FY2017 Financial Results Briefing

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FY2017 Financial Results Briefing May 31, 2018

3 1. FY2017 Summary Economic Market Trends Despite concerns of world trade uncertainties due to US-China trade friction caused by protectionist US trade policies, the economic conditions remained strong in the US, Europe, other developed countries and other newly emerging countries such as China. With Japan s economy also affected by the strong world economy, corporate earnings and hiring continued to improve and the trend of gradual economic expansion continued. Although the market for material handling equipment, mainly forklifts, continues to expand in market size, the competitive environment is becoming increasingly intense. Therefore, we intend to further increase sales and market share by responding to market changes and satisfying customer needs. Summary of FY2017 Results Sales increased 9.3% year-on-year due to increased sales in Japan and the US and a positive impact from yen depreciation. Operating profit increased 36.5% year-on-year due to expanded sales and cost reductions, despite the impact of higher material costs and expenses. However, due to differences between financial accounting systems, such as goodwill amortization period, operating profit decreased 11.7% year-on-year. Note: The January 2017 buyout of UniCarriers is subject to consolidation in FY2017 results (with the equity method applicable until December 2016). However, to facilitate comparison, this document indicates virtual results calculated assuming 2016 results were consolidated for the full 12 months ending March 31, MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 3

4 2.Financial Highlights Profit and Loss Statement * Virtual consolidation: Consolidation assuming FY2016 results of Mitsubishi Nichiyu and UniCarriers are fully consolidated. FY2016 FY2016 (Virtual consolidation*) FY2017 Unit: Hundred million JPY YOY Change (Comparison with virtual consolidation) Sales 2,710 3,964 4, % Operating Profit (Before amortization of goodwill) (Operating profit margin) (4.8%) (4.2%) (4.4%) Amortization of Goodwill Operating Profit (Operating profit margin) Ordinary Profit (Ordinary profit margin) Net Income (Net income margin) (3.9%) 89.8 (3.3%) 36.4 (1.3%) 68.0 (1.7%) 63.7 (1.6%) 15.2 (0.4%) 92.8 (2.1%) 84.3 (1.9%) 29.4 (0.7%) % % % % Balance Sheet FY2016 FY2017 Change from Previous Term Total Assets 3,669 3, % Total Liabilities 3,069 3, % Net Assets % FY2016 actual FX rates: USD = JPY EUR = JPY CNY = JPY16.11 FY2017 actual FX rates: USD = JPY EUR = JPY CNY = JPY16.75 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 4

7 29.3 3,964 2,231 1,733 1,771 FY2016 (Virtual consolidation) 92.9 4,331 2,560 FY2017 115.6 73.7 75.

5 3. Business Results by Segment Sales: Sales increased due to increased electric forklift sales in Japan and demand expansion overseas. Sales Operating Profit 5,000 Domestic Business Overseas Business Unit: Hundred million JPY 4,000 3,000 2,000 1, ,710 1,631 1,078 FY2015 Domestic Business Overseas Business ,964 2,231 1,733 1,771 FY2016 (Virtual consolidation) ,331 2,560 FY China & Asia 8% Europe(8%) 18% (17%) Americas 33% (31%) Sales by Region (FY2017) Japan 41% (44%) Operating profit: Profit increased due to increased electric forklift sales, a positive impact from yen depreciation in Japan increased sales and lower costs overseas. Unit: Hundred million JPY FY FY2016 (Virtual consolidation) FY2017 Overseas Business 60.4% () = previous year Operating profit by segment (FY2017) Domestic Business 39.6% MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved. 5

4. Factors that Increased/Decreased Consolidated Sales (FY2016 vs

depreciation and increased sales in Japan and the Americas (Unit:

6 4. Factors that Increased/Decreased Consolidated Sales (FY2016 vs FY2017) Revenue increased due to a positive impact from yen depreciation and increased sales in Japan and the Americas (Unit: Hundred million JPY) Americas Europe 23 China & Asia 14 FX impact 131 Japan Increased by 36.7 billion yen 4,331 3,964 FY2016 (Virtual consolidation) FY2017 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 6

5. Factors that Increased/Decreased Consolidated Operating Profit(FY2016 vs FY2017) Operating profit increased due to sales expansion and cost reduction despite the impact of higher material costs

0 Loss treatment of China business 3.2 Accounting change 8.6 Consolidated adjustment 0.2 (Unit: Hundred million JPY) Amortization of goodwill 166.6 Operating profit increased by 2.

