performance by GTCC and Nuclear Power 19.2 contributed to revenue and profit generally in line 0.3 with the forecast -12.4

(billion yen; all figures cumulative totals)

FY2019 FY2020 (Order intake for major businesses) FY2019 FY2020 Order Intake 739.9 575.2 Engineering 174.6 119.2 516.5 Metals Machinery 245.5 207.7 367.3 395.7 253.4 Machinery Systems 147.9 132.1 191.1 117.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

(Revenue for major businesses) 792.9 Revenue FY2019 FY2020 575.4 637.2 Engineering 202.6 152.1 447.8 379.3 Metals Machinery 245.5 196.7 287.0 Machinery Systems 166.9 142.1 185.0 139.5

• Initial projections showed only minimal COVID- Profit from business 19 impact, however order intake decreased YoY activities 25.5 due to slow contract negotiation progress • Revenue decreased YoY due to construction 10.8 14.0 delays in Engineering and Metals Machinery 6.8 3.2% Profit margin • Finished at a loss due to the settlement of expenses for a completed international project -1.6% -4.0 and nonrecurring expenses such as -6.7 restructuring costs -9.0 -10.2

(billion yen; all figures cumulative totals) FY2019 FY2020 985.9 (Order intake for major businesses) Order Intake 868.0 744.4 FY2019 FY2020 623.7 Material Handling 449.3 390.7 498.9 402.2 Systems 250.3 Engines & 186.2 286.2 243.3 Turbochargers HVAC & Car A/C 255.8 239.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

(Revenue for major businesses) 990.1 FY2019 FY2020 Revenue 860.3 Material Handling 740.2 449.3 390.7 614.5 Systems 497.0 Engines & 395.2 283.4 239.9 Turbochargers 245.9 182.9 HVAC & Car A/C 263.0 235.7

Profit from business • Revenue recovered steadily in each quarter activities 29.3 Profit margin after 25% YoY downturn in Q1 due to COVID-19 25.6 impact 18.5 15.6 • After bottoming out in Q1, profit finished above 7.5 3.0% 9.5 4.5 1.8% forecast as a result of better than planned fixed cost reductions -2.6

(billion yen; all figures cumulative totals) FY2019 FY2020

719.2 Order Intake 626.2 FY2019 FY2020 341.7 322.6 Defense & Space 493.8 487.5 192.3 205.6 Commercial aviation 225.3 138.7 87.7 76.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Revenue 704.9 702.1 493.1 532.0 FY2019 FY2020 310.5 335.9 Defense & Space 474.2 524.4 152.1 155.1 Commercial aviation 230.6 177.6

Profit from business • Aero Structures (Tier 1) revenue finished below the initial forecast after revenue recovery slowed due to market activities Profit margin contraction after a resurgence of COVID-19 beginning in Q3 9.4 12.6 • Overall revenues from Aircraft, Defense & Space -13.5% remained at FY19 levels due to strong Defense & Space -29.6% -62.0 -66.3 sales and contribution from CRJ, the acquisition of which -77.1 -94.8 was completed in Q1 -130.2 • SpaceJet losses (including impairment of goodwill from CRJ acquisition) were ¥116.2 bn, within the range of the -208.7 initial forecast

Gas turbine orders booked and contract backlog (units) FY2020 FY2020 Heavy Duty FY2019 Small & Mid-Size FY2019 Year Q4 Year Q4 North America 74- North America 366 Asia 10 4 2 Asia 2-- EMEA 23- EMEA 6-- Other regions 222 Other regions --- Total 21 13 4 Total 11 6 6 Contract backlog 47 48 Contract backlog 13 5

Commercial Aviation deliveries (units)

777 Q1 Q2 Q3 Q4 Tot. 777X Q1 Q2 Q3 Q4 Tot. 787 Q1 Q2 Q3 Q4 Tot.

FY2019 12 13 10 9 44 FY2019 413210FY2019 43 42 38 43 166

FY2020 3 10 7 4 24 FY2020 33017 FY2020 18 32 20 14 84

R&D Expenses, depreciation & amortization, and capital expenditures (billion yen) FY2018 FY2019 FY2020 FY2021 Forecast R&D expenses 152.1 146.8 125.7 130.0 Depreciation & amortization 124.9 144.6 139.2 130.0 Capital expenditures 147.3 161.5 125.5 120.0

