1. FY2017 1H Results Summary. 2. FY2017 1H Results Detail. 3. Progress on Growth Strategy

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2 1 1. FY2017 1H Results Summary 2. FY2017 1H Results Detail 3. Progress on Growth Strategy

3 FY2017 1H Results Summary (vs. FY2016 1H) (Apr-Sep 2016) (Apr-Sep 2017) (billion yen, thousand units) Variance Amount Ratio Net sales % Operating profit (Margin) (-3.7%) 44.2 (4.7%) Net income * Free Cash Flow Sales Volume (Retail) % *Net income attributable to owners of the parent 2

4 Operating Profit Margin Changes ~Maintain a V shaped recovery trend~ (Operating profit: billion yen) (Margin: %) % 2Q 1Q Q 3Q % 3.5% 1Q 2Q Q 3Q % 4.7% Q 2Q % H 2H 1H 2H 1H FY2015 FY2016 FY2017 3

5 FY2017 Full-Year Forecast vs. FY2016 No change from the initial announcement (May 9) (Apr 2016-Mar 2017) (Apr 2017-Mar 2018) Forecast (billion yen, thousand units) Variance Amount Ratio Net sales 1, , % Operating Profit (Margin) 5.1 (0.3%) 70.0 (3.5%) Ordinary Profit Approx. 14 times Approx. 9 times Net income * Sales Volume (Retail) 926 1, % *Net income attributable to owners of the Parent 4

6 5 DRIVE FOR GROWTH Overall Framework DRIVE FOR GROWTH ( - FY19) KPI FY19 Retail sales:1.3 M (+40% vs. ) FY19 Net revenue: 2.5 trillion JPY (+30% vs. ) FY19 COP:6% or more -19 Positive free cash flow Strategic Levers Product renewal Revenue growth through focus on core markets Cost optimization Foundations Organizational enablers for sustainability Alliance leverage for long-term growth

7 New Global Tagline Drive your Ambition <New Communication Mark> TOKYO MOTOR SHOW 2017 MITSUBISHI e-evolution CONCEPT 6

8 Product renewal 7 Launching 2 new models XPANDER Eclipse Cross

9 8 1. FY2017 1H Results Summary 2. FY2017 1H Results Detail 3. Progress on Growth Strategy

10 FY2017 1H Results Summary (vs. FY2016 1H) (Apr-Sep 2016) (Apr-Sep 2017) (billion yen, thousand units) Variance Amount Ratio Net sales % Operating profit (Margin) (-3.7%) 44.2 (4.7%) Net income * Free Cash Flow Sales Volume (Retail) % *Net income attributable to owners of the parent 9

11 FY2017 1H Analysis of Increase/Decrease of Operating Profit (vs. FY2016 1H ) Vol/Mix by region Japan +4.0 ASEAN +7.7 China and others +3.4 North America -0.6 Europe -5.2 Others -1.4 Total +7.9 Forex effect by main currency Forex rate(yen) 1H 1H Effect (billion yen) USD EUR AUD THB Others Total Others R&D expenses -1.9 Cost on quality measures in market and Others (billion yen) Total (Apr-Sep 2016) Vol/Mix Sales expenses Cost reductions, etc. Forex Others (Apr-Sep 2017) 10

12 FY2017 1H Balance Sheet Summary (end of Mar. 2017) 1H (end of Sep. 2017) (billion yen) Variance Total assets 1, , Cash and deposits Total liabilities Interest-bearing debt Total net assets Shareholders Equity (Equity ratio) (46.5%) (47.9%) Net Cash

13 FY2017 1H Retail Sales Volume (vs. FY2016 1H) Retail sales volume(thousand units) % Region Japan ASEAN China and others North America Europe (incl. Russia) vs. 1H +48% +15% +64% +1% -1% Others +6% (Apr-Sep 2016) (Apr-Sep 2017) Changed the regional division of Puerto Rico from Others to North America from FY2017. According to a this division, revised our figures in this slide. 12