7 5. Factors that Increased/Decreased Consolidated Operating Profit(FY2016 vs FY2017) Operating profit increased due to sales expansion and cost reduction despite the impact of higher material costs and expenses Gross profit Cost increase reduction due to sales increase /MIX Soaring material cost 25.0 Expense increase due to sales increase 13.2 UCA ERP impact resolved 9.0 Loss treatment of China business 3.2 Accounting change 8.6 Consolidated adjustment 0.2 (Unit: Hundred million JPY) Amortization of goodwill Operating profit increased by 2.47 billion yen (Before amortization of goodwill) FY2016 (Before amortization of goodwill) (Virtual consolidation) FY2017 FY2017 (Before amortization(after amortization of goodwill) of goodwill) MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 7

6.Consolidated Balance Sheet The increase in total assets is mainly due to an increase in short-term loans to the parent company s CMS.

6 billion yen 1,887 1,831 FY2016 3,669 FY2017 Liabilities 3,069 increased by 7.2 billion yen 3,141 Net assets 600 increased by 2.

assets 3,669 3,765 +96 Current assets Accounts receivable and inventories increased due to increased sales.

8 6.Consolidated Balance Sheet The increase in total assets is mainly due to an increase in short-term loans to the parent company s CMS. CMS: Cash Management System (Unit: Hundred million JPY) 3,669 3,765 Item FY2016 FY2017 Change Current assets 1,782 1, Assets Liabilities/ Net Assets 1,782 1,934 Assets increased by 9.6 billion yen 1,887 1,831 FY2016 3,669 FY2017 Liabilities 3,069 increased by 7.2 billion yen 3,141 Net assets 600 increased by 2.4 billion yen 624 FY2016 3,765 FY2017 (Tangible fixed assets) (Intangible fixed assets) (Investments and other assets) Fixed assets in total 1,887 1, Total assets 3,669 3, Current assets Accounts receivable and inventories increased due to increased sales. Short-term loans increased due to CMS of MHI Group companies (+116) Fixed assets Decreased due to amortization of goodwill. Item FY2016 FY2017 Change Current liabilities 1,516 1, Fixed liabilities 1,553 1, Total liabilities 3,069 3, Total net assets Total liabilities and net assets 3,669 3, Current liabilities Borrowing increased due to a sharp rise in the euro (although borrowings decreased on a foreign currency basis). Fixed liabilities Decreased due to repayment of long-term borrowings. MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 8

7.Consolidated Cash Flow Statement (Unit: Hundred million JPY) Beginning balance of cash equivalent 194.2 Ending balance of cash equivalent 145.

1 in FY2016) Cash generated by operating activities +311.3 (+326.1 in FY2016) Cash used in financing activities 71.9 ( 610.5 in FY2016) FCF+132.9 *2 (+141.

Therefore, the impact of cash flow from investing activities for this term is 29.4 billion yen. Cash flow from investing activities is 84.0 billion yen, including the 65.

9 7.Consolidated Cash Flow Statement (Unit: Hundred million JPY) Beginning balance of cash equivalent Ending balance of cash equivalent Increase/decrease in cash equivalent billion yen real increase, given +116 CMS increase within the MHI Group *1 Cash used in investing activities * ( in FY2016) Cash generated by operating activities ( in FY2016) Cash used in financing activities 71.9 ( in FY2016) FCF *2 ( in FY2016) *1 *2 Cash flow from investing activities increased due to a CMS 11.6 billion yen increase in short-term loans within the MHI group. Therefore, the impact of cash flow from investing activities for this term is 29.4 billion yen. Cash flow from investing activities is 84.0 billion yen, including the 65.5 billion yen impact from consolidating UC for the same period last year. The free cash flow is +1.7 billion yen, including the CMS impact to the MHI group. The same period last year free cash flows was 51.4 billion yen, including the impact from UC consolidation. MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 9

8. Financial Forecast for FY2018 (Unit: Hundred million JPY) Item

units Sales 4,331 4,350 Operating Profit (Before amortization of

Operating Profit (After amortization of goodwill) (Operating profit

to Owners of Parent (Net income margin) Dividend per Share 191.3 (4.