Cash flows (billion yen) FY2018 FY2019 FY2020 FY2021 Forecast Operating cash flow 404.9 452.5 -94.9 - Investing cash flow -161.8 -239.5 -182.2 - Free cash flow 243.0 212.9 -277.1 0 Financing cash flow -255.5 -204.4 -221.7 -

Interest-bearing debt, D/E ratio FY2018 FY2019 FY2020 FY2021 Forecast Interest debt balance (billion yen) 665.1 598.2 905.6 900.0 D/E ratio 0.38 0.46 0.63 0.6

JPY/USD exchange rates (JPY/USD) FY2018 FY2019 FY2020 FY2021 Forecast Revenue recognition rate average 110.7 108.7 106.3 110 (Reference) Fiscal year end rate 111.0 108.8 110.7 -

Revenue by Segment and Region (billion yen)

Energy Systems 846.8 252.6 247.4 198.9 （55%）（16%）（16%）（13%）

Plants & Infrastructure 337.1 134.8 99.1 65.9 Systems （53%）（21%）（16%）（10%）

Logistics, Thermal & 312.5 211.2 162.0 174.3 Drive Systems （36%）（25%）（19%）（20%）

Aircraft, Defense & 497.8 0.9 192.8 10.2 Space （71%）（0%）（（27%） 1%）

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Japan APAC (excl. Japan) Americas EMEA

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 66 VI. Appendix B 2021 MTBP Progress 1. FY2020 Achievements and Key Activities in FY2021 (1/4) Energy Systems FY2020 Achievements Key Activities in FY2021 GTCC New GTCC demonstration power plant completed at Takasago Take back No. 1 GT market share and reduce costs Works (T-Point 2) Improve profitability Steam Power Profits decreased due to domestic project cost increases Accelerate transformation into an after-sales service-focused Established taskforce for decarbonization proposals organization Grow industrial business with energy solutions Nuclear Power Progress on restart efforts for light water reactors and construction Continue reactor restarts and construction of Specialized Security of Specialized Security Facilities and nuclear fuel reprocessing Facilities and the nuclear fuel reprocessing plant plant Expand development of next-generation reactors Off-Shore Wind Strengthened partnership with Vestas Begin marketing and business development of on- and offshore Power Launched MHI Vestas Japan wind power within Japan Aero Engines Completed new Nagasaki Plant for combustor manufacturing Strengthen in-house production capabilities and cost competitiveness with the new state-of-the-art plant Compressors Worked to grow after-sales services to stabilize and increase Develop and grow global after-sales services operations profits

T-Point 2 Demonstration Plant Completed Specialized Security New Aero Engines Factory Begins Operation Facility (Nuclear Power) Begins Operation

(reference image) Facility for long-term validation of next-generation high- Completed major equipment installation at MHIAEL’s new Nagasaki Plant completed at efficiency JAC* class GTs, which were the first in the world Japan’s first Specialized Security Facility for Nagasaki Shipyard & Machinery Works to achieve inlet temperatures of 1,650°C *JAC: J-series Air-Cooled a nuclear power plant

Plants & Infrastructure Systems FY2020 Achievements Key Activities in FY2021

Commercial Marine SOx Scrubber Systems installed on 26 vessels Strengthen maritime transport decarbonization and Ships automation/electrification initiatives

Engineering Received orders for carbon capture systems for a variety of Strengthen carbon capture business and develop the

CO2 sources from customers in the U.S., Canada, and the decarbonization market U.K. (Basic design, pilot testing, etc.) Metals Grew sales for Endless Strip Production (ESP) equipment Differentiate products through technological innovation with Machinery a focus on macro trends

Environmental Increased orders for life extension work on existing Increase orders for domestic projects Plants facilities

