(Progress of the Disclosed Matters)
Notice of Share Transfer of Joint Venture with Vestas

As announced in the press release dated October 29, 2020 "Notice of Share Transfer of Joint Venture with Vestas and Commencement of New Business Alliance", Mitsubishi Heavy Industries, Ltd. and Vestas Wind Systems A/S (Hereinafter referred to as "Vestas".) have decided to transfer (Hereinafter referred to as "the share transfer".) all their shares in the joint venture company specializing in offshore wind power generation facilities with Vestas and to newly acquire Vestas's shares.

As a result of the completion of the share transfer on December 14, 2020 and the close examination of the impact, it has been confirmed that 83.1 billion yen (Note1) in profit from business activities will be booked to the consolidated financial statements for the fiscal year ending March 2021.

• 1On October 29, 2020, within our "Notice of Share Transfer of Joint Venture with Vestas and Commencement of New Business Alliance", it was stated as approximately 50 billion yen.

The consolidated results forecast for the fiscal year ending March 2021 has not changed from the figures announced on October 29, 2020, in light of the impact of economic stagnation caused by the re-outbreak of COVID-19 and the continuing concern over the risk of deterioration in profitability of certain construction projects in the plant businesses. In case further changes are found in the financial results forecast, it will be announced in a timely manner.