7%) JPY11 125.0 (2.9%) 110.0 (2.5%) 60.0 (1.

10 8. Financial Forecast for FY2018 (Unit: Hundred million JPY) Item FY2017 (Results) FY2018 (Forecast) Units Sold 113,000 units 118,000 units Sales 4,331 4,350 Operating Profit (Before amortization of goodwill) (Operating profit margin) Amortization of Goodwill Operating Profit (After amortization of goodwill) (Operating profit margin) Ordinary Profit (Ordinary profit margin) Profit Attributable to Owners of Parent (Net income margin) Dividend per Share (4.4%) (4.8%) (2.1%) 84.3 (1.9%) 29.4 (0.7%) JPY (2.9%) (2.5%) 60.0 (1.4%) JPY11 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 10 FY2018 Plan rate : USD=JPY110 EUR=JPY130 CNY=JPY16

11 Reference (Key Performance Indicators) Asset Profitavility Performance Efficiency Indicator Return-on-assets (ROA) Return-on-equity (ROE) Operating profit margin Net income margin Total asset turnover Recievables turnover Inventory turnover Formula Net income Total assets Net income Shareholders' equity Operaing profit Sales Net income Sales Sales Total assets Sales Accounts recievable Cost of sales Inventories FY2016 FY2017 (Before (Before amortization amortization of goodwill) of goodwill) 1.3% (2.2%) 0.8% (3.3%) 6.3% (10.7%) 5.0% (18.6%) 3.9% (4.8%) 2.1% (4.4%) 1.3% (2.2%) 0.7% (2.8%) 1.0 time 1.2 times 4.8 times 6.1 times 4.5 times 5.8 times Comments Net income declined due to the amortization of goodwill associated with restructuring expenses and the loss on disposition of Chinese and EU subsidiary. Net income declined due to the amortization of goodwill associated with the acquisition of UC and the loss on disposition of Chinese subsidiary. Financial Soundness Capital adequacy ratio D/E ratio Shareholders' equity Total assets Interest-bearing debt Shareholders' equity 15.8% 16.0% 3.2 times 3.0 times Earnings per share Net income Shares outstanding JPY 34.2 JPY 27.6 Share Price earnings ratio (PER) Price book value ratio (PBR) Share value Earnings per share Share value Book value per share 20.9 times 32.4 times 1.3 times 1.6 times Stock prices End of FY2016: JPY714 End of FY2017: JPY895 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 11

(Reference) Quarterly Financial Results Unit: Hundred million JPY 1,400 1,200 1,000 Note: FY2016 1Q-3Q values based on virtual consolidation 1,190 1,093 1,015 997

0 0.0 Operating profit (Before amortization of goodwill) 28.8 32.4 24.1 24.1 4.7 8.3 1Q 2Q 46.2 24.1 22.1 3Q 59.2 26.3 32.9 4Q 40.2 38.9 25.3 25.

12 (Reference) Quarterly Financial Results Unit: Hundred million JPY 1,400 1,200 1,000 Note: FY2016 1Q-3Q values based on virtual consolidation 1,190 1,093 1, ,059 1, Sales Q 2Q 3Q 4Q 1Q 2Q 3Q FY2016 FY2017 4Q Unit: Hundred million JPY Operating Profit Operating profit (Before amortization of goodwill) Q 2Q Q Q Operating profit (After amortization of goodwill) Q 2Q Goodwill Q Q FY2016 FY2017 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 12

(Reference) Capital Expenditure and R&D Expenses Capital Expenditure 250 Unit: Hundred million JPY 200 150 198

0 Unit: Hundred million JPY 50.0 40.0 30.0 20.0 10.0 0.0 FY2016 FY2017 FY2018 Plan 42.6 20.5 22.

13 (Reference) Capital Expenditure and R&D Expenses Capital Expenditure 250 Unit: Hundred million JPY Virtual consolidation basis Operating investments Lease/rental investments R&D Expenses 60.0 Unit: Hundred million JPY FY2016 FY2017 FY2018 Plan UniCarriers Mitsubishi Nichiyu Forklift FY2016 FY2017 FY2018 Plan MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 13