Machinery The first new models of box making and antiseptic filling Grow sales of new models and develop New Mobility Systems machines entered service businesses

DIA-SOx® Series CO2 Capture Test Equipment ESP Equipment

Completed installation of Marine SOx Scrubber Pilot testing of CO2 capture equipment Rizhao Steel (China) launches its fifth ESP plant Systems on 26 vessels of 3 classes started at Drax Power Plant (U.K.) with equipment supplied by Primetals

Logistics, Thermal & Drive Systems FY2020 Achievements Key Activities in FY2021 Material Strengthened organization by promoting PMI activities Achieve growth in Engineering and Solutions businesses Handling including restructuring and merger of distributors Systems Turbochargers Responded quickly to rapid changes in demand in the Strengthen development of products for electric vehicles consumer automotive market

Engines Developed a 2 MW unit for data centers and other Concentrate on core businesses applications Promote data center power source products for distributed Began hydrogen engine development generation in Southeast Asia HVAC Systems Improved development capabilities and received awards for the Expand product lineup and sales network to meet local MSV2 series of high-efficiency, air-cooled heat pump chillers needs

Car Air Began cooperation with European turbocharger business Respond to customer needs by expanding product lineup Conditioners Restructured manufacturing and supply organizations

Q-ton Circulation Hydrogen Engine

The MSV2 series high-efficiency, air-cooled heat pump chiller, which Joint research with the National Institute of Advanced received the 2020 Agency for Natural Resources and Energy Industrial Science and Technology achieved stable Commissioner’s Award from the Energy Conservation Center, Japan combustion with 100% hydrogen

© MITSUBISHI HEAVY INDUSTRIES, LTD. All Rights Reserved. 70 1. FY2020 Achievements and Key Activities in FY2021 (4/4) Aircraft, Defense & Space FY2020 Achievements Key Activities in FY2021 Aero Structures Took such actions as headcount reductions in reaction to a Improve productivity and prepare for market recovery by (Tier 1) significant decrease in aviation demand promoting minimally-manned and automated technologies Implemented emergency fixed cost reductions

SpaceJet Paused SpaceJet development Continue type certification documentation activities and assess possible program restart

Executed contract with the Japan Ministry of Defense to lead Strengthen organization for the development of the next- Defense development of next-generation fighter jet generation fighter jet Completed development of a new class of multimission Steady execution of continuous new class frigate frigate and launched the first two ships of this class, construction “Mogami” and “Kumano” Complete construction of “Mogami” and “Kumano” Launch third and fourth ships of this class Space Made progress in development of the H3 Launch Vehicle Successfully launch the first H3 Launch Vehicle

Next-Generation Fighter Jet New Class Frigate H3 Launch Vehicle

Image source: Defense White Paper 2020

©JAXA

Executed contract with the Japan Ministry of Launch ceremony for the new frigate Progress in development of the H3 Launch Defense to lead development of next- “Mogami” Vehicle generation fighter jet

 Nuclear power is a carbon-free, large-scale, stable power source and is an important source of base load power including from the viewpoint of energy security. Nuclear power will continue to be essential for the achievement of Carbon Neutrality by 2050.  Short-term as well as medium- and long-term development plans are under consideration for the continued use of nuclear power technology Short-term: Restart existing plants (PWR, BWR). Build Specialized Security Facilities1. Complete the nuclear fuel cycle.

Significantly reduce CO2 emissions in the power sector with next-generation light water reactors. Mid-term: Develop and commercialize small-modular reactors, high temperature gas-cooled reactors, and fast reactors to satisfy diversifying market needs Long-term: Make nuclear fusion–the perpetual energy source of dreams–a reality

Existing Restart existing plants LWR

New New light water reactors LWR

R&D Hydrogen production facility New type reactors New type High temperature gas-cooled reactor (incl. small-modular reactors, high temperature reactors gas-cooled reactors, fast reactors)

