MHI President Seiji Izumisawa Offers Words of Encouragement to New Employees at the Company's 2024 Welcoming Ceremony

Tokyo, April 1, 2024 - Mitsubishi Heavy Industries, Ltd. (MHI) held a welcoming ceremony this morning for employees newly joining the company this year. Held at The Westin Tokyo in Meguro, this year's event was expanded to include not only new recruits but also mid-career hires, who participated online. President and CEO Seiji Izumisawa offered words of welcome and encouragement to all the new employees as they became the newest members of MHI Group.

Summary of President Izumisawa's Message

President Izumisawa gave a brief overview of MHI's history and corporate philosophy, and then addressed the following points, summarized below.

• The world today is at a major inflection point, and the values that shaped the world order up to now are in flux. On one hand, tensions in international relations and geopolitical risks continue, and global stability is in decline resulting from issues including food insecurity and soaring energy prices. Meanwhile, economic activities are moving with ever greater speed and vigor. Issues surrounding climate change must be addressed with great urgency. In the business world, rapid changes are underway especially with respect to decarbonization, digital transformation (DX), and risk management.
• Social issues are becoming increasingly complex, and the values demanded of us by our customers and markets are shifting. Today, responding to current needs is no longer sufficient; it is equally important that we propose new values and innovate. In this respect, we attach importance to finding common ground instead of focusing on deep divisions. Practical solutions are to be found not in making choices between two rigidly opposed dichotomies, but in reaching viable compromises.
• This year marks the start of our 2024 Medium-Term Business Plan. During this period we will pursue added momentum to our earlier focuses on strengthening profitability and developing growth areas - targets we set in response to the disruptive changes in our business environment caused by the pandemic. In addition, we will aim to become a company that sustains continuous industry-leading growth; a company that can provide practical solutions to diverse issues which are tailored to regional and customer needs; and a company that, based on our monozukuri heritage, will expand its business activities and become a hub for transformational ecosystems.

President Izumisawa then expressed his aspiration that all new employees will pay conscientious attention to the following key points as they learn their new work duties.

• "Shu-Ha-Ri": This is a concept from martial arts describing the three stages to achieving full mastery. "Shu," the first stage, consists of learning precisely and faithfully from teachers. In "Ha," the second stage, one innovates and makes changes to what was learned in the first stage. In the final stage, "Ri," one establishes their own way of doing things. To begin, new employees should avidly imitate the positive aspects of their senior colleagues.
• "First Person": This designates a mental attitude of approaching every task as your own, and acting on your own initiative. Never be passive; rather, continue moving forward, even if just in small steps. Constantly ask yourself what you are capable of achieving, for this will not only lead to better teamwork but also enable you yourself to grow and advance through your work.

Finally, President Izumisawa stressed the importance of safety in the performance of one's work. While on the job, he urged new employees to listen carefully to the directions from their senior colleagues and to act faithfully in accordance with basic safety measures, maintaining constant awareness of "safety first" as the core principle of the manufacturing industry, in order to avoid accidents or injury. He also urged the new employees to implement the following basics as socially responsible professionals: always make proper greetings to others, pay attention to your appearance, and keep your work area neat and tidy. These attributes, if properly acquired, will engender the customer's assurance and trust in MHI as a company with a solid heritage in monozukuri.