(Reference) Stock Price Trend (JPY) 1200 Nikkei Average

40,000 1000 35,000 800 30,000 25,000 600 400 November

Ltd. 20,000 15,000 July 2015 Announced 200 acquisition

Established Corporation management Mitsubishi Nichiyu

, Ltd 0 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012

14 (Reference) Stock Price Trend (JPY) 1200 Nikkei Average Logisnext share value October 2017 Established Mitsubishi Logisnext Co., Ltd Closing price on 29 May 1,129 yen (JPY) 45,000 40, , ,000 25, November 2012 Announced merger with Mitsubishi Heavy Industries Ltd. 20,000 15,000 July 2015 Announced 200 acquisition of May 2017 April 2013 UniCarriers Determined the Established Corporation management Mitsubishi Nichiyu shares integration policy Forklift Co., Ltd 0 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan ,000 5,000 0 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 14

15 (Reference) Company Profile Company Name Head Office Established August 1937 President and CEO Mitsubishi Logisnext Co., Ltd. 1-1, 2-Chome, Higashikotari, Nagaokakyo-shi, Kyoto Takashi Mikogami Paid-in Capital 4,890 million yen (as of April 1, 2018) Business Lines Operation Centers Number of Employees Production Capacity per Year Design, development, production, and sales of battery forklifts, engine forklifts, conveyor robots, automated warehouse equipment, warehouse management systems, construction machinery, industrial engines, transmissions, etc. Japan: Kyoto, Shiga, Kanagawa and others Overseas: United States, Europe, China, Asia, and others Approx. 11,000 employees Approx. 121,000 units MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 15

16 (Reference) Japan Domestic Network 5 Production Bases and 11 Direct Sales Subsidiaries Headquarters Kyoto Plant Shiga Plant 28 bases Konosu Plant (Global Component Technology) 315 bases Mitsubishi Logisnext Headquarters(Kyoto) Office(Tokyo, Kanagawa) 11 Direct Distributors 1 Logisnext UniCarriers 2 Logisnext Hokkaido 3 Logisnext Tohoku 4 Logisnext Tokyo 5 Logisnext Shinetsu 6 Logisnext Shizuoka 7 Logisnext Chubu 8 Logisnext Kinki 9 Logisnext Chugoku 10 Logisnext Shikoku 11 Logisnext Kyushu 57 bases Onomichi Plant (UniCarriers Handling Systems) 439 bases 721 bases 65 bases 918 bases 16 branch offices 137 bases nationwide 107 bases 818 bases 1119 bases Mitsubishi Logisnext Office and Plant Sales Subsidiary Head Office Azuchi Plant Shin-Kawasaki Office MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 16

1.Market Trend in Forklift Trucks Global market demand of forklifts in FY2017 increased by 13.3%, compared to the previous fiscal year, driven by China, Asia, and Europe markets.

3% 506 81.1% 81.6% FY2014 FY2015 FY2016 FY2017 FY2018 80 Asia & Oceania 83 43.7% 48.8% 50.4% 88 101 50.0% FY2014 FY2015 FY2016 FY2017 FY2018 74.0% 72.0% China 28.6% Japan 6.3% Japan (1,000 units) 84.

Middle East & Africa) Global Market 37.1% In FY2017 1,363 thousands units Americas 20.6% (1,000 units) 66.