14 FY2017 1H Results by Region: Japan Retail sales volume(thousand units) (+48%) Registered vehicles TIV: (Apr-Sep 2016) 26 2,306 2,483 (+8%) TIV : According to our research. (Apr-Sep 2017) K cars RVR ACTIVE GEAR (Launched in November) Retail sales volume: 43,000 units Volume substantially dropped due to improper fuel economy testing Both registered vehicles and mini cars recovered to the FY2015 level Accelerated brand rebuilding 13

15 FY2017 1H Results by Region: ASEAN Retail sales volume(thousand units) (+15%) Thailand Philippines XPANDER TIV * : (Apr-Sep 2016) (Apr-Sep 2017) Indonesia 1,067 1,119 (+5%) TIV : According to our research. *:Thailand + Philippines + Indonesia Others Retail sales volume: 113,000 units Thailand : Economy recovery led to sales rebound Philippines : Local production models supported sales increase Indonesia : Strong orders of XPANDER - We have accelerated the launch of 2 nd shift 14

16 FY2017 1H Results by Region: China Retail sales volume(thousand units) 69 (+64%) % 58 China Outlander Retail sales volume: 69,000 units Taiwan etc. Sales of Outlander remain strong (Apr-Sep 2016) (Apr-Sep 2017) Dealer network expansion accelerating TIV * : 12.8 M 13.2 M TIV : According to our research. *: China (+3%) 15

17 FY2017 1H Results by Region: North America Retail sales volume(thousand units) (+1%) U.S. Outlander Retail sales volume: 72,000 units Canada etc. Strong Outlander sales (Apr-Sep 2016) (Apr-Sep 2017) Aim to improve presence in the market TIV * : 9.1M 8.8M (-3%) TIV : According to our research. *: U.S. Changed the regional division of Puerto Rico from Others to North America from FY2017. According to a this division, revised our figures in this slide. 16

18 FY2017 1H Results by Region: Europe Retail sales volume(thousand units) (-1%) Western Europe etc. Eclipse Cross Retail sales volume: 89,000 units 8 11 Russia etc. Germany and UK maintaining steady sales TIV * : (Apr-Sep 2016) TIV : According to our research. (Apr-Sep 2017) 8.7M 8.8M (+1%) *:EU + EFTA Demand in Russia on a recovery trend Started shipping of Eclipse Cross 17

19 FY2017 1H Results by Region: Australia/NZ Retail sales volume(thousand units) (+15%) Australia/NZ Triton Retail sales volume:47,000 units MMC Sales remaining strong TIV: (Apr-Sep 2016) TIV : According to our research. (Apr-Sep 2017) (+2%) SUV/LCV* markets have been expanding * LCV : Light Commercial Vehicle 18

20 FY2017 1H Results by Region: Other Regions Retail sales volume(thousand units) (±0%) Latin America Pajero Middle East/Africa Retail sales volume:65,000 units Continuing sluggish demands TIV * : (Apr-Sep 2016) (Apr-Sep 2017) 2,611 2,571 (-2%) TIV : According to our research. *:Latin America + GCC Our sales are on recovery trend Focus on sales of SUV / Pick-up truck Changed the regional division of Puerto Rico from Others to North America from FY2017. According to a this division, revised our figures in this slide. 19

21 20 1. FY2017 1H Results Summary 2. FY2017 1H Results Detail 3. Progress on Growth Strategy

22 CAPEX and R&D Expenses 21 R&D Facility (billion yen) Product Renewal CAPEX R&D Expenses New aero-acoustic wind tunnel (+72 %) (+20 %) XPANDER H Plan 2H Plan Eclipse Cross New climatic wind tunnel 45% 40% Sales Network H (+108 %) (+5 %) 1H IT Investment

23 Enhance Customer Service: Sales Finance 22 Western Europe China Japan Canada Thailand Australia Service launched Under review New Zealand

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25 Appendix 24

26 FY2017 1H Regional (vs. FY2016 1H) Total - Japan - ASEAN - China and others - North America - Europe ( 16/4-16/9) Net Sales ( 17/4-17/9) Variance ( 16/4-16/9) Operating Profit ( 17/4-17/9) (billion yen) Variance Others Changed the regional division of Puerto Rico from Others to North America from FY2017. According to a this division, revised our figures in this slide. 25

