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ANNUAL REPORT 2011

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Performance

FINANCIAL OVERVIEW

Net Income Jumps in Both Resource and Non-Resource Fields
MC posted net income of 463.2 billion yen, up 69% year on year. Both resource and non-resource fields posted sharply higher earnings. All segments recorded higher earnings except Chemicals and Living Essentials, which would have done so had it not been for special one-time factors.
Shareholders’ Equity Rises Sharply, Reaches Record Level of 3,284.4 Billion Yen
Shareholders’ equity rose 321.9 billion yen from March 31, 2010 to a record level of 3,284.4 billion yen. Although accumulated other comprehensive income declined due to the impact of the yen’s appreciation against the US dollar, this increase reflected higher retained earnings, which were boosted by the net income result.
Moreover, the net debt-to-equity ratio, an indicator of financial health, improved by 0.1 of a point from March 31, 2010, to 0.9 times.
Annual Dividend per Common Share Raised to a Record 65 Yen
MC raised the annual dividend per common share applicable to the year ended March 2011 by 9 yen from the forecast of 56 yen to 65 yen given that it achieved its projected net income attributable to Mitsubishi Corporation of 400.0 billion yen. This equates to a consolidated dividend payout ratio of 23%.
NET INCOME ATTRIBUTABLE TO MITSUBISHI CORPORATION BY SEGMENT (¥ billion)
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NET INCOME ATTRIBUTABLE TO MITSUBISHI CORPORATION BY SEGMENT (¥ billion)
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Reasons for Changes by Operating Segment

Industrial Finance, Logistics & Development: 19.2 billion yen increase
Increase due to the absence of share write-downs (investment impairments) recorded in the previous fiscal year, gains on the sale of overseas real estate, and an improvement in lease-related business earnings.
Energy Business: 31% increase
Increase due to higher gross profit and equity in earnings because of rising crude oil and other commodity prices, and the absence of losses related to fuel derivative transactions recorded in the previous fiscal year.
Metals: 67% increase
Increase resulted primarily from gains on a share transfer at a Chilean iron ore-related subsidiary and higher equity-method earnings of related business investees, as well as higher sales prices at an Australian resource-related subsidiary (coking coal).
Machinery: 239% increase
Increase due to strong results at overseas automobile-related businesses, notably in Asia, as well as the absence of a share write-down recorded in the previous fiscal year.
Chemicals: 10% decrease
Decrease reflects absence of gain on reversal of deferred tax liabilities of a petrochemical business-related company in the previous fiscal year, offset in part by higher earnings due to strong transactions at a petrochemical business-related company.
Living Essentials: Largely Unchanged
Flat due to higher earnings on transactions and equity-method earnings at general merchandise-related businesses, as well as an increase in equity-method earnings at food-related subsidiaries, which were offset by tax expenses associated with adopting the consolidated tax filing system.

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