19 1.Market Trend in Forklift Trucks Global market demand of forklifts in FY2017 increased by 13.3%, compared to the previous fiscal year, driven by China, Asia, and Europe markets. Additionally, global demand will continue to increase in FY2018. (1,000 units) (1,000 units) Europe (incl. Middle East & Africa) % % % 81.6% FY2014 FY2015 FY2016 FY2017 FY Asia & Oceania % 48.8% 50.4% % FY2014 FY2015 FY2016 FY2017 FY % 72.0% China 28.6% Japan 6.3% Japan (1,000 units) 84.0% % % 62.7% 63.4% % 55.5% 59.0% % 52.0% 50.0% 48.0% 46.0% 44.0% 42.0% 40.0% 38.0% 20 0 FY2014 FY2015 FY2016 FY2017 FY2018 Asia & Oceania 7.4% Europe (incl. Middle East & Africa) Global Market 37.1% In FY2017 1,363 thousands units Americas 20.6% (1,000 units) 66.0% 350 (1,000 units) Market units Americas China 28.5% 32.1% 32.7% Percent electric forklifts MITSUBISHI LOGISNEXT CO., LTD. All rights reserved % 62.0% 60.0% 58.0% 56.0% 54.0% 52.0% 50.0% % 65.5% % % FY2014 FY2015 FY2016 FY2017 FY % 390 FY2014 FY2015 FY2016 FY2017 FY % 64.0% 62.0% 60.0% 58.0% 56.0% 40.0% 30.0% 20.0% 10.0% 0.0%

2.Topics in FY2017 Established Mitsubishi Logisnext Co., Ltd.

merged businesses with UniCarriers Corporation and established itself as a global leader of material handling equipment and solutions Mitsubishi Logisnext Co.

20 2.Topics in FY2017 Established Mitsubishi Logisnext Co., Ltd. Mitsubishi Nichiyu Forklift Co., Ltd. merged businesses with UniCarriers Corporation and established itself as a global leader of material handling equipment and solutions Mitsubishi Logisnext Co., Ltd. Corporate Logo Overview of Business Fundamentals Consolidated headquarters and unified human resources functions in Nagaokakyo City, Kyoto. Brands are organized based on multi-brand strategy. Global R&D organization with locations in Japan, US, and Europe. New Business Expansion and Productivity Improvements Expanded/improved product line offerings of electric forklifts and AGV/AGF products. Complied with exhaust gas regulations for engine forklifts and improved safety, comfort, and features. Created synergies by consolidating select production models and communizing engines. Laser guided AGF Platter Auto New Reach Stacker MR4531 MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 20

3.Business Plan for FY2018 Position in FY2018 Second

2020 Fully finish Integration and Foundation phase and

Improve profitability based on existing businesses,

6,000 (Unit: Hundred million JPY ) 5,000 4,000

amortization ( のれん償却前 of ) goodwill) 4,331 4,350 4,600

8% Medium-term management plan Perfect Integration 2020

0% 0 Integration and foundation phase FY2017 actual

21 3.Business Plan for FY2018 Position in FY2018 Second year of medium-term management plan Perfect Integration 2020 Fully finish Integration and Foundation phase and smoothly transition to Expansion and Development phase. Improve profitability based on existing businesses, synergies, and new businesses. 6,000 (Unit: Hundred million JPY ) 5,000 4,000 Operating profit margin 売上 Sales 営業利益率 (before amortization ( のれん償却前 of ) goodwill) 4,331 4,350 4, % 12.0% 10.0% 8.0% 3,000 2,000 1, % 4.8% Medium-term management plan Perfect Integration % 4.0% 2.0% 0 Integration and foundation phase FY2017 actual FY2018 plan FY2020 Target of medium-term management plan Expansion and development phase MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 21 Goal 0.0%

4. Factors that Increased/Decreased Operating Profit (FY2017 actual vs FY2018 plan) (Unit: Hundred million JPY) Improvement of temporary costs Increase in sales, etc. 3.

22 4. Factors that Increased/Decreased Operating Profit (FY2017 actual vs FY2018 plan) (Unit: Hundred million JPY) Improvement of temporary costs Increase in sales, etc. 3.7 Product consolidation/ after-sales business expansion, etc. 8.0 Cost reduction 19.0 Efficient use of management resources 2.0 Expansion of solution businesses 4.0 Soaring material Costs, etc Goodwill amortization Existing Businesses Synergies New Businesses Plan to increase operating profit by 1.72 billion yen (Before amortization of goodwill) FY2017 actual (Before amortization of goodwill) FY2018 plan (Before amortization of goodwill) FY2018 plan (After amortization of goodwill) MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 22

5.Existing Businesses Product development for local specifications

forklift featuring the latest European design.

Released new low-level order-picker model to meet warehouse market

Plan to deploy additional integrated models after 2018 as well.