27 FY2017 2Q Analysis of Increase/Decrease of Operating Profit (vs. FY2016 2Q ) (billion yen) Vol/Mix by region Japan +1.0 ASEAN +2.4 China and others -0.6 North America +0.6 Europe -1.2 Others +3.1 Total +5.3 Forex effect by main currency Forex rate(yen) 2Q 2Q Effect (billion yen) USD EUR AUD THB Others +5.7 Total Others R&D expenses -1.2 Cost on quality measures in market and others Total (Jul-Sep 2016) Vol/Mix Sales expenses Cost reductions, etc. Forex Others (Jul-Sep 2017) 26

28 Capital expenditure / Depreciation / R&D expense 27 (billion yen) (Apr-Sep 2016) (Apr-Sep 2017) (Apr 2017-Mar 2018) Forecasts CAPEX (YoY) 21.5 (-39%) 44.8 (+108%) (+72%) Depreciation (YoY) 23.8 (-8%) 23.3 (-2%) 53.0 (+15%) R&D expense (YoY) 40.6 (+5%) 42.5 (+5%) (+20%)

29 FY2017 Sales Volume Forecast by Region (retail, vs. FY2016) ~ Sales volume increase mainly in ASEAN, China and Japan ~ Total (Forecast)vs (+ 11%) (thousand units) 926 1,029 Forecast Registered Vehicles Mini cars Japan North America Europe Asia Others + 10 (+ 13%) Forecast U.S. Canada & others + 4 (+ 3%) Forecast Western Europe & others Russia & others + 9 (+ 5%) Forecast China & others ASEAN + 74 (+ 23%) Changed the regional division of Puerto Rico from Others to North America from FY2017. According to a this division, revised our figures in this slide Forecast Australia & NZ Latin America Middle East & Africa + 6 (+ 3%) Forecast 28

30 29 FY2017 Regional Forecast (vs. FY2016 ) (billion yen) Forecast Variance Net Sales - Japan - North America - Europe - Asia - Others 1, ,

31 30 (MTP) Strategic Levers Product Renewal 11 new models launch during MTP Period New models/full model changes Minor changes XPANDER Eclipse Cross

32 31 (MTP) Strategic Levers Increase CAPEX and R&D substantially CAPEX (billion yen) 3.1% 3.0% 3.0% Margin of Net Sales 5.5% R&D (billion yen) FY14 FY15 ー FY19 4.7% 5.3% 3.4% 3.5% Margin of Net Sales FY14 FY15 ー FY19

33 (MTP) Strategic Levers Regional Strategy Focus on core markets Retail volume ('000 units) 1,300 (+40%) Bed-rock Focus Recovery % +70% +38% (+50%) (+20%) (+32%) (+120%) (+38%) ASEAN Oceania N. America China and others Japan Others ( Europe:220) (+15%) FY19 32

34 33 (MTP) Foundations Electrification strategy (EV&PHEV) ~ 2015 OUTLANDER PHEV 2020~ Kei-EV 2011 MINICAB-MiEV VAN 2013 OUTLANDER PHEV EV Core Model Electrification 2009 i-miev 2013 MINICAB-MiEV TRUCK Next Generation OUTLANDER PHEV

35 34 All statements herein, other than historical facts, contain forward-looking statements and are based on MMC s current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties. A number of significant factors could therefore cause actual results to differ from those contained in any forward-looking statement. Significant risk factors include: Feasibility of each target and initiative as laid out in this presentation; Fluctuations in interest rates, exchange rates and oil prices; Changes in laws, regulations and government policies; and Regional and/or global socioeconomic changes. Potential risks and uncertainties are not limited to the above and MMC is not under any obligation to update the information in this presentation to reflect any developments or events in the future. If you are interested in investing in Mitsubishi Motors, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors based on the information shown in this presentation.