Fusion Fusion ITER Project2 Prototype reactors reactors reactors

1 Specialized Security Facilities: Isolated, large-scale facilities used to safely shut down a reactor in the event of such security incidents as airplane strikes or terrorist attacks 2 ITER project: Large international project to realize experimental fusion reactor supported by governments (Japan, EU, US, Russia, China, Korea, India)

 Nuclear energy has many potential uses other than power generation, including heat utilization and energy sources for isolated areas including remote islands and space  Pursuing development of new-type reactors to satisfy diversifying market needs

Small/Miniature Reactors High Temperature Gas-Cooled Reactors (multi-purpose power source) (for hydrogen production)

• Develop mobile reactors to supply power to isolated, • Stably produces high volumes of hydrogen remote areas, islands, and space at temperatures of 900°C and above

Small Light Water Reactors Miniature Reactors • Prevent CO2 emissions in steelmaking (for power generation or marine use) (container type) through hydrogen reduction Areas stricken by Energy Security natural disasters (energy storage)

Hydrogen production facility

Integrated reactor vessel High temperature gas-cooled reactor (with steam generator)

Space Isolated areas/polar regions

 Expanding the scope of activities including strategic partnerships in order to develop a market for green hydrogen and ammonia  Participating in FEED activities and pursuing business feasibility studies in the lead up to commercialization using these technologies as a jumping off point Hydrogen and Ammonia Storage & Primary Energy Use Production Transport Renewable Hydrogen H - and Ammonia-Fired Water Electrolysis 2 Energy Storage Gas Turbines Ammonia Mixed Firing Boiler Catalysis Fuel Cells (SOFC)

H2 Compressor Nuclear原⼦⼒ Power Steam Electrolysis (hydrogen (high-temperature compression) gas-cooled reactor) NH3 Hydrogen gas engine

Natural Gas Plasma Pyrolysis Booster Pump (liquid hydrogen) Hydrogen reduction steelmaking Methane Pyrolysis

MHI Technology/ Partner Technology/ Product Product

Participating in FEED* (including Australia, Germany, and U.K.)

*FEED: Front End Engineering Design, a precursor to EPC during which technical issues and cost estimates are considered

 MHI is growing the carbon value chain including carbon capture and storage with our proprietary technologies.

We also boast the world’s largest number of CO2 capture installations.  Interest from customers has taken off in recent years. Commercialization to follow successful validation in the field.

Emission CO Capture Source 2 Storage & Transport Conversion & Use

Power CO Capture Carbon Neutral Fuel Generation 2 CO2 Compressor KS-21

Industry Liquefaction & Storage Biofuels

Marine Vessel CO2 Capture Equipment (CCS)

Transportation

Liquified CO2 Carrier

Digital Platform

MHI Technology/ Partner Technology/ Product Product Participate in feasibility studies, Pre-FEED, and FEED

 Building a technological foundation to support growth areas and to promote innovation

Hydrogen & Ammonia Next-Generation Robots for Harsh Automated & Smart Plants Energy Transition Firing Tech AGV/AGF Environments Virtual Space Electrified & Intelligent Mobility Operations Data

Building a Safer World

AGV: Automated Guided Vehicle AGF: Automated Guided Forklift

Advancement of Basic Technologies & Creation of New Functions Initiatives Fostering Innovation

Combustion test • Hydrogen & ammonia • Autonomous action & swarm Innovation Laboratory combustion intelligence Develop cutting-edge, outside-the-box technologies • Thermal coating • Automated machine health R&D of innovative technologies that have a major impact on people’s lives • Testing of components checks and equipment • Human-robot collaboration • Experimental • Diagnostic imaging Yokohama Hardtech Hub (YHH) Multilayer integrated Swarm intelligence with molding of composite Make a space for creative collaboration where measurement multiple unmanned machines materials startups can make their ideas reality

• Flexible molding of Introduce Pivot Development composite materials Develop faster than startups • Innovative design & manufacturing • Encrypted controls Explored over 500 research topics in (AM) • Secure operation FY2020 • Mechanical, electrical, thermal and • High-speed image processing chemical coupled analysis