TX3 3-wheel electric forklift designed for European market (Units:thousands

23 5.Existing Businesses Product development for local specifications Introduction of new forklift trucks Released new TX series electric forklift featuring the latest European design. The TX3 received the Red Dot award (European Design Award) in Released new low-level order-picker model to meet warehouse market requirements in Europe. Plan to deploy additional integrated models after 2018 as well. Respond to shift toward electric forklifts in emerging markets Deploy European model to other regions. Respond to global Material Costs increase Price changes for Forklift New TX3 3-wheel electric forklift designed for European market (Units:thousands units) New low-level order-picker for European market Electric Forklift Unit Sales in Emerging Markets 196 FY2014 FY2015 FY2016 FY2017 Iron price trends Lead price trends MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 23

6.Synergies Product consolidation Consolidate products with competitive advantages Selling strong products with multiple brands. Improve productivity by consolidating products.

Create synergies from improving parts management efficiency, simplifying operations, and reducing delivery costs.

24 6.Synergies Product consolidation Consolidate products with competitive advantages Selling strong products with multiple brands. Improve productivity by consolidating products. FD160 forklift with large engine for Japanese market Product Name FD70 forklift with mid-size engine for Japan market Sales Region Platter reach forklift for Japan market (TCM brand Specifications) Consolidated Products Platter reach forklift FD70 and other forklifts with mid-size engine FD160 and other forklifts with large engine Expansion of after-sales service and used forklift truck business Unification of parts supply system Consolidate parts centers scattered in various region for respective factories by Create synergies from improving parts management efficiency, simplifying operations, and reducing delivery costs. Expansion of used forklift trucks business Develop sales channels based on strengths of both companies. Expand/improve product value chain in Japan and overseas. Japan and Asia MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 24 Japan Japan

6.Synergies Measures for Safety and Peace of Mind Deployment of operational safety technology to various models.

UniCarriers) vibration and impact generated during travel.

fatigue Accumulators Low pressure side High pressure side Load Hydraulic cylinder Control valve Without system

25 6.Synergies Measures for Safety and Peace of Mind Deployment of operational safety technology to various models. Good Running System: Two accumulators attached to the hydraulic system absorb (commercialized by former UniCarriers) vibration and impact generated during travel. Good Running System Absorbs shocks to load Prevents loads from falling over Reduces noise Reduces operator fatigue Accumulators Low pressure side High pressure side Load Hydraulic cylinder Control valve Without system installed Expand forklift models equipped with system to offer advanced safety technology to customers. With system installed MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 25

6.Synergies Cost reduction Achieving cost reforms In spite of soaring material costs in FY2017, cost reduction measures

In the future, we will communize parts, consolidate models, and release jointly developed products.

Efficient use of management resources Lease back real estate owned by subsidiary in Europe Transfer Shin-Kawasaki office

April, 2018 as part of asset management used to improve management infrastructure.

Invest in resource optimization Improve service efficiency by building troubleshooting system.

26 6.Synergies Cost reduction Achieving cost reforms In spite of soaring material costs in FY2017, cost reduction measures were implemented ahead of schedule to minimize the impact. In the future, we will communize parts, consolidate models, and release jointly developed products. STEP 0 Start joint procurement. STEP 1 Establish procurement organization and consolidate suppliers. Efficient use of management resources Lease back real estate owned by subsidiary in Europe Transfer Shin-Kawasaki office Transferred MCFE (Netherlands) property/building in February, 2018 and the Shin-Kawasaki office property/building in April, 2018 as part of asset management used to improve management infrastructure. MCFE:Mitsubishi Caterpillar Forklift Europe B.V. Invest in resource optimization Improve service efficiency by building troubleshooting system. STEP 2 Reorganize production organized by model. FY2016 FY2017 FY2018 FY2020 Shin-Kawasaki Office STEP 3 Release jointly developed products. Enhance customer response capabilities by increasing resources for service and sales personnel. MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 26 Product Price Material Costs Soaring material costs Projected soaring material costs

7.New Businesses Expansion of solution businesses Expand AGV and AGF* sales *AGV:

increased demand of AGV/AGF models, automation and mechanization needs are also

Introduced Platter Auto laser-guided AGF at the Onsite Training Center and

Plan to expand AGV and AGF sales in areas outside Japan and Europe.

Value Application of automation and mechanization technology Started research

27 7.New Businesses Expansion of solution businesses Expand AGV and AGF* sales *AGV: Automated Guided Vehicle AGF: Automated Guided Forklift Together with the increased demand of AGV/AGF models, automation and mechanization needs are also growing. Introduced Platter Auto laser-guided AGF at the Onsite Training Center and Shin-Kawasaki office. Plan to expand AGV and AGF sales in areas outside Japan and Europe. Further increase in orders FY2015 FY2016 FY2017 FY2018 Trend in AGV/AGF Order Value Application of automation and mechanization technology Started research with Mitsubishi Heavy Industries on warehouse mechanization logistics. Demonstration of Platter Auto laser-guided AGF model Laser-guided AGV models manufactured by Rocla (Onsite Training Center) MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 27

7.New Businesses Visualization of work by AI and IoT technologies Logistics Vehicle Support (scheduled for June 2018 release)

forklift accidents and ensure operator safety Understand forklift usage rate and operator productivity Understand vehicle status

Base for customer Forklift on DLU Built-in CAN Data logger unit (DLU) Driving recorder IC card reader Standard specification Option

Product Features 1 Supports Wi-Fi communication, 2 Compatible with previously delivered vehicles and other vehicle brands, 3

28 7.New Businesses Visualization of work by AI and IoT technologies Logistics Vehicle Support (scheduled for June 2018 release) Visualization of safety Visualization of usage rate Visualization of vehicle status System Overview Cloud Service Eliminate forklift accidents and ensure operator safety Understand forklift usage rate and operator productivity Understand vehicle status and battery usage status Customer s management department Actual performance data Safety Monitoring Status Site 3G Selectable Wi-Fi Base for customer Forklift on DLU Built-in CAN Data logger unit (DLU) Driving recorder IC card reader Standard specification Option compliant Business PC WEB inquiry Vehicle operation status of all business site (Visualization by graph) Safety Monitoring Status Product Features 1 Supports Wi-Fi communication, 2 Compatible with previously delivered vehicles and other vehicle brands, 3 Compatible with vehicles designed for freezer/refrigerated warehouses, 4 Optional driving recorder MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 28

8.Strengthen Management Base Integration of business systems Business Tool Integration Status (Japan) Aim to maximize benefits of integration by expanding scope of integration.

29 8.Strengthen Management Base Integration of business systems Business Tool Integration Status (Japan) Aim to maximize benefits of integration by expanding scope of integration. Integration of accounting and design systems in Japan was completed in FY2017. Next, aim to complete integration of business systems in Japan by FY2020, followed by global integration. Items Administration/Accounting Sales Production Design Procurement Progress Done In progress In progress Done In progress Strengthening corporate governance Responding to business integration Expand/improve various rules/regulations and enhance education in response to the expanded scale of our corporate group. In addition to ensuring thorough corporate compliance, building solid governance. Establishment of regional headquarters Establish regional headquarters in Europe and US. In addition to delegating authority, as necessary, respond quickly and flexibly. MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 29

30 Disclaimer: This material is prepared for the sole purpose of providing investors with information and not aimed at solicitation of any buying or selling. Forward-looking statements in this material are based on targets or forecasts, with no commitment or guarantee as to their accuracy. Note that the future business results of Mitsubishi Logisnext may differ from our current forecast. Statements concerning the business results are based on various data that we believe to be reliable, but we do not guarantee the correctness or completeness of such data. This material is provided based on the premise that each investor should use it relying on his or her own judgment and responsibility, whatever the purpose of its use may be. Mitsubishi Logisnext shall not be liable whatsoever, regardless of the results from using this material. Please direct inquires regarding this material to the following: Mr. Saito or Mr. Tsuji Direct line: Planning Division Mitsubishi Logisnext Co., Ltd. 1-1, 2-chome, Higashikotari, Nagaokakyo-shi, Kyoto TEL: FAX: URL: MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. 30

First Half Results for FY December 8th, 2016

First Half Results for FY December 8th, 2016 First Half Results for FY 2016 December 8th, 2016 Company Profile Company name Head office Mitsubishi Nichiyu Forklift Co., Ltd. 1-1, 2-Chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585 JAPAN Establishment